Anadolu EfesInvestor Presentation

This report may contain certain forward-looking statements concerning our

future performance and should be considered as good faith estimates made

by the Company. These forward - looking statements reflect management

expectations and are based upon currently available data. Actual results are

subject to future events and uncertainties, which could materially impact the

Company’s actual performance.

Forward-Looking Statements

Beverage Powerhouse

Beer Business

FOCUS IN TURKEY & CIS

14* breweries in 5* Countries

35.0 mhl* Beer Capacity

6** malteries with 290,000 tons Malt Capacity

* Does not include Serbian operations, where EBI currently

has 28% shareholding

** In addition to fully consolidated 4 malteries, EBI also

owns 19.98% interest in a maltery in Moscow.

Coca-Cola Business

FOCUS IN TURKEY, CENTRAL ASIA &

MIDDLE EAST

20 bottling plants in 10 countries

980 million unit case capacity3

Anadolu Efes Production Plants

Anadolu Efes’ Structure

ANADOLU EFES

TURKEY BEER OPERATIONS

EFES BREWERIES

INTERNATIONAL (EBI)

INTERNATIONAL BEER

OPERATIONS

COCA-COLA İÇECEK1

(CCI)

COCA-COLA OPERATIONS

Public

Public43.8%

24.6%

50.3%99.9%

Yazıcı Holding 30.9% Özilhan Sınai Yatırım 17.5% Anadolu Endüstri Holding 7.8%

(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 5% by Özgörkey Holding.

* Only the major subsidiaries of the Group are presented

4

Rapidly Growing Beverage Company

5

2005 2006 2007 2008 2009

11 11 12 15 15

25 27 2736 36

297 m306 m 327 m

494 m 511 m

# of Countries # of Plants Population Served

Operating Markets

TURKEYPop: 72,6 mioGDP per cap: $8,590

RUSSIAPop: 140.4 mioGDP per cap: $8,874

KAZAKHSTANPop: 16.0 mioGDP per cap: $6,876

MOLDOVAPop: 4.2 mioGDP per cap: $1,496

GEORGIAPop: 4.3 mioGDP per cap: $2,496

PAKISTANPop : 168.6 mioGDP per cap: $1,017

AZERBAIJANPop: 8.8 mioGDP per cap: $4,864

KYRGYZSTANPop: 5.3 mioGDP per cap: $872

TURKMENISTANPop: 4.9 mioGDP per cap: $3,489

JORDANPop: 6.3 mioGDP per cap: $3,766

6

2005* 2006 2007 2008 2009 1H2009 1H2010

20.719.4

31.034.6

37.8 38.9

19.1

mh

l

Beer Soft Drinks

Consolidated Sales Volume Development

7

CAGR (05-09)19%

Breakdown of Consolidated* Sales Volume-1H2010

* Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI)

* In 2005 Turkey soft drink operations were consolidated

by equity pick-up basis

Turkey Beer

21%

Soft Drinks42%

International Beer37%

2005 2006 2007 2008 2009 1H2009 1H2010

443.1583.3

723.2

854.7 916.6

519.6 498.5

22.5 %

23.3%23.9% 24.1%

27.4 %

24.5%26.5%

2005 2006 2007 2008 2009 1H2009 1H2010

1,619.4

2,594.0

3,030.4

3,668.93,811.1

1,960.2 2,037.6

Consolidated Net Sales Revenue

Consolidated Financial Performance

Consolidated EBITDA*

’05-’09

CAGR 24%

’05-’09

CAGR 20%

millio

n T

RL

millio

n T

RL

*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.

8

Breakdown of Consolidated*

Net Sales Revenue-1H2010

Breakdown of Consolidated*

EBITDA-1H2010

* Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI)

Turkey Beer

33%

Soft Drinks

31%

International Beer 35% Turkey Beer

54%Soft Drinks

20%

International Beer 27%

27.0

361.3

565.5

668.0

0,0

100,0

200,0

300,0

400,0

500,0

600,0

700,0

800,0

Turkey Beer EBI CCI* Anadolu Efes Consolidated

Net Financial Indebtedness

mill

ion U

SD

2.0 x 2.4 x 1.2 xNet Debt/EBITDA

9*50.3% of CCI’s financial debt is consolidated as per Anadolu Efes’ shareholding

Gross Debt

Cash Position

227.2

200.2

555.1

193.7

790.3

224.9

1,186.4

518.4

Debt Maturity & Currency Breakdown

EBI CCI

10

USD69%

EUR24%

Other

8%

2010

3%

201135%

201254%

20135%

20143%

USD74%

EUR7%

Other

20%

2010

27%

201125%

20121%

201346%

Numbers may not add up to 100 due to rounding.Numbers may not add up to 100 due to rounding.

Beer Operations

Uzbekistan

Turkey

Moldova

Georgia

Kazakhstan

China

Greece

Serbia

Romania

Russia

BulgariaPoland

USA

Czech Rep.

