Investor Presentation

November 2017
Disclaimer 2

• 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will not be published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
Agenda

Turkey Macro Economic Overview

Market Growth

Ülker Operational Performance

Domestic Operations

International Operations

Financial Highlights

3
Leader confectionery company in the region 4

Net Sales by segment - 2017

 Over 70+ years of experience in Turkey 9,6% 2,3%

 Producer of biscuits, chocolates, chocolate covered

40,5% 47,6%
products, crackers, wafers and cakes

 Leader in Turkey with 36% market share as of 2017 Chocolate Biscuit Cake Non-Conf

 Extensive sales & distribution capabilities Net Sales by region - 2017

30,0%
 A gateway to the Middle East, Northern Africa and
Central Asia
70,0%

 41.5% - Free Float & 58.5% Yıldız Holding (one of the

largest conglomerate in Turkey)
Domestic International

EBITDA by region - 2017

Key figures – TL mn 9M 2017
28,1%
Sales Volume (Tonnes) 389.237
Net Sales 3.358 71,9%

EBITDA 468.5
EBITDA Margin % 14.0%
4 Domestic International
Continous focus in value creation 5

1996  Numerous minority shareholders triggered the listing of Anadolu Gıda on İstanbul
Stock Exchange
 Acquisition of 25% stake in the premium chocolatier brand Godiva
2008
Ülker Bisküvi investment: US$214 mn
 Rapid growth led to complex corporate structure – 4 sales companies,
2009 4 production companies and minority stakes in 7 non-core assets
 2011 – 2013: Restructuring at all fronts
2010  New top management on board
 Gathering all chocolate and cake businesses under Ülker Bisküvi
2011  Disposal of 6 non-core assets. Reduced Godiva stake to 19% - TL 100mn profit
 Simplified traditional channel distribution – merger of production companies with sales
companies; consolidation of all sales under new sales company Horizon
2012  SKU optimization – 502 SKUs in 2010 vs. 330 SKUs in 2014
 Cancellation of privileged shares and founder shares
2013  New dividend policy – minimum 70% of distributable income
 Free Float reached 40% after Yıldız Holding’s block sale
2014  2014:
 Ülker Biskuvi acquired 30% minority stake in Biskot
 Divested stakes in Istanbul Gıda, Birleşik Dış Ticaret and Rekor
2016  2016:
 Ülker Biskuvi acquired 51.4% majority stake in Hi-Food(Egypt)
 Ülker Biskuvi acquired 100% stake in Istanbul Gıda
 Ülker Biskuvi acquired 55% stake in FMC (Saudi Arabia)

2017  2017:
 Ülker Biskuvi acquired 100% stake in Hamle(Kazakstan)

5
 Largest production capacity in the region with 6
strategically located plants

Production in 4 countries at 9 facilities

Total Production Capacity of 920K tons

Turkey Egypt Saudi Arabia Kazakhstan

Istanbul- Topkapı
Chocolate Istanbul
Gebze
Capacity: 195k
tonnes/year Ankara

Istanbul- Silivri
Chocolate, chocolate Karaman
covered biscuit
Capacity: 45k
tonnes/year

Istanbul-
Hadımkoy
Cake
Capacity: 50k
tonnes/year
Ankara
Biscuit
Karaman Capacity: 151k Hamle
Hi-Food FMC
Biscuit, cake, tonnes/year Gebze
cracker & chocolate Biscuit & Chocolate & Biscuit & Chocolate & Cake
The largest biscuit Biscuit
Biscuit & cracker Cake Capacity: 47k tonnes/year
Capacity: 214k manufacturing facility in Capacity:44k
tonnes/year the Middle East Capacity: 119k Capacity: 57k
tonnes/year
tonnes/year tonnes/year

6
Strong brand equity leveraging 7
70 years of heritage
Brand Ülker perception study
Recognition

Ülker – Always «most recognized»

and «closest to consumers»
In its own category, Ülker is the most
beloved brand name of all.

