- 1 -

SABANCI RETAILING GROUP

INVESTOR PRESENTATION

October 2006

- 2 -

AGENDA

Sabancı Food Retail

Sabancı Consumer Electronics Retail

- 3 -

FOOD RETAIL MARKET, REACHED 28 BILLION US$ IN 2005, IS EXPECTED TO GROW WITH THE GDP

The Share Of Organized Retail In Total Is Expected To Further Increase In The Coming Years

Source: AC Nielsen, CarrefourSA, Food & Retail Group Analysis

11 1217

171717

2005 2006E 2009F

Share of Organized retail :

39% 42% 50%

Turkish Food Retail Market (Billion US$)

28 2934

Organized

Traditional

Total

CAGR(06E-09F)

%12

%0

%5

Similarly, the share of organized retail increased from 51% to 83% in Europe in the last 20 years

Similarly, the share of organized retail increased from 51% to 83% in Europe in the last 20 years

- 4 -

THE NUMBER OF ORGANIZED RETAILERS (CHAINS) HAVE BEEN INCREASING, WHEREAS THE NUMBER OF GROCERY STORES HAVE

BEEN DECREASING IN THE LAST YEARS

Source : AC Nielsen

Number of Retail Outlets By Type In The Turkish FMCG Retail(1998-2006E) (‘000 units)

55.5 59.3 62.6 63.5 65.1

155.4136.8 122.3 122.8 116.9

12.2

13.213.6 15.2 14.8

3.04.0 4.8 6.5

2.1

1998 2000 2002 2004 2006E

Others(pharmarcy, kiosks etc)

Grocery stores

Med- marketsChains

225 K212 K

203 K 206 K 203 K

CAGR(98-06)

-%1.3

%14.9%2.4

-%3.5

%2.0

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SIMILAR TO DEVELOPED COUNTRIES’ MARKETS, CONSOLIDATION IS A REALISTIC EXPECTATION FOR THE

TURKISH FMCG RETAIL SECTOR

13%

21%

28%

38%

39%

40%

50%

67%

75%

79%

80%

85%

88%

Poland

Turkey

Italy

Spain

Greece

France

UK

Germany

Austria

Switzerland

Finland

Swedeen

Denmark

The Total Market Share of The Top Three Food Retailers (2004/05) (%)

Source : AC Nielsen

- 6 -

Other organized

retailers, 42.4%Metro

Cash&Carry ve Real, 10.2%

Tesco-Kipa, 3.1% Koç Group,

20.8%CarrefourSA Group, 14.2%

BİM, 9.2%

Organized Food Retail Market(As of December 2005)

CARREFOURSA GROUP IS THE 2ND BIGGEST GROCERY RETAILER IN THE TURKISH ORGANIZED FOOD RETAIL MARKET

As of 2005, The Size of The Organized Food Retail Market Was ~11 Billion US$

(Migros, Tansaş & Şok

markets)

CarrefourSA Group’s top competitors in the food retail market are:- Real and Tesco Kipa in the hypermarket format- Migros and Tansaş in the supermarket format- BİM and Şok in the discount market format

CarrefourSA Group’s top competitors in the food retail market are:- Real and Tesco Kipa in the hypermarket format- Migros and Tansaş in the supermarket format- BİM and Şok in the discount market format

- 7 -

CARREFOURSA GROUP COMPETES WITH THREE DIFFERENT FORMATS IN THE TURKISH FOOD RETAIL SECTOR

The Total Net Sales Target For 2006 Is 1.5 Billion Euros

Hypermarkets Supermarkets Discounts markets

2006B total net sales target for hypermarket and supermarket formats is 1.2 billion Euros

2006B total net sales target for discount market format is 0.3 billion Euros

2006B total net sales target for hypermarket and supermarket formats is 1.2 billion Euros

2006B total net sales target for discount market format is 0.3 billion Euros

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CARREFOURSA GROUP WILL HAVE 14 CARREFOURSA HYPERMARKETS IN 8 CITIES BY THE END OF 2006

