Roadshow Presentation

31 October – 2 November 2016

The information contained herein has been prepared by ASELSAN (the Company). The opinionspresented herein are based on general information gathered at the time of writing and are subjectto change without notice.

These materials contain statements about future events and expectations that are forward-lookingstatements. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors whichmay cause our actual results, performance or achievements to be materially different from anyfuture results, performance or achievements expressed or implied by such forward-lookingstatements. Except to the extent required by law, we assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes infactors affecting these statements.

This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer tosubscribe for or purchase any securities and nothing contained herein shall form the basis of anycontract or commitment whatsoever. No reliance may be placed for any purposes whatsoever onthe information contained in this presentation or on its completeness, accuracy or fairness. None ofthe Company nor any of its shareholders, directors, officers or employees nor any other personaccepts any liability whatsoever for any loss howsoever arising from any use of this presentation orits contents or otherwise arising in connection therewith.

FORWARD LOOKING STATEMENTS

Global Defense Market & Business Overview

AMERICAS$678B

1,4% of GDP

EUROPE$328B

1,6% of GDP

AFRICA$37B

2,1% of GDP

ASIA & OCEANIA$436B1,9% of GDP

4

GLOBAL MILITARY SPENDING, 2015

Source: SIPRI

2015 TOTAL SPENDING: $1.676 B% difference in spending 2014 vs 2015

(based on 2011 constant prices & exchange rates)

~-15% ~-26% ~8%~-4%

596

215

87,2

66,4

55,5

51,3

50,9

40,9

39,4

36,4

15,3

0 50 100 150 200 250 300 350 400 450 500 550 600

USA

China

Saudi Arabia

Russia

UK

India

France

Japan

Germany

South Korea

…

…

Turkey

2015 Top 10 Spenders Vs. Turkey

(Billion $)

Source: SIPRI

As being the 2nd biggest army in NATO, Turkey has healthy growth rate of defense budget.

MILITARY SPENDING as % of GDP (TURKEY)

5

2,5%

2,3% 2,3%

2,6%

2,4%

2,2%2,3% 2,3%

2,2%2,1%

0

200

400

600

800

1.000

1.200

1.400

0,00%

1,00%

2,00%

3,00%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

GD

P (B

illi

on

$ -

no

min

al t

erm

s)

Mili

tary

Sp

en

din

g a

s %

of G

DP

BALANCED GROWTH OF TURKISH MILITARY SPENDING

345

510 505

666 672

772

926 887 904

1.200

0

200

400

600

800

1.000

1.200

1.400

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Mill

ion

US

$

Defense Sector R&D Expenditure

0,620,78 0,83 0,85

1,091,26

1,57

1,86 1,93 2,00

0,00

0,50

1,00

1,50

2,00

2,50

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Bill

ion

US

$

Defense Sector Export Revenue

2,443,09 2,90

3,714,38

4,76 5,08 5,10 4,90

8,00

0,00

2,00

4,00

6,00

8,00

10,00

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Bill

ion

US

$

Defense Sector Revenue

Source: SASAD

RealizedGovernment Goal

6

Turkey’s defense procurement strategy targeting self sufficiency and fostering local production.

TURKISH DEFENSE INDUSTRY GROWING OVER YEARS

36,7%41,6% 44,2% 45,7%

52,1% 54,0%

70,0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2006 2007 2008 2009 2010 2011 … 2016E

Local Content in UDI's Procurement

Source: Defense News Top 100 Worldwide List

7

ASELSAN CONTINUING TO CLIMB UP

20062007

20082009

20102011

20122013

20142015

……

… 20XX

ASELSAN Global Defense Ranking

97.

90. 93.

86.

80.76.

74.

67.62.

50.

58.

TAFF BOARD OF TRUSTEES

- Minister of National Defense (Chairman)

- Deputy Chief of General Staff

- Undersecretary of the Ministry of National Defense

- Undersecretary of Defense Industry

TAFF

ASELSAN TAI ROKETSAN HAVELSAN ASPİLSAN İŞBİR

• TAFF was established by the merger of Land, Navy and Air Forces Foundations.• TAFF’s objective is to enhance the warfare capability of Turkish Armed Forces through national defense

industry.• TAFF owns several defense companies operating in separate fields.• The only privilege TAFF has is nominating 6 members of the 9 members of Board of Directors.

