Türkiye Sise Ve Cam Fabrikalari : Eurobond Investor Presentation - April 2024

Investor Presentation

April 2024

Disclaimer

IMPORTANT NOTICE

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The information contained in this presentation has not been independently verified and no representation, warranty or undertaking, express or implied, is or will be made by Sisecam UK PLC, Türkiye Şişe ve Cam Fabrikaları A.Ş. or Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, and Merrill Lynch International (the "Joint Bookrunners") or their respective affiliates, advisors or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein (and whether any information has been omitted from the presentation). Any offering of a securities that may be related to the subject matter of this presentation will be made solely on the basis of the information contained in the prospectus published by Sisecam UK PLC in final form relating to such securities and in such case the information contained herein will be superseded in its entirety by the prospectus in its final form. In addition, because this communication is a summary only, it may not contain all material terms and should not form the basis for any investment decision. The recipient should consult the prospectus for more complete information about any proposed offer of any securities. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information set out herein may be subject to updating, revision, verification and amendment and such information may change materially. None of Sisecam UK PLC, Türkiye Şişe ve Cam Fabrikaları A.Ş., the Joint Bookrunners or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents, or otherwise arising in connection with this presentation. This presentation should not be construed as legal, tax, investment or other advice and the recipient is strongly advised to seek their own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues discussed herein.

The securities described herein are not intended to be offered, sold or otherwise made available and should not be offered, sold or otherwise made available to retail clients (as defined in MiFID II) in the European Economic Area ("EEA") or to retail clients (as defined in the Financial Conduct Authority Handbook Conduct of Business Sourcebook) in the United Kingdom (the "UK").

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In the UK, this announcement is directed only at persons who are "qualified investors" within the meaning of the Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. In addition, in the UK, this presentation is made to and is directed only at qualified investors who (i) are persons who have professional experience in matters relating to investments and who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) of the United Kingdom (the "Order"); (ii) are high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (iii) any other persons to whom it may otherwise lawfully be communicated (all such persons in (i) to (iii) above together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which this presentation relates is available only to and will only be engaged in with such relevant persons. Solicitations resulting from this presentation will only be responded to if the person concerned is a relevant person.

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In connection with Section 309(B)(1)(c) of The Securities And Futures Act 2001 of Singapore, as modified or amended from time to time (the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), Sisecam UK PLC has determined the classification of the securities described herein as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16 Notice on Recommendations on Investment Products).

This presentation and its contents are confidential and proprietary to Sisecam UK PLC and Türkiye Şişe ve Cam Fabrikaları A.Ş., as applicable and no part of it or its subject matter may be reproduced, redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published in whole or in part for any purpose without the prior consent of Sisecam UK PLC, Türkiye Şişe ve Cam Fabrikaları A.Ş. and the Joint Bookrunners. If this presentation has been received in error then it must be returned immediately. This presentation is not made to or directed at real persons and/or legal entities domiciled in Türkiye. This presentation does not constitute or form part of, and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for, securities in any jurisdiction or an inducement to enter into investment activity.

This presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to US persons (within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) other than qualified institutional buyers as defined in Rule 144A under the Securities Act who are also "qualified purchasers" within the meaning of Section 2(a)(51)(A) of the United States Investment Company Act of 1940, as amended (the "Investment Company Act"), and the rules and regulations thereunder. The securities discussed in this presentation have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, any US person (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any failure to comply with the foregoing restrictions may constitute a violation of US securities laws.

The information presented herein is an advertisement and does not comprise a prospectus for the purposes of the EU Prospectus Regulation. Any purchase of securities should be made solely on the basis of a final prospectus to be prepared in connection with such offering of such securities which, once available, shall be available on the Euronext Dublin website at www.euronext.com/en/markets/dublin . Investors should not subscribe for or purchase the Notes except on the basis of the information contained in the final prospectus.

This presentation includes statements that are, or may be deemed to be "forward looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "anticipates", "believes", "estimates", "expects", "aims", "intends", "may", "plans", "considers", "projects", or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding Sisecam UK PLC and/or Türkiye Şişe ve Cam Fabrikaları A.Ş.'s intentions, beliefs or current expectations concerning, amongst other things, results of operations, financial positions, prospects, growth, strategies and expectations of the Turkish glass industry.

