11

Results Q3 2010Results Q3 2010IIstanbul , stanbul , November 25November 25th 20th 201010

22

ContentsContents

Market Overview 3

Key Figures Overview 16 Export Cement and Clinker 17 Cement and Readymix Volumes and Prices 19 Company Turnover, Operating Income and Net Income 20

Business Lines Cement Profit and Loss Results 22 Readymix Profit and Loss Results 23 Profit and Loss Results 24 Cash Flow 25

Prospects 26

3

ContentsContents

Market Overview Key Figures Financial Report Prospects

4" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi veTicaret A.Ş. in addition to sourcing from Exane BNP Paribas Sep’10 report. "*North Africa, West Africa, Russia, Western Europe and USA are the traditional Akcansa export routes.

Cement Consumption Cement Consumption Trends Trends : : Regional Consumption Regional Consumption 20102010--ForecastForecast+7%e excl. India & China; +2%e incl. India & China

-11%

NA

+1 %

Latin America

+5%

WE

-6%

EE

-0%

MED RIM

+5%

+8%

+10%

+8%

+2%

-7%

-4%+10%

+5%

-9%

+5%

+4%

+10

+7-8%

Africa

+2%

Middle East

+8%

Ocenia

+2%

Asia Mature

-2%

Emerging Asia

(excl. India&Chi

na)

+7%

-2%

+12%

Traditional Akcansa Export Routes

+6%

5" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi veTicaret A.Ş. in addition to sourcing from Exane BNP Paribas Sep’10 report. "*North Africa, West Africa, Russia, Western Europe and USA are the traditional Akcansa export routes.

Cement Consumption Cement Consumption Trends Trends : : Regional Consumption Regional Consumption 2011 Estimate2011 Estimate+3%e excl. India & China; +3%e incl. India & China

-11%

NA

+1 %

Latin America

+5%

WE

-3%

EE

+6%

MED RIM

+5%

+7-9%

+10%

+8%

+5%

-7%

-4%+10%

0%

+4%+5%

+10

+5%

Africa

+3%

Middle East

+8%

Ocenia

+5%

Asia Mature

+2%

Emerging Asia

(excl. India&Chi

na)

+5%

+6%

Traditional Akcansa Export Routes

+5%

6Source: Sabancı Holding and Undersecretary of Treasury

Turkey Macroeconomic IndicatorsGovernment

Budget Deficit/GDP

TR-3 Months Deposit Rate,

Annual,%

Population (mio)

2007 -1,6% 21,2% 70,32008 -1,8% 25,7% 71,12009 -5,5% 7,6% 71,92010 -4,0% 8,0% 72,72011 -2,8% 9,2% 73,52012 -2,4% 10,6% 74,32013 -1,6% 11,1% 74,3

4,5% 5,0% 5,5%5,9%

8,1%

5,9%

8,0%7,0% 7,0% 7,0%

6,8%

0,7%

-4,7%

4,7%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

2007 2008 2009 2010 2011 2012 2013

Real GDP Growth Inflation (PPI)

Turkey Macroeconomic Assumptions 2007Turkey Macroeconomic Assumptions 2007--2013 2013

• Positive developments in the economy have led to revision in our growth expectation for 2010 from 5.5% to 6,8%.

• EUR/TRL expectation is up by %9, due to weakening of USD against Euro.

1,4640 1,55001,6952

1,85501,7102

2,1408 2,16031,9910 2,0150

2,20382,4115

1,5123 1,5057

1,1647

0,0

0,5

1,0

1,5

2,0

2,5

3,0

2007 2008 2009 2010 2011 2012 2013

USD/TL EURO/TL

7" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to Turkish Cement Manufacturers’ Association figures. "

Turkish Cement Sector (1993 Turkish Cement Sector (1993 –– 2011E)2011E)

