Turkey’s No. 1 Power Distribution and Retail Company · • Market share expansion • Profit margin expansion Short-term: Higher margin for less price sensitive mass customers

Hizmete ÖzelJune 2020

Turkey’s No. 1 Power Distribution and Retail Company Well Positioned to Capture Growth & Attractive Dividend Pay-Out

2

Successful track-record of expansion and improvement of legacy regional companies

1996

20062009

2013

2017

Establishment of Enerjisa by Sabancı

Start of 1st

Regulatory Period

Acquisition of Başkent Region

E.ON Becomes 50% Partner

Unbundling Process Initiated

Acquisition ofAyedaş andToroslar Regions

Generation and Wholesale Spin-off from Distribution and Retail

Turkey’s No.1 Electricity

Distribution and Retail Company

2016

Start of Current (3rd) Regulatory Period

2018

IPO & listing at Istanbul stockexchange

3

Turkey’s no.1 electricity distribution and retail company

Leader in an Attractive Market

26%1

11.3m Distribution Connections

9.9m Retail Customers

22%2

Supportive and Transparent Regulatory Framework

TL2.6bn Operational Earnings3

(1H 2020)

Premium Sponsors and Superior Governance

40% 40%

Free Float

Strong Historical Growth and Untapped Potential

Regulated Asset Base(TLbn)

1 Market share by number of connections as end of 2019.2 Market share by number of Retail customers as end of 2019.3 EBITDA + Capex Reimbursements excluding exceptional items.

No.1

Retail14%

Distribution86%

Regulated

20%

1.4

2.7

3.9

5.3

6.9

8.49.4

2015 20192014 20182016 1H202017

+37%

4

Enerjisa at a glance

11.3m 1H 2020 Connection

Points

232,253 km1H 2020

Network Length

16.3 TWh1H 2020 Sales

Volume

9.9m1H 2020 Customers

TL9.4bn1H 2020 RAB

Overview

Turkey’s leading electricity distribution and retail company with consolidated revenues of over TL11bn for the first half ended 30 June 2020

Successful partnership between E.ON and Sabancı, through a 50/50 joint venture since 20131

Fundamental growth from incumbent regions (Başkent, Ayedaş and Toroslar)

Successfully completed operational and financial improvement post privatizations

Total RAB of TL9.4bn as of 30 June 2020.

Retail customer base of 9.9 million (representing 22% market share)

Reta

ilD

istr

ibu

tion

1 1 1

1 1

No.1 Electricity Distribution and Retail Player in Turkey

Ayedaş

Başkent

Toroslar

Ankara(Capital)

Istanbul (Asian Side)

Adana Gaziantep

1 Post IPO E.ON and Sabancı own 40% each.

5

Significant real earnings and dividend growth

Consolidated Underlying Net Income (TLm)

Consolidated Operational Earnings(TLm)

Dividend Per Share(TL per share)

7791,100

1,9382,565

3,8454,609

2,268 2,565

20162014 2015 2017 1H202018 2019 1H19

+43% +13%

-277

70

377522

730

1,175

466

754

2014 1H192015 2016 20192017 2018 1H20

+62%

0.300.40

0.60

20182017 2019 2020

+41%

Consumer Price index (Turkey)(year-end)

Payout ratio 68% 65% 60% 60-70%

248 270 293 327 394 441 466

1H202014 2015 20192016 2017 2018

+11%

2.19 2.72 3.02 3.654.82 5.67 6.46

201820162014 2017 20192015 1H20

+20%

USD /TL(average)

6

Outlook 2020Positive trend continues

Operational Earnings

Outlook 2020 reiterated:>inflation growth

Regulated Asset Base

Outlook 2020 specified:~10bnTL

Underlying Net Income

Outlook 2020 revised upwards:>30% growth

Free Cash Flow(after interest and tax)

Outlook 2020 reiterated:>0

7

Turkey’s existing grid requires significant investments in replacement and quality…

Outage duration (SAIDI)1

(minutes per year per customer, 2016)

Transmission and Distribution Losses2

(% of output, 2018)

Existing grid requires significantreplacement investments…

3025

29

Başkent Ayedaş Toroslar Turkey’s Average

>30 years

Average age of network(years)

Cost of existing Enerjisa Network(at year-end 2019 with ~230.000 km grid length)

Maintainstatus quo

~TL850mn p.a.(2019 Prices)

Replaceentire grid

~TL46bn(2019 Prices)

Minimuminvestment

Maximuminvestment

…and quality improvements

1,788

474

260 233116 67 66 66 42 23

Rom

ania

Fra

nce

Pola

nd

Turk

ey

2018

Port

ugal

Czech R

ep.

