Forward-Looking Statements

2

• According to the Shareholder’s Agreement regarding the governance of Coca-Cola İçecek A.Ş. (“CCI”), with effect from 01.01.2013,

Anadolu Efes started to fully consolidate CCI, whereas CCI has been consolidated into Anadolu Efes’ financial results by using

proportionate consolidation method until 31.12.2012. Consequently, CCI is fully consolidated into Anadolu Efes’ financials in

1Q2013, while, as per IFRS, reported financials for 1Q2012 are restated by using equity pick-up method. However, for comparison

purposes, Anadolu Efes’ proforma figures are also provided for both 1Q2012 & 1Q2013, which are prepared under the assumption

that CCI is fully consolidated into Anadolu Efes’ results in these periods.

• SABMiller’s Russian and Ukrainian beer businesses are consolidated into EBI’s financial results (thus into Anadolu Efes’ as well)

starting from March 1, 2012. As a result, reported financials for 1Q2012 include only one month contribution (starting from March

1, 2012). However, for comparison purposes, Anadolu Efes’ and EBI’s operating proforma figures are also provided for both 1Q2012

& 1Q2013, which include the results of SABMiller’s Russian and Ukrainian beer businesses for these periods in full as if both

businesses were operating together with Anadolu Efes’ international beer operations starting from January 1st in both periods.

Also, due to one-off transaction and integration costs, EBI and Anadolu Efes started to report operating performance before such

non-recurring items (BNRI).

• This presentation may contain certain forward-looking statements concerning our future performance and should be considered as

good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based

upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact the

Company’s actual performance.

Anadolu Efes – A Regional Beverage Powerhouse

3

Beer Business

FOCUS IN TURKEY & CIS

18* breweries in 6* Countries

43.7 mhl* Beer Capacity

7 malteries with 293,656 tons Malt Capacity

Coca-Cola Business

FOCUS IN TURKEY, CENTRAL ASIA &

MIDDLE EAST

22 bottling plants in 10 countries

1,198 million unit case capacity

4

Anadolu Efes’ Structure

BEER OPERATIONS

INTERNATIONAL BEER OPERATIONS

COCA-COLA İÇECEK1

(CCI)

COCA-COLA OPERATIONS

Public

Public 33.0%

25.6%

50.3%

Yazıcılar Holding 23.6% Özilhan Sınai Yatırım 13.5% Anadolu Endüstri Holding 6.0%

(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 4% by Özgörkey Holding.

* Only the major subsidiaries of the Group are presented

SABMiller Harmony Ltd. 24.0%

SOFT DRINK OPERATIONS

TURKEY BEER OPERATIONS

ANADOLU EFES

5

Rapidly Growing Beverage Company

2005 2006 2007 2008 2009 2010 2011 2012

11 11 12 15 15 15 15 16

25 27 2736 36 36 36 40

297 m 306 m 327 m

494 m 511 m601 m 612 m

716 m

# of Countries # of Plants Population Served

6

Operating Markets

TURKEY

Pop: 75.6 mn*

GDP per cap: $10,412*

RUSSIA

Pop: 141.9 mn

GDP per cap: $13,765

KAZAKHSTAN

Pop: 16.7 mn

GDP per cap: $12,021

MOLDOVA

Pop: 3.6 mn

GDP per cap: $2,136

GEORGIA

Pop: 4.5 mn

GDP per cap: $3,514

PAKISTAN

Pop : 178.9 mn

GDP per cap: $1,288

AZERBAIJAN

Pop: 9.2 mn

GDP per cap: $7,727

KYRGYZSTAN

Pop: 5.6 mn

GDP per cap: $1,109

TURKMENISTAN

Pop: 5.6 mn

GDP per cap: $5,961

JORDAN

Pop: 6.4 mn

GDP per cap: $4,901

IRAQ

Pop: 33.6 mn

GDP per cap: $3,882

Source: IMF, 2012E figures except for Turkey

* 2012 actual figure (TUIK)

UKRAINE

Pop: 45.4 mn

GDP per cap: $3,971

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

34.637.8 38.9

43.2 44.8

52.7

5.2

16.215.5 16.2

mh

l

Beer Soft Drinks

7

Consolidated Sales Volume Development

CAGR (07-12)

9%

Breakdown of Sales Volume*- 1Q2013 (Reported)