29,826,7

30,1 32,1 32,7 34,1 31,7 31,5

25,3 26,8 28,130,7

35,1

43,0 44,5 42,7 42,846,0 48,3

3,25,2

4,63,7 4,6 4

4,6 6,6

8,610,4

10,410,7

9,7

7,28,3 13,7

20,519,5

18,0

31,3 31,933,2

34,936,5 36,1

37,339,5 39,5

40,7 41,0 41,7

45,4

50,2 50,6

62,2

68,670,3 70,9

45,4

62,2

68,670,3 70,9

41,741,040,739,539,5

37,336,136,5

34,933,2

31,931,3

48,147,0

0

10

20

30

40

50

60

70

80

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 E 2011 E

mio

tons

Domestic Consumption Exports (cement + clinker)Cement Production Capacity - 90 % with imports cement production capacity 90 %

About 5% growth is expected in domestic

cement demand in 2011

8

-25,0

-20,0

-15,0

-10,0

-5,0

0,0

5,0

10,0

15,0

20,0

25,0

2005 2006 2007 2008 2009 1Q10 2Q10

GDP

Construction

Turkish Cement Sector (Trends)Turkish Cement Sector (Trends)

" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to GYODER (Real Estate Platform of Turkey). "

Construction sector grew over 20% in second quarter of 2010 and is the fastest growing sector.

9" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to Turkish Cement Manufacturers’ Association figures. "

Turkish Cement Market (Expectations)Turkish Cement Market (Expectations)

Cement Consumption by Segment

66,3% 61,2%53,4% 54,9% 54,7% 54,1%

13,1%14,6%

12,2% 8,3% 8,2% 8,2%

3,5% 4,0%

4,1% 3,8% 3,8% 3,8%

17,2% 20,2%30,3% 33,0% 33,4% 34,0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2007 2008 2009 2010-E 2011-E1. Private Housing 2. Commercial 3. Public 4. Infrastructure / Projects

Infrastructure projects share has dramatically increased in recent years. Housing has still the highest portion

10

Turkey Clinker&Cement Geographical DistributionTurkey Clinker&Cement Geographical Distribution

" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to Turkish Cement Manufacturers’ Association figures. "

Cement Capacities (%)

AKCANSA; 9%

OYAK; 17%

NUH; 6%

CIMENTAS; 5%

Other; 55%

BURSA; 3%

CIMSA; 6%

Clinker Capacities (%)

OYAK; 14%

NUH; 7%

CIMENTAS; 5%

Other; 55%

BURSA; 2%CIMSA; 7%

AKCANSA; 11%

-Sabancı and Heidelberg Groups represent 18% of Turkey's total clinker capacity

- 2010: 65 plants (48 integrated, 17 grinding)

- 65% owned by Turkish Groups

OYAK (Mardin)

LIMAK

ASKALE

Cementir

YURT

ASKALE

ASKALE

ASKALE

LIMAK

Cementir

LIMAK

Sanko/Barbetti

Titan

OYAK (Unye)

OYAK

OYAK (Adana)

Çimsa

Çimsa

Cimpor

Cimpor

AkçansaCimpor

Cimpor

Vicat

Titan

Batı

Göltaş

Italcementi

Denizli/CRH

Batı

Egeçim

Cementir

Batı

Italcementi

Bursa

Vicat

Italcementi

Çimsa

OYAK (Bolu)

SankoOyak

NUH

OYAK (Aslan)Ado/Titan

Tracim

CimporSancim

Karçimsa

Akçansa

Akçansa

Ado/Titan

Cementir

Ado/Titan

Italcementi

11

Turkish Cement Market, Sales Volumes Change %, 2010 vs 2009 Turkish Cement Market, Sales Volumes Change %, 2010 vs 2009 (August YTD)(August YTD)

" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to Turkish Cement Manufacturers’ Association figures. "

East Anatolia+28 %

Marmara+19 %

South East Anatolia+6 %

Aegean+4%

Central Anatolia+22 %

Mediterranean-4%

Black Sea+20%

Cement demand in Turkish domestic market increased by 13,6% yoy.

Mediterranean region is the only region experiencing decline in volumes in 2010.

