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Investor Presentation July 2023

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Contents

▪ About Ford Otosan 3

▪ Plants and Facilities 11
▪ Products 20
▪ Electrification Roadmap 31
▪ Investment Case 40
▪ Operating and Financial Performance 59
▪ Sustainability Commitment 84
▪ Guidance 105
▪ Contacts 106

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About Ford Otosan

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Company Profile

Key Indicators, 2022

Revenues $10.4 billion

Export Revenues $8.0 billion

EBITDA $1.3 billion Ford Motor Co.* Koç Group

Ford Otosan
Profit Before Tax $943 million 41% 41%

Net Profit $1.1 billion

ROE 86.9%
Free Float
EBITDA margin 12.2%
18%
Annual Production Capacity 721,700

Gölcük (Transit & Custom) 385,000

Yeniköy (Courier) 68,000

Eskişehir (F-MAX & F-Truck) 18,700 Paid-in Capital: TL 350,910,000

Craiova (Puma & Ecosport) 250,000 Traded on Borsa Istanbul since 13 January 1986
Total Employees 20,911
Ticker: FROTO.IS
Hourly 16,144

Salaried 4,767

* Ford Deutschland Holding GmbH: %100 owned by Ford Motor Company

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Ford Otosan at a Glance

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

Largest commercial vehicle manufacturer in Europe

Leadership and Widest product range in Turkish automotive
scale
34% market share in Turkish commercial vehicles

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Leading the Turkish Automotive Industry

of Turkey’s of Turkey’s
Total automotive Commercial vehicle
production sales

of Turkey’s of Turkey’s
Commercial vehicle Commercial vehicle
production exports

Source: Automotive Manufacturers Association, 2022

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Key Player in Ford Motor Company Universe

Ford Otosan produces 3/4 of Commercial Vehicles sold in Europe

Lead manufacturing plant of Ford Transit globally
Europe’s largest
CV manufacturer Single source of Ford Custom & Ford Courier
Producer of Puma, Best Selling PC of Ford in Europe
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

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Ford Otosan at a Glance

Production Capacity
1997* 2022
(Units)
47,000
15 times 721,700

Production
(Units) 43,102
11 times 465,855

Export
(Units)
667 586 times 390,811

Export
(USD) 16 million 500 times 8.0 billion

Revenue
(USD)
850 million 12 times 10.4 billion

Headcount
3,406 6 times 20,911

Market Cap
(USD)

* Equal JV partnership was established

1.1 billion 9 times 9.8 billion

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Vision, Mission And Strategy

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Brief History
First automotive Turkey takes first Customs Union is Turkey becomes a major hub in Turkey is the 14th largest auto
production starts steps to signed with the automotive production and moves manufacturing hub in the world
in Turkey under liberalize its EU in 1996. up the value chain from an assembly and 4th largest among European
license agreements economy and Exports start to center to full product development countries.
in a heavily integrate with increase. and manufacturing with focus on
protected the rest of the Incentives are R&D.
domestic world. introduced for
economy. production in
Turkey.

First Years 1982-1993 1997-2003 2007-2014 2015-2019 2020+

1928 – Vehbi Koç is 1982 – İnönü Plant 1997 – Ford 2007 – Gebze Engineering 2015 – Sancaktepe 2020 - Transit and
assigned as Ankara opens assumes 41% Center opens Engineering Center Custom Safety Awards in
Ford dealer equity in ‘Ford 2007 – Transit opens Euro NCAP
1983 – Cargo ‘International Van of the
Otosan’ 2016 – Ecotorq engine 2021-Ecotorq
1959 – Otosan is production starts Year’ production starts Transmission production
founded as Ford 1998 – Ford Otosan 2009 – First vehicle export
1983- Ford Motor Co. 2017/18 – Capacity starts
assembler in Turkey spare parts to North America
increases its share in increase at Gölcük Plant 2021- Largest
distribution center 2010 – Ford Otosan’s 50th
1960 – Otosan’s first Otosan to 30% 2018 – F-Max is investment of the
opens Anniversary
production: Ford «International Truck of Turkish Auto Industry
1985 – Production of 2010 – Transit Connect
Consul 2001 – Gölcük Plant the Year 2019» Announcement
Ford Taunus ‘N.A. Truck of the Year’
opens
1966 – Otosan 2012- Launch of Custom 2019 – Custom PHEV is 2021-Agreement with
1986 – Otosan 2002 – Transit
produces the first « International Van of Ford Motor Co for next
produces Turkey’s Connect launches 2013/14- JMC engine &
Turkish car Anadol the Year 2020 » gen 1 ton CV production
first diesel engine 2003 – New Cargo truck licensing
1967 – Otosan ERK launches agreements 2019 – Gölcük Plant 2022- E-Transit launches
produces its first 2003 – Transit included in the Global 2022- Acquisition of
1992 – Production of 2014 – Yeniköy Plant Lighthouse Network
Transit Connect opens. Launch of Transit Ford Romania Plant and
the new generation ‘International Van becoming Global Auto
Transit and Courier
of the Year’ Manufacturer
1993 - Production of
Ford Escort

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Plants and Facilities

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Locations

Sancaktepe Parts Distribution

Center (opened in 1998)

Craiova Plant
(acquired in 2022)
Puma Romania

Turkey

Sancaktepe Engineering Eskisehir Plant

Center (opened in 2015) (opened in 1982)
Ford Trucks and engines

Gölcük Plant Yeniköy Plant

(opened in 2001) (opened in 2014)
Transit and Custom Courier

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Gölcük Plant –
13
Lead Manufacturing Plant of Ford Transit

Port

Yeniköy Plant

Assembly Shop
Paint Shop
Tool & Die
Body Shop
Press Shop

• 385,000 units manufacturing capacity

Custom Transit
195 K 190 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

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Shaping the Future of Advanced Manufacturing and Production

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.

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Yeniköy Plant – The Single Production Center of Ford Courier in the World

• Opened on 22 May 2014 at Gölcük plant site

• 68,000 units manufacturing capacity
Courier 68 K
• 110,000 m2 covered area
• Environment and disabled-friendly plant
• Production of current generation Courier will end
at Yeniköy Plant by July 2023.

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Eskişehir Plant – Center of Excellence for Ford Trucks

Opened in 1982
Ford Trucks 18.7 K
119,445 m2 covered area
18.7k units truck, 86.5k units engine, 140k units powertrain, 15k
units transmission 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

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Craiova Plant - A new chapter in Ford Otosan’s continuing success story

Purchased in 3Q22 and EUR 406 mn was paid as first installment.

EUR 196 mn and EUR 23 mn will be paid in 2025 and 2028 respectively.
Puma & Conditional amount* of EUR 140 mn will be paid in 2028
New Courier
272K Production Capacity will be 272k units vehicles, 350k units engine
- ICE version of Next Generation Courier will be launched in 2023, followed by all-electric
version in 2024 and production can rise up to 100k units
- Puma production will continue with the addition of an all-electric version in 2024 and
production can rise up to 189k units

(*) Romania plant CUR in 2028-2034 EUR 490 mn will be invested within next 3 years for the New Courier production
https://www.kap.org.tr/en/Bildirim/1040552
https://www.kap.org.tr/en/Bildirim/1010221

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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

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Sancaktepe Engineering Center

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)

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Products

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Ford Transit, Best-Selling Van in the World
▪ 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
▪ All electric E-Transit launched in 2Q22.

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 62.

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Ford Custom

▪ 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
▪ Plug-in hybrid Custom launched in 4Q19

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 62.

