K e r e v i t a ş G ı d a S a n a y i v e T i c a r e t A . Ş .

INVESTOR PRESENTATION

J u n e 2 0 1 3

Borsa Istanbul: KERVT

KERVT.TI (Bloomberg) | KERVT IS (Reuters)

www.kerevitas.com.tr 1

Disclaimer

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This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating

to Kerevitaş Gıda Sanayi ve Ticaret A.Ş. (Kerevitaş Gıda or Kerevitaş).

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 Kerevitaş’s ability to control or estimate precisely, such as future market

and economic conditions, the behavior of other market participants, 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.

Kerevitaş 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 is not allowed to be reproduced, distributed or published without written permission of Kerevitaş.

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 Kerevitaş nor any of its managers, and employees shall have any liability whatsoever for any loss arising from the use of this

presentation.

Financial Overview

Review of Operations

Frozen Food Industry in Turkey

Introduction to Kerevitaş

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Kerevitaş, founded in 1969, is Turkey’s largest processor of frozen

foods and canned products

Headquartered in Istanbul with 1,062 employees as of June 30,

2013

Product portfolio of more than 250 and commands a market share

of 46% in 2012

Revenue posted a CAGR of 14.1% in the last 4 years.

World-class production facility adheres to the highest global food

processing standards

High penetration in the growth of sales through own distribution

network and Yıldız Holding’s sales companies

Kerevitaş Superfresh cited as the “Top of Mind” Frozen Food

Brand

Listed on the Borsa Istanbul since 1994 under

the ticker symbol «KERVT»

Kerevitaş Gıda: At-A-Glance

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Shareholder Structure

as of 1H13

Our History and Milestones

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1969

• Opened the first production facility in Bursa, originally focused on exporting crayfish to Scandinavian countries

1980’s

• Diversified to include frozen fruits and vegetables due to demand from export markets

1990’s

• Was the first company to enter into the Turkish retail market with frozen fruits and vegetables, seafood and pizza

• Introduced its SuperFresh brand to the markets

Mid-1990s

• Added frozen mille-feuille and pastry dough to its product mix

• Product portfolio expanded by products with canned tuna, canned corn and potato products

1994

• Initial Public Offering on the Istanbul Stock Exchange

2008

• Majority stake acquired by Yıldız Holding, one of Turkey’s largest manufacturer of food products

Today’s Kerevitaş

• Has 250+ products and operates at five different modern facilities with focus on specific product lines

• SuperFresh brand is used widely as a generic term to describe frozen foods

Kerevitaş’ 43-year history has been one of technological, product and packaging innovation, offering its customers the highest-quality products in Turkey and abroad.

Key Investment Highlights

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Pioneer in the frozen food industry with strengthening market share position backed by

innovation and a wealth of experience to drive future growth

Operates a state-of-the-art production factory, that adheres to the highest level of quality and

safety

Sophisticated marketing and distribution channels

Increasing proportion of the female population

Introduced concept of frozen foods to Turkish market, thus its SuperFresh brand is “top of

mind” and synonymous with frozen foods

Favorable demographics, unsaturated market, and dynamic macro-economic conditions

Higher demand for convenient foods lead to a higher growth in packaged frozen food and

ready to eat foods

Strong group and ownership structure

Financial Overview

Review of Operations

Frozen Food Industry in Turkey

Introduction to Kerevitaş

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Turkey: Strong Macro-Economic Drivers

Kerevitaş operates in one of the world’s most

attractive consumer markets

60% of the growing 74 million population is

below age 35 and is the second largest

population in Europe2

Improving socio-economic status will

increase spending;

Growth of tourism sector will benefit food

industry and its clients in HORECA (Hotels,

Restaurants and Cafes);

Fastest growing when compared to EMEA

peers; and became the sixteenth biggest

economy among the World at the end of 2012

In 2012, GDP grew to TL1.4 trillion (USD786 bn)

from TL1.3 trillion in 2011 (at current prices) 2

1: CIA World Factbook

2:Turkish Statistical Institute

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* Growth rates calculated at constant prices

2,3

1,8 1,71,5 1,4 1,4 1,3 1,3 1,2

Top European Urbanization Rates(% per year)1

0,7%

-4,8%

9,2% 8,8%

2,2%

2008 2009 2010 2011 2012

GDP Growth in Turkey (%, TRY)

