SABANCI HOLDING
October 2006
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Share Price Performance

Key Investment Messages
1
A Leading Turkish Enterprise



More than 30 main companies
(14 listed, 8 JVs)
CORE BUSINESSES
Consolidated Financials (2005)
Revenues - $10.6 Billion
Total Assets - $46.0 Billion
Shareholders’ Equity - $ 5.1 Billion
As of Sep 22, 2006, 14 listed
companies represent ~17% of ISE
Market Cap, while Sabancı Holding
represents ~5%
2

Financial Services
 Automotive,
Tire & Tire
Reinforcement Materials
 Food & Retailing

Cement

Energy
Overview – Organizational Initiatives

Redefined organization and management roles.

Rationalized the number of SBU’s, reducing them from 8 to 6.

Modified corporate governance to empower and bring more
autonomy to SBU presidents.

Reviewed and approved 3-year strategic plans of each business unit.

Defined the potential in Energy after a thorough review of this business
with outside advisors; established Energy SBU.

Conducted a participative search conference to identify Sabancı
Holding’s 2015+

Vision
 Mission Statement
 New Management Approach
3
Overview – Business Highlights - 2006

Relocated Kordsa International HQ to Istanbul with new name Kordsa
Global, and subsequently announced merger of Kordsa A.Ş. into Kordsa
Global; expected to be completed in Q4, 2006.

Finalized Carrefoursa and GIMA merger by the end of August, 2006; listing
Carrefoursa on the ISE.

In Q3 2006, Akçansa started a new capacity expansion program to double the
clinker capacity at its Çanakkale plant to 3.7 million tons (total company to
5.7 million), with expected investment of $135 M; expected to be operational
at the end of 2007.

In October 2005, Çimsa acquired Eskişehir plant and Lalahan grinding
facility (182,000 tons) for $175.5 M and recently announced a capacity
expansion program to increase its clinker capacity by 905,000 tons to 1.4
mil. tons (total company to 3.1 mil. tons) with expected investment of $75M.
4
Overview – Business Highlights - 2006

On October 2, 2006, Advansa finalized the sale of its PTA and PET
businesses to La Seda De Barcelona, Spain for €320 M.

In May 2006, Enerjisa acquired the licence and rights for Tufanbeyli coal
reserves for $78 M and announced the investment for an elecricity generation
plant with capacity of min 450 MW; expected to start by the end of Q1,2007.

In June 2006, Enerjisa obtained an option to acquire the rights for Horasan
(Erzurum) coal reserve. The capacity of the reserve is expected to be 450 –
600 MW and the investment will be determined after the feasibility.

In August 2006, Enerjisa acquired Ser Enerji, owning two sites and their
licences with potential of 215 MW elecricity generation capacity.

In March 2006, Holding’s purchase of its 189 founder shares for a total
value of approx. $200 M was finalized.
5
Vision and Mission Statement

Vision:
“Creating sustainable advantage through differentiation”

Mission Statement:
“Managing a competitive strategic portfolio with sustainable
growth potential to create value for all of our stakeholders”
6
Management Approach
RESPONSIBILITY
AND
TRANSPARENCY
1
CREATIVITY
2
STRATEGIC
APPROACH
4
PARTICIPATION
3
Responsibility
and Transparency: Upholding our core values of
modesty, respect and proximity to people, being social
responsible and managing according to the principles of
Corporate Governance.
Creativity: Creating lasting advantages such as brand,
technology, design, network and IP.
Participation: Generating a management approach that
promotes participation and collective thinking in decision making
process.
Strategic Approach: Managing the present with excellence and
to shape our future to ensure long term advantage.
7
Management Platforms
SA15+ (STRATEGIC PLANNING)
SABE (SABANCI BUSINESS EXCELLENCE)
SA15+ involves work carried out in a participatory
manner to provide a roadmap to identify where
the Sabancı Group will be in the next
ten years and beyond to ensure
sustainable profitable growth.
SABE is a continuous and systematic improvement
approach for better performance.
The purpose of SABE is to make
sure business excellence becomes
a lifestyle throughout the Group
and to create sustainable
competetive advantage
GROWTH AND VALUE
CREATION THROUGH
INNOVATION
INFORMATION
TECHNOLOGY
SATEK, Sabancı Holding
Technology, Materials and Intellectual
Property Committee, is establihed to
evidently increase the activities on
Research & Development, achieving
Technological Superiority as well as preservation
and development of Intellectual Property Rights
within the Sabancı Group.
The Sabancı Group has taken on
the initiative of promoting innovations
in all of its businesses and to ensure that
innovation is part of the organization culture and
management approach.
HUMAN RESOURCES & ORGANIZATIONAL TRANSFORMATION
Human Resources and organizational transformation begins with the identification of critical ‘systems and
processes’ necessary to accomplish the objectives of the Sabancı Group. Once the critical ‘systems and
processes’ are defined, ‘people profile’, ‘culture’ and ‘organizational structure’ are also examined to ensure that
they support these systems.
8
Target Business Portfolio
NAV(*)
Target Breakdown
Financial Services
40%
Other
Food &
Retailing
10-15%
5%
10% 15% 10-15%
Cement
Auto.Tire
&Tire Reinf.
Energy
(*) Net Asset Value breakdown estimate projected in line with each business unit’s 3-year business plan.
9
Organization Structure
An actively managed portfolio of businesses
Sabancı
Holding
Board
Chairman