Akcansa operates in Marmara, Aegean and Black Sea regions with increasing cement demand

12

Steam Coal Prices vs. Petroleum CokeSteam Coal Prices vs. Petroleum Coke

Source: HC Fuels and Petroleum Coke Quarterly

API4: Coal Index; PACE:Petrocoke Index

API4 vs. PACE

79,672,5

58,363,6

57,361,8 61,2

65,361,7 63,5

68,0 68,4

86,081,3 83,9 86,6

89,8 92,9 90,8

35,0

23,020,0

24,028,0 31,0

35,0 35,040,0

46,0

54,058,0

68,072,0 72,0 74,0 77,0

83,087,0 88,088,7

94,094,0

0

10

20

30

40

50

60

70

80

90

100

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

API 4 PACE

13

Baltic Supramex IndexBaltic Supramex Index

Source: HC Trading Research

14

Number of Building Permits

0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

180.000

200.000

2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2

Number of Building Permits

IndicatorsIndicators

Source: GYODER Q210 report

Housing Loans bn TL

0

10

20

30

40

50

60

2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3

Housing Loans bn TL

Mortgage Loan Rates

0

0,5

1

1,5

2

2,5

2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2011 E

Mortgage Loan Rates

Housing Loan rates expected to

be low

Housing loan stockon the increase

Number of building permits issued on the

rise

15

ContentsContents

Market Overview Key Figures Financial Report Prospects

16

Financial HighlightsFinancial HighlightsYTDYTD’’10 vs. YTD10 vs. YTD’’09 09

Turnover is up by 16% to 624,9 mio TL due to increasing cement volume and price.

Readymix sales volumes at highest levels.

Higher cost of sales due to increased volume and input price inflation, notably in fuel and energy prices.

– Fuel prices increased significantly compared to last year (60%).– Purchasing Fitness and energy efficiency management (highest alternative fuel

consumption achieved) to offset the effect of increasing prices

Operating Income is 32% lower in Sep’10 vs. Sep’09 (58,9 mio TL vs. 87,1 mio TL) due to the higher energy costs.

* These figures include Akçansa and Karçimsa results. These figures represent the management report view.

17

AkAkççansa is still increasing the share of cement in total export ansa is still increasing the share of cement in total export

Akçansa Total Export (Q2'10)

35%

65%

Clinker

Cement

Akçansa Total Export (Q3'10)

74% 26%

18

AkAkççansa outperformed in Export (YTDansa outperformed in Export (YTD’’10 vs. YTD10 vs. YTD’’09)09)

TON (000) Akçansa 2010 vs. 2009

Total 2010 vs. 2009

Export Cement 20% -5%Export Clinker -15% -32%Total Export -7% -10%

" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to Central Anatolian Exporters Union figures. "

$ (000) Akçansa 2010 vs. 2009

Total 2010 vs. 2009

Export Cement 15% -3%Export Clinker -20% -31%Total Export 4% -7%

19

Market Performance YTD 2010Market Performance YTD 2010

Volume Price (TL/ton)

Domestic Cement

North Marmara

South Marmara

East Marmara

Aegean

Black Sea

Cement2010

Volume Price ($/ton)

Export Cement

Export Clinker

Cement2010

* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.

Volume Price (TL/m3)

General

Europe

Asia

Thrace

Aegean

Black Sea

Readymix2010

-2%<Volume, Price < 2%

20

Key Figures (million TL)Key Figures (million TL)

163,7 138,3 173,8

254,4

205,8

240,5

226,5

194,7

210,5

2008 2009 2010

27,916,9 8,3

62,2

37,0

28,3

51,1

33,2

22,2

2008 2009 2010

Turnover Operating Income

Net Income

Operating income in 2010; • volume and price growth, • upward trend in the cost structure,

• Electricity cost increase.• Fuel prices are higher in 2010, compared to 2009

• Higher AF consumption in 2010 vs. 2009

Net income in 2010;• Lower interest and tax charge

* These figures include Akçansa and Karçimsa results. These figures represent the management report view.

8,2-3,4 3,9

62,0

44,1 27,1

36,7

27,0

19,6

2008 2009 2010

21

ContentsContents

Market Overview Key Figures Financial Report Prospects

22

Cement B/L Cement B/L Profit and Loss Accounts YTDProfit and Loss Accounts YTD & Q& Q33

YTD Var Q3 Var.2010 YTD'10 vs. YTD'09 2010 Q3'10 vs. Q3'09

Net Sales 421,1 45,3 140,5 7,7

Cost of Sales -348,1 -64,0 -112,7 -15,2

Gross Margin 73,0 -18,7 27,8 -7,5

Operating Expenses -19,1 -4,2 -6,4 -0,7

Other Operating Income/Charges -3,3 1,6 -0,8 1,2

Operating Profit/Loss 50,6 -21,2 20,7 -7,0

Cement Mio TL

* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.

