1. SABANCI HOLDING ANNUAL RESULTS SHARING March 08 th, 2011

2. Agenda Economic Outlook  Global Economy  Turkish Economy Sabancı Holding Review

3. 3 Actual and Estimated World Economic Growth(2006 – 2011E, %) World EconomyDeveloped CountriesDeveloping Countries GDP % Real Growth World economy will grow stronger in 2011 IMF increased growth estimates Growth driven by Asia/Pacific countries Source: IMF World Economic Outlook Database January 2011

4. 4 Loose monetary policies coupled with high public and household debt of developed economies cause weaknesses in the world economy Source: CSFB, Treasury, TUIK Household Debt % GDP ( 2009 ) Denmark Switzerland USA Ireland Spain Canada Portugal S. Korea Sweden U.K. Holland Japan Germany Euro Reg. France Greece Poland Italy Hungary Belgium Czech China Turkey Russia Public Debt – Selected Countries % GDP (2010 ) Japan Greece Italy Belgium Developed Ireland USA Singapore France Portugal Euro Reg. Canada Hungary U.K. Israel Germany India Austria Spain Turkey Developing

5. 5 Increasing oil and commodity prices put growth and low inflation at risk Raw Material Except Energy HWWI Index 2000=100 real Energy CRB Index 1977=100 Brent Oil USD/barrel Source : Reuters, Sabancı Holding

6. Nations try to prevent the appreciation of their currencies in order to increase exports Export: Developed Economies CPB Index ( 2000=100 ) Export: Developing Economies CPB Index ( 2000=100 ) 6 Sources : Reuters, Sabancı Holding

7. Turkey grew fast with a strong public and banking sector Public gross debt stock / GDP: % 42.3 Budget deficit / GDP: % 3.5 Household Debt / GDP: % 15.4 Banking sector capital adequacy ratio : % 18.9 Source: Reuters, TUIK, TCMB, Sabancı Holding 7 Growth of Developing Countries CSFB, 2010 estimated, % China Argentine India Turkey Thailand Brazil Malaysia Indonesia S. Korea Mexico Israel Poland Russia S. Africa Hungary

8. GDP exceeded pre-crisis levels by Q3 2010 with strong growth fueled by domestic demand GDP 2008 1Q=100 Private Consumption and Investment 2008 1Q=100 Source: BDDK, TCMB, TUIK, Sabancı Holding 8

9. Growth strengthened by Q4 2010 and labor market recovery continues Growth strengthened by Q4 2010 and labor market recovery continues Nevertheless unemployment rate is still high Industrial production 3month/3month, seasonally ad. Capacity utilization ratio Manufacturing industry, %, seasonaly ad. 14.2 11.2 Unemployment rate %, seasonally adjusted Source : BDDK, TCMB, TUIK, Sabancı Holding 9

10. Early indicators show that domestic demand continues to grow but at a slower pace Real Credits Annual % change Household % 33.5 Other % 29.2 Investment Expectations IYA-Next 12 months ( change) Confidence Index TUIK, 2005=100 Real Sector February 111 Consumer January 91.3 Kaynak : BDDK, TCMB, TUIK, Sabancı Holding 10

11. Turkey with dependency on imported commodities, growing with local demand and low domestic saving levels has high current account deficit Current Account Balance - % GDP ( 2010 ) Source : CSFB, TCMB, TUIK 11

12. Total Savings- % GDP, Real Turkey India China For sustainable high growth rates that lead to job creation and reduction of financial risk domestic savings should increase Source : IIF, DPT, Sabancı Holding Public sector financial discipline should continue, Economical productivity / competitiveness and revenue growth should be accelerated, More investments in infrastructure development, education, health, R&D and innovation, Unregistered economy should be reduced 12

13. 13 2011 Expectations - Turkey Kaynak : Sabancı Holding 20102011t 8.25.0 6.407.00 1.5461.55-1.60 1.32541.30 -1.35 (3.5)(4.0) 7.688.5-9.0 (6.5)(6.5-7.0) Real Growth,% CPI,% year end USD/YTL, year end EUR/USD parity Budget Deficit /GNP,% Bond Interest, year end,% Current Acc. Balance /GNP,%

14. 14 Agenda Economic Outlook Sabancı Holding Review

15. 15 72 affiliates under 26 parent companies Operating in 16 countries with 57,200 1 employees 12 listed companies in ISE making up 12% of the market 2 2010 investments 1.1 billion USD 15.7 billion USD – Highest net asset value of Turkey Strong shareholders’ equity - 8.2 billion USD (12.7 billion TL) As “Sabancı of Turkey” we aim to contribute more to our country… (1)2010 end of year (2) USD 303 billion -18.02.2011 Source : Sabancı Holding, IMKB

