8 November 2018

Koç Holding 9M18 Earnings Presentation

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Auto

(PC & CV Mfg)

28%

Auto

(Other)

9%Energy

31%

Cons. Durables8%

Finance12%

Other11%

22%

30% 30%

2009 2017 9M18

2

Strong Positioning via Diversified Structure

1,228 1,291

2,484

2016 2017 9M18

Dividend Income (TL mn)Consolidated Net Income (TL mn)

(1) Excluding Ford Otosan’s second dividend payment of TL 155 mn, which will be reflected in 4Q18

1

Combined Int’l Revenues / Revenues

3,832 3,827

9M17 9M18

Sustainable performance leveraging on diversified structureSolid dividend flow supported by ~TL 35 bn of investments over the last 5 years

Largest exporting group in Turkey covering 10% of Turkey’s total exports

#1 in total automotive

#1 in light commercial vehicles

#1 in tractors

#1 in automotive retailing

#1 in white goods

#1 in air conditioners

Sole operational refinery

#1 in LPG distribution

NAV Breakdown by Sector Domestic Market Positioning

Resilient against sectoral cyclicality Strong pricing power via leading positions

~55% incl. Tüpraş

1

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2 eurobonds totaling US$ 1.5 bn → Mar’16: US$ 750 mn, 7yrs, 5.25% coupon; Apr’13: US$ 750, 7 yrs, 3.5% couponNo repayment requirements until 2020Proceeds generating positive carry

Stable Funding

(Solo)

3

Disciplined Approach

US$ 1.8 bn gross cash → 83% in US$, 17% in TLUS$ 1.5 bn total debt

US$ +330 mn net cash

Strong Cash Position

(Solo)

Notes: All data as of 9M18(1) Net FX short position at 104 mn US$ (excluding US$ 1.3 bn of loans designating as hedging instruments (mainly Tüpraş) and US$ 1.4 bn of natural hedge due to FX linked pricing

of Tüpraş and Aygaz inventory)

NoFX Position

US$ +14 mn solo long FX position

US$ -104 mn consolidated short FX position after natural hedge1

US$ -20 mn consolidated short FX position after natural hedge weighted by effective ownership

SustainableLeverage

1.8x net financial debt / EBITDA on a combined basis

Solid Liquidity 1.4x current ratio on a combined basis

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Diesel Jet Fuel Gasoline LPG

Aug'17 15.7 3.0 1.5 2.7

Aug'18 16.9 3.4 1.6 2.8

+8%

+12%

+4%+4%

4

Energy

Tüpraş Opet

Aygaz (000 tons)

Capacity Utilisation White Product YieldRefining Margins ($/bbl)

Tüpraş (net) Med ComplexWhite Product Market Share

Ranking: #2

Sales Volume, Domestic Market (mn tons)

Energy Segment

(+) Inventory gains

(-) Impact of planned shutdowns on CUR and volumes

(-) Impact of sudden TL depreciation

Share in Consolidated Net Income

Share in Combined

Operating Profit 2

Notes: Energy Market Regulatory Authority data used for sectoral indicators(1) Clean net refining margin excludes inventory effect(2) Excluding FX gains/losses and credit finance income/charges on trade receivables and payables

Ranking: #1

Sales Volume

258 243

591 571

27 38

764 701

9M17 9M18

Cylinder Autogas Bulk Other

-5%1,640

1,553

8.5

5.8

10.7

4.5

9M17 9M18 9M17 9M18

105.3%86.5%

7.2%8.5%

9M17 9M18

Crude Others

112.6%95.0%

77.0% 77.2%

9M17 9M18

17.9% 17.9%

Aug'17 Aug'18

45% 23%

TL mn, combined 9M18 y/y

Revenues 111,704 57%

Operating Profit 2 8,119 63%

Profit Before Tax 2,827 -35%

Cons. Net Income 875 -41%YE18 FC 95-100%

YE18 FC 4.25-4.75

(YE17: 5.3)

YE18 FC 9.5-10.5

(YE17: 8.1)

8.38.3Clean1

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Koç Share 15% 13% 54% 53% 21% 22% 24% 22%

5

AutomotiveSales Units, Domestic Market (‘000) Export Units, Turkey (‘000)

Notes: Automotive Manufacturing Association data used for sectoral indicators. HCV data based on restated AMA figures.(1) Excluding FX gains/losses and credit finance income/charges on trade receivables and payables (2) Excluding bargain purchase gain (negative goodwill) of Otokoç on acquisition of car rental business in Greece in 2Q18 (PBT impact TL 142 mn, cons. net income impact TL 109 mn)

