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 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.

22

HEADLINES FOR 2014

• Strong sales in 2014:

Net Sales at 14,5TL billion (+22% YoY)

• But weaker EBITDA and profit margins:

EBITDA at 618,6 TL million (3,8% YoY)

Net income at 395,3 TL million (-4,3 % YoY)

• Continued Expansion

CAPEX at 2,9% of sales = 412,3 TL million

At the end of the year we had 4.502 stores in Turkey, 223 in Morocco and 81 in Egypt.

3

HEADLINES FOR 2014 – Nr. 1

• BIM was rated as 3rd in “Q ratio” out of 250 retailers in the world also known as “Tobin’s Q” in recent Deloitte Report (climbed up from last year’s 4th position)

• In the same Deloitte report BIM was rated as the leader in Turkish retail market

• Ranked as151st largest retailer in the list and the ONLY Turkish retailer in the world (progressed from last years 167th position)

• Ranked as17th fastest growing retailer with 22% CAGR per 2013 results

4

Note 1: Global Powers of Retailing report published by Deloitte, January 2015

ANNUAL NET SALES AND GROSS PROFIT

9.906,4

11.848,8

14.463,1

1.857,3

2.226,1

1.800

2.000

2.200

2.400

2.600

10.000

12.000

14.000

16.000 Net Sales

Gross Profit

8.189,1

TL Million

1.559,2

800

1.000

1.200

1.400

1.600

1.800

0

2.000

4.000

6.000

8.000

2010A 2011A 2012A 2013A 2014A

8.189,1

6.574,0

1.104,7

1.309,3

5

Gross Margin 16,8% 16,0% 15,7% 15,7% 15,4%

QUARTERLY NET SALES AND GROSS PROFIT

3.132,23.395,1

3.561,03.752,7 3.754,3

487,5

528,1545,4

589,4563,2 600,0

700,0

800,0

2500

3000

3500

4000Net Sales

Gross Profit

TL Million

487,5

200,0

300,0

400,0

500,0

0

500

1000

1500

2000

4Q13 1Q14 2Q14 3Q14 4Q14

6

Gross Margin 15,6% 15,6% 15,3% 15,7% 15,0%

ANNUAL EBITDA AND EBIT

428,2

491,2

595,9618,6

397,7

485,1 481,9400

500

600

700

EBITDA

EBIT

TL Million

356,4

291,5

351,2397,7

0

100

200

300

2010 2011 2012 2013 2014

EBITDA Margin 5,4% 5,2% 5,0% 5,0% 4,3%

EBIT Margin 4,4% 4,3% 4,0% 4,1% 3,3%

7

QUARTERLY EBITDA AND EBIT

153,1160,1

141,0

176,5

141,0

123,8 128,1141,3

105,3100

120

140

160

180

200

EBITDA

EBIT

TL Million

107,2 105,3

0

20

40

60

80

4Q13 1Q14 2Q14 3Q14 4Q14

EBITDA – EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION

EBIT – EARNINGS BEFORE INTEREST AND TAX

EBITDA 4,9% 4,7% 4,0% 4,7% 3,8%

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

8

EBITDA MARGIN TARGET vs ACTUAL

5,0 5,0

4,3

0,30,4

4

5

6 EBITDA Margin %

9

0

1

2

3

2013 2014 Target Gross Margin Staff Cost 2014 Actual

ANNUAL NET INCOME

412,9395,3

331,8300

350

400

450

Net Income

TL Million

245,6

298,9

331,8

150

200

250

300

2010A 2011A 2012A 2013A 2014A

10

Net Income Margin

3,7% 3,7% 3,3% 3,5% 2,7%

QUARTERLY NET INCOME

105,7 107,8

89,7

115,4

82,470

80

90

100

110

120

130Net Income

TL Million

0

10

20

30

40

