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Chairman Message

Dear Stakeholders,

In 2019, the effects of mobile and strategic decisions were felt even more strongly, both in our country and in the world, with the impact of global and economic developments.

As Ülker Bisküvi, we significantly increased our profitability in 2019, while continuing our sustainable growth in all locations where we operate. We increased our consolidated turnover by 31% to TL 7.8 billion and increased our Operating Amortization and Pre-Tax Profit by 38.8% to 16.7% EBITDA margin. We have continued our undisputed leadership in the overall snack market in Turkey. While making our country a production and export base, we continued to increase sales and profitability. We expanded our operations in Turkey with 27.5%, and our export and international operations by 36.9%.

While strengthening our market leadership in the biscuit segment in the Saudi Arabia market, where we operate with two of our factories, we also reinforced our position in the Middle East and in North Africa, in countries such as Egypt, Qatar, and Lebanon. And, in addition, as Ülker Bisküvi, we successfully completed 2019 with a very robust balance sheet and net debt ratio.

Today we continue to contribute to our nation’s economy with our production in 10 factories, including six in Turkey and four abroad, with our exports to more than 100 countries, and with our approximately 9 thousand employees, on our journey that began in 1944 with a single biscuit variety. While our productivity efforts in Turkey provide cost advantages, we also support growth with the synergy between our new products and products. We export Godiva and McVitie's products, manufactured in our factories in Turkey, to many countries. Accordingly, we aim to make Turkey an even stronger production and export base in the coming years.

Sustainability is an integral part of our business

We have worked in alignment with the “wasteless company” principle and efficient production values since the day we were founded. We act with the awareness that this is a permanent and effective method in combating inflation.

We see sustainability as an integral part of our way of doing business. While conducting our business, we also aim to leave a world where new generations can live happily; as such, we strive to be a pioneer in this field. In 2014, we set long-term goals targeted at the year 2024 in the fields of the environment, the value chain, innovation, employees, social responsibility and leadership. We published our Sustainability Report. While we saved TL 16.5 million through improvement and efficiency efforts carried out in 2018, we have continued to grow since 2014 within the scope of 2024 sustainability targets – without increasing carbon emissions. While recycling 90% of our waste, we have already reached our 2024 target by reducing water use per unit production by 30% compared to 2014. This figure is equivalent to the daily water consumption of a province with a population of 3 million.

We contribute to the development goals of our country

As Ülker Bisküvi, we will maintain our double-digit growth performance in 2020 and support our country's development goals. We will work to gain strength in global competition, maintain our strong position in our markets, and maintain our leadership.

I extend my heartfelt thanks to all our stakeholders who continue to believe in and support us in the added value we provide for our Company and our country.

Mehmet Tütüncü
Chairman of the Board of Directors