16. 16 Net Sales Operating Profit (EBITDA) 20.6 4.4 %9 %7 We continued on our profitable growth path in 2010, in line with our expectations 31 December 2010 – Consolidated Results ( Billion TL) Source: Sabancı Holding BMK, Unaudited expectations

17. 17 Our human resources are our most valued asset  Total 57,200 employees in Sabancı Group  30% of our employees are white-collar of which women constitute 40%  2,400 jobs were created in the past 3 years and close to 2,000 more is planned in 2011  Close to 60% of employees are in retail and financial services sectors  Organizational climate management and development programs ran by Group companies with the goal of increasing performance standards  Sabancı Group runs multiple development programs targeting different groups in order to unveil potential and develop further its human resources, and increase efficiency  Top Management Development – 220 top-level managers  Mid-Management Development – almost 1,900 mid-level managers  Young Talents Development– nearly 700 specialists  Mentor Programs – 30 mentors in the Group

18. 18 We cultivate entrepreneurial spirit in our employees... Sabancı Group “Young Talents” Programs Attendants receive 2,025 hours of training in total during 1.5 years As part of the program, projects are developed on Enerjisa’s main areas of social responsibility - education and environment The projects are evaluated by a committee of top-level managers of the Group “Wastebank - E-Waste: Introduction and Awareness“ project which was implemented in collaboration with Sabancı University, was recognized as “The Most Creative Volunteer Project“ by Private Sector Volunteers Institution The project was also implemented by Olmuksa, another Group Company Example: Enerjisa – “Young Energy” Personal and professional development of employees, under the age 30, with high development potential Future Forums “Market Focused Development Programs” Created in collaboration by Sabancı Holding, Sabancı University and EDU The program was brought together by an interdisciplinary group of academics, professionals and Sabancı Top-Level Managers 32 mid- level managers from 6 companies attended Future Forums Market Focused Development Program Attendants receive 64 hours in-class training and make two 8 month company projects during the program Ultimately goal is to have all mid-level managers attend this program within the Group Future Forums Program aims to develop market and customer focus business approach across Group companies

19. 1,112 1,128 2,061 729 Sabancı Group Companies– Investments (Milllion USD) We believe in our country... %53 %1 %8 3 Toplam - $1.435 milyon Generation: $1.212 million Distribution: $ 223 million Source : Sabancı Holding BMK 19

20. 20 CEMENT Marmara Region (1) Mediterranean and Cent. Anatolia Regions (1) 27% 26%26% 1 1 Global Tire Reinforcement Sales Total Domestic Tire Sales Total Light Commercial Truck Sales (2) 32%32% 43% 20% 25% 12% Domestic Corrugated Cardboard Sales Domestic A Class Fabric Sales, #2 in Europe 1 1 1 2 1 INDUSTRIAL One of the 3 major companies in the World Fiber production leader in Turkey & in Europe Chemical production Fiber production 42% Domestic Cigarette Sales 1 1 Sabancı Group companies lead the sectors in which they operate… Sabancı Companies Market SharesMarketRanking Sabancı Business Units Notes: (1) Sabancı Group market share:17,5% within total sales of Turkey cement and market ranking: #1 (2) Sales of Mitsubishi Canter Source : GFK, OSD, The Banks Association of Turkey,The Company Association of Insurance and Reinsurance, TÇMB

21. 21 INSURANCE Total Annual Contribution 21% 7%7% Non-life Gross Premiums 4 1 Credits (3) 10% 3 BANKING RETAIL Total Organized Retail Sales (4) Total Electronic Retail Sales 13% 1 3 16% ENERGY 3.2 million customers 8% market share 2015 - 5,000 MW generation capacity with 10% market share Electricity sales - Twh Distribution Generation Electricity distribution - people Sabancı Companies Market ShareMarket Sabancı Business Units Ranking Notes: (3) September 2010 Market share (4) Diasa sales included Source : GFK, OSD, The Banks Association of Turkey,The Company Association of Insurance and Reinsurance, TÇMB

22. $6,611 $11,925 $13,741 Sabancı Holding has the highest net asset value amongst Turkish Group companies... %80 %32 %-13 $15,716 Sabancı Holding Net Asset Value Evolution - Million USD 22 31 Dec. 200831 Dec. 200931 Dec.20104 Mar. 2011 Akbank Public companies Cash Other companies Notes: Market cap value of 04 March 2011 was taken for public companies in order to calculate net asset value. Net asset values in Sabanci Holding analist reports was taken for non-public companies. Source: Sabancı Holding BMK

23. 23 Sabancı Holding has a strong equity structure... Total Equity 1 - (Billion TL) %15 %16 %11 (1): Numbers belong to Sabancı Holding ‘s parent and they are consolidated Source: Sabancı Holding BMK

24. 24 Our net sales will continue to grow in 2011 20.6 22.8 19.3 19.0 CAGR (2008-2011): % 6 %1 %7 %11 Consolidated Net Sales (Billion TL) Source: Sabancı Holding BMK