• Turnover is still increasing in Q3’10 compared to Q3’09 due to both increasing volumes and prices.• However increase in cost of sales are higher than increase in net sales mainly due to input price inflation and increased volume.

23

Readymix Readymix Profit and Loss Accounts YTDProfit and Loss Accounts YTD & Q& Q33

YTD Var Q3 Var.2010 YTD'10 vs. YTD'09 2010 Q3'10 vs. Q3'09

Net Sales 262,6 52,3 91,0 13,1

Cost of Sales -248,4 -60,2 -87,5 -17,8

Gross Margin 14,2 -8,0 3,5 -4,7

Operating Expenses -4,9 -0,2 -1,6 -0,1

Other Operating Income/Charges -0,9 1,1 -0,2 1,0

Operating Profit/Loss 8,3 -7,0 1,6 -3,9

Readymix Mio TL

* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.

• Increase in both YTD and quarterly sales comparing to previous year.

24

Profit and Loss Accounts YTDProfit and Loss Accounts YTD & & Q3Q3

YTD Var Q3 Var.2010 YTD'10 vs. YTD'09 2010 Q3'10 vs. Q3'09

Net Sales 608,7 82,5 204,0 14,2Cost of Sales -521,5 -109,2 -172,7 -26,5Gross Margin 87,2 -26,7 31,3 -12,3Marketing&Sales Expense -5,6 -0,5 -1,9 -0,1General Management Expenses -18,5 -3,9 -6,1 -0,8Other Operating Income/Charges -4,2 2,7 -1,0 2,2Operating Profit/Loss 58,9 -28,3 22,2 -10,9Non-Operating Financial Income 26,8 0,7 4,6 -1,0Non-Operating Financial Charge -24,3 8,1 -2,6 3,8Profit/Loss before Taxes 61,4 -19,5 24,2 -8,2Taxes On Income -7,8 7,2 -3,6 2,7Deferred Tax for the Period -3,0 -4,9 -1,1 -1,9Net Income/Loss 50,6 -17,1 19,6 -7,4

Company Mio TL

* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.

25

Cash Flow Statement JanCash Flow Statement Jan--SepSep 20201010YTD YTD2009 2010

Cash flow from operating activitiesOperating Income before the adjustments in Working Capital 134,3 99,5Changes in Working Capital 3,1 -72,2Decrease of provisions through cash payments -0,6 -0,3

136,9 26,9

Cash flow from investing activitiesTangible fixed assets -5,2 -18,4Financial assets 0,0 1,4Proceed from fixed asset disposals/consolidation 0,2 0,6Dividend Received 6,7 8,2

1,7 -8,2Cash flow from financing activitiesDividend payments -70,0 -65,4Net proceeds from bonds and loans -65,7 99,2

-135,7 -135,7 33,8 33,8

Net change in cash and cash equivalents - continuing operations 2,9 52,5

Change in cash & cash equivalents

Cash & cash equivalents at 1 January 29,3 40,1

Cash & cash equivalents on 30 Sep 32,2 2,9 92,5 52,5

Company Mio TL

* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.

* Improvement in economic conditions reflected on capital expenditure.

26

ContentsContents

Market Overview Key Figures Financial Report Prospects

27

Prospects 2010Prospects 2010 and beyondand beyond

•• Significant sales volume growth in the domestic marketSignificant sales volume growth in the domestic market

•• GGrowth expectations rowth expectations for the construction businessfor the construction business

•• Electric cElectric cost ost reduction at reduction at ÇÇanakkale Plant after mid 2011 anakkale Plant after mid 2011 following the following the Waste Heat projectWaste Heat project

•• Continuous and steady increase in alternative fuel usage Continuous and steady increase in alternative fuel usage going forward going forward

•• Sales prices are increasing both in cement and readymixSales prices are increasing both in cement and readymix

28

Turkey is under constructionTurkey is under construction

MarmarayContinuing, 320 k m3

Metro projectsContinuing, 500 k m3

Sinpaş residence projectsContinuing, 500 k m3

Hydroelectric Power Plant Projects• As of 2009:

- Operating: 187- As of May 2010:

- Under construction:145- Projects: 1.576- Planned: 325

- Source: Zaman July 19 2010

29

Projects in the PipelineProjects in the Pipeline

İzmit – İzmir HighwaySigned, not started• Highway (421 km)• İzmit Bridge (3 km)• Four tunnels (7,4 km)• 30 viaducts (18,2 km)

Çanakkale BridgeProject• Çanakkale Bridge (2,2 km)• Highway (13,7 km)

Third BridgeProject• 3 mio m3 concrete excluding

the accomodation consumption

30

High Speed Train Projects• İstanbul - Ankara (533 km)• Ankara - Konya (212 km)Planned• İzmir – Ankara (606 km)

Tunnels Construction in İstanbul

Project, 140 km

Third Airport in SilivriProject

Projects in the PipelineProjects in the Pipeline

31

Cement Consumption and Pre Election

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Parlimentary Municipal Parlimentary Municipal

November 2002 March 2004 July 2007 March 2009

3 Month Before6 Month Before12 Month Before

Pre Election and Cement ConsumptionPre Election and Cement Consumption

Source: EFG Cement Sector Update-Sep 10

Global financial crisis otherwise elections seem to propel

consumption

32

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010-1H

SOUTHERN ANATOLIAEASTERN ANATOLIACENTRAL ANATOLIAMEDITERRANEANBLACK SEAAEGEANMARMARA

32

Domestic Sales by Regional Shares (1998Domestic Sales by Regional Shares (1998--2010)2010)

Municipal elections Mar 2004-Mar 2009

Turkish Financial Crisis

Parlimentary elections Nov 2002-Jul 2007

Global financial crisis in 2009

Coalition government years

Elections have positive impact on consumption in regions where Akcansa operates

Source: TCMA

33

ThanksThanks for your attention.for your attention.

Questions?Questions?

34

ContactsContacts

Gary WhiteheadGary Whitehead CFOCFO

PhonePhone +90 216 571 30 20+90 216 571 30 20 gary.whiteheadgary.whitehead@akcansa.com.tr@akcansa.com.trFaxFax +90 216 571 30 21+90 216 571 30 21

Banu Banu ÜçÜçer er Communication OfficerCommunication Officer

PhonePhone +90 216 571 30 13+90 216 571 30 13 banu.ucerbanu.ucer@akcansa.com.tr@akcansa.com.trFaxFax +90 216 571 30 11+90 216 571 30 11

Info Adress: Info Adress: IRIR--info@akcansa.com.trinfo@akcansa.com.tr

WebsitesWebsites

www.akcansa.com.trwww.akcansa.com.trwww.betonsa.com.trwww.betonsa.com.trwww.sabanci.com.trwww.sabanci.com.trwww.heidelbergcement.comwww.heidelbergcement.com

35

DisclaimerThis presentation (Presentation) has been prepared by Akçansa Çimento Sanayi ve Ticaret A.Ş. for the sole purpose of providing information relating to Akçansa (Information).

This Presentation is based on public information and data provided by Akçansa management and basically demonstrates forward looking statements based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future.

Please be aware that the forward looking statements and/or assumptions of future events declared in the Presentation and/or in the Information may not prove to be accurate.

No warranty or representation, express or implied, as to the accuracy, reliability, completeness, or timeliness of this Information is made by Akçansa.

No profitability or any other warranty is claimed by the Information provided either on company or sectoral basis.

No liability/responsibility is accepted by Akçansa for any loss or damages of any kind, incurred by any person for any information howsoever arising from any use of this Presentation or the Information.

The Information contained at this Presentation has been included for general informational purposes only and no person should make any investment decisions in reliance upon the information contained herein.

Akçansa shall not be held responsible for any kinds of losses that may rise from investments and/or transactions based on this Presentation or Information or from use of this Information and/or Presentation.