The company was founded in 1944 and is based in Istanbul, Turkey. Ülker Bisküvi operates as a subsidiary of Yıldız Holding A.ġ.

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1 BİSKÜVİ SANAYİ A.Ş.

2 This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating to Ülker Bisküvi Sanayi A.ġ.(Ülker Bisküvi). The contents of this presentation is based on public information and data provided by Ülker Bisküvi. Although it is believed that the information and analysis are correct and the statements are reasonable, they may be affected by variety of variables that could cause actual results to differ materially. Neither Ülker Bisküvi nor any of its managers or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation. 2

3 Ülker Bisküvi Sanayi A.ġ. (Ülker Bisküvi), together with its subsidiaries, engages in the manufacture, marketing, sale and distribution of; biscuits, chocolate covered biscuits, crackers and wafers in Turkey and internationally. The company was founded in 1944 and is based in Istanbul, Turkey. Ülker Bisküvi operates as a subsidiary of Yıldız Holding A.ġ. Yıldız Holding A.ġ. is a major Turkish group operating mainly in food industry. The Group has operations in confectionary, oils & fat, dairy, beverage as well as cash and carry businesses reaching points of sale. With a total of 55 factories, nine of which are located abroad, 22,500 employees, a strong distribution network, product variety, production and sales power, Yıldız Holding is one of the leading groups compared with both local and international peers. 3

4 Ülker Bisküvi is the name of the biscuit in Turkey with its powerful brands, addressing changing consumer trends and motivations. Ülker Bisküvi s success depends on its ability to predict, identify and interpret the tastes and dietary habits of consumers and to develop products that appeal to those preferences. Ülker Bisküvi s strength lies under its; Market Leader Position Leading market share, marketing communication, chan nel management & sales support, product variety and high quality standards, innovation and dynamism for further growth, Strong Customer Franchise Cross sell, high penetration in distribution channels, brand equity, long presence in Turkey (66 years) and export markets, Largest producer of biscuits in Turkey, the Middle East and the Balkans Cost Efficiency - Vertically integrated structure, economies of scale in procurement, econom ies of scale in distribution 4

5 Strong growth prospects in Turkey The size of unpackaged products Rising per capita incomes Changes in consumption trends as urbanization increases Opportunities in international markets Per Cap. Income in Turkey ($)

6 The biscuit consumption per capita in Europe is between 7-15 kg compared to 4.5 kg in Turkey. 6

7 Biscuit Branded Volume Share - % 56,3 55,6 53,1 50, YTD Value Share - % 56,6 55,5 53,6 50, YTD

8 Ticker Company Revenues at Dec.31, 2009 AEFES ANADOLU EFES CCOLA COCA COLA ĠÇECEK MERT GIDA SELÇUK YAĞ ALTINYAĞ FRĠGO PAK GIDA 6,8 7,8 16,3 17,6 ULKER ÜLKER BİSKÜVİ BANVT BANVĠT TATKS TAT KONSERVE KENT KENT GIDA PNSUT PINAR SÜT PETUN PINAR ET VE UN SKPLC ġeker PĠLĠÇ TBORG TÜRK TUBORG KERVT KEREVĠTAġ GIDA TUKAS TUKAġ PENGD PENGUEN GIDA DARDL DARDANEL ÖNENTAġ MERKO MERKO GIDA KNFRT KONFRUT GIDA PINSU PINAR SU KRSTL KRĠSTAL KOLA ERSU ERSU GIDA FRIGO FRĠGO PAK GIDA ALYAG ALTINYAĞ SELGD SELÇUK YAĞ MERTGG MERT GIDA ERSU GIDA KRĠSTAL KOLA PINAR SU KONFRUT GIDA MERKO GIDA DARDANEL ÖNENTAġ PENGUEN GIDA TUKAġ KEREVĠTAġ GIDA TÜRK TUBORG ġeker PĠLĠÇ PINAR ET VE UN PINAR SÜT KENT GIDA TAT KONSERVE BANVĠT ÜLKER BĠSKÜVĠ COCA COLA ĠÇECEK 18,5 27,7 54,7 54,8 65,2 80,7 84,9 139,4 158,8 184,8 261,4 307,8 480,9 505,7 693,6 791,6 Ülker Bisküvi is the largest food producer on the ISE in terms of revenue 1.551, ,5 ANADOLU EFES 3.811,0 0,0 500, ,01.500,02.000,02.500,03.000,03.500,04.000,04.500,0 in mn TL 8