As reported in Packaging Digest1 in February 2011, the overall Global Frozen Food Market is

expected to grow from USD 218.4 billion in 2010 to 261.5 billion in 2015, which is an estimated

CAGR of 3.7%

Growth is driven by consumer’s demand for convenience and faster-to-prepare foods, such as

Frozen entrees

Vegetable mixes

Prepared meals

Pastas

Vegetables in sauces

Overall, the market’s resilience to the economic recession is attributable to increased demand

focused on convenient food products

Lastly, new innovations from industry such as new freezing techniques and packaging are

allowing manufacturers to preserve the nutritional content in fruits and vegetables for longer

periods, as well as new portions targeted at singles and elderly

Global Frozen Food Landscape

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1: Global Industry Analysts (GIA) , February 2011

Turkey’s Food and Beverage Industry

Benefits from country’s agricultural sector, with mild climate, produces a variety of crops

and offers easy access to raw materials year round

The average Turkish household expenditure allocated to food, beverage and tobacco was

26% in 20121. This is relatively high when compared to Western levels which ranged

between 5% to 20%2; and

Favorable economic backdrop, young population and low market penetration are strong

growth drivers for Turkey’s food and beverage market

1: Turkish Statistical Instittute

2: EIU, Turkey: Consumer Goods and Retail Report (September, 2012)

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26%

5%

19% 19%

8%4%

6%

13%

Fo

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& B

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Clo

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Ho

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Tra

ns

po

rtati

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Fu

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ure

Healt

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HO

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Types of Consumption Expenditures (2012)

Turkey’s Food Consumption Trends

The Turkish food sector is evolving and becoming more sophisticated

Consumer and retailers demand higher standards from food producers

Demand for higher quality has fueled investments to improve production

capabilities

Demand for healthier and more convenient foods leads to a higher growth in

packaged frozen and ready-to-eat food

Increase in proportion of the female population working full-time, whose share

in the workforce increased from 25% in 2007 to 29 % in 20121, has shown a

demand for convenience, therefore, increased production of packaged and

frozen goods; and

Shift from traditional cooking methods to packaged and processed foods

Increased HORECA spending mainly in the last 2 years 2

1: Turkish Statistical Institute 2: Turkish Statistical Institute 11

Turkish Frozen Foods Landscape

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Rural and less developed areas still offer growth, as these areas are under penetrated and

still rely heavily on local producers for fresh fruits and vegetables

Increased urbanization will force mass grocery retailers (MGR) to become more organized

and will lead to

Increase of freezer capacity

Well developed distribution capabilities

Financial Overview

Review of Operations

Frozen Food Industry in Turkey

Introduction to Kerevitaş

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Market Leader in Turkish Frozen Foods

As a pioneer in the industry, Kerevitaş was the first company to introduce the concept of

frozen food to the Turkish market and is recognized as the market leader in overall

frozen foods today

Company’s competitive advantage lies within its ability to consistently offer its

customers a diverse range of products

In addition to the well-known Kerevitaş brands such as SuperFresh, Ekolezz, İnci,

Doyum, AğızTadı, the Company is also a major producer of private label frozen food

products

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1: A.C. Nielsen, Market Data, June 30, 2013 (market share for branded products only)

Kerevitaş' Market Share by Volume (%) 1

Strong Brand Recognition

According to a brand recognition study conducted of 5,224 people surveyed and

published by MediaCat Magazine, Kerevitaş was cited as the

“Top of Mind” Frozen Food Brand with 74% recognition

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Number of respondents out of 5,224 stating the

Company as «Top of the Mind Frozen Food Brand»

SuperFresh 3,812

Iglo 600

Feast 394

Pınar 147

Fresh 92

Dardanel 70

Penguen 37

Algida 33

Kerevitaş 21

Banvit 18 Source: MediaCat Magazine in 2010

Kerevitaş Gıda operates in Bursa

Situated on 90,000 sqm

Indoor usage area of 50,000 sqm

Cold room storage capacity of more than 40,920 tons

The plant contains five facilities, producing frozen fruits, vegetables, frozen

French fries and croquettes, frozen dough products (pizza, pastries and mille-

feuille), frozen seafood, canned tuna and frozen meat products

The factory is ISO 9000 (awarded in 1997) and HACCP (awarded in 2003) certified

Efficient and State-of-the-Art Production Plant

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Production Capacity

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As of 31.12.2012 Production Capacity

