Public

Investor Presentation February 2020 Public Contents 2

. About Ford Otosan 3

. Plants and Facilities 11

. Products 19

. Investment Case 26

. Operating and Financial Performance 50

. Sustainability Commitment 72

. Guidance 86

. Contacts 87 Public 3

About Ford Otosan Public Company Profile 4

Key Indicators, 2019

Revenues $6.9 billion

Export Revenues $5.9 billion

EBITDA $563 million Ford Motor Co.* Koç Group Ford Otosan Profit Before Tax $342 million 41% 41%

Net Profit $343 million

ROE 42.0% Free Float EBITDA margin 8.2% 18% Annual Production Capacity 455,000

Gölcük (Transit & Custom) 330,000

Yeniköy (Courier) 110,000

Eskişehir (Cargo) 15,000 Paid-in Capital: TL 350,910,000

Total Employees 10,899 Traded on Borsa Istanbul since 13 January 1986 Hourly 8,290 Ticker: FROTO.IS Salaried 2,609

* Ford Deutschland Holding GmbH: %100 owned by Ford Motor Company Public Ford Otosan at a Glance 5

First Turkish passenger car Anadol (1966)

Pioneer of Turkish Turkey’s first domestic diesel engine Erk (1986) automotive Turkey’s first private R&D center in automotive (1961) First export of Turkish automotive to the US (2009)

Turkey’s export champion Strong value Turkey’s 2nd largest industrial enterprise contribution Highest employment in Turkish automotive

Ford’s largest commercial vehicle manufacturer in Europe Leadership and Widest product range in Turkish automotive scale 34% market share in Turkish commercial vehicles Public Leading the Turkish Automotive Industry 6

25% 34% of Turkey’s of Turkey’s Total automotive Commercial vehicle production sales

77% 79% of Turkey’s of Turkey’s Commercial vehicle Commercial vehicle production exports

Source: Automotive Manufacturers Association, 2019 Public Key Player in Ford Motor Company Universe 7

Robust sales Highest commercial vehicle market share of Ford in Europe performance Among Ford’s top 5 markets in Europe by market share

Lead manufacturing plant of Ford Transit globally

Europe’s largest Single source of Ford Custom & Ford Courier CV manufacturer Center of Excellence for Ford Trucks (heavy trucks) The only Ford factory and among 4 automotive factories in the world included

in the Global Lighthouse Network (more details available on page 14)

Global hub for Ford Trucks (heavy trucks) and related powertrains Engineering and R&D power Global support for light commercial vehicle development Global support for diesel powertrain engineering Public Ford Otosan at a Glance 8

* Production Capacity 1997 2019 (Units) 47,000 10 times 455,000 Production (Units) 43,102 9 times 369,027 Export (Units) 667 501 times 334,455 Export (USD) 16 million 370 times 5.9 billion

Revenue (USD) 850 million 8 times 6.9 billion Headcount 3,406 3 times 10,899

Market Cap (USD) 1.1 billion 4 times 4.2 billion * Equal JV partnership was established Public Vision, Mission And Strategy 9

Vision Mission Being Turkey’s most valuable and most Providing innovative automotive products and preferred industrial company. services beneficial to the community.

Strategy

. Growth: Organic and inorganic growth in new markets and existing business areas by developing new products.

. Innovation: Providing innovative products and services in all business processes by keeping creativity at the top.

. Brand: Being the most preferred brand in all segments by meeting customer needs and expectations.

. Employees: Being the most preferred workplace by aiming excellence in human resources processes and increasing benefits provided for employees.

. Customers: Being the leader automotive brand with regards to customer satisfaction in sales and after sales products and services. Public Brief History 10

First automotive Turkey takes first Customs Union is Turkey becomes a major Turkey is the 14th largest production starts in steps to liberalize its signed with the EU in hub in automotive auto manufacturing hub in Turkey under license economy and 1996. Exports start to production and moves up the world and 5th largest agreements in a integrate with the increase. Incentives the value chain. from an among European countries. heavily protected rest of the world. are introduced for assembly center to full domestic economy. production in Turkey. product development and manufacturing with focus on R&D.

First Years 1980s 1990s 2000-2010 2010+

1928 – Vehbi Koç is 1982 – İnönü Plant opens 1992 – Production of the 2001 – Gölcük Plant opens 2012- Launch of Custom assigned as Ankara Ford new generation Transit 2002 – Transit Connect 1983 – Cargo production 2013/14- JMC engine & truck dealer launches starts 1993 - Production of licensing agreements 2003 – New Cargo launches 1959 – Otosan is Ford Escort 2014 – Yeniköy Plant opens. 1983- Ford Motor Co. 2003 – Transit Connect founded as Ford Launch of Transit and Courier increases its share in 1997 – Ford assumes ‘International Van of the Year’ assembler in Turkey Otosan to 30% 41% equity in ‘Ford 2007 – Gebze Engineering 2015 – Sancaktepe Engineering 1960 – Otosan’s first Otosan’ Center opens Center opens 1985 – Production of Ford production: Ford Consul 2007 – Transit Taunus 1998 – Ford Otosan 2016 – Ecotorq engine ‘International Van of the Year’ 1966 – Otosan produces spare parts distribution production starts 1986 – Otosan produces 2009 – First vehicle export to the first Turkish car center opens 2017/18 – Capacity increase at Turkey’s first diesel North America Anadol Gölcük Plant engine ERK 2010 – Ford Otosan’s 50th 2018 – F-Max is «International 1967 – Otosan produces Anniversary Truck of the Year 2019» its first Transit 2010 – Transit Connect ‘N.A. Truck of the Year’ 2019 – Custom PHEV is « International Van of the Year 2020» 2019 – Gölcük Plant included in the Global Lighthouse Network Public 11

Plants and Facilities Public Locations 12

Sancaktepe Parts Distribution Center (1998) Sancaktepe Engineering Center (2015)

Eskişehir Plant (1982): Ford Trucks and engines

Gölcük Plant: Transit (2001), Custom (2012) Yeniköy Plant: Courier (2014)

Global Lighthouse Network Public 13 Gölcük Plant – Lead Manufacturing Plant of Ford Transit

Port

Yeniköy Plant

Assembly Shop Paint Shop Tool & Die Body Shop Press Shop

• 330,000 units manufacturing capacity Custom Transit 180 K 160 K • 340,000 m2 covered area

• Opened in 2001

• The only Ford factory and among 4 automotive factories in the world included in the Global Lighthouse Network Public 14 Gölcük Plant: Global Lighthouse Network

WEF & Mc Kinsey teams jointly did a comprehensive scanning of 1,000+ leading manufacturers across all industries and geographies to select 10 lighthouse factories for 2019.