*On a combined basis

Proforma Reported Restated

Turkey Beer10%

Soft Drinks69%

International Beer20%

Reported

Reported

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

3,030.4

3,668.9 3,811.14,168.8

4,761.3

6,416.8

772.6

1,698.1 1,650.8 1,698.1

8

Consolidated Net Sales Revenue

Consolidated Financial Performance

Breakdown of Net Sales Revenue*-1Q2013 (Reported)

*On a combined basis

’07-’12

CAGR 16%

mill

ion T

RL

Turkey Beer21%

Soft Drinks54%

International Beer25%

Reported Proforma Restated Reported

23.9% 23.3% 24.1% 24.4%20.0% 20.2% 20.5%

13.1%16.7%

13.1%

23.9% 23.3% 24.1% 24.4%20.0% 20.2% 20.5%

13.1%5.9% 4.3%

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

723.2

854.7916.6

1,019.0953.4

1,295.9

158.5 222.2 274.9222.2

margin

9

Consolidated Financial Performance

Consolidated EBITDA(BNRI)*

*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian&Ukranian operations amounted to TL2.3 million in 1Q2013.

*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.

Breakdown of EBITDA(BNRI)**-1Q2013

**On a combined basis

’07-’12

CAGR 12%

mill

ion T

RL

Reported Proforma

Turkey Beer43%

Soft Drinks55%

International Beer2%

Restated Reported

404.6

161.1

753.6

1,316.9

Turkey Beer EBI CCI** Anadolu EfesConsolidated

10

Net Financial Indebtedness

mill

ion

US

D

1.8 x 1.4 x Net Debt/EBITDA*

Gross Debt

Cash Position

704.7

300.1

273.9

112.7

1,036.5

282.9

2,017.0

700.1

* Proforma EBITDA(BNRI) is used for Anadolu Efes, EBI and CCI

1.4 x 0.7 x

11

Debt Maturity & Currency Breakdown

EBI CCI

Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.

USD91%

Other9%

TURKEY BEER

Numbers may not add up to 100 due to rounding.

USD100% USD

84%

EUR6%

Other10%

201313% 2014

13%

20154%2018+

70%201352%

201430%

20152%

2016+16%

201320%

201476%

20154%

20160.3%

13

Benefiting From Advantageous Position In A Geography

Highlighted With Strong Growth Potential

Why this geography?

Large population ( ~660 million people)

Room to develop per capita consumption levels

Developing economies & rising disposable incomes

Trends supporting beer consumption like westernization,

urbanization, modernization etc.

Advantageous position of Anadolu Efes in the region due to;

accumulated experience of more than 40 years in beer

business, 15 years of doing business in CIS countries,

geographical proximity,

cultural/historical ties with some of these countries,

management pool;

fully bicultural Turkish expats complemented by

local component

Significant

growth

potential &

opportunities

in the region!

14

Managing Diversity is the Key to Success

TURKEY RUSSIA

1 lt Pure Alcohol Consumption per Capita* 18 lt

59 % Beer Share in Total Pure Alcohol Consumption* 38 %

13 lt Beer Consumption per Capita** 71 lt

83 %*** Market Share 16 %****

High Advertising Restrictions High

Euromonitor figures represent 2011 data

Company estimate

Nielsen, YTD December 2012

Nielsen, National Urban Russia (over 10 th. İnhab) Retail YTD December 2012

*

**

***

****

15

Per Capita Beer Consumption in Operating Markets & in

Some Selected Countries

Source: Canadean Global Beer Trends 2012, Company estimate

Per Capita Consumption (lt)

CA

GR

Gro

wth

20

07

- 2

01

2 (

%)

-10.0%

-7.0%

-4.0%

-1.0%

2.0%

5.0%

8.0%

11.0%

0 20 40 60 80 100 120 140 160

Georgia

China

Turkey

Uzbekistan

Moldova

Greece

Serbia

West Europe BulgariaRomania

Russia

Poland

Germany Czech Republic

Ukraine

Kazakhstan

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Austria Czech Rep. Denmark Finland Germany Ireland Netherlands Poland Spain UK. Turkey Russia

48%

60%

39%

53%48%

56%

42%51%

39%43%

58%

37%

38%20%

47% 21% 30%

25%

41%

10% 36%34%

9%

12%

14%20%

14%

26%22% 19% 17%

38%

25% 24%

33%

51%

Beer Wine Spirits

16

Breakdown Of Pure Alcohol Consumption

Source: Euromonitor, Canadean, Company estimate

Per Capita Consumption* Austria Czech Rep. Denmark Finland Germany Ireland Netherlands Poland Spain UK Turkey Russia

Total Pure Alcohol 13 15 8 10 13 13 10 10 9 9 2 12

Beer 119 174 66 103 124 141 81 99 85 77 19 88

*At legal drink ing age except Poland & Denmark

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

7.6

8.5

8.58.5 8.4 8.6

1.8 1.6

18

Sustainable Volume Performance*

*Sales volume including exports

Market Share Development

In Turkey beer operations, total sales

volume declined by 10.3% in 1Q2013 vs.