UK

GermanyWest Europe

-5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

0 20 40 60 80 100 120 140 160 180

High Growth Beer Markets- Low Per Capita Consumption

Source: Canadean Global Beer Trends-200912

CA

GR

Gro

wth

20

04

-2

00

9 (

%)

Per Capita Consumption (lt)

Breakdown of Pure Alcohol Consumption

13

Sourc

e:E

uro

monitor,

Busin

ess A

naly

tica, C

anadean

Per Capita Consumption (lt) Austria Czech R. Denmark Finland Germany Ireland Netherlands Poland Spain UK Russia Turkey

Total pure alcohol 11 14 10 8 11 11 8 7 10 9 18 1

Beer 109 159 75 85 107 110 73 90 79 81 67 13

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

53%

66%

49%59% 56% 58%

52% 53%

40%

56%

25%

14%

24%

15%

33%

18%

29%

20%

33%

19%

22%

67%

34%

10%

36%

9%

26%

13%

28%

14%

40%

21%

8%

Wine

Spirits

Beer

Strong Positions and Brands

TURKEY RUSSIA

KAZAKHSTAN MOLDOVA

GEORGIA

#1 #4

#2 #1

#1

14

Turkey Beer Operations

2005 2006 2007 2008 2009 1H2009 1H2010

7.1 7.17.6

8.58.5

4.5 4.4

A Leading Position in the Turkish Beer Market

Steadily Growing and Increasing Market Share

Sustainable Volume Growth*

’05-’09

CAGR 5%

*Sales volume including exports

Market Share Development

Source: Company Estimates

In Turkey, the economy has started to accelerate

and GDP increased by 11.7% in 1Q2010 y-o-y on

top of a 6.0% increase in 4Q2009 y-o-y

Sales volume in Turkey beer operations

increased by 1.0% in the second quarter on top

of a 7.9% decline in the first quarter of 2010, due

to;

slight economic recovery

lower impact of smoking ban in 2Q comparedto 1Q

despite;

unfavorable weather conditions in Turkey in themonth of June

continued impact of higher prices due to excisetax increase

14% increase in average sales prices bythe beginning of 2010 to reflect 35% hike in

excise taxes

lower than beer price increases for other

alcoholic beverages

16

1987 2005 2006 2007 2008 2009

60%

80% 82% 83% 86% 89%

40%

20% 18% 17% 14% 11%

Efes Other

Before After

Off-Premise Development Initiatives

Before After

17

Before After

Off-Premise Development Initiatives

Inside Inside

18

On-Premise Development Initiatives

19

Returnable Bottle55.0%

Can26.6%

Keg12.0%

Non-returnable Bottle6.4%

Turkish Beer Market – Fundamentals & Dynamics

Consolidated market - top 2 players represent

c. 99% of the market

lack of sizeable acquisition targets

consolidated distribution structure

Returnable market - Bottles & kegs amount to

over 60% of the market

additional initial investment requirement for

containers

requirement to set-up two way distribution

system

TV& Radio advertisement fully restricted since

1984

High level of excise taxes

Limited presence of organized retail-

supermarkets account for ca.11% share of

Efes sales volumes

Maltey

Hops Processing

Sales Volume by Package Type (2009)

Sales Volume by Consumption Channel (2009) DYNAMICS OF THE TURKISH BEER MARKET

20

Off-Premise64.9%

On-Premise

22.2%

Key Account12.9%

Premium 3%

Mainstream 96%

Economy 1%

Strong Brand Portfolio

significant share of “Efes” brand

100% brand awareness for Efes

Exports to more than 60 countries

# 1 in consumer spending in Food &

Beverage category – 7.2 % as of June 2010

(The Nielsen Company)

98.1% penetration in Turkey

21

Unmatched Brand Equity S

ou

rce

. T

he

Nie

lse

n C

om

pa

ny

YT

D J

un

e 2

01

0

Food & Beverage %Total Trade %

TURKEY

Top Brands – % of spending-

22

1. Winston (tobacco) 5.8

2. Marlboro (tobacco) 5.4

3. Lark(tobacco) 4.7

4. Parliament (tobacco) 4.1

5. Viceroy (tobacco) 3.4

6. Tekel 2001 (tobacco) 3.3

7. EFES PİLSEN 3.3

8. Muratti (tobacco) 2.4

9. Ülker 2.0

10. L&M (tobacco) 2.0

11. Coca-Cola 1.8

1. EFES PILSEN 7.2

2. Ulker 4.4

3. Coca-Cola 3.9

4. Eti 3.7

5. Yeni Rakı 3.4

6. Pınar 2.9

7. Çaykur 2.5

8. Sütaş 1.9

9. İçim 1.5

10. Nescafe 1.0

36.9%

39.6%

23.5%Malt & Other Raw Materials

Packaging & Auxilary Materials

Overhead

Turkish Beer Market – Vertical Integration

Maltey

Hops Processing

Brewery & Capacity

COGS Breakdown (2009)

FARMERS

ANADOLU EFES

•Patented barley seeds

•Fertilizer

•Technology & know-how

•Malting Barley at

a pre-determined

price

TWO MALTERIES100% self sufficiency

Long S

tandin

g R

ela

tionsh

ips

ONE HOPS FACILITYpartly self sufficient

•Long standing relations with packaging suppliers

• ca. 70% returnable

Malt + Hops

Packaging

Vertical integration is a key factor in

efficient production cost management

23

2005 2006 2007 2008 2009 1H2009 1H2010

286.8 308.0389.8

494.2 503.0

298.3 278.0

37.6 %

40.3%

37.3%

41.8%39.8%

43.2%

41.0%

2005 2006 2007 2008 2009 1H2009 1H2010

162.7213.6

293.2

341.7 363.1

219.3194.9

2005 2006 2007 2008 2009 1H2009 1H2010

763.2

825.6967.0

1,182.11,264.2

690.3 677.4

Net Sales Revenue

Net Profit

EBITDA*

Turkey Beer Operations’ Financial Performance

’05-’09

CAGR 13%

’05-’09

CAGR 15%

’05-’09

CAGR 22%

Millio

n T

RL

Millio

n T

RL

Millio

n T

RL

*Previously reported EBITDA figures for 2005, 2006 and 2007 are adjusted by excluding other

income/expense arising from Anadolu Efes’ holding nature for comparison purposes.