Italy

Spain

UK

Germ

any

1 Planned and unplanned outages without exceptional events from Council of European Energy Regulators, Benchmarking Report on the Continuity of Electricity and Gas Supply 20182 World Economic Forum, The Global Competitiveness Report 2019

17.616.1

12.811.9

10.0 9.58.7

7.4 7.15.7 5.6 5.4

4.3

Bra

zil

India

Russia

Turk

ey

Rom

ania

Spain

S.

Afr

ica

UK

Fra

nce

Italy

Czech R

ep.

US

Germ

any

Distribution

8

…and is still expanding

Source: EIU, Worldbank, IMF (World Economic Outlook 2019), Company, EMRA, TEDAŞ, Eurostat.1 IMF World Economic Outlook 20192 World Bank, World Population Review3 IMF World Economic Outlook 20194 World Bank, Eurostat, EIU

…lead to significant network expansion need

One of the largest, growing, young population

One of the fastest growing European economies translating into energy demand growth

1.2%Population growth

2018-24E1

31 yearsMedian age 20182

4.2%Real GDP growth

2018-24E3

5.1%Electricity demand growth 2017-21E4

New customer connections in Enerjisa regions(000)

Turkey’s demand fundamentals…

302 310 319

374396

140

2015 2016 2017 20192018 1H 2020

Number of new connections increase 3%p.a on averageevery year.

Distribution

9

Investments have accelerated, but the asset base remains small by comparison…

Turkey Distribution investments1

(TLmn, 2019 prices)

~TL47bn has been investedin the distribution network2011-2018 (with 2019 prices)

Enerjisa investments accountfor 27% of the totalinvestment amount in thesame period

2014 201920122011 20152013

7,160

5,709

2016 2017 2018

1,806

3,434

4,660

5,681

3,760

7,9167,242

Other DSOs

Enerjisa

Asset base relative to grid size(2018 RAB in 000€/km)

Hungary

26,8

SlovakiaEnerjisaTurkey Average

Romania SwedenCzech Rep.

Germany

3,35,0

7,9

15,2 15,8

23,2 23,9

Source1 EMRA

Enerjisa compares favorablyto Turkey overall but stillsignificantly falls short ofother more developedcountries in terms ofDistribution investments

Distribution

10

…leading to a currently low system cost to the end-user

Taxes and levies

48.7%

T&L

17.4%

19.8%

6.2%Transmission fee

7.9%

Q2 2020

Distribution fee

Generation cost

100.0% = 119 TL/month1

= 17 USD/month= 2.3% GDP per capita/month2

1 based on average household consumption of ~2000 kWh/month2 2019: $9.127, TUİK-Turkish Statistical Institute.3 Electricity consumption cost per capita as a percentage of GDP per capita 20184 Eurostat and BloombergNEF

Breakdown of regulated electricity bill

~3.3 USD/month

2.3

2.4

2.5

2.5

3.0

3.3

3.4

3.5

3.7

3.8

4.0

4.2

4.6

4.9

5.3

India

Czech Rep.

Romania

Turkey

Brazil

UK

US

China

France

Italy

Spain

Poland

Japan

Germany

S. Africa

Affordability of electricity by country3

(% of GDP per capita)

Share of grid costs in electricity bill by country4

(% of transmission & distribution fee in total electricity costexcl. taxes for 2018)

32

4945

Turkey EU US

Distribution

11

Attractive home regions enhance growth potential

Enerjisa Geographic Footprint Başkent

• First Enerjisa region acquired in 2009

• Largest electricity distribution region in Turkey by grid size and geographic area

• Key urban centers: Ankara (Capital)

• Network length: 112 thousand km

• License Expiry Date: Sep 2036

• Population: 7.5 million

Ayedaş

• Acquired in a privatisation tender in 2013

• Fastest growing Enerjisa regions by electricity consumption

• Exposure to the Asian side of İstanbul (Turkey’s largest city)


