Aygaz : Investor Presentation - November

November 2020

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CONTENT

1. Overview
2. World LPG market
3. Turkish LPG market & Aygaz
4. The LPG value chain
5. Participation portfolio
6. Natural gas

1. Other participations
2. Financial highlights
3. Appendix
4. Glossary
5. Disclaimer
6. Contacts

1. Aygaz overview

2019

LEADING

LPG

DISTRIBUTOR

of TURKEY

3

10.2 billion REVENUE

2,1 m tons SALES OF LPG

26%* LPG MARKET SHARE

* EMRA 2019

NATURAL GAS

REFINERY

DIVERSIFIED

PARTICIPATION

PORTFOLIO

IN ENERGY

POWER GENERATION

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4

• Overview

SUMMARY FINANCIALS

(Cons. In m TL)	2019	2018	2017	2019-2018Change
Revenue	10,211	9,554	8,469	7%
EBITDA	492	160	352	207%
Net Profit	273	228	577	20%
EBITDA Margin	5%	2%	4%	+3
Net Profit Margin	3%	2%	7%	+1
					SHAREHOLDERS (%)
Volume (000 tons)	2,068	2,000	2,154	3%

As of 30/09/2020

PUBLICLY

TRADED

24.3

51.2

24.5	KOÇ
	GROUP

LIQUID PETROLEUM GAS

DEVELOPMENT CO.

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5

• Core business - LPG distribution

Generic brand for LPG

22nd largest industrial company of Turkey, as of 2019 Most preferred LPG brand in Turkey since its foundation Market leader with 3 brands

AYGAZ VOLUMES (000 tons)

	42	35		38
72			47
865	933	1.025		993
		907
777	792	759	730	734
343	342	335	315	302

MARKET SHARES (%)

4222

CYLINDER

26 AUTOGAS

2015	2016	2017	2018	2019
		CYLINDER				BULK GAS*
		AUTOGAS				OTHER (whoesale&export)	EMRA, Aygaz
*With petrochemical sales

TOTAL

EMRA 2019

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1. World LPG market

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

WORLD LPG CONSUMPTION (m tons)

313
302	• Fastest growing energy source after
299
279	renewable energy
272	• 300 billion USD business size worldwide
266
255	• Sources of LPG production;
250	61%	39%
244
236	NATURAL GAS	CRUDE OIL
228

LPG AS A COMMODITY

Mixture of	Portable and	Low GHG	Diversity of	Cleaner, safer
Hydrocarbons	versatile	Emission;	Supply sources;	And cheaper
(Butane and		Eco-friendly	Abundant	at home &
Propane)			reserves	transportation

WLPGA Statistical Review of Global LP Gas Report, 2019

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• World LPG consumption

World LPG Consumption	World LPG Consumption
By Sectors (%)	By Regions (%)

	44		43
	Domestic		Asia Pasific
1	28	4	18
Agriculture	Chemical	Africa	North America

8	11	9	17
Refinery	Industry	S.&C. America	Europe&Eurasia
8	9
	Autogas	Middle East

WLPGA Statistical Review of Global LP Gas Report, 2019

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• Prices of LPG and brent

140

	120	113
	108
	100	977
$/barrell	80	894
		69
	60			56
	40	48	32	536
	368		421
	20		321
	0
			SP (Algeria)	Petroleum (Brent)

• There is a correlation between LPG and oil price
• Seasonality can also affect LPG price
• September 2020 Sonatrach LPG price is at USD 330 and 9% higher than September 2019 price.

8

		1,200
		1,000
		800
59	46964	600	$/ton

371	41 400

330 200

0

Sonatrach / Market data

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1. Turkish LPG market

LPG consumption in Europe (m ton)

RUSSIA4.4

TURKEY4.1

ITALY3.2

POLAND 2.3

GERMANY 1.8

UKRAINE 1.7

FRANCE 1.4

SPAIN 1.4

ENGLAND	1.0	10%

4.1 m tons #2 in Europe #10* in the World

~90 distribution companies

Leading 3 players in the cylinder market and first 8 players in the autogas market hold over 80% of the total market

Liberal market with regulatory body-EMRA

* when p. chemical and refinery is excluded

EVOLVING FROM CYLINDER TO AUTOGAS (000 tons)