24

TURKEY BEER OPERATIONS

2010 Outlook

25

• We maintain our guidance of low single digit decline in sales volume in

Turkey

• The combined negative effect of 14% average price increase to pass the

effect of 35% excise taxes hike on January 1, 2010, smoking-ban and high

base effect in 1Q2010 already started to phase out as indicated by a rise in

domestic beer volumes in 2Q2010 y-o-y

• Softer decline in total Turkey Beer sales volume in FY2010 by the

contribution of higher export sales

• Slight improvement in gross profit margin on the back of lower commodity

prices,

• Slight contraction in EBITDA margin due to higher operating expenses as a

percentage of net sales revenue contributed by;

• lower volumes

• lack of price increase to cover CPI negatively impacting operating

expenses to net sales ratio

Efes Breweries International

2005 2006 2007 2008 2009 1H2009 1H2010

8.9

11.713.3 14.1 13.6

6.7 7.6

EBI continued to report positive growth rates in all

operations in 2Q2010 with the contribution of;

• strong brand innovation

•continuous initiatives to increase availability

•successful practices in marketing

despite;

• higher beer prices to reflect higher taxes

•unfavorable economic conditions

Challenges Prevalent In International Markets

Volume Development

Breakdown of Sales Volume – 1H2010

• In 2Q2010, consolidated sales volumes increased by

14.8% over 2Q2009, outpacing the volume growth of

10.5% in 1Q2010.

mh

l

Numbers may not add up to 100 due to rounding.27

’05-’09

CAGR 11%

Russia78%

Others22%

BBH38.9%

Inbev15.8%

Heineken11.6%

EBI10.3%

Sabmiller6.8%

Others16.7%

BBH39.7%

Inbev15.8%

Heineken14.9%

EBI9.3%

Sabmiller6.7%

Others13.6%

2005 2006 2007 2008 2009 1H2009 1H2010

6.0

8.7

10.411.1

10.7

5.3 5.9

Outperforming The Market In Russia

Volume Development

mh

l

Market Share by Volume – 1H2010

The N

iels

en C

om

pany, T

ota

l Natio

nal U

rban

,

YT

D J

une 2

010

Numbers may not add up to 100 due to rounding.

28

’05-’09

CAGR 15%

The N

iels

en C

om

pany, T

ota

l Natio

nal

Urb

an, Y

TD

June 2

009

Numbers may not add up to 100 due to rounding.

Market Share by Volume – 1H2009• Beer market is estimated to have contracted by 10.7% in 1H2010, down 9.4% in

2Q20101

• EBI’s sales volume increased significantly by 12.2% in 1H2010 y-o-y

•market share improved further and reached 10.3% in 1H2010 from 9.3% in

1H2009

• Despite significant excise tax hike, net sales revenue per liter in USD terms remained

flat by the help of ;

•well planned price increases

•stronger Ruble vs USD

leading EBI to record 11.5% rise in net sales revenues in USD terms in 1H2010 y-o-y

[1]The Nielsen Company, National Urban Retail Audit Report, June YTD 2010

Reflection of Excise Tax Hike into Prices in Russia

29

•EBI passed excise tax hike fully into prices, upon a 3% price increase in early July

•Cumulative compounded average price increase since November 2009 reached to 25%

5% 4.8% 4.8% 4.8%

Nov. 2009 Jan. 2010 Apr. 2010 July 2010

10%

5%

3%

CUMULATIVE PRICE INCREASE SINCE

NOV. 2009: 25%

EBI’s Price Increases* in Russia

*weighted average price increases

Russia

PREMIUM UPPER MAINSTR. LOWER MAINSTR. DISCOUNT

Kazakhstan

PREMIUM UPPER MAINSTR. LOWER MAINSTR.

Moldova

PREMIUM MAINSTREAM ECONOMY

Georgia

30

ECONOMY

Strongly Positioned in All Markets

Can 17%

Glass Bottle 33%

PET 48%

Keg 1%

Russian Beer Market – Fundamentals & Dynamics

Hops Processing

Packaging Split (2009)Outlet Split (2009)

31

Market Segment Development *

Sourc

e: T

he N

iels

en C

om

pany

• Shift between brands is not very

high, but within each brand shift

towards cheaper packaging is visible

* In order to reflect the market structure in a better way, the presentation of

the Russian Beer Market segment breakdown has been changed as of

2009. For comparison purposes, the adjusted segment data is also

provided for the last four years.

Food Stores50%

Pavillions5%

Minimarkets13%

Kiosks17%

Hyper/ Supermarkets

12%

Open Markets2%

Numbers may not add up to 100 due to rounding.Numbers may not add up to 100 due to rounding.

