Tekfen Holding Investor Presentation March 2018 · •Saudi Aramco •Ma’aden ... Civil, Mechanical, Electrical and Instrument Installation” works. Contracting ... QA&QC/HSE 225

Tekfen Holding Investor Presentation March 2018

Tekfen GroupAt a glance

Tekfen Group Contracting Agri Industry Real Estate Other www.tekfen.com.tr

1956 Feyyaz Berker, Nihat Gökyiğit and Necati Akçağlılar formed an engineering consulting company

1957 The three partnersestablish Tekfen Construction Ltd.

1963 Tekfen Industry and Trading Co., Inc. is founded to produce incandescent lamps.

1970 Foundation of Tekfen Manufacturing

1971 Foundation of Tekfen Holding

1975 Iraq-Turkey pipeline

1978 Tekfen Construction goes overseas

1981 Toros Fertilizer starts production

1984 Foundation of Tekfen Engineering

1989 Tekfenbank Acquisition of Akgübre fertilizer

1992 Tekfen Philarmonics

2000 Tekfen Real Estate Development Group

2001 Acquisition of Bank Ekspres

2003 Tekfen Tower opens

2005 Acquisition of Samsun Gübre fertilizer plant

2006 Completion of BTC crude oil pipeline

2007 Partnership with Eurobank EFG in Tekfenbank

Acquisition of EFG Istanbul Securities

IPO of Tekfen Holding

2012 Sale of Eurobank Tekfen

2

http://www.tekfen.com.tr/

www.tekfen.com.tr

Tekfen Group

Tekfen Group Contracting Agri Industry Real Estate Other

Corporate Governance

Share Classes

Single type of shares (one share one

vote)

Composition of the Board

4 out of 10 members are independent.

Board members to be elected for max.

of three years

Dividends

30% of the distributable income has

to be paid out

Ownership Structure

No cross ownership within the group

Gökyiğit

23%Berker 22%

Akçağlılar

7%

Others 1%

Free Float

47%

Ownership structure

3


www.tekfen.com.tr

Tekfen Group


At a glance

Main Operations

• Construction

• Engineering

• Fabrication

Main Companies

• Tekfen Construction

• Tekfen Engineering

• Tekfen Manufacturing &

Engineering

Contracting

Share in consolidated

revenues*: 65%

Main Operations

• Fertilizer production and

distribution

• Terminal services

• Seed, sapling and seedling

production and distribution

• Free zone operations

Main Companies

• Toros Agricultural Industry

& Trade

• Toros-Adana Yumurtalık

Free Zone

• Hishtil-Toros Seedling

Industry & Trade

• Black Sea Fertilizer Trade

Agri Industry


revenues*: 30%

Main Operations

• Real Estate Development

• Construction & Marketing

of Real Estate Projects

• Facility Management

Main Companies

• Tekfen Real Estate

Development

• Tekfen Tourism & Facility

Management

• Tekfen Real Estate

Investment

• Florya Real Estate Inv.

Const. Tourism Co., Inc

Real Estate


revenues*: 5%

Tekfen Insurance

• Authorised agent of 18

insurance and 3 pension

fund companies

Other


revenues*: 0%

* As of 31.12.2017 4


www.tekfen.com.tr

Tekfen Group


Strategic focus

• Tekfen Holding is devoted to the motto “do what you know best in the best way

possible” which was determined by its founding shareholders. In this framework

Tekfen has focused on Contracting, Agri-industry / Terminal Services and Real-Estate

Development sectors.

• Contracting is an activity that Tekfen Holding operates in since its foundation and

has gained first class expertise. The potential demand for contracting activities of the

countries in Middle East, Caspian Region and North Africa which have been

developing and enriching in the recent years has played a key role in the

determination of this activity as a strategic focus.

• Agri-industry sector addresses to the most basic need of the mankind, namely

nutrition. Fertilizer, on the other hand, is an indispensable input for agri sector. Due to

the growing world population in addition to the alternative uses like bio-fuel

production, it is anticipated that demand for agricultural production and for fertilizers

will grow. As a result, this activity has a strategic focus for the Group.

5


www.tekfen.com.tr

Tekfen Group


Strategic focus

• Terminal activities are undertaken in the framework of Agri-industry segment

comprising of two marine terminals strategically located in the Mediterranean and the

Black Sea regions.

• It is observed that in parallel to the development and enrichment of every country,

demand for modern, luxurious and high standard residential and commercial housing

increases. Hence, Real Estate Development is another strategic focus for Tekfen

Group.

6


www.tekfen.com.tr

Tekfen Group


Vision / Mission

Our Vision

“To be one of the leading forces of Turkey’s growth in our areas of operations

namely, Contracting, Agri-Industry and Real-Estate Development.”

Our Mission

“While remaining commited to our traditional values, we aim to focus on our

core operations, deliver the highest quality products and services, become

the leader of our segments, and at the same time, generate value for all of our

stakeholders, namely, our customers, suppliers, employees, shareholders

and society.”

7


www.tekfen.com.tr

Tekfen Group


Social Responsibility

• Tekfen Group believes that supporting social culture and environmental activities

are the natural extentions of its corporate structure. All the companies under the

Tekfen Group umbrella emphasize “usefulness”, “harmony” and “protection”

principles as a prerequisite for the activities in their own fields.

• Believing that supporting social development and improvement is everybody’s

common task Tekfen continues its efforts for this end for decades. These activities

which are the common values for all employees, from top executives to entry level

employees of the Group coincides with the philosophy which puts human and the

environment as the focal value.

• With the purpose of continuing its contribution to social and cultural activities,

Tekfen established Tekfen Foundation for Education Health, Culture, Arts, and

Protection of Natural Habitat in 1999. Supporting a variety of projects in the fields

of education, culture and art since its establishment, Tekfen Foundation obtained

status as an “institution that works for the benefit of society“ through the Cabinet’s

decision in 2004.

8


www.tekfen.com.tr

Tekfen Group


Tekfen Group

Human resources

Tekfen Holding has a dynamic and

professional workforce of over

18.000 employees.

Number of employees

Contracting Agri Industry Real Estate Other Total

2013 13.614 348 1.033 519 15.514

2014 11.988 380 1.020 490 13.878

2015 11.359 390 1.058 427 13.234

2016 12.691 401 1.102 101 14.295

2017 16.696 382 1.112 106 18.296

Number of employees (breakdown by segment)

9

15,51413,878 13,234

14,295

18,296

2013 2014 2015 2016 2017


Contracting

Contracting

Tekfen Group Contracting www.tekfen.com.trAgri Industry OtherReal Estate

Overview

• Founded in 1956 as an engineering and consultancy firm.