• License Expiry Date: Dec 2042

• Population: 5.5 million

Toroslar

• Acquired in a privatisation tender in 2013

• 3 large metropolitan areas: Mersin, Adana and Gaziantep


• License Expiry Date: Dec 2042

• Population: 8.5 million (most populous of Enerjisa’s regions)

Ayedaş

Başkent

Toroslar

Ankara(Capital)


Mersin

Gaziantep

Adana

Consumption Growth1

Population Growth2

Household Size

Turkey 3.6%

Turkey 0.6%

3.8

3.5

3.0

Western Europe 3

2.0 – 2.5

Başkent

Ayedaş

Toroslar

4.0%

4.7%

3.9%

1.0%

1.5%

0.8%

4

Source: Company, EMRA, Turkstat and Eurostat.1 Ayedaş and Toroslar annual growth rate 2016–2042, Başkent annual growth rate 2016-2036; Source: Mercados.2 Ayedaş and Toroslar annual growth rate 2016–2042, Başkent annual growth rate 2016-2036; Source: Population

growth study by Prof. Dr. Ahmet Sinan Türkyılmaz.3 Based on average household sizes in Germany (2.0), UK (2.3), France (2.2) and Spain (2.5).4 Ayedaş considers Istanbul household size (including European side) as per Turkstat.

12

Distribution regulation incentivises: investments

Regulated WACC (real)

Regulated Asset Base(TLbn)

64%

64%

1.4

2.7

3.9

5.3

6.9

8.49.4

1H202014 20172015 2016 20192018

+37%

2006-2010 2011-2015

13.61%

2016-2017

11.91%

2018-2020

9.35% 9.97%

2nd reg.period

3rd reg. period1st reg.period

Distribution OperationalEarnings Breakdown(1H 2020)

80%

Financial Incomeand Capexreimbursements

TL2.2bn

Distribution

13

Distribution regulation incentivises: efficiency

Efficiency & Quality split 2014-2019(TLm)

Distribution OperationalEarnings Breakdown(1H 2020)

TL2.2bn

64%

64%

14%

Efficiency &Quality

67

1H19201920172016

137

2014

449

2015 1H202018

605

816

902

399

315

+68%

2nd reg. period 3rd reg. period

T&L outper-formance

Capex out-performance

Quality bonus

Theft accrualcollection

Opex out-performance

Distribution

14

Retail for mass customers grows with fundamentals as long as it is mostly regulated

Retail

Regulated Mass Liberalized Mass

Sales Volume(TWh)

17.4 15.8 14.4

20.6 22.4

10.6

20152016 201920172018 1H20

Gross Margin(TL/MWh)

• Growth in customersnumbers

• Growth in consumptionper capita

• Switching to liberalizedfor eligible customersin times of higherprofitability

• Growth in electricityprice level17.7 18.7 20.9

25.0 25.830.5

20192015201620172018 1H20

Market Share(Home regions) by volume 2019(%)

93%

Enerjisa

Otherplayers

7%

Sales Volume(TWh)

3.3

8.0 7.3

1.0 0.2 0.6

201920162015 2017 1H202018


• Includes sales to SMEsonly with fixedcontracts

• Strategic focus in timesof high profitability

37.1

19.39.1

15.9

76.7

20172015 1H202016 20182019

Market Share(Turkey)by volume 2019(%)

22%

78%

Enerjisa

Otherplayers

• The increase in Q1 is due to lower FID costsproviding higer margin, expected to level downby end of year

15

Retail for corporate customers requires a focus on profitable customers in an already liberal market

Retail

Regulated Corporate Liberalized Corporate

Sales Volume(TWh)

10.0

5.1

9.9

16.5

10.0

2.3

2018201520162017 1H202019


• Customers switch to liberalized market as soon as lower priceoffers are available

• Growth in electricityprice level, but at much lower levelcompared to massmargins as retailservice revenuedepends on customernumber not volume

5.83.3 3.4

6.59.8 10.7

201920152016 1H2020172018

Market Share(Home regions) by volume 2019(%)

38%

62%

Enerjisa

Otherplayers

Sales Volume(TWh)

