24 February 2012

SABANCI HOLDİNG

Annual Results Sharing

Agenda

• Economic Outlook

• Sabancı Holding Review

Major headlines of the past year:o Public debt and bank reserve requirements problems in Europe,

o Liquidity measures of ECB

o Fiscal union attempts of the European Union member states

o Earthquake/tsunami disaster in Japan,

o Socio-Political tension in MENA region,

Turkish economy was mildly effected by the slowed down growth and

increasingly unstable environment.

Central Bank’s fiscal discipline and monetary policies, increase in domestic

and international credit lines and vibrant domestic demand led to high

growth.

Inflation increased at the last quarter of 2011, monetary policies were altered

TL devaluation was reversed as a result of the restored global risk appetite

due to corrective measures EU took at the beginning of 2012

World economy ended 2011 with concerns for high public debt levels

Global economy slowed down in 2011; further slowing down is a risk for 2012

Source: IMF ( World Economic Outlook )

WorldGDP, real growth,%

09 10 11t 12t

-2.0

0.0

2.0

4.0

6.0

-0.6

5.2

3.83.5

09 10 11t 12t

-4.0

-2.0

0.0

2.0

4.0

6.0

-3.4

3.2

1.61.2

09 10 11t 12t0.0

2.0

4.0

6.0

8.0

2.6

7.3

6.2

5.4

Developed EconomiesGDP, real growth,%

Developing EconomiesGDP, real growth,%

Growth momentum might slow down in developing economies

Euro zone will be stagnant. USA is doing better

Tighter budget discipline is a must in Europe, otherwise public debt is

unsustainable

Loose monetary policies will be applied in developed economies

Liquidity measures delayed debt crisis in Euro zone; fiscal discipline is crucial

Credit notes of developing countries and banks might further be brought

down

Markets may realize periodic gains due to increased liquidity, trend will be

determined by the growth expectations

Demand will put upward pressure on commodity prices

Tension in the Middle East will prevent oil prices from dropping

2012 Macro Outlook: Global

Unfortunately 8% growth is not sustainable

Domestic demand will not be as strong as the past two years

Exports will be adversely affected by the lowered demand in the first half

Credit growth will be slow

Stringent fiscal policies will continue. We foresee the continuation of

successful budget management

The current deficit will shrink due to lower domestic demand

We expect TL to remain stable under a 4% growth projection, diminishing

current account deficit and liquidity availability assumptions

2012 Macro Outlook: Turkey

Source: Sabancı Holding

2012 Expectations - Turkey

2011 2012t

8,7 4,0

10,45 7,0

1,889 1,80

1,294 1,325

(1,4) (2,0)

11,1 9,5

(9,9) (8,5)

Real Growth,%

CPI,% year end

USD/YTL, year end

EUR/USD parity

Budget Deficit /GNP,%

Bond Interest, year end,%

Current Acc. Balance /GNP,%

Agenda

• Economic Outlook

• Sabancı Holding Review

Consolidated net sales 22.9 billion TL (+17% vs. 2010)

Consolidated operational profit (EBITDA) 4.3 billion TL

Non-bank EBITDA 1.1 billion TL (+70% vs. 2010)

1.45 billion USD investments - 29% higher than last year

Shareholders’ equity 14.1 billion TL

12 listed companies in ISE - 12% of the market

Net Asset Value 13.0 Billion USD1

2011 has been a year of growth, profitability and investment for Sabancı Holding

Figures represent our 2011 year end expectations(1) February 2012 Source : Sabancı Holding, ISE

Major Developments in 2011 - I

Energy

Operationalized Hacınınoğlu, Menge hydro and Çanakkale wind power

plants

Installed capacity reached 1,653MW, portfolio capacity is over 5,000 MW

2,358 MW of renewable resource capacity in our portfolio

In accordance with our commitment to develop local resources we kicked

off the construction of 8 terminals in coal, hydro and wind power

Signed a 700 million Euro financing package for our second phase

investments

Completed the rebranding of Başkent Elektrik Dağıtım A.Ş. to Enerjisa

serving over 6.6 million people in 7 cities

Established the Enerjisa Enerji A.Ş. umbrella company in line with our

vertical integration and optimization strategy that owns our electricity

generation, trade and distribution companies

Energy Group increased its 2011 sales by 28%, its EBITDA by 152% as a

result of new plants coming on line and increased efficiencies

Bank

Highest retail and financial strength grading for a bank in Turkey

Global Banking & Finance Review: Best Bank in Turkey – 2011

Brand Finance: Ranked as “Turkey’s Most Valuable Bank Brand” at

“World’s Most Valuable 500 Bank Brands- 2012”

o Akbank brand value: $1,582,000,000 1

o Ranking 96th on the top 500 international list

(1): Brand Finance

Major Developments in 2011 - II

Retail & Insurance Services

3rd largest group in organized food retailing with CarrefourSA and DiaSA.

Teknosa revenues reached 1.7 billion TL with 269 stores and 128 K m2

sales area

Leader with 13% share in general consumer electronics market and with 43%

market share amongst technology markets

Teknosa reinforced its leadership in 2011 by acquiring Best Buy

operations in Turkey

Retail: Revenues increased by 17% and EBITDA by 70% in 2011.

Aksigorta signed equal partnership agreement with the European

prominent insurance company Ageas on February 2011.

Insurance Services: Revenues up by 21%, EBITDA by 25%.

Major Developments in 2011 - III

Revenues increased 12% and EBITDA increased 24%.

We consider local/international expansion alternatives that will help us

achieve our regional leadership objective and create additional value and

synergy for our Group.

