Investor Presentation

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Forward-Looking Statements

This presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Cola
eceks (CCI) plans, objectives, expectations and intentions and other statements that are not historical facts.
Forward-looking statements can generally be identified by the use of words such as may, will, expect, intend,
estimate, anticipate, plan, target, believe or other words of similar meaning. These forward-looking statements
reflect the current views and assumptions of management and are inherently subject to significant business, economic
and other risks and uncertainties. Although management believes the expectations reflected in the forward-looking
statements are reasonable, at this time, you should not place undue reliance on such forward-looking statements.
Important factors that could cause actual results to differ materially from CCIs expectations include, without limitation:
changes in CCIs relationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements;
CCIs ability to maintain and improve its competitive position in its markets; CCIs ability to obtain raw materials and
packaging materials at reasonable prices; changes in CCIs relationship with its significant shareholders; the level of
demand for its products in its markets; fluctuations in the value of the Turkish Lira or the level of inflation in Turkey;
other changes in the political or economic environment in Turkey or CCIs other markets; adverse weather conditions
during the summer months; changes in the level of tourism in Turkey; CCIs ability to successfuly implement its strategy;
and other factors. Should any of these risks and uncertainties materialize, or should any of managements underlying
assumptions prove to be incorrect, CCIs actual results from operations or financial conditions could differ materially from
those described herein as anticipated, believed, estimated or expected. Forward-looking statements speak only as of
this date and CCI has no obligation to update those statements to reflect changes that may occur after that date.

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Agenda
Overview of CCI
Opportunities
Strategy
Financial Performance
Looking Forward
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We are the 5th largest bottler in the KO system, operating Overview of CCI
in 10 countries

25 production plants
380 mn people
Kazakhstan
120 production lines
1.4 bn uc annual production capacity
Azerbaijan
780 thousand sales points Kyrgyzstan

Turkmenistan
Turkey
1.2 bn uc sales volume Tajikistan

Syria
29 mn annual servings
Iraq
Jordan
$ 2.3 bn annual revenue
PakistanPakistan

$ 358 mn annual EBITDA

Figures reflect 2016 numbers

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We have a successful track record of growth Overview of CCI

Volume Revenue EBITDA

4x
13% 6x
18% 6x 17%
CAGR 2005-2016 CAGR 2005-2016 CAGR 2005-2016

Single country in 2005 Expanding into Central Asia and Iraq in 2006-2007 JV in Pakistan in 2008... A regional bottler today

318 mn uc 1,189 mn uc

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We are progressing towards a more balanced portfolio with Overview of CCI
the goal of being a full beverage company
Category Breakdown Geographical Breakdown
Geographical Breakdown
Kazakhstan 8%

Tea
8% Pakistan 25%
Turkey 81% Iraq 8%
Other
15% Water 15%
Others 8%

2016 2006 2016

2006 Still 6%

International 19%
Sparkling 85%
Sparkling 71% Turkey 51%

17 brands 34 brands
44 flavors 424 mn uc 1189 mn uc
150 flavors
Sales volume Sales volume

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We benefit from favorable demographics in our territories Opportunities

by
2025
Population Growth Estimates CAGR 2015-2025
40 mn new consumers
Iraq 2.8%
56% of the population to be below 30 years

Pakistan 1.9%

CCI Territories 1.6%

Urban population to increase by 4 pp
World 1.0%

Kazakhstan 1.0%

Rising middle income class

Turkey 0.8%

Source: UN Population Division

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Topline growth should be supported by relatively stable GDP Opportunities

growth in the next three years

15% High growth

13%

11%
Contraction
9%
Stabilization
7%
Pakistan
5% These 4 countries
Turkey make up c.90% of
3% Kazakhstan
our volume
1% Iraq

-1% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-3%

-5%

Source: IMF World Economic Outlook Database, CCI Estimates for 2016

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Per/Cap Opportunity in CCI Countries Opportunities