9.3

4.4 3.7 3.0 3.6 2.8

1H202015 2016 2017 2018 2019


• Priority is to focus on profitable customersonly

-4.7

2.5 2.78.2

25.0

35.0

20172015 2016 2018 1H202019

Market Share(Turkey)by volume 2019(%)

9%

91%

Enerjisa

Otherplayers

16

Growth opportunities for the Retail business

Retail

Significant fundamental consumption growth still in place in Turkey…

Beyond consumption, growth is driven by liberalization via:

• Market share expansion

• Profit margin expansion

Short-term: Higher margin for less price sensitive mass customers

Long-term: Cross-selling of value-added services

Time

Competitiveness

Ayedaş

Başkent

Toroslar

Ankara(Capital)


Mersin

GaziantepAdana

0

10

20

30

40

50

60

70

0 2 4 6 8 10 12

Germany

Brazil

Electricity consumption per capita (MWh, 2018)

GD

P p

er c

ap

ita (

US

Dk,

20

18

)

Netherlands

FranceUK

Spain

Italy

PortugalCzech Republic

China

Poland

Turkey

Romania

US

Japan

Russia

India

South Africa

17

Leverage(Financial Net Debt / Operational Earnings)

Leverage is declining quickly with fast earnings growth and the company turning cash flow positive

5.56.1 6.5

7.3

8.7 8.9

10.5

201920162014 2015 2017 1H202018

7.0x

2.8x2.3x

1.9x

201920152014 2018

5.5x

3.4x

2016 2017

Consolidated Free Cash Flow before Interest and Tax (TLm)

Financial Net Debt(TLbn)

Consolidated Free Cash Flow after Interest and Tax (TLm)

20182015

176444

2014 2016 2017 2019 1H19 1H20

-379

2520

2,547

827

-113

Operating Cash Flow (before interest & tax)

Capex

-1,023

-445-303

-775-562

-59

-1,081

2014 1H192015 20192016 2017 2018 1H20

505

18

Diversified financing mix with limited risks

Weighted average effective cost of financing(%)

Tenor split1 1H 2020Debt instrumentsplit1 1H 2020

Average remaining tenor 2 years

Bank loans are based on “name lending”,

with minimal covenants

No material FX exposure other than

~50m€ payable before hedges

Bonds are CPI-linked and therefore

match inflation exposure of business

Highest rating among Turkish electricity

companies (AA – local) by Fitch

1 Gross debt excl. ~50m€ TEDAŞ payable and lease liabilities2 The amount of bonds is including inflation valuation over principals

9.7%13.4%

2018

Loans

2015 2016 20192017 1H20

12.2% 12.8%17.1% 18.1%

10.3%

2015 2016 2017 2018

Bonds

12.9%

2019 1H20

6.7%

15.2%

28.2%

13.3%

Bank loans Bonds²

9.3(86%)

1.5(14%)

<1 year

1-2 years

0.5(4%)

2.4(23%)

2-3 years

4.3(40%)

3.6(33%)

>3 years

19

Clear priorities to harvest growth potential

Leverage Customer Base into New Services and Customer Solutions

Benefit from Retail Liberalisation

Ensure Competitive Financing Cost and Leverage

Drive Operational Excellence, Digitalise all Processes

Capitalise on Distribution Investment Opportunities

20

Key Investment Highlights

Significant growth realized & expected

Highly regulated and guaranteed income

Reliable framework, positive regulatory trend

Solid balance sheet, declining leverage

Attractive dividend pay-out

21

Appendix

22

Key financial concepts

In Turkey, Distribution companies operate under a transfer of operating rights (TOR) agreement, which meansno legal ownership of assets; legal and asset ownership remains with TEDAŞ (i.e. the state)

As a consequence, accounting for all Turkish distribution companies falls under IFRIC 12 “service concession arrangements: government or other body grants contracts for supply of public services”

Therefore, networks are accounted as financial asset instead of fixed assets in IFRS which need to be recognized at fair value under IFRIC 12

This has two important implications for the presentation of top financial KPIs:

1. IFRS P&L does not show any asset depreciation and accordingly no income from amortisation allowance (reimbursement of capital) Enerjisa uses EBITDA + Capex reimbursement as its main operational

financial KPI to capture the full regulatory, cash-effective RAB return and to increase comparability with international peers

2. Changes in long-term assumptions (e.g. Regulatory parameters) lead to changes in the fair value of thenetworks-related financial asset. These changes are IFRS P&L-effective, can be material because theyrelate to the remaining concession period and are fully non cash-effective. As a result they are treatedas exceptional items and adjusted from top financial KPIs in order to avoid time series distortions

As a result, Enerjisa defines the top financial, P&L-related KPIs as follows:

EBITDA

+ Capex reimbursements

- Exceptional items

= Operational Earnings

Reported Net Income

- Exceptional items

= Underlying Net Income

23

Summary Financial StatementsConsolidated Income Statement

Note: Consolidated numbers include the Business Units Distribution and Retail as well as the legal holding entity.