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Next - Generation 1-Ton CV Will Be Built by Ford Otosan

▪ Diesel, plug-in hybrid and all-electric variants of Ford's 1-ton CV, "Next - Generation Custom Family" will be

manufactured starting gradually in 2H23.

▪ Next generation VW 1-ton CV vehicle will also be built in Kocaeli as part of the Ford-VW Alliance.

▪ EUR 1,390 million investment over the course of the next 5 years

▪ 1-ton CV production capacity will grow to 405,000 units, replacing the current 195,000 units capacity for the

similar product,

▪ 11-year planned life cycle.

▪ Cost-plus pricing methodology

https://www.kap.org.tr/en/Bildirim/918432

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Ford Courier

▪ 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 62.

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Ford Puma

▪ Ford Otosan is the single global source of Ford Puma

▪ Launched in 2019
▪ After the acquistion of Craiova plant in 2022, added to the production line-up of Ford Otosan.
▪ The Puma became Ford’s best-selling passenger vehicle in Europe both in 2021 and 2022.
▪ All electric Puma will be launched by 2024.

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Transit and Custom Gain Awards in Euro NCAP
Ford is the only company with Gold-rated vans in both the 1-tonne and 2-tonne
segments with its Custom and Transit models

Ford’s advanced active safety technology helps customers to avoid accidents and minimize the expense and
downtime of crash repairs

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Ford Trucks & Components
IP Rights owned 100% by Ford Otosan
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.

ECOTORQ ENGINE ECOTORQ TRANSMISSION REAR AXLE

9L & 13 L Engines 16 speed MT & AMT for all 13L Vehicles

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Comfort / Efficiency / Technology: F-Max

IP Rights owned 100% by Ford Otosan

▪ Cost of ownership advantage over peers

▪ 80% localization rate -> 90% by 2021 ✓
▪ 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

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Increasing Production Capacity Over the Years

Plants & Products 2012-2014 2014 2017 2018 2022

Gölcük 210 K 290 K 315 K 330 K 385 K

Transit 140 K -160 K 170 K 160 K 190 K

210 K
Custom 130 K -150K 160 K 180 K 195 K

Yeniköy 110 K 110 K 110 K 110 K 68 K

Connect 110 K - - - -
Courier - 110 K 110 K 110 K 68 K

Eskişehir 10 K 15 K 15 K 15 K 18.7 K

Trucks 10 K 15 K 15 K 15 K 18.7 K

Total Domestic 330 K 415 K 440 K 455 K 471.7 K

Craiova - - - - 250 K

Puma - - - - 189 K

Ecosport - - - - 140 K

TOTAL 330 K 415 K 440 K 455 K 721.7 K

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High-Capacity Utilization, Flexible and Efficient Plants

140%
Kocaeli plants (Gölcük & Yeniköy)
970 capacity and
utilisation vs. the industry’s920average
870 120%
820
770
720 100%
670
620
570 80%

520
470
60%
420 453
440 440 440 440
425
370 400 400 400

320
425 320 320 320 320 320 40%
270 300

220 250

170 200 200 20%

120 140 140
70 40
20 0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Year-end Capacity ('000 units) 40 140 140 200 200 250 300 320 320 320 320 320 320 400 400 400 425 440 440 440 440 453
Kocaeli Plants (Gölcük&Yeniköy) CUR 45% 34% 80% 100% 117% 100% 93% 82% 54% 74% 90% 83% 86% 59% 81% 82% 88% 84% 83% 73% 76% 76%
Turkey Industry CUR** 29% 35% 52% 73% 76% 81% 86% 76% 57% 72% 76% 68% 74% 70% 80% 86% 88% 78% 71% 65% 65% 70%
Europe Industry CUR** 59% 60% 60% 62% 64% 64% 62% 50% 50% 50%

*2014 numbers reflect the transition to new product range and relevant ramp-up period.
**Source: www.osd.org.tr, Bloomberg

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Largest Commercial Vehicle Manufacturer in Europe

721,700 Vehicle Production Capacity at 4 Plants in Türkiye and Romania

471,700 Commercial Vehicle Production Capacity

Transit Custom Courier Truck

190,000 195,000 68,000 18,700

Gölcük Plant Yeniköy Plant Eskişehir Plant

Kocaeli Plants

250,000 Passenger Vehicle Production Capacity

Puma 250,000 Ecosport*

Craiova Plant
*Ecosport production has discontinued at the end of 2022.

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Ambitious Growth Plans & Electrification Journey
100% electric options for all produced vehicles by 2025

~ 2 bn € investment w/ electric options

455 K plan in Turkiye …will exceed

Production 900 K
capacity Production of
Capacity expansion to E-Transit Production of
650 K by 2025 in Turkiye Battery New Courier
Assembly in Craiova
Line

Electrification journey
started
Ford- VW - Acquisition of 100% Electric
Strategic Alliance Battery - Puma
Craiova Plant
Production of VW Assembly - Courier
(250 K vehicle
1-Ton CV Line - E-Truck
production
capacity)
Capacity increase
- Adding Puma to Gradually
from 195 K to 405 K
PHEV Custom production production of
for 1-ton CV
portfolio New Custom
- Diesel
490 mn €
~ 1.4 bn € - PHEV
investment in 3
investment in 5 - BEV
years for new
years*
Courier
(*) Included in 2 bn € investment plan

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Electrification Roadmap

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Ford Goes All-In on Electric Vehicles
Ford expects 40% of Ford global vehicle volume to be all-electric by 2030
Raised planned electrification spending to $50+ billion by 2026
Committed to invest in AVs to $7 billion

Europe-leading Ford commercial vehicle business key to future growth and profitability, supported by new
products and services and Ford’s strategic alliance with Volkswagen and its Ford Otosan joint venture

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Ford Builds the Future for Accelerating Electrification

By 2035 Ford is targeting to be carbon neutral across its European footprint of facilities, logistics and suppliers

300,000 BlueOval charging points now available

for Ford customers across Europe

600,000
Ford electric vehicles expected to be
sold annually in Europe by 2026

IONITY* high-power charging points

7,000 to be installed across Europe by 2025

€700m Investment by IONITY to quadruple the number

of its high-power charging points by 2025

(*) IONITY is a joint venture of the car manufacturers BMW Group, Ford Motor Co, Hyundai Motor Group, Mercedes Benz AG
and VW Group with Audi and Porsche, along with BlackRock’s Global Renewable Power platform as financial investor.

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Ford Otosan Plays Key Role in Electrification
Ford Otosan’s all-electric vehicles by 2024

2024 4Q24 4Q24 1Q24 1Q24 2Q22 ✓

Ford Otosan, with its deep knowledge and expertise in electrification and commercial vehicles,
will play a significant role in Ford’s Electrification Plans.

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Milestone in Electrification: E-Transit Launched in 2Q22
12.321 E-Transit produced in 2022 as a result of the high demand from Europe

E-Transit Powers the Future of Business with Next-Level Software,

Services and Capability

Performance and charging

▪ 67 kWh usable battery capacity
▪ Targeted driving range of up to 350 km (WLTP)
▪ DC fast charge capable up to 115 kW -> 15–80% in 34 minutes
▪ 11.3 kW onboard charger – 100% charge in 8.2 hours

Ownership and servicing

▪ Best in class one-year/unlimited mileage service intervals
▪ Estimated 40% reduction in service cost of ownership
▪ 8-year/160,000 km warranty on battery and high-voltage electric components

Loading and versatility

▪ 25 model variants to meet customer needs
▪ Maximum payload — 1,616 kg (van), 1,967 kg (chassis cab)
▪ No compromise to loadspace, with volumes of up to 15.1 m3

Watch E-Transit

Please visit page 99 for further details.

