Forward-Looking Statements

2

This presentation may contain certain forward-looking statements concerning our future

performance and should be considered as good faith estimates made by the Company. These

forward-looking statements reflect management expectations and are based upon currently

available data. Actual results are subject to future events and uncertainties, which could

materially impact the Company’s actual performance.

Anadolu Efes – A Regional Beverage Powerhouse

3

Beer Business

FOCUS IN TURKEY & CIS

18* breweries in 6* Countries

43.7 mhl* Beer Capacity

7 malteries with 293,656 tons Malt Capacity

Coca-Cola Business

FOCUS IN TURKEY, CENTRAL ASIA &

MIDDLE EAST

23 bottling plants in 10 countries

1,198 million unit case capacity

4

Anadolu Efes’ Structure

BEER OPERATIONS

INTERNATIONAL BEER OPERATIONS

COCA-COLA İÇECEK1

(CCI)

COCA-COLA OPERATIONS

Public

Public 33.0%

25.6%

50.3%

Yazıcılar Holding 23.6% Özilhan Sınai Yatırım 13.5% Anadolu Endüstri Holding 6.0%

(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 4% by Özgörkey Holding.

* Only the major subsidiaries of the Group are presented

SABMiller Harmony Ltd. 24.0%

SOFT DRINK OPERATIONS

TURKEY BEER OPERATIONS

ANADOLU EFES

5

Rapidly Growing Beverage Company

2005 2006 2007 2008 2009 2010 2011 2012

11 11 12 15 15 15 15 16

25 27 2736 36 36 36 42

297 m 306 m 327 m

494 m 511 m601 m 612 m

646 m

# of Countries # of Plants Population Served

6

Operating Markets

TURKEY

Pop: 75.6 mn*

GDP per cap: $10,412*

RUSSIA

Pop: 141.9 mn

GDP per cap: $13,765

KAZAKHSTAN

Pop: 16.7 mn

GDP per cap: $12,021

MOLDOVA

Pop: 3.6 mn

GDP per cap: $2,136

GEORGIA

Pop: 4.5 mn

GDP per cap: $3,514

PAKISTAN

Pop : 178.9 mn

GDP per cap: $1,288

AZERBAIJAN

Pop: 9.2 mn

GDP per cap: $7,727

KYRGYZSTAN

Pop: 5.6 mn

GDP per cap: $1,109

TURKMENISTAN

Pop: 5.6 mn

GDP per cap: $5,961

JORDAN

Pop: 6.4 mn

GDP per cap: $4,901

IRAQ

Pop: 33.6 mn

GDP per cap: $3,882

Source: IMF, 2012E figures except for Turkey

* 2012 actual figure (TUIK)

UKRAINE

Pop: 45.4 mn

GDP per cap: $3,971

2007 2008 2009 2010 2011 2012 1H2012 1H2013 1H2012 1H2013

34.637.8 38.9

43.2 44.8

52.7

14.8

42.540.6

42.5

mh

l

Beer Soft Drinks

7

Consolidated Sales Volume Development

CAGR (07-12)

9%

Breakdown of Sales Volume*- 1H2013

*On a combined basis

Proforma Reported Restated Reported

Turkey Beer9%

Soft Drinks69%

International Beer22%

2007 2008 2009 2010 2011 2012 1H2012 1H2013 1H2012 1H2013

3,030.4

3,668.9 3,811.14,168.8

4,761.3

6,416.8

2,240.0

4,563.5 4,453.3 4,563.5

8

Consolidated Net Sales Revenue

Consolidated Financial Performance

Breakdown of Net Sales Revenue*-1H2013

*On a combined basis

’07-’12

CAGR 16%

mill

ion T

RL

Reported Proforma Restated Reported

Turkey Beer18%

Soft Drinks54%

International Beer28%

2007 2008 2009 2010 2011 2012 1H2012 1H2013 1H2012 1H2013

723.2

854.7916.6

1,019.0953.4

1,295.9

530.6

810.7913.8

810.7

margin

9

Consolidated Financial Performance

Consolidated EBITDA(BNRI)*

*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian&Ukranian operations amounted to TL4.7 million in 1H2013.

*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.

Breakdown of EBITDA(BNRI)**-1H2013

**On a combined basis

’07-’12

CAGR 12%

mill

ion T

RL

Reported Proforma Restated Reported

23.9% 23.3% 24.1% 24.4%20.0% 20.2%

23.7%17.8%

20.5%17.8%

Turkey Beer30%

Soft Drinks52%

International Beer18%

606.1

56.8

764.3

1,422.3

Turkey Beer EBI CCI** Anadolu EfesConsolidated

10

Net Financial Indebtedness

mill

ion

US

D

1.9 x Net Debt/EBITDA*

Gross Debt

Cash Position

736.9

130.8

213.5

156.7

1,094.5

330.2

2,046.9

624.6

* Proforma EBITDA(BNRI) is used for Anadolu Efes, EBI and CCI

2.4 x 0.3 x 1.8 x

11

Debt Maturity & Currency Breakdown

EBI CCI

Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.

TURKEY BEER

Numbers may not add up to 100 due to rounding.

201313%

201456%

20153%

20160.3%

20189%

20207%

202311%

USD87%

EUR6%

Other7%

201339%

201439%

20152%

2016+20%

USD97%

Other3%

201314%

201415%

20154%

2016+67%

USD93%

TL7%

13

Benefiting From Advantageous Position In A Geography

Highlighted With Strong Growth Potential

Why this geography?

Large population ( ~660 million people)

Room to develop per capita consumption levels

Developing economies & rising disposable incomes

Trends supporting beer consumption like westernization,

urbanization, modernization etc.