Ford Otosan Gölcük Plant has been designated as an Advanced Fourth Industrial Revolution (4IR) Lighthouse and joined WEF Fourth Industrial Revolution front-runners.

The lighthouses are the factories that have taken Fourth Industrial Revolution technology from pilots to integration at scale, thus realizing significant financial and operational benefits.

Ford Otosan leverages digital manufacturing and advanced automation tools to increase its capacity w/o investments and keep increasing employee engagement trough out this process. Public 15 Yeniköy Plant – The Single Production Center of Ford Courier in the World

Opened on 22 May 2014 at Gölcük plant site Courier 110K 122,000 m2 covered area Environment and disabled-friendly plant Public 16 Eskişehir Plant – Center of Excellence for Ford Trucks

F Trucks 15K Opened in 1982 118,000 m2 covered area 75k units engine, 140k units powertrain production capacity - 12.7L and 9.0L E6 Ecotorq engines for heavy truck - 2.2L 4-cyl. Puma and 2.0L 4-cyl. Panther engines for Transit Public 17 Sancaktepe Parts Distribution Center – 97% Fill Rate

Opened in 1998 35,000 m2 warehouse: Largest of its kind in Turkey 4th largest warehouse capacity among Ford’s parts distribution centers in Europe Public Sancaktepe Engineering Center 18

Center of Excellence for Ford Trucks and heavy duty diesel powertrain for large trucks Global engineering lead for Ford Trucks (heavy trucks) and related powertrains Global support for diesel powertrain engineering Global support for light commercial vehicle development (B- & C-car derived Integrated Style Vans) Public 19

Products Public Ford Transit, Best-Selling Van in the World 20

. Longest-running model in Ford of Europe’s product range . Manufactured by Ford Otosan since 1967 . Ford Otosan is the lead manufacturing plant of Transit globally . All-New Transit launched from March 2014 to October 2014 in 3 phases . Facelifted in 2Q19

Chassis Cab Van Minibus

Loading Capacity: Loading Capacity: Seating Capacity: 3.3 tons – 4.7 tons 9.5m3 - 15.1 m3 11+1 / 17+1

Market share details available on page 53. Public Ford Custom 21

. Ford Otosan is the single global source of Ford Custom . Launched in October 2012; facelifted in 1Q18 . First vehicle in its segment to achieve a maximum five-star Euro NCAP rating

Tourneo Custom Transit Custom Transit Custom Transit Custom (People Mover) (Panelvan) (Kombi) (Kombi Van)

Long and Short Chassis 8+1 Seating Capacity 4.97m – 5.34 m

Market share details available on page 53. Public Ford Custom PHEV – First in its segment 22

Ford is the first manufacturer to deliver plug-in hybrid technology for zero-emission driving capability to the 1-tonne van segment.

. 56 km (35 miles) zero-emission NEDC driving range, and more than 500 km (310 miles) NEDC total range using 1.0-litre EcoBoost petrol engine range extender

. 13.6 kWh battery that can be charged with mains electricity for zero-emission driving – contributing to reduced local emissions

. Geofencing module to automatically switch vehicle to EV mode when entering low- emission zones; Epower Pack enables operation of high-power electrical equipment from battery Public Ford Courier 23

. The smallest member of the Ford commercial vehicle family . Ford Otosan is the single global source of Ford Courier . Launched in May 2014; facelifted in 2Q18

Tourneo Courier Transit Courier Combi Van Transit Courier Van (People mover) (Commercial) (Commercial)

Market share details available on page 53. Public Ford Trucks & Components 24

Manufactured at Ford Otosan’s Eskişehir Plant since 1983

TRACTOR ROAD TRUCK CONSTRUCTION 4x2 Tractor and 6x2 Full Trailer; Mainly used for local distribution and Tippers. Transmixers. Cement Pumps. municipality 4x2, 6x2, 8x2. 6x4, 8x4, 4x2, 6x2 and 8x2. Available in E3&E5 and E6 emission levels with 13L Ecotorq engine generating power 420 and 480 PS. Available in E3&E5 and E6 with 9L and 13L Available in E3&E5 and E6 with 9L and 13L Ecotorq engine generating power 330 and 420 PS. Ecotorq engine generating power 330 and 420 PS.

Long Distribution Construction Haulage Trucks Trucks

Available in 9L 330PS and 13 L 420PS, 480 PS and In-house designed and manufactured 500PS, Euro 6, Turbocharger with Variable-Geometry, 16 speed MT & AMT for all 13L Ecotorq 2500 bar Common-Rail Fuel Injection System powered Heavy Duty Cargo Vehicles

Ecotorq Engine Transmission

Market share details available on page 53. Public Comfort / Efficiency / Technology: F-Max 25

IP Rights owned 100% by Ford Otosan

. Cost of ownership advantage over peers . 80% localization rate -> 90% by 2020 . 2.5 meter cabin . 500 PS . Domestic launch in October 2018 

. Global launch in 2019  . 2019 International Truck of the Year . 2019 Truck of the Year in Russia, Austria and Slovakia Public 26

Investment Case Public Ford Otosan’s Value Proposition 27

Industry leader in Turkish and European commercial vehicle sales Scale & growth Turkey’s export champion and Europe’s largest commercial vehicle manufacturer Heavy truck volume and profitability growth by international expansion and strengthening presence in Turkey

€-denominated export revenues, including non-€ countries Resilience & efficiency High capacity utilization Efficient, flexible and low-cost manufacturing and engineering competency