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E-Custom - Europe’s Best-Selling Van Went All-Electric

Production of E-Custom will begin in 1Q24 at Kocaeli Plants

✓ E-Custom promises unmatched customer experience and Performance and charging

maximum productivity
▪ Targeted driving range of up to 380 km (WLTP)
✓ E-Custom will be supported by Ford Pro software, charging, ▪ DC fast charge capable
service and financing solutions via one comprehensive
▪ Full towing capability
platform to help increase uptime and reduce operating
costs. ▪ Unique Pro-Power Onboard feature

Watch E-Transit Custom Watch E-Tourneo Custom

Please visit page 100 for further details.

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E-Courier - Smarter, Fully Connected, All-Electric
All-New E-Transit Courier is Scheduled to Enter Production in 4Q24

✓ Significantly larger and more flexible load area, and Performance and charging
full backing from Ford Pro’s connected services ▪ 100 kW (136 PS) electric engine
deliver unmatched productivity
▪ 11 kW AC onboard charger – 10 to 100% in 5.7 hours
✓ Fitted with an all-new electric powertrain and backed ▪ 100 kW DC fast charging – 10 to 80% in under 35 minutes
by Ford Pro’s unique, integrated charging and
software services to help even first-time EV operators ▪ Add 87 km of range in just 10 minutes on a 100 kW DC charger
achieve maximum productivity and uptime ▪ Significant reduction in service cost of ownership: at least 35% lower

Watch E-Transit Courier

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100% Electric Ford Trucks Introduced in Hannover
One step closer to our 2040 targets
E-Truck to be produced in 2024
✓ We aim 50% of European Sales to be
Zero Emission by 2030

✓ We target Zero Emission by 2040

Generation F movement
• 100% electric
• Connected
• Autonomous vehicle technologies

100% Electric Truck vs ICE

• Lower Energy costs (decrease by nearly half)
• Lower Maintenance costs (likely to drop by two-thirds)
• Lower Total Cost of Ownership (Incentives in Europe)

Performance and charging

• Driving range of up to 300 km
• 392 kwh installed battery capacity
• Minimum DC charge duration 75 mins

Watch 100% Electric Ford Trucks

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Commitment To Zero-Emission Road Freight Transport
Ford Trucks signed the Transition To Zero-Emission
Road Freight Transport statement, committing to Carbon-neutrality by
2050, implying that by 2040 all new trucks sold must be fossil free.

https://www.acea.be/uploads/publications/acea-pik-joint-statement-the-transition-to-zero-emission-road-freight-trans.pdf

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Investment Case

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Ford Otosan’s Value Proposition 43

Global automotive manufacturer in 4 locations with 721,700 production capacity

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

€-denominated cost-plus export revenues, including non-€ countries

Resilience &
efficiency High capacity utilization
Efficient, flexible and low-cost manufacturing and engineering competency

Surging FCF generation with competitive positioning and products

Strong balance
sheet & prudent risk Absolute growth driven by product mix, pricing and cost discipline
management Natural hedge of fx-payables due to fx-denominated export revenues

Dividend growth with surging FCF and strong balance sheet

Value creation Strong relative share performance

Commitment to creating long term value by embracing sustainability at every
step of our decision making and processes

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Relatively Favorable Taxes on Commercial Vehicles
Passenger Cars Commercial Vehicles
Engine Size Base Price SCT VAT Total Model SCT VAT Total,
(TL) % % % % % %
<184,000 45 18 71 Transit Van
Transit Minibus
184,000-220,000 50 18 77
(16+1) (17+1)
<1.6 lt 220,000-250,000 60 18 89 Transit Chassis Cab
Transit Custom Van
250,000-280,000 70 18 101 Transit Courier Van 4 18 23
>280,000 80 18 112 Connect Van
Ranger
<228,000 45 18 71
1.6-2.0 lt
228,000-350,000 50 18 77
>350,000 80 18 112

> 2.0 lt 220 18 278 Transit Minibus (11+1) (14+1) 9 18 29

• Tax increase for PCs is effective as of August 29, 2020. Transit Combi
• Base price regulation is effective as of November 23, 2022. Transit Custom Combi
• Above rates are valid for diesel and gas engines. Different SCT rates apply for electric Transit Custom Combi Van
and hybrid vehicles. Tourneo Custom 15** 18 36
Transit Courier Combi Van
• Previous tax changes as follows:
Tourneo Courier
Transit Connect Combi
< 1.6 lt 27% to 30% (Aug 2003), 30% to 37% (Sep 2006),
< 1.6 lt 37% to 18% (Apr 2009), 18% to 27% (Oct 2009), 27% to 37% (Apr 2010) Ford Trucks (heavy truck) 4 18 23
< 1.6 lt 37% to 40% (Sept 2012), 40% to 45% (Jan 2014)
< 1.6 lt 45% to 45-50-60% (Nov 2016)
Electric Vehicles
1.6-2.0 lt 60% to 80% (Oct 2011), 80% to 90% (Jan 2014) Engine power of; Base Price SCT VAT % Total
1.6-2.0 lt 90% to 100-110% (Nov 2016) (TL) % %
> 2.0 lt 84% to 130% (Oct 2011), 130% to 145% (Jan 2014)
< 160 kW < 1,250,000 10 18 30
> 2.0 lt 145% to 160% (Nov 2016) VAT: Value Added Tax < 160 kW >1,250,000 40 18 65
SCT: Special Consumption Tax > 160 kW < 1,350,000 50 18 77
** 10% to 15% (Oct 12, 2011)
> 160 kW > 1,350,000 60 18 90

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Scalable & €-Denominated Export Business 45

Exports (000 units) All export agreements are €-denominated,

391 including non-€ countries

329 334
297 289
254 257 254 Export receivables are easy to manage as Ford of
222 219 213 205 227
164
185 177 192* Europe is the single counterparty
141 129
75
Export receivables from Ford Motor Co. and its

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
subsidiaries are collected within average 14 days in
Türkiye and 38 days in Romania
Export Revenue (US$ bn)
Turkey’s CV exports
8.0

5.9 6.2
5.6
4.9 4.9 Ford Otosan
3.8 3.9 3.8
3.4 3.5 3.3 3.8 3.5*
2022 75%
2.4 2.6
1.8 2.1 2.1
1.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

*2014 numbers reflect the transition to new product range and relevant ramp-up period.
** 2022 numbers include exports volumes and revenues of Craiova Plant.