25. Our leading cement companies will move on to make regional investments in 2011... 25  5 m tones clinker production capacity - 4 integrated factories, 1 grinding facility, 1 terminal and 41 ready-mixed concrete plants in Turkey  Total 7 terminals in Europe and in the Middle East  Exports cement to ~50 different countries  One of the 3 major global white cement producers  6.5 m tones of clinker production capacity - 3 integrated factories, 1 grinding facility, 2 ports and 35 ready-mixed concrete plants  Stated as “the most admirable company” in its sector by Capital Magazine research  First of the “Sustainability” initiatives in the sector:  Akçansa will save 105 kWh energy with “ Waste Heat Recycle” facility in Çanakkale plant which will start operation in 2011 with $24 million investment  30% of the total energy requirement will be generated from waste heat and nearly 60.000 tones carbon emission will be prevented Source : Capital Magazine, Cement Industry Employer Union, TÇMB, Sabancı Companies

26. 26 In the next decade, electric demand is expected to increase by ~%7 annually in Turkey To meet the growing energy demand 4,000-5,000 MW investment is needed each year in the mid- term In order to overcome energy bottleneck in Turkey:  Market liberalization, transparent implementations and regulations which will encourage private sector investments,  Establishment of efficient organization and control mechanisms is required Sabancı Holding, with Enerjisa, aims to be the leading company in electricity energy sector by a vertically integrated approach including generation, distribution, wholesale and retail trade Enerji Group has 7% share of Sabancı Holding’s consolidated sales in 2010, targeting to have 15% share of the Group’s sales in 2015 Till the end of 2015, the Group will invest €6 B to electricity generation Sabancı Group will head the way in overcoming Country's energy bottleneck with reliable and sustainable projects…

27. Source Enerjisa …and will reach 10% market share in 2015, with a minimum 5,000 MW electricity generation capacity Bandırma Natural Gas Combined Cycle Plant with 930MW installed capacity is Turkey’s most efficient plant with %60 efficiency All the power plants which will be operational by the end of 2011, are based in renewable energy sources: Çanakkale - Wind Energy– 30 MW Hacınınoğlu, K.Maraş - HEPP - 142 MW Menge, Adana – Dam and HEPP - 85 MW Dağpazarı, Mersin – Wind Energy - 39 MW Enerjisa aims to create a balanced-resource generation portfolio by increasing the share of renewables in order to have a strategic advantage 27 Enerjisa – Power Generation Portfolio (2010 – 2015 Evolution) + 5,000 MW %30- 35 %40- 45 %5- 10 %10-15 MS: %1.4 MS: %1.4%4.0 ~%10 Natural gas power plants Hydroelectric power plants Lignite coal plants Wind Tirbunes

28. In 2010, operations to grow and diversify In 2010, operations to grow and diversify electricity generation portfolio gained speed 28  Important milestone- addition of 930MW Bandırma Natural Gas Combined Cycle Power Plant to existing 455 MW installed capacity in October 2010  Constructional work for 1,200MW installed capacity of hydroelectric and wind portfolio continues  Ongoing engineering work for the licensed portfolio has reached a total capacity of 1400 MW, and projects with a total capacity of more than 1,000 MW are at the license application stage  Electric production at Enerjsa Power Plants and other commercial opportunities is handled effectively  Market share expectation is 4% with installation of new facilities in 2011  Consolidated sales around 5,000 GWh in 2010  70% of sales are through bilateral agreements and 30% are to spot market  Başkent Elektrik Dağıtım A.Ş. serves 3.2 million customers in 7 cities  Share among the Turkey’s electric distribution is around %8 with about 11.3 TWh electric sales in 2010  Başkent EDAŞ focused on increasing operational quality by network rehabilitation and improvement  Total 200 million TL invested in 2009 and 2010, and further 236 million TL will be invested in 2011 for network infrastructure POWER GENERATION TRADE DISTRIBUTION

29. Our strong market position in banking and insurance service sectors was reinforced in 2010 (1) As of 31 December 2010 Source : KALDER, The Banks Association of Turkey,The Company Association of Insurance and Reinsurance, TNS PİAR and Synovate  7.4% market share with ~900 million TL gross written premiums  “Top of the mind” and “Most prestigious” insurance company according to independent researches  Wide network: 1,511 agents, 42 brokers, and 884 Akbank branches in 79 cities  Fast and quality service to appx. 975,000 customer inquiries a month (~ %70 health )  Aksigorta formed an equal partnership with Ageas, a leading European insurance group on February 2011 29  The most valuable bank in Turkey with $22.3 billion market cap 1  19.9% capital adequacy ratio  Highest consumer and financial strength ratings in Turkey  High asset quality, 2.2 % non performing loan ratio well below industry averages  Strong growth potential in credits with low deposit/credit and leverage ratio  First direct Eurobond discharge in private financial services sector and first public offering of bonds by a domestic deposit bank