Strong balance Surging FCF generation following completion of capex cycle sheet & prudent risk Growth and profitability driven by new products and cost discipline management Natural hedge of fx-payables due to fx-denominated export revenues

Dividend growth with surging FCF, strong balance sheet and low capex Shareholder value Strong relative share performance creation Commitment to good corporate governance Public Relatively Favorable Taxes on Commercial Vehicles 28

Passenger Cars Commercial Vehicles

Engine Size Base Price SCT VAT Total Model SCT VAT Total, % (TL) % % % % %

<70,000 45 | 30 18 71 | 53 Transit Van Transit Minibus <1.6 lt 70,000-120,000 50 | 35 18 77 | 59 (16+1) (17+1) Transit Chassis Cab >120,000 60 18 89 Transit Custom Van 4 18 | 1 23 | 5 Transit Courier Van <170,000 100 18 136 1.6-2.0 lt Connect Van Ranger >170,000 110 18 148

> 2.0 lt Transit Minibus 160 18 207 (11+1) (14+1) 9 18 | 1 29 | 10

Values in red are the tax rates valid under the temporary government incentives from Transit Combi November 2018 to end of June 2019. Transit Custom Combi Transit Custom Combi Van • New tax structure for PCs is effective as of November 25, 2016. Tourneo Custom 15** | 5 18 36 | 24 • Above rates are valid for diesel and gas engines. Different SCT rates apply for electric Transit Courier Combi Van and hybrid vehicles. Tourneo Courier Transit Connect Combi • Previous tax changes as follows:

< 1.6 lt 27% to 30% (Aug 2003), 30% to 37% (Sep 2006) Ford Trucks 4 18 | 1 23 | 5 < 1.6 lt 37% to 18% (Apr 2009), 18% to 27% (Oct 2009), 27% to 37% (Apr 2010) (heavy truck) < 1.6 lt 37% to 40% (Sept 2012), 40% to 45% (Jan 2014) 1.6-2.0 lt 60% to 80% (Oct 2011), 80% to 90% (Jan 2014) > 2.0 lt 84% to 130% (Oct 2011), 130% to 145% (Jan 2014)

** 10% to 15% (Oct 12, 2011) VAT: Value Added Tax SCT: Special Consumption Tax Public Scalable & €-Denominated Export Business 29

Exports (000 units) All export agreements are €-denominated, including non-€ countries 329 334 297 254 257 222 219 227 Export receivables are easy to manage as Ford of 213 205 185 192* 164 177 Europe is the single counterparty 141 129

75 Export receivables from Ford Motor Co. and its subsidiaries are collected within average 14 days 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Export Revenue (US$ bn) Turkey’s CV exports

5,9 5.6 4.9

3.8 3.8 3.9 3.8 Ford Otosan 3.4 3.5 3.3 3.5* 2.4 2.6 2019 2.1 2.1 79% 1.8 1.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

*2014 numbers reflect the transition to new product range and relevant ramp-up period. Public 30 Turkey’s Export Champion

Export breakdown (units)

-2% YoY UK 30% Germany 19% +6% YoY

W. Europe 12% -6% YoY 2019

Other 4% France 9% -2% YoY +15% YoY Belgium 3% -3% YoY Poland 3% E. Europe 7% +1% YoY Spain 6% +13% YoY Italy 7% +27% YoY

Change in Ford Otosan’s unit exports to the relevant market

All export agreements are €-denominated including non-€ countries Public European Van Industry Continues to Grow 31

Industry drivers are e-commerce and SME business

Vans up to 3.5 tons: Ford Otosan’s export segment

% Change 2014 2015 2016 2017 2018 1Q’ 19 1H’ 19 Jul’ 19 Aug’ 19 Sep’ 19 Oct’ 19 Nov’ 19 Dec’ 19 YTD UK 18.7 15.6 1.0 -3.6 -1.3 8.9 8.7 11.0 41.0 -23.5 -11.0 -9.6 7.8 2.4 Germany 7.3 4.2 8.5 4.9 5.4 12.1 11.7 22.7 19.0 -11.2 -10.1 -3.3 1.6 6.9 Italy 16.4 12.4 50.0 -3.4 -6.0 1.3 5.9 1.9 6.2 13.0 2.0 -1.6 -3.1 3.4 Spain 33.2 36.1 11.2 15.5 7.8 4.0 2.3 4.6 0.0 -2.9 -2.0 -3.7 -8.2 0.3 France 1.5 2.0 8.2 7.1 4.6 4.2 5.6 15.2 0.0 3.8 -0.5 -6.1 8.7 4.5 Poland 7.6 16.9 12.3 2.0 12.8 11.1 8.1 1.0 17.3 -21.6 -12.3 -17.5 8.1 1.5 Total 11.3 11.6 11.9 3.9 3.1 5.0 3.8 13.0 17.5 -9.4 -5.8 -7.9 8.2 2.8

Dec registrations: 182,221 units Jan - Dec registrations: 2,115,650 units +8.2% +2.8% Dec YoY change Jan-Dec YoY growth in European van sales in European van sales

Source: www.acea.be 27 European markets excluding Malta. Public Ford is Europe’s Top-Selling CV Brand 32

Ford’s European CV Market Share Best year for Ford CV #1 #1 #1 #1 #1 sales in 25 years #3 13.5 14.1 13.8 #6 12.6 13.2 #1 #7 #7 11.5 10.0 13.8% th 8.6 8.5 5 year as Europe’s No.1 commercial vehicle brand 2011 2012 2013 2014 2015 2016 2017 2018 2019

Ford’s commercial vehicle business gaining momentum in major markets

Source: Ford of Europe 2019 Sales Release, reporting sales for its 20 European traditional markets. In line with the new Ford global standard, the sales reports are published quarterly. Public Ford Otosan: Key Driver of Ford’s Market Share 33 and Pillar of profitability for Ford of Europe

Transit Custom Connect Courier (produced in Spain)

83% produces of Transit Family vans sold in Europe Public Large Scale Investment Program 34

2010-2014 Transit Range 2015-2018 Ford Trucks

Courier US$ 400 Transit million +

Custom

€ 370 million

Yeniköy

US$ 850 million Public Favorable Financing Terms 35

. €150 million loan agreement signed with EBRD in 2010

(Closed as of December 2015) Payment Schedule, Long Term Loans

5-year term with 2-years grace period at Euribor + 2.75% (‘000 TL, 31 December 2019)

. €190 million loan agreement signed with EIB in 2012 2021: 1,074,945 2022: 699,547 8-year term with 2-years grace period 2023: 411,161 €100 million in Q3 at 2.06% 2024: 175,768 €90 million in Q4 at 1.47% 2025: 71,997 . €100 million loan agreement signed with a consortium of foreign banks in July 2014 2026: 70,434 (HSBC, Societe Generale and The Bank of Tokyo-Mitsubishi UFJ, Ltd.)