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Turkiye’s Export Champion

Export breakdown (2022, units) (from Turkiye)

Germany 17%
UK 32%

W. Europe 12%
298 K

Other 2% France 10%

Hungary 2%
Belgium 3%
Poland 3% Italy 8%

Spain 4%
E. Europe 7%

All export agreements are €-denominated including non-€ countries

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European Van Market Grew by 13% in 1H23

Registrations were up 13%, mainly due to easiness in supply chain and low base impact
Vans up to 3.5 tons: Ford Otosan’s export segment
% Change 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
UK 20 17 -8 13 19 16 1 -4 -1 2 -20 21 -21
Germany 16 19 -6 -3 7 4 9 5 5 7 -12 -1 -1 3
Italy 6 -6 -32 -13 16 12 50 -3 -6 3 -15 15 -12
Spain 9 -10 -26 11 33 36 11 16 8 0 -27 -4 -21
France 12 3 -11 -4 2 2 8 7 5 5 -16 8 -20
Poland -3 10 -10 7 8 17 12 2 13 2 -15 24 -16
Total 9 7 -13 -0 11 12 12 4 3 3 -18 11 -19

Total Units (k) 1.489 1.589 1.377 1.375 1.535 1.714 1.920 1.996 2.059 2.116 1.732 1.917 1.561

% Change Mar. YTD Jun. YTD Registrations (Units):

Year '23 '22 '23 '22
1H23: 896 K
UK 17.0 -23.6 18 -24.6
Germany 9.0 -13.6 15.5 -22.1 1H22: 795K
Italy 7.0 -5.3 9.2 -11.6
Spain 31.0 -35.7 26.6 -35.4
France -3.0 -24.2 3.6 -24.4 ‘As we reach the year’s midway mark, the surge in light commercial vehicle
Poland 0.0 -12.3 -0.1 -18.3 registrations is good news and delivers continued optimism to the market.’
Total YTD 9.5 -21.7 12.7 -24 SMMT chief Mike Hawes

Source: ACEA, SMMT

* 26 European markets + UK

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Ford is Europe’s No. 1 CV Brand for 8 Years in a Row 48

Ford Recorded its Highest-Ever Overall Market Share of 15% in 2022

Ford’s European CV Market Share YoY +0.3

pps Ford is Europe’s No.1 CV brand
#1 #1 for 8 consecutive years
#1 #1
#1 #1 #1
#1 14.6 14.7 15.0
#3 14.1 13.8 Ford increased its market share
13.2 13.5
#6 12.6 YoY in 11 countries (UK,GER,FR,
#7 #7 11.5 IT,SP, GR,IRL,POR,ROM,SWE,TR)
10.0
8.6 8.5

Transit Custom was named

Europe’s best-selling 1-tonne van
and best-selling vehicle in UK
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Custom Courier &

Launched Transit Launched

Strong demand for Ford products continues in Europe

Key driver of Ford’s

performance in Europe
Source: Ford of Europe
¾ of Ford’s CV Sales are produced by Ford Otosan

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Loan Agreements to finance 1-Ton New Generation CV Investment

EBRD
Short Term Portion of Long Term Loans
€650 million loan agreement signed on July 14, 2021 (‘000 TL, 30 June 2023)
Supports Ford Otosan’s aim of leading the electrification of the automotive industry for a 1H23: 10,672,362
climate-friendly, more sustainable future
Payment Schedule, Long Term Loans
▪ € 175 million funded by EBRD, € 475 million delivered by a syndicate of lenders (‘000 TL, 30 June 2023)

▪ € 325 million has a 5-year term with 2-years grace period at Euribor + 2.30% 2024: 3,533,169
2025: 10,230,729
▪ € 325 million has a 7-year term with 2-years grace period at Euribor + 2.45%
2026: 7,583,582
2027: 2,909,314
€200 million loan agreement signed on December 28, 2022
2028: 2,687,483
Finances Ford Otosan’s next generation electric vehicle investments 2029: 515,954
▪ € 54 million funded by EBRD, € 146 million delivered by a syndicate of lenders 2030: 469,039

▪ €77.5 million has a 4-year term with 2-years grace period at Euribor + 4.5% Effective interest rates
ST borrowings: 6.08%
▪ €122.5 million has a 6-year term with 2-years grace period at Euribor + 4.65%
ST portion of LT borrowings: 5.62%

IFC LT borrowings: 5.86%

€150 million loan agreement signed on December 16, 2022 Interest expenses (000 TL)
Supports Ford Otosan’s electrification journey 1H23: 1,725,373
1H22: 259,715
▪ €150 million has a 8-year term with 2-years grace period at Euribor + 3.5%

https://www.kap.org.tr/en/Bildirim/1090864
https://www.kap.org.tr/en/Bildirim/951235
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Strong Domestic Performance

Ford Trucks Market Share

40,000 Turkish Industry 0.35
31.4% 31.7%
35,000
28.1% 28.5% 27.2% 0.3
27.7%
26.3%
30,000
22.8% 23.3% 0.25
21.3% 21.8%
25,000 20.0%
18.3% 0.2
17.3%
20,000
14.7% 36,659
33,655 0.15
32,989
15,000 30,047 31,065
28,159 26,614
25,507
0.1
10,000 20,259 18,726
18,482
16,749
11,914 11,984 0.05
5,000
7,547

- 0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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All Time High International Sales in 2022

International Sales Increased by 47% in 2022

International Sales (Units)

Volumes June’22 YTD Jun’23 YTD YoY∆
+47%
7,585 International Markets Industry 147,790 160,039 14%
Ford Trucks’ International Sales 3,458 3,558 3%

5,168 Rising Share of W. Europe in Ford Trucks International Sales

3,003 51% 61%

2,530
2,200
1,500 2022 2023
June YTD June YTD

2017 2018 2019 2020 2021 2022

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International Expansion Continued
Russia & CIS Africa Middle East Central Europe Western Europe

46 50
43
37 39
29
22
18

Countries
15
12

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Main Export Markets
HCV up to 16 tons: Ford Trucks’ main export markets

% Change Mar. YTD Jun. YTD

Year '23 '22 '23 '22
Poland 16 -4 8.1 -2.8
Italy 13 1 14 0
Spain 17 5 13 5.9
Czech Republic 31 7 17 5.9
Lithuania - -29 51.6 -13
Romania 23 25 25.7 3
Hungary 12 21 9.3 26.8
Portugal 44 0 51.7 -14
Bulgaria - 19 - 18.4
Slovakia 54 7 36.5 3.5

% Change 2016 2017 2018 2019 2020 2021 2022

Poland 21 5 9 -6 -29 65 7
Italy 55 6 5 -10 -11 24 5
Spain 9 -1 -4 3 -23 13 14
Czech Republic 6 -11 -1 2 -30 26 6
Lithuania 18 66 19 -11 -36 67 25
Romania 32 -22 19 -6 -41 43 18
Hungary -4 3 8 -15 -38 39 30
Portugal 22 7 -5 -7 -11 4 -6
Bulgaria 21
Slovakia 1 -9 0 -20 -44 53 12

Source: ACEA

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Focus on Shareholder Value

Strong relative share performance Commitment to corporate governance

3,500 FROTO ▪ Separate GM and Chairman roles
2,933
3,000 ▪ Independent BoD members
2,500 ▪ Board Committees
2,000 ➢ Audit Committee
1,500 ➢ Corporate Governance Committee
1,000 ➢ Risk Committee
500 BIST-100 ➢ Remuneration Committee
737
0 ▪ Highly experienced professional Executive Management
Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23
▪ Performance based compensation

Large Institutional Investor Base Strong Earnings Growth

53.04
Foreign ownership in free float EPS (for Kr 1 nominal value)
80

50% 48%
47%
44% 41% 41%
39% 37% 37% 39%
33% 35% 25.08
31% 30% 30% 30% 29%
29% 28%
29%
11.95

4.25 4.80 5.58

1.44 1.89 1.95 1.83 1.70 2.40 2.72

Jul' 22 Aug' 22 Sep' 22 Oct' 22 Nov'22 Dec'22 Jan'23 Feb'23 Mar'23 Jun'23
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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Commitment to Dividends
Dividends maintained
during heavy capex period

5.2 billion US$ 6,562

Ford Otosan’s dividend payments

since 2004
5,000(2)

3,576

Dividends maintained
during heavy capex period

1,204 1,2841,095(1)
663 790
446 451 519 579
402 439 397 400 400
300 175
113

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Dividend (TL mn, gross) 113 446 451 402 439 397 400 519 579 300 175 400 663 790 1204 1284 1095 3576 6562 5000
Dividend (US $ mn, gross) 74 332 319 319 332 261 271 321 325 166 79 146 226 219 272 230 166 446 415 264
(1) Single dividend payment in 2020 due to Covid-19 related dividend distribution limitation by the Presidential Decree .
(2) 5 billion TL paid as 1st dividend on March 15.

