2Q 2017 ANALYST BRIEFING PRESENTATION Kerem Talih 18 August 2017 - PowerPoint PPT Presentation

2Q 2017 ANALYST BRIEFING PRESENTATION Kerem Talih 18 August 2017

2Q 2017 DOAS DEVELOPMENTS (YoY) 1

2Q 2017 DOGUS OTOMOTIV MAIN SEGMENT SALES PERFORMANCE Retail RETAIL MARKET DOAŞ PERFORMANCE 3

COMPETITON (Retail) JUN2017 / 2016 / VW ranked 2nd in cumulative JUN2016 JUN2017 RETAIL MARKET 2015 2016 JUN2016 JUN2017 passenger vehicle market with ∆ ∆ 12,0% market share. PASSENGER VEHICLE % RENAULT 19,2 19,7 20,9 21,6 1,9 0,7 DOGUS OTOMOTİV 23,1 23,0 22,4 20,5 -2,5 -1,9 Skoda has 3,01% market share. TOFAS 7,1 7,3 7,2 9,1 1,8 1,8 HYUNDAI 6,9 6,5 6,7 7,4 0,8 0,7 OPEL 6,5 7,3 7,1 6,1 -1,2 -1,0 FORD 6,5 5,5 6,3 6,1 0,6 -0,2 Seat has 2,59% market share. TOYOTA 6,6 6,2 5,8 5,1 -1,1 -0,7 HONDA 2,2 2,7 2,3 4,2 1,5 1,8 OTHER 21,9 21,8 21,3 20,0 -1,8 -1,3 Audi has 2,80% market share, LIGHT COMMERCIAL VEHICLE % FORD 29,5 30,1 29,7 29,9 -0,2 0,2 holding its 2nd position with TOFAŞ 25,6 23,7 23,3 23,2 -0,5 -0,1 28,9% market share in the DOGUS OTOMOTİV 13,1 14,5 15,5 12,7 -1,8 -2,9 RENAULT 9,6 9,0 8,6 9,7 0,6 1,1 premium segment. CITROEN 4,9 3,7 3,5 4,9 1,2 1,5 PEUGEOT 4,8 4,5 4,6 4,2 -0,3 -0,4 MERCEDES-BENZ 3,5 3,6 3,9 4,0 0,5 0,1 TOYOTA 1,2 2,5 2,1 2,2 -0,3 0,1 VW commercial vehicles has OTHER 7,9 8,5 8,8 9,3 0,8 0,5 LIGHT VEHICLE % 12,7% market share in the light RENAULT 16,8 17,2 18,1 18,7 1,5 0,7 DOGUS OTOMOTİV 20,6 21,0 20,8 18,7 -2,4 -2,2 commercial vehicle market. TOFAŞ 11,8 11,1 10,9 12,4 1,4 1,5 FORD 12,3 11,1 11,6 11,7 0,6 0,1 HYUNDAI 5,4 5,3 5,4 6,0 0,7 0,6 OPEL 4,9 5,6 5,5 4,7 -1,0 -0,8 DOAS completed 6M2017 with TOYOTA 5,3 5,4 4,9 4,4 -1,0 -0,5 18,7% market share. PEUGEOT 3,6 3,6 3,5 4,2 0,5 0,6 OTHER 19,6 19,6 19,3 19,2 -0,4 -0,1 4

2Q 2017 PASSENGER VEHICLE MARKET (%) Retail - Passenger vehicle market contracted by 10% yoy. DOAS’ market share in the passenger - vehicle market was realized as 20,5% . - VW passenger vehicles has the highest sales portion in Doğuş Otomotiv and herein below mentioned models have the highest contribution in VW sales units in its segment: Polo A0/HB 14,9% (rank 3) Golf A/HB 27,4% (rank 1) Passat B/NB 38,4% (rank 1) - Premium Segment: Audi: Seat’s overall contribution is marked - A3 SB&Sedan A 54,9% (rank 1) with its following leading model: A4 B 34,0% (rank 2) A6 C 14,1% (rank 3) Leon A/HB 16,5% (rank 2) Porsche: 911 Carrera D C&C 33,3% (rank 1) Panamera D NB 5,1% (rank 4) 718 Boxster/Cayman B 45,0% (rank 1) 5

2Q 2017 LIGHT COMMERCIAL VEHICLE MARKET (%) Retail - Light commercial vehicle market contracted by 5% yoy . DOAS ’s market share in light commercial - vehicle market was realized as 12,7% . - Best selling models in its segment are: Caddy A 15,8% (rank 2) Transporter B 41,5% (rank 1) Amarok B CDP 15,9% (rank 4) Crafter C-D 4,9% (rank 5) 6

2Q 2017 DOGUS OTOMOTIV BRAND SALES PERFORMANCE Wholesale WHOLESALE Δ 6M2016 6M2017 UNITS VW PV 47.910 38.834 -19% VW LCV 15.946 11.562 -27% AUDI 9.572 8.410 -12% SKODA 13.847 8.993 -35% SEAT 8.953 8.087 -10% SCANIA 1.230 631 -49% PORSCHE 370 286 -23% BENTLEY 2 6 200% LAMBORGHINI 3 3 0% DOAS TOTAL 97.833 76.812 -21% 7