Operating profit before finance income/(expense) 308 1,038 1,272 2,241 2,811 3,064 1,524 1,666

Adjustment of depreciation and amortization 209 219 218 235 258 373 181 199

Impairment on goodwill - - - - 753 0 0 0

TradeCo-related pro-forma EBITDA adjustment 16 -60 -16 - - - - -

Adjustments related to operational fx losses - - - - 44 4 8 15

Adjustments related to deposit valuation expense 43 36 40 79 243 114 24 60

Interest income related to revenue cap regulation -5 -2 -19 0 -44 -186 -6 -20

EBITDA 569 1,232 1,495 2,555 4,065 3,369 1,730 1,920

CAPEX Reimbursements 210 200 443 592 798 1058 529 671

EBITDA+CAPEX Reimbursements 779 1,432 1,938 3,147 4,864 4,427 2,259 2,591

Fair value changes of financial assets 0 -332 0 -467 -984 230 9 0

Competition Authority penalty provision 0 0 0 0 107 0 0 0

Non- recurring income related to prior fiscal years 0 0 0 -115 -142 -48 0 0

Unrealized (temporary) MtM gains 0 0 0 0 0 0 0 -26

Operational earnings 779 1,100 1,938 2,565 3,845 4,609 2,268 2,565

Net Income -277 336 377 988 748 1,034 459 708



Goodwill impairment expense 0 0 0 0 753 0 0 0

Non – recurrring income related to prior fiscal years 0 0 0 -92 -110 -38 0 0


Non-recurring refinancing transactions fees 0 0 0 0 0 0 0 66

Underlying Net Income -277 70 377 522 730 1,175 466 754

FY FY FY FY FY FY1 January

30 June1 January

30 June

(TLm) 2014 2015 2016 2017 2018 2019 2019 2020

Sales Revenue 8,064 9,154 9,103 12,345 18,347 19,453 9,327 11,105

Cost of Sales -6,754 -7,108 -6,501 -8,412 -12,380 -14,109 -6,611 -8,050

Gross Profit 1,311 2,045 2,602 3,933 5,967 5,344 2,716 3,055

OPEX -967 -1,080 -1,228 -1,519 -1,849 -2,170 -991 -1,170

Other Income/(Expense) -36 73 -102 -173 -1,307 -110 -201 -219

Operating profit before finance income/(expense) 308 1,038 1,272 2,241 2,811 3,064 1,524 1,666