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.

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Strong & Committed JV Partner Support

*
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 184,000 people Koç Holding ranks among the world’s top 500 companies in
worldwide. Fortune Global 500 (2021 report).

* Ford Deutschland Holding GmbH: %100 owned by Ford Motor Company

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Large Distribution Network

• 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 79 Sales 27
After-Sales 79 After-Sales 27

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

Women Men
Office Field 20% 80%
27% 73%

Highest employment in Turkish automotive Highest rate of women employment

15,543 employees in Turkiye (2022) among Turkish auto manufacturers.

2% Primary &
5% High School
Secondary School

24% B.SC. – B.A. 20% .M. Sc.

Field Office
1% PhD

74% B.Sc. – B.A

74% High School

*Figures show the breakdown of employees in Turkiye.

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Operating & Financial

Performance

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Turkish Automotive Industry (000 units)
SCT hike
1.006 1.004
SCT incentive 977

907
885

Global 822
812 803
financial 792 791
766 crisis 766
741

668
633 635

574
524
488
Turkish
financial 393
crisis

203
177
’96: 339
’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 2020 2021 2022
HCV 12 18 34 30 34 34 27 31 17 31 42 35 28 31 34 18 18 14 9 19 27 33
MCV 34 35 68 133 143 129 119 91 63 85 102 91 85 85 112 105 107 68 43 66 66 73
LCV 19 29 63 115 138 120 118 97 124 166 169 130 103 96 130 122 126 66 49 96 110 117
PC 138 95 227 451 439 373 357 305 370 510 594 556 665 587 726 757 723 486 387 610 562 593
Total 203 177 393 741 766 668 633 524 574 792 907 812 885 803 1006 1004 977 635 488 791 766 822
PC Share 68% 54% 58% 61% 57% 56% 56% 58% 64% 64% 65% 68% 75% 73% 72% 75% 74% 77% 79% 77% 73% 72%

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Turkish Market Shares (2022), %
Total Industry Passenger Cars
17.8 No. 3 PC strategy: Profitability over market share
16.4
14.9

12.1
10.5
8.4
7.3 7.1
6.1 6.5 6.1
5.1
3.9 3.7 3.6 3.3 3.1 3.1 3.0 2.5 1.9

Fiat Renault Ford VW Toyota Fiat Renault VW Hyundai Toyota Dacia Opel Peugeot Citroen Honda Skoda Mercedes Kia BMW Audi Ford

Market Share
CV Strategy: Profitable growth 33.6% in Total CV

Light Commercial Vehicles Medium Commercial Vehicles Heavy Trucks

39.7
38.7 31.8
31.5 27.2

10.5
7.6 6.1 8.6 8.3 7.4 6.7 5.8
4.6 5.1

Fiat Ford Renault Peugeot Opel Ford Toyota Mercedes VW Fiat Mercedes Ford Renault MAN Iveco

* Courier and Connect ** Transit, Custom & Ranger

Source: ODD and TAID

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Turkish Market Shares (2023, June YTD), %
Total Industry Passenger Cars
PC strategy: Profitability over market share
No. 3

16.3
17.5

12.1
10.4 9.8
7.4 7.3 7.1
7.1 6.9 5.9 5.1 4.3 3.2

Fiat Renault Ford Peugeot VW Fiat Renault Opel VW Peugeot Hyundai Citroen Toyota Ford

29% Market Share

CV Strategy: Profitable growth in Total CV

Light Commercial Vehicles Medium Commercial Vehicles Heavy Trucks

29.7 36.9
33.1
29.1 29.2

9.9 7.3
9.5 8.9 8.5 8.4
5.5 6.9 6.4
5.0
Fiat Ford Peugeot Citroen VW Ford VW Mercedes Toyota Renault Mercedes Ford Scania Renault Iveco
** Transit, Custom & Ranger
* Courier and Connect
Source: ODD and TAID

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Turkish Market & Ford Otosan Retail* Sales (Units)

June '23 June '22 YoY Change June '23 YTD June '22 YTD YoY Change May '23 MoM Change 2022
PC
Ford Otosan 2,717 816 233.0% 13,875 5,615 147.1% 3,195 -15.0% 11,303
Industry 90,335 64,134 40.9% 430,372 278,282 54.7% 87,218 3.6% 592,660
Share 3.0% 1.3% 1.7 3.2% 2.0% 1.2 3.7% -0.7 1.9%
LCV
Ford Otosan 5,246 3,525 48.8% 24,144 13,953 73.0% 3,204 63.7% 37,030
Industry 12,930 10,245 26.2% 82,976 47,060 76.3% 15,931 -18.8% 117,386
Share 40.6% 34.4% 6.2 29.1% 29.6% -0.5 20.1% 20.5 31.5%
MCV
Ford Otosan 2,944 2,299 28.1% 12,784 12,818 -0.3% 2,854 3.2% 29,102
Industry 8,098 6,273 29.1% 43,021 32,562 32.1% 8,207 -1.3% 73,237
Share 36.4% 36.6% -0.2 29.7% 39.4% -9.7 34.8% 1.6 39.7%
Truck
Ford Otosan 820 673 21.8% 5,654 3,274 72.7% 952 -13.9% 8,966
Industry 3,196 3,200 -0.1% 19,335 12,991 48.8% 3,715 -14.0% 32,989
Share 25.7% 21.0% 4.7 29.2% 25.2% 4.0 25.6% 0.1 27.2%
Total
Ford Otosan 11,727 7,313 60.4% 56,457 35,660 58.3% 10,205 14.9% 86,401
Industry 115,027 84,321 36.4% 578,674 372,849 55.2% 115,502 -0.4% 821,664
Share 10.2% 8.7% 1.4 9.8% 9.6% 0.2 8.8% 1.4 10.5%

* Retail sales are Ford branded vehicles sold domestically by Ford dealers. They include dealer inventory and define the market share.

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Monthly Total Production Units 65

62,318
June YTD 2023 54,403
53,806 51,273
CUR: 93% 46,237
Total Production: 310,103 42,075
Turkiye: 213,175
Romania: 96,928

June YTD 2022

CUR: 81% 2023 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Total Production: 191,216
Turkiye: 191,216 Total Production* 46,227 53,806 62,318 42,075 54,404 51,273
Romania: - Romania Production 12,246 17,406 19,818 11,799 19,196 16,463
Turkiye Production 33,981 36,400 42,500 30,276 35,208 34,810
CUR (%, Total) 84% 98% 113% 76% 99% 93%
CUR (%, Turkiye) 86% 93% 108% 77% 90% 89%
CUR (%, Romania) 78% 111% 126% 75% 122% 105%

Scheduled downtime for maintenance at Gölcük and

Eskişehir Plants (1-15 Aug), Yeniköy Plant (1-25 Aug)
and Romania Plant (8-26 Aug)

