2Q18 Earnings Investor Relations & Capital Markets

All rights reserved by Selcuk Ecza Deposu A.S.® Contents Financial Review Operational Review Appendices All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Focused on Profitability... As of June 30, 2018 2017 Chg Revenues 6.546,28 5.240,00 24,93% Gross Income 554,96 448,59 23,71% Gross Margin 8,48% 8,56% -0,08 pts EBITDA 280,90 235,12 19,47% EBITDA Margin 4,29% 4,49% -0,20 pts Net Income 230,59 193,67 19,06% Net Income Margin 3,52% 3,70% -0,18 pts EPS 0,371 0,312 18,91% All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® We have a track record of strong revenue growth... All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® ...that we have leveraged into higher income All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Working Capital Management mn. FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 2Q2018 A/R 1.502 1.538 1.571 1.688 1.984 2.297 2.640 3.845 Inventories 469 404 545 577 695 659 733 857 943 1.372 A/P 1.234 1.228 1.362 1.325 1.342 1.396 1.709 1.961 2.336 3.274 WC 737 714 721 790 924 951 1.008 1.192 1.247 1.943 WC/Sales (%) 18,21 14,20 14,70 15,57 18,84 18,16 15,78 15,94% 14,43% 16,20% All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® OpEx Improvement   FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 2Q2018 Revenue (mn.) 3.628 4.047 5.029 4.902 5.074 5.238 6.386 7.480 8.643 6.546 # of WHs 100 107 114 118 102 99 103 111 # of Employees 4.554 4.600 4.893 5.162 5.322 5.049 5.187 5.582 5.864 6.250 6.754 OpEx / Sales 4,49% 4,57% 3,93% 4,28% 4,74% 5.37% 5,13% 4,70% 4,97% 4,80% Personnel / Sales 2,69% 2,64% 2,39% 2,66% 2,79% 3,23% 3,05% 2,84% 2,91% 3,20% 2,95% Employee per WH 46 45 50 52 56 59 61 Revenue per Employee 796.743 879.676 1.027.748 949.678 953.495 970.885 1.009.835 1.144.111 1.275.580 1.382.880 1.775.600 All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® OpEx Breakdown OPERATIONAL EXPENSES 2Q2018 % 2Q2017 2Q2018 vs 2Q2017 Personnel expense 193.205.279 61,48% 157.909.775 62,05% 22,35% Depreciation expense 18.873.193 6,01% 13.246.511 5,21% 42,48% Fuel expense 18.058.930 5,75% 13.225.028 5,20% 36,55% Communication expense 2.183.967 0,69% 2.406.674 0,95% -9,25% Transportation expense 13.872.142 4,41% 12.276.357 4,82% 13,00% Repair and maintenance expense of motor vehicles 5.393.842 1,72% 4.455.573 1,75% 21,06% Rent expense 6.879.962 2,19% 5.442.307 2,14% 26,42% Outsourced benefits and services 13.686.511 4,35% 9.502.001 3,73% 44,04% Tax expense 2.904.045 0,92% 2.460.357 0,97% 18,03% Insurance expense 7.070.662 2,25% 6.565.453 2,58% 7,69% Stationery expense 3.432.339 1,09% 2.351.160 45,98% Representation and host expenses 2.671.432 0,85% 2.041.212 0,80% 30,87% Advisory and audit fees 914.529 0,29% 747.188 22,40% Donations and aids 516.919 0,16% 395.419 30,73% Fair Expense 14.499.887 4,61% 12.187.642 4,79% 18,97% Promotion expenses 1.130.577 0,36% 2.187.012 0,86% -48,30% Other 8.987.314 2,86% 7.072.251 2,78% 27,08%   314.281.530 254.471.920 23,50% All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Contents Financial Review Operational Review Appendices All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Sustainable growth to Market Leader Position... All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® A progressive network across the Country... Main Warehouses Regional Warehouses Total Selçuk Ecza 21 67 88 As Ecza 6 17 23 Group Total 27 84 111 All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Operational Stats I All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Operational Stats II All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Operational Stats III All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Contents Financial Review Operational Review Appendices All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Appendix: Summary Financials: Income Statement-Consolidated Income Statement 30.06.2018 30.06.2017 2018 vs 2017 Volume Net Sales 6.546,28 5.240,01 24,93% Cost of sales (-) (5.991,32) (4.791,42) 25,04% GROSS PROFIT 554,97 448,59 23,71% OPEX (314,28) (254,47) 23,50% Other operating income/Exp.(Net) 65,57 52,44 OPERATING PROFIT 306,25 246,56 24,21% Income/Expense from investment 10,91 6,73 62,12% Finance income /Exp.(Net) (20,44) (10,87) 87,96% EBIT 262,02 221,87 18,10% EBIT (exc.other) 240,68 194,12 23,99% Income before minority Int.& Tax 296,73 242,42 22,41% Minority interest 0,00 19,33% Income tax expense (66,13) (48,74) 35,68% Net Income / (Loss) 230,60 193,67 19,07% EBITDA 280,90 235,12 19,47% EBITDA (exc.other) 259,56 207,36 25,17% Gross Margin 8,48% 8,56% EBIT Margin 4,00% 4,23% EBIT Margin (exc.other) 3,68% 3,70% EBITDA Margin 4,29% 4,49% EBITDA Margin (exc.other) 3,96% All rights reserved by Selcuk Ecza Deposu A.S.®

All rights reserved by Selcuk Ecza Deposu A.S.® Appendix: Summary Financials: Balance Sheet Balance Sheet (TL million)   Assets 30.06.2018 31.12.2017 Liabilities & Equity Cash and cash equivalents 386,38 217,44 Short-term debt 662,86 48,02 Accounts rec.& due from related parties 3.845,35 3.191,28 Accounts payable & due to related parties 3.273,54 2.792,41 Inventories 1.372,30 1.013,04 Provisions & other current liabilities 118,64 107,41 Other current assets 160,57 118,74 Total Current Liabilieties 4.055,04 2.947,84 Total Current Assets 5.764,60 4.540,51 Long-term debt 0,00 PP&E 532,74 484,51 Provision for Employee Benefits & Other Liabilities 34,33 32,38 Intangible Assets(Including Goodwill) 32,31 32,43 Deferred tax liability 58,48 37,77 Other non-current assets 60,86 61,56 Other liabilities Deferred tax assets 70,77 48,91 Total Non-Current Liabilieties 92,82 70,15 Total Non-Current Assets 696,67 627,41 Shareholder's equity & minority interest 2.313,41 2.149,93 Total Assets 6.461,27 5.167,92 Total Liabilities & Equity All rights reserved by Selcuk Ecza Deposu A.S.®

2Q2018 Earnings Selcuk Ecza Deposu A.S. Investor Relations & Capital Markets Tel: +90 216 554 0554 Tel: +90 216 554 0384-0385 Fax: +90 216 554 0517 www.selcukecza.com.tr investorrelations@selcukecza.com.tr Istanbul Stock Exchange: SELEC.IS Bloomberg: SELEC.TI Reuters: SELEC.IS