8

MAIN SHAREHOLDER - TURKISH ARMED FORCES FOUNDATION (TAFF)

9

KEY ACHIEVEMENTS TO DATE IN 2016

Outstanding level of new contracts in 2016: 5,2 Billion TL ( ̴ 2 Billion USD)

Outstanding level of backlog as of 2016: 19,3 Billion TL ( ̴ 6 Billion USD)

236 Million USD worth of new export contracts awarded in 15 countries

Ongoing negotiations for a strategic JV in Saudi Arabia (Electronic Warfare + Radar)

Major air defense system serial production contract awarded

Major public security (non-defense) contract signed

For sustainable and profitable growth through leveraging and efficiency ASELSAN’s business strategy is basicallyfocused on:

10

STRATEGY FOR SUSTAINABLE GROWTH & INNOVATION

diversifyingproduct &customerportfolio

value-accretivebolt-on

acquisitions

investing in innovation as well

as R&D

strengthening position in coredefense market

11

Communication

• Software Defined Radios

• Frequency Hopping Radio Link Device (Ethernet Radio link 100 Megabit)

• Tactical Area Broadband Network System

• Public Safety And EmergencyCommunication Systems (APCO25, DMR, TETRA)

Satellite Systems

• Satellite Transponders(X-band, Ku-band)

• Satellite Communication Terminals(X-band, Ku-band)

• Land and Naval Platform/Ground Stations

IT & Cyber Security

• Cryptographic Algorithms and Protocols

• Cryptographic Device Design

• Communications and Information Security

• Cyber Security

• Cloud Based Solutions

COMMUNICATION & INFORMATION TECHNOLOGIES SECTOR

12

• Developing unique Military and Professional Communication System solutions forland, naval and air platforms for 40 years

• Being one of the few designer and producer of next generation Software DefinedRadios as well as the exporter to various countries in Middle East

• Provides complete communication systems solutions, such as TASMUS for therequirements Turkish Armed Forces

• Designer and producer of payloads for military and civil satellite communicationsystems

• Public safety and emergency communication system for police, gendarmerie, hospitals

COMMUNICATION & INFORMATION TECHNOLOGIES SECTOR

13

Avionic

•Avionic MissionComputers

•Electro-OpticalTargeting System

•CDU Flight Management System

•Multifunction Displays

• Inertial Navigation Systems (INS) for air and land platforms

Electro-Optic

•Common Aperture Targeting System (CATS)

•Cooled and uncooled thermal cameras

•Day and night vision (image intensifier) devices

•Laser range finders

•Laser designators and warning systems

Guidance & Unmanned Systems

•Laser and Precision Guidance Kits

•Unmanned Vehicles

• IR Seeker

Microelectronics

• Inertial Sensors

• Image IntensifierTubes

•Accelerators Tachometers

•MEMS

•Electro-OpticalDetectors

MICROELECTRONICS, GUIDANCE & ELECTRO-OPTICS SECTOR

14

• Main solution provider for Turkish defense avionic systems• CATS (Common Aperture Targeting System) lightweight, high performance designation

and detection system• ASELPOD - one of the best new generation targeting and navigation pods in the world• Developing unmanned systems including, civil, military and security• Guidance Kits are being designed and developed for both local and export markets and

widely accepted in the sector

MICROELECTRONICS, GUIDANCE & ELECTRO-OPTICS SECTOR

15

Radar Systems

• Air Defense Radars

• Naval Platform Radars

• Reconnaissance- Surveillance Radars

• Fire Control Radars

• Counter Mortar Radars

Electronic Warfare

• Electronic Intelligence (ELINT)

• Communications Intelligence (COMINT)

• Self Protection

• Radar Electronic Attack

• Communications Electronic Attack

• Jammer Systems

• Countering Improvised Explosive Devices (C-IED)

Microwave Products

• Microwave modules up to 110 GHz

• GaAs and GaN based Transmit/Receive Modules

RADAR & ELECTRONIC WARFARE SECTOR

16

• ASELSAN EW solutions are being actively used worldwide• Radar solutions for different platforms ships, fixed and rotary wing aircrafts, land vehicles

as well as for different purposes such as low and medium altitude air defense systems,fire control systems, civil radars