4-year term with 2-years grace period at Euribor + 2.30% Effective interest rates . €140 million loan agreement signed with EBRD and a consortium of foreign banks in July 2014 ST borrowings: 0.82% €70 million funded by EBRD and €70 million funded as syndicated loan ST portion of LT borrowings: 1.71% (HSBC, Societe Generale, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Credit Agricole) LT borrowings: 1.81% 5-year term with 2-years grace period at Euribor + 2.25%

. €100 million loan agreement signed with EIB in December 2015 and utilized in 1Q 2016

6-year term at 0.87% Interest expenses (000 TL) . €150 million loan agreement signed with EBRD in April 2017 2019: 72,606 7-year term with 3-years grace period at Euribor + 1.95% 2018: 52,952 Public Highest Commercial Production Capacity in Turkish Automotive 36

Old: 330.000 (pre-investments) Kocaeli Plant İnönü Plant

New: 415,000 (2014)  440,000 (2017)  455,000 (2018)

Transit Custom Courier Truck 160,000 180,000 110,000 15,000

Gölcük Plant Yeniköy Plant Eskişehir Plant Kocaeli Plants Public Export Driven Capacity Increase Completed 37

US$ 52 million total investment

Current Capacity (‘000 Units) Previous Phase 1 (Phase 2)

Custom 130-150 170 180

Transit 140-160 160 160

Total Gölcük Plant* 290* 315* 330*

Total Ford Otosan 415 440 455

4Q17

* Total paintshop capacity of the plant. September ‘18  Announced on August 2, 2017. Public Strong Domestic Performance 38

Ford Otosan Market Share Turkish Industry 36.664

33.656 31.063 31,4% 30.047 28.158 28,1% 28,0% 28,5% 25.507

23,3% 20.259 22,8% 18.482 18.726 21,8% 21,3% 20,0% 18,3% 11.914 11.984 17,3% 7.547 14,7%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Turkish Market Share Almost Doubled in 10 Years Public International Expansion on Track 39

International Sales (Units) 2011-2018 2019 2024 3.003 Europe* 13 19 34 2.200 Africa 8 8 24 1.500 1.006 1.008 976 Middle East 9 9 13

Russia & Eurasia 6 7 10 2014 2015 2016 2017 2018 2019 Countries Total 36 43 81

2011-2018 2019 2024

Europe* 98 171 254

Africa 14 17 35

Middle East 13 14 21

Russia & Eurasia 33 42 50

Total Sales & Service & Sales 158 244 360

*including Turkey Herkese Açık | Public Heat Map 40

Existing

2019

2020-2024 Herkese Açık | Public Expanding to Western Europe 41

Phase 1 Phase 2&3 Phase 4 Italy & Iberia Benelux & France Germany and Nordics

END Q3 Q1

Italy Belgium Germany GROUP GROUP GROUP Netherlands Austria 1 Portugal 2 4 Spain Luxembourg Switzerland Denmak

Finland GROUP GROUP 3 France 5 Sweden Iceland

Norway

W. Europe Will Double the Target Industry Size for F Trucks Public Technology Licensing & Engineering Agreements 42

. The agreements with JMC have a 12-year term, starting with 2016 model year, to be extended every 3-years.

. Ford Otosan will be generating royalty fees with strong long-term growth potential.

Ecotorq engines Chassis, cab and components of Ford heavy trucks

 Signed on April 24th, 2013.  Signed on July 25th, 2014.

 JMC branded vehicles manufactured in China using  The products and JMC branded vehicles containing these engines and the licensed products will be sold in these products will be sold in China. China and the export markets as agreed by the parties.

JMC is

‘2018 Chinese Truck of the Year’ Public Focus on Shareholder Value 43

Strong relative share performance Commitment to corporate governance

800 FROTO . Separate GM and Chairman roles 689 700 . Independent BoD members 600 . Board Committees 500 400  Audit Committee BIST100 300 224  Corporate Governance Committee 200  Risk Committee 100  Remuneration Committee 0

. Highly experienced professional Executive Management

Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun

Sep 12 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep

Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec

Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar Mar 12 Mar . Performance based compensation

Large Institutional Investor Base Strong Earnings Growth

Foreign ownership in free float EPS (for Kr 1 nominal value) 80 5.58 80% 80% 80% 80% 78% 78% 77% 78% 78% 78% 78% 78% 77% 77% 4.80 4.25 67%

2.72 2.40 1.95 1.89 1.83 1.70 1.44 0.95

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Public Commitment to Dividends 44

3.9 billion US$ 1,285 Ford Otosan’s dividend payments 1,204 since 2004

Dividends maintained during heavy capex period 790

663 579 519 446 451 439 402 397 400 400 300

175 113

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dividend (TL mn, gross) 113 446 451 402 439 397 400 519 579 300 175 400 663 790 1204 1285 Dividend (US $ mn, gross) 74 332 319 319 332 261 271 321 325 166 79 146 226 219 272 230

Dividend Policy In principle, subject to be covered by the resources existing in legal records, and subject to the decision of the Ordinary or Extraordinary General Assembly Meeting, excluding periods of large investment or severe economic downturn, by taking into consideration other legislation, financial and market conditions, long-term strategy, investment and financing policies, profitability and cash position, minimum 50% of the distributable profit for the period calculated within the framework of the Capital Markets Legislation is distributed in the form of cash or stock. Public Strong & Committed JV Partner Support 45