1Q2012

This volume decline was mainly due to:

High base of 1Q2012, when our

total sales volumes grew by 8.8%

Destocking effect

Adverse market conditions affected

by competitive pressures and

unfavorable weather

Source: Nielsen * Company estimate

Developments in Turkey Beer Operations

’07-’12

CAGR 3%

1987* 2005 2006 2007 2008 2009 2010 2011 2012

60%

83% 86% 86% 88% 88% 88% 87% 83%

40%

17% 14% 14% 12% 12% 12% 13% 17%

Efes Other

6.0%

49.7%

9.2%

69.2%

20.5%

17.0%

1.6%

9.4%7.7%

9.7% 8.4%10.1%

6.5%

6.4%

10.4%

6.2%

2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013Excise tax increases CPI

0.072

0.15 0.16

0.24 0.24 0.24 0.240.26

0.44

0.53

0.62 0.63

BeforeOct. 03

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013

... significantly above inflation

Exponential rise in excise tax in Turkey ...

*Excise tax for beer per one degree of alcohol (TL)

19

Exponential Rise In Excise Tax For Beer In Turkey In

The Last Few Years

0.061 0.057 0.058 0.059 0.061 0.063 0.063 0.067 0.069 0.069

0.09

0.140.13 0.13

0.13 0.12

0.220.23

0.27 0.27

2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013

*per one degree of alcohol (EUR)

Source: European Commission

TURKEY

EU

Average

20

Now Beer Excise Tax is Almost 4x Of The European

Average...

5.9 5.76.0

6.46.8

7.1 7.17.6

8.5 8.5 8.5 8.4 8.6

0.40.8

0.9

1.31.4

1.7 1.81.9

2.02.1

2.8

3.2

3.7

0

0.5

1

1.5

2

2.5

3

3.5

4

-0.8

0.2

1.2

2.2

3.2

4.2

5.2

6.2

7.2

8.2

9.2

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Despite significant price increases to reflect excise tax hikes, we were able to

maintain our volumes

21

mh

l

50

cl re

turn

able

bottle

pric

e

... But Resilient Volume Performance Despite Significant Price Increases

Shelf price

rose further

to 3.8TRL

as of

January

2013...

22

Because Of The Strategic Initiatives Implemented To Generate

Volume Growth...

Strategic initiatives to increase

availability, visibility and

perception of beer

Increasing the number of beer

selling outlets...

Developing places not just for

beer consumption but for the

enjoyment of beer...

Increase the relevance of

beer...

23

Number of beer selling outlets per 1,000 people

Source: The Company

Limited Availability Of Beer In Off-Premise Channel

Mainstream95%

Economy2%

Premium 3% 100% brand awareness for Efes

Exports to more than 70 countries

# 1 in consumer spending in Food &

Beverage category – 7.7% as of

January-March 2013 (Nielsen)

99.7% penetration in Turkey (March

2013, Nielsen)

24

The Third Element:

Increasing The Relevance Of Beer

Through a portfolio for all occasions...

25

Turkish Beer Market – Fundamentals & Dynamics

Consolidated market - top 2 players represent

more than 99% of the market

lack of sizeable acquisition targets

consolidated distribution structure

Returnable market - Bottles & kegs amount to

ca.64%

additional initial investment requirement for

containers

requirement to set-up two way

distribution system

TV& Radio advertisement fully restricted since

1984

High level of excise taxes

Limited presence of organized retail-

supermarkets account for ca.15% share of

Efes sales volumes

Maltey

Hops Processing

Sales Volume by Package Type (2012)