Source : AC. Nielsen & Mediacat

Source: Ipsos 2015

Brand Ivestments
Made in 2016

Ülker address to youth Ülker present happiness Dynamic brand Social

«more adressing to youth» «Only we provide joy & «becoming more dynamic «Consumers find Ülker more
happiness» every day» social»
+16 pp, reached 43 Since +11 pp, reached 45 Since +22 pp, reached 45 Since +18 pp, reached 42 Since Nov
Nov 2015 Nov 2015 Nov 2015 2015

Source: BHT Araştırması /GFK-Nov 2017 7

Well structured route to market system 8

30%
Intenational

• 95 distributors

Independent • # of points visited: 180k out

Traditional
Distributors of 200k available points
Channel
• % of invoice issued by visit:
90%

Domestic
70%
National
Retailers
• Directly distributing to main
Modern warehouses
Cash & Carry
Channel
• # of points visited: c25k with
Discounters c99% coverage

Decreased logistics expense

More efficient route to sales points

Single joint sales & distribution network Enhanced distribution profit

Better and faster execution capability

Stronger distributors with higher nominal gains

8
 9

Operations

9
Growing our regional footprint 10

Covered Territory

c610 mn Population

GDP per
c7,689 USD
Capita

21 mn km² Total Area

Confectionery
13,3 bn USD
Market

Brand
Positioning

Turkey Saudi Arabia

#1 in Total Confectionery
#2 in Biscuits

Egypt Kazakhstan

#3 in Biscuits #3 in Chocolate Countline

Covered Territories

10
Delivery of strong top line 11
growth & profitability

Change
2011 2016
(CAGR 2016/2011)

Volume (Tonnes) 318.027 598.285 +13.5%

Net Sales (mn TL) 1.788,9 3.921,7 +17.0%

EBITDA (mn TL) 76,6 512,7 +46.3%

11
Strong revenue & profitability generation 12

Change in Revenue vs
Inflation & Currency*

2011-2016
569,5%
Inflation
TL/USD Change
Change in Revenue
Change in EBITDA

118,0%
80,7%
47,9%

Inflation TL/USD Change Change in Revenue Change in EBITDA

Strong growth in revenue and tremendous improvement in

profitability

• 12 figures
2011 is based on reported figures, however 2016 is based on restated
• Average TL/USD Change
Ceasing non-confectionary business 13

Sales Volume Breakdown Sales Volume Breakdown In Q3’17

In 9M ’17 (Tons) (Tons)
(Tons)
446.743 419.777 127.577 121.631

75.269 30.540
675

19.190
371.474 389.237
120.955

108.387

9M 2016 9M 2017 Q3 2016 Q3 2017

Conf Non-Conf Conf Non-Conf

Net Sales Breakdown In 9M ‘17 Net Sales Breakdown In Q3’17

(mnTL) (mn TL)
2.880 3.359 842 1.013

78 3
113 28

3.281 1.010
2.767 814

9M 2016 9M 2017 Q3 2016 Q3 2017

Conf Non-Conf Conf Non-Conf

13
 14

Market Growth Potentials

14
Operating in fast growing economies 15

12,0%
Fast growing economies

GDP Growth (in constant local)

Avg growth between 2011-2016; 10,0%

Turkey – 6,4% 8,0% Turkey

Saudi Arabia – 4,6% Saudi Arabia

6,0%
Egypt
Egypt – 2,9%
Kazakhstan
4,0%
Kazakhstan – 4,1% EU

US – 2,0% 2,0% US

EU – 2,4% 0,0%
2011 2012 2013 2014 2015
Source: Worldbank
-2,0%

7,0%

GDP Growth Forecast (in constant local)

These economies will continue to grow
6,0%
faster
Avg growth between 2015-2018; 5,0%
Turkey

Turkey – 4,0% 4,0%

Saudi Arabia

Egypt
Saudi Arabia – 2,2%
3,0% Kazakhstan
Egypt – 4,3% EU
2,0% US
Kazakhstan – 2,0%
US – 2,4% 1,0%