42%

1,55718%

3,354

383

1,752

2005

2019

729

DOMESTIC		INDUSTRY		TRANSPORT	95
		48%

WLPGA Statistical Review of Global LP Gas Report, 2019

2% 80%

EMRA data

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• LPG market ranking

THE 5th

BIGGEST DOMESTIC

LPG MARKET IN

EUROPE

1- ITALY	1.4 m tons
2- SPAIN	1.2 m tons

3- FRANCE 1.1 m tons

4- RUSSIA 1.1 m tons

5- TURKEY 0.8 m tons

1- TURKEY 3.3 m tons

2- RUSSIA	3.2 m tons
3- SOUTH KOREA		3.1 m tons
4- POLAND	1.8 m tons

5- ITALY

1.6 m tons

THE

BIGGEST AUTOGAS

MARKET IN

THE WORLD

WLPGA Statistical Review of Global LP Gas Report, 2019

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>

Cylinder market starting to stabilize

CYLINDER MARKET

RATES OF CHANGE (YoY)

Turkishmarket 816 821 812

4%

2%

(000 tons)

750 729

0

-2%

-4%

Aygaz 343 342 335

315

302

-6%

-8%

-10%

					2015	2016	2017	2018	2019
2015	2016	2017	2018	2019		TURKISH MARKET				AYGAZ

With the effects of the on-going natural gas conversions, urban transformation and contraction in commercial sales, Aygaz cylinder gas sales shrank 4% year on year in 2019.

Factors affecting cylinder market;

• Pressure on demand due to rising LPG prices
• Continuation of natural gas grid expansion despite deceleration

EMRA data

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• Aygaz; leader in cylinder market since its foundation

CYLINDER MARKET SHARES

AYGAZ 41.5%

SHV 29.0%

Demirören Group* 19.2%

Other 10.3%

*Milangaz, Güneş Gaz ve Likit gaz

• Generic brand
• Market maker
• Largest dealer network with high sales efficiency
• 60% market share in residential use
• Fully integrated production cycle; Cylinder and gas appliances factory in Gebze plant
• Aygaz Ekspres; digital solutions for optimizing dealers' business&delivery
  Aiming to maximize customer satisfaction&loyalty

2019	Number of dealers	Sales Volume (tons)	Avg dealer sales (tons)
Aygaz cylinder dealers	2,383	302,473	127
Total cylinder dealers	7,194	728,643	101

2019 EMRA data

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• World's biggest autogas market

AUTOGAS MARKET

		3,142	3,117	3,283	3,354
Turkish	3,069
market
	(000 tons)
	777	792	759		734
Aygaz		730
	2015	2016	2017	2018	2019

RATES OF CHANGE (YoY)

14%

12%

10%

8%

6%

4%

2%

0

-2%

-4%

2015 2016 2017 2018 2019

TURISH MARKET		AYGAZ

Factors affecting autogas market;

• 30% more economic on average compared to gasoline
• Fierce price competition among national and local players
• Increasing interest of car manufacturers to LPG and conversions with car guarantees

EMRA data

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Price economy of autogas

50%

40%

30%

20%

10%

0% -10%-20%-30%-40%

Jan-15

May-15

Sep-15

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

To gasoline

To diesel

PUMP PRICE OF AUTOGAS ACROSS THE WORLD (%)

NETHERLANDS	39			Ratio of autogas
50
GERMANY	39 46			pump price to gasoline
ITALY	3944			Ratio of autogas
POLAND	42
44			pump price to diesel
SOUTH KOREA	52
62
U.K.		62
	61
FRANCE	54	64
TURKEY	56	66
JAPAN		65 77
		WLPGA Global LP Gas Report

16

30%+

price advantage

to gasoline

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• Autogas; most widely-used passenger car fuel of Turkey

RATIO OF CARS REGISTERED TO TRAFFIC ACC. TO FUEL TYPE

					38%
75%	5%
15%					37%
					24%
2004*				2019
	GASOLINE		DIESEL		AUTOGAS
* Fuel type unknown: 5%

TURKISH CAR PARK (m cars)

4.3	4.4	4.6	4.7	4.7
3.8	4.3	4.6	4.8
3.3
3.1	3.1	3.1	3.0
2.9
2015	2016	2017	2018	2019
	GASOLINE		DIESEL		AUTOGAS

• Most widely-used passenger car fuel since 2011
• With 4.7 million cars, 4 out of 10 passenger cars run on LPG