Sparkling per cap by Country*

Most of our markets

are in early stages of
growth

619
552

438
406 391
325 320 316 313 308
267 248 234
201 199
173 171 155 150 145 124 110
82
19

* Number of servings

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CCIs Strategic Framework to 2025 Opportunities
Strategy

Vision Values
Be the Best FMCG
Company Across
our Markets

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Customer and Consumer-Centric Product Portfolio Strategy

BRAND & FLAVOR EXPANSION PACKAGE INNOVATION

2006 2016 Differentiated package

segmentation across channels,
Brands 17 34 customers & consumers
Flavors 44 150

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Revenue Growth Management Strategy

STRUCTURED APPROACH FOR PROFITABLE REVENUE GROWTH

Revenue Growth

Volume
Price / Mix Transactions
Growth

Revenues = Volume x Price x Mix - Discounts

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Best in Class Execution Strategy

AVAILABILITY RTM(1)
RED(2) Outlet
X1.6
CENTRAL Coverage
TURKEY
ASIA
100% 99% Strike Rate X1.2

Call Completion X1.2

PAKISTAN &
MIDDLE EAST Preseller self audit via Photo
80% Recognition in Turkey
+10% vs 13

(1) Route-to-market
(2) Right Execution Daily
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Technology As a Competitive Advantage Strategy

Customer Consumer
360oConnected
Customer

Growth Coca-Cola Dkkan

E-commerce
Customer Portal
Customer &
Consumer Interaction
New Generation Sales
Force Automation

People Operations
Connected Coolers
Digitally Connnected
Collaborative Real-time Production
Workplace Line Efficiency
Productivity Management

Employee & SMART: Plant mobility

Operations
Employee Mobile Portal Enabling Services
Organization

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 Strategy
Sparkling IC & Stills Boost in Turkey Operation

IC* Boost in Sparkling Business Profitable & Sustainable Juice Business

Strong Competition in NARTD Per capita Juice Consumption

Capture critical Differentiated 45
Market
price points /Segmented OBPPC 35 33 33
30

28 28
Low per caps in Juice 25 23 21
17 15 13 12 12
Business 4

Innovation in juice drinks

RB 200 Can 200 Can 250 Sleek Can 330
0.75 TL** 1.00 TL** MD Apr17 Strong Pricing & Mix management
Bursa & Isparta Line Investment
Ramadan
Pulpy Atom
Sherbet
IC Mix 15% (10) 20% (16)
Value Share (%)

31.1 31.2 31.2

30.6
IC Market Share 55% 63% 29.5

26.6

*Immediate Consumption
**All Prices are recommended shelf prices 2011 2012 2013 2014 2015 2016 2017

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 Strategy
Continuing the Pakistan turnaround, building on key enablers

Solid Volume Growth Growing Sparkling Market Share Increasing Brand Equity

300
10% 37% 5.0
CAGR in 36%
NARTD in 35%
2009-2016

16%
108 CAGR in
93 CCI volume in 3.03.0
2009-2016

26%
5.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016

Improving Financial Metrics Distribution Capacity & Productivity

In 2009-2016 5.0 In 2011-2017 Annual capacity doubled since the

Revenue was up by 3X Outlet coverage up by 2.4X acquisition
Substantial improvement on cost and
EBITDA was up by 4X Number of coolers doubled opex management
Turned FCF positive in 2016
First dividend in 2017
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Managing Headwinds Strategy

Kazakhstan recovery From Zero to 100 mn uc in Iraq

104
98 100
120.0
120K 0.009

ZT 102 0.008

100.0
94
0.007

80.0 0.006

42
0.005
Start of North Acquisition of
60.0
342 Iraq South Iraq
42 KZT 0.004

operations operations
37 35
40.0 0.003

2
0.002

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016
20.0

0.001

0.0 0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016
Aggressive trade attack in 10 years,
Volume (mn uc) KZT / $
# of Outlets X 2.4
# of Distributors X 5.4
# of Cooler Doors X 8.2
Opex Management
5.2
Effective price increases Increasing Brand 4.0 3.9
3.4
Focus on execution Love Score in 3.0