Ankara

İzmir

Mersin

Adana

Kocaeli

İstanbul

Bursa

Source: CarrefourSA

7 stores

~49% of the total net sales (0.7 Billion Euros) will be coming from CarrefourSA hypermarkets in 2006

~49% of the total net sales (0.7 Billion Euros) will be coming from CarrefourSA hypermarkets in 2006

Eskişehir

- 9 -

CARREFOURSA GROUP WILL HAVE 88 GİMASA AND 7 CHAMPIONSA SUPERMARKETS IN 33 CITIES BY THE END OF 2006

88 GimaSA Supermarkets In 33 Cities and 7 ChampionSA Supermarkets In Istanbul

Ankara

İzmir

Aydın

MuğlaAntalya

Mersin

Adana

Hatay

G.AntepŞ.Urfa

Diyarbakır

VanMalatya

Sivas

KayseriAksaray

Kırıkkale

RizeTrabzonOrdu

Samsun

SinopZonguldak

Karabük

DüzceAdapazarıKocaeli

İstanbulÇorluEdirne

Çanakkale

Balıkesir

Bursa

Source: CarrefourSA

7 ChampionSA

29 GimaSA 2 GimaSA3 GimaSA

2 GimaSA

2 GimaSA

10 GimaSA

2 GimaSA2 GimaSA

5 GimaSA

2 GimaSA

2 GimaSA

2 GimaSA

2 GimaSA

2 GimaSA

~33% of the total net sales (0.5 Billion Euros) will be coming from ChampionSA and GimaSA supermarkets in 2006

~33% of the total net sales (0.5 Billion Euros) will be coming from ChampionSA and GimaSA supermarkets in 2006

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DIASA WILL REACH 440 STORES BY THE END OF 2006. THE COMPANY PLANS TO GROW IN TWO OTHER REGIONS VIA ALREADY EXISTING ENDI

STORES AS WELL AS NEW DIASA STORES

İzmir

Kocaeli

İstanbul

Bursa

Note: Endi is the discount market format of the Gima Group which was fully acquired in 2005Source: DiaSA

Marmara Region 2006B target: 393

markets

Adapazarı

Balıkesir

Tekirdağ

Aegean Region 2006B target: 36 markets (6 Endi stores)

Ankara

Central Anatolia Region

2006B target: 11 markets (all

Endi)

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CARREFOURSA PLANS TO DOUBLE ITS HYPERMARKET NETWORK UNTIL THE END OF 2009

1214

28

2005 2006 E1 2009F

CarrefourSA Hypermarket Numbers and Sales Area Evolution

Total sales area (K m2)

113 121

%17%17

%7%7

228CAGR: %24CAGR: %24

Source: CarrefourSA

%26%26

CAGR (06E1-09F)

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CARREFOURSA PLANS TO INCREASE ITS SUPERMARKET NETWORK BY 50% UNTIL THE END OF 2009

The Growth Will Be Mainly Accomplished With GimaSA Brand

88 95

137

2005 2006 E1 2009F

CarrefourSA Supermarket Numbers and Sales Area Evolution

Total Sales Area (K m2)

107 113

%8%8

%6%6

160

Source: CarrefourSA

%13%13

CAGR (06E1-09F)

CAGR: %13CAGR: %13

- 13 -

37

182313

440

837

2000 2003 2005 2006 E1 2009F

DIASA PLANS TO NEARLY DOUBLE ITS DISCOUNT MARKETS UNTIL THE END OF 2009

DiaSA Discount Market Numbers and Sales Area Evolution

Total Sales Area (K m2)

%24%24

CAGR (06E1-09F)

Source: DiaSA

%53%53

CAGR (00-05)

72 97 188

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0.3

1.2

IN PARALLEL WITH STORE EXPANSION, SABANCI FOOD RETAIL TURNOVER WILL NEARLY DOUBLE IN THREE YEARS

Sabancı Food Retail: €1.5B

Source: CarrefourSA, DiaSA

%23%23

CAGR (06-09)