CAR OWNERSHIP PER PERSON

575/1000 150/1000

• Largest LPG vehicle fleet in the world; 16% of the world	EUROPE	TURKEY
• Approx. 11,000 autogas stations all over Turkey		Turkstat, ACEA

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• Leader of the biggest autogas market in the world

AUTOGAS MARKET SHARES

AYGAZ 21.9%

PO 12.6%

SHELL 11.6%

DEMİRÖREN GROUP* 9.8%

BP 7.3%

SHV GROUP** 6.5%

AYTEMİZ 5.4%

AKPET 2.6%

OTHER 22.3%

*Milangaz & Güzel ** İpragaz & Yıldırım

• Largest dealer network with high sales efficiency
• Creating network synergy with sister company Opet
• Core business is LPG unlike other fuel distributors

MARKET SHARE & STATION NUMBER SHARE (%)

21.9				MARKET SHARE
				STATION NUMBER SHARE
16
1312.6	11.6	9.8
			9
8	8
	7.3	6.5
				5.4
		5		4	4
							2.6

AYGAZ	PO	SHELL	DEMİRÖRENGROUP	BP	SHV GROUP	AYTEMİZ	AKPET
		2019	Number of	Sales Volume		Avg dealer
			dealers	(tons)		sales (tons)
	Aygaz autogas dealers	1,729		734,496		425
	Total autogas dealers	10,841		3,354,429		309

2019 EMRA data

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• Autogas car park growth

Autogas	1,000+ conversion points
conversions
	$500 average cost of conversion
	Payback in 15,000 km

OEM; original equipment manufacturer

• Some major car manufacturers are providing guaranteed conversion currently

AUTOGAS CONVERSIONS (m cars)

		12	12.4	12.5
10.6
11.3
4.3	4.4	4.6	4.7	4.7
2015	2016	2017	2018	2019

PASSENGER CAR PARK		AUTOGAS CAR PARK

Turkstat

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1. The LPG value

2.1 million tons of LPG

supply

	~300	1,729 auto gas stations
chain	tankers	1,000,000 vehicles
		using Aygaz Otogaz

Moving&floating	Fixed storage
storage capacity	capacity of
of 37,000 m3	178,400 m3

~2,300

bulk gas customers

3 LPG ships belonging to the fleet of Anadoluhisarı Tankercilik

Gebze Facility; exports of cylinders and gas devices

~200 2,383 cylinder cylinder gas vehicles dealers

As of end of2019

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• Competitive supply chain

BIG PLAYER	ADVANCED MODEL
• #1 purchaser in Mediterranean	• Direct imports to 5 different locations
• #1 importer in Turkey	• Most diversified supply portfolio in Turkey
• #1 LPG exporter in Turkey	Diversified supplier & origins
• #1 storage owner in Turkey	Diversified supply pattern (ex-refinery, FOB, CIF)
(~24% of TR)	• Only company in Med capable of discharging
	a VLGC in single port

	FLEET MANAGEMENT	OVERLAND TRANSPORTATION
• Top-notch LPG fleet owner	• Biggest LPG truck fleet in Turkey
• Total capacity: 28,800 cbm, Average age: 14 yrs		>500 vehicles
•	Single LPG vessel charterer (in/out) in Turkey	•	Transporting 1.4 million ton/year
•	Reduces logistics costs	•	45 million km/year

• Provides flexibility in sourcing and inventory management

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1. Participation portfolio

23

Aygaz

Doğalgaz Anadoluhisarı

100% 100%

EYAŞ*	Akpa
100%
20%

Entek Opet-Aygaz

50% Gayrimenkul

50%

*EYAŞ owns 51% of the shares of TÜPRAŞ Financial Investments: Koç Finansal Hizmetler A.Ş. (3.93%), Ram Dış Ticaret A.Ş (2.5%), Tanı Pazarlama ve İletişim Hizmetleri A.Ş. (10%), Tat Gıda Sanayi A.Ş. (0.08%)

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F

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Natural gas

LNG SALES

Transportation	16% market share,	2019 sales:
and regasification	300 industrial	79 mcm
	customers