EU – 1,7% 0,0%
2015 2016 2017 2018 Source: Worldbank
15
High potential of these markets underpins 16

growth

EU Avg: 0,3%

Kazakhstan 1,5%

High population growth rates in Egypt 2,0%

operational countries
Saudi Arabia 2,2%

Turkey 1,4%

0,0% 0,5% 1,0% 1,5% 2,0% 2,5%

Source: Euromonitor
EU Avg: 39,5%
Kazakhstan 56,0%

Egypt 71,0%
Demographics
Sub 35 years
Saudi Arabia 63,0%

Turkey 61,0%
Source: Worldbank

0,0% 40,0% 80,0%

Urbanization
More women in the workforce Change in trend & consumption behavior
16
Rapid growth in biscuits & chocolate 17

consumption, contrary to mature markets

Biscuits consumption (kg per person) Chocolate consumption

Turkey 2,9 kg Turkey 2,1 kg

Egypt 3,7 kg Egypt 0,4 kg

Saudi Arabia 1,6 kg Saudi Arabia 2,4 kg

Kazakhstan 3,7 kg Kazakhstan 3,8 kg

UK 7,6 kg UK 7,7 kg

US 4,0 kg US 4,4 kg

EU 4,0 kg EU 4,1 kg

Western Europe 5,7 kg Western Europe 7,3 kg

Central Europe 3,4 kg Central Europe 5,0 kg

Source: Euromonitor Source: Euromonitor

c4% CAGR growth in per c7% CAGR growth in per

capita biscuits consumption in capita chocolate consumption
Turkey & Saudi Arabia and 5% in Turkey & Saudi Arabia and
in Egypt in the last 5 years 6% in Egypt in the last 5 years

17
 18

Domestic Operations

18
#1 in total confectionery with 36% 19
market share
Turkey
#2 Biscuits – 36% Market Share (1)
#1 Chocolate – 38% Market Share (1)
#2 Cake – 28% Market Share (1)

# 1 in Creamy Biscuits
# 1 in Petit Beurre
4 out of Top 5 in Chocolate Covered #1 in Family Cake

# 1 in Special Biscuits # 1 in Cracker #2 in Portion Muffin Coated Cake

#1 in Solid Chocolate

# 1 in Sandwich Biscuits # 2 in Chocolate Biscuit

#2 in Spread Chocolate #2 in Wet Cake
____________________
(1) Source: AC Nielsen&Ipsos – LTM

Quarterly Market Share Development, Value Based – Q2’17 vs Q3’17

Biscuits 36,6% Chocolate Cake
36,6% 36,6%
35,0%
28,2% 27,4%

ULKER ULKER ULKER

Q2’17 Q3’17

*Source: AC Nielsen
19
Branded Sales Contribution of 20

Synergy Products & New Launches

2017 Synergy Products 2017 New Product Launches

Biscuits

2016 Synergy Products

Cakes

Chocolates

20
Domestic Operations
Strong Growth in financial and operational metrics in Q3 2017

Sales Volume Net Sales (TL m)

(thousand tons) Gross Profit (TL m) EBITDA (TL m)

745,6 21,6% 21,9% 15,2% 14,9%

82,7 90,5 631,9
136,3 163,2 111,1
96,3

Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017

Branded volume continue Branded revenue up by 20% Gross Profit up by 19,8% EBITDA was reported as
with a good performance and
up by 12,3% thanks to
- Effective pricing strategy Gross Profit margin was TL111m representing 15,5%
growth with the support of
- New product launches
- Mix impact parked at 21,9% thanks to
ATL/BTL expenses
effective cost management
- Marketing investments
- New launch despite rising input costs
Total price per tonnes
Overall volume increased
improved by 7,9%
by 9,4%
Overall revenue up by 18%

21
Domestic Operations
Strong Growth in 9M 2017

Sales Volume Net Sales (TL m) EBITDA (TL m)

Gross Profit (TL m)
(thousand tons)

23,2% 21,9% 14,8% 14,3%

2.350,4 478,6 515,3

286,6 2.065,5 336,9
272,6 306,5

9M 2 0 1 6 9M 2 0 1 7 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017

Branded sales continue with Branded revenue up by Gross Profit up by 7,7% EBITDA was reported as TL
a good performance and up 16,1% 336.9m, representing 14,3%
Gross Profit margin
by of sales
- Effective pricing strategy impacted due to
8,5 % thanks to
- Mix impact - Rising input costs
- Saving in operating
expenses
- New product launches
- New launch
- Marketing investments
Total price per tonnes
Overall volume increased improved by 8,2%
by 5.2%
Overall revenue up by
13,8%

22
Increased branded sales boosted by 23

synergies

In line with our strategy, we focused on branded product sales and continue to enjoy significant contribution
improvement at the operational front.