Sales Volume by Consumption Channel (2012) DYNAMICS OF THE TURKISH BEER MARKET

On-Premise 23.2%

Off-premise 61.5%

Key account 15.2%

Returnable Bottle50.4%

Can28.6%

Keg13.7%

Non-returnable Bottle7.3%

1. Winston (tobacco)

2. Parliament (tobacco)

3. Marlboro (tobacco)

4. Lark (tobacco)

5. EFES PILSEN

6. Muratti (tobacco)

7. L&M (tobacco)

8. Viceroy

9. Eti

10. Tekel 2000 (tobacco)

26

Unmatched Brand Equity S

ou

rce

: N

iels

en

YT

D M

arc

h 2

013

Food & Beverage % Total Trade %

TURKEY

Top Brands – % of spending

6.8

5.1

4.6

4.4

3.5

2.9

2.8

2.2

2.0

1.8

7.7

4.3

3.5

3.4

3.2

2.3

2.0

2.0

1.9

1.1

1. EFES PİLSEN

2. Eti

3. Yeni Rakı

4. Ülker

5. Coca-Cola

6. Pınar

7. Çaykur

8. Tuborg Gold

9. Sütaş

10. Tadım

27

Turkish Beer Market – Vertical Integration

Maltey

Hops Processing

Brewery & Capacity

COGS Breakdown (2012)

FARMERS

ANADOLU EFES

•Patented barley seeds

•Fertilizer

•Technology & know-how

•Malting Barley at

a pre-determined

price

TWO MALTERIES100% self sufficiency

Long S

tandin

g R

ela

tionsh

ips

ONE HOPS FACILITYpartly self sufficient

•Long standing relations with packaging suppliers

• ca. 64% returnable

Malt + Hops

Packaging

Vertical integration is a key factor in

efficient production cost management

Numbers may not add up to 100 due to rounding.

34.4%

42.3%

23.3% Malt & Other RawMaterials

Packaging & AuxilaryMaterials

Overhead

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

293.2

341.7 363.1 368.5

336.5

382.6

98.6

56.3

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

389.8

494.2503.0 519.1 519.9

550.5

117.6 102.1

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

967.0

1,182.11,264.2 1,293.4

1,390.8

1,604.7

337.2 354.4

28

Turkey Beer Operations’ Financial Performance

Net Sales Revenue

Net Profit

EBITDA*

Mill

ion

TR

L

Mill

ion

TR

L

Mill

ion

TR

L

*Previously reported EBITDA figures for 2007 is adjusted by excluding other income/expense

arising from Anadolu Efes’ holding nature for comparison purposes.

’07-’12

CAGR 11%

’07-’12

CAGR 5%

’07-’12

CAGR 7% 40.3% 41.8% 39.8% 40.1%37.4%

34.3% 34.9%

28.8%

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

13.3 14.1 13.6

15.7 14.6

19.8

3.43.3

4.33.3

30

Developments In International Operations

Volume Development

Numbers may not add up to 100 due to rounding.

’07-’12

CAGR 8%

Lower volumes in 1Q2013 vs 1Q2012 was mainly driven by weaker

volumes in Russia, where our performance was negatively impacted by;

• Destocking

• Pricing pressures

• High base of last year after which integration related issues came to

the picture

• Impact of the changes in the regulatory environment

• Lack of Holstein brand in 1Q2013

Total sales volume generated by other operating countries continued to

show a healthy growth at a rate of low double-digit in 1Q2013 over

1Q2012

Breakdown of Sales Volume

(Reported) – 1Q2013

Proforma Reported

Russia63%

Others37%

Carlsberg37.5%

Inbev14.7%

Heineken14.3%

EFES Rus14.0%

Others19.6%

Carlsberg36.1%

Inbev15.5%

Heineken13.3%

EFES Rus17.4%

Others17.6%

Volume Development In Russia

31

Market Share by Volume – 1Q2013

Numbers may not add up to 100 due to rounding.

Market Share by Volume – 1Q2012

Nie

lse

n, N

atio

na

l Urb

an

Russia

(ove

r 10

th. in

ha

b) R

eta

il YT

D M

arc

h 2

01

2

*Carlsberg and INBEV breweries shares include Ukrainian brands

** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares

Nie

lse

n, N

atio

na

l Urb

an

Russia

(ove

r 10

th. in

ha

b) R

eta

il YT

D M

arc

h 2

01

3

• According to Nielsen, beer market sales volumes in Urban Russia1;

decreased by 7.3% in 1Q2013 versus 1Q2012

•According to Nielsen, EFES RUS’ market share2 declined to 14.0% in 1Q20132 compared to 14.8% in

4Q2012

*Carlsberg and INBEV breweries shares include Ukrainian brands

** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares

1 Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD March 2013

2 EFES RUS includes ex-Efes Russia and ex-SABMiller portfolios

Carlsberg37.4%

Inbev16.4%

Heineken11.7%

SABMILLER7.2%

EFES RUSSIA10.9%

Others14.7%

Carlsberg37.4%

Inbev19.4%

Heineken15.0%

SABMILLER6.8%

EFES RUSSIA8.8%

Others12.7%

32

The Need For A Strategic Partner In Russia...