Advantageous position of Anadolu Efes in the region due to;

accumulated experience of more than 40 years in beer

business, 15 years of doing business in CIS countries,

geographical proximity,

cultural/historical ties with some of these countries,

management pool;

fully bicultural Turkish expats complemented by

local component

Significant

growth

potential &

opportunities

in the region!

14

Managing Diversity is the Key to Success

TURKEY RUSSIA

1 lt Pure Alcohol Consumption per Capita* 18 lt

59 % Beer Share in Total Pure Alcohol Consumption* 38 %

13 lt Beer Consumption per Capita** 71 lt

83 %*** Market Share 16 %****

High Advertising Restrictions High

Euromonitor figures represent 2011 data

Company estimate

Nielsen, YTD December 2012

Nielsen, National Urban Russia (over 10 th. İnhab) Retail YTD December 2012

*

**

***

****

15

Per Capita Beer Consumption in Operating Markets & in

Some Selected Countries

Source: Canadean Global Beer Trends 2012, Company estimate

Per Capita Consumption (lt)

CA

GR

Gro

wth

20

07

- 2

01

2 (

%)

-10.0%

-7.0%

-4.0%

-1.0%

2.0%

5.0%

8.0%

11.0%

0 20 40 60 80 100 120 140 160

Georgia

China

Turkey

Uzbekistan

Moldova

Greece

Serbia

West Europe BulgariaRomania

Russia

Poland

Germany Czech Republic

Ukraine

Kazakhstan

Per Capita Consumption* Austria Czech Rep. Denmark Finland Germany Ireland Netherlands Poland Spain UK Turkey Russia

Total Pure Alcohol 13 15 8 10 13 13 10 10 9 9 2 12

Beer 119 174 66 103 124 141 81 99 85 77 19 88

*At legal drink ing age except Poland & Denmark

Turkey Russia

1 18

13 71

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Austria Czech Rep. Denmark Finland Germany Ireland Netherlands Poland Spain UK. Turkey Russia

48%

60%

39%

53%48%

56%

42%51%

39%43%

58%

37%

38%20%

47% 21% 30%

25%

41%

10% 36%34%

9%

12%

14%20%

14%

26%22% 19% 17%

38%

25% 24%

33%

51%

Beer Wine Spirits

16

Breakdown Of Pure Alcohol Consumption

Source: Euromonitor, Canadean, Company estimate

* At legal drinking age except Polan & Denmark

New product launches along with improved

availability of our products via investments in

both on & off-premise channels and

successful trade executions in 1H2013

contributed to sales volumes. However, total

sales volumes declined by 14.0% y-o-y in

1H2013 due to;

Higher prices

Competition

Destocking effect

High base of 1H2012

Developments in Turkey starting from

late-May

2007 2008 2009 2010 2011 2012 1H2012 1H2013

7.6

8.5

8.58.5 8.4 8.6

4.53.9

18

Sustainable Volume Performance*

*Sales volume including exports

Market Share Development

Source: Nielsen * Company estimate

Developments in Turkey Beer Operations

’07-’12

CAGR 3%

1987* 2005 2006 2007 2008 2009 2010 2011 2012

60%

83% 86% 86% 88% 88% 88% 87% 83%

40%

17% 14% 14% 12% 12% 12% 13% 17%

Efes Other

Exponential Rise In Excise Tax For Beer In Turkey In

The Last Few Years

6.0%

49.7%

9.2%

69.2%

20.5%

17.0%

1.6% 1.6%

9.4%7.7%

9.7% 8.4%10.1%

6.5%

6.4%

10.4%

6.2%4.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013 07/2013Excise tax increases CPI

0.072

0.15 0.16

0.24 0.24 0.24 0.240.26

0.44

0.53

0.62 0.63 0.64

BeforeOct. 03

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013 07/2013

*Excise tax for beer per one degree of alcohol (TL)

19

...significantly above inflation

Exponential rise in excise tax in Turkey ...

0.061 0.057 0.058 0.059 0.061 0.063 0.063 0.067 0.069 0.069 0.073

0.09

0.140.13 0.13

0.13 0.12

0.220.23

0.27 0.27

0.25

2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013 07/2013

*per one degree of alcohol (EUR)

Source: European Commission

TURKEY

EU

Average

20

Now Beer Excise Tax is Almost 3.5x Of The European

Average...

5.9 5.76.0

6.46.8

7.1 7.17.6

8.5 8.5 8.5 8.4 8.6

0.40.8

0.9

1.31.4

1.7 1.81.9

2.02.1

2.8

3.2

3.7

0

0.5

1

1.5

2

2.5

3

3.5

4

-0.8

0.2

1.2

2.2

3.2

4.2

5.2

6.2

7.2

8.2

9.2

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Despite significant price increases to reflect excise tax hikes, we were able to

maintain our volumes

21

mh

l

50

cl re

turn

able

bottle

pric

e

... But Resilient Volume Performance Despite Significant Price Increases

Shelf price

rose further

to 3.9TRL

as of July

2013...

22

Because Of The Strategic Initiatives Implemented To Generate

Volume Growth...

Strategic initiatives to increase

availability, visibility and

perception of beer

Increasing the number of beer

selling outlets...

Developing places not just for

beer consumption but for the

enjoyment of beer...

Increase the relevance of

beer...

23

Number of beer selling outlets per 1,000 people

Source: The Company

Limited Availability Of Beer In Off-Premise Channel

Mainstream95%

Economy2%

Premium 3% 100% brand awareness for Efes

Exports to more than 70 countries

# 1 in consumer spending in Food &

Beverage category – 7.7% as of

January- June 2013 (Nielsen)

99.0% penetration in Turkey (June

2013, Nielsen)

24

The Third Element:

Increasing The Relevance Of Beer

Through a portfolio for all occasions...