Branded & Non-Branded Volume Breakdown Branded & Non-Branded Revenue Breakdown
9M 2016 9M 2017 9M 2016 9M 2017

Non Non Non Non

Branded Brande Branded Branded
11% d 5%
8% 7%

+3 pp +2 pp

92% 93% 95%

89%

Branded Branded Branded

Branded

23
 24

International Operations

24
Egypt – To become #1 in biscuits, 25
#2 in cake & in top 5 in chocolate

Snapshot of Egypt (2017) Market Size (Vol)

k tonnes
Population 90m 400
385
350
321
(1) 300 20%
Population Growth Rate c2.0% 260 18%
250 14%
200 17% 18% 1%
(2) 1%
GDP US$330.8bn 150 24%
1%
100 65%
50 58% 63%
Traditional Channel c80%
0
2013 2016F 2019F
Size of Confectionery Market US$1.0bn
Sweet Biscuits Savory Biscuits Chocolate Cake

Financial Review
9M 2016 9M 2017 Change %

Sales Volume (tonnes) 20.698 21.727 5,0%

Net Sales (EGP x000) 297.358 539.687 81.5%

EBITDA (EGP x000) 32.332 24.466 -24.3%

EBITDA Margin 10.9% 4.5%

Despite heavy economic environment, our business in Egypt has grown rapidly in terms of volume and value with
support of new launches and marketing investments.
____________________
(1) Source: Worldbank – 2006-2016 CAGR.
(2) Source: IMF – 2010-2015 CAGR.

* Source: Worldbank – 2006-2016 CAGR 25

** Source: IMF – 2010-2015 CAGR
Saudi Arabia – To become a strong challenger 26

in the biscuit & confectionery market

Snapshot of Saudi Arabia (2017) Market Size (Vol)

k tonnes
Population 31m 160 150
140 133 4%
115 2% 25%
120 26%
Population Growth Rate
(1)
c2.2% 5%
100 25% 22%
80 24%
GDP
(2)
US$653.8bn 60 27% 2%
2%
40 2%
46% 47%
20 41%
Size of Confectionery Market US$2.8bn
0
2013 2016F 2019F

Chocolate Sweet Biscuits Savory Biscuits Cake Candy

Financial Review
9M 2016 9M 2017 Change %

Sales Volume (tonnes) 18.909 27.293 44.3%

Net Sales (SAR x000) 244.383 361.732 48,0%

EBITDA (SAR x000) 29.038 48.058 65,5%

EBITDA Margin 11.9% 13.3%

In line with our acquisition plan, our company has started to distribute McVities & Rana products in Saudi. The total contribution of
this change to the volume is 5.6 ktons and 93 M SAR in terms of revenue. Along with McVities and ULKER brands our business
has grown tremendously year over year.
____________________
(1) Source: Worldbank – 2006-2016 CAGR.
(2) Source: IMF – 2010-2015 CAGR.

* Source: Worldbank – 2006-2016 CAGR 26

** Source: IMF – 2010-2015 CAGR
Kazakhstan– A bridge from East to West 27

Snapshot of Kazakhstan (2017) Market Size (Vol)

Population 17.5m 80
69
70
4%
60 56
Population Growth Rate (1) c.1.5% 45 3%
50 1%
40 4% 1% 24%
1% 1%
GDP (2) US$185bn 30 26%
26%
20 71%
10 69% 70%
Traditional Channel c.80%
0
2013 2016F 2019F
Size of Confectionery Market US$1.3bn
Chocolate Sweet Biscuits Savory Biscuits Cake

Financial Review
9M 2016 9M 2017 Change

Sales Volume (tonnes) 9.178 8.119 -11.5%

Net Sales (KZT x000000) 6.689 6.479 -3,1%

EBITDA (KZT x000000) 411 260 -36,7%

EBITDA Margin 6,1% 4,0%

After acquisition of the company, SKU optimization project has been started in order to attain sustainable growth and
expand the profitability strategy. Within the scope of this project, low profitable products are started to be delisted.
____________________
(1) Source: Worldbank – 2006-2016 CAGR.
(2) Source: IMF – 2010-2015 CAGR.