SA Vision
SA Strategies

Execution
CEO

Coordination /
Synergy Creation
Strategic Business Units

SBU Strategy
Execution
Operating Companies

10
Operation
Active Conglomerate Creating Synergy
A
C
T
I
V
E
Three Main Functions

Strategy
 Finance
 Human Resources
Support Services Provided Centrally
S
Y
N
E
R
G
Y
Tax Management
 Legal Services
 Government Relations
 Risk Management
 Internal Auditing
 Operational Excellence Management
 International Trade (based in London, UK)

11
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Share Price Performance

Key Investment Messages
12
Well Positioned Globally for Growth
Service Oriented
Manufacturing Oriented
52% of the World
Population
Live in Developing
Asia
Turkey &
:
A Bridge Between
East and West
13
Ability to Attract and Successfully Manage JV’s
with Foreign Blue-Chip Partners
14
Leading Market Shares in Key Sectors
Sector
Banking
Domestic
Company Market Shares
Akbank
14%
Criteria
Market
Position
Total Loans
2
Nylon&T.Cord Kordsa Glb.
42%
Nylon 66 - Europe
1
Steel Cord
Beksa
42%
Domestic Sales
1
Cement
Akçansa
Marmara Region
1
Cement
Çimsa
27%
Mediterrenean
1
Tires
Brisa
31%
Domestic Sales
1
Retailing
Carrefoursa(*) 15%
Net Sales
2
29%
(*) Net Sales as % of the organized retail market. Includes Diasa
15
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Share Price Performance

Key Investment Messages
16
Strategy for Growth – Existing Businesses

Retailing
Organic growth in Carrefoursa and Teknosa through
aggressive new store openings
Evaluate regional growth opportunities for Teknosa

Food
Leverage Marsa’s existing distribution network
Focus on fast-growing and profitable food categories

Cement
Increase existing capacity with new investments
Evaluate further local acquisition targets and regional /
global strategic opportunities
17
Strategy for Growth – Existing Businesses

Nylon & Polyester Tire Cord
Evaluate




acquisition / alliance opportunities in Asia
Tires
Finalize local capacity expansion of 60% by 2007 in Brisa.
Automotive
Evaluate organic growth /acquisition opportunities in heavy trucks
Evaluate organic growth opportunities in coach & midicoach
business in Greater Europe
Chemicals
Finalize divestiture of PTA & PET Resin businesses
Reposition / restructure remaining assets
Textiles
Evaluate potential strategic alliance/ divestiture opportunities
18
New Business Strategy – Energy – Road Map

Electricity
Generation
Distribution
Transmission
Trade
Wholesale / Retail
Energy Service Mgmt
Electricity distribution privatizations (expected in late 2006)
 Increase existing generation capacity of 370 MW (2% of Turkey’s production) to
10% levels in the long term
 Portfolio diversification with hydro and coal-based generation
 Target 10-15% of sales from trading activity


Natural Gas
Generation Transmission Storage
Distribution
Natural gas distribution privatizations (expected 2008 onwards)
 Trade and wholesale business entry (2007-2012 frame)

19
Trade
Wholesale
New Business Strategy – Electricity Generation


Coal–based Generation

In May 2006, Enerjisa acquired the licence and rights for Tufanbeyli coal
reserves for $78 M and announced the investment of an electricity generation
plant with capacity of minimum 450 MW; expected to start by the end of
Q1, 2007.