FY2006 FY2007 FY2008 FY2009 1H2009 1H2010

29.5% 27.5% 24.4% 24.0% 24.1% 24.9%

39.0% 38.1%38.7% 41.0% 41.7% 43.4%

23.3% 24.4% 26.0% 24.9% 23.9% 22.7%

4.8% 5.9% 6.6% 6.4% 6.5% 5.8%3.4% 4.1% 4.3% 3.7% 3.9% 3.2%

Discount Lower Mainstream Upper Mainstream Premium Super Premium

EBI38.4%

BBH42.4%

Other9.5%

Shymkent Pivo7.5%

InBev2.2%

Other Operating CountriesM

old

ova

Kazakhsta

n

#1 brewer

Capacity: 0.7 mhl

EBI entered the Georgian beer market by

the acquisition of the leading brewer in the

market, JSC Lomisi (“Lomisi”), in February

2008

#2 brewer

Capacity: 2.4 mhl

#1 brewer

Capacity: 1.7 mhl

Market Share by Volume

32

Georg

iaThe Nielsen Company, YTD June 2010

2005 2006 2007 2008 2009 1H2009 1H2010

95.1112.6

156.0 153.5 170.1

83.6 91.1

19.8 %

14.8%17.6%

18.7% 19.8%

20.1%

19.3%

2005 2006 2007 2008 2009 1H2009 1H2010

481.2

638.9

836.2

1,038.0

857.3

416.9472.0

Net Sales Revenue

Net Profit

EBITDA

International Beer Operations

Financial Performance

’05-’09

CAGR 16%

’05-’09

CAGR 16%

millio

n U

SD

millio

n U

SD

millio

n U

SD

33

2005 2006 2007 2008 2009 1H2009 1H2010

20.1 20.6

37.5

-57.4

0.4

-21.4

25.4

EFES BREWERIES INTERNATIONAL

2010 Outlook

34

• We are revising our previous volume and profitability outlooks upwards for FY2010 as the

first half of the year was better than the one on which our full year guidance was based on

• 8-10% volume contraction for the Russian beer market overall mainly due to substantially

higher beer prices to reflect the significant excise tax increase

• EBI’s sales volume to grow at a rate of high single digits, contributed by ;

• Strong brand equity

• Innovation

• Good execution

• Increasing availability

• Slightly lower net sales revenue growth compared to sales volume growth due to;

• Phased approach for the price increases to cover the negative impact of

significant excise tax increase

• Unfavorable mix effect in the Russian beer operations

despite;

• Stronger Ruble vs USD

• Local currency price increases in all countries of operation

•Gross profit and EBITDA growth in absolute terms, with flattish margins for both

Soft Drink Operations

36

Black Sea

Kazakhstan

16m

India

Iraq

31mIran

74m

Russia

China

Uzbekistan

27m

Turkmenistan

5m

Afghanistan

27m

Pakistan

169m

Saudi Arabia

25m

Turkey

73m

Ukraine

Belarus

Tajikistan

8m

Kyrgyzstan

5m

Syria

22mLebanon

4m

Georgia

4m

Romania

Azerbaijan

9m

Moldova

Bulgaria

Nepal

Greece

Kuwait

Egypt

79m

Libya

6m

Algeria

Jordan

6m

Yemen

24m

Oman

3m

U.A.E.

5m

Qatar

Source: EIU & TUIK

Note: 2009E Population

Other

CCI

CCH

Operating Geography Soft Drinks Business

Coca-Cola Business*

# of markets 10

# of facilities 20

Cap. (mu/c) 980

34

36

37

15

20

25

30

35

40

45

0 20 40 60 80 100 120 140 160 180

Tajikistan

Afghanistan

Oman

Iraq

Pakistan

Yemen

Kyrgyzstan

Syria

Turkmenistan

Egypt

Azerbaijan

Jordan Saudi Arabia

South Africa

Kazakhstan

Turkey

Kuwait

UAEQatar

Russia

Italy

Poland

Greece

Hungary UK

SpainBulgaria

Germany

USA

Argentina

Mexico

Libya

2009 Sparkling Beverages Consumption

Media

n A

ge

PerCap Consumption (L)Source: CIA Factbook

& Canadean

Key Strengths: Growth Potential

Strong Positions in Operating Markets (2009)

Sparkling Beverages

38

Still Beverages

Market

Share Position

68.2% #1

27.8% #2

34.2% #1

52.6% #1

n.a. #1

13.3% #2

10.5% #2

Source: The Nielsen Company,

(1) The Nielsen Company Database Adjustment

(2) CCI Estimate

(3) MEMRB

WaterFruit Juices &

Nectars

Market

Share Position

Market

SharePosition

8.5% #3 29.3% #1

7.6% #3 1.6% #8

4.6% #4 8.0% #3

48.9% #1 4.9% #6

Source: The Nielsen Company

(1) The Nielsen Company Database Adjustment

Geographic and Category Split of Business

39

Volume split (uc) - Geography

(2009)

Volume split (uc) – International Operations

(2009)

Volume split (uc) – Consolidated (2009)