Challenge in Russia to have a critical mass...

Carlsberg37.4%

Inbev16.4%

Heineken11.7%

SABMILLER7.2%

EFES RUSSIA10.9%

Others14.7%

Carlsberg37.4%

Inbev19.4%

Heineken15.0%

SABMILLER6.8%

EFES RUSSIA8.8%

Others12.7%

33

SABMiller: The Best Possible Partner in Russia

Synergies Geographical

Synergies

Almost no canibalization

b/w brand portfolios

Evolution of brand

portfolio; heavily

mainstream to a more

balanced one

Logistic &

Sales Force

Synergies

Complementary

Brand Portfolio

Enlarged

geographical reach

in production

Achieve higher

penetration, market

share and position in

key regions like

Moscow

Cross brewing

opportunities

Advantages due to

existing common

distributors for both

parties

Joint on-premise

strength

34

Acquisition of SABMiller Beer Operations

Total international beer capacity rose from 25.2 mhl to

33.3 mhl following the acquisition of 4 Breweries from

SABMiller

* Based on combined figures, **Based on combined figures and including twelve months results of SABMiller’s Russian and Ukranian operations

TO

TA

L B

EE

R –

FY

20

11

rep

ort

ed

fig

ure

s*

REVENUE EBITDA (BNRI) VOLUME

TO

TA

L B

EE

R –

FY

20

12

op

era

tin

g p

rofo

rma

fig

ure

s**

A More Balanced Contribution of International Operations In

Consolidated Results

35

Turkey46%EBI

54%

Turkey36%

EBI64%

Turkey69%

EBI31%

Turkey53%

EBI47%

Turkey37%EBI

63%

Turkey29%

EBI71%

36

With An Improved Profitability For Our International Beer Operations

66.7

76.5

NET SALES GROSS PROFITMARGIN

EBITDA (BNRI)MARGIN

2011 reported 2012 proforma

42%

46%

15%17%

$/HL

37

PREMIUM UPPER MAINSTR. LOWER MAINSTR.

A More Balanced Porfolio in Russia

Be

fore

ac

qu

isit

ion

of

SA

B R

us

sia

Cu

rre

nt

Bra

nd

Po

rtfo

lio

Combined Russian business with a highly attractive, valuable and balanced portfolio

of international and local brands across key market segments...

38

Integration In Russia;

Our Challenge and Opportunities

1 + 1 =

2 + $120MILLION*

*To be achieved in full in the third year of the deal.

Moldova

PREMIUM UPPER MAINSTREAM ECONOMY

Georgia

Strongly Positioned in All Markets

39

Ukraine

Kazakhstan

LOWER MAINSTREAM SUPER PREMIUM

PREMIUM MAINSTREAM ECONOMY SUPER PREMIUM

PREMIUM SUPER PREMIUM MAINSTREAM

MAINSTREAM PREMIUM SUPER PREMIUM ECONOMY

Off-Premise Outlet Split (2012)

Russian Beer Market – Fundamentals & Dynamics

Hops Processing

Packaging Split (2012)

Market Segment Development

So

urc

e: N

iels

en

Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.

40

* In order to reflect the market structure in a

better way, the presentation of the Russian

Beer Market segment breakdown has been

changed by Nielsen as of June 2012. For

comparison purposes, the adjusted segment

data is also provided for the last three years.