In June 2006, Enerjisa obtained an option to acquire the rights for Horasan
(Erzurum) coal reserve. The capacity of the reserve is expected to be 450 – 600
MW and the investment will be determined after the feasibility.
Hydro Generation

In August 2006, Enerjisa acquired Ser Enerji, owning two sites and their licences
with potential of 215 MW elecricity generation capacity.
20
Food Retailing
CARREFOUR
With Gima acquisition, Carrefoursa becomes the leader in
the Turkish organized retail market.
# of Stores
Net Sales Area
(m2)
345
197,700
12
113,600
7
12,100
326
72,000
Gima 3
126
106,000
Gima
81
93,000
Endi 4
45
13,000
Carrefour - Sabancı
Carrefoursa
Championsa 1
Diasa 2
1
2
3
4
Large Supermarket format under Carrefoursa umbrella.
Discount store chain 60% owned by Dia (Carrefour subsidiary) and 40% owned by Sabancı Holding.
Net leasable area of 30,000 m2 is excluded from Gima’s net selling area
Discount store chain integrated into Diasa.
21
Food Retailing
CARREFOUR

€1.2 billion
2006 Revenue Budget
Target No. of Supermarkets*
Target No. of Hypermarkets
140
30
15
12
11
88
60
11
95
40
20
0
0
2004
107
80
14
5
2003
122
100
19
20
10
120
24
25
2005
2006
(*) Including 81 Gima supermarkets
2007
2008
22
5
7
2003
2004
2005
2006
2007
2008
Food Retailing
DIA

€250 million
2006 Revenue Budget
Target No. of Stores
800
737
700
572
600
500
440*
400
313
300
239
200 182
100
0
2003
(*) Including 45 Endi stores
2004
2005
2006
23
2007
2008
Non-food Retailing

The only electronics retailing chain in Turkey with a full and widest range
of consumer electronics categories
Distributorship of Mitsubishi, Sharp & Midea A/Cs; Sharp cash registers;
Radioshack products, Beretta Combination Boilers.
Strong brand portfolio with international brands including Nokia, Sony,
Siemens, Apple, HP, Toshiba, Panasonic, LG, Samsung, Dell, Sharp etc.
Plans to grow in the region, as well as maximizing national coverage

2005 Revenues
$362M

2009 Target Revenue
$1 Billion



Total Selling Space 000 m2
Number of Stores
300
250
200
2002
41 57
2004
2005
2006
2008
2009
32
96
5.2
2003
95
54
151
30
75
2007
2008
2009
24
2002
9.2
2003
12.1
2004
22
2005
2006
2007
Non-food Retailing
Teknosa’s growth plans are based on the electronics retailing
Currently ~90% of the sales come from retailing business
Retailing
Distributor Group
• July 2006: 129 stores in 37 cities
• Over 500 authorized dealers and services
Main Product Groups:
Electronics
Telecom
Main Product Groups:
IT Products
• TV
• Mobile Phones
• PC, Notebook
• Dijital Camera
• Cordless Phones
• IT hardware
• Viewcams
• Audio Systems
Air Conditioners
& software
• Printers
25
Cash Registers
Refrigerators
Combination
Boiler
Non-food Retailing
Electronics Retail Market (US$ B) & Teknosa Share (%, right axis)
10.0
$9.5
9.0
40%
35%
8.0
30%
7.0
6.0
$6.5
25%
$5.3
5.0
20%
19.0%
4.0
15%
15.7%
3.0
10%
2.0
9.2%
5%
1.0
0.0
0%
2006
2008
26
2015
Non-food Retailing
’s Main Goal:
Sustainable Competitive Advantage
Focus on categories where it is
competitive (CE, IT, TC)
Fast growth:
- With its own stores
- Be the first to acquire the best
locations
Target:
Invest in
Teknosa brand
Sustainabl
e
competitiv
e
advantage
Focus on Human Resources
-Wide product range
-Store atmosphere
-Knowledgeable, presentable
sales consultants
-Fast service
-After sales
-Unique merchandise and
campaigns
Identify the customers
and provide best
solutions for them
(CRM)
Evaluate regional
growth possibilities
- Be the school of this business
- Retain qualified staff
- Teknosa Academy
Develop internet and
alternative sales
channels
Differentiate:
Operational excellence
Develop BigBox and
alternative formats
27
Food

