#1. EFES INVESTOR PRESENTATION JANUARY 2021#2+1 NOW TII LA 199 yes ROCK จ SHO Anadolu Efes At a Glance AD 000 + D asned EFES#3+1 A regional beverage company with diversified businesses... 700 mn Population 48.4 mhl Brewing Capacity Europe's 5th* In FY2019; 111 mhl Sales Volume 21 Breweries 26 Bottling Plants World's 10th* 23.3bn TL Largest Sales Revenue 1.5 bn u/c Brewer Bottling 4.1bn TL Capacity *The Barth Report 2019/2020 **FY2019 7th Largest Coca-Cola Bottler EBITDA 2.3bn TL Free Cash Flow 3 EFES#4+1 Solid, consistent financial performance with strong track record... Diversified business model including beer and soft drinks 具 Strategic Partnership with World's leading FMCG companies; AB InBev & TCCC Strong market positions across all operations Strong brand portfolio including some of the world's best known brands and strong regional brands Abundant potential in demographics Expertise & Know-How in driving cost efficiencies G Strategy, Execution and People to accelerate quality growth Proven track record of expansion & growth in emerging markets 4 EFES#5+1 Maximizing value of our business... . Maintaining a healthy balance Maximizing organic growth Invest in brands, sheet market and capacity Net Debt/EBITDA: 1.0x - 2.0x Maximizing shareholder value Dividend pay-out ratio of min. 40% Investing in inorganic growth Leverage acquisition opportunities Capital Allocation Priorities 5 EFES#6+1 SHO + D 2020 Volume Performance NOW TII LA 199 yes ROCK จ AD 000 asned KO EFES#7+1 Resilient volume performance in FY2020, despite headwinds... ANADOLU EFES CONSOLIDATED SALES VOLUME +4.9% -1.2% 104.7 103.5 20.1 21.1 4Q2019 4Q2020 FY2019 FY2020 Beer Operations ✓ FY2020 volume slightly up 0.2% ✓ International volume up 2.6% in FY2020 Yet down by 2.4% in 4Q ✓ Turkey beer volumes in 4Q much resilient vs 1H Soft Drink Operations FY2020 volume slightly down 1.9% ✓ Volume growth of 11.7% in 4Q ✓ All countries' positive contributions except for Tajikistan International up 15.8% ✓ ✓ Turkey up 7.3% 7 EFES#8+1 hu mhl 8.6 1.3 3rd consecutive year of volume growth in Russia... Beer Sales Volume -4.1% 8.2 1.1 Turkey International +0.2% 36.2 36.2 5.4 4.6 30.8 31.6 7.3 7.1 4Q2019 Turkey Operations 4Q2020 FY2019 FY2020 ✓ First half of the quarter more resilient than expected ✓ Sales limitations & weekend lockdowns put pressure on the second half of 4Q ✓ Better performance than 1Q & 2Q despite more strict measures Continued to invest in market to enhance visibility and consumer touch Volume Breakdown* CIS 10% Turkey 13% 0 77% Russia & Ukraine *Breakdown on combined basis International Operations Russia volume decline of low-to-mid single digit ✓ Cycling a high base of high-single growth in 4Q2019 ✓ Increased restrictions & intense competition Ukraine volume up high-single digit ✓ CIS volume down low-to-mid single digit ✓ Increased number of COVID-19 cases ✓ Shift to economy segment observed 8 EFES#9m u/c +1 Volume growth in 4Q across the board... Soft Drinks Sales Volume Volume Breakdown By Country Turkey International +11.7% -1.9% Others Azerbaijan Iraq 4% 4% 9% 227 1,208 1,184 203 Kazakhstan 12% 106 654 672 99 121 104 554 512 4Q2019 4Q2020 FY2019 FY2020 27% Pakistan *Breakdown on combined basis 43% Turkey Turkey Operations ✓ Volume growth of 7.3% in 4Q2020 ✓ Sparkling grew 18.1% ✓ Increased consumer communication, promotion, and in-store activation support. Share of immediate consumption packages down to 25% from 33% in FY2019; due to on-trade closure International Operations ✓ International operations volume up 15.8% in the quarter ✓ Pakistan volume up by 32.1% ✓ Focus on at-home consumption, consumer promotionsa and regional focus Middle East volumes increased 4.9%, Central Asia up 6.2% 9 EFES#10+1 NOW TII LA 199 yes ROCK จ 3Q Financial Review AD 000 SHO + D asned EFES#11+1 Robust financial performance in 3Q... ■ ☐ ■ Volume growth driven by both business segments International beer volumes grew by 6.2%; mostly driven by Russia Turkey beer volume showed