PIPELINE NATURAL GAS SALES

Started in	2019 sales:
2010	694 mcm

PROJECTS

LNG & Pipeline gas import

SALES VOLUME (mcm)

1,279

	961
837	827

694

92	100	105	77	79
2015	2016	2017	2018	2019

LNG SALES

PIPELINE NG SALES

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G

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Other participations

POWER GENERATION

TOTAL INSTALLED CAPACITY:	362 MW
Kocaeli Natural Gas
Combined Cycle (NGCC):	97 MW
8 Hydro Assets: (HEPP):	265 MW

SALES AND MARKETING

Direct sale of cylinder gas and carboy water throughout Turkey

Fuel trade at its fuel stations

STRATEGY	OPET AYGAZ GAYRİMENKUL
Selective growth depending	Founded in 2013 as a 50-50 partnership
on opportunities and	with Opet to purchase real estate and
liberalization	manage or lease these properties as
in the market	fuel or autogas stations
	Currently owns 21 stations

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Aygaz key takeaways

Consistent	Brand	Long-term	Diversifier
Market	Power	Strategy	& Portfolio
Leader		Builder	Investor

Strong Sales &	Financial
Logistics Network	Strength

STRATEGIC PRIORITIES

Sustain its market leadership in LPG by;

• Investing in the future with the responsibility of being the industry's highly reputable, reliable and consumer-oriented brand,
• Prioritizing high safety standards and product quality,
• Developing innovative products and services with solutions that place innovation and digitalization at the core.

Ensure sustainable growth to move its current position forward by:

• Following and seizing opportunities for mergers, acquisitions and investments at home and abroad,
• Improving efficiency in all processes from sourcing to selling LPG,
• Aiming to create value for all stakeholders.

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>

Shareholder value

BIST Code	AYGAZ
Bloomberg Code	AYGAZ.TI
Reuters Code	AYGAZ.IS
IPO Date	13.01.1988
Free Float Rate	24.3%

STRENGTHS

• Sustainable operating profitability from core business; LPG
• Resistant to economic fluctuations and crises
• Regular dividend payments
• Corporate governance practices at international standards;
• • SAHA Corporate Governance and Credit Rating Services updated Aygaz's corporate governance rating score
    as 9.42 on June 21, 2019.

4500

4000

3500

3000

2500

2000

1500

1000

					AYGAZ Mcap (mTL)					BIST-30 indexed (mTL)		450 m TL	460 m TL	169%
																													386 m TL
																									108%
																								315 m TL	80%		150 m TL
											75%
																	55%
											2015	2016	2017	2018	2019
																										DIVIDEND			DIVIDEND PAY OUT

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H

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Financial highlights

REVENUE (m TL)

10,211

9,554

8,469

6,420 6,749

2015

2016

2017

2018

2019

Revenue figure fluctuations are mainly due to;

• FX rate changes
• Commodity price changes

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>
Financial highlights
	GROSS PROFIT AND GPM		EBITDA AND EBITDA MARGIN
			12%				9%
11%													5%
	9%						6%
			5%
				7%			4%
677	787	741	634	957	337	394	352	2%	492
		160
2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
		GROSS PROFIT		GROSS PROFIT MARGIN			EBITDA				EBITDA MARGIN

NET PROFIT AND NPM		PROFIT MARGINS
7%	6%	7%			12%
				10%
							8%
418	416	577	2%	3%	6%
				4%
					228	273	2%
2015	2016	2017	2018	2019	0			2016	2017	2018	2019
2015
	NET PROFIT		NET PROFIT MARGIN				GP MARGIN			EBITDA MARGIN		NP MARGIN

Bar figures: m TRY

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30

Financial highlights

NET CASH (m TL)

WORKING CAPITAL (m TL)

	-63
-263	2016
-380
2015		-582
	-753
	2017
		2019
		2018

186		183			324		348		263
297
187	577	230		228	566 251
483		475			440
-372		-471			-670		-560		-579
2015
	2016					2018
								2019
						2017
	TRADE PAYABLES			TRADE RECEIVABLES
	INVENTORY				WORKING CAPITAL

CURRENT RATIO			RETURN ON EQUITY
1.21	1.38	1.24			16%	20%
	1.09	1.06	15%
	2016			2017	9%	11%
	2017		2015
2015		2018		2016
		2019
						2018	2019

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Financial highlights

(m TL)	12M 2019	12M 2018
ST Borrowings	65	79
Current portion of LT Borrowings
418	492
LT Borrowings
764	830
Total Debt
1,247	1,401
Cash and cash equivalents (-)
(665)	(648)
= Net Debt
582	753
	ST: Short-term LT: Long-term

• Maturity structures of the debts are wide-range and long term.
• FX position is actively monitored and managed including derivatives.