Gıdasa, a fully-owned Sabancı Holding subsidiary, was established in 2002 to leverage
Sabancı’s experience in the food business and financial strength as well as Marsa’s
existing strong distribution network to become a leading packaged food company.
• A multi-business umbrella food company
• Fully-owned and controlled by Sabancı Holding
• Active in sizable, fast growing, and profitable
categories of the food sector
Vision
•“Offering indispensable tastes”
28
Food
MARSA
Vegetable oils:
• Margarine
• Edible oil
• Industrial
Since 1946
PIYALE
BEVERAGE
Pasta
Confectionary
Dessert
Flour
Culinary Products
Water
• Bottled water
• HOD
• Flavored mineral
water
Tea
• Black tea
• Herbal / Fruit tea
Fruit juice
Since
December 2002
Leading
brands:
29
Since September
2004
FARM PRODUCTS
Poultry
Since September
2004
Nylon & Tire Cord
KORD
GLOBAL
Total Revenues- 2006 Budget
$766M
REGION
I
REGION
II
America
Interkordsa USA (Whiteville, North Carolina)
Kordsa USA (Laurel Hill, North Carolina)
Kordsa USA (Chattanooga)
Germany
Interkordsa GmbH
(Mühlhausen)
REGION
Egypt
Nile-Kordsa Co.
(Cairo)
III
Argentina
KORDSA Argentina
(Buenos Aires)
Brasil
KORDSA Brasil
(Salvador de Bahia)
30
Iran
Kian Kordsa
Turkey (Malayar)
Kordsa
(İzmit)
Nylon & Tire Cord
KORD
GLOBAL
Current Ownership Structure
100 %
Kordsa Global A.Ş.
Free
Float
89%
11%
KORDSA
100%
(*)
CHATTANOOGA
(USA)
(TURKEY)
51%
NILEKORDSA
(EGYPT)
80%
INTERKORDSA
(GERMANY)
60%
KORDSA
ARGENTINA
100%
KORDSA
USA
KIAN KORDSA
(Iran)
100%
INTERKORDSA
USA
REGION I
(*) Market value as of August 21, 2006 is $403 M.
100%
REGION II
31
100%
KORDSA
BRASIL
REGION III
Nylon & Tire Cord
KORD
GLOBAL
Capacities
120
Kt/Year
100
80
60
40
20
0
R1
R2
R3
TOTAL
N6 Yarn
0
0
12
12
N66 Yarn
40
50
12
102
PET Yarn
18
18
36
T+W
64
13
34
111
Dipping
65
13
24
102
S.E.C.
4.5
1.5
0
6
32
Nylon & Tire Cord
KORD
GLOBAL
2005 Market Situation (HDI Nylon only - $ Millions)
North America 280
Europe/MEA 525
KORDSA GLB
222
KORDSA GLB
192
Asia 1,460
South America 205
KORDSA GLB
90
KORDSA GLB
25
33
Nylon & Tire Cord
KORD
GLOBAL
2005 Market Situation ( Polyester - $ Millions)
North America 560
KORDSA GLB
0
Europe/MEA 320
KORDSA GLB
86
Asia 510
South America 135
KORDSA GLB
0
KORDSA GLB
46
34
Automotive
TEM
 Coach & Midicoach - Production
8
new models developed with TEMSA brand in the last four years
$130 Million exports in 2005

Light Trucks – Assembly & Distribution
22
years of collaboration with Mitsubishi/Fuso (distributorship & licensed production)
Market leader in locally assembled light trucks

Construction Equipment & Forklift - Distribution
23
years of collaboration with Komatsu (distributorship)
Market leader in forklift and major player in construction equipment