Turkey

International

Sparkling Beverages

74%

Still Beverages

26%

International25%

Turkey75%

Kazakhstan22%

Kyrgyzstan5%

Azerbaijan18%Turkmenistan

4%

Jordan10%

Iraq3%

Syria2%

Pakistan36%

40

2005 2006 2007 2008 2009 1H2009 1H2010

49.3

80.1

97.9113.0

147.6

71.377.7

2005 2006 2007 2008 2009 1H2009 1H2010

312.0343.8

382.4420.8

438.9

204.3 225.2

Dynamic Growth in All Markets

INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT

’05-’09

CAGR 32%

mu

/c

TURKEY SOFT DRINKS VOLUME DEVELOPMENT

’05-’09

CAGR 9%

mu

/c

40

41

World-leading Brand Portfolio of Sparkling Beverages

Market Share and Position

2009 2008

Turkey

68.2%

#1

68.7%

#1

2009 2008

Pakistan

27.8%

#2

26.3%

#2

2009 2008

Kazakhstan

34.2%

#1

36.6%

#1

2009 2008

Azerbaijan

52.6%

#1

54.1%

#1

2009 2008

Kyrgyzstan

n.a.

#1

n.a.

#1

2009 2008

Jordan

13.3%

#2

14.2%

#2

2009 2008

Iraq

n.a. n.a.

2009 2008

Syria

10.5%

#2

9.4%

#3

41

42

World-leading Brand Portfolio of Still Beverages

Market Share and Position

2009 2008

Turkey

29.3%

#1

27.4%

#1

2009 2008

Pakistan

1.6%

#8

0.9%

#9

2009 2008

Kazakhstan

8.0%

#3

7.8%

#3

2009 2008

Azerbaijan

2009 2008

Kyrgyzstan

2009 2008

Jordan

2009 2008

Iraq

2009 2008

Syria

8.4%

#3

8.2%

#3

7.6%

#3

5.6%

#34.6%

#4

3.6%

#5

48.9%

#1

50.0%

#1

4.9%

#6

0.6%

#6

4.9%

#4

6.0%

#4

42

43

2005 2006 2007 2008 2009 1H20091H2010

187.4

268.3329.8

375.3368.7

204.4 202.9

15.8 %

17.1%16.1% 16.6%15.3%

17.3%

16.2%

2005 2006 2007 2008 2009 1H2009 1H2010

87.3 86.7

153.7

81.4

169.6

98.5 82.6

2005 2006 2007 2008 2009 1H2009 1H2010

1,183.9

1,667.2

1,925.9

2,258.12,407.5

1184.3 1256.2

Net Sales Revenue

Net Profit

EBITDA*

Soft Drink Operations’ Financial Performance*

*International Coca-Cola business

fully consolidated starting from

2006

millio

n T

RL

millio

n T

RL

Millio

n T

RL

*Full year EBITDA is as previously reported, not restated as per CMB’s new

reporting format.

43

’05-’09

CAGR 19%

’05-’09

CAGR 18%

’05-’09

CAGR 18%

44

Thank You !

Questions Please...

45

Appendix

46

Restated

2009/6 2010/6

SALES VOLUME (million hectolitre) 19,1 20,7

SALES 1.960,2 2.037,6

Cost of Sales (-) (954,0) (991,2)

GROSS PROFIT FROM OPERATIONS 1.006,2 1.046,4

Marketting, Selling and Distribution Expenses (-) (442,0) (516,6)General and Administrative Expenses (-) (167,9) (176,1)Other Operating Income 14,1 6,6

Other Operating Expense (-) (25,7) (19,8)

PROFIT FROM OPERATIONS 384,7 340,4

Loss from Associates (6,4) (3,9)

Financial Income 175,5 124,0

Financial Expense (-) (276,1) (128,8)

PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 277,8 331,8

Continuing Operations Tax Expense (-) (61,3) (66,2)

PROFIT FOR THE YEAR 216,4 265,6

Attributable to:Minority Interest (15,1) 8,0Net Income attributable to Equity Holders of the Parent 231,5 257,5

EBITDA 519,6 498,5

Note 1: CCI's consoliated results are proportionately consolidated in Anadolu Efes' financial results as per its 50.3% shareholding.

ANADOLU EFES

Consolidated Income Statements For the Six Months Period Ended 30.06.2010 and 30.06.2009

Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From Operations.

Prepared In Accordance with IFRS as per CMB Regulations

(million TRL)

Not 3: CCİ has completed 26,25% share purchase of Turkmenistan CC and purchase of certain real estates, movables, licenses and other

assets related to the water business of Sandras Su Gıda Turizm Taşımacılık İnşaat A.Ş (Sandras) in the first half of 2009. Accounting of

these business combinations was provisionally recorded on June 30, 2009 interim consolidated financial statements in accordance with

IFRS 3. Since fair value accounting of these transactions was reflected to the financial statements as of December 31, 2009, consolidated

interim financials statements of June 30, 2009 are restated.