Financial Income/(Expense) -571 -575 -758 -957 -1,489 -1,673 -855 -750

Profit before tax -264 463 514 1,284 1,322 1,392 669 916

Taxation -13 -127 -137 -296 -574 -358 -210 -208

Net Income -277 336 377 988 748 1,034 459 708

24

Summary Financial StatementsConsolidated Balance Sheet


YE YE YE YE YE YE 30 June

(TLm) 2014 2015 2016 2017 2018 2019 2020

Cash and Cash Equivalents 113 152 75 173 562 470 476

Financial Assets 313 456 654 692 791 1,099 1,739

Trade Receivables 1,471 1,545 1,721 2,382 3,512 3,009 3,439

Derivative financial instruments 0 0 0 20 313 8 190

Other Current Assets 345 379 490 810 694 1,196 1,278

Current Assets 2,242 2,532 2,940 4.077 5,872 5,782 7,122

Financial Assets 1,469 2,565 3,640 5,747 8,504 9,445 9,336

Tangible and Intangible Assets 8,281 8,103 7,949 7,841 7,104 7,177 7,076

Other Non-Current Assets 771 820 603 921 1,113 992 1,193

Non-Current Assets 10,521 11,489 12,192 14,509 16,721 17,614 17,605

TOTAL ASSETS 12,763 14,021 15,133 18,586 22,593 23,396 24,727

Short-Term Financial Liabilities 805 1,916 3,098 1,939 3,434 3,692 3,636

Other Financial Liabilities 17 21 25 30 44 51 58

Trade Payables 816 827 1,118 1,512 2,481 2,612 1,874

Payables to PA 1,238 1,188 0 0 0 0 0


Other Current Liabilities 417 629 710 1,349 1,049 909 835

Current Liabilities 3,294 4,581 4,951 4,832 7,012 7,331 6,403

Long-Term Financial Liabilities 2,098 2,878 3,200 5,269 5,765 5,378 7,339

Other Financial Liabilities 240 232 245 280 322 303 325

Payables to PA 1,176 0 0 0 0 0 0


Other Non-current Liabilities 1,915 1,964 1,989 2,325 3,187 3,549 3,745

Long-Term Liabilities 5,429 5,074 5,434 7,874 9,282 9,230 11,409

Total Share Capital 4,390 4,390 3,965 4,017 3,966 3,808 3,597

Other Equity Items 58 47 136 184 241 250 565

Retained Earnings -407 -71 646 1,679 2,092 2,777 2,753

Equity 4,040 4,366 4,747 5,880 6,299 6,835 6,915

TOTAL LIABILITIES AND EQUITY 12,763 14,021 15,133 18,586 22,593 23,396 24,727

25

Summary Financial StatementsConsolidated Cash Flow Statement



30 June1 January

30 June

(TLm) 2014 2015 2016 2017 2018 2019 2019 2020

Profit for the period -277 336 377 988 748 1,034 459 708

Adjustments to reconcile net profit for the period 777 830 801 970 2,395 1,088 699 593

Changes in operating assets and liabilities -665 -463 -7 -988 -2,417 167 -258 -1,501

Other inflows (incl. Capex reimbursements) 311 391 833 953 1,396 1,879 874 1,152

Cash Flows from Operating Activities (before interest and tax) 146 1,095 2,004 1,923 2.122 4,168 1,774 952

Tax payments -48 -73 -145 -65 -35 -456 -225 -216

Cash Flows from Operating Activities (before interest, after tax) 98 1,021 1,859 1,858 2,087 3,712 1,549 736

CAPEX -525 -1,093 -1,560 -1,747 -1,602 -1,621 -947 -1,065

Payment to Privatization Administration -1,176 -1,225 -1,188 0 0 0 0 0

Interest received 59 31 40 65 96 122 92 5

Cash Flows from Investing Activities -1,643 -2,286 -2,709 -1,682 -1,506 -1,499 -855 -1,060

Cash in-flows and out-flows from borrowings 1,072 1,710 1,414 873 1,305 -126 1,466 1,796

Capital increase 900 0 0 0 0 0 0 0

Interest paid -655 -406 -642 -951 -1,143 -1,708 -753 -757

Dividend paid 0 0 0 0 -354 -472 -472 -709

Cash Flows from Financing Activities 1,317 1,305 772 -78 -192 -2,306 241 330

Increase in cash and cash equivalents -228 39 -78 98 389 -92 935 6

Cash and cash equivalents at the beginning of the period 341 113 152 75 173 562 562 470

Cash and cash equivalents at the end of the period 113 152 75 173 562 470 1,498 476


30 June1 January

30 June

(TLm) 2014 2015 2016 2017 2018 2019 2019 2020

Cash Flows from Operating Activities (before interest and tax) 146 1,095 2,004 1,923 2,122 4,168 1,774 952

CAPEX -525 -1,093 -1,560 -1,747 -1,602 -1,621 -947 -1,065

Free cash flow (before interest and tax) -379 2 444 176 520 2,547 827 -113

Tax payments -48 -73 -145 -65 -35 -456 -225 -216

Interest received 59 31 40 65 96 122 92 5

Interest paid -655 -406 -642 -951 -1,143 -1,708 -753 -757

Free cash flow (after interest and tax) -1,023 -445 -303 -775 -562 505 -59 -1,081