Growth Path
Evaluate
organic growth / acquisition opportunities in heavy trucks
Evaluate organic growth opportunities in coach & midicoach business in
Greater Europe
Target Market Share
Revenue Target
10% in the European bus & coach market
$1 Billion in 2008
35
Selected Unlisted Participations
Company
Advansa
Sector
2005 (*) Dec.31,2005 Sabancı Holding’s
Revenues BookValue(*) Direct Ownership
Kordsa Global ***
Fibers & Chemicals **906
Nylon &Tire Cord
766
Diasa***
Retailing
**250
**35
40.0%
Teknosa
Retailing
362
36
51.2%
Temsa
Automotive
594
108
46.0%
Toyotasa
Automotive Dist.
501
61
65.0%
Enerjisa
Energy
220
317
79.6%
Gıdasa
Food
300
63
100.0%
Philsa
Tobacco
778
332
25.0%
Beksa
Steel Cord
**89
**65
50.0%
**419
92.8%
****393
100.0%
* Million $
** Million € *** 2006 Budget Revenues **** As of July 31, 2006.
36
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Share Price Performance

Key Investment Messages
37
Business Groups
Sabancı
Holding
Financial
Services
Food &
Retailing
Chemicals (*)
* Non-core businesses
Auto, Tire &
Tire Reinforc.
Textile (*)
38
Cement
Other (*)
Businesses
Energy
Financial Services
Dec.31,2005*
Book Value
Banking
• Akbank
4,795
Insurance
• Aksigorta
1,315
Pension
• Akemeklilik
34
Brokerage
• Ak Securities
64
• Ak Portfolio Management
• Ak Investment Fund
12
34
Fund
Management
* Million $
39
Akbank
Strategy

Customer–driven balance sheet and income statement

Emphasis on consumer and SME segments

Emphasis on higher margin products

Significant increase in fee and commission income

Further increase in operational efficiency
40
Akbank
Financial Objectives

Achieving sustainable ROE of over 22%

Improving Loans/Assets ratio to 60%

Increasing the share of fees & commissions to 25%
of total income

Reducing the Cost/IEA ratio below 3%
41
Akbank
Competitive Market Position







Turkey’s most profitable private commercial bank
First bank in Turkey with a rating higher than the
sovereign
674 branches located throughout the country
An extensive and stable funding base
A wide-ranging customer portfolio with the ability to
attract new customers
A robust capital structure and high capital adequacy ratio
of 17.3%
A diversified loan portfolio with a low NPL ratio of 1.6%
42
Akbank
First half growth has been very strong
35
Total Assets (TRY billion)
Loans (TRY billion)
30
60
52.4
52.2
8%
27.7
56.2
24.5
25
50
13%
11%
22.1
40
20
30
20
15
10
0
2005
March'06
10
June'06
2005
Deposits (TRY billion)
March'06
Net Profit (TRY million)
40
29.3
1200
35.6
35
31.5
2%
32.2
June'06
1100
11%
30
25.9
1000
900
800
30
700
600
778
19% y-o-y
924
20
10
500
25
400
300
0
200
20
100
0
15
-10
June'05
2005
March'06
June'06
Volume (TRY Million)
43
June'06
ROAE
Akbank
Consumer and SME lending is now 70% of total loans
Breakdown of Loans
34%
31%
30%
18%
19%
11%
16%
15%
20%
20%
20%
23%
30%
31%
31%
31%
2003
2004
43%
61%
85%
3%
4%
8%
2002
6%
10%
Consumer
2005
Small Business
Commercial
44
1Q06
Corporate
1H06
70%
Akbank
Strong growth achieved in consumer loans
Credit Card Loans
Consumer Loans (TRY mn.)
13.6
35% y-t-d
1,935
5,081
611
2004
2,417
2,753
10
2,346
2,403
2,000
1,361
1,357
1,111
1,307
2005
March'06
General purpose
15
2,895
2,010
349
1,050
14.2
13.7
3,000
5,934
4,407
13.8
5
1,869
1,435
1,604
1,000
Auto loans
0
2004
June'06
2005
March'06
June'06
Mortgage

Akbank’s consumer loans’ market share is 14.1%

17% growth in credit card loans y-t-d

Market share in mortgage loans is 14.1%. We are
benefiting from our dealer relationships and online
approval systems

NPL ratio in credit cards shrank to 7.9% versus
8.2% last quarter
Market share in car loans is 20.9%


New behavioral scoring system continues to
improve screening and evaluation

NPL ratio in consumer loans continues to be 0.8%
45
Akbank
Small Business Banking is one of Akbank’s priority
areas for future growth...
Small Business Loans1 (TRY mn.)