Ford Otosan 41% 41%

Free Float

18%

Established in 1926, Koç Holding is Turkey’s leading investment Ford Motor Company is a global company based in holding company and the Koç Group is Turkey’s largest industrial Dearborn, Michigan. The company designs, manufactures, and services group in terms of revenues, exports, share in Borsa markets and services a full line of Ford cars, trucks, SUVs, İstanbul’s market capitalization and employment generation. electrified vehicles and Lincoln luxury vehicles, provides While maintaining its leadership position in Turkey, The Koç financial services through Ford Motor Credit Company and is Group focuses on sustainable and profitable growth with an aim pursuing leadership positions in electrification, mobility to be a key player in its region and in the world. solutions, including self-driving services, and connected services. Ford employs approximately 190,000 people Koç Holding ranks among the world’s top 500 companies in worldwide. Fortune Global 500 (2018 report). Public Large Distribution Network 46

• Maintenance, service and repairs provided through our customer-focused and innovative network.

• Dealers are separate legal entities; no ownership by Ford Otosan.

• Dealer receivables from domestic dealers are collected using a Direct Debit System.

Light Vehicles (PC+LCV+MCV) Ford Trucks Sales 84 Sales 24 After-Sales 87 After-Sales 28 Public Efficient Production Hub 47

440 440 Ford Otosan Kocaeli Plants (Gölcük & Yeniköy) 425 400 400 400

320 320 320 320 320 320 300

250

200 200

140 140

40

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year-end Capacity ('000 units) 40 140 140 200 200 250 300 320 320 320 320 320 320 400 400 400 425 440 440 Kocaeli Plants (Gölcük&Yeniköy) CUR 45% 34% 80% 100% 117% 100% 93% 82% 54% 74% 90% 83% 86% 59% 81% 82% 88% 84% 83% Turkey Industry CUR** 29% 35% 52% 73% 76% 81% 86% 76% 57% 72% 76% 68% 74% 70% 80% 86% 88% 78% 71%

*2014 numbers reflect the transition to new product range and relevant ramp-up period. ** Source: www.osd.org.tr Public R&D Focused on Excellence 48

Ford Otosan has the capability and infrastructure to design, develop and test a complete vehicle end-to-end, including its engine and engine systems.

Sancaktepe R&D Center • Center of Excellence for heavy trucks and related diesel powertrains • Design studio and CAVE lab (1st in Turkey) • Vehicle and engine HIL labs

Gölcük R&D Center • Engine & vehicle testing • Development workshops

Eskişehir Product Development • Prototype engine manufacturing and testing • The only facility to test extra heavy engines over 13L in Turkey Public Experienced and Skilled Workforce 49

One of our strategic goals is ‘To be among the Top 10 Most Preferred Employers’

Women Men Office Field 16% 84% 24% 76%

Highest employment in Turkish automotive Highest rate of women employment 10,899 employees (2019) among Turkish auto manufacturers.

20% Vocational High School 28% M. Sc.

6% Primary & Secondary School 1% PhD Field Office 3% University 2% Other

69% B.Sc. – B.A 71% High School Public 50

Operating & Financial Performance Public Turkish Automotive Industry (000 units) 51

Tax Tax hike (-) hike (-) Tax Tax incentives hike (-) 1006 1.004 (+) Tax 977 incentives (+) 907 885

Global 812 803 792 Tax 766 financial 741 crisis (-) incentives (+) 668 633 635 574 524 488 Turkish financial 393 crisis (-)

203 ’96: 339 177 ’97: 510 ’98: 474 ’99: 400 ‘00: 641

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 HCV 12 18 34 30 34 34 27 31 17 31 42 35 28 31 34 18 18 12 8 MCV 34 35 68 133 143 129 119 91 63 85 102 91 85 85 112 105 107 68 43 LCV 19 29 63 115 138 120 118 97 124 166 169 130 103 96 130 122 126 66 49 PC 138 95 227 451 439 373 357 305 370 510 594 556 665 587 726 757 723 486 387 Total 203 177 393 741 766 668 633 524 574 792 907 812 885 803 1006 1004 977 635 488 Public Turkish Market Shares, 2019 (%) 52

Total Industry Passenger Cars Ford’s 4th largest market share in Europe

15.7 15.6 14.8 13.3

10.1 9.9 10.0

6.0 6.0 5.9 5.9 5.3 4.5 4.3 4.1

Fiat Renault Ford VW Peugeot Renault Fiat VW Toyota Peugeot Hyundai Honda Dacia Opel Ford

Light Commercial Vehicles Medium Commercial Vehicles Heavy Trucks

40.5

33.9 34.6 31.4 28.6

12.2 11.8 9.1 8.6 8.6 8.6 5.7 5.3 4.4 6.2 Fiat Ford VW Peugeot Renault Ford VW Mercedes Fiat Mitsubishi Mercedes Ford MAN Renault Scania

* Courier and Connect ** Transit, Custom & Ranger Source: ODD and TAID Public Turkish Market Shares, January 2020 (%) 53

Total Industry Passenger Cars

15.0 13.3 11.7 12.5 10.5 10.7 9.1 10.3 8.6 8.5 9.2

6.1 5.6 5.0 4.0 3.4 2,7 2,6 2,5 2,3 2,1 1,6 VW Fiat Renault Dacia Toyota Ford VW Renault Toyota Dacia Fiat Peugeot Hyundai Honda Skoda Nissan Citroen Seat Opel Mercedes Audi Ford

Light Commercial Vehicles Medium Commercial Vehicles Heavy Trucks

47.1 45.9

36.4

25.2

14.2 13.6 11.2 9.8 11.0 9.3 7.1 8.8 8.4 5.3 6.6

Fiat Ford Peugeot Dacia Citroen Ford VW Mercedes Fiat Renault Ford Mercedes Iveco Renault Volvo

* Courier and Connect ** Transit, Custom & Ranger Source: ODD and TAID Public Turkish Market & Ford Otosan Retail* Sales (Units) 54