By their nature, forward looking statements involve risk and uncertainty, because they relate to future events and circumstances. Forward looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Sisecam UK PLC and its group's operations, results of operations, financial position and the development of the markets and the industry in which they operate or are likely to operate and their respective operations may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the industry in which Türkiye Şişe ve Cam Fabrikaları A.Ş., Sisecam UK PLC and its group operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, changes in regulation and currency fluctuations.

Forward looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this presentation reflect Sisecam UK PLC and its group's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Sisecam UK PLC and Türkiye Şişe ve Cam Fabrikaları A.Ş.'s financial position, prospectus, operations, results of operations, growth, strategy and expectations of the Turkish glass industry. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Sisecam UK PLC or Türkiye Şişe ve Cam Fabrikaları A.Ş. to predict which factors they will be. In addition, Sisecam UK PLC and Türkiye Şişe ve Cam Fabrikaları A.Ş. cannot assess the impact of each factor on their business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward-looking statements. None of Türkiye Şişe ve Cam Fabrikaları A.Ş., Sisecam UK PLC nor any Joint Bookrunners nor any of their affiliates, advisers or representatives have any intention or obligation to update this presentation, including any forward-looking statements contained herein.

A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Similar ratings for different types of issuers and on different types of securities do not necessarily mean the same thing. The significance of each rating should be analysed independently from any other rating.

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Today's presenters

Görkem Elverici	Gökhan Güralp		Hande Özbörçek	Barış Gökalp
Chief Executive Officer	Chief Financial Officer	Investor Relations Director	Director of Treasury
26 years of experience	25 years of experience		20 years of experience	26 years of experience

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Agenda

01

02

03

Transaction overview

Introduction to Şişecam

Key credit highlights

Key financials

Appendix

4

01

Transaction overview

Group structure

51%

2%

FREE FLOAT

47%

Production joint ventures

Joint ventures

Guarantor

Issuer

ARCHITECTURAL

GLASS

INDUSTRIAL

GLASS

GLASSWARE

GLASS PACKAGING

CHEMICALS

	ENERGY		OTHER

Şişecam Flat Glass India Private Ltd.

Şişecam

Investment

B.V.

Şişecam

Flat Glass Italy S.R.L.

Saint Gobain

Glass Egypt

S.A.E.

Trakya

Glass

Bulgaria

EAD

Şişecam Flat Glass South Italy S.R.L.

TRSG Glass Holding BV

Trakya

Glass Rus

Trading

Trakya

Glass Rus

JSC

Şişecam Otomotiv A.Ş.

Trakya

Investment

B.V.

Şişecam

Automotive

Romania

SA

Şişecam

Automotive

Rus JSC

Şişecam

Auto

Bulgaria

EAD

Şişecam

Auto

Germany

GmbH

Şişecam

Şişecam

Elyaf Sanayii

A.Ş.

Paşabahçe

Mağazaları

Paşabahçe

Spain SL

Paşabahçe

USA

Paşabahçe

(Shanghai)

Trading

Paşabahçe

Glass GmbH

Şişecam

Investment

B.V.

Paşabahçe

Bulgaria

EAD

Posuda

Limited

Paşabahçe

SRL

Paşabahçe

JSC Mina

LLC Ruscam

Glass Pack.

Holding

OOO

Ruscam

Management

OOO

Energo- systems

Şişecam

Investment

B.V.

Şişecam

Glass Pack.

Hungary

Kft.

Merefa

Glass

Company

Brewery

Pivdenna

Şişecam Shanghai Trade Co.

Şişecam

Investment

B.V.

Şişecam

Soda

Lukavac

Şişecam

Bulgaria

Cromital

Solvay

Şişecam

Holding AG

Şişecam USA Inc.

Pacific

Soda LLC

Stockton

Soda Ash

Port LLC.

Şişecam

Chem Res.

LLC

Sisecam

Chemicals

Wyoming

LLC

Camiş

Elektrik

Şişecam

Enerji

Oxyvit

Kimya

Şişecam

Sigorta

Şişecam Dış

Ticaret

Refel S.p.A.

Camiş

Ambalaj

Şişecam

Investment

B.V.

Şişecam

Çevre

Sistemleri

SC Glass

Trading B.V.

Sisecam UK

PLC

Camiş

Madencilik

Camiş

Egypt

Mining

Rudnik

Auto. Rus

Trading

LLC

Egypt

Glass Man.