Emphasis on most profitable products (TL
loans, demand deposits, fees and commissions)
28% y-t-d

5,540
Efficient and timely service thru dedicated
Relationship Managers
4,899
4,344

Simple packaged products

Cross-sell ratio is 3.3x

NPL ratio is 2.0%
2,095
2004
2005
March'06
June'06
Only 3% in FX
1 Small
business loans given to companies with sales turnover <USD 2 mn are granted by the retail banking unit
46
Akbank
Excellent cross-sell opportunities
Corporate Banking (TRY mn.)
Commercial Loans1
15% y-t-d
2,088
1,919
36% y-t-d
2,203
1,708
1,521
1,260
‘05 Mar’06 Jun’06



‘04
1,368
1,291
5,361
5,444
5,696
2005
March'06
June'06
3,363
‘05 Mar’06 Jun’06
2004
FX cash loans
(USD mn.)
Commercial loans are also considered as
a hook product, which paves the way for
further marketing opportunities
Corporate Loans
1 Medium
Project Finance
Investment and acquisition financing supports growth
in corporate loans


Excellent cross-sell opportunities (4.3x)

NPL ratio is 0.1%
Cross sell ratio is 4.5x
NPL ratio is 0.8%
1,353
1,567
401
TL cash loans
(TRY mn.)
6,735
4,930
750
‘04
7,049
6,729
size companies with sales turnover btw. USD 2–30 mn are serviced through our commercial banking unit
47
Akbank
Asset
Mutual management
Funds (TRY mn.)
15%
13%
4,500
3,707
3,770
14%
13%
Currently #2 in mutual funds

The underlying factors behind this;
13%
4,002
Superior channel management
 Superior asset management performance
 Effective marketing and communication

11%
3,390
3,500
15%

9%
7%
5%
2,500
3%
1%
1,500
-1%
-3%
500
-5%
2004
Volume
2005
March'06
Private Banking Assets (USD mn.)
June'06
Market share (%)

Wide range of domestic and international
investment products

Top quality investment advisory service

Cross-sell ratio in private banking is 3.8x
5,471
5,540
5,202
2005
March'06
June'06
3,795
2004
48
Akbank
Income statement summary
Income statement summary (June’06, TRY million)
156
122
-28
-200
75
-704
393
-182
1,292
924
NII
Net fee
income
Net trading
income
Net Foreign
Exchange
Loss
Dividend Other income Provisions
income
Operating
expense
Tax
Net income

At 60 %, Loan income has now a greater contribution to interest income

29% y-o-y growth in net fee income continues to have an important impact on profitability

Akbank’s ROAE continued to be high at 29.3%
49
Akbank
Free capital has a positive endowment effect in the high
rate environment
Total Equity (BRSA, TRY mn.)
6,351
Free Capital (BRSA, TRY mn.)
6,216
Equity participations
& Fixed assets
6,216
4,969
Free Capital
March'06

June'06
June'06
Strong free capital is also a major cushion against the effects of market volatility
50
Food & Retailing
2005* Dec.31,2005*
Revenues Book Value
Food
• Gıdasa
• Carrefoursa (JV)
Retailing • Diasa (JV)
• Teknosa
* Million $
** Million €, Revenues 2006 Budget
Oil & margarine,
beverages, poultry,
pasta, etc.
300
63
Hyper&Supermarkets **1,200 **564
Hard Discount
Electronics
51
**275
362
**35
36
Automotive, Tire & Tire Reinforcement
2005* Dec.31,2005*
Revenues Book Value
Nylon &
Tire Cord
• Kordsa Global
Steel Cord
Tire
* Million $
** Million € *** 2006 Budget
**** As of July 31, 2006
***766
****393
• Beksa (JV)
**89
**65
• Brisa (JV)
434
313
52
Automotive, Tire & Tire Reinforcement
2005* Dec.31,2005*
Revenues Book Value
Commercial vehicles
and construction
equipment
• Temsa
594
108
Passenger Car
Distribution
•Toyotasa (JV)
501
61
* Million $
53
Cement
2005* Dec.31,2005*
Revenues Book Value
Cement
• Akçansa (JV)
312
473
• Çimsa
229
377
99
70
• Oysa (JV)
* Million $
54
Chemicals & Textile
2005* Dec.31,2005*
Revenues Book Value
Chemicals
• Advansa
Cotton Textile
Wool Textile
* Million $
** Million €
**906
**419
• Bossa
165
199
• Yünsa
84
52
55
Other Businesses
2005* Dec.31,2005*
Revenues Book Value
Electricity
Generation
• Enerjisa
220
317
Paper &
Packaging
• Olmuksa (JV)
138
102
Tobacco
• Philsa (JV)
778
332
Plastic Pipe
• Pilsa
64
61
Trading
Companies
• Universal
• Exsa
• Exsa UK
**156
309
***54
**153
343
***47
* Million $
** Million € *** Million GBP
56
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Share Price Performance