LAUNCHES IN 2017 New: Cayenne, New: Arteon Panamera ST, and Golf Facelift: 911 GTS, 911 GT3 New: Q5, Bentayga A5 SB and A8 Diesel New: Ibiza and Arona Huracan Facelift: Leon Performante New: Kodiaq Facelift: New R-Series Octavia, Rapid, New S-Series Rapid Spaceback 8

FINANCIAL PERFORMANCE

FINANCIAL PERFORMANCE (mn TL) Net Sales EBITDA Net Profit Total Assets Working Capital** CapEx *186,5 mn TL of CapEx is arising from **Cash and cash equivalents, trade the purchase of Doğuş Oto Esenyurt. receivables and inventory are included. 9

MARGINS (%) Gross Profit Margin OpEx/Sales EBITDA Margin %8 Cons. Max 10 % Target Wholesale Market Share* EBIT Margin Net Profit Margin *PV, LCV and HCV sales are included. 10

INCOME STATEMENT Gross profit margin was realized as 10,3% and both Δ 2Q2017/ TL’000 2Q2017 2Q2016 revenue and direct cost of revenue decreased by 3% 2Q2016 yoy. Revenue 5.215.259 5.359.824 -3% Impacts on revenue and direct cost of revenue: Direct cost of -4.677.498 -4.804.731 -3% • Increase in EUR/TL rate. revenue • Decrease in yoy sales volume. Gross profit 537.761 555.093 -3% Sales and Marketing Expenses: Total Operational -359.645 -376.226 -4% 4% decrease in Advertising expenses and 14% Expenses decrease in Warranty expenses offset by slight EBIT 178.116 178.867 0% increase of 20% in Personnel expenses. Income from 17.497 16.860 4% General Administrative Expenses: Investing Activities Expenses substantially consisted of Personnel Income/Loss from 45.454 56.368 -19% expenses (93,420 TL). A rise of 3% due to increase in average salary. Associates Financial -166.626 -124.291 34% Depreciation and amortization expenses increased by 31% due to Doğuş Oto Esenyurt and Kartal income/costs, net buildings. Profit before income 74.441 127.804 -42% tax Financial Costs increased by 34% due to increase in Tax expense -4.782 -14.635 -67% interest expense on borrowings. Profit for the year 69.659 113.169 -38% One-off events in 2Q 2017: Capitalized non-refundable tax of Doğuş Oto Esenyurt. 11

EQUITY ACCOUNTED INVESTEES Δ 2Q2017/ TL’000 2Q2017 2Q2016 2Q2016 Associates VDF 20.512 25.937 21% Doğuş Sigorta 908 885 3% Yüce Auto 3.322 6.461 -49% VDF Servis 5.875 6.712 -12% TÜVTÜRK N&S 15.800 16.161 -2% (Consolidated) Meiller-Doğuş* 47 -514 109% Doğuş Teknoloji -1.010 726 -239% Total 45.454 56.368 -19% The sale of Meiller’s production and administration facility has been concluded, and Meiller brand * distributorship agreement with our Company has been terminated. 12

BALANCE SHEET Inventories: Number of vehicles increased from TL’000 Δ 30.06.2017 31.12.2016 20.217 units on 31.12.2016 to 21.814 units on ASSETS 4.812.519 4.851.854 -1% 30.06.2017. Cash and cash 74.272 89.098 -17% Tangible Assets: increased by 23% due to the equivalents purchase of Doğuş Oto Esenyurt. Trade receivables 1.025.213 1.213.786 -16% Financial Liabilities: Inventories 1.674.213 1.650.960 1% Financial liabilities decreased by 6% due to the Financial Investments 553.463 550.350 1% decline in the long term loans. Investments in equity Investments in Equity Accounted Investees 317.936 305.986 4% accounted investees TL’000 30.06.2017 31.12.2016 Tangible and intangible 987.056 807.191 22% Associates non-current assets Doğuş Sigorta 34.227 35.273 Investment property 19.602 19.809 -1% VDF Servis 53.421 47.546 Other 160.764 214.674 -25% VDF 146.462 125.950 Yüce Auto LIABILITIES 3.625.708 3.733.141 -3% 18.171 21.919 Doğuş Teknoloji 9.424 6.179 Financial Liabilities 2.586.714 2.758.435 -6% Joint Arrangements Trade payables 872.036 770.675 13% TÜVTÜRK N&S Provisions 84.427 82.832 2% 53.210 60.265 (Consolidated) Other 82.531 121.199 -32% Meiller-Doğuş 3.021 8.854 EQUITY 1.186.811 1.118.713 6% Total 317.936 305.986 13

FINANCING COSTS Δ 2Q2017/ Million TL 2Q2017 2Q2016 2Q2016 Financing Costs 166,626 124,291 34% Finance expenses, net 166,540 124,263 34% Interest expense on borrow ings 160,399 119,458 34% Commission expenses on letters of guarantee 3,507 1,637 114% Other financial expenses 2,634 3,168 -17% Foreign Exchange gain/loss, net 0,086 0,028 207% 14

FINANCIAL PERFORMANCE Δ Million TL 30.06.2017 31.12.2016 Working capital 2.774 2.954 -6% Net cash position -2.551 -2.707 6% Receivable Turnover (day) 36 37 -3% Inventory Turnover (day) 65 56 17% Payable Turnover (day) 34 26 30% Δ Million TL 30.06.2017 31.12.2016 CAPEX 238 208 14% ROA 1,4% 4,9% -70% ROE 5,9% 21,3% -72% 15