0.6

2.2CarrefourSA:

CarrefourSA:

DiaSA:

DiaSA:

Sabancı Food Retail: €2.8B

Total Turnover 2006 (B €)

Total Turnover 2009F (B €)

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AGENDA

Sabancı Food Retail

Sabancı Consumer Electronics Retail

- 16 -

2005-2009F Turkish Consumer Electronics and White Goods Market (US$ M)

CONSUMER ELECTRONICS AND WHITE GOODS MARKET IS EXPECTED TO REACH ~9 BILLION US$ IN 2009

4.8 5.3

7.1

1.61.7

1.7

2005 2006B 2009F

Consumer Electronics (IT, telecom and electronics)

CAGR (06-09F)

%10%10

Total %8%8

Source: GfK, TeknoSA forecasts

6.46.47.07.0

8.88.8

White Goods

TeknoSA’s main categories

%4%4

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TEKNOSA A.Ş. HAS BOTH RETAIL OPERATIONS AND FRANCHISING BUSINESS

Retail Operations Account For ~90% Of The Business

• By the end of 2006, there will be 151 TeknoSA stores in Turkey

• Main Product Groups: - Electronics- IT Products- Telecom

• More than 200 İklimSa dealers in Turkey

• Main Product Groups: - Air Conditioners and Combi Boilers- Cash Registers- Refrigerators

Retail Operations Franchising Business

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TEKNOSA WILL REACH 151 STORES BY THE END OF 2006TeknoSA Presence In All Of The Major Cities

İstanbul45 stores

Bursa 4 stores

İzmir 12 stores

Mersin 3 stores

Adana 7 stores

İzmit

4 stores

Antalya4 stores

Denizli2 stores

Konya3 storesAydın

2 stores

Bodrum1 store

Sakarya

1 store

Manisa 1 store

Gaziantep2 stores

Diyarbakır 2 stores

Malatya 2 stores

Balıkesir 1store

Çanakkale 1 store

Trabzon1 store

Samsun 2 stores

K. Maraş1 store

Şanlıurfa 1 store

Elazığ1 store

Sivas1 store

Kayseri 2 store

Ordu 1 store Giresun

1 storeErzurum1 store Ağrı

1 store

Van1 store

Mardin1 store

Nevşehir1 store

Kütahya1 store

Uşak1 store

Afyon1 store

Isparta1 store

Eskişehir 2 stores

Edirne1 store

Kırklareli1 store

Çorum1 store

Rize1 store

Bolu1 store

Yalova 1 storeTekirdağ 2 stores

Amasya1 store

İskenderun1 store

Ankara 22 stores

Kırıkkale1 store

Batman 1 store

Alanya1 store

Hatay1 store

Adıyaman1 store

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TEKNOSA TARGETS DOUBLING ITS STORE NETWORK BY 2009 The Total Net Sales Area Will Reach 95 Thousand Sqm By 2009

96

151

300

2005 2006 E1 2009F

TeknoSA Store Number and Net Sales Area Evolution

Total net sales area (K m2)

22 32

57%

46%

95

Average store size (m2)

229 317

Source: TeknoSA

CAGR: %43CAGR: %43

%26%26

CAGR (06E1-09F)

- 20 -

1.00

0.51

0.36

2005 2006 B 2009F

TEKNOSA TOTALLY TARGETS TO DOUBLE ITS NET SALES IN THE NEXT THREE TEARS

Net Sales Target* For 2009 Is 1 Billion US$

TeknoSA Total Net Sales Forecasts* – 2005-2009F (M US$)

CAGR(06-09)

25%

Note: Domestic sales only.

Source: TeknoSA

TeknoSA will expand internationally (especially in the Eastern Europe) in the near future through both acquisitions and

greenfield investments

TeknoSA will expand internationally (especially in the Eastern Europe) in the near future through both acquisitions and

greenfield investments