25

Turkish Beer Market – Fundamentals & Dynamics

Consolidated market - top 2 players represent

more than 99% of the market

lack of sizeable acquisition targets

consolidated distribution structure

Returnable market - Bottles & kegs amount to

ca.64%

additional initial investment requirement for

containers

requirement to set-up two way

distribution system

TV& Radio advertisement fully restricted since

1984

High level of excise taxes

Limited presence of organized retail-

supermarkets account for ca.15% share of

Efes sales volumes

Maltey

Hops Processing

Sales Volume by Package Type (2012)

Sales Volume by Consumption Channel (2012) DYNAMICS OF THE TURKISH BEER MARKET

On-Premise 23.2%

Off-premise 61.5%

Key account 15.2%

Returnable Bottle50.4%

Can28.6%

Keg13.7%

Non-returnable Bottle7.3%

1. Winston (tobacco)

2. Parliament (tobacco)

3. Marlboro (tobacco)

4. Lark (tobacco)

5. EFES PILSEN

6. Muratti (tobacco)

7. Viceroy (tobacco)

8. Eti

9. Tekel 2000 (tobacco)

10. Monte Carlo (tobacco)

26

Unmatched Brand Equity S

ou

rce

: N

iels

en

YT

D J

un

e 2

013

Food & Beverage % Total Trade %

TURKEY

Top Brands – % of spending

6.9

5.2

4.6

4.4

3.6

3.0

2.1

1.9

1.7

1.7

7.7

4.1

3.6

3.4

3.3

2.3

2.2

2.0

1.8

1.1

1. EFES PILSEN

2. Eti

3. Coca-Cola

4. Yeni Rakı

5. Ülker

6. Pınar

7. Tuborg Gold

8. Çaykur

9. Sütaş

10. Tadım

27

Turkish Beer Market – Vertical Integration

Maltey

Hops Processing

Brewery & Capacity

COGS Breakdown (2012)

FARMERS

ANADOLU EFES

•Patented barley seeds

•Fertilizer

•Technology & know-how

•Malting Barley at

a pre-determined

price

TWO MALTERIES100% self sufficiency

Long S

tandin

g R

ela

tionsh

ips

ONE HOPS FACILITYpartly self sufficient

•Long standing relations with packaging suppliers

• ca. 64% returnable

Malt + Hops

Packaging

Vertical integration is a key factor in

efficient production cost management

Numbers may not add up to 100 due to rounding.

34.4%

42.3%

23.3% Malt & Other RawMaterials

Packaging & AuxilaryMaterials

Overhead

2007 2008 2009 2010 2011 2012 1H2012 1H2013

293.2

341.7 363.1 368.5

336.5

382.6

238.7

96.8

2007 2008 2009 2010 2011 2012 1H2012 1H2013

389.8

494.2503.0 519.1 519.9

550.5

318.7

254.9

2007 2008 2009 2010 2011 2012 1H2012 1H2013

967.0

1,182.11,264.2 1,293.4

1,390.8

1,604.7

846.1 833.1

28

Turkey Beer Operations’ Financial Performance

Net Sales Revenue

Net Profit

EBITDA*

Mill

ion

TR

L

Mill

ion

TR

L

Mill

ion

TR

L

*Previously reported EBITDA figures for 2007 is adjusted by excluding other income/expense

arising from Anadolu Efes’ holding nature for comparison purposes.

’07-’12

CAGR 11%

’07-’12

CAGR 5%

’07-’12

CAGR 7% 40.3% 41.8% 39.8% 40.1%

37.4%

34.3%

37.7%

30.6%

29

TURKEY BEER OPERATIONS’ FY2013 OUTLOOK

We expect Turkish beer market to decline at a rate of mid-single digit, reflecting

the expected impact of the changes in the regulatory environment as well as

the developments in Turkey starting from late-May and higher prices.

Our beer sales in Turkey is expected to decline at a rate of high-single digits

Sales revenues are expected to grow at a rate of low-to-mid single digits,

contributed by higher sales prices.

Price increases are expected to cover the negative impact of the higher input

prices, i.e. barley prices. In absolute terms, higher gross profitability is expected

with flattish margin.

The ratio of operating expenses to net sales is expected to remain high due

mainly to the continued investments in on and off trade. Consequently, EBITDA

is expected to be lower in absolute terms with lower EBITDA margin at high

twenties.

2007 2008 2009 2010 2011 2012 1H2012 1H2013 1H2012 1H2013

13.3 14.1 13.6

15.7 14.6

19.8

10.3

9.2

11.2

9.2

31

Developments In International Operations

Volume Development

Numbers may not add up to 100 due to rounding.

’07-’12

CAGR 8%

Breakdown of Sales Volume

(Reported) – 1H2013

Proforma Reported

Russia65%

Others35%

Consolidated sales volume of EBI reported at 9.2 mhl in 1H2013, down

10.4% y-o-y

On an operating proforma basis, consolidated sales volumes fell

organically by 17.6% in 1H2013 vs. 1H2012; the decline in volumes was

mainly driven by Russian operations due to:

• Higher price level

• Tightened regulatory environment

• High base impact of 1H2012 with the contribution of Holsten brand

• Destocking

• Availability related issues mostly in key accounts

• According to Nielsen, beer market sales volumes in Urban Russia1 decreased by;

9.9% in 1H2013 versus 1H2012

•According to Nielsen, EFES RUS’ market share2 declined to 13.8% in 1H20132 compared to 14.0% in

1Q2012

Carlsberg37.6%

Inbev14.8%

Heineken14.2%

EFES Rus13.8%

Others19.6%

Carlsberg36.3%

Inbev15.5%

Heineken13.4%

EFES Rus17.0%

Others17.7%

Volume Development In Russia

32

Market Share by Volume – 1H2013

Numbers may not add up to 100 due to rounding.