• One of the largest contracting groups in Turkey.

• Main area of specialization is construction projects in the oil and gas industry.

• Is among the leading international construction companies in the world and ranks at

number 112 among the world’s 250 biggest international contractors, based on

contracting revenue from projects outside home country, in a list published by

Engineering News-Record magazine in 2017.

• Employing over 2500 permanent technical and administrative staff and with an

extensive selection of new and well-maintained equipment and machinery

• Over 350 projects with a total amount of US$15 billion completed.

• Successfully completed US$9 billion worth of projects abroad.

• The Group has broken records for working hours without LTI (lost time incident) in

Azerbaijan, Kazakhstan and Ceyhan projects. 11


Contracting


Selected Clients

12

TURKISH

• TCK, Turkish State Highways Authority

• EÜAŞ, Electricity Production Co.

• PETKİM, Petrochemical Co.

• TÜPRAŞ, Turkish Petroleum Refineries Co.

• BOTAŞ, Petroleum Pipeline Co.

• Ministry of Public Works and Settlement

• Several Municipalities

• TPAO, Turkish Petroleum Co.

• DSI, State Hydraulic Works

• Turkish State Railways Authority

• Turkish Olympic Committee

• Ministry of Energy and Natural Resources

• DLH, State Harbours and Airports Authority

INTERNATIONAL

SAUDI ARABIA IRAQ

• Saudi Aramco

• Ma’aden

• Petro Rabigh

• WCC, Saline Water Conversion Co.

• Min. of Agriculture & Water

• Min. of Municipal & Rural Affairs

• SCOP, State Company for Oil Projects

• North Refineries Company

QATAR

• Qatar Petroleum

• QAPCO

• Ashghal (Public Works Authority)

KUWAIT MOROCCO

• Ministry of Public Works

• KOC, Kuwait Oil Co.

• OCP, State Phospate Company

• SAMIR, Refinery Company of Morocco

OTHER

• AGIP

• Shell

• BP

• BTC, Baku Tbilisi Ceyhan Pipeline Co.

• Uzbekneftegas, Uzbekistan

• Kazakturkmunay, Kazakhstan

• CPC, Caspian Pipeline Consortium, Kazakhstan

• AIOC (Azerbaijan Operating Co. led by BP)

• BP Exploration Shah Deniz Ltd.

• Georgian Pipeline Co.

• MMRA, Libya (Man Made River Authority)

• SOCAR (State Oil Company of Azerbaijan)


Contracting


Selected International Project Partners

13

• Alstom, France

• AMEC, UK

• Babcock Borsig Power, Germany

• Chiyoda Corp., Japan

• Fluor, USA

• Foster Wheeler, Italy

• Hitachi Plant Technologies, Japan

• Impregilo, Italy

• Itochu, Japan

• JGC, Japan

• John Brown, UK

• Lurgi GmBH, Germany

• Marubeni Corp., Japan

• Mitsubishi Corp., Japan

• Mitsui Corp. Japan

• Mitsubishi Heavy Ind., Japan

• NEC, Japan

• Nippon Signal, Japan

• Parsons Inc., USA

• Petrofac, UAE

• SAE, France

• Saipem, Snamprogetti, Italy

• Siemens, Germany

• Skoda Export, Czech Republic

• Sofregaz, France

• Spie Batignolles, France

• Technip, Germany

• Technicas Reunidas, Spain

• Toyo Engineering, Japan

• Uhde GmbH, Germany

• Vinci, France

• Williams Brothers, USA


Contracting


Overview

• With its sister companies Tekfen Engineering, Tekfen Manufacturing,

Hallesche Mitteldeutsche Bau-AG (HMB) (Germany), AZFEN (Azerbaijan) and

strategic partnerships, Tekfen is positioned to extend its services to a large

range of clients on three continents.

• The Group has one of the largest equipment fleets in Turkey with a

replacement value of US$ 275 million.

• As of 2017-end, Tekfen Contracting Group had an active portfolio of US$ 3.4

billion, 83% of which were outside of Turkey, located in 5 different countries.

• In 2017, Tekfen added six new projects to its backlog with a total size of

US$960 million. These projects are in Iraq (US$ 99 million), Qatar (US$371

million), Turkey (US$ 271 million) and in Kazakhstan (US$ 219 million)

• The provision of personnel and machinery required for the installation

services of dehydrators and desalters in the Rumalia oil field has a contract

size of US$ 99 million at the end of the project.

•Awarded by Qatar Public Works Authority (Ashghal) for construction works

of East Industrial Road Project. The project size is QAR729,6 million

(~US$200million) with a duration of 27 months.

Overview

14

•Tekfen-Al Jaber Engineering (%50-%50) Joint Venture, was awarded the turnkey delivery of the engineering and construction

works of the “Main Works for the Fifth Precinct Stadium” Project in Qatar, where the 2022 Qatar World Cup finals will be held.

Tekfen’s share in the project is ~US$171 million.

•Tekfen Construction and Installation Co. Inc., has received a letter of intent for a contract award related to construction works of

the gas receiving terminal to be built near Kıyıköy, Turkey. The value of the 24-month unit price contract is Euro 98 million.

•GATE Construction and Contracting, Inc., Tekfen Construction and Installation, Inc., has a 50-percent share, has signed a

contract worth US$438 million with Tengizchevroil (TCO) covering the “Future Growth Project – Wellhead Pressure Management

Project, Area 51 Multi Well Pad, Civil, Mechanical, Electrical and Instrument Installation” works.


Contracting


Total Manpower: 20.800*

TURKEY:10.460 ABROAD:10.340

Manpower

Azerbaijan6.010

Morocco 32 Qatar 2.216

Turkmenistan3

Iraq 2

Saudi Arabia593

Kazakhstan1.484

15* As of 2017-end including subcontractors.