a significant improvement compared to 1H Price increases & revenue growth management initiatives VOLUMES 3Q 9M +2.5% -2.7% REVENUE ■ Higher volumes 3Q 9M ■ +24.2% +12.5% Positive currency translation EBITDA (Margin) ■ 3Q 9M +47.8% +22.0% (+382bps) (+149bps) ■ Net Income 3Q 9M TL460 mn TL728 mn Significant margin expansion in 3Q, backed by; Robust volumes growth in both businesses Prudent cost and expense management EBITDA margin up by 149 bps to 19.1% in 9M Higher operational profitability in 3Q however, bottomline declined; Investment income in 3Q2019 related to FX gains supported bottomline (-21.4%) (-13.1%) Free Cash Flow 3Q TL1,904 mn 9M ☐ TL2,896 mn (+TL 1,104mn) (+TL 1,460mn) Both business segments reported positive free cash flow FCF in 3Q more than doubled; driven by " Significant improvement in core working capital & savings in capex *9M2019 financials are restated to exclude Doğadan as per the announcement made by Coca Cola İçecek on April 1st, 2020; therefore, the percent changes are given on a proforma basis. "EFES#12+1 Margin expansion delivered across the board... 0 VOLUME NET REVENUE اس EBITDA BNRI EBITDA BNRI% +47.8% +22.0% 3Q 32.8 mhl 9M 82.4 mhl +2.5% vs. PY -2.7% vs. PY 3Q 9M 8,740 mTL 20,324 mTL +24.2% vs. PY +12.5% vs. PY 3Q 10.6 mhl 9M 28.0 mhl +4.4% vs. PY +1.5% vs. PY EBI TURKEY BEER BEER ANADOLU GROUP EFES 3Q 3,768 mTL 9M 9,117 mTL +18.1% vs. PY +11.1% vs. PY 3Q 9M 3Q 9M 1.6 mhl -4.3% vs. PY 3.5 mhl 833 mTL 1,680 mTL -13.7% vs. PY +12.3% vs. PY +1.2% vs. PY mTL mTL mTL 3Q 9M 1,413 2,088 3,184 3,885 3Q19 3Q20 9M19 9M20 23.9% +3.8pp vs. PY 19.1% +1.5pp vs. PY +25.5% +7.5% 3Q 1,904 mTL FREE CASH FLOW 9M 2,896 mTL +1,104m vs. PY +1,460m vs. PY 3Q 9M 3Q 9M 543 682 1,176 1,264 3Q19 3Q20 9M19 9M20 18.1% +1.1pp vs. PY -0.5pp vs. PY 13.9% 444 mTL 688 mTL +466m vs. PY +47m vs. PY +20.6% -2.3% 3Q 9M 3Q 194 234 273 267 3Q19 3Q20 9M19 9M20 28.1% +1.9pp vs. PY 15.9% -0.6pp vs. PY 96 mTL +188m vs. PY 9M 161 mTL +477m vs. PY| 3Q 9M 3Q 9M 8.9 mhl 24.5 mhl 2,917 mTL 7,340 mTL +6.2% vs. PY +4.1% vs. PY +19.9% vs. PY +13.7% vs. PY mTL +27.1% +11.8% 3Q 9M 357 453 923 1,032 3Q19 3Q20 9M19 9M20 15.5% 13.9% +0.9pp vs. PY-0.2pp vs. PY 3Q 348 mTL +278m vs. PY *9M2019 financials are restated to exclude Doğadan as per the announcement made by Coca Cola İçecek on April 1st, 2020; therefore, the percent changes are given on a proforma basis. 9M 527 mTL -430m vs. PY 12 EFES#13+1 Solid financial discipline maintained... Net Debt/ EBITDA : Beer Group: 1.3x (9M2019: 1.3x) Anadolu Efes: 0.8x (9M2019: 1.2x) Average debt maturity; Beer Group: 1.7 years Anadolu Efes: 2.4 years Hard currency cash; Beer Group: 67% Anadolu Efes: 62% H = Record low core working capital... CWC/Revenue; Beer Group: -16.9% Anadolu Efes: -6.4% P&L risk management... Currency 71% Hedged (2021) Aluminium 59% Hedged (2021) Minimized B/S FX-exposure... Net investment hedging leading to less volatility in bottomline Reducing share of FX-debt exposure... Hard currency exposure; Beer Group: 74% (9M2019: 84%) Anadolu Efes: 75% (9M2019: 83%) Debt Interest rate; Beer Group: 100% fixed Anadolu Efes: 93% fixed Maintaining double-investment grade rating... S&P: BBB- Fitch: BBB- 13 EFES#14+1 NOW TII LA 199 yes ROCK จ SHO 2020 Expectations AD 000 + D asned EFES#15+1 Over-delivered our beer group volume guidance... Volumes EBITDA Margin Decline by mid-single digit on annual basis EBITDA margin contraction in FY to be less than 1H In FY2020, beer volume growth of 0.2% significanty outperformed our guidance of mid-single digit decline Capex/ Net Sales Free Cash Flow Will not exceed previous year's level Positive Free Cash Flow 15 EFES#16+1 NOW TII LA 199 yes ROCK จ Appendix AD 000 SHO + D asned EFES#17+1 Shareholder Structure Public 33% ANADOLU EFES 24% 43% A70 ANADOLU GROUP ANADOLU -EFES- 100% BEER OPERATIONS ABInBev -Turkey Beer Operations EFES TÜRKİYE -International Beer Operations (EBI) 50% Russia ABInBev /EFES 100% Kazakhstan EFES KAZAKHSTAN 96.9% Moldova EFES MOLDOVA 100% Georgia EFES GEORGIA 50% Ukraine ABInBev/EFES 50.3% SOFT DRINK OPERATIONS Özgörkey Holding 1.9% Public 27.8% CCI 20.0% The Coca-Cola Company 50.3% ANADOLU EFES 17 EFES#18+1 NOW TII LA 199 yes ROCK จ SHO Beer Operations AD 000 + D asned EFES#19+1 Strategic priorities in Beer Group to drive value... 