• Self protection systems for fixed and rotary wing aircrafts• Developed and producing in GaN transistors for Radar and EW Systems• One of the few companies globally to develop and produce strategic technologies in

radar & electronic warfare sector

RADAR & ELECTRONIC WARFARE SECTOR

17

DEFENSE SYSTEMS

TECHNOLOGIES

Air & Missile Defense Systems

• Very Short, Shortand Medium Range Air Defense Systems

• Rocket and Missile Defense Systems

Land Systems &Weapon Systems

• Remote Controlled Stabilized Weapon Systems

• Fire Control Systems

Command Control Systems

• Battlefield Management Systems

• Air Defense Command and Control Systems

• Fire Support Systems

• Military Computers

Naval Systems

• Naval Combat Systems

• Underwater Acoustic Systems

• Sonar Systems

• Torpedo CountermeasureSystems

DEFENSE SYSTEMS TECHNOLOGIES SECTOR

18

• System of Systems Engineering expertise; architecture, design, integration and testcapabilities for combat effective and robust solutions

• Solution provider for TAF and global customers in Air & Missile Defense for 25 years• System integrator for land, air and naval platforms; providing cost efficient and turn-key

solutions including in-house designed subsystems• Special purpose weapon system designer for land, naval, coastal and border security

operations against asymmetric threats

DEFENSE SYSTEMS TECHNOLOGIES SECTOR

19

Security

• Border Security and Surveillance Systems

• Coastal Security and Surveillance Systems

• Public Security and Surveillance Systems

Transportation

• Rail Vehicle and Control Systems

• Electric Vehicle Systems

Traffic & Automation

• Toll Collection Systems

• Traffic Management Systems

• Vehicle and License Plate Recognition Systems

• Precision Farming Systems

• Emergency Management Systems

Energy

• Energy and Power Management Systems

• Renewable EnergySystems

TRANSPORTATION, SECURITY, ENERGY & AUTOMATION SECTOR

20

• The business sector was established in 2014, in order to gather the company’s non-militaryexpertise under one management and for exploiting the know-how and experience gained inthe defense industry in non-defense applications

• Field proven traffic management systems deployed nationwide are also being exported• Collaboration has been established with leading platform suppliers for both railway and

electrical vehicle systems• Accepted as the sole solution provider for advanced homeland security systems (i.e. public,

border, coast, military bases and critical facilities), the business sector has been granted thelargest national security project in Turkey to date

• The business sector has positioned itself as a technology provider for nationwide smart gridsystems and renewable energy systems

TRANSPORTATION, SECURITY, ENERGY & AUTOMATION SECTOR

SİVAS

ASELSAN HASSAS OPTİK

ANKARA

ASELSANNET

ROKETSAN

AB-MİKRO NANO

İSTANBUL

MİKROELEKTRONİK

21

Ownership: 50%Partner: Sivas OptikMalzemeleriFoundation: 2014Assets: $11 M

ASELSAN PRECISION OPTICS

ASELSANNET

Ownership : 100%Foundation: 2004Assets: $63 M Ownership : 15%

Partner: TAFFFoundation: 1988Assets: $1,1 B

ROKETSAN

MİKROELEKTRONİK

Ownership : 85%Partner: İTÜ ETAParticipation: 2010(Founded in 2006)Assets: $2,1 M

ASELSAN BİLKENT MİKRO NANO

Ownership: 50%Partner: BİLKENT UNI.Foundation: 2014Assets: $21,1 M

Assets are given as of 30.06.2016.

AFFILIATES – Local

ASELSAN SOUTH AFRICA BRANCH

IGG ASELSAN INTEGRATED SYSTEMS

ASELSAN MIDDLE EAST

ASELSAN BAKÜ

KAZAKHSTAN ASELSAN ENGINEERING

22

ASELSAN MIDDLE EAST (JORDAN)

Ownership: 49%Partner: KADDB Investment GroupFoundation: 2012Assets: $22,9 M

ASELSAN-BAKU (AZERBAIJAN)

Ownership: 100%Foundation: 1998Assets: $2,2 M

IGG ASELSAN INTEGRATED SYSTEMS(UAE)

Ownership: 49%Partner: IGGFoundation: 2011Assets: $1,9 M

KAZAKHSTAN ASELSAN ENGINEERING (KAZAKHSTAN)

Ownership: 49%Partner: Kazakhstan EngineeringFoundation: 2011Assets: $44,7 M

SOUTH AFRICA BRANCH

Ownership: 100%Foundation: 2011

AFFILIATES – Global

Assets are given as of 30.06.2016.