Food Stores45%

Pavillions6%

Superettes18%

Kiosks12%

Hyper/ Supermarkets

17%

Open Markets2%

Can 18%

Glass Bottle 33%

PET 47%

Keg 3%

2009 2010 2011 2012 1Q2012 1Q2013

12.4% 13.1% 12.3% 11.6% 12.6% 11.4%

38.6% 39.0% 38.4% 38.9% 39.5% 39.6%

18.0% 18.2% 19.2% 19.4% 18.9% 19.6%

20.0% 19.3% 19.0% 18.4% 17.8% 17.5%

5.6% 5.5% 5.5% 5.5% 5.3% 5.3%2.7% 2.5% 3.2% 3.7% 3.3% 4.0%

2.7% 2.5% 2.5% 2.6% 2.5% 2.7%

DISCOUNT LOWER MAINSTREAM LOW UPPER MAINSTREAM HIGH UPPER MAINSTREAM LOW PREMIUM MID PREMIUM HIGH PREMIUM

EBI59.6%

Carlsberg28.0%

Other8.3%

Shymkent Pivo4.1%

InBev0.8%

41

Other Operating Countries M

old

ova

K

aza

kh

sta

n

Nielsen , YTD March 2013

#1 brewer

Capacity: 1.1 mhl

EBI entered the Georgian beer

market following the acquisition of

the leading brewer in the market,

JSC Lomisi (“Lomisi”), in February

2008

#1 brewer

Capacity: 2.6 mhl

#1 brewer

Capacity: 1.3 mhl

Market Share by Volume

Georg

ia

Ukra

ine

#4 brewer

Capacity: 2.3 mhl

EBI entered the Ukranian beer

market following the acquisition of

the SABMiller’s Ukrainian beer

operations in March 2012

18.7% 14.8%19.8% 21.9%

14.7% 16.5% 11.7%0.8%

14.5%

0.8%

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

156.0 153.5 170.1

213.7

143.0

248.3

28.4 2.046.6

2.0

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

836.21,038.0

857.3 976.8 976.0

1,505.9

241.9 237.9321.1 237.9

42

Net Sales Revenue

Net Profit

EBITDA (BNRI)*

International Beer Operations

Financial Performance

mill

ion U

SD

mill

ion

US

D

mill

ion U

SD

’07-’12

CAGR 12%

*Non-recurring items like one-off transaction and integration costs related to the acquisition of

SABMiller's Russian&Ukranian operations amounted to TL1.3 million in 1Q2013.

’07-’12

CAGR 10%

Reported Proforma Reported Proforma

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

37.5

-57.4

0.4

54.2

-8.0

58.4

6.2

-38.8

44

BEER OPERATIONS’ FY2013 OUTLOOK

Current trend of the beer markets in Turkey and Russia are behind the ones on which

our full year guidance was based on;

In Turkey, our first quarter results were slightly below our estimates due to the

adverse market conditions also affected by competitive pressures and unfavorable

weather, while the same trend continued in April as well

In Russia, assumptions of the 2013 outlook are also under pressure due to;

o Regulatory issues, i.e. full realization of the dark market environment, the full

impact of kiosk ban, restrictions on beer selling hours, higher excise taxes etc.

o Pricing environment as price competition has intensified particularly in modern

trade.

o Lower than expected economic growth since the beginning of the year

Consequently, we no longer expect to meet the previously provided 2013 guidance for

both operations, while we believe it would be more appropriate to revise the outlook

after seeing 1H performance as the first quarter of the year may not be a good

indicator for the full year performance...

46

Soft Drinks Business - Operating Geography

10 countries

22 production facilities Kazakhstan

Uzbekistan

Turkmenistan

Pakistan

Tajikistan

Kyrgyzstan

India

Iran

China

S.Arabia

Egypt

U.A.E.

Iraq

Russia

Turkey

Syria

Jordan

Azerbaijan

47

Future Opportunities

Median Age

2012 P

erC

ap

Co

ns

um

pti

on

(lt

)

Source: CCI and United Nations

CCI territory total population: over 360 million

48

Country Data

Sources: TUIK (1), IMF Estimate (2), UN Estimate (3), CCI & TCCC Estimates (4), Nielsen (5), TUİK 2011 (6), CCI Estimate (7)

Population

(mn) in

2012 (2)

% of

population

below 30

years (3)

GDP per capita

in 2012

($) (2)

Per capita

consumption

of sparkling

bev. (L) in 2012 (4)

CCI’s market

share in

sparkling

bev. in 2012 (5)