47

2009/12 2010/6 2009/12 2010/6

Cash & Cash Equivalents 1053,3 813,3 Borrowings 949,3 776,9

Financial Investments 21,2 3,1 Trade Payables 234,9 331,5

Trade Receivables 421,5 772,2 Due to Related Parties 15,0 14,7

Due from Related Parties 0,8 0,6 Other Payables 202,3 398,9

Other Receivables 5,8 9,3 Provision for Corporate Tax 16,5 41,9

Inventories 412,4 438,1 Provisions 20,3 36,5

Other Current Assets 141,6 181,5 Other Liabilities 50,3 69,1

Total Current Assets 2.056,7 2.218,0 Total Current Liabilities 1.488,6 1.669,6

Other Receivables 0,9 1,6 Borrowings 908,1 1091,3

Financial Investments 40,1 40,1 Other Payables 126,6 141,5

Investments in Associates 45,4 34,5 Provision for Employee Benefits 40,1 42,6

Property, Plant and Equipment 1.981,6 2.038,1 Deferred Tax Liability 33,8 32,4

Intangible Assets 357,0 363,1 Other Liabilities 98,6 138,9

Goodwill 855,6 862,6

Deferred Tax Assets 46,9 53,1

Other Non-Current Assets 45,9 57,3 Total Non-Current Liabilities 1.207,2 1.446,6

Total Non-Current Assets 3.373,4 3.450,4 Total Equity 2.734,2 2.552,3

Total Assets 5.430,0 5.668,4 Total Liabilities and Shareholders' Equity 5.430,0 5.668,4

Note 1: CCI's consolidated financial results are consolidated in Anadolu Efes' financial results by proportionate consolidation method as per Anadolu Efes' 50.3% shareholding in CCI.

Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Financial Investments'' in Non-Current Assets part of the balance sheet.

(million TRL)

ANADOLU EFES

Consolidated Balance Sheets as of 30.06.2010 and 31.12.2009

Prepared In Accordance with IFRS as per CMB Regulations

48

2009/6

2010/6

Sale

s V

olu

me (

million h

ect

olitr

es)

4,5

4,4

SA

LE

S

690,3

677,4

GR

OS

S P

RO

FIT

FR

OM

OP

ER

AT

ION

S466,4

469,3

PR

OF

IT F

RO

M O

PE

RA

TIO

NS

260,7

235,2

Fin

anci

al I

ncom

e / E

xpen

se

10,2

3,8

CO

NT

INU

ING

OP

ER

AT

ION

S P

RO

FIT

BE

FO

RE

TA

X270,8

239,0

Pro

visi

on

for

Tax

es(5

1,6

)(4

4,1

)

PR

OF

IT F

OR

TH

E Y

EA

R219,3

194,9

EB

ITD

A298,3

278,0

2009/1

22010/6

Cas

h, C

ash

equi

vale

nts

and I

nves

tmen

t in

Sec

uriti

es440,6

315,3

Tra

de

Rec

eiva

ble

s214,1

427,0

Inve

ntories

105,5

102,3

Oth

er A

sset

s21,5

27,0

Tota

l C

urr

ent

Ass

ets

790,6

876,0

Inve

stm

ents

1281,5

1584,3

Pro

per

ty, P

lant

and

Equi

pm

ent

360,4

374,3

Oth

er A

sset

s21,5

35,5

Tota

l N

on-C

urr

ent

Ass

ets

1673,3

2007,2

Tota

l A

ssets

2463,9

2883,2

Tra

de

Pay

able

s47,4

72,9

Oth

er L

iabili

ties

139,7

269,1

Sho

rt-t

erm

Borr

ow

ings

147,6

279,1

Tota

l C

urr

ent

Lia

bilit

ies

342,4

624,2

Long

-ter

m B

orr

ow

ings

0,0

78,7

Oth

er L

iabili

ties

160,0

184,4

Tota

l N

on-C

urr

ent

Lia

bilit

ies

160,0

263,1

Share

hold

ers

' E

quit

y1961,5

1995,8

Tota

l L

iabilit

ies

and S

hare

hold

ers

' E

quit

y2463,9

2883,2

TU

RK

EY

BE

ER

OP

ER

AT

ION

S

Hig

hlighte

d I

nco

me S

tate

ment

Item

s F

or

the S

ix M

onth

s P

eri

od E

nded 3

0.0

6.2

010 a

nd 3

0.0

6.2

009

Note

: A

nadolu

Efe

s su

bsi

dia

ries

, ex

cludin

g b

rew

ing a

nd m

alt

pro

duct

ion s

ubsi

dia

ries

in T

urk

ey, are

sta

ted o

n c

ost

basi

s in

ord

er t

o p

rovid

e m

ore

com

pre

hen

sive

pre

senta

tion.

Note

:E

BIT

DA

com

prise

sof

Pro

fitfr

om

Oper

atio

ns(e

xclu

din

goth

eroper

atin

gin

com

e/ex

pen

sear

isin

gfr

om

Ana

dolu

Efe

s'ho

ldin

g

natu

re),

dep

reci

atio

n an

d o

ther

rel

evan

t no

n-ca

sh it

ems

up to P

rofit

Fro

m O

per

atio

ns.

TU

RK

EY

BE

ER

OP

ER

AT

ION

S

Hig

hlighte

d B

ala

nce

Sheet

Item

s as

of

30.0

6.2

010 a

nd 3

1.1

2.2

009

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S a

s per

CM

B R

egula

tions

(million T

RL

)

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S a

s per

CM

B R

egula

tions

(m

illion T

RL

)

49

2009/6

2010/6

Volu

me (

million h

ect

olite

rs)

6,7

7,6

NE

T S

AL

ES

416,9

472,0

GR

OS

S P

RO

FIT

195,5

224,2

PR

OF

IT F

RO

M O

PE

RA

TIO

NS

41,2

40,2

Fin

anci

al I

ncom

e / (E

xpen

se)

(61,6

)

(1,1

)