ASELSAN - SAUDI ARABIA

Total Employees : 5.129Engineers : 3.162

Engineers61%

Administrative Staff 8%

Technicians26%

Support5%

As of October 2016

23

SUSTAINABLE AND INNOVATIVE HUMAN CAPITAL

•University-industry cooperation

• Projects carried out with universities• Internship and co-op opportunities for high school and university students•Masters and doctorate program incentives for employees•Doctorate program scholarship

• Location and fringe benefits

• Back to Turkey Project

•ASELSAN was selected as the mostly sought-after company to work for by

engineering students in Turkey

24

ASELSAN, the largest R&D spender in Turkey, has a share of 43% in the total Turkish defense sector R&D spending.

ASELSAN will not pay any corporate taxes till 2023 due to tax incentives on R&D activities.

AN R&D COMPANY

585660

712

304364

143

147

200

89

109

0

100

200

300

400

500

600

700

800

900

1000

2013 2014 2015 2015 1H 2016 1H

R&D Spending

Client Financed Self Financed

728807

912

393

473

Million TL

FINANCIAL PERFORMANCE

26

1H – KEY FINANCIAL FIGURES

Gross Profit margin: 26%

EBIT margin: 15%

EBITDA margin: 19% (in line with the year-end target 18-20%)

Net Cash Position at the year-end level: +77 Million TL

Free Cash Flow: +13 Million TL

Net Sales (Jan-Jun): + 8%

Exports: + 16%

SustainableRevenue Growth

Solid Margins

Improving Cash Flow

Gross Profit Margin 22,8% 25,5% ↑

Operating Profit (EBIT) Margin 13,3% 15,1% ↑

EBITDA Margin 17,0% 18,9% ↑

Net Profit Margin 6,0% 16,7% ↑

27

FINANCIAL HIGHLIGHTS

Operating Cash Flow (OCF) 103 118 14%

Free Cash Flow (FCF) (59) 13

Cash and Cash Equivalents 110 552 404%

(Million TL) 2015 1H 2016 1H %∆

New Contracts 1.763 5.228 197%

Backlog 11.671 19.294 65%

Net Sales 1.311 1.415 8%

Gross Profit 299 361 21%

Operating Profit (EBIT) 174 213 22%

EBITDA 223 268 20%

Net Profit 78 236 203%

28

INCREASING TREND IN NET SALES

497 639 619935

1.1351.419 1.361

1.7732.075

2.233

1.075 1.18616

29 87

102

78

83 272

398

460

548

197228

0

500

1.000

1.500

2.000

2.500

3.000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 1H 2016 1H

Millon TL

Domestic Sales Exports

513669

706

1.0381.212

1.5021.633

2.171

2.535

2.780

1.3111.415

CAGR21%

154

111

2015 1H 2016 1H

CAPEX(Tangible + Intangible)

(Million TL)

17,0% 18,9%

2015 1H 2016 1H

EBITDA Margin

22,8%25,5%

2015 1H 2016 1H

Gross Profit Margin

29

-5913

2015 1H 2016 1H

Free Cash FLow(Million TL)

IMPROVED MARGINS AND OPTIMIZED CAPEX

3,6 3,6

4,5

5,7

2013 2014 2015 2016*

0,801,13

1,37 1,26

3,63

2013 2014 2015 2015 1H 2016 1H

491

1.147

627

505

954

502

378

285

296 351

124

235

2013 2014 2015 2015 1H 2016 1H

>300 50-300 <50

912

1.293 1.305

1.761

626

30

$3,7$3,9

$4,3

$5,8

2013 2014 2015 2016 1H

SIGNIFICANT BACKLOG INCREASE AND NEW CONTRACT AWARDS

Our target is to maintain a backlog level of 3x Net Sales.

* Sales data is annualized.