20,200 tons

Fruits, Vegetables, and Seafood

7,200 tons

Tuna Fish

12,000 tons

Potato Products

24 million

Cheese Rolls and Boreks

20,000 tons

Mille-Feuilles

4,300 tons

Canned Food Products

6,000 tons

Dumplings and Raviolis

30 million servings

Pizza

Kerevitaş Gıda

33,933 Freezers, c.300 Refrigerated Trucks and 32,660 sales points in Turkey

Organized Retail

- Pasifik Tüketim Ürünleri

-Tek Özel

Traditional Distributors - 65 Dealers

Retail Consumers & Food Service Industry Customers

Sophisticated Distribution and Marketing Channels

Kerevitaş markets and distributes its portfolio of approximately 250+ SKU’s across 32.660

sales points throughout Turkey, which is one of the most sophisticated networks in the

country

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Experienced Board and Management Team

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Title Years of Experience

Zeki Ziya Sözen Chairman of the Board 27

Halil Bülent Çorapçı Vice Chairman of the Board (Independent) 60

Murat Ülker Board Member 28

Ali Ülker Board Member 25

Mustafa Yaşar Serdengeçti Board Member 29

Mehmet Tütüncü Board Member 29

Lale Develioğlu Board Member (Independent) 21

Ergun Akkaya General Manager 21

Mustafa Aydemir Group Chief Financial Officer 13

Safety Culture and Environmental Stewardship

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Fo

od

Saf

ety • High priority placed on

the safety of its employees and customers, and ultimately consumers

• Suppliers are held to the same high standards of operations and practices

• Traceability of raw materials ensures product quality and minimizes risks

Su

stai

nab

ility

• Dedicated to help farmers and suppliers to develop sustainable practices and environment-focused programs

• Lands must be kept safe and capable of producing high-quality products

• Company’s agricultural experts work closely with growers to develop and implement sustainable farming practices

Ste

war

dsh

ip

• Committed to protect the environment

• Environmentally-friendly and focused programs have been put into place to ensure compliance, stewardship and protection of precious natural resources

Operational Excellence and Improve Cost Efficiencies

Foster Innovation,

New Product Development

Maintain and Build Upon

Market Leadership

Long-term Growth and Shareholder Value

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Build Financial Strength and Deliver Shareholder Value

Increase Domestic

Market Penetration

Financial Overview

Review of Operations

Frozen Food Industry in Turkey

Introduction to Kerevitaş Gıda

22

Key Financials and KPIs

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Audited Summary P&L and Balance Sheet Items as of June 30, 2013

Source: IFRS Reports

1H2013 Financial Highlights

Top-line grew by 12% year-on-year to TL 130 Mn in 1H13 over TL 122 Mn reported in 1H12.

Topline growth which showed an acceleration showed that investment in brand equity, sales channel

and packaging had been paying off

In addition to higher turnover , gross profit was increased by 30% to TL 38 Mn in 1H13. Gross profit

margin in 1H13 increased to 30% from 24% in 1H12

In line with the increase in gross profit margin, EBITDA margin increased by nearly 7 pp YoY to 11.5%

in 1H13.

Bottom line realized a loss of TL 13 Mn in 1H13 versus a net gain of TL 1 MM in 1H12, due to fx

losses denominated financial liabilities in 2Q13

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Net Sales (TL, MM) EBITDA (TL, MM) Net Income (TL, MM)

Financial Debt Position

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The Company signed a debt

restructuring agreement in 2003

USD 30.7 Mn of the loans at the end of

1H’13 are related to these

restructured loans

After the payment of the 2010

installment, Kerevitaş reached to a

more evenly distributed loan payment

plan over the next six years

Repayment Schedule of Restructured Debt

As of 31/12/2013, repayment schedule of restructured debt for the period 2013-2016

Income Statement

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26

Source: IFRS Reports

Balance Sheet

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27

Source: IFRS Reports

Balance Sheet

28

28

Source: IFRS Reports

Balance Sheet

29

Source: IFRS Reports

Summary Cash Flow

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Kerevitaş Gıda Sanayi ve Ticaret A.Ş.

www.kerevitas.com.tr

www.superfresh.com.tr

Corporate Headquarters

Üniversite Mahallesi

Bağlariçi Caddesi , No:29 34850

Avcılar / İstanbul

Turkey

For more information, please contact us at

Tel: + 90 (212) 412 80 00

E-mail: yatirimci@kerevitas.com.tr

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