* Source: Worldbank – 2006-2016 CAGR 27

** Source: IMF – 2010-2015 CAGR
Strong brand recognition in operating territories 28
Continue to gain market share in Operating territories

Egypt Saudi Arabia Kazakhstan

#3 #2 #3
Biscuits – 13.8% Market Share Biscuits – 13.4% Market Share Chocolate– 8.8% Market Share

# 4 in countline
# 1 in Plain # 1 in Filled
# 1 in Filled
(Biskrem and Tamr brands)

# 4 in Sandwich #1 in Coated
# 1 in Biscuits with filling

# 2 in Plain
(Teabiscuits and Finger
biscuits) # 3 in Wafer

Market Share Development, Value Based (1)

13,8% 13,4% 8,8% 8,8%

13,3%
13,2%

2016 2017 2016 2017 2016 2017

____________________
(1) Source: AC Nielsen-LTM
*Source: AC Nielsen Value Market Share

28
 29
2017 New Launches & Synergy Products

EGYPT KAZAKHISTAN

SAUDI ARABIA SYNERGY PRODUCTS

29
Strong performance prevailed in Q3 2017 with 30
profitability focus

Confectionary Sales Confectionary Net Sales

Gross Profit* (TL m) EBITDA* (TL m)
Volume (thousand tons) (TL m)

20,4% 26,4% 6,4 % 9,7 %

30,5 264,0
70,4 25,8
25,6 42,8
182,2
13,4

Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017

Accelerated branded Gross Profit was up by EBITDA growth by 92,4%

Branded sales volume up by
revenue growth by 55,6%
29,1%
Overall revenue was up by
Overall volume was up by
44,9% in Q3 2017 thanks to
18,7 %
- Effective pricing strategy
- New initiatives -
Distribution of McVities
&Rana in Saudi
- FX impact
- New Ulker launches
________________________________
* Includes non-confectionary Gross Profit / EBITDA
• Includes non-confectionery Gross Profit & EBITDA
64,4%
and margin improvement of
Continued gross margin 3,3 pp to %9,7
increased to 26,4%, gains of
6 pp thanks to
- New Launches,
- Effective Cost
Management
- New Initiatives-
Distribution of McVities
&Rana in Saudi
- Improved raw material
sourcing

30
Excellent contribution to both sales and 31
profitability in 9M 2017

Confectionary Sales Confectionary Net Sales

Volume (thousand tons) Gross Profit* (TL m) EBITDA* (TL m)
(TL m)

24,4% 28,6% 10,7% 13,1%

98,8 102,6 930,2 288,6

701,7
131,6
198,9 87,4

9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017

Accelerated branded Gross Profit was realized as EBITDA growth by 50,5 %

Branded sales volume up by 28,6%
revenue growth by 37,6% and margin improvement of
10,4%
Overall revenue was up by Continued gross margin 2.4 pp to %13,1
Overall volume was up by increased with a gains of 4.2
32,6% in 9M 2017 thanks to
3,8% in 9M 2017 pp thanks to
- Effective pricing strategy
- New Launches,
- FX impact
- Effective Cost
- New Distribution of Management
McVities &Rana in Saudi
- New Initiatives-
- New launches Distribution of McVities
&Rana in Saudi
- Improved raw material
________________________________ sourcing
* Includes non-confectionary Gross Profit / EBITDA

31
Strategy to focus in branded 32
confectionery products

Confectionery Branded & Non-Branded Volume Confectionery Branded & Non-Branded Revenue
Breakdown Breakdown

9M 2016 9M 2017 9M 2016 9M 2017

Non Non Non

Non Branded Branded Branded
Branded
30% 26% 23% 20%

+4 pp +3 pp
74% 77% 80%
70%
Branded
Branded Branded Branded

32
 33

Strategy

33
Solid strategies for continued profitable 34

growth across the region

Saudi Arabia & Egypt & North Kazakhstan &

Turkey
Middle East Africa Central Asia
Biscuits

Regain market leader To become #1 in biscuits and
position in all biscuits a strong challenger in the
segments confectionery market
 Creating a production hub
for the whole Middle East
market
Chocolate
To become #1 in biscuits, #2
in cake & in top 5 in
chocolate
 Creating a production
hub for the whole North
African market
 To become #3 position
in biscuits &
Confectionary market»
 Production hub for
Central Asia, the