Key Investment Messages
57
Revenue Growth by Business
(USD MM)*
1999
2000 2001 2002
2003 2004
2005
3,582 3,242 4,057 3,155 4,374 4,482 5,347
Financial Services
Automotive, Tire&
891 506 633
986 1,588 1,884
Tire Reinforcement 648
795
785 659 668
740 992 1,432
Textile & Chemicals
362
198
201 174 197
236 305
Cement
242
312 272 310
698 951 1,263
Food & Retailing
5,478 5,626 5,857 5,224 7,261 8,610 10,600
Total
(*)
IFRS 29 Inflation Adjusted Results until 2005. Inflationary Accounting ceased as of
Jan. 1, 2005.
58
Summary Income Statement
(USD MM)*
1999 2000
2001
2002
2003 2004
2005
Revenues
5,478 5,626 5,857 5,224 7,261 8,610 10,600
Operating Profit
1,357 1,055
481 1,147 1,962 1,749 1,820
EBITDA (**)
946
892 (213)
909 1,940 1,550 2,156
Pretax Income (***)
562
667
562 1,086
845 1,052
228
540
Net Income
(*)
49
152
190 (210)
583
514
IFRS 29 Inflation Adjusted Results until 2005. Inflationary Accounting ceased as of
Jan. 1, 2005.
(**) 1999-2004 After Operational Monetary Gain (Loss)
59
(***) After Outside Interests
Revenues by Business
(USD MM)
Financial Services
Non Finance
Chemicals
Automotive
Retailing
Tire & Tire Reinf.
Cement
Food
Textile
Other
Total
2004(*) %
2005(**) %
4,482 52
4,128 48
692
8
1,021 12
665
8
567
7
305
4
286
3
300
3
291
3
8,610 100
5,347 50
5,253 50
1,183 11
1,096 10
969
9
788
7
362
4
294
3
249
2
312
3
10,600 100
(*) 2004-IFRS 29 Inflation Adjusted Results (Dec. 31, 2004 US$ rate – 1$= 1.34 YTL)
(**) Inflationary Accounting ceased as of Jan.1, 2005 (2005 average rate – 1$=1.34 YTL)
60
EBITDA by Business
(USD MM)
Financial Services
Non Finance
Cement
Tire & Tire Reinf.
Automotive
Retailing
Chemicals
Textile
Food
Other
Total
2004(*) %(***) 2005(**) %(***)
1,206
27
345
8
105
35
106
19
86
8
36
5
22
3
53
18
(20) (7)
(45) (15)
1,550
18
1,707
449
132
119
97
69
35
34
(25)
(13)
2,156
(*)
2004-IFRS 29 Inflation Adjusted Results (Dec. 31, 2004 US$ rate – 1$= 1.34 YTL)
(**) Inflationary Accounting ceased as of Jan.1, 2005 (2005 average rate – 1$=1.34 YTL)
61
(***) EBITDA Margin
32
9
37
15
9
7
3
14
(8)
(4)
20
Summary Income Statement (6 months)
(USD MM)
2005 Q2(*) 2006 Q2(**)
4,741
5,864
932
814
1,100
989
Pretax Income (**)
578
481
Net Income
300
230
Revenues
Operating Profit
EBITDA
(*) (2006 6 months average US$ rate – 1$= 1.39 YTL; 2005, 6 months average rate – 1$=1.34 YTL)
(**) After Outside Interests
62
Revenues by Business (6 months)
(USD MM) 2005Q2(*) %
Financial Services
Non Finance
Automotive
Retailing
Chemicals
Tire & Tire Reinf.
Cement
Food
Textile
Other
Total
2,390 50
2,351 50
451 10
381
8
592 12
345
7
167
4
138
3
134
3
144
3
4,741 100
2006Q2(*) %
2,948
2,915
596
595
563
461
235
159
147
160
5,864
50
50
10
10
10
8
4
3
3
3
100
(*) (2006 6 months average US$ rate – 1$= 1.39 YTL; 2005, 6 months average rate – 1$=1.34 YTL)
63
EBITDA by Business (6 months)
(USD MM)
Financial Services
Non Finance
Cement
Tire & Tire Reinf.
Automotive
Textile
Retailing
Chemicals
Food
Other
Total
2005Q2(*)
878
222
60
61
36
22
27
13
(6)
10
1,100
%(**) 2006Q2(**) %(**)
37
9
36
18
8
16
7
2
(4)
7
23
724
265
100
68
50
28
19
13
(3)
(9)
989
25
9
43
15
8
19
3
2
(2)
(6)
17
(*) (2006 6 months average US$ rate – 1$= 1.39 YTL; 2005, 6 months average rate – 1$=1.34 YTL)
(**) EBITDA Margin
64
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Share Price Performance