30. Avivasa is a leading market maker in private pensions sector…  Private pension system (BES) is 7 years old in Turkey with 2.3 million participants and 12 billion TL in funds. The fund size is expected to reach 100 billion TL with 5.5 million participants in 2020  Top 4 companies hold ¾ of total funds among 13 companies that comprise the sector  AvivaSA pursues a head to head leading position with 2,541M TL in fund sizes and 21% market share  It is the market leader in the annual contributions with 21% market share  Most successful company in the employer contribution segment with 31.5%  ~1.5 million customers in total – 360,000 BES customers  More than 3,000 licensed BES agents operating in a wide multichannel distribution network: Akbank branches, direct and corporate sales, agencies, and telemarketing  Strong after sales service: 1.5 million customer contacts annually with inbound and outbound calls 30 (1) As of 31 December2010 Source: KALDER, The Banks Association of Turkey, The Company Association of Insurance and Reinsurance, TNS PİAR ve Synovate

31. 31 We reach close to 200 million customers annually with food retailing…  Partnership with Carrefour, European leader and World’s second biggest food retailer, for 15 years  Total 373,000m² net sales area with 27 hyper and 219 supermarkets  In line with geographical and supermarket focused growth strategy Alpark with its 27 markets in Istanbul was purchased in 2010  12% market share within organized retail chain stores  Nearly 100 million shopping annually  ~25% sales growth annually in the last 6 years, target is 35% for 2011  4% market share within with in organized retail chain stores  Total 190,000 net sales area with 890 market in 29 cities  5 markets opening per week in 2010  More than 90 million shopping in a year  6,500 products are searched and tested every week in order to offer the best deals Source: Nielsen

32. 32 The leader of the consumer electronics market, TeknoSA has over 70 million visitors annually…  Consumer electronics market reached 9.2 billion TL with 23% growth in 2010  Share of the electronic chain stores in the sector is 30% and TeknoSA is the leader within organized segment with 42% share  Widest spread consumer electronics retailer in Turkey: Total 101,000 m² net sales area in 69 cities with 256 stores  The first to come to mind and most preferred consumer electronics store 1  1.5 million TeknoSA Kart holders  19.5 million products sold per year. Of 10 products that was sold from electronics retailers :  4 of each 10 laptops,  5 of each 10 LCD/Plazma TVs,  4 of each 10 phones/smart phones were sold from Teknosa  Excellent HR pool: TeknoSA Academy- the only training center of the sector  Net sales target of 2011 is $ 1 billion (1): Synovate 2010 4th quarter report Source: Nielsen, Retail Group estimates

33. Leaving the effects of the crisis behind, industrial companies are back on profitable growth path...  The leader of the Turkish tire market with Bridgestone and Lassa with over 30% market share  The most extensive sales network with 540 tire sales stores in 77 cities  3.2 million tire sales to end consumer in 2010  Export to 55 countries with Turkish “Lassa” brand 33  Kordsa produces tire reinforcement materials and it is the leader producer of nylon and polyester fiber and only cord fabric producer in the World  Annual 150,000 tones cord fabric capacity at 5 continents, 9 countries and 11 facilities  In line with market structure shift from west to east, production capacity was increased in the East  20% revenue increase in 2010. Regional breakdown of sales : 38% Europe, Middle East and Africa, 24% Asia, 23% North America and 15% South America  Bus production in 2 facilities (Adana and Cairo ) with the vision of independent bus manufacturer with international standards  One of the leading construction equipment sellers in Turkey with Komatsu,  Market leader of the pick-up segment with Mitsubishi  TemSA is the market leader in light truck segment with Canter produced at Adapazarı facility

34. Our other leading industrial companies will use their domestic strength to get ahead global competition  The number of facilities increased from 6 to 8 by purchasing DS Smith’s Turkish operations for € 5.5 million  Olmuksa completed its geographical coverage objectives and reinforced its leading position with 15% market share  YünSA is amongst top 3 global companies in “A quality” woolen fabric market with 4.5% market share  Biggest woolen fabric producer in Turkey and in Europe  Yünsa aims to be the world leader by increasing its production capacity to 20 million meters gradually in 5 years  $ 20 million investment is planned in order to reach this capacity  It is the leader with 52% market share in fiber sales in Turkey  Europe's largest producer of special polymers and chemicals, and one of the three leading companies in the world  AdvanSA reinforced its leading position by doubling production and sales and increasing its market share last year 34

35. 35 Sustainable Growth CommercialOperations Environmental Sensitivity Corporate Responsibility Corporate Responsibility In order to increase our contribution to our country, we need to ensure sustainable growth Three pillars of sustainable growth …