Market Share by Volume – 1H2012

Nie

lse

n, N

atio

na

l Urb

an

Russia

(ove

r 10

th. in

ha

b) R

eta

il YT

D J

un

e 2

01

2

*Carlsberg and INBEV breweries shares include Ukrainian brands

** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares

Nie

lse

n, N

atio

na

l Urb

an

Russia

(ove

r 10

th. in

ha

b) R

eta

il YT

D J

un

e 2

01

3

*Carlsberg and INBEV breweries shares include Ukrainian brands

** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares

1 Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD June 2013

33

The Need For A Strategic Partner In Russia...

Challenge in Russia to have a critical mass...

34

SABMiller: The Best Possible Partner in Russia

Synergies Geographical

Synergies

Almost no canibalization

b/w brand portfolios

Evolution of brand

portfolio; heavily

mainstream to a more

balanced one

Logistic &

Sales Force

Synergies

Complementary

Brand Portfolio

Enlarged

geographical reach

in production

Achieve higher

penetration, market

share and position in

key regions like

Moscow

Cross brewing

opportunities

Advantages due to

existing common

distributors for both

parties

Joint on-premise

strength

35

Acquisition of SABMiller Beer Operations

Total international beer capacity rose from 25.2 mhl to

33.3 mhl following the acquisition of 4 Breweries from

SABMiller

* Based on combined figures, **Based on combined figures and including twelve months results of SABMiller’s Russian and Ukranian operations

TO

TA

L B

EE

R –

FY

20

11

rep

ort

ed

fig

ure

s*

REVENUE EBITDA (BNRI) VOLUME

TO

TA

L B

EE

R –

FY

2012

op

era

tin

g p

rofo

rma

fig

ure

s**

A More Balanced Contribution of International Operations In

Consolidated Results

36

Turkey46%EBI

54%

Turkey36%

EBI64%

Turkey69%

EBI31%

Turkey53%

EBI47%

Turkey37%EBI

63%

Turkey29%

EBI71%

37

With An Improved Profitability For Our International Beer Operations

66.7

76.5

NET SALES GROSS PROFITMARGIN

EBITDA (BNRI)MARGIN

2011 reported 2012 proforma

42%

46%

15%17%

$/HL

38

PREMIUM UPPER MAINSTR. LOWER MAINSTR.

A More Balanced Porfolio in Russia

Be

fore

ac

qu

isit

ion

of

SA

B R

us

sia

Cu

rre

nt

Bra

nd

Po

rtfo

lio

Combined Russian business with a highly attractive, valuable and balanced portfolio

of international and local brands across key market segments...

39

Integration In Russia;

Our Challenge and Opportunities

1 + 1 =

2 + $120MILLION*

*To be achieved in full in the third year of the deal.

Moldova

PREMIUM ECONOMY

Georgia

Strongly Positioned in All Markets

40

Ukraine

Kazakhstan

MAINSTREAM SUPER PREMIUM

PREMIUM MAINSTREAM ECONOMY SUPER PREMIUM

PREMIUM SUPER PREMIUM MAINSTREAM

MAINSTREAM PREMIUM SUPER PREMIUM ECONOMY

2009 2010 2011 2012 1H2012 1H2013

12.4% 13.1% 12.3% 11.6% 12.2% 11.2%

38.6% 39.0% 38.4% 38.9% 39.2% 39.5%

18.0% 18.2% 19.2% 19.4% 19.0% 19.6%

20.0% 19.3% 19.0% 18.4% 18.1% 17.7%

5.6% 5.5% 5.5% 5.5% 5.4% 5.3%2.7% 2.5% 3.2% 3.7% 3.4% 4.1%

2.7% 2.5% 2.5% 2.6% 2.6% 2.7%

DISCOUNT LOWER MAINSTREAM LOW UPPER MAINSTREAM HIGH UPPER MAINSTREAM LOW PREMIUM MID PREMIUM HIGH PREMIUM

Off-Premise Outlet Split (2012)

Russian Beer Market – Fundamentals & Dynamics

Hops Processing

Packaging Split (2012)

Market Segment Development

So

urc

e: N

iels

en

Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.

41

* In order to reflect the market structure in a

better way, the presentation of the Russian

Beer Market segment breakdown has been

changed by Nielsen as of June 2012. For

comparison purposes, the adjusted segment

data is also provided for the last three years.