Contracting


DISIPLINE&DIVISION

ENGINEERS 1168 5,62%

MANAGEMENT 230 1,11%

PROCUREMENT 48 0,23%

ADMIN 275 1,32%

QA&QC/HSE 225 1,08%

TECHNICIANS 105 0,50%

FOREMEN 360 1,73%

OPERATORS&DRIVERS 893 4,29%

CIVIL WORKS 1.437 6,91%

ELECTRICAL WORKS 271 1,30%

PIPE&WELDING WORKS 1.600 7,69%

MECHANICAL WORKS 1.100 5,29%

STEEL&ERECTION WORKS 260 1,25%

OTHERS 7.990 38,41%

SUBCONTRACTORS 4.838 23,26%

TOTAL 20.800 100%

NATIONALITY

TURKISH 12.712 61,12%

AZERBEIJANI 5.902 28,38%

TURKMEN 4 0,02%

MOROCCAN 32 0,15%

INDIAN 192 0,92%

NEPALESE 150 0,72%

PHILIPIN 82 0,39%

ETHIOPIAN 403 1,94%

KAZAKH 5 0,02%

IRAQI 2 0,01%

SAUDI 283 1,36%

OTHER 1.033 4,97%

TOTAL 20.800 100%

Manpower Structure

16


Contracting


Areas of Expertise

17

BASIC

ENGINEERING*

DETAILED

ENGINEERING

PROCUREMENT FABRICATION CONSTRUCTION START UP

E

E + P

E + P + F

E + P + C

PMS

* In pipelines, tank farms / terminals, motorways, bridges, tunnels, infrastructure and civil projects.

E : Engineering F : Fabrication

P : Procurement PMS : Project Management Services

C : Construction


Contracting


569 484 484 368 237 159 111 72 75 34 36555 561 474 754 572 782 578

175 201 242 167 264

1,535 1,350 1,6681,257 1,225

1,7941,449 1,589

2,524 1,6191,139

2,8882,841

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Turkey Abroad

• Thanks to its increasing investments in oil and gas producing countries, starting from 2005, the

backlog of Tekfen Contracting Group abroad increased significantly.

Backlog (US$ million) - 31 December 2017

Backlog Growth

18

744 685 726535 501

1.6941.461

1.740

1.333 1.259

1.8302.1502005

2.998

2.373

1.711

3.6703.419


Contracting


Backlog (as of 31 December 2017)

19

* Not included in the consolidated revenues. Consolidated using equity method.

** The contracted work for this project will start as soon as the investor companies complete the project financing.

Project Location

Expected End

Dates

Current Contract

Price Tekfen Portion

Revenue Based

Completion Rate

Remaining Amount

(US$)

Prov. of Pipeline and Facilities Repair Services for BTC Turkey Turkey 15/12/2018 100,869,467 $ 100,869,467 $ 94.5% 5,579,178

TANAP Project Lot3 Turkey 25/12/2017 581,938,215 $ 581,938,215 $ 93.8% 36,093,896

TANAP Compressor and Metering Stations Turkey 31/05/2019 461,487,823 $ 461,487,823 $ 45.7% 250,682,604

Afyon - Uşak Rapid Train Project and Afyon Direct Pass Infrastructure Turkey 30/12/2019 291,949,127 $ 145,974,563 $ 18.3% 119,274,735

TANAP Management Office Fit Out Civil Works Turkey 08/05/2018 1,380,000 $ 1,380,000 $ 95.0% 69,000

Star Aegean Refinery Turkey 31/03/2018 155,000,000 $ 155,000,000 $ 69.3% 47,618,380

Recieving Terminal Civil Works Turkey 13/12/2019 118,201,049 $ 118,201,049 $ 0.0% 118,201,049

TURKEY TOTAL 577,518,842

New Management Office Project of SOCAR Azerbaijan 15/09/2017 415,607,812 $ 415,607,812 $ 98.9% 4,656,463

Shah Deniz Stage 2 Fabrication of Offsite Facilities Azerbaijan 30/04/2018 974,783,328 $ 325,207,183 $ 100.0% 0

Shah Deniz Stage 2 Onshore Terminal Facility - Sangachal Terminal Azerbaijan 31/12/2017 1,300,000,000 $ 476,682,486 $ 95.1% 23,285,524

Ministry of Tax Tower Azerbaijan 31/08/2018 94,000,000 $ 94,000,000 $ 6.5% 87,925,488

AZFEN Projects* Azerbaijan 31/12/2018 2,053,778,691 $ 821,511,476 $ 89.2% 88,638,943

AZERBAIJAN TOTAL 204,506,418

Jeddah Janbu Pipeline S. Arabia 28/09/2021 299,350,973 $ 299,350,973 $ 10.1% 269,095,543

SAUDI ARABIA TOTAL 269,095,543

Al Khor Expressway Qatar 25/11/2019 2,082,191,781 $ 2,082,191,781 $ 23.8% 1,585,772,372

Main Works for the Fifth Precinct Stadium Qatar 05/12/2019 344,641,403 $ 172,320,702 $ 8.2% 158,198,039

Design and Construct Service Road Enhancement to North Road Corridor Qatar 04/07/2018 977,726,769 $ 977,726,769 $ 94.2% 56,566,002

East Industrial Road Qatar 05/12/2019 200,439,560 $ 200,439,560 $ 0.0% 200,439,560

QATAR TOTAL 2,000,975,973

Installation Services for Dehydrators & Desalters Iraq 16/02/2020 99,000,000 $ 99,000,000 $ 0.0% 99,000,000

IRAQ TOTAL 99,000,000

Construction Compound Main Works Kazakhstan 11/08/2018 76,671,867 $ 38,335,933 $ 34.9% 24,939,608

FGP Temporary Construction Facilities Kazakhstan 30/11/2018 73,166,686 $ 36,583,343 $ 34.9% 25,582,533

FGP Wellhead Pressure Management Project Kazakhstan 26/07/2022 434,285,665 $ 217,142,832 $ 0.0% 217,142,832

KAZAKHSTAN TOTAL 267,664,973

TOTAL 3,418,761,749

TOREN & Gazdepo Underground Gas Storage Project** Turkey 30/09/2021 1,813,233,523 $ 813,646,487 $ 0.0% 813,646,487


Contracting


Ongoing projects (as of 31 December 2017)

Backlog Breakdown by Regions

Region US$ (million)

Middle East 2,369

Turkey 578

Caspian Region 472

Total 3,419

Backlog Breakdown by Project Types

Project Type US$ (million)

Transportation 1,962

Pipeline 561

Buildings 301

Industrial Facilities 594

Total 3,419

20

Middle East69%

Turkey17%

Caspian Region

14%

Industrial Facilities

17%

Buildings9%

Transportation 63%

Pipelines16%


Contracting


Overview

• Currently, the tenders entered into typically have a contract size of over

US$ 200 million, compared to the US$ 25 million threshold prior to 2005.

• Tekfen bids for 30 - 35 projects per year and the average success rate for

winning tenders is around 10%.

• The bid price is calculated as cost plus a mark-up, which is between 15-

25%.

• Average project completion period is approximately 2.5 years.

• Tax rates that the Group is exposed to in the countries it operates vary

between 0-35%.

21


Contracting


• Founded in 1984.

• Undertakes the engineering (E) of EPC projects and the detailed engineering in other projects

of Tekfen Contracting Group.

• Has experience on a wide spectrum of projects, with an emphasis on pipelines, industrial,

process plants and motorways.

• The company employs a professional staff of over 100 engineers who utilize advanced

software in the preparation of all design and contract documents.

• Also serves non-group clients, mainly the General Directorate of Highways and

municipalities. Non-group clients generate around 35% of Tekfen Engineering’s business

volume.

Tekfen Engineering Co., Inc.

• Disciplines:

• Industrial Plants

• Pipelines and Piping

• Motorways and Highways

• Bridges and Viaducts

• Mass Transit Systems and Railways

• Mass Housing

• Commercial Buildings

• Harbour & Offshore Structures

• Infrastructure

Engineering

22


Contracting


• Founded in 1970.

• Specialized mainly in engineering, manufacturing and construction of high

quality process and storage equipment related to petroleum, petrochemical,

chemical and fertilizer industries and power plants, such as cylindrical and

spherical storage tanks, heat exchangers, pressure vessels, process columns,

waste heat recovery boilers and pressurized piping for industrial plants to

respond to Tekfen’s increasing steel production and fabrication needs.

• 188 skilled manpower.

Tekfen Manufacturing Co., Inc.

23

• Design and fabrication are carried out according to International

Codes such as ASME, API, TEMA, AD-2000, EN 13445, BS etc. and the

company is qualified to work with all sorts of carbon steel materials

(including high tensile quenched and tempered), clad carbon steels, all

types of stainless steels, non-ferrous materials such as Monel, Brass,

Aluminum etc.

•Heavy manufacturing facility in Derince (Kocaeli), Turkey.

• Kuwait, Saudi Arabia, Iraq, Iran, Pakistan, Libya, Syria, Jordan, Oman,

Lebanon, Israel, Northern Cyprus, Morocco, Tunisia, Senegal, Sudan,

Russia, Kazakhstan, Turkmenistan and Azerbaijan are the countries that

the company exports.

• Spread on an area of 48,500 m2, of which 18,000 m2 is covered.


Contracting


• Spread on an area of 160,000 m2, of which 30,000 m2 is

covered,

• Annual capacity of 30,000 tons,

• 650 skilled manpower,

• Production space consisting of 5 fabrication shops,

• An open material handling storage area,

• A welding school,

• Materials divisions

• Social facility quarter.

• The plant is equipped with full shot blast,

• CNC flame cutting and coping facilities,

• Sawing and drilling lines,

• Automated beam welding line

• Training Center & Welding School

Ceyhan Steel Structure Fabrication Plant Bayil Steel Construction Manufacturing Plant

• Tekfen’s manufacturing facility in Baku, Azerbaijan

• Spread on an area of 290,000 m2, of which 26,000 m2 is

covered,

• Capable of meeting exceptionally high standards of the oil

and gas projects

• Equipped with high end machinery and advanced

technology to serve manufacturing of Topsides and

Modules

• Easy access is provided to the plant through the main

highway, being at a distance of 7 km from the city center of

Baku, materials and equipment can also be delivered to the

quaysides of the facility by the sea.

Fabrication Plants

24


Contracting


Revenues and EBITDA Margin

Revenues (MTRY) and EBITDA Margin (%)

• Expected project-end EBITDA margin on project basis varies from 10% to 25% at the beginning of

each project.

25

1.0291.319 1.339

1.111

1.864

2.395 2.3272.768

2.153

2.824

4.862

7.511

7,2%

8,3%

11,0%

13,2%

9,3%

5,9%

-4,3% -1,4%

7,6%

9,3%

11,3%

8,6%

-6,0%

-1,0%

4,0%

9,0%

14,0%

19,0%

-1.000

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E

Revenue EBITDA Margin


Contracting


TURKEY – TRANS ANATOLIAN 56’’ NAUTRAL GAS PIPELINE (TANAP) PROJECT (Lot 3)

The project scope includes Detail Engineering, partial procurement, construction, installation, testing, pre-commissioning,

providing commissioning assistance and training the client’s personnel.

Project consists of approximately 509 km 56” of pipelines , starting from Yıldızeli (Sivas) to Eskişehir, including 14 Block valve

stations, 2 Pig Stations and other required facilities. Duration of work is 36 months from commencement date of the contract.

Ongoing projects – Turkey

26


Contracting


Ongoing projects - Turkey

27

TANAP Project (Lot 3)


Contracting


AZERBAIJAN – MINISTRY of TAXATION TOWER

One of the Newest Landmark of Baku, The New Management Office of Ministry of

Taxation of Azerbaijan will be constructed by Tekfen Construction. Five

monumental cube shaped high rise Tower has 33 floors with 169 meter height.

High Tech Office Building has 44,300 square meter gross floor area with unique

shaped 35,400 m2 façade. Design of The Management Office also contains

recreation areas, conference halls, helipad, underground car park and special

floor gardens together with the Auditorium Building. Steel Structure, Reinforced

Concrete and Facade Works of the Project will be Completed in 24 Months.

Ongoing projects – Caspian Region

28


Contracting


Ongoing projects – Caspian Region

29

Shah Deniz Stage 2 Project Overall Scope


Contracting


Ongoing projects - Middle East

30

SAUDI ARABIA- JANBU-JEDDAH PIPELINE

The purpose of the project is to efficiently meet the Kingdom’s refined product demands in Makkah Province.

The final agreement concerning the turnkey construction of the 333- km long 20" gasoline and 24" jet fuel pipeline

with ultimate capacity of 577 MBD (240 MBD & 337 MBD respectively) for a total cost of US$299 million and a

completion period of 47 months has been signed between Tekfen Construction and Installation and Aramco.


Contracting



31

QATAR – DESIGN AND BUILD OF AL KHOR EXSPRESSWAY

Awarded by Private Engineering Office of Qatar, the Project comprises the Design and Build of a 34 km long

expressway with a total of 10 lanes in both directions and various junctions, viaducts, and over- and under-

passes. Project size is ~US$2.1 billion. The carriageways shall be divided by a central median which includes

provision for the future Qatar Rail Metro Red Line. A network of service roads is required adjacent to the main

alignment which connects the upgrade to existing and future developments. A shared pedestrian/ cycle way

shall be constructed along the length of one side of the expressway in addition to a seperate fast cycle track

adjacent to the service roads on the other side of the expressway. The Works also include Landscape,

Hardscape and Artscaping.

*Concept design.


Contracting


North Road

Qatar


QATAR – AL THUMAMA STADIUM (THE FIFTH PRECINCT)

Tekfen Construction - Al Jaber Engineering Joint Venture has been awarded by the Qatar Supreme Committee

for Delivery and Legacy to sign the agreement for the turnkey delivery of the engineering and construction

work of the "Main Works for the Fifth Precinct Stadium" Project, where games the 2022 Qatar World Cup will

be held.

The Stadium shall be designed and constructed to meet the FIFA standards in Tournament mode. The cost of

the 40,000 seated stadium project will be US$342.5 million (~US$171.2 million Tekfen share)

32


Contracting


Tekfen Contracting Group consistently works on the following in line with the goals of its

Strategic Plan:

• Existing and new projects will be undertaken within the framework of the adopted business

principles and occupational health, safety and environment (HSE) policies. Maximizing work

quality and maintaining accident-free operations in line with occupational safety standards

are the main priorities.

• The company will continue to focus on projects that emphasize the EPC concept and it will

continue to improve its competency in this area. Engineering and procurement functions will

be key areas to be improved. To achieve this, required personnel recruitments are done both

in our engineering company and in procurement departments.

• The emphasis will be on increasing business volume in countries where operations

continue. The goal is to secure new projects that at least maintain the current level of

revenue generated from projects in these countries.

• Addition of new subcontractors to our existing subcontractor portfolio and increasing the

share of South East Asia origined personnel in our total work force are considered as

strategy implementations.

• Activities geared towards increasing efficiency and profitability will continue.

• All requirements to preserve Tekfen’s strong and prestigious brand image in existing

markets will be met.

Strategic Direction

33


Agri Industry

Agri Industry www.tekfen.com.trReal EstateTekfen Group OtherContracting

Agri Industry


Agri Industry


The pioneer in Turkey’s agricultural industry

• Symbol of “quality” and “trust”

• In business since 1981 under TOROS brand name

• Over 1,000 employees

• Seasoned – well experienced employees

Overview

35


Agri Industry


• Active in fertilizer, seed, seedling and sapling production and distribution, as well as marine

terminal services and free zone operations

• Consolidated turnover of TRY 2,240 million as of 2017

• Significant player in port activities, providing services to third parties in two ports strategically

located at the Eastern Mediterranean and the Black Sea Coast

Turnover Breakdown EBITDA Breakdown

36

Overview

2013 2014 2015 2016 2017

TR

Y M

illio

n

Terminal

Agri

2.240

8%

92%

1.423

1.626 1.659

1.851

95% 95% 93%93%

5%

5% 7%

7%

2013 2014 2015 2016 2017

TR

Y M

illio

nTerminal

Agri

468

117

248

145

290

74%74% 83% 71%50%

26%

26%

17%

50%

29%


Agri Industry


Fertilizers

• Supplying every type of fertilizer Turkish

farmers need

• Market leader since 1986

• Vast dealers network with over 800 dealers

• Marketing and Sales Team located in 7 regions

• Constant contact with dealers and farmers

• Timely delivery to dealers via 8 warehouses

37


Agri Industry


Regional Offices & Other Units

İSTANBUL

Head Office

İZMİR

REGIONAL OFFICE

Warehouse

Grain Silos

Seed Processing

ANKARA

REGIONAL OFFICE

Warehouse

SAMSUN

REGIONAL OFFICE

Warehouse

ANTALYA

REGIONAL OFFICE

Seedling Nurseries

WarehouseKONYA

Warehouse

ADANA & CEYHAN

REGIONAL OFFICE

Bag Manufacturing Plant

Free Zone

Micropropagation

Warehouse

Grain Silos

Seed Processing

ŞANLIURFA

REGIONAL OFFICE

Warehouse

TEKİRDAĞ

REGIONAL OFFICE

Warehouse

38

NEVŞEHİR

Underground

Potato Seed

Warehouse


Agri Industry


• Nitrogen fertilizers:

• AN26 (CAN) - Calcium Ammonium Nitrate

• AN33 - Ammonium Nitrate

• AS - Ammonium Sulphate

• Urea

• Phosphate fertilizers:

• TSP - Triple Super Phosphate

• SSP - Single Super Phosphate

• Potash fertilizers:

• PS - Potassium Sulphate

Fertilizers – Product Types

39

• Compound fertilizers (NPs and NPKs):

• DAP - Di-Ammonium Phosphate

• NP 20.20

• NP 20.20+Zn

• NPK 15.15.15

• NPK 15.15.15+Zn

• Special grade compound fertilizers:

• NPK 25.5.10

• NPK 15.15.15 Gold

• NPK 10.20.20


Agri Industry


2017 Total Sales: 1.9 million tons

Fertilizers – Sales

40

2016 Total Sales: 1.75 million tons

AN26 12%

AN33 17%

AS 4%Urea 16%

DAP 12%

NP/NPK (Compound)

39%

AN26 25%

AN33 5%

AS 6%Urea 13%

DAP 11%

NP/NPK (Compound)

40%


Agri Industry


Consumption and Toros Sales Volume/Marketshare Turkey’s Total Production and Toros’ Share

Turkey’s Total Imports and Toros’ Share

Fertilizers – Leader in Turkish Fertilizer Market

41

37%

39%

39%

42%

37%

39%

28%

31%

34%

37%

40%

43%

0

1.000

2.000

3.000

4.000

5.000

2011 2012 2013 2014 2015 2016 2017

1000 t

on

s

Total Production Toros Production Toros Share

10%

8%6%

11%

8%

10%

0%

2%

4%

6%

8%

10%

12%

0

1.000

2.000

3.000

4.000

5.000

2011 2012 2013 2014 2015 2016 2017

1000 t

on

s

Total Imports Toros Imports Toros Share

31%

31%

28%

31%

27% 26%

16%

19%

22%

25%

28%

31%

34%

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

2011 2012 2013 2014 2015 2016 2017

1000 t

on

s

Consumption Toros Sales Market Share

*2017 market data hasn’t been disclosed

* *

*


Agri Industry


• Three fertilizer plants located in Mersin, Ceyhan and Samsun

• Total installed capacity is 2 million tpa of which 1,85 million tpa is in operation

• Leading producer with the largest share in Turkey’s total installed production capacity

Fertilizers – Production Facilities

SAMSUN PLANT

MERSIN PLANT CEYHAN PLANT

42


Agri Industry


CEYHAN PLANT

NPK and DAP production

CAPACITY

2 x 330,000 tpa NPK

or

330,000 tpa NPK & 200,000 tpa DAP

SAMSUN PLANT

NPK and DAP production

CAPACITY

300,000 tpa NPK

227,000 tpa DAP

PHOSPHORIC ACID CAPACITY

210,000 tpa (100% P2O5)

SULPHURIC ACID CAPACITY

726,000 tpa (100% H2SO4)

MERSIN PLANT

AN and CAN production

CAPACITY

660,000 tpa CAN

NITRIC ACID CAPACITY

405,000 tpa

Fertilizers – Production Capacity

43


Agri Industry


Fertilizers - Integration Investments

44

Place: Samsun Plant

Scope: Sulphuric and phosphoric acid investments,

NPK revamp investment

Amount: $335 million

Period: 2013-2015

Aim:

✓ Ensuring raw material supply security

✓ Self sufficiency in acid production

✓ Decreasing production costs


Agri Industry


Fertilizers – DAP/NP/NPK Production Diagram

*Either Urea or AS is added as nitrogen (N) source in addition to ammonia.

**Potash is added as potassium (K) source for NPKs.

SULPHURIC

ACID

PHOSPHATE

ROCK

PHOSPHORIC

ACID

AMMONIA

UREA/AS*DAP/NP/NPK

POTASH**

45

• In Samsun Plant, Toros produces sulphuric and phosphoric acid for all its DAP/NPK units.

SULPHUR


Agri Industry


In Mersin Plant, Toros produces nitric acid for its CAN/AN unit.

NITRIC ACIDAIR

WATER

AMMONIUM

NITRATE

AMMONIA AMMONIUM

NITRATE

CALCIUM

AMMONIUM

NITRATE

LIME

STONE

Fertilizers – CAN/AN Production Diagram

46


Agri Industry


Procurement - Breakdown by Products

Fertilizers – Production and Imports

47

Production - Breakdown by Products

47%

52%49%

55%

50%

19% 18% 19%17%

31%

23%20%

24%

16%

5%

11% 11%8%

12% 13%

2013: 1.41 mn tons 2014: 1.49 mn tons 2015: 1.37 mn tons 2016: 1.30 mn tons 2017: 1.58 mn tons

Compund(NP/NPK)AN 26(CAN)AN33

DAP

50%

40%

77%

62%

50%

33%

21% 20%22%

46%

15%

27%

3%0% 0%0%

12%

0%

16%

4%2% 0% 0% 0% 0%

2013: 189K tons 2014: 360K tons 2015: 232K tons 2016: 365K tons 2017: 558K tons

Urea

AS

AN33

DAP

Other

*Due to the ban of AN33 in the local market, the production was minimized just for exporting purpose

*


Agri Industry


Marine Terminal Services

48

✓ Providing loading/unloading and storage

services to third parties

✓ Ceyhan Port:

• Turkey’s 5th largest dry bulk & general

cargo port

• One of the largest transit terminals for

petroleum products in Eastern

Mediterranean

✓ Samsun Port:

• Black Sea region’s 3rd largest port

✓ Strong brand name associated with high-

quality customer service, technical know-how

and seasoned employees


Agri Industry


• 1 jetty with 2 berths handling 14,000 tons of dry bulk cargo per day

• Closed storage area capacity: 210,000 tons

• Open storage area capacity: 300,000 tons


SAMSUN PORT

CEYHAN PORT

49

• 1 jetty with 3 berths handling 45,000 tpd of dry bulk cargo

• 1 jetty with 5 berths loading 1,300 tpd and discharging 1,000 tpd bulk liquids

• Closed storage area capacity: 300,000 tons

• Open storage area capacity: 1,000,000 tons

• Tank farm capacity: 195,000 m3


Agri Industry



50

Dry&Liquid Bulk and General Cargo*

Handled Quantity (mn tons)

Petroleum Products

Occupancy Rate

*Does not include petroleum products’ handling volume

5,36

4,48

5,606,00

7,00

2013 2014 2015 2016 2017

40%

55%60%

70%77%

2013 2014 2015 2016 2017


Agri Industry


Vegetable Seedlings:

• Operating under Hishtil-Toros Seedlings brandname

• A 50-50 JV with Hishtil Holdings since 1999

• Producing high quality grafted and standard

vegetable seedlings for the growing local and

foreign markets

• Nurseries located in Antalya and Adana

Field Crop Seeds:

• Cooperating with two state research institutes to produce and

distribute certain types of wheat

• Wheat seed breeding program receiving support from TÜBİTAK (The

Scientific and Technological Research Council of Turkey)

Specialty Fertilizers:

• Leading brand in specialty fertilizers in Turkey since 2000

• Procurement from globally known leading producers

• Blending soluble NPKs for the high growth local market

Complementary Products and Services

51


Agri Industry


Micropropagation:

• Targets to meet the sector's demand for high quality,

high-yield and disease-free homogenous seed,

saplings and young plants

• First local successful producer of potato seeds on

commercial scale by using micropropagation

techniques in Turkey

• Serving to a market which is historically dominated

by imported potato seeds

Complementary Products and Services

52

Free zone operations:

• Founding partner and operator of the largest free

zone in Turkey

• 4.5 million m2 of area

• Strategically located in Ceyhan region which is

becoming the energy hub for Turkey


Agri Industry


CEYHAN PLANT

✓ ISO 14001:2004 Environment

Management

✓ ISO 9001:2000 Quality

Management

✓ OHSAS 18001:1999 Occupational

Health and Safety Management

SAMSUN PLANT

✓ Emission Certificate

MERSIN PLANT

✓ Catalytic reduction system

to keep NOX emission in

exhaust gases released to

atmosphere from nitric acid

unit under 200 ppm

Environmentally Conscious Production

53


Agri Industry



54

Supporting farmers;

• Educational seminars and training

programs to improve agricultural

productivity and product quality

Raising awareness;

• Supporting UNFPA’s “Improving health conditions of

seasonal workers in agriculture” program in Turkey

• “Wheat” documentary based on field trials done by

Toros throughout Turkey

• Sponsorships for scientific research and academic

seminars on agriculture and fertilizers

• “Balanced Fertilization with Right Fertilizers” Project

with the support of the Ministry of Food, Agriculture

and Livestock

• “Toprak Ana” (Mother Earth) documentary about

agricultural production in Turkey

Supporting local communities;

• Sponsoring sporting activities in Samsun and

Mersin

• Toros Primary School and Toros Secondary School

in Adana, and Toros Tarım Necati Akçağlılar High

School in Samsun


Agri Industry


Alanar Fruit & Alanar Sapling

55

Current Situation

✓ Total area of ownership 3,632.9 decare and leased area

of 1,108 decare, including 204,408 trees

✓ Produces and sells cherry, black fig, apricot,

pomegranate, nectarine, Japanese plum, persimmon,

chestnut

✓ 25% of the total sales are from production while, 75% of

the sales are imports

✓ Share of exports in total sales is around 90%

✓ Main export markets are Germany, England and Sweden

✓ 10.4% EBITDA margin in 2016Targets After Tekfen Partnership

✓ New land investments of 6,011 da between 2017-2020

✓ Four new plant investments in Alasehir, Aydin, Malatya

and Bursa and various equipment investments

✓ Sales volume of 19,000 tons in 2022

✓ Share of sales from production to remain within the

range of 25-30%

✓ Targeting TL225mn revenues and 16% EBITDA margin in

2022

✓ Share of exports in total sales to remain at 85% level


Real Estate

Real Estate Development

Real Estate www.tekfen.com.trAgri IndustryTekfen Group OtherContracting

Te

kfe

n R

ea

l E

sta

te D

eve

lop

me

nt

Gro

up

Tekfen Real Estate Development Investment and Trade

Co., Inc

Business Line: Investment, development, project

management, asset management

Tekfen Tourism and Facility Management Co., Inc

Business Line: Facility Management

Florya Real Estate Inv. Const. Tourism Co., Inc

Business Line : Investment, development

Business Structure

57




ProjectProject

Function

Start Date of

Project

End Date of

Project

Estimated Revenue

(million)

Total/Tekfen Share

Izmir Project Mixed Use Mar.16 * *

Esenyurt Project Residential Sep.14 May 17 TRY687

Topkapı Project Residential Apr.16 Mar.20 TRY460

Topkapı Project – II Residential Sep. 17 ** TRY 254***

Projects

58

Residential Office Retail

Izmir Project* - - -

Esenyurt Project 180.155 - 2.595

Topkapi Project 45.062 - 2.118

Topkapi Project II 44.467 - -

* Tekfen has 50% share in the project. Revision works of the concept project were started according to the current market

conditions. The construction works are planned to be started in 2018. Project schedule will be set according to construction

start date.

** Project schedule will be set according to zoning process.

*** The project will be developed via revenue sharing model and estimated Project size refers to Tekfen share.




Ongoing Projects

Transaction Overview:

• 50%-50% partnership with Renaissance Shopping Malls

• The largest mixed use project in Izmir

Total Project Size – (Revenues, TRY millions): (*)

Tekfen Share : 50 %

Project Summary:

• Total Sellable/Leasable area (GLA) (*)

• Est. Contruction period: Q1/2016 – *

• Landmark project for the city of Izmir

Investment Rationale:

• Location within the new planned CBD of Izmir

• High accesibility and visibility through the main arteries

Izmir Mixed Use

59

* Demolishing work of the existing buildings on the site is completed. The urban transformation approval and the EIA report have

been granted. Revision works of the concept project were started according to the current market conditions. The construction

works are planned to be started in 2018, the project schedule will be set according to construction start date.




Ongoing Projects


• Developed on 56.800 m² land which was purchased in May

2013

• Project includes 1.424 residential and 25 retail units

Total Project Size – (Revenues, TRY millions): 687

Tekfen Share : 100%

Project Summary:

• Total Sellable Space:

Housing: 180.155 m², Retail: 2.595 m²

• Construction Period- Start: Q2/2015 Complete: Q2/2017


• Project property is in a sought-after area (Esenyurt)

because of its developing transportation infrastructure, the

city’s growth dynamics, and its situation on the

intersection between the E5 highway and TEM motorway

HEP Istanbul Project

60

Project has been launched on October 30th, 2014. 1028 residential units having a

total area of 115,732 m² have been sold as of December 31st 2017. Total sales

amount is TRY330,2 million and 1,006 residences have been delivered to the new

owners.




Ongoing Projects


• A total of 13,793 m2 net land area has reached with theacquisition of the adjusted plots of Toros Tarım and TopkapıVitaminli Yem Sanayi A.Ş. in Nov. 2016.

• Following the obtained construction permit, the sales of theresidential project supported by retail units is planned to bestarted in October 2017 and the project is planned to becompleted within 24 months.

Total Project Size – (Revenues, TRY millions): 460

Tekfen Share : 100%

Project Summary:

• Total Sellable Space:

Housing: 45.062 m², Retail: 2.118 m²

• Construction Period Start: Q1/2018 Complete: Q1/2020


• High accessibility, near E-5 highway and intersection point fortram, light metro and metrobus

• Rapid transformation of light industrial area to residential unitssupported by the zoning plans

• Residential demand is increased after operational of theuniversities and hospitals,

Topkapı Housing Project

61

Zeytinburnu Municipality requested revisions for the

project with the new board decision of the

municipality, after the project’s construction permit

were obtained. For this reason, negotiations are still

being held with the municipality. Revised

construction permit is planned to be approved in

February by municipality. During this period, the

sales office construction has been started and it is

targeted to be completed in June 2018.




Ongoing Projects


• A revenue sharing agreement was signed on 28/09/2017 todevelop a residential project on the neighboring plots totaling20k m² area of the existing Tekfen Topkapı project, currentlythere is an active textile production on the plots.

• The construction permit will be obtained after zoning planrevision, and accordingly the sales will be started with theconstruction works and the project is planned to be completedwithin 24 months.

Total Project Tekfen Share – (Revenues, TRY millions): 254

Project Summary:

• Total Sellable Space: Housing: 44,467 m²

• Construction Period Start: Q4/2017 Complete: *


• High accessibility, near E-5 highway and intersection point fortram, light metro and metrobus lines.

• Rapid transformation of light industrial area to residential unitssupported by the zoning plans.

• Residential demand has increased after new universities andhospitals became operational.