CREDIT RATING: Following the comparative analysis of the

sector and examination of financial/operational risks carried by the Company, as well as its domestic market position by SAHA Corporate Governance and Credit Rating Services, AYGAZ received a long term rating of (TR) AAA and a short term rating of (TR) A1+ and outlook as stable on June 21, 2019.

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DEBT PROFILE AS OF

31/12/2019

TL

Bond;

TL 23%

Loan; FX

63% Loan;

14%

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I

32

Appendix

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33

Income statement summary

(m TRY)	2015	2016	2017	2018	2019
Revenue	6,420	6,749	8,469	9,554	10,211
COGS	(5,743)	(5,962)	(7,728)	(8,920)	(9,254)
Gross Profit	677	787	741	634	957
Operating Profit	250	308	265	71	365
Profit Before Tax	458	469	621	250	306
Net Profit	418	416	577	228	273
EBITDA	337	394	352	160	492

GP margin	11%	12%	9%	7%	9%
OP margin	4%	5%	3%	1%	4%
NP margin	7%	6%	7%	2%	3%
EBITDA margin	5%	6%	4%	2%	5%

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Balance sheet summary

(m TRY)	2015	2016	2017	2018	2019
Cash & Cash Eq.	289	568	593	648	665
Trade Receivables	483	475	577	440	566
Inventories	186	183	324	348	263
Inv. Acc. Under Equity Method	1,867	1,922	2,273	2,305	2,059
Prop. Plant & Eq.	651	658	678	687	713
FinancialDebt	(551)	(630)	(973)	(1,401)	(1,247)
Trade Payable	(372)	(471)	(670)	(560)	(579)
Equity	2,611	2,742	2,923	2,502	2,478
Total Assets	3,916	4,231	4,966	5,013	4,955
Net Cash (Debt)	(263)	(63)	(380)	(753)	(582)
Working Capital	297	187	230	228	251

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3 2020 Q3 - Income Statement Summary

Revenue

Operating profit

EBITDA

EBITDA

(excl. other op. inc/exp)

Net profit

3,045 Million TL

172 Million TL

210 Million TL

208 Million TL

83 Million TL

QUARTERLY / (YoY)

19%

34%

31%

38%

22%

4 2020 9M - Income Statement Summary

Revenue

Operating profit

EBITDA

EBITDA

(excl. other op. inc/exp)

Net profit

9 MONTHS CUMULATIVE / (YoY)

7,195 Million TL	-6%
199 Million TL	-21%
313 Million TL	-9%
306 Million TL	-4%
-103 Million TL	-152%

5	Debt Profile

(m TL)	9M 2020	12M 2019
ST Borrowings	221	65
Current portion of LT Borrowings	436	418
LT Borrowings	1, 014	764
Total Debt	1,672	1,247
Cash and cash equivalents (-)	1,084	665
= Net Debt	588	582

Debt Profile as of 30/09/2020

TL Bond;

11% *FX Loan;

5%

TL Loan;

84%

• FX position is actively monitored and managed including derivatives.

Net Debt declined to its 2019 year-end level while the proportion of debt structure remained unchanged.

Credit Rating: Following the comparative analysis of the sector and examination of financial/operational risks carried by the Company, as well as its domestic market position by SAHA Corporate Governance and Credit Rating Services, AYGAZ's long term rating of (TR) AAA and a short term rating of (TR) A1+ and outlook as stable is confirmed on June 22, 2020.