(LO

SS

)/P

RO

FIT

BE

FO

RE

TA

X(2

4,4

)

36,5

Inco

me

Tax

0,3

(6,8

)

(LO

SS

)/P

RO

FIT

AF

TE

R T

AX

(24,2

)

29,7

Attribut

able

to

Min

ority

Int

eres

t(2

,8)

4,3

Equi

ty H

old

ers

of th

e P

aren

t C

om

pan

y(2

1,4

)25,4

EB

ITD

A83,6

91,1

2009/1

22010/6

Cas

h an

d C

ash

Equi

vale

nts

and I

nves

tmen

ts in

Sec

uriti

es219,1

193,7

Tra

de

Rec

eiva

ble

s56,9

78,0

Inve

ntories

126,6

114,9

Oth

er C

urre

nt A

sset

s29,3

33,0

Tota

l C

urr

ent

Ass

ets

432,5

420,0

Pro

per

ty, P

lant

and

Equi

pm

ent

676,4

657,0

Inta

ngib

le A

sset

s (inc

ludin

g go

odw

ill)

456,1

438,9

Inve

stm

ents

in A

ssoci

ates

30,1

21,9

Oth

er N

on-

Cur

rent

Ass

ets

28,8

30,1

Tota

l N

on-C

urr

ent

Ass

ets

1.1

94,5

1.1

50,9

Tota

l A

ssets

1.6

26,9

1.5

70,9

Tra

de

and O

ther

Pay

able

s154,2

229,5

Sho

rt-t

erm

Borr

ow

ings

(in

clud

ing

curr

ent

po

rtio

n o

f lo

ng-

term

deb

t an

d le

ase

obl

igat

ion

s)228,0

109,8

Tota

l C

urr

ent

Lia

bilit

ies

382,2

339,3

Long

-ter

m B

orr

ow

ings

(in

clud

ing

leas

e o

blig

atio

ns)

473,7

445,3

Oth

er N

on-

Cur

rent

Lia

bili

ties

67,9

86,5

Tota

l N

on-C

urr

ent

Lia

bilit

ies

541,6

531,7

Tota

l E

quit

y703,2

699,9

Tota

l L

iabilit

ies

and S

hare

hold

ers

' E

quit

y1.6

26,9

1.5

70,9

Note

1: F

igur

es for

EB

I ar

e obta

ined

fro

m c

ons

olid

ated

fin

anci

al s

tate

men

ts p

repar

ed in

acc

ord

ance

with

IF

RS

.

INT

ER

NA

TIO

NA

L B

EE

R O

PE

RA

TIO

NS

(E

BI)

Hig

hlighte

d C

onso

lidate

d B

ala

nce

Sheet

Item

s as

of

30.0

6.2

010 a

nd 3

1.1

2.2

009

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S

(million U

SD

)

Note

2: F

igur

es for

EB

I ar

e obta

ined

fro

m c

ons

olid

ated

fin

anci

al s

tate

men

ts p

repar

ed in

acc

ord

ance

with

IF

RS

.

INT

ER

NA

TIO

NA

L B

EE

R O

PE

RA

TIO

NS

(E

BI)

Hig

hlighte

d C

onso

lidate

d I

nco

me S

tate

ment

Item

s F

or

the S

ix M

onth

s P

eri

od E

nded 3

0.0

6.2

010 a

nd 3

0.0

6.2

009

Note

1:

EB

ITD

Ahe

rem

eans

earn

ings

bef

ore

inte

rest

(fin

anci

alin

com

e/(e

xpen

se)—

net)

,ta

x,sh

are

of

net

loss

of

asso

ciat

es,

dep

reci

atio

nan

dam

ort

isat

ion,

min

usm

inority

inte

rest

,an

das

app

licab

le,

min

usga

ino

nho

ldin

gac

tiviti

es,

plu

slo

ss/(

gain

)o

nsa

leo

f

PP

E d

isp

osa

ls,

pro

visi

ons

, re

serv

es a

nd im

pai

rmen

t.

Pre

pare

d I

n A

ccord

ance

wit

h I

FR

S

(m

illion U

SD

)

50

Resta

ted

2009/6

2010/6

Sale

s V

olu

me(m

illion U

nit

Case)

275,6

302,9

Sale

s (n

et)

1.1

84,3

1.2

56,2

Cost

of S

ale

s (7

38,6

)

(7

86,2

)

GR

OS

S P

RO

FIT

445,6

470,0

Opera

ting E

xpense

s(3

24,8

)(3

41,1

)

Oth

er

Opera

ting I

ncom

e / (

Expense

) (n

et)

22,3

(2,8

)

EB

IT143,1

126,1

Gain

/ (

Loss

) fr

om

Ass

ocia

tes

0,0

0,0

Fin

ancia

l In

com

e / (

Expense

) (n

et)

(22,3

)(1

8,5

)

INC

OM

E B

EF

OR

E M

INO

RIT

Y I

NT

ER

ES

T &

TA

X120,8

107,6

Incom

e T

axes

(23,1

)(2

4,6

)

INC

OM

E B

EF

OR

E M

INO

RIT

Y I

NT

ER

ES

T97,7

83,0

Attributa

ble

to,

Min

ority

Inte

rest

(0,8

)0,4

Net In

com

e a

ttributa

ble

to S

hare

hold

ers

98,5

82,6

EB

ITD

A204,4

202,9

2009/1

22010/6

Cash

and C

ash

Equiv

ale

nts

544,2

350,1

Invest

ments

in S

ecurities

40,3

3,9

Tra

de R

eceiv

able

s and D

ue fro

m R

ela

ted P

art

ies

(net)