New Contract Awards (Million USD)

Book-to-Bill RatioBacklog/Net Sales

+ 181%

+ 188%

Backlog History (Billion USD)

Undersecretariat for Defense Industries

64,6%

Ministry of National Defense

5,1%

TAI8,1%

Other14,7%

Middle East 4,2%

Caspian Region2,1% Americas and

Europe1,2%Exports

7,5%

GendarmerieSedef ShipyardGeneral Directorate of Civil Registration and NationalityROKETSAN

TL 21%

USD 51%

EUR 28%

BACKLOG DISTRIBUTION (CURRENCY)

BACKLOG DISTRIBUTION (CLIENT)

31

TL 40%

USD 40%

EUR 20%

TOTAL EXPENSE DISTRIBUTION (CURRENCY)

Labor 22%

Fixed Assets 6%

Operating Expenses

9%

Material63%

TOTAL EXPENSE BREAKDOWN (TYPE)

BACKLOG

32

STRONG CASH FLOW AND NET CASH POSITION

June 30, 2016 Net Cash Position

Cash & Cash Equivalents552 Million TL

Financial Debt475 Million TL

Net Cash = Cash - Short/Long Term Debt

77 Million TL

December 31, 2015 Net Cash Position

Cash & Cash Equivalents681 Million TL

Financial Debt603 Million TL

Net Cash = Cash - Short/Long Term Debt

78 Million TL

0

50

100

150

200

250

300

BIST 100 ASELSAN

31/12/2010=100

33

ASELSAN reached a market value of USD 3,3 Billion as of 30.06.2016.

REMARKABLE SHARE PERFORMANCE

230

98

34

DIVIDENDS

0,198 TL

0,157 TL

0,050 TL

0,130 TL

0,084 TL

0,000 TL

0,050 TL

0,100 TL

0,150 TL

0,200 TL

0,250 TL

2011 2012 2013 2014 2015

Dividend/Share

28,9% 26,8% 10,5% 16,6% 19,7%Pay-out Ratio

Board targeting a pay-out ratio of at least 10%

of net profit

GUIDANCE

35

ASELSAN’s guidance on 2016 year-end results:

2015 2016 1H 2016 Expected Assessment

Net Sales (Million TL) 2.780 1.4153.200 – 3.400

(16-20% increase)Expecting a strong 2nd half

EBITDA Margin 18% 19% 18-20% Within the expected range

CAPEX (Million TL) 260 111 340 In line with targets

Prospective Projects & Long Term Priorities

PROSPECTIVE PROJECTS

37

• Air Defense System Modernization Serial Production

• HAVASOJ (Stand-off Jammer)

• Long Range Air Defense Missile System

38

• MILGEM I-Class Corvette

• Turkish Fighter Aircraft Development (TF-X)

• ALTAY Tank Serial Production

PROSPECTIVE PROJECTS

39

Keeping on track to deliveries, top line growth and profitability

Continuing focus on flawless execution through efficiency and structural cost reduction

Focusing on WC optimization

Maintaining ample liquidity, robust cash generation and balanced capital allocation

Sustaining available talent pool and innovation for sustainable growth

Pursuing value-accretive bolt-on acquisitions

Increasing exports whilst keeping focus on domestic sales

LONG TERM PRIORITIES

40

Contact Persons

Okan TURAN

Chief Financial Officer

Aykan ÜRETEN

Finance Director

Pınar ÇELEBİ

Investor Relations Manager

Başak YÜCEKAYALI

Investor Relations Associate

Address

ASELSAN Elektronik Sanayi ve Ticaret A.Ş.

Mehmet Akif Ersoy Mah. 296. Cad. No:16

06370 Yenimahalle, Ankara, TURKEY

Tel: +90 312 592 10 00

Web

www.aselsan.com

E-Mail

aselsan.ir@aselsan.com.tr

CONTACT

APPENDIX

• ASELSAN holds OHSAS 18001:2007 Occupational Health and SafetyManagement System and ISO 14001:2004 EnvironmentalManagement System Certificates since 2009.

• ASELSAN has been in the “Highest” category in Carbon DisclosureProject (CDP) since 2012.

• ASELSAN, is one of the companies to be listed on the BISTSustainability Index since its launch in November 2014.

• As per ASELSAN Enterprise Risk Management System, the potentialrisks are systematically identified, analyzed, monitored andmitigated while focusing on efficiency and sustainable growth.

SUSTAINABILITY

‘‘Sustainability’’ is not a new concept for ASELSAN.