Re-design price/pack architecture North Iraq

2012 2013 2014 2015 2016

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 Financial
Solid Track Record Despite Recent Challenges Performance

Volume (mn uc) 3%

Revenue (TL mn) 5%
2% 12%
7%
13% 15%
23% 1189 7050
1152 17% 6724
1131
15% 1058 31% 5985
13% 936 5186
10% 24%
762
Increasing share 14% 4449 50% 51%
49% 49% 49% 7%
665 39%
46% of international 49%
587 3409 44%
534
26%
28% operations 2753
38%
2408 27%
21% 25% 2258
23%
54% 51% 18% 22% 50% 49%
61% 51% 51% 56% 51%
72% 73% 62%
75% 74% 78% 77%
79% 82%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016

Turkey International CAGR 2008-2016 Turkey International

Volume: 11%
EBITDA & EBITDA Margin (TL mn) Revenue: 15%
EBITDA: 14%
16.6% 16.6% 17.2% 16.1% 29.1%
15.3% 15.8% 15.6% 15.5% Opex / Sales
74% 14.3%
1051 1093
27.5% 27.6% 64%
962 27.2% 40% 82%
892
77%
26.3%
730 53% 58%
50% Falling 40% 25.8%
46% 57%
OpEx/Sales ratio 63% 36%
487
40%
25.0%
435 60% 24.8%
375 369 56% 42%
25.0% 23%
26%
21%
14% 20% 50% 47%
54% 43%
74% 60%
86% 80% 79%

2008 2009 2010 2011 2012 2013 2014 2015 2016

2008 2009 2010 2011 2012 2013 2014 2015 2016
Turkey International
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 Financial
Improving Cash Management Performance

CapEx / Sales NWC / Sales FCF / Sales

9.1%
14.6% 16.1%
15.2% 15.5%
13.4% 13.6%
14.2%
12.3% 12.3%
13.0%
11.3% 4.0%
3.5%
11.8% 10.4%
2.0% 0.7%
8.9% 0.2%
5.8% 7.3%
7.4% 2008 2009 2010 2011 2012 2013 2014 2015 2016
5.4% -0.8%

-4.5%
-6.2%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016

Average CapEx/Sales was 10.8% We expect to sustain improved NWC/Sales Continuing strong free cash flow in 2017
in 2008-2016 period levels
The ratio is expected to be around 8% in 2017

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 Financial
No New Financing Needs in 2017 Performance

Breakdown Financial debt* Net FX Loss (TL mn) Net Income (TL mn)

2015 2016 1H16 1H17 178

(20) 145
117
USD (95)
75% EUR
23%
2015 2016 1H16 1H17
(28)
(293)

(368)
Other 2%

* As of end 1H17

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Refinancing for 2018 maturities

Maturity (USD million)

CCI became the highest rated corporate in Turkey (Fitch)

Rating is two-notches above the sovereign rating and one-notch above USD 500m Eurobond
+
the country ceiling USD 100m USPP

USD100 mn USPP to be repaid using excess cash

Banks are mandated for the purpose of issuance of bonds, up to USD

1bn, to refinance the Eurobond maturing in October 2018.
2017 2018 2019 2020 2023

(USD100 mn in May 18, USD500 mn in October 18)

Issuer Rating Outlook Date
Fitch BBB Stable 2017, June
Moody's * Baa3 Negative 2017, April

* Moodys changed CCIs credit rating outlook from stable to negative, following Turkeys downgrade.