Tofaş Revenues Ford Otosan Revenues TürkTraktör Revenues

Total Revenues: TL 13.8 bn, +11% y/y

Automotive Segment

(+) Solid international revenues

(+) Higher €/TL

(+) Pricing focus in domestic market

(+) Cost discipline

(-) Significant decline in domestic market volumes

Total Revenues: TL 23.2 bn, +36% y/y Total Revenues: TL 3.0 bn, -2% y/y

Share in Consolidated Net Income

Share in Combined

Operating Profit 1

22% 30%

TL mn, combined 9M18 y/y

Revenues 46,355 21%

Operating Profit 1 3,954 46%

Profit Before Tax 2,944 33%

Cons. Net Income 1,160 28%

PassengerCars

LightCommercial

HeavyCommercial

TOTAL

9M17 477 151 20 647

9M18 362 101 16 480

-24%

-33%

-26%

-17%

984 972

9M17 9M18

-1%

Domestic

21%

Int'l

79%(+25% y/y)

(-22% y/y)

Domestic19%

Int'l

81%

(-6% y/y)

(+51% y/y)

Domestic

56%Int'l44%

(+57% y/y) (-24% y/y)

Koç Share 42% 44%

27%2

16%2

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Domestic34%

(+6% y/y)Int'l

66%(+45% y/y)

6

Consumer Durables

Arçelik Revenues Arçelik Regional Breakdown of Revenues

Organic Growth: +10% FX Impact: +35%

Sales Units, Market (mn)

Consumer Durables Segment

(+) Solid international revenues

(+) Pricing focus

(-) Financial expenses

(-) Contraction in domestic market also including high base impact

Total Revenues: TL 19.5 bn, +29% y/y

Export Units, Turkey (mn)

Notes: White Goods Manufacturing Association data used for Turkish market; GfK indicative data used for international markets(1) Excluding FX gains/losses and credit finance income/charges on trade receivables and payables

Share in Consolidated Net Income

Share in Combined

Operating Profit 1

TurkeyWesternEurope

EasternEurope

S. Africa

9M17 6.9 34.8 11.9 1.3

9M18 5.9 34.3 12.9 1.3

-15%

-2%

+8%

+5%

14.915.7

9M17 9M18

+6%

41%

28%

12%

6%3% 5% 5%

34%31%

15%

7%2%

5% 6%

Turkey WesternEurope

CIS &EasternEurope

Africa MiddleEast

Pakistan Other

9M17 9M18

8% 6%

TL mn, combined 9M18 y/y

Revenues 22,126 30%

Operating Profit 1 1,484 26%

Profit Before Tax 733 5%

Cons. Net Income 246 -20%

Arçelik Market Share 9.3% 12.3% 40.1%Change y/y +0.8 pp +0.5 pp -0.7 pp

∆ Chg. y/y +6% +43% +57% +39% +10% +29% +69%

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1.08%

2.09%

9M17 9M18

41%

33%

9M17 9M18

10.0% 9.8%

2017 9M18

13.4% 13.3%

2,735

3,586

9M17 9M18

31%

114% 112%

2017 9M18

7

Finance

Net Income (TL mn) ROATE Cost/Income2 CoR

Capital Ratios4 LDR

CAR

CET1

Revenues +44%Costs +13%

(vs. 25% CPI)

YKB Profitability YKB Operational Performance

YKB Balance Sheet YKB Fundamentals

Finance Segment

Improving cost / income

Conservative CoR approach

Controlled volumes and focus on liquidity

Share in Consolidated Net Income

Share in Combined

Operating Profit

14.0% 14.3%

9M17 9M18

23 bps

25% 34%

TL mn, combined 9M18 y/y

Operating Profit 4,578 34%

Profit Before Tax 4,656 34%

Cons. Net Income 1,309 31%

15.4%Excluding

IRS m-t-m1

(1) TL 4.1bn IRS m-t-m valuation gain that is booked under equity but not considered in capital calculations (2017: TL 838mn) (2) 9M18 Income adjusted for trading income to hedge FC ECL(3) Loans indicate performing loans excluding factoring and leasing receivables and TL and FC loans are adjusted for FX indexed loans(4) Capital ratios are presented without forbearance actions (with forbearance: CET-1: 12.1%, CAR: 16.1%)