Food Stores45%

Pavillions6%

Superettes18%

Kiosks12%

Hyper/ Supermarkets

17%

Open Markets2%

Can 18%

Glass Bottle 33%

PET 47%

Keg 3%

EBI58.7%

Carlsberg27.9%

Other7.9%

Shymkent Pivo4.6%

InBev0.8%

42

Other Operating Countries M

old

ova

K

aza

kh

sta

n

Nielsen , YTD June 2013

#1 brewer

Capacity: 1.1 mhl

EBI entered the Georgian beer

market following the acquisition of

the leading brewer in the market,

JSC Lomisi (“Lomisi”), in February

2008

#1 brewer

Capacity: 2.6 mhl

#1 brewer

Capacity: 1.3 mhl

Market Share by Volume

Georg

ia

Ukra

ine

#4 brewer

Capacity: 2.3 mhl

EBI entered the Ukranian beer

market following the acquisition of

the SABMiller’s Ukrainian beer

operations in March 2012

18.7% 14.8%19.8% 21.9%

14.7% 16.5% 16.1% 11.7% 14.9% 11.7%

2007 2008 2009 2010 2011 2012 1H2012 1H2013 1H2012 1H2013

156.0 153.5 170.1

213.7

143.0

248.3

124.3

79.9

126.8

79.9

2007 2008 2009 2010 2011 2012 1H2012 1H2013 1H2012 1H2013

836.21,038.0

857.3 976.8 976.0

1,505.9

773.4680.7

852.5680.7

43

Net Sales Revenue

Net Profit

EBITDA (BNRI)*

International Beer Operations

Financial Performance

mill

ion U

SD

mill

ion

US

D

mill

ion U

SD

’07-’12

CAGR 12%

*Non-recurring items like one-off transaction and integration costs related to the acquisition of

SABMiller's Russian&Ukranian operations amounted to TL2.6 million in 1H2013.

’07-’12

CAGR 10%

Reported Proforma Reported Proforma

2007 2008 2009 2010 2011 2012 1H2012 1H2013

37.5

-57.4

0.4

54.2

-8.0

58.4

21.0

-20.0

44

INTERNATIONAL BEER OPERATIONS’ FY2013 OUTLOOK

Russian beer market is expected to decline at a rate of mid-single digits in 2013, mainly due to the negative impact of

the regulatory changes, pricing environment and deceleration in economic growth.

Flattish volumes forecasted for other CIS countries.

On a reported basis, our sales volumes are expected to be flat.

• On an operating proforma basis, our sales volumes are expected to decline at a rate of mid-single digits.

On a reported basis, sales revenues are expected to decline at a rate of mid-single digits.

• On an operating proforma basis, sales revenues are expected to decline at a rate of high-single digits due to

phased reflection of higher excise taxes into prices as well as the change in channel mix.

On a reported basis, gross profit is expected to decline at a rate of low-teens with around 4pps lower gross margin.

• On an operating proforma basis, gross profit is expected to decline at a rate of high-teens with around 4pps lower

gross margin.

On a reported basis, operating profit (BNRI) is expected to be lower in absolute terms with ca. 4pps decline in operating

profit (BNRI) margin.

• On an operating proforma basis, operating profit (BNRI) is expected to be lower in absolute terms, leading to more

than 4pps lower operating profit margin (BNRI) in line with the decline in gross margin.

On a reported basis, EBITDA (BNRI) is expected to decline at a rate of mid-to-high teens, indicating ca. 2pps lower

EBITDA (BNRI) margin.

• On an operating proforma basis, EBITDA (BNRI) is expected to decline at a rate of low-to-mid twenties, leading to

more than 2pps lower margin.

For 2013, the expected cost synergies are estimated to be around USD70 million.

46

Soft Drinks Business - Operating Geography

10 countries

23 production facilities Kazakhstan

Uzbekistan

Turkmenistan

Pakistan

Tajikistan

Kyrgyzstan

India

Iran

China

S.Arabia

Egypt

U.A.E.

Iraq

Russia

Turkey

Syria

Jordan

Azerbaijan

47

Future Opportunities

Median Age

2012 P

erC

ap

Co

ns

um

pti

on

(lt

)

Source: CCI and United Nations

CCI territory total population: over 360 million

48

Country Data

Sources: (1) TUIK , (2) IMF Estimate, (3) UN Estimate, (4) CCI & TCCC Estimates, (5) Nielsen, (6) CCI Estimate

Population

(mn) in

2012 (2)

% of

population

below 30

years (3)

GDP per capita

in 2012

($) (2)

Per capita

consumption

of sparkling

bev. (L) in 2012 (4)

CCI’s market

share in

sparkling

bev. in 2012 (5)

CCI’s 2012

Volume

Breakdown

Turkey 75.6(1) 51% 10,412 45 67% 66.8%

Pakistan 178.9 64% 1,288 15 29% 9.8%

Kazakhstan 16.7 51% 12,021 34 42% 8.2%

Azerbaijan 9.2 49% 7,727 25 59% 4.5%

Iraq 33.6 70% 3,882 43 - 5.2%

Jordan 6.4 66% 4,901 46 - 1.6%

Turkmenistan 5.6 58% 5,961 43 - 2.3%

Kyrgyzstan 5.6 60% 1,109 24 - 1.4%

Syria 21.3 (3) 64% 4,814 (6) 12 - 0.1%

Tajikistan 8.0 68% 912 11 - 0%

49

Geographic and Category Split of Business

Volume split (uc) – International Operations

Volume split (uc) – Consolidated

Turkey

1H2013

1H2013

Kazakhstan19.2%

Kyrgyzstan3.2%

Azerbaijan9.9%

Turkmenistan5.1%

Tajikistan0.0%

Jordan3.5%

Iraq8.7%

Syria 0.4%

Pakistan50.0%

1H12

Kazakhstan18.0%

Kyrgyzstan2.8%

Azerbaijan7.9%

Turkmenistan4.7%

Tajikistan0.5%

Jordan2.8%

Iraq19.5%

Syria 0.0%

Pakistan43.8%

1H13

International Volume Split

Still18.7%

Sparkling

75.0%

Tea6.3%

2Q12

Still20.5%

Sparkling

71.7%

Tea

7.8%

1H13Still

19.5%

Sparkling74.5%

Tea6.0%

2Q13

Consolidated Volume Split

Q/Q

Consolidated Volume Split

Y/Y

Still20.2%

Sparkling71.8%

Tea

8.0%

1H12

2007 2008 2009 2010 2011 2012 1H2012 1H2013

382.4 420.8 438.9

494.4

546.8568.5

268.3 282.0

2007 2008 2009 2010 2011 2012 1H2012 1H2013

97.9 113.0

147.6

171.0

215.0

282.0

169.3

235.0

50

Dynamic Growth in All Markets

’07-’12

CAGR 24%

mu

/c

TURKEY SOFT DRINKS VOLUME DEVELOPMENT

’07-’12

CAGR 8% m

u/c

INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT

Proforma

Proforma Explanation: Pro-forma financial statements were adjusted to include full consolidated Pakistan operations both in

1H2012 and 1H2013 for comparison purposes.