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 Financial
Leverage Ratios Improving Performance

Net Debt (USD million) Net Debt / EBITDA Net Interest Coverage Ratio

812 816
794
753

681 21.0
666 2X 2.26
652
2.10 2.09
1.96 15.0
1.94
1.8
1.7
7.4 6.6 6.9
5.7 6.3

2012 2013 2014 2015 2016 1H16 1H17 2012 2013 2014 2015 2016 1H16 1H17 2012 2013 2014 2015 2016 1H16 1H17

Continuing to deleverage Net Debt/EBITDA to be below 2x at YE2017 Interest coverage relatively flat

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1H17 Highlights

Volume Net Revenue EBITDA

606 mn uc TL 4.115 bn TL 690 mn
+4.1% vs. 1H16 +20.0% vs. 1H16 +19.6% vs. 1H16

OPEX Capex / Sales* FCF

Margin 23.7% 3.3% TL 126 mn vs.
-1.5pp vs. 1H16 -0.7pp vs. 1H16 TL 105 mn in 1Q16

*Trailing 12 months
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2Q17 Highlights

Volume Growth Revenue Growth EBITDA Growth

4.1% 36.4%
34.4%*

2.9%

16.0%*

7.0%

Turkey International Turkey International Turkey International

*FX Neutral revenue growth is 7.2% *FX Neutral EBITDA declined by 7.5%

Turkey International

The Sparkling category declined by 5.0% Pakistan grew by 3.7%, cycling 28.1% in 2Q16
Immediate consumption (IC) volume grew by 10.8% Iraq posted 2.2% growth, supported by successful promotions
Transactions grew by 3%, driven by IC packages Kazakhstan delivered 16.6% volume growth, on the back of
NSR per unit case up by 4.0% in 2Q17 economic recovery and a stronger currency

Positive packaging mix, price increases and successful NSR per unit case increased by 3.2%, on an FX-neutral basis
promotion management to support topline growth
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 Looking forward
2017 Guidance

Sales Volume:

Consolidated: mid-single digit growth

Turkey: low-single digit growth

International: high-single digit growth

Financials:

Net Revenue growth expected to exceed Volume growth

Flat to slight improvement in EBITDA margin, compared to 2016

Capex to Sales ratio of ca. 8%

Net Debt/EBITDA below 2X

Solid free cash flow

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 Appendix
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Turkey: Progressing with our strategic priorities Fanta
Frontier
Launch

EBIT > Net Revenue > Transactions > Volume

One Brand
Launch

Re-stage Expanding our consumer base by keeping affordable price points

Sparkling
Growth Growing Immediate Consumption (IC)

One Brand transition to strengthen low calorie footprint

Profitable Water business

Accelerate
Reigniting the Juice category with higher profitability
Stills
Investing in growing Ice Tea category

Effective pricing and Trade Promotion Management

RGM
Launch of Revenue Growth Management (RGM) 2.0

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Turkey: 2Q Performance in line with our strategy

IC share in
Sparkling
Number of transactions up by 3% + 3.1 pp in
Re-stage 2Q17
Sparkling Affordable entry pack coverage up by 8 pts to expand consumer base
Growth
IC packages volume up by 10.8%

Cappy Damla
Fuse Tea
Pulpy OWB
IC packages outperforming FC packages in Water volume
+ 19% in
volume volume
+ 20% in + 38% in
2Q17
Accelerate Growth in higher margin Juice products
2Q17 2Q17
Stills
Strong double digit volume growth in Ice Tea

NSR per uc growth

Positive packaging mix and succesfull promotion management
RGM 4.0%
NSR per uc up by 4% 1.4%

1Q17 2Q17
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International: Growth across top three markets in 2Q
Volume
Regained emerging market status + 4%

Volume growth against tough comps Availability

Pakistan + 1%

Price increase on top selling SKU since 3 years

New line in Multan commissioned end of Q2

Improving macroeconomic indicators Volume

+ 17%
Kazakhstan Rollout of the One Brand Strategy

Launch of 1.75 lt packs in flavored Sparkling to drive home penetration

Growth despite security and economic challenges

Volume
+ 2%
Iraq Improving execution

Launch of new Fanta flavours and and Damla Minera

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 Strategy
Sustainability In Everything We Do
ENVIRONMENTAL FOOTPRINT SOCIAL INVESTMENTS
0.72 2.56
Energy Usage (MJ/L)