9 The domestic marketing and distribution of the biscuits and chocolate covered products of Ülker Bisküvi and its subsidiaries are performed by the Company s subsidiary, Atlas Gıda Pazarlama, as well as Yıldız Holding companies; Pasifik Pazarlama, Esas Pazarlama, Merkez Gıda Pazarlama and Rekor Pazarlama. Atlas Pazarlama performs nationwide distribution through its regional offices in İstanbul, Ankara, İzmir, Thrace region, Bursa, Samsun, Gaziantep, Adana and Erzurum, with 129 distributors across Turkey. Atlas Pazarlama provides regular and high quality service to 181,000 points of sale weekly, with a total of more than 1,150 delivery vans. Pasifik Pazarlama, owned by Yıldız Holding, conducts distribution/marketing operations of Ülker products (not just Ülker Bisküvi products) across Turkey. Pasifik Gıda s distribution channels consist of major retailers including independent supermarkets and key accounts. Through its distribution channels, Ülker Bisküvi can reach 220,000 sales points across Turkey, which is one of the widest networks in Turkey. 9

10 The Most Recognized Brands*(Spontaneous) The Ülker Brand is one of the best recognized and most respected brands in Turkey. The Brands that Consumers feel closest to* According 2009 Brand Recognition Study of AC Nielsen 10

11 ISTANBUL PLANT GEBZE PLANT ANKARA PLANT KARAMAN PLANT ÜB Facilities İstanbul Ankara Birlik Pazarlama Kocaeli Karaman Production tons/year Net Sales tons/year Av. Capacity Utilization 48,655 71, ,049 42, ,499 48,889 71, ,256 42, ,516 76%(3 shifts) 69%(3 shifts) 68% 87,4%(3 shifts) 65%(3 shifts) Main Products Produced Cookies, cream filled cookies, wafers Cookies, cream filled cookies, wafers Flour, pasta, semolina, packaged wheat flour, rice flour Salty crackers Cookies, cream filled cookies, wafers Ülker Bisküvi has four biscuit, cake & cracker production facilities which are well diversified geographically across Turkey. 11

12 12

13 Manufacturing Companies Ülker Bisküvi Ġdeal Gıda Biskot Bisküvi Birlik Pazarlama Sales & Marketing Companies and Export Agents Atlas Gıda (Domestic Marketing) Ġstanbul Gıda (Export Agent) Rekor Gıda (Domestic Marketing) BirleĢik DıĢ Ticaret (Export Agent) Subsidiary Ownership - % Operations Revenues in mn (Dec ) Ülker Bisküvi Mother Company Manufacturing - Ülker branded products $1,002 Ġdeal Gıda 97.9 Manufacturing - Ülker branded products $96.5 Biskot Bisküvi 50.8 Manufacturing - Non Ülker branded products $222.2 Atlas Gıda 78.2 Sales&Marketing - Ülker branded products $393.8 Rekor Gıda 46.6 Sales&Marketing - Non Ülker branded products $154.4 Ġstanbul Gıda 83.8 Export agent - Ülker branded products $158.8 BirleĢik DıĢ Ticaret 69 Export agent - Non Ülker branded products $33.1 Birlik Pazarlama 99 Flour producer for the Group companies $

14 23.99% Pendik NiĢasta Ülker Bisküvi 39.59% Hero Gıda 25.23% Godiva Pendik Nisasta Pendik NiĢasta is engaged in starch and glucose production. Hero Gıda Hero Gıda is engaged in biscuit and baby food production. Godiva Godiva Chocolatier makes and sells premium chocolates, including bonbons, truffles, flavored coffee, cocoa mixes, cookies and ice cream. 14

15 Other Holdings Ownership - % Operations Values in mn Values in mn Dec. 31, 2009 Sep. 30, 2010 BĠM * 12,03 Retail $407.7 $526.1 Fresh Cake 10 Cake Manufacturing $1.5 $1.6 Besler Gıda ve Kimya 7 Oils & Fats Manufacturing $2 $2.1 Sağlam GYO * 10,71 REIT $3.3 $3.7 *based on September 30, 2010 market capitalization. 15