CONSOLIDATED BALANCE SHEET (MILLION TL)

A S S E T S 30.06.2016 31.12.2015CURRENT ASSETS 3.476,1 3.092,8Cash and Cash Equivalents 552,3 681,0Trade Receivables 1.183,3 1.068,3Other Receivables 66,9 48,2Inventories 1.057,2 886,8Prepaid Expenses 449,7 228,7Other Current Assets 166,7 179,8

NON-CURRENT ASSETS 3.110,0 3.152,3Financial Investments 433,5 433,5Long-term Trade Receivables 383,1 375,9Other Long-term Receivables 0,3 0,4Equity Accounted Investments 43,2 41,9Property, Plant and Equipment 920,7 924,8Intangible Assets 579,3 537,5Prepaid Expenses 286,6 410,1Deferred Tax Assets 355,5 330,5Other Long-term Assets 107,8 97,7

TOTAL ASSETS 6.586,1 6.245,1

CONSOLIDATED BALANCE SHEET (MILLION TL)

L I A B I L I T I E S 30.06.2016 31.12.2015

CURRENT LIABILITIES 1.578,9 1.568,9

Short-term Financial Liabilities 274,7 357,8

Short-term Portion of Long-term Financial Liabilities 65,7 89,4

Trade Payables 518,9 577,2

Employee Benefit Obligations 19,8 21,6

Other Payables 36,1 2,9

Government Grants and Incentives 23,0 22,6

Deferred Income 388,8 261,5

Corporate Tax Liability 0,50 2,6

Short-term Provisions 242,2 220,0

Other Short-Term Liabilities 9,2 13,3

NON-CURRENT LIABILITIES 1.970,1 1.835,4

Long-term Financial Liabilities 134,4 156,1

Long-term Trade Payables 184,8 222,9

Deferred Income 1.415,6 1.269,5

Long-term Provisions 235,3 186,9

CONSOLIDATED BALANCE SHEET (MILLION TL)

30.06.2016 31.12.2015

EQUITY 3.037,1 2.840,7

Equity attributable to equity holders of the parent 3.036,7 2.840,2

Share Capital 1.000,0 500,0

Share Capital Adjustment 98,6 100,3

Other Reserves 610,3 607,9

Restricted Profit Reserves 94,2 86,9

Retained Earnings 997,6 1.332,2

Net Profit for the Period 236,0 212,9

Non-controlling Interests 0,4 0,5

TOTAL LIABILITIES AND EQUITY 6.586,1 6.245,0

CONSOLIDATED INCOME STATEMENT (MILLION TL)

01.01.2016-30.06.2016

01.01.2015-30.06.2015

PROFIT OR LOSS

Net Sales 1.414,8 1.311,4

Cost of sales (-) (1.053,7) (1.012,0)

GROSS PROFIT 361,1 299,4

General administrative expenses (-) (81,1) (67,3)

Marketing expenses (-) (30,1) (28,3)

Research and development expenses (-) (36,6) (29,5)

Other operating income 112,6 206,7

Other operating expenses (-) (127,1) (278,5)

OPERATING PROFIT 198,8 102,5

Income from investing activities 8,4 0,0

Share of Losses of Equity-Accounted Investments (0,2) -

OPERATING PROFIT BEFORE FINANCIAL EXPENSE 207 102,5

Financial income 46,1 5,1

Financial expenses (-) (42,2) (77,5)

PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 210,9 30,1

Tax income/ (expense) from continuing operations 25,0 48,0

- Current tax expense (0,5) (0,6)

- Deferred tax income / (expense) 25,5 48,6

PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS 235,9 78,1

Profit for the period attributable to:

Non-controlling interest 0,0 -

Shareholders of the parent 236,0 78,1

CONSOLIDATED STATEMENT OF CASH FLOW (MILLION TL)

01.01.2016-30.06.2016

01.01.2015-30.06.2015

OPERATING CASH FLOW (OCF) 118 103

Net Profit for the Period 236 78

Depreciation and Amortization 54 49

Change in Inventory (83) 29

Change in Trade Receivables (126) 36

Prepaid Expenses (181) (79)

Deferred Income 273 32

Change in Trade Payables (90) (54)

Others 34 (11)

CASH FLOW FROM INVESTING ACTIVITIES (105) (162)

Capital Expenditures (36) (43)

Intangible Assets (76) (111)

Other Changes 7 (8)

FREE CASH FLOW (FCF) 13 (59)