50

60

4Q13 1Q14 2Q14 3Q14 4Q14

11

Net Income Margin

3,4% 3,2% 2,5% 3,1% 2,2%

EARNINGS AND DIVIDEND

0,730,80 * 0,90

1,10

1,30

2

2,5

3Earnings Per Share Dividends Per Share in Gross

2,41,8

1,6 1,7 *

1,5

2

2,5

80

100 Dividiend Payout Ratio Dividend Yield %

Earnings Per Share and Dividend Per Share in Gross Dividend Yield & Payout Ratio

TL TL

0,810,98

1,09

1,36 1,3

0,600,65

0,730,80

-0,10

0,10

0,30

0,50

0,70

0

0,5

1

1,5

2

2010A 2011A 2012A 2013A 2014A

74%66% 66%

58% *

-0,5

0

0,5

1

1,5

0

20

40

60

2010A 2011A 2012A 2013A 2014A

1212

Note 1: The per share figure for 2010, 2011, 2012, 2013 and 2014 is based on 303.600.000 shares.

Note 2: (*) The Company did not take any decision yet about dividend payment from 2014 profit

LIKE FOR LIKE SALES INCREASE

2013 A 2014 A INCREASE2013 Q4 2014 Q4 INCREASE

Quarterly Annual

Like For Like Sales (Mil TL)

10.793,9 12.069,3

Like For Like Basket (TL)

11,35 12,50

Like For Like Customer Traffic (Per store/per Day)

752,6 763,6

Like For Like Sales (Mil TL)

2.790,0 3.061,5

Like For Like Basket (TL)

11,80 12,93

Like For Like Customer Traffic (Per store/per Day)

752,3 753,6

9,7%

9,5%

0,2%

11,8%

1,5%

10,2%

* Note: calculated on the basis of net sales generated in 4Q13 and 4Q14 by stores operating on 31 Dec 2012 and that were still open on 31 Dec 2014 (3.492 stores)

13

PRIVATE LABEL SALES CONTINUE TO GROW

PRIVATE LABEL 67,6% PRIVATE

LABEL 69,4%

BRANDED21,6%

BRANDED20,5%

2013A 2014A

SPOT 5,5%

SPOT 5,0%

EXCLUSIVE5,3%

EXCLUSIVE5,1%

14

CAPEX

412,3

2,42,9

3

350

400

450

500 Annual CAPEX

% of Net Sales

TL Million

Annual Capex & % of Net Sales2014 Capex Breakdown

New Store Openings

46,1%

Old Store

Old Warehouse

Maintenance 10,5%

141,9

182,7

241,1 245,5

2,2% 2,2%2,1

0

1

2

0

50

100

150

200

250

300

350

2010A 2011A 2012A 2013A 2014A

1515

New Warehouse & Land Acquisitions

27,5%

Old Store Maintenance

15,9%

STRONG STORE GROWTH CONTINUES

2.951 3.289 3.655

4.0003.000

4.000

5.000Stores in Turkey

4.502

Number of Stores

2.951 3.289 3.655

0

1.000

2.000

2010 2011 2012 2013 2014

16

FOREIGN OPERATIONS - HIGHLIGHTS

MOROCCO EGYPT

• 59 Stores opened in 2014

• By 31 December 2014 we have 223

• BIM Stores LLC in Egypt is progressing well

• By 31 December 2014 we have

1717

223

• Our aims for Morocco 2015

EBITDA positive in 2015

Open 81 more stores in 2015

• By 31 December 2014 we have 81 stores

• Our target for 2015 is to open 54 stores and reach 135 in total

• Second owned warehouse to be opened in 2015

• We are opening FIRST store in March

• 10 stores to be opened in 2015

• 50 stores targeted in next 5 years

• Business concept is:• Business concept is:

Discount philosophy in supermarket sub-segment

It will operate with more SKUs (3.000 – 3.500) and more retail space (1.000 sqm vs. 300 sqm currently)

