SABANCI HOLDING

ANNUAL RESULTS SHARING

March 08th, 2011

Agenda

• Economic Outlook

- Global Economy

- Turkish Economy

• Sabancı Holding Review

'06 '07 '08 '09 '10T '11T

5.2% 5.3%

2.8%

-0.6%

5.0%

4.4%

'06 '07 '08 '09 '10T '11T

3.0%2.7%

0.2%

-3.2%

3.0%2.5%

3

Actual and Estimated World Economic Growth(2006 – 2011E, %)

World Economy Developed Countries Developing Countries

GDP % Real Growth

'06 '07 '08 '09 '10T '11T

8.2%

8.7%

6.0%

2.5%

7.1%

6.5%

World economy will grow stronger in 2011IMF increased growth estimates

Growth driven by Asia/Pacific countries

Source: IMF World Economic Outlook Database January 2011

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 )

15,4

0

20

40

60

80

100

120

140

160

Da

nin

ark

aİs

viçr

eA

BD

İrla

nd

aİs

pa

nya

Ka

na

da

Po

rte

kiz

G.K

ore

İsve

çB

.Kra

llık

Ho

llan

da

Jap

on

yaA

lma

nya AB

Fra

nsa

Yu

na

nis

tan

Po

lon

yaİta

lya

Ma

cari

sta

nB

elç

ika

Çe

kÇ

in

Tü

rkiy

eR

usy

a

Den

mar

k

Sw

itze

rlan

d

US

AIr

ela

nd

Spa

inC

ana

da

Por

tug

al

S. K

ore

aS

we

de

nU

.K.

Hol

lan

dJa

pan

Ger

man

yE

uro

Reg

.F

ran

ceG

ree

ceP

ola

nd

Ita

ly

Hun

ga

ryB

elg

ium

Cze

ch

Chi

na

Tu

rkey

Rus

sia

Public Debt – Selected Countries% GDP (2010 )

96

42 37

-

50

100

150

200

250

Japonya

Yunanis

tan

İtaly

aBelç

ika

Geliş

miş

İrla

nda

ABD

Sin

gapur

Fransa

Port

eki

zEuro

Bölg

esi

Kanada

Maca

risr

an

B.K

rallı

kİs

rail

Alm

anya

Hin

dis

tan

Avu

stury

aİs

panya

Türk

iye

Geliş

en

Japa

n

Gre

ece

Ita

lyB

elg

ium

Dev

elo

ped

Ire

lan

d

US

A

Sin

ga

po

reF

ran

ceP

ortu

ga

l

Eur

o R

eg.

Can

ad

a

Hun

ga

ry

U.K

.

Isra

el

Ger

man

y

Ind

ia

Aus

tria

Spa

in

Tu

rkey

Dev

elo

pin

g

5

Increasing oil and commodity prices put growth and low inflation at risk

06 07 08 09 10100

120

140

160

180

200

220

Raw Material Except EnergyHWWI Index 2000=100 real

06 07 08 09 10 11300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

EnergyCRB Index 1977=100

2008 2009 2010 201130

50

70

90

110

130

150

Brent OilUSD/barrel

Source : Reuters, Sabancı Holding

Nations try to prevent the appreciation of their currencies in order to increase exports

06 07 08 09 1090

110

130

150

170

USA

Euro Zone

Developed Economis

Japan

Export: Developed EconomiesCPB Index ( 2000=100 )

06 07 08 09 1090

110

130

150

170

190

210

230

250

270

290 AsiaDeveloping Economies

Middle and East Europe

Middle-East Africa

Latin America

Export: Developing EconomiesCPB Index ( 2000=100 )

6Sources : Reuters, Sabancı Holding

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 sectorcapital adequacy ratio :

% 18.9

Source: Reuters, TUIK, TCMB, Sabancı Holding7

Çin

Arj

anti

n

Hin

dis

tan

Türk

iye

Tayla

nd

Bre

zily

a

Male

zya

Endonezy

a

G.K

ore

Meksi

ka

İsra

il

Polo

nya

Rusy

a

G.A

frik

a

Maca

rist

an

0

2

4

6

8

10

12

10.39.5

8.4 8.2 8.07.6

7.0

6.0 6.05.3

4.33.8 3.6

3.0

1.3

Growth of Developing CountriesCSFB, 2010 estimated, %

Chi

na

Arg

entin

e

Indi

a

Tur

key

Tha

iland

Bra

zil

Mal

aysi

a

Indo

nesi

a

S. K

orea

Mex

ico

Isra

el

Pol

and

Rus

sia

S. A

fric

a

Hun

gary

GDP exceeded pre-crisis levels by Q3 2010 with strong growth fueled by domestic demand

05 06 07 08 09 1080

85

90

95

100

105

87.2

101.4

GDP2008 1Q=100

06 07 08 09 10 1160

80

100

Private Consumption

65.3

91.0

103.6

89.3

Private Investment

Private Consumption and Investment2008 1Q=100

Source: BDDK, TCMB, TUIK, Sabancı Holding8

Growth strengthened by Q4 2010 and labor market recovery continues

Nevertheless unemployment rate is still high

06 07 08 09 10 11-11

-8

-5

-2

1

4

7

10

5.8

December

Industrial production 3month/3month, seasonally ad.

Capacity utilization ratio Manufacturing industry, %, seasonaly ad.