Key Investment Messages
65
2,000
66
25 Sep 06
18 Sep 06
11 Sep 06
04 Sep 06
28 Aug 06
21 Aug 06
14 Aug 06
07 Aug 06
31 Jul 06
24 Jul 06
17 Jul 06
10 Jul 06
03 Jul 06
26 Jun 06
19 Jun 06
12 Jun 06
05 Jun 06
29 May 06
22 May 06
15 May 06
08 May 06
01 May 06
24 Apr 06
17 Apr 06
10 Apr 06
03 Apr 06
27 Mar 06
20 Mar 06
13 Mar 06
06 Mar 06
27 Feb 06
20 Feb 06
13 Feb 06
06 Feb 06
30 Jan 06
23 Jan 06
16 Jan 06
09 Jan 06
02 Jan 06
SABANCI HOLDING SHARE PRICE PERFORMANCE
(Jan. 2, 2006 – Sep. 27, 2006)
11,000
10,000
9,000
8,000
7,000
6,536
6,000
5,000
4,000
3,000
67
25 Sep 06
18 Sep 06
11 Sep 06
04 Sep 06
28 Aug 06
21 Aug 06
14 Aug 06
07 Aug 06
31 Jul 06
24 Jul 06
17 Jul 06
10 Jul 06
03 Jul 06
26 Jun 06
19 Jun 06
12 Jun 06
05 Jun 06
29 May 06
22 May 06
15 May 06
08 May 06
01 May 06
24 Apr 06
17 Apr 06
10 Apr 06
03 Apr 06
27 Mar 06
20 Mar 06
13 Mar 06
06 Mar 06
27 Feb 06
20 Feb 06
13 Feb 06
06 Feb 06
30 Jan 06
23 Jan 06
150
16 Jan 06
09 Jan 06
02 Jan 06
SABANCI HOLDING INDEXED SHARE PRICE
PERFORMANCE
(Jan. 2, 2006 – Sep. 27, 2006)
• SABANCI HOLDING
• ISE INDEX
100
50
Agenda

Introduction to Sabancı Holding

Key Competitive Advantages

Strategy for Growth

Summary Review of Businesses

Consolidated Financial Performance

Profitability Charts

Share Price Performance

Key Investment Messages
68
Key Investment Messages
With clear strategy, well-positioned for sustained shareholder
value enhancement

Shareholder value-driven growth

Focus on differentiation in each product and service
through innovation

Concentration on fewer core businesses

Well-balanced business portfolio

Geographical expansion
69
Key Investment Messages

Good proxy for attractive sectors regionally

Well diversified/quality earnings

Attractive unlisted subsidiaries with strong
earnings growth prospects

Ability to access new opportunities not
available through the stock market

Full disclosure and high transparency

Large capitalisation & high liquidity
70