0.67

Water Usage (L/L)

2.1
2.1 2.03
0.49
0.42
1.85
0.41
1.74
0.37
1.47
0.26 0.27 1.44 Mobilized 115k youth in TR, We provide safe drinking water to Igniting the power of local
PK, KZ & IQ and encouraged 750k people in underprivileged volunteerism programs
2006 2015 2006 2015 them to get moving communities in PK

ACCOUNTABILITY & TRANSPARENCY

Only Company from TR, Included in new AA Rating & 4th rank Listed in BIST 50 Among the CDP Turkey
MENA, CEE in UN Global FTSE4Good Emerging among global beverage Sustainability Index since Climate Leaders since
Compact Sustainability Markets Index for the first companies in MSCI Global 2015 2013
100 Index time Sustainability Index

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Country Data - 2016

Estimated Per cap consumption CCIs market Share in

GDP per cap. % of pop. below
Country GDP Growth (1) Inflation (1) Pop. (mln) (1) population CAGR of sparkling share in CCIs
(PPP) (2016 est) (2) 30 years (5)
(2016-2021) (1) beverages (L) (3) sparkling (4) Volume

Turkey 3.0% 21,100 8.2% 80 1% 48% 39 64% 51%

Pakistan 5.0% 5,100 5.2% 196 2% 63% 22 37% 25%

Kazakhstan 0.6% 25,700 9.3% 18 1% 50% 40 49% 8%

Iraq 0.5% 16,500 2.0% 37 3% 69% 35 - 8%

Azerbaijan 1.4% 17,700 8.5% 10 1% 48% 16 61% (6) 2%

Jordan 3.3% 11,100 2.3% 8 1% 62% 38 - 2%

Turkmenistan 5.4% 17,300 5.0% 6 1% 57% 42 63% 2%

Kyrgyzstan 2.3% 3,500 7.4% 6 1% 59% 23 69% 1%

Tajikistan 4.5% 3,000 7.3% 9 2% 66% 9 - 0%

Syria n/a n.a. n/a n/a n.a. n.a. n.a. - 0%

(1) IMF 2017 Estimates (2) CIA World Factbook Estimates (3) CCI & TCCC Estimates (4) Nielsen & Ipsos (5) 2015 Data (6) Azerbaijan shares are YTD August 2016

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Ratings

Credit Ratings

Long Term Issuer Rating, Baa3, Negative Outlook

(Moodys rating, March 22, 2017)

Long Term Foreign Currency IDR, BBB- Stable Outlook

(Fitch Rating, February 1, 2017)

Corporate Governance Rating

9.45 out of 10
(Saha Rating, July 1, 2016)

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Market shares

Turkey Pakistan Kazakhstan Iraq

#1 position in Sparkling; 64% #2 position in Sparkling; 37% #1 position in Sparkling; 49% #1 position in Sparkling in North
Iraq; 54%

#1 position in Juice; 25% #8 position in Juice; 2% #3 position in Juice; 12%

#2 position in Sparkling in South
Iraq; 36%

#3 position in Water; 6% #3 position in Water; 8% #4 position in Water; 10%

#3 position in Ice tea; 18% #2 position in Ice tea; 25%

Source: Nielsen, Canadean 33

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 CCI Investor Relations
Tel: +90 216 528 4000
Fax: +90 216 365 8457
CCI-IR@cci.com.tr
www.cci.com.tr
------------------------------------
Deniz Can Ycel
Head of Investor Relations
Tel: +90 216 528 3386
deniz.yucel@cci.com.tr

Borsa Istanbul: CCOLA.IS - Bloomberg: CCOLA TI - Reuters: CCOLA.IS

ADR-OTC: COLAY - Eurobond34- Irish Stock Exchange: CCOLAT
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