51

Leading Brands and Market Positions

Source: Nielsen, 2012

* Market share numbers are restated due to a change in forecasting universe

153.7

81.4

169.6 197.7

140.3

380.1

185.6

391.7

185.6

391.7

329.8375.3

368.7435.0

486.9

685.5

305.1

436.5346.8

436.5

1,925.9

2,258.1 2,407.5 2,753.2

3,408.6

4,132.4

1,751.7

2,491.02,071.5

2,491.0

52

Net Sales Revenue

Net Profit

EBITDA*

Soft Drink Operations’ Financial Performance*

mill

ion

TR

L

mill

ion

T

RL

mill

ion

T

RL

’07-’12

CAGR 20%

’07-’12

CAGR 16%

’07-’12

CAGR 16%

Restatement Explanation: Restated financials were

adjusted according to new «IFRS 10 Consolidated Financial

Statements» and «IFRS 11 Joint Arrangements» standards,

in which 1H2012 Pakistan and Syria operations were

consolidated with equity pick-up versus Pakistan was full

consolidated and Syria was consolidated with equity pick-up

in 1H2013.

Proforma Explanation: Pro-forma financial statements were

adjusted to include full consolidated Pakistan operations both

in 1H2012 and 1H2013 for comparison purposes.

17.1% 16.6% 15.3% 15.8%14.3%

16.6% 17.4% 17.5% 16.7% 17.5%

55

2012/6 2013/6

restated reported

SALES VOLUME (million hectoliters) 14.8 42.5

SALES 2,240.0 4,563.5

Cost of Sales (-) -1,006.3 -2,512.9

GROSS PROFIT FROM OPERATIONS 1,233.7 2,050.6

Marketting, Selling and Distribution Expenses (-) -640.6 -1,214.9

General and Administrative Expenses (-) -272.6 -373.0

Other Operating Income 25.1 29.9

Other Operating Expense (-) -22.6 -30.0

PROFIT FROM OPERATIONS (BNRI)* 349.6 467.2

Income / Loss from Associates 87.5 -2.6

Income from Investing Activities 3.1 2,723.6

Expense from Investing Activities (-) -1.4 -2.8

OPERATING PROFIT BEFORE FINANCE EXPENSE 412.2 3,180.8

Finance Income 125.3 151.5

Finance Expense (-) -122.2 -378.4

PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 415.3 2,953.9

Continuing Operations Tax Expense (-)

- Deferred Tax Expense (-) / Income -94.8 -81.0

- Current Period Tax Expense (-) / Income 28.8 39.7

PROFIT FOR THE PERIOD 349.3 2,912.6

Attributable to:Minority Interest 11.2 202.0Net Income Attributable to Equity Holders of the Parent 338.1 2,710.6

EBITDA (BNRI)* 530.6 810.7

*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian

and Ukranian operations amounted to TL4.7 million in 1H2013.

Note 3: Restatement Explanation: Restated financials were adjusted according to (i) new «IFRS 10 Consolidated Financial

Statements» and «IFRS 11 Joint Arrangements» standards, in which 1H12 CCI operations were consolidated with equity pick-up

versus full consolidation in 1H13, and (ii) new CMB communique numbered II-14,1 “Communiqué on the Principles of Financial

Reporting In Capital Markets".

ANADOLU EFES

Consolidated Income Statements For the Six-Month Period Ended 30.06.2012 and 30.06.2013

Prepared in accordance with IFRS as per CMB Regulations

(million TRL)

Note 1: According to the Shareholder’s Agreement regarding the governance of Coca-Cola İçecek A.Ş. (“CCI”), with effect

from 01.01.2013, Anadolu Efes started to fully consolidate CCI, whereas CCI has been consolidated into Anadolu Efes’ financial

results by using proportionate consolidation method until 31.12.2012. Consequently, CCI is fully consolidated into Anadolu Efes’

financials in 1H2013, while, as per IFRS, reported financials for 1H2012 are restated by using equity pick-up method.

Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From

Operations.

56

2012/12 2013/6 2012/12 2013/6

restated reported restated reported

Cash & Cash Equivalents 1,394.6 1,093.8 Short-term Borrowings 749.7 1,735.2

Financial Investments 170.7 108.4 Derivative Financial Instruments - 1.3

Derivative Financial Instruments - - Trade Payables 347.2 1,053.2

Trade Receivables 633.2 1,660.6 Due to Related Parties - -

Due from Related Parties - - Other Payables 427.5 750.2

Other Receivables 16.6 55.1 Provision for Corporate Tax 15.5 31.3

Inventories 551.1 1,044.6 Provisions 54.5 84.3

Other Current Assets 199.3 607.2 Other Liabilities 119.7 96.8

Total Current Assets 2,965.6 4,569.6 Total Current Liabilities 1,714.0 3,752.3

Other Receivables 1.0 3.6 Long-term Borrowings 1,302.4 2,204.6

Investments in Securities 0.8 0.8 Other Payables 198.3 215.3

Investments in Associates 1,215.8 49.3 Provision for Employee Benefits 51.3 89.1

Biological Assets - - Deferred Tax Liability 332.9 399.3

Property, Plant and Equipment 2,582.4 5,017.5 Other Liabilities 10.2 169.4

Intangible Assets 1,632.1 2,352.4

Goodwill 1,783.2 4,828.7

Deferred Tax Assets 74.3 109.5 Total Non-Current Liabilities 1,895.2 3,077.8

Other Non-Current Assets 126.3 261.8

Total Non-Current Assets 7,415.9 12,623.6 Total Equity 6,772.4 10,363.1

Total Assets 10,381.6 17,193.2 Total Liabilities and Shareholders' Equity 10,381.6 17,193.2

Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Financial Investments'' in Current Assets part of the balance sheet.