52,112 55,439
49,631 46,550 45,351
2022 32,579 31,539 34,567 32,796 35,342
CUR: 79% 24,393 25,556
Total Production: 465,855
Turkiye: 374,027
Romania: 91,828
2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Total Production* 32,579 31,539 34,567 32,796 24,393 35,342 52,112 25,556 55,439 49,631 46,550 45,351
Romania Production 21,509 5,972 21,003 14,511 15,496 13,337
Turkiye Production 32,579 31,539 34,567 32,796 24,393 35,342 30,603 19,584 34,436 35,120 31,054 32,014
CUR (%, Total) 83% 80% 88% 83% 62% 90% 87% 42% 92% 83% 77% 75%
CUR (%, Turkiye) 83% 80% 88% 83% 62% 90% 78% 50% 88% 89% 79% 81%
CUR (%, Romania) 103% 29% 101% 70% 74% 64%

* As reported to AMA and ACAROM

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Monthly Export Units 66

June YTD 2023

2023 Total Export: 250,940
Turkiye Export: 157,695
Romania Export: 93,245
48,353
44,723 42,711 41,377
35,595 38,181
June YTD 2022
Turkiye Export: 149,254

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Total Export 35,595 44,723 48,353 38,181 42,711 41,377
Romania Export** 11,321 17,051 16,650 13,978 18,981 15,264
Turkiye Export* 24,274 27,672 31,703 24,203 23,730 26,113

2022
2022 Total Export: 391,185
Turkiye Export: 297,828
Scheduled downtime for maintenance at Gölcük and Romania Export: 93,357
Eskişehir Plants (1-15 Aug), Yeniköy Plant (1-25 Aug)
and Romania Plant (8-26 Aug)
49,402 47,536
43,165 40,671
37,291
30,969
25,883 24,941 22,972 24,711
19,778 23,866

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Total Export 25,883 19,778 30,969 24,941 22,972 24,711 49,402 23,866 47,536 43,165 37,291 40,671
Romania Export 23,966 5,779 20,432 14,378 14,711 14,091
Turkiye Export * 25,883 19,778 30,969 24,941 22,972 24,711 25,436 18,087 27,104 28,787 22,580 26,580

* As reported to AMA
** Estimated numbers calculating by deducting the volumes that are exported to Türkiye

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Production Volume (000 units)

466

373
374
369
335 334 348
328
286 296
269 272 281
258
243 242 244*
207

174

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
PC - - - - - - - - - - - - - - - - - - 92
HCV 6 10 8 6 6 2 5 9 7 6 8 11 5 6 6 5 8 13 17
LCV 95 102 112 113 85 83 85 102 105 76 40 65 71 73 58 56 58 46 50
MCV 106 131 138 167 178 89 152 185 160 199 196 259 258 294 310 308 262 290 307

*2014 numbers reflect the transition to new product range and relevant ramp-up period.
** 2022 numbers include Romania Craiova Plant production numbers for 2H22

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Wholesale Volume (000 units)

476

413
395 383
381 373
354 362
341 354
325 316
295 294 303
298 283**

255
214

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Domestic* 114 131 113 103 76 85 127 141 112 114 91 127 116 115 66 48 100 73 85
Export 141 164 185 222 218 129 176 213 205 227 192 254 257 297 329 334 254 289 391
Share of Exports 55% 56% 62% 68% 74% 60% 58% 60% 65% 67% 68% 67% 69% 72% 83% 87% 72% 80% 82%

* 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.

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Sales Volume by Model

1H23 1H22 YoY% 2Q23 2Q22 YoY%

Total Domestic 59,456 34,323 73% 32,794 19,244 70%
PC 14,452 3,729 288% 9,562 1,713 458%
LCV 25,342 15,629 62% 12,363 9,107 36%
Transit Courier 25,088 15,412 63% 12,273 8,974 37%
Transit Connect 254 217 17% 90 133 -32%
MCV 13,663 11,564 18% 7,875 6,792 16%
Transit 10,254 8,867 16% 5,769 5,238 10%
Transit Custom 2,194 2,396 -8% 1,992 1,359 47%
Ranger 215 301 -29% 114 195 -42%
Truck 5,771 3,261 77% 2,983 1,521 96%
Rakun 138 140 -1% 11 111 -90%
Total Export 253,337 150,976 68% 121,959 74,529 64%
Transit Custom 70,816 75,387 -6% 30,937 37,279 -17%
Transit 71,585 59,022 21% 35,129 30,739 14%
Transit Courier 14,097 13,166 7% 6,107 5,081 20%
Truck 3,520 3,395 4% 1,489 1,424 5%
Other 35 6 483% 18 6 200%
Total Wholesale 312,793 185,299 69% 154,753 93,773 65%

(*) Export revenues and volumes include exports from Ford Otosan and Ford Romania SRL

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Sales Analysis, 1H23

Total Sales Domestic Sales

Domestic Imports
19% 22%

From Production
Exports
81%
78%

Total Sales Exports by Model

Imports
4%
Custom
Transit
28%
28%

Truck 1% Courier
From Production
Puma 6%
96%
37%

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Financial Highlights in 1H23

TL 139,855 million TL 18,660 million TL 12,461 million

Revenues, +130% YoY EBITDA, +141% YoY PBT, +120% YoY
• Total volumes +69% • Strong domestic volumes • TL 74 mn Net Interest Income in
• Export volumes +68% 1H22 turned to TL 747 mn Net
• Solid export volumes Interest Expenses and Net FX
• Domestic volumes +73%
• Pricing discipline Loss was TL 4,347 mn, up 153%
(balanced with export business
• Cost reduction measures and OpEx control
TL 102,419 million • Exchange impact on our export business
related part of Net FX Gain from
Operating Activities as part of our
Export Revenues*, +114% YoY (average EUR/TRY up 32% in 1H23 YoY) cash flow hedge mechanism).
• 68% volume increase
(supported by the inclusion of Craiova Plant)
• Exchange impact

TL 37,437 million TL 15,164 million TL 12,080 million

Domestic Revenues, +190% YoY EBITDA excl. Currency impact, Net Income, +86% YoY
• 73% volume increase • The impact of “Other Deferred
+113% YoY Tax” (TL 2,918 mn) on Net
• Strong demand for vehicles in the Income is limited due to the
inflationary environment “Current year tax effect of cash
• Improvement in vehicle availability flow hedge” (TL 1,450 mn)

(*) Export revenues and volumes include exports from Ford Otosan and Ford Romania SRL

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Main Financial Indicators

Million TL 1H23 1H22 YoY % 2Q23 2Q22 YoY %

Total Revenues (1) 139,855 60,730 130% 73,553 32,854 124%
Export (2) 102,419 47,818 114% 51,640 25,350 104%
Domestic 37,437 12,912 190% 21,913 7,504 192%
Gross Profit 19,945 8,872 125% 11,455 5,153 122%
Operating Profit 17,365 7,169 142% 11,201 4,046 177%
EBITDA 18,660 7,753 141% 11,862 4,336 174%
EBITDA excluding other income/expense 15,164 7,120 113% 8,449 4,149 104%
Profit Before Tax 12,461 5,656 120% 7,302 3,371 117%
Net Income 12,080 6,506 86% 6,727 3,704 82%

Other Financial Data

Depreciation & Amortization 1,296 584 122% 661 290 128%

Financial Income / (Expense) -4,902 -1,501 227% -3,900 -676 477%

(1) In 1H23, Ford Romania SRL contributed TL 30,199,461 thousand to Total Revenues and TL 12,488 thousand to Net Profit
(2) Export revenues and volumes include exports from Ford Otosan and Ford Romania SRL

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Summary Balance Sheet & Cash Flow Statement