SAE

Solvay Sodi

Krecnjaka

Vijenac

6

02

Introduction to Şişecam

Şişecam at a glance

The only global company that operates in all major areas of glass and chemicals

5th Flat Glass producer

1st Glassware producer1

5th Glass Packaging producer

Global 2nd Soda Ash producer rankings

1st Basic Chromium Sulfate producer2

Broad global presence

14 countries

45 production plants

60% international sales3

150+ export countries

Robust financial profile

TL 152bn net sales

21% EBITDA margin

1.3x Net debt/EBITDA Net long FX position

	2%		Architectural	Industrial	Glassware
Diversified	12%	21%	Glass	Glass
		Glass
business	26%	10%	Chemicals	Energy
Packaging
segments4
	12%
			Other
	18%

• ∼25k employees
• 88 years of corporate history

Strong corporate

governance supported by an

experienced management team and a blue- chip shareholder

Note: All financial figures are for 2023 unless stated otherwise; all rankings are based on installed capacity and management estimates
1 As of 28 March 2024; 2 Basic Chromium Sulphate production capacity ranking is given for Chromium Chemicals; 3 Include exports from Türkiye; 4 Share of business segments is according to 2023 net sales breakdown (prior to certain	8
consolidation adjustments)

Overview of business segments

Architectural

Industrial

Glassware

Glass

Chemicals

Energy

Other

Glass

Glass

Packaging

⚫ Manufacturing of

⚫ Manufacturing of

⚫ Production of soda

⚫ Manufacturing of

⚫ Production of soda

⚫ Electricity

⚫ Products/services of

flat, patterned,

automotive glass,

and crystalline

glass packaging

derivatives and

generation and

mining (silica sand,

laminated, coated,

encapsulation and

⚫ Manufacturing/retail

solutions for the

chromium

electricity & natural

limestone, dolomite,

Description

solar power & home

glass fiber

of automatic and

food, beverage,

chemicals

gas trading

feldspat and kaolin),

appliances glasses

hand-made

pharmaceuticals

paper packaging,

and mirror

household

and cosmetics

fine chemicals,

glassware under

industries

insurance, recycling

the Paşabahçe

and refractory

brand

materials

Construction, solar

Automotive, renewable

Retail, HoReCa

Glass, detergent,

Glass, glass fiber,

energy, marine

F&B, pharmaceuticals,

textile, leather industry,

ceramics, chemicals,

Key end markets

(Hotels, Restaurants &

power, home

products, engineering

chemicals, metal

Miscellaneous

building insulation,

Cafes), B2B (Industry,

cosmetics

appliances

plastics, composite

coating, impregnite,

metallurgy, animal

Promotion, Decoration)

industry

pigment

feed, mining

Share in total net sales1

21%

10%

12%

18%

26%

12%

2%

Net sales

TL 31bn

TL 16bn

TL 18bn

TL 27bn

TL 39bn

TL 18bn

TL 3bn

EBITDA margin

21%

7%

8%

18%

26%

0.2%

9.2%

Geographical presence

			Türkiye	Slovakia		Türkiye
Türkiye	Russia		Bulgaria	Hungary		Bulgaria
Bulgaria	Egypt		Germany	Russia		Russia
10	9
Italy	India	Romania		Egypt

			Türkiye
	Türkiye	Georgia	Bulgaria
	Italy
	Hungary	Ukraine2				Türkiye
	Bosnia
6	Russia	11	6	Türkiye	1	Italy	2
USA

Source: IHS (CMA); Trade Map; Glass Alliance; Freedonia; Glassglobal; Global Data; Reports&Markets; Research Allied Market Reports

Note: All financial figures are for 2023, unless stated otherwise

1 Prior to certain consolidation adjustments; 2 Not in operation

# of plants

9

Şişecam serves highly diversified end markets through its broad suite of solutions

Food &

Beverage

Construction

Retailing

Chemistry

Energy

Consumer

Products &

Health

Feed

Automotive

Glass

Service

Other

Architectural

Automotive

Glass Fiber

Glassware

Glass

Soda

Chromium

Mining

Oxyvit

Refractory

Biotechnology

Glass

Glass

Packaging

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

•Radar

•Mining

•Water

treatment

reflective-

•Water

•Marine

•Wood

•Waste

absorbing

•Steel

treatment

•Air transport

preservation

management

navy ship

•Flue gas

•Carbon

window

treatment

capture

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