#1MIGROS Investor Presentation April 2017 MMM MIGROS MMM MIGROS#2MIGROS Disclaimer Migros Ticaret A.Ş. (the "Company") has prepared this presentation for the sole purpose of providing information about its business, operations and financial results. The information in this presentation is subject to updating, revision and amendment. The information in this presentation, which includes certain information drawn from external sources, does not purport to be comprehensive and has not been independently verified. No reliance may be placed for any purpose whatsoever on the information contained in this presentation or any assumptions made as to its completeness. 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Further details of the principal risks and uncertainties affecting the Company are provided in the Company's filings with the Istanbul Stock Exchange, including the Company's most recent annual report. By reading this presentation or attending or listening to any relevant meeting, conference call or podcast organized by the Company you agree to be bound by the above provisions. 1#3MIGROS Today's Agenda I Business Snapshot and Update II. Key Investment Highlights and Strategy III. Overview of the Kipa Acquisition IV. Update on Financial Performance#4MIGROS I. Business Snapshot and Update#5MIGROS Migros at a Glance (1/2) ■ Operating in 3 countries MIGROS 63rd Year! Geographical Footprint 1,794 Stores¹ with Kipa Innovation, Loyalty & Customer Service Corporate Governance and Social Responsibility Turkey (73 cities out of 81) Macedonia and Kazakhstan (39 stores) ■1,533 MIGROS (supermarkets) ■39 macro center (upscale supermarkets) ■168 kipa (Supermarkets and Hypermarkets) ■15 MIGROS (wholesale and foodservice stores) -TOPTAN ■39 Ramstore (international stores) ■Migros Online 1.2m members and 45% mobile orders Acquisition and re-launch of Tazedirekt MIGROS SANAL MARKET www.sanalmarket.com.tr Taze Direkt .com ■6.5m loyal households Money Club Card ■Introduced more than 100 innovations for the retail market ■ Only retail company in the "BIST Sustainability Index" ■ Corporate Governance Index since 2015 ■ 23,210 employees of which 40% are women ■Best retailer of the country 13 years in a row² C⭑ MMM MIGROS MMM MIGROS macro center 31 АШЫЛУЫ! Рамстор 80% of HH TÜRKİYE'NİN EN BEĞENİLEN SİRKETLERİ & MONEY Chub 38% of HH M Perakende Migro MPA Akademis A- +100 2016 CDP Grade: 1 as of March 2017 2 Capital Business magazine. 4#6MIGROS Migros at a Glance (2/2) ■Sales increased 17.8% to TL 11.1bn ■EBITDA increased 14.0% to TL 686m with an Sales (TLbn) EBITDA margin of 6.2% 2016 Full Year Results ■Net Debt decreased to 2.7x EBITDA in 2016 versus 2.9x in previous year CAGR +14.4% 6.5 Kipa Acquisition TL199m purchase price ■Closed on 01-Mar-17 ■Kipa 3Q 2016 LTM Sales of TL 2.3bn Portfolio of 168 stores including hypermarkets, large supermarkets and express stores ■37 retail real estate properties (16 of which are long term ground lease properties) 2012 11.1 2016 Sales Area (SQM '000s) 1 1,399 852 CAGR +6.1% 1,079 2012 2016 [882 Stores] [1,605 Stores] 2016 with KIPA [1,773 Stores] 5#7MIGROS II. Key Investment Highlights and Strategy#8MIGROS Key Investment Highlights 5 1 Turkey is a large, attractive and resilient market with significant growth potential specifically in food retail 2 Migros is a leading operator in the organized market with a consistent track record of market share gains... 3 ...And multiple formats catering to an "evolving" consumer Operations are supported by a truly best-in- class supply chain, IT and CRM infrastructure With a clear strategy to organically and inorganically drive growth in the decades ahead Industry best-in- class historical top line growth and cost management with strong cash flow generation 7#9MIGROS 1 Turkey is a large, attractive and resilient market with significant growth potential specifically in food retail Turkey GDP ($bn)¹ GDP ($bn) 900 800 700 600 500 1994 Economic Crisis 400 300 200 100 0 1980 1985 1999 Marmara Earthquake ল 2009 World Economic Crisis 10x larger economy In 35 years 2001 Economic Crisis 1990 1995 2000 2005 2010 2015 Population (m) Total Grocery Spend per Capita ($) Next 5Y Growth² (0.7)% (0.6)% 1.1% 2.0% 2.8% 4.9% 1.1% 10.5% 3.5% 1.9% 3.9% 2.5% 1.6% 1.4% Next 5Y CAGR³ 3,780 82 3,435 79 64 65 61 46 38 55 2,710 2,357 2,370 1,396 1,169 1 Worldbank, Turkstat. 2 Based on Euromonitor. 3 Based on Euromonitor (current prices, fixed 2016 FX rates). C⭑ C⭑ 80#10MIGROS 2 Migros is a leading operator in the organized market with a consistent track record of market share gains... 11.5% 2.0% Turkish Food Retail Market¹ Unorganized 69.2% Organized 30.8% Food Retail Sector [~ TL 316bn] 2016 Market Share of Organized Food Retailers³ 9.5% 3.2% 15.3% 8.4% 5.6% MGD Grocery Market Share (%) ² 2 30.8% 45.4% 54.5% Migros's Market Share in Modern Grocery Retail³ 84.4% 84.1% 83.7% 78.7% 11.5% 2.0% ! 7.8% 17.3% i 2.9% i 14.4% 6.8% 9.5% 5.5% 1.1% 5.7% 13.8% MIGROS kipa Player 1 Player 1 Player 2 Player 3 2015 2016 ■Total FMCG Market Share 2015 2016 2015 2016 ■Modern FMCG Market Share Supermarkets Discounters Euromonitor Nielsen 1 Planet Retail 2016 2 Planet Retail 2016. MGD Grocery Spend defined as sales of total grocery products (edible grocery, household & petcare, health & beauty and foodservice) from modern grocery distribution retailers and wholesale enterprises (MGD). 3 Based on Euromonitor data (2016). Modern Grocery Retailers category and Nielsen. 9#11International MIGROS 3 ...And multiple formats catering to an "evolving" consumer MIGROS ■ Core expertise with 1,533 stores¹ ■Multiple format including M-JET, M, MM, MMM and 5M (from 40 to 4,500 sqm and 1,800 to 18,000 SKUs) ■ Operations in 73 cities ■Sales area of 999k sqm MMM MIGROS MMM MIGROS macro center ■Upscale offering with 39 stores¹ with strong brand loyalty ■Operations in 5 cities ■Sales area of 30k sqm Turkey Online ■Turkey's first and leading online food retailer Direct delivery from 105 stores in 24 cities ■Tazedirekt started as a stand- alone operation in March 2017 Taze Direkt .com MIGROS SANAL MARKET www.sanalmarket.com.tr Wholesale & Foodservice Wholesale & Food Service ■Currently operating in 11 cities ■15 Wholesale stores ■Dedicated warehouses and customer delivery Sales area of 9k sqm MIGROS TOPTAN- MIGROS Kazakhstan ■1.8% of consolidated sales from Kazakhstan ■19 supermarkets/1 shopping mall ■Total sales area of 35k sqm ■Operations started in 1999 31 da АШЫЛУЫ Рамстор 1 As of 31-Mar-2017. Ramstore Ramstore Macedonia ■1.2% of consolidated sales from Macedonia ■20 supermarkets/1 shopping mall Total sales area of 19k sqm Operations started in 2005 10 10#12MIGROS 4 Operations are supported by a truly best-in-class supply chain, IT and CRM infrastructure Distribution Serving 1,800+ stores through 23 Distribution Centres including Kipa Automated picking and sorting system in Gebze, Istanbul DC Procurement Central procurement for entire range 11 regional procurement centres for fruit and vegetables 2 International procurement centres Owner of largest integrated meat facility of the Country Meat Vertical Integration Pre-packaged meat products and ready-to-cook varieties Information Technology Systems In-house bespoke IT infrastructure and support Only retail R&D centre in Turkey CRM Largest Loyalty Programme with 9.3 million Active Cards "Money" umbrella loyalty club program including well-known brands Safety in Purchasing Safety in Storage TURKISH AIRLINES MONEY Miles&Smiles Chub 4814 8710 13950 VISA cinemaximum K-Q TSE-ISO-EN 9000 G-F TSE-ISO-EN 22000 Safety in Selling 80% positive Garanti hopi 11#13MIGROS III. Overview of the Kipa Acquisition#14MIGROS Overview of Kipa Acquisition Transaction Overview Migros acquired 95.5% of Tesco Kipa shares in March-2017 Purchase value of TL 199 million Implied estimated price per share of TL 0.15638 Acquisition is financed by existing TL credit lines Pro Forma Impact & Expectations Number of Stores - Total² Sales Densities³ Kipa Overview • Modern grocery retailer focused on the Western regions of 1,605 Turkey with 168 stores, total sales of TL 2,342 million¹ and net sales area of ~320k sqm, comprising: - 17 Hypermarkets >6,000 sqm 31 Large Supermarkets between 2,000 and 6,000 sqm 48 Supermarkets - 72 Express stores 37 retail real estate properties (16 of which are long term 1,773 7,369 ground leases) Centrally located distribution centre in Torbali, İzmir (owned property) Migros Migros PF Kipa Migros 1 Refers to LTM November 2016. 2 Migros as of 2016. Kipa as of 2016. 3 Migros refers to fiscal year ending 31 December 2016, only for Turkish operations. Kipa refers to LTM as of November 2016. 10.802 13 13#15MIGROS Kipa Acquisition Operational Rationale Scale Benefits Significant increase in market share & economics of scale Accelerated Expansion An important chance to increase Migros footprint in our priority regions (both in terms of consumer wealth and local production / farming capabilities) Achieve the optimum tenant mix in shopping malls to benefit our core retail business while gaining valuable experience in shopping mall management An excellent opportunity for enlarging Migros large store portfolio network in an accelerated way Desirable Locations Significant real estate content increases operational flexibility Cost Efficiency Better absorption of supply chain and HQ fixed costs for combined operations 14 14#16MIGROS Kipa Acquisition Benefits to Our Stakeholders Consumers Economies of scale will enable us to give more value to our customers Products better in quality & freshness at attractive prices Suppliers ■ Opportunity for suppliers to leverage Migros' warehouse network and logistics ■ Scale opportunity for all suppliers Shareholders Realize future growth potential earlier Equity of combined company is bolstered through acquired properties Expected deleveraging might be realized faster Employees New career opportunities for working for one of the largest retailers in the country ■ New learning opportunity through cultural enrichment and work-place best practices 15#17MIGROS Significant Real Estate Content Increases Operational Flexibility Sizeable Asset Value 37 Real Estates 26 Shopping Malls The total value of Kipa Real Estate assets is estimated to be higher than the current book value of TL700m The company owns its main warehouse with a storage area of ~50k sqm (Torbalı Distribution Centre) İzmir - Çigli kipg extra İzmir - Balcova Yalova Ankara - Polatli Antalya kipaextra Mersin - Mezitli 16 16#18MIGROS And a Track Record of Deleveraging Cash & Debt Items Cash & Cash equivalents Financial Debt Net Debt Net Debt/ EBITDA Additional debt due to acquisition¹ Net debt / EBITDA with Kipa after acquisition 1 including Kipa's debt Migros 2016 Cash and Leverage Position Total TL m TL m EUR m 967 51 1,157 2,979 409 692 1,822 2.7x ~500 ~500 3.4x Deleveraging Profile - Net Debt/ EBITDA 4.0x 3.2x 2.9x 2.7x 2013 2014 2015 2016 17 12#19MIGROS Migros 2016 Results with Kipa Run-Rate Estimates (RRE) Kipa offers an opportunity to deleverage the company faster w/o Asset Sales - 2016 RRE with Asset Sales¹ - 2016 RRE TL million 2016 Migros Kipa Run-Rate² Combined Kipa Run-Rate² Combined 11,059 Sales 1,746 12,805 1,746 12,805 EBITDA 686 132 818 90 776 (EBITDA Margin) (6.2%) (7.5%) (6.4%) (5.2%) (6.1%) Net Debt 1,822 Net Debt/ EBITDA 2.7x 2,322 2.8x ~ 1 This scenario includes TL 500 m real estate divestiture assumption in the next 2-3 years. 2 Run-Rate simulation period is 2-3 years. 1,822 2.4x 18#20MIGROS IV. Update on Financial Performance#21MIGROS Key Financial Highlights Consistent Organic Growth 232 New store openings in 2016 Strong long term top line and EBITDA growth 5-Year Sales CAGR of 14.4% and EBITDA CAGR of 12.4% Market Share Gains Reflected in the Top-line Improving Leverage Ratio 2016 Sales of TL 11,059mn, Gross Profit of TL 2,962mn and EBITDA of TL 686 mn Good near-term momentum Sales growth of in 22% in 4Q 2016 and of 18% in 2016 Domestic sales growth of 23% in 4Q 2016 and 20% in 2016 Improvement on leverage with Net Debt / EBITDA reduced to 2.7x in 2016 from 2.9x in 2015 20 20#22MIGROS 6 Industry best-in-class historical top line growth and cost management with strong cash flow generation Strong Long Term Growth, Last 5 Years (TLm) Number of Stores 723 New Stores 168 1,773 1,605 1,410 1,190 Robust Domestic 1,004 882 Growth of 19.7% in 2016 Accelerated Sales Growth Momentum More Competitive and Higher Household Penetration 2012 2013 2014 2015 2016 KIPA Total Growth 10.2% Sales 14.0% 15.6% 17.8% CAGR: 14.4% 11,059 9,390 8,123 6,467 7,127 2012 2013 2014 2015 2016 221#23MIGROS 6 Industry best-in-class historical top line growth and cost management with strong cash flow generation Strong Long Term Growth, Last 5 Years (TLm) EBITDA Targets Achieved Consistently Best in Class in Operational Profitability Before Rent Pressures From Employee and Rent Costs are Managed Well Margin 6.6% 6.6% EBITDA 6.5% 6.4% 6.2% CAGR: 12.4% 686 602 532 469 430 2012 2013 2014 2015 2016 EBITDAR Margin 11.3% 11.4% 11.5% 11.5% 11.2% CAGR: 13.9% 1,240 1,082 934 736 813 2012 2013 2014 2015 2016 22 22#24MIGROS 6 Industry best-in-class historical top line growth and cost management with strong cash flow generation (TLM) Low Capex Business Strong Cash Generation through Sustainable Working Capital Capex as a Percentage of Sales Capex 3.2% 2.9% 3.0% 2.7% 297 281 226 232 2013 2014 2015 2016 Cash Contribution from Working Capital TL175m TL259m -37 Days TL102m TL76m -38 Days -38 Days -37 Days 2013 2014 2015 2016 23#25MIGROS Near-Term Momentum 4Q15 vs 4016, TLm Sales Gross Profit EBITDAR EBITDA 2,378 +22.0% 2,901 Margin 27.3% 26.1% 649 +16.6% 757 Margin 11.6% 10.8% 275 +13.9% 313 Margin 6.3% 5.8% 149 +12.1% 167 4Q 2015 4Q 2016 24 24#26MIGROS Expectations and Guidance Domestic sales growth doubled in 3 years thanks to long-term effective strategies (2013 Growth: 10.2%, 2016 Growth: 19.7%) Dilutive impact of employee cost and rent cost increases minimized in 2016 thanks to opex control and strong sales performance, Kipa acquisation is expected to support Migros' long term growth and create shareholder value Financial results of Kipa between (Mar 01 and Dec 31) will be consolidated into Migros results in 2017 Performance Summary 2017 Guidance for Migros Excluding Kipa¹ Including Kipa² Performance Indicator 2014 2015 Target 2016 Performance vs Guidance Sales Growth 15-18% 30-35% Expansion Program 199 257 220+ 232 (Number of NEW Stores) EBITDA Margin 6.0-6.5% 5.0-5.5% Top-Line Sales 14.0% 15.6% Growth Double Digit 17.8% EBITDA Expansion Target 120-150 new stores 120-150 new stores 6.5% 6.4% 6.0-6.5% 6.2% Margin ■Number of stores reached 1,605 as of 2016. The company opened more than 1,000 new stores in the last 5 years 1 Expectations excluding consolidation of 10 months Kipa results in 2017. 2 Including consolidation with 10 months Kipa results. 25#27MIGROS Appendix#28MIGROS Migros • Migros, Largest National Supermarket Chain Number of stores: 1,533 including 424 5M, MMM & MM stores and 1,109 Migros Jet & M stores, Penetration: 73 cities MIGROS - (401-4,500) sqm / (1,800¹ - 18,000) SKUs Differentiated offering and service on fresh product categories Wide branded assortment of FMCG products Consistent Every Day Low Pricing on commodity Private Label products MMM MIGROS MMM MIGROS - Fashionable, complementary and seasonal non-food selection Focus on proximity supermarkets • 587 Migros Jet and 522 M Migros • Proximity Stores, (401-300) sqm, • 1,800 3,000 SKUs - New avenue of expansion through collaboration with Petrol Ofisi company to open forecourt stores in selected locations Loyalty Program MIGROSjet CRM applications for different customer segments Customized & Differentiated Offering for Money Club Card holders Club Card Loyalty Program for 17 years 1 Including Migros Jet stores and Migros Jet 7/24 forecourt stores as of March 31, 2017. indirim indirim KIZILCAHAMAM MADEN SUYU 6:200 ML SAMA JOCAL SUYUS dirim im 149 100164 185 1491 indindiri, indirim indirim 250 indi ind 5M MIGROS jet DIRIM INDIRIM İNDİRİM INDIRI IND INDIRI INDIRIM 22 27#29MIGROS • Macrocenter • Number of stores: 39 • 400 2,500 sqm / 10,000 SKUs Exclusive Shopping macro center Kırklareli Sinop Bartn Zonguldak Kastamonu 10 0 Samsun Artvin 0 Ardahan Trabzon Tekirdağ Istanbul Kocaeli Karabük Rize 10 T Ordu Giresun Düzce Yalova Sakary Bolu Çankin Amasya 0 Çorum Tokat So Gümüşhan Kars 0 70 Baybu Çanakkale Bursa Bilecik Erzurum 0 Iğdır o Ağrı Ankara Kinkkale Erzincan Balikesir Eskişehir Yozgat 0 Sivas 0 0 Kütahya 0 Kirşehir Tunceli 0 Bingöl Mus 0 Manisa Uşak Afyon 0 Aksaray Konya 0 0 Aydin Deniz Isparta Niğde 0 Nevşeh Kayser 0 K.Maraş Adiyaman Malatya Elazığ o 0 Diyarbakır 0 Batma Hakkar Simak 0 Mardin Burdur Muğla Osmaniye Karaman Adana 0 Gaziantep Ş. Urfa Antalya Mersin Kilis Hatay macro center 31.03.2017 Upscale gourmet store serving with strong brand loyalty Wide product range in delicatessen, appetizers and spirits. Premium quality in fresh products Complementary and premium non-food Izmir Customized service such as banquet ready meal delivery macro center MEVE SEVE macro center Penetration: 5 cities Meze Deli CHEESE 150 KASE MARTINGAL "WE MAMOLLER 28#30MIGROS Online Business Süt Turkey's first and leading e-commerce web site in food retail Top-line growth is 2-3x higher than the Company average Improved operational efficiency through picking automation Direct delivery from stores (105 stores in 24 Turkey) cities across MIGROS ARA Engin en Oyel Oye G Alışverişlerim Favori Uruslerim | Hz Alşveriş SANAL MARKET Hoşgeldiniz Üyelik me Sp Meyve Sebze Et Baik Süt, Kahvable Gida. Sekerleme içecek Deterjan Temizlik Kajit Kozmeti Bebek Oyuncak Ev Pet Markalar Kampanyalar yeni GARNIER mineral Garrier Mineral - 12 GARNIER minerd ARNDRIC 48 ARAKS 10,90 Tek seferde yapılacak MINERAL 3 alışverişine MONEY 15 TL'lik Garnier Mineral #cildinnetesalsın SHAM ***** %40 indirim! BU AYIN INDIRIMLI ELEKTRONIK ÜRÜNLERİ Migroskop Fırsatlarını Bahar Temizliği Kaçırmayın! Hergün kazandıran Migroskop freadanni kaçırmayın >> Bu Fırsat Kaçmaz Money Kazandırıyorl 40 TL üzen dotorjan sabun.ev semiz ürününe 10 Money>> SCHWEPPES %100 ELMA VISNE GAZLI NEYVE SUYU 250 M ERSAN VAKUMLU KANGAL 1.85 TL SUCUN 250 GR 21,90 TL Money Bonus ile %40 Migros Elektronik İndirim! 20 TL ve üzen Usman Kasop Köfteye %40 indirim Ayin Indirimleri! Bu ayın indirimli elektronik ürünlerini kaçmayın >> Diğer ürünleri görmek için laying Sadece Migros ta Ailesi Uzman Kasap Ma Ürünlerimiz Cok Satanlar yeni GARNIER mineral 48 ARAUKSZ Temizliğin Nefes Aldiron Ferahlığı Garnier Mineral -Dedi MINERAL 10.90 BURU NATURES TREASURES DUSJELI ZEYTİNYAĞLI 200 ML DOGRULUK TRUVA EZINE KOYUN FEYNİRİ 60 GR Tek seferde yapılacak 15 TLik Garnier Mineral alışverişine 7.95 TL 21,90 TL 3 MONEY herede Migros aracte MIGROS SANAL MARKET www.sanalmarket.com.tr MIGROS SANAL MARKET く Same Delivery Rate 60% 40% mobile penetration Wide Product Range +25,000 items Fruit and Vegetable Penetration 60% Meat, Poultry and Fish Penetration 30% E-Commerce Penetration1 3.4% The percentage of e-commerce penetration in Turkey (vs. China 17.1%, USA 10.5%, Europe 7.3%) Turkey Has Strong E-commerce Potential Facebook Users² f 33m The number of Facebook users in Turkey. Turkey is among the top 10 countries with largest Facebook user base in the world Smartphones in Most Homes³ 63% The percentage of population in Turkey using smartphones (vs. China 64.7%, USA 74.4%, Western Europe 83.5%) Credit Availability4 +700 The number of personal credit cards per 1,000 people in Turkey. Western Europe's ratio is 432 cards per 1,000 people 1 Calculated as online retail sales/total retail sales. Source: Euromonitor. 2 Source: Statista (2016). 3 Source: Ovum (2016). 4 Source: Euromonitor (2016). 29 29#31MIGROS Acquisition of Tazedirekt Summary Business Overview Acquisition of Tazedirekt, online fresh & natural food products sales Important technology investment, which set the course for a pioneering online sales development of fresh and natural food product categories Tazedirekt started as a stand-alone operation in March 2017. A combination of Macro online and Tazedirekt operations in the near future is under consideration Taze Direkt Sebze, Meyve > Et Ürünleri Süt ve Süt Ürünleri > > Kahvaltılık Ürünler > Temel Gida ve Bakliyat > Atıştırmalıklar › Unlu Mamüller > İçecek > Bebek Ürünleri > Healthy Organic Taze Direkt .com Fresh Natural Tazedirekte aral а Taze Direkt .com Bağlan Giriş Yap Üye Ol H Çok Özledik! Şimdilik sadece istanbul'dayız. HER ŞEY ÇOK TAZE KOMŞU ÇİFTLİKLER HER ŞEYİN ÂLÂSI MÜMKÜN! Etin safini, sütün günlüğünü, meyve sebzenin doğalını ve daha nicelerini size ulaştırmak için titizlikle arayıp tarayip buluyoruz, aralarından standartlarımıza uygun olanları özenle seçiyoruz. Fazlasını sunmak için daha birçok doğal ürünün kaynağına gidiyor sizler için büyük bir titizlikle seçiyoruz. Siz Zahmet Etmeyin. Biz Evinize Kadar Getirelim. 10 2 3 1 4 7 6 5 Ürünlerimizi kargoya vermiyoruz! +4 derece soğutmalı araçlarımızla evinize getiriyoruz. Siparişinize bizden başka kimse dokunmuyor. Teslimat personelimiz ile bizzat kendimiz teslim ediyoruz. Hafta içi saat 22:00'a, hafta sonu saat 18:00'a kadar uzanan esnek teslimat saatlerimizle haftanın 7 günü teslimat yapıyoruz 30 30#32MIGROS Wholesale & Food Service Focus on Horeca Penetration Currently operating in 7 regions through dedicated sales team. Dedicated warehouses and customer delivery 15 Wholesale stores Canakkalle Balikesir Bursa Bilecik BODRUM MIGROS TOPTAN- CIKIS TOPTAN AL TOPTAN KAZAN GİRİŞ IM MIGROS TOPTAN- Kırklareli 10 Edime Zonguldak Tekirdağ Istanbul Kocaeli Barum <0 Karabük 0 Sinop Kastamonu 0 Artvin Ardahan 0 Trabzon 0 Rize Ordu 10 Yalova Sakary Düzce Bolu 0 Giresun Kars Cankin Amasya Corum 0 Fokat Gümüşhane 0 Baybu Erzurum Iğdır o 0 Agn Ankara Kinkkale Erzincan Eskişehir 1 Yozgat 0 Sivas 0 Kütahya 0 Kırşehir Tunceli Bingöl Muş 0 10 Manisa 0 Uşak 0 Afyon 0 Aksaray Konya 0 0 Niğde Aydin Denizli Isparta 0 Burdur Osmaniye Muğla Karaman Adana o Antalya Mersin 0 Kilis Hatay 0 Nevşeh Kayseri K.Maraş Adiyaman Gaziantep S.Urfa Malatya Elaziğ o Bidis Van 0 Diyarbakır 0 Batman 0 Hakkari Simak Mardin MIGROS ―TOPTAN- 31.03.2017 Penetration: 11 cities MIGROS 31