Çimsa bought, 51% shares of Afyon Çimento Sanayi Türk A.Ş. for 25

million Euro (57.5 m TL)

We allocate considerable resources to our sustainability projects. Sabancı

Cement Group targets to invest USD 200 million over the next 5 years.

We spent USD 72 M in 2011.

Akçansa published the first Sustainability report (GRI approved B level)

In line with energy efficiency and sustainable growth directives, Akçansa

brought on line Turkey’s first Waste Heat Power Generation plant in Sept.

2011 in Çanakkale facilities. The facility will save 105 million kWh annually,

30% of the total energy consumption of the Çanakkale Plant and also

reduce carbon emissions by 60,000 tons.

Çimsa is preparing to bring Mersin project on line which has similar targets.

Cement

Major Developments in 2011 - IV

Industrials

Achieved high capacity utilization rates in all Group Companies. Price – raw material cost

margins were managed successfully. Product portfolios were improved as a part of

customer oriented growth initiatives.

Industrials Group revenues increased by 35%, EBITDA improved by 62%.

Kordsa Global sales reached USD 1 billion. Turkish facilities broke record efficiency levels.

3 recent product commercialization from İzmit R&D center

Brisa expanded its service portfolio with the acquisition of Bandag, tire coating company.

First time implementation of online tire change and servicing in Turkey with

www.lastik.com.tr

Increased export sales and profitability by 40% and 100%, consecutively, with Lassa

Temsa, launched new small coach MD9 in Europe. Company sales exceeded 1.25 B TL

Sasa, completed the sales of Advansa BV. Surpassed self profitability record by managing

raw material costs effectively, and high capacity utilization.

Yünsa increased profitability to record levels. R&D center is operational and higher

segment products introduced to the portfolio

Olmuksa increased sales and geographic penetration with the integration of DS

Smith company

Major Developments in 2011 - V

To focus on

target

customers

and markets

To make

strategic

investments

To effectively

manage risks

Profitable Growth

To increase

efficiency

and achieve

cost control

Human Resources

Innovation

Technology

2012 strategies

“SA”

We created close to 3,000 new jobs in 2011

We project to create an additional 3,000 new jobs in 2012

Retail, financial services, industrials and energy will recruit the most

40% of our workforce is white collar, 55% of which have university or post

graduate degrees

Women make up 34% of workforce. The ratio is 55% in financial services

66% of white collar women have university or post graduate degrees

Average of 30 hours of training per person annually for HR development in our

Group

162 senior managers have been subject to Sabancı Leadership Team (SALT)

trainings to better prepare them for their future roles in the Group

Our Group will have over 60,000 employees in 2012

“Sabancı” brand adds strength to our Companies

Known

Trust One of us

Proven Sincere

Strong

Continuity

Time saving Invest to

Turkey

Robust

Quality

Perception created by joint SA branding

Leading Sabancı Holding Companiesreach out to a wide customer base

TUR

• 8 million + retail customers

• 926 branches, 3,695 ATM/ BTM

• Internet, mobile ve telephone banking

• TNS Piar - Miriad Banking Sector Survey Results -2011: Akbank “First Remembered Bank”

• 269 stores in 72 cities

• Service network covering %93 of Turkey

• 85 million visitors

• A sale every 2 seconds

• First choice for technology product shopping

• 450K Facebook, 16K Twitter followers

• 6.6 million customers in Başkent region

• Most recognized private energy company with 55% brand awareness rate

• 532 tire sales points

• Bridgestone and Lassa sold tires to over 600K customers

• First ever tire company to provide road assistance to its consumers

• Lastik.com.tr - first and only web site to provide online tire services

• Bridgestone- highest awareness improvement amongst tire brands

• Lassa perceived as most sincere brand in its category

• 2.2 million policies

• 22,000 claims per month on average

• 1,511 Agencies; 899 Bank Branches

• “Top of mind” and “Most prestigious Company” in the insurance sector

• 1,358 stores, 601m2 sales area

• ~200 million customers annually

• 286,500 HiltonSA guests

• Over 350 thousand private pension insurance holders

• ~3,600 new participants every month

• 264 thousand customer interaction at Call Center per month

Source: Independent Reseach Companies: Brand Equity, TNS 2010, Synovate 4Q11, IPSOS 2011, TNS PR Miriad

20% increase projected in consolidated sales

2009 2010 2011 2012B

19.6

22.9

27.6

18.6

Sabancı Group Companies– Consolidated Net Sales (Billion TL)

%5

%17

%20

Source: Sabancı Holding, Finance

Sabancı Holding shareholder’s equity is expected to exceed 15 billion TL

2009 2010 2011 2012B

13.1

14.0

15.6

10.9

Numbers belong to Sabancı Holding ‘s parent and they are consolidated Source: Sabancı Holding, Finance

%20,

%8

%11

Sabancı Group Companies– Shareholder’s Equity (Billion TL)

2009 2010 2011 2012B

We pursue investing in projects that help Turkey grow

1.13

1.45

1.97

1.08

Sabancı Group Companies– Investments (Billion USD)

%4

%29

%36

Bank & Insurance7%

Industrial14%

Cement6%

Retail5%

Energy68%

Chart Title

$1.33 billion

Source: Sabancı Holding, Finance

More Sabancı Group companies will be taken public in the coming years...

Expected Initial Public Offerings

2012

2013

2014

2015

We aim to grow our net asset value to USD 25 billion in the next 5 years

2006 2011 2016

$5.7

$11.1

$25.0

CAGR %14

CAGR

%18

Note : Notes: Market cap value was taken for public companies in order to calculate net asset value. Net asset values in Sabanci Holding analyst reports was taken for non-public companies.

Source: Sabancı Holding – Finance

Sabancı Holding Net Asset Value Growth - Billion USD

Thank you