223) (00 香味 PEOPLE BRANDS OPERATIONAL EXCELLENCE FINANCIAL DISCIPLINE & VALUE CREATION CUSTOMERS & CONSUMERS STAKEHOLDERS Nurturing our talents by establishing required tools & systems and providing great place to work Providing choice, great taste, quality and innovation Building competitive advantage through lean and efficient process and organization Achieve profitable growth and maximize free cash flow to generate above average return on our investments Enhancing Customer Dealer engagement through better collaboration and innovative solutions Building relationships and credibility with EXPANSION & GROWTH Expanding our business through enhancing stakeholders brand portfolio, utilizing new channels and geographical expansion 19 EFES#20• • • . +1 Beer Group in a Nutshell 6 countries, 300 mn population • 21 Breweries, 100+ brands 48.4 mhl brewing capacity, 70+ export countries 11.1 bn TL revenue* & 1.7 bn TL EBITDA* Market leader in all operations UKRAINE MOLDOVA GEORGIA TURKEY Volume Breakdown* CIS 11% 15% Turkey 0 74% Russia & Ukraine Revenue Breakdown* International Turkey 20% 0 80% *FY2019 KAZAKHSTAN RUSSIA EBITDA Breakdown* 21% Turkey 0 79% International 20 EFES#21+1 Russian Beer Operations H= 01 02 60 Russian beer market was almost flat in 2019 & our volumes grew by high single digit Became market leader with ~30% market share & clear market leader in Super Premium & Premium segments 03 03 Successful integration & focus on net revenue growth 04 Focus on premium brands while keeping pricing strategy for all segments 05 ABInBev/EFES Strong portfolio of growing brands in all price segments, that allows us to meet consumer needs in different channels and occasions 21 * EFES#22+1 Turkey Beer Operations Low per capita consumption of 11 liters* offering a growth potential Growing population with 1.4% annual growth rate in 2019 Leading brewer with 57%** market share Rich portfolio of local, imported & licensed brands covering all segments #1 in consumer spending in Food & Beverage category 99% penetration in alcohol selling stores in Turkey** ? 3 Breweries with 7.0 mhl capacity 2 Malteries & 1 Hops Processing Facility enabling vertical integration for key raw materials 100% brand awareness for "Efes Pilsen" © GlobalData **Volume share FY2019, Nielsen "EFES#23+1 NOW TII LA 199 yes ROCK จ SHO Soft Drink Operations AD 000 + D asned EFES#24+1 Strategic Priorities In Soft Drink Operations to Drive Value... FANI Accelerate Growth Capp caCom Coca-Cola Colla FUSE ANT • Full-beverage portfolio • Revenue Growth Management (RGM) Expand Sparkling & Stills • Increase frequency Regional strategies Win at the Point of Sale Exercise Financial Win with People Discipline • Increase outlet coverage • Increase cooler penetration • Right Execution Daily • ⚫ E-commerce • Future-proof RTM ONE CCI . Productivity savings • Working capital improvements ⚫ Healthy FCF • Optimum leverage Effective FX management WW ONE CCI • Integrated Talent Strategy • Leadership Development High Performing Team • Transformation to "OnePeople" 24 * EFES#25• +1 Coca-Cola Icecek in a Nutshell 10 countries, ~400 mn people • 26 production plants with 126 lines • 1.5 bn UC(1) annual production capacity • ~780 thousand sales points • 1.3 bn UC sales volume • $2.2 bn revenue & $ 403 mn EBITDA Volume Breakdown Revenue Breakdown AZERBAIJAN TURKEY SYRIA IRAQ JORDAN KAZAKHSTAN TURKMENISTAN KYRGYZSTAN TAJIKISTAN EBITDA Breakdown PAKISTAN 7% ■ Turkey ■ Turkey 8% 20% ■ Pakistan ■ Pakistan 11% ■ Kazakhstan 47% 53% 47% Turkey 50% ■Iraq 15% ■ Kazakhstan ■International 23% ■ Others ■ Others 18% Figures reflect FY 2019 numbers unless otherwise stated (1) Unit case, 1 UC equals 5,678 liters 25 EFES