Balance Sheet, Million TL 30.6.2023 31.12.2022 YoY Δ

Current Assets 82,692 55,124 50%
Current Liabilities 70,335 46,206 52%
Property, Plant and Equipment - Net 26,508 20,145 32%
Total Assets 139,528 96,052 45%
Total Liabilities 112,237 74,650 50%
Shareholders' Equity 27,291 21,402 28%

Cash Flow Statement, Million TL 30.6.2023 30.6.2022 YoY Δ

Beginning Balance of Cash & Equivalents 10,110 14,106 -28%
Net Cash from Operating Activities 22,463 7,163 214%
Net Cash Used in Investing Activities -8,271 -12,456 -34%
Net Cash Used in Financing Activities 1,796 4,721 -62%
End of Period Balance of Cash & Equivalents 25,890 13,535 91%

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Revenues - Domestic & Export

8.037 10.370**

6.940 6.886 6.903 7.046

6.208 6.254
5.992 6.160 6.060
5.450 5.454*
4.948
4.844

3.702

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Export (US$ bn) 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 4,934 6,162 8,045
Domestic (US$ bn) 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 2,112 1,875 2,326
Total (US$ bn) 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 7,046 8,037 10,370
Total (TL bn) 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 49,451 71,101 171,79
Share of Exports 62% 71% 57% 54% 56% 61% 64% 64% 64% 67% 70% 82% 85% 70% 77% 78%

*2014 numbers reflect the transition to new product range and relevant ramp-up period.
** In 2H22, Ford Romania SRL contributed TL 24,526,139 thousand to Total Revenues.

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Operating Profit and Margin

1,155
1,067

685

530
472 247* 473
437 426
407 381
352 352 368

252 247

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Operating Profit, US$ mn 530 472 252 407 437 352 352 247 381 368 468 473 426 685 1,067 1,155
Operating Profit, TL mn 690 613 389 610 729 631 670 541 1,036 1,111 1,708 2,285 2,422 4,806 9,438 19,14
Operating Margin (%) 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% 9.7% 13.3% 11.1%

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

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EBITDA and EBITDA Margin

2010-2014 margin decline explained: Profitability rise post 2015 explained: 2020-2022 margin increase explained:
• Changing business mix • Strong volumes with new products • Strong domestic performance (for 2020)
• Highly competitive domestic pricing landscape • Cost-plus export contracts
• Favorable domestic sales mix
• Industry shift towards PC = Less favorable • Exchange impact on our export business
• Pricing focus to offset the weak and volatile TL
sales mix • Pricing discipline
• Higher capacity utilization
• Aged product portfolio • Ongoing cost reduction measures and
• Cost reduction actions
• TL volatility causing higher import costs and OpEx control
financial expenses

1,270
1,186

815
652
597 598 590 563
524 524 530 519
431 450
363 387

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
EBITDA, US$ mn 652 597 363 524 524 431 450 387 530 519 598 590 563 815 1,186 1,270
EBITDA, TL mn 848 775 561 785 875 772 856 846 1,441 1,567 2,182 2,854 3,198 5,722 10,492 21,035
EBITDA Margin (%) 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% 11.6% 14.8% 12.2%

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

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Margins
Solid EBITDA and PBT per Vehicle

Operating Margin EBITDA Margin EBITDA, EUR 1H 2Q

2021 1,969 2,169
16.1%
15.2% 2022 2,367 2,628
12.8% 13.3% 13.2% 2023 2,265 2,421
11.8% 12.4% 12.3%

PBT, EUR 1H 2Q
2021 1,791 1,681
2022 1,880 2,135
2023 1,861 2,093
1H22 1H23 2Q22 2Q23 1H22 1H23 2Q22 2Q23
Drivers:
+ Strong domestic volumes
Operating Margin (excl. Other items) EBITDA Margin (excl. Other items) + Solid export volumes
+ Pricing discipline
+ Ongoing cost reduction measures and
12.6%
11.7% 11.7% 11.5% OpEx control
10.8% 10.6% 10.8%
9.9% + Exchange impact on our export business
(average EUR/TRY up 32% in 1H22 YoY)

Challenges:
- TL volatility

1H22 1H23 2Q22 2Q23 1H22 1H23 2Q22 2Q23

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Cost Dynamics

CPI Inflation, %
1H23/1H22 2Q23/2Q22
83.5 85.5 84.4
78.6 79.6 80.2
Production
62% 60% 64.3
Volume 57.7 55.2
50.5
43.7
39.6 38.2
Raw Material Costs 119% 109%

€ / TL Average 32% 34%

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

EUR/TL Rate, Average PPI Inflation, %

28.2 157.7
151.5
144.6 143.8
138.3 136.0
22.1
20.3 21.2
19.7 20.2 20.2 97.7
18.9
18.0 17.8 18.3 18.1 18.3 86.5
76.6
62.5
52.1
40.8 42.9

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Source: Ford Otosan, CBT, Turkstat

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PBT & Net Income

1,124

995 982
943

598
585
505
475 479
413 396
372 382 365 408 406
336 337 337 348 364 345 343
310 318 316 321
264 272
216 238
179

2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016 2017 2018 2019 2020 2021 2022
Net Income (Million $) 372 336 216 337 396 382 337 272 310 316 408 348 345 598 995 1,124
Net Income (Million TL) 484 436 333 505 662 685 641 595 842 955 1,490 1,683 1,959 4,195 8,801 18,614
Net Income Margin (%) 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% 8.5% 12.4% 10.8%
Earnings Per Share (TL) 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 11.95 25.08 53.04
Profit Before Tax (Million TL) 657 616 409 619 800 654 452 390 866 970 1,481 1,761 1,950 4,108 8,687 15,623
Profit Before Tax (Million $) 505 475 264 413 479 365 238 179 318 321 406 364 343 585 982 943

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.

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Return on Equity, %

86.7 86.9

59.6

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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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

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Financial Risk Management

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 in Türkiye and
38 days in Romania
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
As of 2022, Ford Otosan has a net financial debt of TL 27,804 million

Excess cash is invested in hard currencies to minimize fx exposure

FX Risk Natural hedge against volatility due to fx-denominated export revenues: 79% of revenues
Ford Otosan is a net exporter

Net Financial Debt/EBITDA is monitored as a management criteria; capped at 3.5x

Capital Risk (EBITDA is calculated on a rolling basis of the last four quarters.)

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Debt Profile & Financial Ratios

Cash Position (TL mn) 30.6.2023 31.12.2022

Cash & Cash Equivalents 25,988 10,115
Total Financial Debt -60,749 -37,918
Net Financial Debt -34,760 -27,804
Financial Ratios 30.6.2023 31.12.2022
Current ratio 1.18 1.19
Liquidity ratio 0.84 0.81
Net Debt / EBITDA* 1.09 1.32
Current Assets / Total Assets 0.59 0.57
Current Liabilities / Total Liabilities 0.63 0.62
Total Liabilities / Total Liabilities and Equity 0.80 0.78
Return on Equity 88.5% 86.9%
Margins 30.6.2023 30.06.2022
Gross Margin 14.3% 14.6%
EBITDA Margin 13.3% 12.8%
EBITDA Margin (excl.other items) 10.8% 11.7%
Operating Margin 12.4% 11.8%
Net Margin 8.6% 10.7%

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

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Main Macroeconomic Indicators-I
GDP Growth Rate (%) Annual Inflation (%)
11.1 11.0

8.5
7.5
6.1 5.6
4.8 5.2
3.7 42.89
3.2 42.89
1.8 38.21
0.9 17.53

Jun-21

Jun-22

Jun-23
Dec-21

Feb-22

Dec-22

Feb-23
Aug-21

Aug-22
Oct-21

Apr-22

Oct-22

Apr-23
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022
CPI Domestic PPI

Exchange Rates (monthly average) Interest Rates (%)