Note 3: "Financial Investments" in Current Assets mainly includes the time deposits with a maturity more than three months.

Note 4: Restatement Explanation: Restated financials were adjusted according to (i) new «IFRS 10 Consolidated Financial Statements» and «IFRS 11 Joint Arrangements» standards,

in which 1H12 CCI operations were consolidated with equity pick-up versus full consolidation in 1H13, and (ii) new CMB communique numbered II-14,1 “Communiqué on the

Principles of Financial Reporting In Capital Markets".

ANADOLU EFES

Consolidated Balance Sheets as of 30.06.2013 and 31.12.2012

Prepared In Accordance with IFRS as per CMB Regulations

(million TRL)

Note 1: According to the Shareholder’s Agreement regarding the governance of Coca-Cola İçecek A.Ş. (“CCI”), with effect from 01.01.2013, Anadolu Efes started to fully

consolidate CCI, whereas CCI has been consolidated into Anadolu Efes’ financial results by using proportionate consolidation method until 31.12.2012. Consequently, CCI is fully

consolidated into Anadolu Efes’ financials in 1H2013, while, as per IFRS, reported financials for 1H2012 are restated by using equity pick-up method.

57

2012/6

2013/6

rest

ate

dre

port

ed

Sale

s V

olu

me (

million h

ect

olitr

es)

4.5

3.9

SA

LE

S

846.1

833.1

GR

OS

S P

RO

FIT

FR

OM

OP

ER

AT

ION

S590.3

590.2

PR

OF

IT F

RO

M O

PE

RA

TIO

NS

262.5

204.7

Fin

anci

al I

ncom

e / E

xpen

se

24.7

-95.3

CO

NT

INU

ING

OP

ER

AT

ION

S P

RO

FIT

BE

FO

RE

TA

X288.9

110.6

Pro

visi

on

for

Tax

es-5

0.3

-13.7

PR

OF

IT F

OR

TH

E Y

EA

R238.7

96.8

EB

ITD

A318.7

254.9

2012/1

22013/6

rest

ate

dre

port

ed

Cas

h, C

ash

equi

vale

nts

and I

nves

tmen

t in

Sec

uriti

es967.0

251.8

Tra

de

Rec

eiva

ble

s462.6

735.2

Inve

ntories

176.2

138.6

Oth

er A

sset

s134.2

198.0

Tota

l C

urr

ent

Ass

ets

1,7

69.5

1,3

39.5

Inve

stm

ents

5,5

39.1

5,7

47.2

Pro

per

ty, P

lant

and

Equi

pm

ent

407.4

464.4

Oth

er A

sset

s118.1

173.1

Tota

l N

on-C

urr

ent

Ass

ets

6,0

79.5

6,3

99.0

Tota

l A

ssets

7,8

49.0

7,7

38.5

Tra

de

Pay

able

s76.8

128.0

Oth

er L

iabili

ties

338.7

346.1

Sho

rt-t

erm

Borr

ow

ings

344.7

358.2

Tota

l C

urr

ent

Lia

bilit

ies

762.9

863.2

Long

-ter

m B

orr

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ings

1,1

45.8

1,0

60.3

Oth

er L

iabili

ties

263.8

301.8

Tota

l N

on-C

urr

ent

Lia

bilit

ies

1,4

09.6

1,3

62.1

Share

hold

ers

' E

quit

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Tota

l L

iabilit

ies

and S

hare

hold

ers

' E

quit

y7,8

49.0

7,7

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Note

: Ana

dolu

Efe

s su

bsi

dia

ries

, ex

clud

ing

bre

win

g an

d m

alt pro

duc

tion

subsi

dia

ries

in T

urkey

, ar

e st

ated

on

cost

bas

is in

ord

er to

pro

vide

more

com

pre

hens

ive

pre

sent

atio

n.

Res

tate

men

t ex

pla

natio

n: R

esta

ted fin

anci

als

wer

e ad

just

ed a

ccord

ing

to n

ew C

MB

com

mun

ique

num

ber

ed I

I-14,1

“C

om

mun

iqué

on

the

Princ

iple

s of F

inan

cial

Rep

ort

ing

In C

apita

l Mar

ket

s".

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S a

s per

CM

B R

egula

tions

(m

illion T

RL

)

Note

:E

BIT

DA

com

prise

sof

Pro

fitfr

om

Oper

atio

ns(e

xclu

din

goth

eroper

atin

gin

com

e/ex

pen

sear

isin

gfr

om

Ana

dolu

Efe

s'ho

ldin

g

natu

re),

dep

reci

atio

n an

d o

ther

rel

evan

t no

n-ca

sh it

ems

up to P

rofit

Fro

m O

per

atio

ns.