Jan '20 Jan '19 YoY Change Dec '19 MoM Change

PC Ford Otosan 346 285 21% 3.246 -89% Industry 22.016 10.979 101% 70.829 -69% Share 1,6% 2,6% -1.0 4,6% -3.0 LCV Ford Otosan 697 488 43% 3.083 -77% Industry 2.769 1.425 94% 10.843 -74% Share 25,2% 34,2% -9.0 28,4% -3.2 MCV Ford Otosan 1.142 902 27% 3.791 -70% Industry 2.488 1.969 26% 8.828 -72% Share 45,9% 45,8% 0.1 42,9% 3.0 Truck Ford Otosan 172 83 107% 451 -62% Industry 365 174 110% 1.528 -76% Share 47,1% 47,7% -0.6 29,5% 17.6 Total Ford Otosan 2.357 1.758 34% 10.571 -78% Industry 27.731 14.565 90% 92.285 -70% Share 8,5% 12,1% -3.6 11,5% -3.0

* Retail sales are Ford branded vehicles sold domestically by Ford dealers. They include dealer inventory and define the market share. Public Monthly Production and Export Units 55

January 2020 2020 Production: 28,876 Export*: 24,963 Export/Production: 86%

January 2019 Production: 32,013 Export*: 28,406 Export/Production: 89%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Production 28.876 Export 24.963 % 86%

2019 Impact of Transit facelift Due to a supplier issue 2019 Production: 369,027 causing temporary delays in transition as planned. Export*:333,734 Transit production schedule. Export/Production: 90%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Production 32.013 31.194 35.304 34.519 28.710 24.927 34.914 16.188 35.801 29.921 32.337 33.199 Export 28.406 29.327 31.018 31.880 21.651 25.042 32.706 15.791 31.384 28.485 28.096 29.948 % 89% 94% 88% 92% 75% 100% 94% 98% 88% 95% 87% 90%

*As reported to AMA Public Production Volume (000 units) 56

373 374 369

335 334

296 286 281 269 272 258 243 242 244* 207

174

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Heavy Truck 6 10 8 6 6 2 5 9 7 6 8 11 5 6 6 5 Light Commercial Vehicle 95 102 112 113 85 83 85 102 105 76 40 65 71 73 58 56 Medium Commercial Vehicle 106 131 138 167 178 89 152 185 160 199 196 259 258 294 310 308

*2014 numbers reflect the transition to new product range and relevant ramp-up period. Public Wholesale Volume (000 units) 57

413 395 383 381 373 354 341 325 316 295 298 294 303 283** 255

214

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Domestic* 114 131 113 103 76 85 127 141 112 114 91 127 116 115 66 48 Export 141 164 185 222 218 129 176 213 205 227 192 254 257 297 329 334 Share of Exports 55% 56% 62% 68% 74% 60% 58% 60% 65% 67% 68% 67% 69% 72% 83% 87%

* Domestic wholesale volumes are vehicles sold by Ford Otosan to our dealers. They form the basis of IFRS financials.

** 2014 numbers reflect the transition to new product range and relevant ramp-up period. Public Sales Volume by Model 58

2019 2018 YoY% 4Q19 4Q18 YoY% Total Domestic 48.464 65.768 -26% 20.425 13.296 54% PC 11.460 18.987 -40% 4.956 3.777 31% LCV 16.976 20.719 -18% 7.310 3.638 101% Transit Courier 16.768 19.659 -15% 7.263 3.300 120% Transit Connect 208 1.060 -80% 47 338 -86% MCV 17.187 22.536 -24% 6.968 5.237 33% Transit 12.972 16.350 -21% 5.479 3.998 37% Transit Custom 3.394 4.690 -28% 1.134 872 30% Ranger 821 1.496 -45% 355 367 -3% Truck 2.841 3.526 -19% 1.191 644 85% Record Total Export 334.455 328.892 2% 86.134 90.434 -5% Transit Custom 175.985 168.174 5% 48.659 48.465 0% Due to a supplier issue causing temporary Transit 116.805 120.154 -3% 27.401 32.208 -15% delays in Transit Transit Courier 38.941 38.553 1% 8.966 9.076 -1% production schedule Truck 2.671 1.817 47% 1.093 660 66% Other 53 194 -73% 15 25 -40% Total Wholesale 382.919 394.660 -3% 106.559 103.730 3% Public Sales Analysis, 2019 (units) 59

Total Sales Domestic Sales

Domestic 13% Imports 26%

From Production 74% Exports 87%

Total Sales Exports by Model

Imports 3%

Transit 35% Custom 53% From Production 97% Courier Truck 1% 11% Public 2019 Financial Results 60

TL 39,209 million TL 3,198 million TL 3,350 million Revenues, +18% YoY EBITDA, +12% YoY EBITDA excl. FX impact, +18% YoY • Robust export performance • Strong OpEx control • Ongoing cost reduction actions • Domestic market recovery in 4Q19

TL 33,375 million TL 1,950 million Export Revenues, +22% YoY Profit Before Tax, +11% YoY • Volume growth • 10% lower Net Financial Expenses YoY driven by lower Net • Mix effect FX Loss, mainly explained by lower devaluation than 2018. • Currency impact

TL 5,834 million TL 1,959 million Domestic Revenues, -3% YoY Net Income, +16% YoY • 26% volume decline due to market • Higher than PBT due to Tax Income Resulting contraction and profitability focus from Deferred Tax Asset in 2019 • Pricing discipline and focus on high margin products limited further decline Public Main Financial Indicators 61

Million TL 2019 2018 YoY % 4Q19 4Q18 YoY % Total Revenues 39.209 33.292 18% 11.502 10.048 14% Export 33.375 27.303 22% 9.063 8.524 6% Domestic 5.834 5.989 -3% 2.439 1.524 60% Gross Profit 4.015 3.459 16% 1.151 958 20% Operating Profit 2.422 2.285 6% 847 417 103% EBITDA 3.198 2.854 12% 1.061 568 87% EBITDA excluding other 3.350 2.840 18% 975 818 19% income/expense Profit Before Tax 1.950 1.761 11% 658 331 99% Net Income 1.959 1.683 16% 617 411 50% Other Financial Data Depreciation & Amortization* 776 569 36% 214 151 41% Financial Income / (Expense) -471 -520 -10% -189 -85 122%