245,6

435,1

Invento

ry (

net)

211,1

300,0

Oth

er

Receiv

able

s2,9

4,0

Oth

er

Curr

ent A

ssets

141,8

204,8

Tota

l C

urr

ent

Assets

1.1

85,9

1.2

97,9

Invest

ment in

Ass

ocia

te0,0

0,0

Pro

pert

y, P

lant and E

quip

ment

1.1

90,4

1.2

31,2

Inta

ngib

le A

ssets

(in

clu

din

g g

oodw

ill)

450,3

467,8

Deffere

d T

ax A

ssets

1,1

1,2

Oth

er

Non-

Curr

ent A

ssets

35,4

26,6

Tota

l N

on-c

urr

ent

Assets

1.6

77,7

1.7

27,7

Tota

l A

ssets

2.8

63,6

3.0

25,7

Short

-term

Borr

ow

ings

903,6

641,7

Tra

de P

ayable

s and D

ue to R

ela

ted P

art

ies

123,5

207,2

Oth

er

Payable

s81,5

108,0

Pro

vis

ion for

Corp

ora

te T

ax

5,0

11,2

Pro

vis

ions

for

Em

plo

yee B

enefits

11,7

18,1

Oth

er

Curr

ent L

iabili

ties

12,2

35,6

Tota

l C

urr

ent

Lia

bilit

ies

1.1

37,6

1.0

21,7

Long-t

erm

Borr

ow

ings

385,0

602,9

Pro

vis

ions

for

Em

plo

yee B

enefits

28,7

29,4

Deffere

d T

ax L

iabili

ties

38,8

33,9

Tota

l N

on-C

urr

ent

Lia

bilit

ies

456,1

669,9

Tota

l E

quit

y1.2

69,9

1.3

34,1

Tota

l L

iabilit

ies a

nd S

hare

hold

ers

' E

quit

y2.8

63,6

3.0

25,7

Pre

pare

d I

n A

ccord

ance w

ith I

FR

S a

s p

er

CM

B R

egula

tions

(m

illi

on

TR

L)

Note

1: F

igure

s fo

r C

CI

are

obta

ined fro

m c

onso

lidate

d fin

ancia

l re

sults

pre

pare

d in a

ccord

ance w

ith I

FR

S a

s per

CM

B r

egula

tions.

Hig

hlighte

d C

onsolidate

d B

ala

nce S

heet

Item

s a

s o

f 3

0.0

6.2

010 a

nd 3

1.1

2.2

009

Not

3:CCİ

has

com

ple

ted

26,2

5%

share

purc

hase

of

Turk

menis

tan

CC

and

purc

hase

of

cert

ain

real

est

ate

s,m

ovable

s,lic

ense

sand

oth

er

ass

ets

rela

ted

toth

ew

ate

rbusi

ness

of

Sandra

sS

uGıda

Turizm

TaşımacılıkİnşaatA.Ş

(Sandra

s)in

the

firs

thalf

of

2009.

Accounting

of

these

busi

ness

com

bin

ations

was

pro

vis

ionally

record

ed

on

June

30,

2009

inte

rim

conso

lidate

dfinancia

lst

ate

ments

inaccord

ance

with

IFR

S3.

Sin

ce

fair

valu

e

accounting

of

these

transa

ctions

was

reflecte

dto

the

financia

lst

ate

ments

as

of

Decem

ber

31,

2009,

conso

lidate

din

terim

financia

lsst

ate

ments

of

June

30, 2009 a

re r

est

ate

d.

SO

FT

DR

INK

OP

ER

AT

ION

S (

CC

I)

Hig

hlighte

d C

onsolidate

d I

ncom

e S

tate

ment

Item

s F

or

the S

ix M

onth

s P

eri

od E

nded 3

0.0

6.2

010 a

nd 3

0.0

6.2

009

Note

1: E

BIT

DA

com

prise

s of p

rofit fr

om

opera

tions,

depre

cia

tion a

nd o

ther

rele

vant non-c

ash

ite

ms

up to E

BIT

.

SO

FT

DR

INK

OP

ER

AT

ION

S (

CC

I)

Pre

pare

d I

n A

ccord

ance w

ith I

FR

S a

s p

er

CM

B R

egula

tions

(million T

RL

)

Note

2: F

igure

s fo

r C

CI

are

obta

ined fro

m c

onso

lidate

d fin

ancia

l re

sults

pre

pare

d in a

ccord

ance w

ith I

FR

S a

s per

CM

B r

egula

tions.

Sparkling Beverages

39.4%Bottled Water

27.6%

Fruit Juices&Still Drinks

10.6%

Ayran16.2%

Sparkling Water5.3%

Other1.0%

Tea48.7%

RTD AFB23.2%

HOD25.0%

Hot Coffee2.5%

Powder&Concentrate

0.6%

Turkey Alcohol Free Beverage Market - 2009

Hot tea category constitutes 49% of alcohol-free beverages

Source: Canadean

51

AFB Market (exc. milk)

4.9 billion uc

RTD AFB Market (exc. milk)

1.1 billion uc