TU

RK

EY

BE

ER

OP

ER

AT

ION

S

Hig

hlighte

d I

nco

me S

tate

ment

Item

s F

or

the S

ix-M

onth

Peri

od E

nded 3

0.0

6.2

012 a

nd 3

0.0

6.2

013

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S a

s per

CM

B R

egula

tions

(million T

RL

)

TU

RK

EY

BE

ER

OP

ER

AT

ION

S

Hig

hlighte

d B

ala

nce

Sheet

Item

s as

of

30.0

6.2

013 a

nd 3

1.1

2.2

012

58

2012/6

2013/6

rest

ate

dre

port

ed

Volu

me (

million h

ect

olite

rs)

10,3

9,2

NE

T S

AL

ES

773,4

680,7

GR

OS

S P

RO

FIT

358,5

279,4

PR

OF

IT F

RO

M O

PE

RA

TIO

NS

(B

NR

I)*

53,3

-2,1

Fin

anci

al I

ncom

e / (E

xpen

se)

-11,9

-17,8

(LO

SS

)/P

RO

FIT

BE

FO

RE

TA

X35,6

-23,6

Inco

me

Tax

-8,3

3,6

(LO

SS

)/P

RO

FIT

AF

TE

R T

AX

27,3

-20,0

Attribut

able

to

Min

ority

Int

eres

t6,3

0,1

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ty H

old

ers

of th

e P

aren

t C

om

pan

y21,0

-20,0

EB

ITD

A (

BN

RI)

*124,3

79,9

2012/1

22013/6

rest

ate

dre

port

ed

Cas

h an

d C

ash

Equi

vale

nts

331,9

156,7

Tra

de

Rec

eiva

ble

s113,2

171,1

Inve

ntories

210,3

219,4

Oth

er C

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s41,7

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Tota

l C

urr

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ets

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585,3

Pro

per

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and

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pm

ent

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1.1

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Inta

ngib

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sset

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odw

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Inve

stm

ents

in A

ssoci

ates

-

-

Oth

er N

on-

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rent

Ass

ets

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l N

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de

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able

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ue to R

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n o

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t an

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obli

gat

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Tota

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Lia

bilit

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567,5

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Lia

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Tota

l L

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ies

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hare

hold

ers

' E

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INT

ER

NA

TIO

NA

L B

EE

R O

PE

RA

TIO

NS

(E

BI)

Hig

hlighte

d I

nco

me S

tate

ment

Item

s F

or

the S

ix-M

onth

Peri

od E

nded 3

0.0

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nd 3

0.0

6.2

013

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S

(million U

SD

)

*N

on-

recu

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ms

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one

-off tra

nsac

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tegr

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n co

sts

rela

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acq

uisi

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of S

AB

Mill

er's

Rus

sian

&U

kra

nian

oper

atio

ns a

moun

ted to U

SD

2.6

mill

ion

in 1

H2013.

Res

tate

men

t ex

pla

natio

n: R

esta

ted fin

anci

als

wer

e ad

just

ed a

ccord

ing

to n

ew C

MB

com

mun

ique

num

ber

ed I

I-14,1

“Com

mun

iqué

on

the

Princ

iple

s of F

inan

cial

Rep

ort

ing

In C

apita

l Mar

ket

s".

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1: E

BIT

DA

her

e m

eans

ear

ning

s bef

ore

inte

rest

(fin

anci

al in

com

e/(e

xpen

se)

— n

et),

tax

, sh

are

of ne

t lo

ss o

f

asso

ciat

es, dep

reci

atio

n an

d a

mort

isat

ion,

min

us m

inority

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rest

, an

d a

s ap

plic

able

, m

inus

gai

n on

hold

ing

activ

ities

, plu

s

loss

/(ga

in)

on

sale

of P

PE

dis

posa

ls, pro

visi

ons

, re

serv

es a

nd im

pai

rmen

t.

Note

2: F

igur

es for

EB

I ar

e obta

ined

fro

m c

ons

olid

ated

fin

anci

al s

tate

men

ts p

repar

ed in

acc

ord

ance

with

IF

RS

.

Note

1: F

igur

es for

EB

I ar

e obta

ined

fro

m c

ons

olid

ated

fin

anci

al s

tate

men

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ord

ance

with

IF

RS

.

INT

ER

NA

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L B

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lidate

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nce

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013 a

nd 3

1.1

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012

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S

(m

illion U

SD

)

The

fun

ctio

nal c

urre

ncy

of in

tern

atio

nal b

eer

oper

atio

ns is

US

D. In

ord

er to p

rese

nt the

rel

evan

t nu

mber

s in

ter

ms

of T

L in

30.0

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ance

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et it

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sing

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ted u

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h av

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e ex

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ge r

ate.

59

2012/6

2013/6

rest

ate

dre

port

ed

Sale

s V

olu

me(m

illion U

nit

Case

)352.4

517.0

Sal

es (

net)

1,7

51.7

2,4

91.0

Cost

of S

ales

-1

,058.6

-1,5

41.2

GR

OS

S P

RO

FIT

693.1

949.8

Oper

atin

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finan

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60

Turkey AFB Market

RTD AFB Market (exc. milk)

1.5 billion uc

AFB Market (exc. milk)

5.5 billion uc

Hot tea category constitutes 44% of alcohol-free beverages

RTD- Ready-to-Drink Beverages

AFB- Alcohol Free Beverages

Source: Canadean, 2012

Tea44.4%

RTD AFB28.2%

HOD23.4%

Hot Coffee2.4%

Powder&Concentrate

1.6%

Sparkling Beverages

38.7%

Bottled Water31.5%

Fruit Juices&Still

Drinks10.2%

Ayran9.9%

Sparkling Water6.7%

Other2.9%