6	2020 Q3 Aygaz LPG Sales (000 tons)

532	520			527(**)	619(***)
402(*)
216							311
262			311
				177
219	179	155	130	216
11	8	8	6	8
87	70	62	80	84

cylinder bulk auto other

Q3 2020 sales volumes were realized as

	216 thousand tons in Autogas	( -1% YoY)
	84 thousand tons in Cylinder Gas	( -3% YoY)
	619 thousand tons in Total	(+16% YoY)

(*)Q1, excluding Aygaz UK's financial trading of 36 thousand tons.(**) Q2, including Aygaz UK trading volume of 94 thousand tons (excluding financial trading ) . (***) Q3 ,including Aygaz UK trading volume of 47 thousand tons

(excluding financial trading).	EMRA, Aygaz

7 Market Shares

41.5%

21.5%

AUGUST 2020

CYLINDER AUTOGAS

As of August 2020 EMRA report, Aygaz cylinder and autogas market shares are 41.5% and 21.5% respectively.

(41.8% and 21.9% in August 2019)

According to August 2020 EMRA report, Turkish cylinder sales volume is 479,067 tons and autogas volume is 2,028,484 tons.

2019/8 months:
Cylinder gas	488,184	tons
Autogas	2,231,296	tons

479,067

-1.9%

2,028,484

-9.1%

AUGUST 2020

SALES VOLUME (Tons)

EMRA, Aygaz

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8 Subsidiaries and Affiliates

Subsidiaries	Principal activity	Particip
		ation
Anadoluhisarı Tankercilik A.Ş	Shipping	100%
Kandilli Tankercilik A.Ş.	Shipping	100%
Kuleli Tankercilik A.Ş.	Shipping	100%
Kuzguncuk Tankercilik A.Ş.	Shipping	100%
Akpa Day. Tük. Lpg ve Akar. Ürün. Paz. A.Ş.	Marketing	100%
Aygaz Doğal Gaz Toptan Satış A.Ş.	Natural gas	100%
Aygaz Doğal Gaz İletim A.Ş.	Natural gas	100%
Aygaz Aykargo Dağıtım Hizmetleri A.Ş. (*)	Cargo	100%
	Transport/Distribution(*)
Bal Kaynak Su İth. İhr. Sanayi ve Ticaret A.Ş	Water distr.	100%

1. The title of ADG Enerji Yatırımları A.Ş. has been updated as Aygaz Aykargo Dağıtım Hizmetleri A.Ş. and its principal activity as Cargo Transport/Distribution by the Extraordinary General Assembly which was registered on August 11,2020.

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41

• Subsidiaries and Affiliates

Affiliates	Principal activity	Participation
Enerji Yatırımları A.Ş.	Energy	20%
Entek Elektrik Üretimi A.Ş.	Electricity	50%
Opet Aygaz Gayrimenkul A.Ş.	Real Estate	50%
Financial Assets	Principal activity	Participation
Koç Finansal Hizmetler A.Ş.	Finance	3.93%
Ram Dış Ticaret A.Ş.	Trade	2.50%
Tanı Pazarlama ve İlet. Hiz. A.Ş.	Marketing	10.00%
Tat Gıda Sanayi A.Ş.	Food	0.08%

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9 Forward looking statements for 2020

Sales volume

Market share

• Cylinder: 285-300 thousand tons
• Autogas: 660-700 thousand tons
• Cylinder: 41.5%-43.5%
• Autogas: 21.4%-22.6%

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1. Glossary

LPG Liquid Petroleum Gas

EMRA Energy Market Regulatory Authority

WLPGA World LPG Association

SP Sonatrach Price

PETDER Petroleum Industry Association

FOB Free On Board

CIF Cost, Insurance & Freight

Med Mediterranean

VLGC Very Large Gas Carrier

EYAŞ Enerji Yatırımları A.Ş.

LNG Liquid Natural Gas

Mcm Million Cubic Meters

Bcm Billion Cubic Meters

NGCC Natural Gas Combine-Cycle

MW Megawatt (one million watts)

BIST Borsa Istanbul (Istanbul Stock Exchange)

IPO Initial Public Offering

GHG Greenhouse Gas Protocol

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44

1. Disclaimer
2. • This presentation may contain 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 Aygaz 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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45

1. Contacts

[e-mail]

Ferda Erginoğlu, CFO

Şebnem Yücel, Finance Manager

Selin Sanver, Investor Relations Manager

www.aygaz.com.tr

[e-mail] [phone]

[e-mail] [phone]

[e-mail] [phone]

Bu doküman Genel olarak sınıflandırılmıştır. This document is classified as Public.