1.88%

TL bn, consolidated 9M18 q/q y/y

Loans3 249.4 12% 31%

TL 124.8 1% 8%

FC ($) 20.8 -4% -2%

Deposits 221.0 15% 34%

TL 88.6 11% 25%

FC ($) 22.1 -11% -16%

NPL Ratio 3.7% -0.1pp -0.5pp

Provisions / Gross Loans 4.6% 0.2pp -0.1pp

Notes:ROATE indicates Return on Average Tangible Equity CoR= Total specific + generic provisions net of collections. 9M18 adjusted for provision reversals related to cheques due to regulation change in 2Q18CET1= Common Equity Tier-1LDR= Performing Loans / (Deposits + TL Bonds)

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Group’s Overall Financial Performance

(1) Before revenue eliminations(2) Excluding FX gains/losses and credit finance income/charges on trade receivables and payables (Combined operating profit reported in 9M18 financial report is TL 14,521 mn)(3) Koç Holding’s consolidated net income after the share of JV partners and non-controlling interests

TL mn, 9M18 Energy AutomotiveConsumer

DurablesFinance Other

Combined Revenues1 111,704 46,355 22,126 30,424 9,555

y/y 57% 21% 30% 41% 21% 41%

Combined Operating Profit2 8,119 3,954 1,484 4,578 4

y/y 63% 46% 26% 34% -96% 46%

Combined Profit Before Tax 2,827 2,944 733 4,656 419

y/y -35% 33% 5% 34% 60% 5%

Combined Net Income 2,498 2,702 620 3,636 334

y/y -34% 22% -17% 31% 52% 0%

Consolidated Net Income3 875 1,160 246 1,309 236

y/y -41% 28% -20% 31% 81% 0%

3,827

9,789

Total

220,164

18,138

11,579

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Energy38.8%

Auto23.6%

Cons. Durables8.0%

Finance26.2%

Other3.4%

Energy

22.9%

Auto

30.3%

Cons. Durables6.4%

Finance34.2%

Other

6.2%

9

Consolidated Net Income

-41% +28% -20% +31% +81% 0%y/y

Consolidated Net Income (TL mn)

Note: Consolidated net income indicates Koç Holding share after the share of JV partners and non-controlling interests(1) Excluding (i) bargain purchase gain (negative goodwill) of Otokoç on acquisition of car rental business in Greece (cons. net income impact TL 109 mn) in 2018; (ii) fair value gain of Koç Holding’s asset exchange transaction in 2017 (cons. net income impact TL 26 mn)

Normalized1

-2%

3,832

- 611

255

- 60

306 106 3,827

9M17 Energy Auto Cons. Durables Finance Other 9M18

9M17 9M18

Normalized1

+16%

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Wrap-Up

Disciplined management approach and balance sheet strength ensuring resilience

against volatility

Sustainable performance and solid net cash position

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Disclaimer

This presentation does contain forward-looking statements that reflect the Company

management’s current views with respect to certain future events based on the base-case

assumptions. Although it is believed that the expectations reflected in these statements are

reasonable, they may be affected by a variety of variables and changes in underlying assumptions

that could cause actual results to differ materially.

Neither Koç Holding nor any of its directors, managers or employees nor any other person shall

have any liability whatsoever for any loss arising from the use of this presentation.

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ANNEX

12

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Consolidated Main Financial Indicators

Note:End of period €/TL = 6.9505 and US$/TL = 5.9902 used for balance sheet indicatorsAverage €/TL = 5.4401 and US$/TL = 4.5679 used for P&L indicators

TL mn 9M17 9M18 € mn $ mn

Revenues 71,348 103,414 45% 19,010 22,639

Gross Profit 12,120 16,604 37% 3,052 3,635

Operating Profit 8,159 8,433 3% 1,550 1,846

Profit Before Tax 6,801 5,915 -13% 1,087 1,295

Taxes (net) -428 -406 -5% -75 -89

Net Income Before Non-controlling Interest 6,373 5,509 -14% 1,013 1,206

Non-controlling Interest 2,542 1,683 -34% 309 368

Net Income After Non-controlling Interest 3,832 3,827 0% 703 838

YE17 9M18 € mn $ mn

Total Assets 104,064 138,791 33% 19,969 23,170

Total Equity 42,931 45,166 5% 6,498 7,540

YTD

9M18

Y/Y

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Combined Net Income – Consolidated Net Income

-41% +28% -20% +31% +81% 0%y/y

-34% +22% -17% +31% +52% 0%y/y

Consolidated Net Income (TL mn)

Combined Net Income (TL mn)

3,813

2,211

746

2,786

219

9,774

2,498 2,702

620

3,636

334

9,789

Energy Auto Cons. Durables Finance Other Total

1,486

905

306

1,003

130

3,832

8751,160

246

1,309

236

3,827

Energy Auto Cons. Durables Finance Other Total

Normalized1

+16%

Normalized1

-2%

Normalized1

+16%

Normalized1

-1%

Note: Consolidated net income indicates Koç Holding share after the share of JV partners and non-controlling interests(1) Excluding (i) bargain purchase gain (negative goodwill) of Otokoç on acquisition of car rental business in Greece (cons. net income impact TL 109 mn) in 2018; (ii) fair value gain of Koç Holding’s asset exchange transaction in 2017 (cons. net income impact TL 26 mn)

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Unlisted Companies

Notes: Financials for unlisted companies disclosed semi-annually (1) Excluding FX gains/losses and credit finance income/charges on trade receivables and payables

2017 2018 2017 2018 2017 2018 2017 2018

Arçel ik LG Kl ima 5.00% 415 670 15 50 19 57 263 296

Bi lkom 69.94% 790 1,271 29 37 29 38 72 86

Düzey 31.15% 796 869 5 -5 6 -3 64 18

Entek 49.62% 166 193 21 22 27 38 658 1,037

Koç Finansman 44.50% 273 356 47 60 47 61 241 297

KoçSis tem 41.11% 453 589 1 -2 11 10 79 77

Koçtaş 37.13% 675 729 27 15 41 30 112 88

Marina / Ayval ık 7.72% 2 3 1 1 1 1 10 12

Marina / Tek-Art Ka lamış 75.92% 16 18 4 4 4 4 172 193

Opet -- 12,866 19,065 369 573 418 624 1,916 2,416

Otokoç Otomotiv 96.32% 2,481 3,165 183 311 236 464 513 885

Ram Dış Ticaret 39.74% 611 701 7 1 7 1 28 14

RMK Marine 40.53% 88 135 4 12 6 14 10 2

Setur 24.11% 576 721 43 30 49 37 168 168

Zer 39.00% 1,135 1,342 43 53 44 55 211 227

1H18

TL mn

Koç Holding

Direct Share

Revenues Operating Profi t1 Book Value (SHE)EBITDA

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Shareholding Structures

Koç Holding

Koç Family: 64.3%1

Free Float: 26.5%Vehbi Koç Foundation: 7.3%

Koç Pension Fund: 2%

Energy

AygazKH: 41%

Other Koç: 10.5%Liquid Pet. Co.: 24.5%

Free float: 24%

OpetTüpraş: 40%

Other Koç: 10%Öztürk Group: 50%

KH: 18%2

Automotive

Ford OtosanKH: 38%

Ford: 41%Other Koç: 3%Free float: 18%

TofaşKH: 38%FCA: 38%

Free float: 24%

TürkTraktörKH: 37.5%

CNH : 37.5%Free float: 25%

OtokarKH: 45%

Ünver Hold.: 25%Other Koç: 3%Free float: 27%

Consumer Durables

ArçelikKH: 41%

Other Koç: 17%Burla Group: 18%

Free float: 25%

Finance

Koç Financial ServicesKH: 42%

Other Koç: 8%UniCredit: 50%

Other

Tat GıdaKH: 44%

Other Koç: 10%Sumitomo & Kagome: 5%

Free float: 41%

TüpraşSPV: 51%

Free float: 49%

KH: 43.7%2

SPVKH : 77%

Aygaz: 20%Opet: 3%

Yapı Kredi BankKFS: 82%

Free float: 18%

KH: 35%2

SeturKH: 24%

Other Koç: 76%

KoçtaşKH: 37%

Kingfisher: 50%Other Koç: 13%

ZerKH: 39%

Other Koç: 60%Other: 1%

Notes: Updated as of Sep’18(1) Temel Ticaret (family-owned investment vehicle) 43.65%, Koç Family Members 20.64%(2) Effective stake indirectly through subsidiaries

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For Further Questions, Please Contact :

Gülsevin Tuncay, Coordinator

Investor Relations

gulsevint@koc.com.tr

+90 216 531 0428

investorrelations@koc.com.tr

Gizem Poyraz, Manager

Investor Relations

gizemb@koc.com.tr

+90 216 531 0533

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Neslihan Aycıl, Manager

Investor Relations

neslihana@koc.com.tr

+90 216 531 0516