28.15
25.82
19
16.99
17.505 15
10.36

8.59
Jun-21

Jun-22

Jun-23
Feb-22

Feb-23
Aug-21

Dec-21

Aug-22

Dec-22
Oct-21

Oct-22
Apr-22

Apr-23

Jun-21

Jun-22

Jun-23
Feb-22

Feb-23
Aug-21

Dec-21

Aug-22

Dec-22
Oct-21

Apr-22

Oct-22

Apr-23
EUR/TL USD/TL
Policy Rate Benchmark Bond Rate

Source: TURKSTAT, CBRT, Bloomberg, Ford Otosan

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Main Macroeconomic Indicators-II
Consumer Confidence Index (monthly, s.a) Auto Loan Rates-TL (monthly, %)

81.7
85.1

1.8 1.6
Jun-21

Jun-22

Jun-23
Dec-21

Feb-22

Dec-22

Feb-23
Aug-21

Aug-22
Oct-21

Apr-22

Oct-22

Apr-23

Jun-21

Jun-22

Jun-23
Dec-21

Feb-22

Dec-22

Feb-23
Aug-21

Aug-22
Oct-21

Apr-22

Oct-22

Apr-23
Automotive Industry Foreign Trade* (Billion $) Production Volumes in Automotive Industry (‘000)

1,750
27.5 26.9 26.8 1,588
25.0 1,485
24.6
1,336 1,332 1,402
22.1

17.9 16.9 17.7

15.3 15.6
14.4
13.1
10.0 9.4 9.1
6.7 6.8
2017

2018

2019

2020

2021

2022

2017

2018

2019

2020

2021

2022
Import Export Foreign Trade Balance

Source: Automotive Manufacturers Association, TURKSTAT, CBRT

(*) TURKSTAT General Trade System- Chapter 87 - Vehicles other than railway or tramway rolling-stock, parts thereof

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Sustainability Commitment 85

2021 Sustainability Report is available at:

https://www.fordotosan.com.tr/documents/Documents/Surd_Raporlari/2021_surdurebilirlik_rapor_en.pdf

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Long-Term Sustainability Goals - I
With our "Future. Now" vision, our long-term sustainability goals are announced

Climate Change Related Goals

▪ Sell only zero-emission models

in PC by 2030 in LCV and MCV by 2035 in HCV by 2040

▪ To be carbon neutral at Gölcük, Yeniköy and Eskişehir plants and Sancaktepe R&D center by 2030
▪ Ensure that more than 300 suppliers in our supply chain become carbon neutral by 2035
▪ Complete on-site ESG audit of suppliers 50% by 2030
▪ Target carbon neutrality in our logistic operations by 2035

https://www.kap.org.tr/en/Bildirim/1058481

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Long-Term Sustainability Goals - II

Waste Management and Circular Economy Related Goals

▪ Proceeding with a zero-waste policy in the regular storage areas
used for our operations by 2030
▪ Eliminate single-use plastics from personal consumption
completely by 2030
▪ Increase the rate of recycled and renewable plastics in the
materials used in vehicle production to 30% by 2030

Water Management Related Goals

▪ Reduce the use of clean water per vehicle by 40% by 2030

https://www.kap.org.tr/en/Bildirim/1058481

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Long-Term Sustainability Goals - III
Diversity, Inclusion and Community Related Goals
▪ Keep at least 25% female Board Member ratio in the Board of Directors
▪ Increase company's female employment ratio in all management
positions to 50% by 2030
▪ Increase the ratio of female employment in Ford Otosan in the field of
technology and innovation to 30% by 2026

▪ Reaching 100,000 women through the community

projects by 2026
▪ Double the number of the women employed in
technology and innovation fields in our dealers by 2026
▪ Support start-ups in which women make up at least half
of the management teams by 2026

▪ Increase the percentage of volunteers among all employees to 35% by 2030

▪ Continue with zero incidents rate target in our operations

https://www.kap.org.tr/en/Bildirim/1058481

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TCFD Reporting

We carried out TCFD analysis for the first time within 2021

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Sustainability Management
At Ford Otosan, areas of environmental, social, economic, and corporate sustainability are managed by the Sustainability
Committee. Primary duty of the Committee is to implement our sustainability strategy and policy and carry out our
studies in a planned and systematized way to improve our sustainability performance.

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Materiality Matrix

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Sustainability Priorities

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Environmental Responsibility

In 2021, we started for the first time independently from Ford Motor Company to calculate our greenhouse gas emission
reduction targets for the carbon emissions resulting from our products and services based on the requirements of the European
Green Deal and the Science Based Targets initiative (SBTi). This year, the targets that were announced jointly with Ford Motor
Company in previous years will be published as being specific to Ford Otosan for the first time.

Our targets for Scope 1 and 2 emissions in our operations within the scope of the European Green Deal are as follows:
» Reducing the carbon emission per vehicle by 18% until 2023 compared to the reference year 2017
» Reducing it by 50-55% until 2030 compared to the reference year 2017
» Becoming a carbon-neutral plant until 2050

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Environmental Performance Indicators - I

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Environmental Performance Indicators - II

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Environmental Performance Indicators - III

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Social Performance Indicators - I

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Social Performance Indicators - II

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Social Performance Indicators - III

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Economic Performance Indicators

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E-Transits Rolled Off Production Line in 2Q22

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E-Custom Produced by Ford Otosan from mid-2023 102

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Shareholder Structure by Share Group

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.

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Board Composition and Committees
▪ Separate General Manager and Chairman roles.
▪ As of 2022, 10 out of the total 12 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.
▪ 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 annual Scorecard goals.

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

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Reporting and Indices

Index Constituent

Global Lighthouse Network

* Participant

* Respondent

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

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2023 Guidance

2023 Guidance
2022A 2023 Old Guidance 2023 New Guidance (*)
Total Industry Volume 822 K 800 K- 850 K 1,000 K- 1,100 K

Ford Otosan:
Retail Sales Volume 85 K 90 K- 100 K 110 K- 120 K
Export Volume 391 K 550 K - 570 K 550 K - 570 K
Turkey 298 K 355 K- 365 K 355 K- 365 K
Romania 93 K 195 K - 205 K 195 K - 205 K
Wholesale Volume 476 K 640 K - 670 K 660 K - 690 K
Total Production Volume 466 K 630 K - 660 K 630 K - 660 K
Turkey 374 K 430 K- 450 K 430 K- 450 K
Romania 92 K 200 K- 210 K 200 K- 210 K

Capex (fixed assets) € 818 million € 1,000-1,050 million € 1,000-1,050 million

General Investments € 52 million € 90-100 million € 90-100 million
Product Related Investments € 766 million € 910-950 million € 910-950 million
(*) Total industry volume and Ford Otosan's retail sales volume guidance are updated mainly due to the strong demand outlook

in the domestic market.

• Ford Otosan provides guidance 4 times a year as part of quarterly financial statements.
• This is the third guidance issued for 2023 as part of 1H23 results in July. Next update will be in October 2023 as part of 9M23 results

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Contacts

Bahar Efeoğlu Ağar

Head of Investor Relations
www.fordotosan.com.tr
+90 216 564 7859
[email protected]

Ekin Taş
Investor Relations Coordinator

+90 216 564 7267

[email protected]

Duygu Yalınkılınç
Investor Relations Specialist

+90 216 564 7100

[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.

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