NOTICE

The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Please note that all financial data are prepared based on IFRS accounting.

2 2

HEADLINES FOR Q1 2015

Strong growth in first quarter sustained:

Net Sales at 4.094,2 Mio TL (+21% YoY)

EBITDA at 187,0 Mio TL (17% YoY)

Net income at 123,5 Mio TL (15% YoY)

Like for Like sales up 10,6%

Continued expansion – 133 new stores in Turkey, 13 in Morocco and 16 in Egypt

First FİLE store opened in March

3

QUARTERLY NET SALES AND GROSS PROFIT

4

3.395,1 3.561,0

3.752,7 3.754,3

4.094,2

528,1 545,4 589,4

563,2

634,3

200,0

300,0

400,0

500,0

600,0

700,0

800,0

900,0

1000,0

0

500

1000

1500

2000

2500

3000

3500

4000

4500

1Q14 2Q14 3Q14 4Q14 1Q15

Net Sales

Gross Profit

TL Million

Gross Margin 15,6% 15,3% 15,7% 15,0% 15,5%

QUARTERLY EBITDA AND EBIT

EBITDA – EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION

EBIT – EARNINGS BEFORE INTEREST AND TAX 5

160,1

141,0

176,5

141,0

187,0

128,1

107,2

141,3

105,3

148,5

0

20

40

60

80

100

120

140

160

180

200

1Q14 2Q14 3Q14 4Q14 1Q15

EBITDA

EBIT

EBITDA 4,7% 4,0% 4,7% 3,8% 4,6%

EBIT 3,8% 3,0% 3,8% 2,8% 3,6%

TL Million

QUARTERLY NET INCOME

6

107,8

89,7

115,4

82,4

123,7

0

10

20

30

40

50

60

70

80

90

100

110

120

130

1Q14 2Q14 3Q14 4Q14 1Q15

Net Income

TL Million

Net Income Margin 3,2% 2,5% 3,1% 2,2% 3,0%

LIKE FOR LIKE SALES INCREASE

* Note: calculated on the basis of net sales generated in 1Q14 and 1Q15 by stores operating on 31 March 2013 and that were still open on 31 March 2015 (3.585 stores)

7

2014 Q1 2015 Q1 INCREASE

Like For Like Sales (Mil TL)

3.004,2 3.323,6

Like For Like Basket (TL)

12,02 13,40

Like For Like Customer Traffic (Per store/per Day)

774,8 769,0

10,6%

Quarterly

11,5%

-0,7%

PRIVATE LABEL SALES CONTINUE TO GROW

PRIVATE LABEL 69,5% PRIVATE

LABEL 70,7%

SPOT 4,9%

SPOT 4,6%

EXCLUSIVE 5,3%

EXCLUSIVE 4,8%

BRANDED 20,3%

BRANDED 19,9%

1Q14 1Q15

8

LOW-CAPEX BUSINESS MODEL

145,6

95,2

58,4

113,1 107,7

4,3 %

2,7%

1,6%

3,0% 2,6%

0

1

2

3

4

5

6

7

0

50

100

150

1Q14 2Q14 3Q14 4Q14 1Q15

Quarterly CAPEX

% of Net Sales % of Net Sales

9

TL Million

9

STRONG STORE GROWTH CONTINUES

4.1594.344 4.406 4.502

4.635

3.0003.2503.5003.7504.0004.2504.5004.7505.000

1Q14 2Q14 3Q14 4Q14 1Q15

Stores in Turkey

Number of Stores

10

FOREIGN OPERATIONS - HIGHLIGHTS

11 11

MOROCCO EGYPT

• 13 Stores opened in 1Q 2015 and we have 236 to date

• Targeting 81 openings in 2015 and to exceed 300 stores

• Targeting EBITDA positive in 2015

• 16 Stores opened in 1Q 2015 and we have 97 to date

• Targeting 54 openings in 2015 and to exceed 135 stores

• Second warehouse to be opened in 2015

12 12

• First store of our new format of “discount supermarket”opened in March with 1200 m2 in Istanbul

• First figures are promising

• More than 10 stores will be opened by the end of this year

• Private Label share is 27%

13

14

IFRS INCOME STATEMENT

15 15

TL million 3 months ended 31 March

2014 2015

Net Sales 3.395,1 4.094,2

(COGS) (2.867,0) (3.459,9)

Gross Profit 528,1 634,3

Total SG&A (368,0) (447,3)

EBITDA 160,1 187,0

D&A (32,0) (38,5)

EBIT 128,1 148,5

Net financial income/(expenses) 6,3 5,9

Other income/(expenses) 2,8 3,7

PBT 137,2 158,1

Taxes (29,4) (34,6)

Net income 107,8 123,5

IFRS BALANCE SHEET

16 16

TL million As at 31 March

Q1 2014 Q1 2015 Intangible assets 4,4 4,7 Tangible assets 1.084,7 1.304,1

Financial Investments (long term) 118,0 157,5 Other non-current assets 27,3 25,5

Total fixed assets 1.234,4 1.491,8 Trades receivable 364,1 480,0

Inventories 678,5 866,1 Prepayment and other assets 197,9 232,6

Trades payable (1.759,6) (1.984,2) Other payable and accrued liabilities (101,1) (137,3)

Net working capital (620,2) (542,8) Invested Capital 614,2 949,0

Cash & cash equivalents (540,7) (390,3) Short term borrowings 15,6 18,8

Net debt/(cash) (525,1) (371,5) Severance funds 40,5 55,0

Deferred tax liabilities 12,7 13,2 Shareholders' equity 1.086,1 1.252,3

Capital Employed 614,2 949,0

IFRS CASH FLOW

17 17

TL million 3 months ended 31 March

2014 2015

Net Income 107,8 123,5 D&A 32,0 38,5

Other non-cash items (2,8) (2,8) Funds from operations 137,0 159,2

Change in net working capital 157,8 25,7 Operating cash flow 294,8 184,9 Capital expenditures (145,6) (107,7)

Proceeds from sales of PPE 1,8 2,9 Cash flow from investing activities (143,8) (104,8)

Free cash flow 151,0 80,1 Profit share received from deposits account 2,4 3,3

Proceeds from ST borrowings 2,4 1,4 Treasury Shares Purchase & Sale, Net (20,3) (19,6)

Cash flow from financing activity (15,5) (14,9)

Currency translation differences (2,4) (0,8) Increase/(decrease) in cash 133,1 64,4