Maintain undisputed Urumqi region, and

leadership in the chocolate  Leveraging on Ülker's  Room for organic growth certain regions of
segment know-how in the cake & chocolate Russia
segments
 Introduce new formats in  Strengthen position in
the market  Entry to the wafer chocolate category in
Broaden the portfolio and
Cake

segment different occasions &

become strong #2  Improving distribution formats
network in modern sales  Increase traditional trade
channel business share  Balanced portfolio of
packed and bulk
Focus to grow share in
 Deeper penetration in the  Deeper penetration in products
Market

traditional trade and ensure

traditional channel the traditional channel
«in-store excellence»
 Optimization of cost
across the value chain
Continue to maintain cost
advantages

34
 35

Inorganic
Growth
Opportunities

35
Synergies via pladis will boost operational 36

capabilities

Creating business
Efficiencies in
potential and focus
direct & indirect MENAT Operations
on value added
procurement
products

Pladis synergies

New export
Having global &
opportunities
regional & local
through pladis R&D Capabilities
brands,
network widening
competitive edge
product umbrella

36
 37

Godiva
Global Premium Chocolate
Producer

37
Godiva – A Valuable Financial Asset 38

• Leading premium chocolate producer with significant Geographical presence of Godiva as of 2016
brand equity worldwide year-end including franchise stores

• Entry into China, S.Korea, Indonesia, S. Arabia, Thailand 203 stores in

31 stores in
and Turkey since the acquisition the US &
Europe
Canada
• Strong further growth potential through
• investing in store expansion, especially in the Far 45 stores in
Middle East
East,
• increasing on-line presence and development of 473 stores
in Asia
the FDM business in partnership with pladis
• product portfolio innovation,
• entry into new geographies.
• Godiva plans to open 50 new stores per annum.

Evolution of Company Owned Stores

Year U.S. Japan China Pac Rim Belgium Others
2008 262 99 - 32 8 21
2014 191 136 47 36 5 29
2015 189 274 63 40 6 29
2016 187 282 100 48 3 26
Godiva store in Harrods, London

38
 39

Financials

39
Effective Cash Cycle and Net Debt 40
Management
Average Working Capital Days
TL 665m TL 675m
 Cash Cycle of 43 days in 9M 2017 (49 days in 9M
70 2016)
60 65
62
50 66 58  Working capital requirement over sales ratio was
40
47 15,0% in 9M 2017 and 16,5% in 9M 2016
41
30
20
10  Net debt stands at TL 773 mn as of Sept 30, 2017
0
9M 2016 9M 2017  Net debt to EBITDA is 1,26x in 9M 2017 and
1,22x as of 31 December 2016
A/R A/P Inv
Net Debt (TL m)
800 773  Maturity breakdown as of September 30, 2017:
700 657
600  Short term 62,0%
500
 Long term 38,0%
400
300
200
100
0
2016 2017

40
Net FX Position 41

(Million TL/$/€/£) TL USD EURO GBP

Cash and Cash Equivalents 3.278,2 447,5 402,2 0,6

Trade Receivables 128,4 26,1 7,7 0,7
Total Assets 3.406,7 473,6 409,9 1,3

Other Non Current Assets 0,1 0,0 - -

Total Assets 3.406,7 473,6 409,9 1,3

Financial Liabilities 2.356,6 379,7 240,4 -

Trade Payables 108,2 18,5 9,6 0,4
Other 10,7 3,0 - 0,0
Current Liabilities 2.475,5 401,2 250,0 0,4

Financial Liabilities 1.446,9 132,9 232,5 -

Non Current Liabilities 1.446,9 132,9 232,5 -

Total Liabilities 3.922,4 534,1 482,5 0,4

Net Position (515,6) (60,5) (72,7) 0,9

Derivative Transactions 537,8 128 19,8 0

Net Position after derivative transactions 22,2 67,5 (52,9) 0,9

The FX net position of B/S has been minimized through derivative instruments
41
Income Statement

3Q 2016 9M 2016
Income Statement(TL mn) 3Q 2017 9M 2017
Restated Restated
Sales Revenues 842,0 1.012,54 2.879,9 3.358,20
Growth (%) 20,3% 16,6%
GROSS PROFIT 179,1 233,7 677,5 803,9
Growth (%) 30,5% 18,7%
Gross Profit Margin 21,3% 23,1% 23,5% 23,9%

Marketing, Sales & Distribution Expenses (64,2) (87,9) (251,5) (307,4)

General Administration Expenses (26,1) (32,1) (89,3) (96,0)
Research Expenses (1,4) (3,2) (5,7) (9,5)
Other Operating Inc/Exp, net 3,9 (0,1) 8,9 4,4
OPERATING PROFIT 91,4 110,4 340,0 395,4
Income from Investments 67,7 141,7 115,5 276,8
Operating Profit before Financial Inc/Exp 159,1 252,1 455,5 672,2
Finance Inc/Exp, net (91,5) (167,5) (138,8) (336,0)
Profit Before Taxation 67,6 84,6 316,7 336,2
Tax Charge from Continued Operations (12,2) (10,0) (60,8) (54,3)
PROFIT FOR THE PERIOD 55,4 74,6 255,9 281,9
Non – Controlling Interests 1,1 10,9 21,6 35,3
Equity Holders of the Parent 54,3 63,7 234,3 246,6
EBITDA 109,7 136,9 393,9 468,5

42
 43

Appendix

43
pladis: Promise happiness to the world 44

with every bite

Yıldız
Food

44
 pladis: Promise happiness to the world with 45

every bite

Previously Current Target

Yıldız Holding Yıldız Holding Yıldız Holding

49,9% 100% 100%

100% 100%
28,9%
United pladis pladis
Ulker Biskuvi Star Brands
Biscuits
21,0% 100% 51,0% 100% 100%

United United
Ulker Biskuvi Ulker Biskuvi Star Brands
Biscuits Biscuits

45
Corporate Governance – In the heart of the 46
company

Board of Directors 3 independent board members out of 9 board members, complying

Capital Markets Board regulations

Formed by 2 independent members

Meet 4 times in a year
Audit Committee Main duties are;
• Audit to ensure that periodic financial statements and their footnotes comply with the
current legislation and international accounting standards
• More to be found at http://ulkerbiskuviinvestorrelations.com/_assets/pdf/charterofaudit.pdf

Formed by 2 independent members

Meet 6 times in a year
Early Detection of
Main duties are;
Risks Committee • Identify the company's current and potential financial, operational and external risks, and
provide advice on taking the necessary measures
• More to be found at http://ulkerbiskuviinvestorrelations.com/_assets/pdf/riskcommittee.pdf

Formed by 2 independent members + 2 company officials

Corporate Meet 4 times in a year
Governance Main duties are;
Committee • Work to create a transparent system to identify, assess and train appropriate candidates for
the Board of Directors, and to establish policies and strategies in this regard
• More to be found at http://ulkerbiskuviinvestorrelations.com/_assets/pdf/charterofgover.pdf

46
Sustainability – This is our world 47

6 key issues are Environmental Value Innovation

Responsibility Social
identified Sustainability Chain Responsibility
Employees

First Sustainability
Released in 2016

Sustainability
Practices Second Sustainability
Released in 2017

Listed for the first time in 2015 and become the first listed food
Sustainability Index
company ever in sustainability index

Detailed commitments are available at

http://ulkerbiskuviinvestorrelations.com/en/
sustainability/sustainability-approach/our-
commitments.aspx

47
Steady improvement in operational front 48

3,6% 13,1%

1,3%
3,9%

2011 EBITDA Margin Distribution Category Mix Effect Better Cost & Opex 2016
Restructuring Management EBITDA Margin

48
 ÜLKER BİSKÜVİ A.Ş.
Investor Relations
Tel : +90 216 524 25 26
@ : ir@ulker.com.tr

Verda Beste Taşar

Head of Investor Relations
Tel: +90 216 524 2556
beste.tasar@ulker.com.tr

Borsa Istanbul: ULKER.IS - Bloomberg: ULKER.TI - Reuters: ULKER.IS