26

Distribution Income Statement


30 June1 January

30 June

(TLm) 2014 2015 2016 2017 2018 2019 2019 2020

Sales Revenue 2,144 2,778 3,477 4,934 6,986 6,599 3,307 3,996

Financial income 205 305 610 1,014 1,717 1,959 972 1,089

Distribution revenue 1,494 1,967 2,166 3,147 4,281 3,351 1,705 2,039

Pass-through transmission revenue 285 325 558 597 760 998 495 711

Lighting sales revenue 161 180 143 176 228 291 135 157

Cost of Sales -1,138 -1,172 -1,337 -1,402 -1,690 -2,029 -985 -1,373

Energy purchases (Lighting, T&L) -848 -847 -779 -795 -930 -1,024 -490 -662

Pass-through transmission cost -290 -325 -558 -597 -760 -998 -495 -711

Other 0 0 0 -10 0 -7 0 0

Gross Profit 1,006 1,605 2,140 3,532 5,296 4,570 2,322 2,623

OPEX -639 -678 -837 -1,072 -1,272 -1,563 -711 -863

Other Income/(Expense) 63 2 -87 -143 -240 -105 -223 -260

Operating profit before finance income/(expense) 430 930 1,217 2,317 3,784 2,902 1,388 1,500


Adjustments related to operational fx gains and losses 0 0 0 0 44 4 8 15

Interest income related to revenue cap regulation -5 -2 -19 1 -44 -186 -6 -20

EBITDA 425 938 1,207 2,334 3,810 2,833 1,444 1,561

CAPEX Reimbursements 210 200 443 592 798 1,058 529 671

EBITDA+CAPEX Reimbursements 635 1,139 1,650 2,926 4,608 3,891 1,973 2,232


Unrealized (temporary) MtM gains 0 0 0 -115 -142 -48 0 -21


Operational earnings 635 807 1,650 2,344 3,490 4,073 1,982 2,211

27

Retail Income Statement


30 June1 January

30 June

(TLm) 2014 2015 2016 2017 2018 2019 2019 2020

Sales Revenue (net) 7,780 8,921 8,495 10,520 11,361 12,854 6,017 7,109

Regulated 5,592 5,292 4,052 5,075 10,301 11,369 5,452 5,550

Liberalised 322 1,219 1,587 2,256 1,044 1,464 556 1,548

Customer solutions 0 0 0 0 16 21 9 11

Cost of Sales (-) -7,476 -8,481 -8,030 -10,109 -10,690 -12,080 -5,626 -6,677

Regulated -5,293 -4,980 -3,739 -4,740 -9,679 -10,711 -5,085 -5,201

Liberalised -322 -1,099 -1,434 -2,180 -1,003 -1,362 -538 -1,473

Pass-through grid cost -1,861 -2,402 -2,856 -3,189 0 0 0 0

Customer solutions 0 0 0 0 -8 -7 -3 -3

Gross Profit 304 440 465 411 671 774 391 432

OPEX -167 -233 -223 -253 -341 -367 -165 -194

Other Income/(Expense) -51 96 24 4 -306 -9 20 44

Operating profit before finance income/(expense) 87 303 266 161 24 398 246 282


TradeCo-related pro-forma EBITDA adjustments 16 -60 -16 0 0 0 0 0

Adjustments related to fair value difference arising from deposits 43 36 40 79 243 114 24 60

Operational earnings (EBITDA) 145 280 290 247 290 559 291 368



Operational earnings 145 280 290 247 389 559 291 363

28

Investor Relations contacts

Ilkay DemirdağHead of Investor Relations

T +90 (0) 216 579 [email protected]

Burak ŞimşekInvestor Relations


Delal AltunterimInvestor Relations


Özde ÜnsalInvestor Relations


29

Disclaimer

This presentation contains information relating to Enerjisa Enerji A.Ş. (“Enerjisa”) that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document you agree to abide by the limitations set out in this document as well as any limitations set out on the webpage of Enerjisaon which this presentation has been made available.

This document is being presented solely for informational purposes. It should not be treated as giving investment advice, nor is it intended to provide the basis for any evaluation or any securities and should not be considered as a recommendation that any person should purchase, hold or dispose of any shares or other securities.

This presentation may contain forward-looking statements based on current assumptions and forecasts made by Enerjisa management and other information currently available to Enerjisa. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here, Enerjisa does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.

Neither Enerjisa nor any respective agents of Enerjisa undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information.

Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.

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