NOTICE

The information contained in this document has not been independently verified.

No representation or warranty, express or implied, is made as to, and no

reliance should be placed on, the fairness, accuracy, completeness or

correctness of the information or opinions contained herein. Neither the

company nor any of its respective affiliates, advisors or representatives shall

have any liability whatsoever (in negligence or otherwise) for any loss

howsoever arising from any use of this presentation or its contents or otherwise

arising in connection with the presentation.

This presentation does not constitute an offer or invitation to purchase or

subscribe for any securities and no part of it shall form the basis of or be relied

upon in connection with any contract or commitment whatsoever.

Please note that all financial data are prepared based on IFRS accounting.

2 2

HEADLINES FOR Q1 2014

Strong growth in first quarter sustained:

Net Sales at 3.395 Mio TL (+21% Q to Q)

EBITDA at 160,1 Mio TL (12% Q to Q))

Net income at 107,8 Mio TL (11% Q to Q)

Like for Like sales up 11,2%

Continued expansion – 159 new stores in Turkey, 16 in Morocco and 17 in

Egypt

BİMCell exceeded 1 million subscribers

3

QUARTERLY NET SALES AND GROSS PROFIT

2.795,5 2.833,6

3.087,5 3.132,2

3.395,1

434,4 442,0

493,4 487,5

528,1

200,0

300,0

400,0

500,0

600,0

0

300

600

900

1.200

1.500

1.800

2.100

2.400

2.700

3.000

3.300

1Q13 2Q13 3Q13 4Q13 1Q14

Net Sales

Gross Profit

TL Million

4

Gross

Margin 15,5% 15,6% 16,0% 15,6% 15,6%

QUARTERLY EBITDA AND EBIT

143,3

133,4

166,1

153,1 160,1

117,2

106,2

137,9

123,8 128,1

0

20

40

60

80

100

120

140

160

180

1Q13 2Q13 3Q13 4Q13 1Q14

EBITDA

EBIT

EBITDA – EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION

EBIT – EARNINGS BEFORE INTEREST AND TAX

EBITDA 5,1% 4,7% 5,4% 4,9% 4,7%

EBIT 4,2% 3,7% 4,5% 4,0% 3,8%

TL Million

5

QUARTERLY NET INCOME

97,2 92,8

117,2

105,7 107,8

0

20

40

60

80

100

120

1Q13 2Q13 3Q13 4Q13 1Q14

Net Income

TL Million

6

Net Income

Margin 3,5% 3,3% 3,8% 3,4% 3,2%

LIKE FOR LIKE SALES INCREASE

2013 Q1 2014 Q1 INCREASE

Like For Like Sales (Mil TL)

2.508,5 2.788,3

Like For Like Basket (TL)

11,03 11,99

Like For Like

Customer Traffic (Per

store/per Day)

778,9 796,8

11,2%

8,7%

2,3%

Quarterly

* Note: calculated on the basis of net sales generated in 1Q13 and 1Q14 by stores operating on 31 March 2012 and

that were still open on 31 March 2014 (3.244 stores)

7

PRIVATE LABEL SALES CONTINUE TO GROW

PRIVATE

LABEL

68,0% PRIVATE

LABEL

69,5%

SPOT

5,4%

SPOT

4,9%

EXCLUSIVE

5,1%

EXCLUSIVE

5,3%

BRANDED

21,5% BRANDED

20,3%

1Q13 1Q14

8

CAPEX

56,7

70,1

58,9 59,8

145,6

2,0%

2,5%

1,9% 1,9%

4,3%

0

1

2

3

4

5

6

7

0

50

100

150

1Q13 2Q13 3Q13 4Q13 1Q14

Quarterly CAPEX

% of Net Sales

% of Net Sales

9

TL Million

9

STRONG STORE GROWTH CONTINUES

3.735

3.8593.922

4.000

4.159

3.000

3.250

3.500

3.750

4.000

4.250

1Q13 2Q13 3Q13 4Q13 1Q14

Stores in Turkey

Number of

Stores

10

BIM MOROCCO UPDATE

• 16 new stores opened in 1Q 2014 and we have 184 to date

• Second region in Casablanca accelerated store openings

• Expecting to be cash generating by end of 2015

11 11

31.3.2013 30.6.2013 30.9.2013 31.12.2013 31.3.2014

No. of Stores 120 134 150 164 180

BIM EGYPT UPDATE

• BIM Stores LLC in Egypt is developing

• 17 new stores opened in 1Q 2014 and we have 54 stores to date

• Our target for 2014 is to open 50 new stores and reach 85 by the

end of the year

12 12

30.6.2013 30.9.2013 31.12.201 31.3.2013

No. of Stores 26 29 35 52

13

14

IFRS INCOME STATEMENT

TL million 3 months ended 31 March

2013 2014

Net Sales 2.795,5 3.395,1

(COGS) (2.361,1) (2.867,0)

Gross Profit 434,4 528,1

Total SG&A (291,1) (368,0)

EBITDA 143,3 160,1

D&A (26,1) (32,0)

EBIT 117,2 128,1

Net financial income/(expenses) 4,3 6,3

Other income/(expenses) 1,8 2,8

PBT 123,3 137,2

Taxes (26,1) (29,4)

Net income 97,2 107,8

15 15

IFRS BALANCE SHEET

TL million As at 31 March

Q1 2013 Q1 2014

Intangible assets 3,3 4,4

Tangible assets 873,4 1.084,7

Financial Investments (long term) 12,6 118,0

Other non-current assets 15,0 27,3

Total fixed assets 904,3 1.234,4

Trades receivable 319,3 364,1

Inventories 507,0 678,5

Prepayment and other assets 119,4 197,9

Trades payable (1.316,2) (1.759,6)

Other payable and accrued liabilities (102,4) (101,1)

Net working capital (472,9) (620,2)

Invested Capital 431,4 614,2

Cash & cash equivalents 510,3 540,7

Short term borrowings 0,0 (15,6)

Net debt/(cash) (510,3) (525,1)

Severance funds 37,7 40,5

Deferred tax liabilities 11,2 12,7

Shareholders' equity 892,8 1.086,1

Capital Employed 431,4 614,2

16 16

IFRS CASH FLOW

TL million 3 months ended 31 March

Q1 2013 Q1 2014

Net Income 97,2 107,8

D&A 26,1 32,0

Other non-cash items (4,6) (2,8)

Funds from operations 118,7 137,0

Change in net working capital 63,5 157,8

Operating cash flow 182,2 294,8

Capital expenditures (56,7) (145,6)

Proceeds from sales of PPE 1,3 1,8

Change in Financial Investments - -

Dividends From Investments - -

Cash flow from investing activities (55,4) (143,8)

Free cash flow 126,8 151,0

Dividends - -

Profit share received from deposits account 2,7 2,4

Share Buy Back - (20,3)

Proceeds from ST borrowings (10,4) 2,4

Cash flow from financing activity (7,7) (15,5)

Currency translation differences - (2,4)

Increase/(decrease) in cash 119,1 133,1

17 17