*2019 numbers include TL 44 million impact from IFRS16 due to classification from manufacturing overhead and operating expenses to depreciation and amortization. Please refer to footnotes 2,10,11,33 of the financial statements for further details. Public Revenues - Domestic & Export 62

6.940 6.886 6.903

6.208 6.254 5.992 6.160 6.060 5.450 5.454* 4.948 4.640 4.844 4.516 4.142 3.702

2.109

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Export (US$ bn) 965 1.957 2.114 2.543 3.846 3.450 2.101 2.655 3.505 3.312 3.835 3.516 3.944 4.071 4.883 5.648 5.876 Domestic (US$ bn) 1.144 2.185 2.402 2.097 2.362 1.394 1.601 2.293 2.749 2.138 2.157 1.938 2.215 1.989 2.057 1.239 1.027 Total (US$ bn) 2.109 4.142 4.516 4.640 6.208 4.844 3.702 4.948 6.254 5.450 5.992 5.454 6.160 6.060 6.940 6.886 6.903 Total (TL bn) 3.352 5.559 6.059 6.521 7.231 7.007 5.574 7.649 10.445 9.768 11.405 11.925 16.746 18.289 25.341 33.292 39.209 Share of Exports 46% 47% 47% 55% 62% 71% 57% 54% 56% 61% 64% 64% 64% 67% 70% 82% 85%

*2014 numbers reflect the transition to new product range and relevant ramp-up period. Public Operating Profit and Margin 63

530

472 468 473 435 437 426 407 392 381 368 342 352 352

252 247*

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Operating Profit, US$ mn 342 392 435 530 472 252 407 437 352 352 247 381 368 468 473 426 Operating Profit, TL mn 487 538 569 690 613 389 610 729 631 670 541 1.036 1.111 1.708 2.285 2.422 Operating Margin (%) 8,8% 8,9% 8,7% 9,5% 8,7% 7,0% 8,0% 7,0% 6,5% 5,9% 4,5% 6,2% 6,1% 6,7% 6,9% 6,2%

*2014 numbers reflect the transition to new product range and relevant ramp-up period. Public EBITDA and EBITDA Margin 64

Profitability rise post 2015 explained: 2010-2014 margin decline explained: • Strong volumes with new products • Changing business mix • Favorable domestic sales mix • Highly competitive domestic pricing landscape

• Pricing focus to offset the weak and volatile TL • Industry shift towards PC = Less favorable sales mix

• Higher capacity utilization • Aged product portfolio • TL volatility causing higher import costs and financial expenses • Cost reduction actions

652 590 597 598 590 562 563 527 524 524 530 519 431 450 363 387*

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 EBITDA, US$ mn 527 590 562 652 597 363 524 524 431 450 387 530 519 598 590 563 EBITDA, TL mn 750 802 751 848 775 561 785 875 772 856 846 1.441 1.567 2.182 2.854 3.198 EBITDA Margin (%) 13,5% 13,2% 11,5% 11,7% 11,1% 10,1% 10,3% 8,4% 7,9% 7,5% 7,1% 8,6% 8,6% 8,6% 8,6% 8,2%

*2014 numbers reflect the transition to new product range and relevant ramp-up period. Public 2019 Margins 65

Operating Margin EBITDA Margin Growing EBITDA per Vehicle (EUR) FY 4Q 2019 1.376 1.427 9,2% 8,6% 2018 1.266 1.252 8,2% 2017 1.175 1.047 7,4% 6,9% 6,2% 5,7% EBITDA per vehicle grew for the 3rd consecutive year 4,1% Drivers: + Rising export demand 2019 2018 4Q19 4Q18 2019 2018 4Q19 4Q18 + Cost reduction actions + Strong OpEx control Operating Margin (excl. Other items) EBITDA Margin (excl. Other items) + Pricing discipline + Salex mix + Domestic market recovery in 4Q19 8,5% 8,5% 8,5% 6,6% 6,8% 6,6% 6,6% 8,1% Challenges: - Considerable cost pressure resulting from weaker €/TL (+12% YoY) and high inflation (lag effect) - Contracting FY volumes and profitability in the domestic market 2019 2018 4Q19 4Q18 2019 2018 4Q19 4Q18 Public Ongoing Cost Pressure 66

CPI Inflation. % 25,24 YoY change 2019/2018 4Q19/4Q18 24,52 21,62 20,30 20,35 19,67 19,71 19,50 17,90 18,71 Production Volume -1% 0% 15,85 15,72 16,65 15,01 11,84 10,56 9,26 Raw Material Costs 18% 9% 8,55

€ / TL Average 12% 2%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

EUR/TL Rate, Average PPI Inflation. % 46,1545,01

7,39 38,54 6,66 6,72 6,76 6,46 6,55 6,49 32,13 33,64 6,36 6,25 6,29 6,39 6,34 32,93 6,12 6,13 6,17 29,64 30,12 6,03 5,97 29,59 28,71 5,54 25,00 25,04 21,66

13,45 7,36

4,26 2,45 1,7

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: Ford Otosan, CBT, Turkstat Public PBT & Net Income 67

505 475 479 435 413 408 401 393 396 382 406 372 364 350 365 348 336 337 345 343 337 318 321 306 297 310 316

264 272 238 216 179

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016 2017 2018 2019 Net Income (Million $) 306 297 350 372 336 216 337 396 382 337 272 310 316 408 348 345 Net Income (Million TL) 436 398 501 484 436 333 505 662 685 641 595 842 955 1.490 1.683 1.959 Net Income Margin (%) 7,8% 6,6% 7,7% 6,7% 6,2% 6,0% 6,6% 6,3% 7,0% 5,6% 5,0% 5,0% 5,2% 6% 5,1% 5,0% Earnings Per Share (TL) 1,24 1,14 1,43 1,38 1,24 0,95 1,44 1,89 1,95 1,83 1,70 2,40 2,72 4,25 4,80 5,58 Profit Before Tax (Million TL) 570 526 621 657 616 409 619 800 654 452 390 866 970 1.481 1.761 1.950 Profit Before Tax (Million $) 401 393 435 505 475 264 413 479 365 238 179 318 321 406 364 343