CCI’s 2012

Volume

Breakdown

Turkey 75.6(1) 51% 10,412 45 67% 66.8%

Pakistan 178.9 64% 1,288 15 29% 9.8%

Kazakhstan 16.7 51% 12,021 34 42% 8.2%

Azerbaijan 9.2 49% 7,727 25 59% 4.5%

Iraq 33.6 70% 3,882 43 - 5.2%

Jordan 6.4 66% 4,901 46 - 1.6%

Turkmenistan 5.6 58% 5,961 43 - 2.3%

Kyrgyzstan 5.6 60% 1,109 24 - 1.4%

Syria 21.3 (3) 64% 4,814 (7) 12 - 0.1%

Tajikistan 8.0 68% 912 11 - 0%

49

Geographic and Category Split of Business

Volume split (uc) – International Operations

Volume split (uc) – Consolidated

Turkey

Kazakhstan20% Kyrgyzstan

3%

Azerbaijan6%

Turkmenistan5%

Jordan3%

Iraq22%

Syria0%

Tajikistan0%

Pakistan40%

1Q131Q2013

Sparkling 67%

Still22%

Tea11%

1Q2013

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013 1Q2012 1Q2013

97.9 113.0

147.6

171.0

215.0

282.0

42.9

81.757.0

81.7

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

382.4 420.8 438.9

494.4

546.8568.5

108.0 116.1

50

Dynamic Growth in All Markets

’07-’12

CAGR 24%

mu

/c

TURKEY SOFT DRINKS VOLUME DEVELOPMENT

’07-’12

CAGR 8% m

u/c

INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT

Reported Proforma Restated

Restatement Explanation: Restated financials were adjusted according to new «IFRS 10 Consolidated Financial Statements»

and «IFRS 11 Joint Arrangements» standards, in which 1Q2012 Pakistan and Syria operations were consolidated with equity

pick-up versus Pakistan was full consolidated and Syria was consolidated with equity pick-up in 1Q2013.

Proforma Explanation: Pro-forma financial statements were adjusted to include full consolidated Pakistan operations both in

1Q2012 and 1Q2013 for comparison purposes.

Reported Restated

51

Leading Brands and Market Positions

Source: Nielsen, 2012

* Market share numbers are restated due to a change in forecasting universe

17.1% 16.6% 15.3% 15.8%14.3%

16.6%13.1% 14.1%

11.2%14.1%

329.8375.3

368.7435.0

486.9

685.5

83.0129.8 82.5

129.8

1,925.9

2,258.1 2,407.5 2,753.2

3,408.6

4,132.4

631.3917.3 736.6

917.3

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

153.7

81.4

169.6 197.7

140.3

380.1

49.4

274.8

52

Net Sales Revenue

Net Profit

EBITDA*

Soft Drink Operations’ Financial Performance*

mill

ion

TR

L

mill

ion

T

RL

mill

ion

T

RL

’07-’12

CAGR 20%

’07-’12

CAGR 16%

’07-’12

CAGR 16%

Reported Restated

Restatement Explanation: Restated financials were

adjusted according to new «IFRS 10 Consolidated Financial

Statements» and «IFRS 11 Joint Arrangements» standards,

in which 1Q2012 Pakistan and Syria operations were

consolidated with equity pick-up versus Pakistan was full

consolidated and Syria was consolidated with equity pick-up

in 1Q2013.

Proforma Explanation: Pro-forma financial statements were

adjusted to include full consolidated Pakistan operations both

in 1Q2012 and 1Q2013 for comparison purposes.

2007 2008 2009 2010 2011 2012 1Q2012 1Q2013

153.7

81.4

169.6 197.7

140.3

380.1

49.4

274.8

Proforma

55

2012/3 2013/3

restated reported

SALES VOLUME (million hectoliters) 5.2 16.2

SALES 772.6 1,698.1

Cost of Sales (-) (365.3) (964.2)

GROSS PROFIT FROM OPERATIONS 407.3 733.9

Marketting, Selling and Distribution Expenses (-) (230.9) (498.2)

General and Administrative Expenses (-) (127.4) (181.2)

Other Operating Income 7.5 2,731.2

Other Operating Expense (-) (5.2) (7.2)

PROFIT FROM OPERATIONS (BNRI)* 75.6 2,780.8

Loss from Associates 22.1 (1.5)

Financial Income 100.9 84.3

Financial Expense (-) (42.5) (133.2)

PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 131.8 2,728.1

Continuing Operations Tax Expense (-) (25.7) (9.0)

PROFIT FOR THE PERIOD 106.1 2,719.1

Attributable to:Minority Interest 3.1 127.3 Net Income Attributable to Equity Holders of the Parent 103.0 2,591.8

EBITDA (BNRI)* 158.5 222.2

*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian&Ukranian

operations amounted to TL2.3 million in 1Q2013.

Note 3: Restatement Explanation: Restated financials were adjusted according to new «IFRS 10 Consolidated Financial Statements» and

«IFRS 11 Joint Arrangements» standards, in which 1Q12 CCI operations were consolidated with equity pick-up versus full consolidation

in 1Q13.

Note 1: According to the Shareholder’s Agreement regarding the governance of Coca-Cola İçecek A.Ş. (“CCI”), with effect from

01.01.2013, Anadolu Efes started to fully consolidate CCI, whereas CCI has been consolidated into Anadolu Efes’ financial results by

using proportionate consolidation method until 31.12.2012. Consequently, CCI is fully consolidated into Anadolu Efes’ financials in

1Q2013, while, as per IFRS, reported financials for 1Q2012 are restated by using equity pick-up method.

ANADOLU EFES

Consolidated Income Statements For the Three-Month Period Ended 31.03.2012 and 31.03.2013

Prepared in accordance with IFRS as per CMB Regulations

(million TRL)

Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From Operations.

56

2012/12 2013/3 2012/12 2013/3

restated reported restated reported

Cash & Cash Equivalents 1,394.6 1,027.6 Short-term Borrowings 749.7 2,013.5

Financial Investments 170.7 238.7 Derivative Financial Instruments - 0.9

Derivative Financial Instruments - - Trade Payables 248.3 641.9

Trade Receivables 666.2 1,186.1 Due to Related Parties 23.1 78.4

Due from Related Parties 0.2 0.6 Other Payables 440.8 590.3

Other Receivables 16.6 55.1 Provision for Corporate Tax 15.5 12.3

Inventories 551.1 1,028.0 Provisions 54.5 83.7

Other Current Assets 199.3 582.7 Other Liabilities 215.4 201.8

Total Current Assets 2,998.8 4,118.8 Total Current Liabilities 1,747.2 3,622.8

Other Receivables 1.0 3.8 Long-term Borrowings 1,302.4 1,634.6

Investments in Securities 0.8 0.8 Other Payables 198.3 202.6

Investments in Associates 1,215.8 40.6 Provision for Employee Benefits 51.3 86.6

Biological Assets - - Deferred Tax Liability 332.9 397.9

Property, Plant and Equipment 2,582.4 4,789.8 Other Liabilities 10.2 142.8

Intangible Assets 1,632.1 2,279.7

Goodwill 1,783.2 4,790.7

Deferred Tax Assets 74.3 92.5 Total Non-Current Liabilities 1,895.2 2,464.6

Other Non-Current Assets 126.3 219.0

Total Non-Current Assets 7,415.9 12,216.8 Total Equity 6,772.4 10,248.2

Total Assets 10,414.8 16,335.6 Total Liabilities and Shareholders' Equity 10,414.8 16,335.6

Note 4: Restatement Explanation: Restated financials were adjusted according to new «IFRS 10 Consolidated Financial Statements» and «IFRS 11 Joint Arrangements» standards, in

which 1Q12 CCI operations were consolidated with equity pick-up versus full consolidation in 1Q13.

Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Financial Investments'' in Current Assets part of the balance sheet.

Note 3: "Financial Investments" in Current Assets mainly includes the time deposits with a maturity more than three months.

ANADOLU EFES

Consolidated Balance Sheets as of 31.03.2013 and 31.12.2012

Prepared In Accordance with IFRS as per CMB Regulations

(million TRL)

Note 1: According to the Shareholder’s Agreement regarding the governance of Coca-Cola İçecek A.Ş. (“CCI”), with effect from 01.01.2013, Anadolu Efes started to fully consolidate

CCI, whereas CCI has been consolidated into Anadolu Efes’ financial results by using proportionate consolidation method until 31.12.2012. Consequently, CCI is fully consolidated into

Anadolu Efes’ financials in 1Q2013, while, as per IFRS, reported financials for 1Q2012 are restated by using equity pick-up method.

57

2012/3

2013/3

Sale

s V

olu

me (

million h

ect

olitr

es)

1.8

1.6

SA

LE

S

337.2

354.4

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OS

S P

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S230.7

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) (6

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OF

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9

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967.0

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263.8

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(m

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58

2012/3

2013/3

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rs)

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T S

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241.9

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in 1

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60

Turkey AFB Market

RTD AFB Market (exc. milk)

1.5 billion uc

AFB Market (exc. milk)

5.5 billion uc

Hot tea category constitutes 44% of alcohol-free beverages

RTD- Ready-to-Drink Beverages

AFB- Alcohol Free Beverages

Source: Canadean, 2012

Tea44.4%

RTD AFB28.2%

HOD23.4%

Hot Coffee2.4%

Powder&Concentrate

1.6%

Sparkling Beverages

38.7%

Bottled Water31.5%

Fruit Juices&Still

Drinks10.2%

Ayran9.9%

Sparkling Water6.7%

Other2.9%