• The project will be the second phase of existing Topkapı Project.It is aimed to develop a competitive project in terms of salesprice with the gained infrastructure and experience.

Topkapı Housing Project II

62

1/5000 and 1/1000 zoning plans of one plot were required

to be renewed. After the signing of the contract,

negotiations with the city planning offices have been

initiated in coordination with the municipality for the

renewal of the plans. Project will start upon the completion

of zoning process.

(*) Construction schedule will be set acoording to zoning process.




• Facility Management of Tekfen Tower, Taksim

Residences, Tekfen Offices, Yalıkavak Tekfen Houses,

Gumusluk Muskulum Ciftligi, Kagithane Office Park,

Levent Office and S-Cafe are directed and operated by

Tekfen Tourism & Facility Management Co., Inc. under

the brand name of Tekfen Services.

• Facility Management for the ongoing and the potential

projects of Tekfen Real Estate Development Group is

planned to be operated by Tekfen Services.

• Tekfen Services’ professional facility management

improves the values of Real Estate Development Group

projects.

Tekfen Services - Facility Management

63




• Tekfen Holding earns rental income from the offices it owns in Akmerkez

and Tekfen Tower.

• Tekfen Tower has 33.000 m² rentable area, of which, 27% is used by Group

Companies, while the rest is rented to various institutions.

• Total rental income from Tekfen Tower amounted to USD 11.5 million in

2017.

Assets

64




• The concept of “environmental friendly / sustainable building” is becoming more

and more important everyday as the awareness and consciousness for energy use

and environment increases. Tekfen Real Estate Group, as in its all other projects, is

aiming LEED-CS (core&shell) of The U.S. Green Building Association (USGBC) for

its new projects , Tekfen-OZ Kagithane OfisPark & Tekfen Bomonti Apartments.

• In accordance with this policy, Tekfen-OZ LeventOfis - completed in 2010 - is the

first project of the Group rewarded with LEED-CS Gold Certificate.

• The projects aim to achieve LEED certification by introducing sustainable solution

to design elements such as encouraging public transportation, collection and

reusing of storm water and grey water within the system, decreasing overall water

consumption, efficiency in energy consumption with shell design and decreasing

the load of the cooling system via plantation integrated within the facade system.


65


www.tekfen.com.tr

Tekfen Group


Financial Highlights 67

Net Cash Position 68

Capital Expenditures 69

Disclaimer 70

Contact Info 71

Appendix

66


www.tekfen.com.tr

Tekfen Group


TRY Million

Revenues 2016 % in Total 2017 % in Total 2018E % in TotalContracting 2.824 60% 4,862 65% 7,511 72%Agri Industry 1.851 38% 2,240 30% 2,688 26%

Real Estate 33 1% 351 5% 122 2%

Other 30 1% 34 0% 43 0%

Total 4.737 100% 7.487 100% 10.364 100%

EBITDA 2016 Margin 2017 Margin 2018E MarginContracting 261 9,3% 548 11,3% 643 8,6%Agri Industry 290 15,6% 468 20,9% 455 16,9%

Real Estate -11 -32,8% 4 1,1% 16 13,2%

Other -12 -39,2% -16 -45,3% -29 -68,3%

Total 529 11,2% 1.005 13,4% 1.085 10,5%

Net Income 2016 Margin 2017 Margin 2018E MarginContracting 81 2,9% 391 8,0% 448 6,0%

Agri Industry 140 7,5% 347 15,5% 375 13,9%

Real Estate 11 33,0% -14 -4,0% -25 -20,3%Other 99 331,0% 47 137,6% -18 -40,7%

Total 330 7,0% 771 10,3% 780 7,5%

Financial Highlights – Segmental Breakdown

67


www.tekfen.com.tr

Tekfen Group


-183

331

2.136

2015 2016 2017-680

-323

-39

860

-475

227

-220

800

1.142

586

-393

801

Contracting Agri Industry Real Estate Other

2015 2016 2017

Tekfen Group

Net Cash Position*

Tekfen Group Net Cash Position (TRY million) Net Cash Position by segment (TRY million)

68

* Net of financial liabilities, cash, cash equivalents and deposits.

** TRY1,196 million advance payment collected in Qatar for the ongoing Al Khor Motorway Project is included.

**

**


www.tekfen.com.tr

Tekfen Group


Tekfen Group

Capital Expenditures

Million TRY

Contracting Agri Industry Real Estate Other Total

2011 78,4 11,4 0,3 6,4 96,5

2012 142,6 49,9 0,3 0,4 193,3

2013 24,7 158,4 0,4 0,6 184,1

2014 27,0 371,2 2,6 0,7 401,5

2015 17,3 275,0 1,9 1,9 296,1

2016 45,7 120,0 2,6 1,4 169,7

2017 167,9 0,6 61,1 3,1 232,7

Capital Expenditures (Segmental Breakdown, Million TRY)

69

97193 184

402296

170233

2011 2012 2013 2014 2015 2016 2017


www.tekfen.com.tr

Tekfen Group


Tekfen Holding A.S. (the “Company”) has prepared this presentation (the “Presentation”) in

order to provide investors with general information about the Company. The contents of this

Presentation is based on public information and on data provided by the Company

management. Neither the Company nor any of its directors, managers or employees nor any

other person shall have any liability whatsoever for any loss arising from use of this

presentation. This Presentation does not constitute an offer or invitation to purchase the

securities of the Company. Investors and prospective investors interested in the securities of

the Company are required to conduct their own independent investigations and appraisal of

the business, financial condition of the Company and the nature of its securities. Except for

the historical information contained herein, the statements made in this Presentation with

respect to the Company’s plans, strategies, beliefs and other prospective matters are

forward-looking statements that involve risk and uncertainty that are not under the

Company’s control which may cause actual results to differ materially from those anticipated.

Except where otherwise indicated, this Presentation speaks as of the date hereof. We

undertake no duty to update or revise any forward looking statements, whether as a result of

new information, future events or otherwise.

Disclaimer

70


www.tekfen.com.tr

Tekfen Group


• For General Questions and Requests for Reports:

Çağlar Gülveren, CFA - Investor Relations and Corporate Governance

Director, Tekfen Group of Companies

e-mail: [email protected] / [email protected]

Tel: +90 212 359 3420

Can Çimenser - Investor Relations Assistant Manager,

Tekfen Group of Companies

e-mail: [email protected] / [email protected]

Tel: +90 212 359 3809

Contact Information

71


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