2014 numbers reflect the transition to new product range and relevant ramp-up period. Deferred tax asset resulted in higher net income than PBT in certain years. Public Return on Equity, % 68

43.2 42.0 40.3 34.9 34.3 30.7 30.2 27.3 28.2 28.8 27.5 24.8 25.5 24.2 20.2 21.6

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

*2014 numbers reflect the transition to new product range and relevant ramp-up period. Public Financial Risk Management 69

Receivables from domestic dealers are collected using a Direct Debit System Credit Risk Receivables from Ford Motor Company and its subsidiaries are collected within 14 days Other exports are guaranteed using L/C. letter of guarantee or cash collection

Cash, credit commitment and factoring capacity is maintained to meet 21 days’ cash outflow Liquidity Risk €100 million credit commitment & €120 million factoring agreements for potential needs Net debt as of 2019 is TL 3.0 billion

Excess cash is invested in hard currencies to minimize fx exposure FX Risk Natural hedge against volatility due to fx-denominated export revenues: 85% of revenues Ford Otosan is a net exporter: US$ 12.6 billion in the last 5 years (2014-2018)

Capital Risk Net Financial Debt/EBITDA is monitored as a management criteria; capped at 3.5x. (EBITDA is calculated on a rolling basis of the last four quarters.) Public Debt Profile & Financial Ratios 70

Cash Position (TL mn) 31.12.2019 31.12.2018 Cash & Cash Equivalents 3.203 1.393 Total Financial Debt -6.208 -4.483 Net Financial Debt -3.005 -3.090 Financial Ratios 31.12.2019 31.12.2018 Current ratio 1,17 1,02 Liquidity ratio 0,87 0,64 Net Debt / Tangible Net Worth 0,78 1,01 Net Debt / EBITDA* 0,94 1,08 Current Assets / Total Assets 0,62 0,56 Current Liabilities / Total Liabilities 0,74 0,78 Total Liabilities / Total Liabilities and Equity 0,72 0,70 Return on Equity 42,0% 43,2% Margins 31.12.2019 31.12.2018 Gross Margin 10,2% 10,4% EBITDA Margin 8,2% 8,6% EBITDA Margin (excl.other items) 8,5% 8,5% Operating Margin 6,2% 6,9% Net Margin 5,0% 5,1%

* Capped at 3.5x. EBITDA is calculated on a rolling 4-quarter basis. Public 71

Sustainability Commitment Public Sustainability Priorities 72 Public Sustainability Priorities 73 Public Environmental Responsibility 74 Public Environmental Performance Indicators 75 Public Social Performance Indicators - I 76 Public Social Performance Indicators - II 77 Public Economic Performance Indicators 78 Public Sustainable and Profitable Growth 79

Pillars of Innovation Management Public Sustainable Products 80 Public First PHEV in its Segment Launched in 4Q19 81 Public Shareholder Structure by Share Group 82

The distribution of the shares representing the issued capital according to the share groups (A,B and C) is explained in Article 6 (Capital) of Ford Otosan’s Articles of Incorporation. https://www.fordotosan.com.tr/en/investors/corporate-governance/articles-of-incorporation

. There are no privileged voting rights, but quorum conditions apply according to the provisions of the Articles of Incorporation. . There are no dividend privileged rights in shares. Public Board Composition and Committees 83

. Separate General Manager and Chairman roles. . 12 out of the total 14 Board members are non-executives, except the General Manager and Deputy General Manager. . 2 Independent BoD members: Compliant with the legislation. Within the framework of Article 6 of the Communiqué on Corporate Governance, Capital Markets Board has confirmed i- the acceptance of Ford Otosan as a joint venture and ii- the determination of the number of independent board members as two.

Board of Directors https://www.fordotosan.com.tr/en/investors/corporate-governance/board-of-directors Executive Team https://www.fordotosan.com.tr/en/investors/corporate-governance/executive-team Public Additional Information 84

. Financial payments to Executive Management are announced as a total figure in the General Assembly and financial notes in line with the general practice. . Performance based compensation for all employees including ESG targets as part of the Scorecard goals.

Global Lighthouse Award

Sustainability Approach: https://www.fordotosan.com.tr/en/sustainability/sustainability-approach Sustainability Reports: https://www.fordotosan.com.tr/en/sustainability/sustainability-reports Sustainability Policies: https://www.fordotosan.com.tr/en/sustainability/sustainability-policies Corporate Governance Policies: https://www.fordotosan.com.tr/en/investors/corporate-governance/policies Code of Conduct: https://www.fordotosan.com.tr/en/investors/corporate-governance/code-of-conduct Public 2020 Guidance 85

2019A 2020F

Turkish Industry Volume 488 K 580 K – 630 K

Ford Otosan Retail Sales Volume 49 K 60 K – 70 K

Exports 334 K 330 K – 340 K*

Wholesale Volume 383 K 390 K – 410 K

Production Volume 369 K 370 K – 380 K

Capex (fixed assets) € 142 mn €180 – 200 mn

* Includes the impact of Courier derivative deletion to comply with emission requirements

Ford Otosan provides guidance 4 times a year as part of quarterly financial statements. This is the first guidance issued for 2020 as part of FY 2019 results in February. Public Contacts 86

www.fordotosan.com.tr

Aslı Selçuk Investor Relations App Investor Relations Manager +90 216 564 7499 [email protected] 65.00 65.00

Bahar Efeoğlu Ağar Investor Relations Specialist +90 216 564 7859 [email protected]

Burak Çekmece Treasury & Risk Manager (Capital Markets Law Compliance) +90 216 564 74 80 [email protected]

Disclaimer: This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable. they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Ford Otosan nor any of its directors. managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation.