2018 Annual Financial Results 04 03 2019 Disclaimer

2018 Annual Financial Results 04. 03. 2019

Disclaimer This presentation contains various information related to financial statements and market information of Kerevitaş Gıda Sanayi ve Ticaret A. Ş. (Kerevitaş) and is shared only for information purposes. This presentation may not be reproduced, shared or published without the permission of Kerevitaş. The figures and ratios used in the presentation can be rounded for easy illustration and rounding differences may occur due to the display. Kerevitaş BOD, executives, employees or any other person cannot be held responsible for any damages arising from the use of this presentation.

Kerevitaş: Strong leadership in the frozen food and margarine/edible oil market with 2 business units Frozen and Canned Food Business Unit Margarine and Edible Oil Frozen and canned fruits and vegetables, frozen meats and seafood, frozen pizza and bakery products, frozen potatoes and coated products, dessert, canned tuna and canned ready to eart food production Production of edible oil and margarine in consumer, catering, pastry and industrial fields • • • The first company in the retail frozen food industry - close to 50 years of experience Turkey's leading frozen food company- Market share of 55. 5% * Wide distribution network and export to more than 28 countries on 4 continents Diversified product portfolio - 12 categories 413 SKU Strong brand awareness - 99% • • • Reliable business partner in consumer, catering, pastry and industrial fields Market share of 66% in branded field Wide distribution network and export to more than 52 countries on 5 continents Diversified product portfolio – 33 brands 631 SKU Strong brand awareness - 99% Customers: Retail, HORECA, export 2 factories in Bursa and Afyon. Total capacity of 130 thousand tons / year 3 factories in İstanbul, Adana and Brunei. Total capacity of 658 thousand tons/year (*) excluding discount stores.

Besler acquisition… Besler shares were acquired in 2017 by Kerevitaş for TL 904. 5 mn Powerful food platform for diverse income groups with a wide product portfolio Brands with high awareness and market share High growth potential New export opportunities Experienced management team

Financial Information

Profitable growth and strong margin recovery in 2018… TL 2. 4 billion Revenue +500 bps improvement in the gross margin. 2018 margin: 23. 2%, 2017 margin: 17. 2% The EBITDA increased by 85. 2% to TL 343. 5 million. 2018 margin: 14. 2%, 2017 margin: : 7. 7% Net debt decreased by 3. 2% to TL 749. 5 million. 2018 Net debt / EBITDA multiple: 2. 2 x, 2017: 4. 2 x TL 2, 422 million TL 343. 5 million EBITDA TL 562. 9 million 2. 2 x Revenue Gross Profit Net debt/EBITDA multiple

Strong EBITDA* and improved margins… Gross Profit (TL million) Revenue (TL million) 3 000 600 %12. 9 2 500 %36. 1 400 1 500 300 562, 9 2 422, 0 2 406, 2 200 1 898, 0 500 0 %23. 2 %17. 2 500 2 000 1 000 %18. 8 356, 1 413, 6 100 2016 2017 0 2018 2016 2017 2018 EBITDA (TL million) 400 %7. 8 %7. 7 %14. 2 § Revenue of TL 2. 4 billion in 2018. The CAGR of revenue is 12. 9% between 2016 -2018. § Improvement in the gross margin is +500 bps. 2018 margin 23. 2%, 2017 margin 17. 2% § The EBITDA margin increased to 14. 2% due to increase in gross profit margin and declining sales and marketing expenses. 350 300 %85. 2 250 200 343, 5 150 100 50 0 149 2016 185, 5 2017 2018 % growth % margin (*) Excluding other operating income and expenses.

Frozen Food and Canned Food Business Unit EBITDA margin increased to 15. 5%… Gross Profit (TL million) Revenue (TL million) 800 250 700 %25. 1 %30. 9 %24, 6 %15. 6 200 600 500 %45 708, 2 612, 8 150 400 300 471, 7 218, 9 100 200 118, 5 50 151 100 0 0 2016 2017 2016 2018 2017 2018 EBITDA (TL million) 120 %3. 1 %15. 5 %6. 4 100 80 %180. 9 60 Revenue is increased by 15. 6%. The CAGR of revenue is 22. 5% between 2016 -2018 § Improvement in the gross margin is +630 bps. 2018 margin: 30. 9%, 2017 margin: 24. 6% § The EBITDA margin increased to 15. 5% due to the increase in gross profit margin and decreasing sales and marketing expenses. Recovery +910 bps. 109, 7 40 20 0 § 39, 0 14, 7 2016 2017 2018 % growth % margin (*) Excluding other operating income and expenses.

Edible Oil and Margarine Business Unit EBITDA margin increased to 13. 4%… Gross Profit (TL million) Revenue (TL million) 2 000 %9. 6 400 1 800 %16. 7 %20. 1 %14, 7 350 1 600 %30, 9 300 1 400 250 1 200 1 000 200 1 793, 4 800 1 713, 8 600 344 150 1 426, 3 100 400 237, 6 262, 8 50 200 0 0 2016 2017 2018 EBITDA (TL million) 250 %9. 4 %13. 4 %8. 1 200 %59. 5 § The CAGR of revenue is 9. 6% between 2016 -2018. § Improvement in the gross margin is +540 bps. 2018 margin: %20. 1, 2017 margin: %14. 7. § Improvement in the EBITDA margin is +530 bps. 2018 margin 13. 4%, 2017 margin: 8. 1% 150 233, 8 100 50 0 134, 2 146, 5 2016 2017 2018 % growth % margin (*) Excluding other operating income and expenses.

Net debt/EBITDA multiple is now 2. 2 x … Net Debt/EBITDA (x) Net Debt (TL thousdand) Short Term Borrowings Other Payables to Related Parties Long Term Borrowings Other Payables to Related Parties Total Debt Cash and Cash Equivalents Other Receivables from Related Parties Net Debt 2018 2017 317, 985 994, 434 2, 352 187, 255 400, 102 1, 364, 244 479, 385 1, 684, 580 2, 061, 177 19, 448 439, 356 915, 584 847, 271 749, 548 774, 550 4. 2 x 2017 774, 5 2. 2 x 2018 749, 5