07 08 09 10 1155

65

75

85

February % 76.1

Seasonally unadjusted : % 74.6

06 07 08 09 10 117

12

17

November

14.2

11.2

Unemployment rate %, seasonally adjusted

Source : BDDK, TCMB, TUIK, Sabancı Holding9

Early indicators show that domestic demand continues to grow but at a slower pace

Real CreditsAnnual % change

06 07 08 09 10 11-20

0

20

40

60

80

Feb

Household% 33.5

Other

% 29.2

Investment ExpectationsIYA-Next 12 months ( change)

07 08 09 10 11-60

-50

-40

-30

-20

-10

0

10

20

30

40

February

Confidence Index TUIK, 2005=100

07 08 09 10 1140

50

60

70

80

90

100

110

120

130 Real Sector February 111

ConsumerJanuary

91.3

Kaynak : BDDK, TCMB, TUIK, Sabancı Holding10

Turkey with dependency on imported commodities, growing with local demand and low domestic saving levels

has high current account deficitP

orte

kiz

Yun

anis

tan

Tür

kiye

İspa

nya

AB

D

Hin

dist

an

Fra

nsa

İtal

ya

Çek

Pol

onya

Bre

zily

a

B.K

ıral

lık

İrla

nda

Eur

o B

ölge

si

Mac

aris

tan

İsve

ç

Japo

nya

Kor

e

Tay

land

Alm

anya

Rus

ya

Hol

land

a

Çin

-12

-10

-8

-6

-4

-2

0

2

4

6

8

-6.5

Po

rtu

ga

l

Gre

ece

Tu

rke

y

Sp

ain

US

A

Ind

ia

Fra

nce

Ita

ly

Cze

ch

Po

lan

d

Bra

zil

U.K

.

Ire

lan

d

Eu

ro R

.

Hu

ng

ary

Sw

ed

en

Jap

an

Ko

rea

Th

aila

nd

Ge

rma

ny

Ru

ssia

Ho

llan

d

Ch

ina

Current Account Balance - % GDP ( 2010 )

Source : CSFB, TCMB, TUIK11

98 99 00 01 02 03 04 05 06 07 08 0910

15

20

25

30

35

40

45

50

5551.2

29.4

17.3

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

2011 Expectations - Turkey

Kaynak : Sabancı Holding

2010 2011t

8.2 5.0

6.40 7.00

1.546 1.55-1.60

1.3254 1.30 -1.35

(3.5) (4.0)

7.68 8.5-9.0

(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

Agenda

• Economic Outlook

• Sabancı Holding Review

15

• 72 affiliates under 26 parent companies

• Operating in 16 countries with 57,2001 employees

• 12 listed companies in ISE making up 12% of the market2

• 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

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

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

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

1,112 1,128

2,061

729

Sabancı Group Companies– Investments (Milllion USD)

We believe in our country...

%53

%1

%83

Toplam - $1.435 milyon

• Generation: $1.212 million

• Distribution: $ 223 million

Source : Sabancı Holding BMK 19

20

CEMENTMarmara Region(1)

Mediterranean and Cent. Anatolia Regions(1)27%

26% 1

1

Global Tire Reinforcement Sales

Total Domestic Tire Sales

Total Light Commercial Truck Sales(2)

32%

43%

20%

25%

12% Domestic Corrugated Cardboard Sales

Domestic A Class Fabric Sales, #2 in Europe

1

1

1

2

1INDUSTRIAL

One of the 3 major companies in the World Fiber production leader in Turkey & in Europe

Chemical productionFiber production

42% Domestic Cigarette Sales

1

1

Sabancı Group companies lead the sectors in which they operate…

Sabancı Companies Market Shares MarketRanking

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

INSURANCE

Total Annual Contribution

21%

7% Non-life Gross Premiums

4

1

Credits(3)10% 3BANKING

RETAIL Total Organized Retail Sales(4)

Total Electronic Retail Sales13% 1

316%

ENERGY3.2 million customers8% market share

2015 - 5,000 MW generation capacity with 10% market share

Electricity sales - Twh

Distribution

Generation

Electricity distribution - people

Sabancı Companies Market Share Market

Sabancı Business Units Ranking

Notes: (3) September 2010 Market share (4) Diasa sales includedSource : GFK, OSD, The Banks Association of Turkey ,The Company Association of Insurance and Reinsurance, TÇMB

$3,042

$6,153

$9,096 $7,154 $1,124

$2,538

$2,581

$2,460

$1,956

$2,913

$3,640

$3,615

$490

$321

$399

$512

31 Ara. 2008 31 Ara. 2009 31 Ara. 2010 4 Mar. 2011

$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. 2008 31 Dec. 2009 31 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

Sabancı Holding has a strong equity structure...

Total Equity1 - (Billion TL)

%15

%16

%11

(1): Numbers belong to Sabancı Holding ‘s parent and they are consolidated Source: Sabancı Holding BMK

24

Our net sales will continue to grow in 2011

20.6

22.8

19.319.0

CAGR (2008-2011): % 6

%1

%7

%11

Consolidated Net Sales (Billion TL)

Source: Sabancı Holding BMK

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

• 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…

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 %4.0 ~%10

Natural gas power plants

Hydroelectric power plants

Lignite coal plantsWind Tirbunes

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

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 cap1

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

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 December2010Source: KALDER, The Banks Association of Turkey, The Company Association of Insurance and Reinsurance, TNS PİAR ve Synovate

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

dealsSource: Nielsen

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 store1

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

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

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

Sustainable Growth

Commercial Operations

Environmental Sensitivity

Corporate Responsibility

In order to increase our contribution to our country, we need to ensure sustainable growth

Three pillars of sustainable growth …