Greater focus on fresh fruit & veg, meat and bakery section

More branded products but private label continues priority

1818

TARGETS VS ACTUAL

TARGET ACTUAL

SALES GROWTH (%) 15 – 20 22

GROSS MARGIN (%) 15,5 - 16 15,4

EBITDA MARGIN (%) 5,0 4,3EBITDA MARGIN (%) 5,0 4,3

CAPEX mil TL 400 412

NET INCOME MARGIN (%) 3,5 2,7

NEW STORES (excl Morocco and Egypt) 500 502

19

LOOKING FORWARD TO 2015

2014 ACTUAL 2015 TARGET

SALES GROWTH (%) 22,1 20

GROSS MARGIN (%) 15,4 15,5

EBITDA MARGIN (%) 4,3 4,5

CAPEX – Mil TL 412,3 mil 450 mil

2020

NEW STORE OPENINGS

TURKEY 502 500

MOROCCO 59 81

EGYPT 46 54

FİLE - 10

TOTAL 607 645

21

22

IFRS INCOME STATEMENT

TL million3 months ended 31 December 12 months ended 31 Decemb er

2013 2014 2013 2014

Net Sales 3.132,2 3.754,3 11.848,8 14.463,1

(COGS) (2.644,7) (3.191,1) (9.991,5) (12.237,0)

Gross Profit 487,5 563,2 1.857,3 2.226,1

Total SG&A (334,4) (422,2) (1.261,4) (1.607,5)Total SG&A (334,4) (422,2) (1.261,4) (1.607,5)

EBITDA 153,1 141,0 595,9 618,6

D&A (29,3) (35,7) (110,8) (136,7)

EBIT 123,8 105,3 485,1 481,9

Net financial income/(expenses) 8,5 1,4 27,6 12,8

Other income/(expenses) 3,0 3,5 13,3 17,2

PBT 135,3 110,2 526,0 511,9

Taxes (29,6) (27,8) (113,1) (116,6)

Net income 105,7 82,4 412,9 395,3

2323

IFRS BALANCE SHEET

TL millionAs at 31 December

2013 2014

Intangible assets 3,8 4,7

Tangible assets 981,0 1.243,2

Financial Investments (long term) 118,0 157,5

Other non-current assets 18,6 20,4

Total fixed assets 1.121,4 1.425,8

Trades receivable 344,8 445,3

Inventories 638,5 807,3Inventories 638,5 807,3

Prepayment and other assets 187,1 234,2

Trades payable (1.457,7) (1.805,5)

Other payable and accrued liabilities (175,1) (198,6)

Net working capital (462,4) (517,3)

Invested Capital 659,0 908,5

Cash & cash equivalents (405,5) (325,5)

Short term borrowings 13,1 17,3

Net debt/(cash) (392,4) (308,2)

Severance funds 38,1 52,1

Deferred tax liabilities 14,0 15,1

Shareholders' equity 999,3 1.149,5

Capital Employed 659,0 908,5

2424

IFRS CASH FLOW

TL million3 months ended 31 December 12 months ended 31 Decemb er

2013 2014 2013 2014

Net Income 105,7 82,4 412,9 395,3

D&A 29,3 35,7 110,8 136,7

Other non-cash items (3,6) (2,1) (17,3) (18,0)

Funds from operations 131,4 116,0 506,4 514,0

Change in net working capital (80,1) 5,7 56,0 54,9

Operating cash flow 51,3 121,7 562,4 568,9

Capital expenditures (59,8) (113,1) (245,5) (412,3)Capital expenditures (59,8) (113,1) (245,5) (412,3)

Proceeds from sales of PPE 2,0 7,5 6,5 14,5

Change in Financial Investments (105,4) 0,0 (105,4) (39,5)

Dividends From Investments - - 4,0 3,5

Cash flow from investing activities (163,2) (105,6) (340,4) (433,8)

Free cash flow (111,9) 16,1 222,0 135,1

Dividends - (91,0) (220,1) (242,7)

Profit share received from deposits account 4,7 6,4 16,4 18,6

Proceeds from ST borrowings (27,6) (0,5) 2,7 4,2

Treasury Shares Purchase & Sale, Net - - - 6,0

Cash flow from financing activity (22,9) (85,1) (201,0) (213,9)

Currency translation differences (3,3) 0,3 (4,6) (0,4)

Increase/(decrease) in cash (138,1) (68,7) 16,4 (79,2)

2525