16 FYE 2008 & Change Margin Margin (TL mn) (TL mn) (%) (%) (%) Revenue 1.412, ,5 9, COGS 1.105, ,8 5,2 78,3 74,9 Gross Profit 306,3 388,7 26,9 21,7 25,0 Operating Income 97, ,2 6,8 9,5 EBITDA 94,8 153,6 62,2 6,7 9,9 Net Profit 15,6 102,9 559,6 1,1 6,6 EPS 0,06 0,38 533,3 0,00 0,02 3Q, 2010 Sep. 09 Sep. 10 Change Margin - 09/2009 Margin - 09/2010 (TL mn) (TL mn) (%) (%) (%) Revenue 1.186, , COGS 894, ,9 75,4 76,8 Gross Profit 291,5 280,3-3,8 24,5 23,1 Operating Income 111,3 86,6-22,2 9,3 7,1 EBITDA 118,4 89,1-24,7 9,9 7,3 Net Profit 77,7 86,4 11,1 6,5 7,1 EPS 0,25 0,

17 ÜLKER BİSKÜVİ FINANCIAL RATIOS PROFITABILITY RATIOS Q3'10 Q2'10 Q1'10 Dec.09 Q3'09 Q2'09 Q1'09 Dec.08 Gross Margin 23% 24% 24% 25% 25% 24% 25% 22% Return on Assets 3% 2% 2% 4% 3% 2% 0% 1% Return on Equity 6% 5% 4% 10% 7% 5% 0% 3% Operating Income Margin 7% 8% 15% 9% 9% 10% 12% 7% FINANCIAL LEVERAGE RATIOS Q3'10 Q2'10 Q1'10 Dec.09 Q3'09 Q2'09 Q1'09 Dec.08 Long-term debt to Equity 43% 47% 21% 24% 26% 31% 41% 50% Debt to Equity Ratio 92% 103% 83% 130% 109% 127% 164% 169% Long-term debt to Assets 22% 23% 11% 11% 13% 14% 15% 19% Debt Ratio 47% 51% 45% 57% 52% 56% 62% 63% LIQUIDITY RATIOS Q3'10 Q2'10 Q1 '10 Dec.'09 Q3 '09 Q2 '09 Q1 '09 Dec.'08 Current ratio 1,93 1,87 1,34 1,19 1,22 1,2 1,17 1,25 Working Capital Ratio 0,52 0,79 0,65 0,15 0,17 0,23 0,39 0,16 TURNOVER RATIOS Q3'10 Q2'10 Q1'10 Dec.'09 Q3 '09 Q2 '09 Q1 '09 Dec.'08 Receivables Turnover 3,64 2,47 2,13 5,92 4,15 3,15 1,5 5,86 Average Collection Period Debt Turnover 2,75 1,91 0,96 3,22 3,52 2,23 1,3 3,95 Average Debt Payment Period Solid Financial Flows despite the Adverse Impacts of Global Crisis 17

18 Unaudited Audited Current Period Prior Period ASSETS September 30, 2010 December 31, 2009 Current assets Cash & cash equivalents Trade receivables Other receivables Inventories Other current assets Non - current assets Financial assets Trade receivables Investments accounted for under equity method Tangible assets Intangible assets Other non-current liabilities TOTAL ASSETS

19 Unaudited Audited Current Period Prior Period LIABILITIES September 30, 2010 December 31, 2009 Current Liabilities Financial liabilities & other financial liabilities Trade payables Other payables Corporate tax payable Provisions & Other current liabilities Non-Current liabilities Financial liabilities Other non-current liabilities SHAREHOLDERS EQUITY Share capital & inflation adjustment Valuation funds Retained earnings Net profit for the period Other TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

20 September 30, 2010 TL USD ST Debt 348,556,282 LT Debt 532,813,117 Total 881,369, ,716,194 Intercompany Receivables 693,133,208 Intercompany Payables 38,871,982 Intercompany Net 654,261, ,471,812 Cash & Cash Equivalents 15,738,836 10,619,997 Net Debt 211,369, ,624,384 20

21 Unaudited Unaudited Unaudited Unaudited Jan. - Sep July - Sep Jan. - Sep July - Sep Sales revenue Cost of sales (-) ( ) ( ) ( ) ( ) GROSS PROFIT Marketing, sales and distribution expenses (-) ( ) ( ) ( ) ( ) General administrative expenses (-) ( ) ( ) ( ) ( ) Research and development expenses (-) Other operating income Other operating expenses (-) ( ) ( ) ( ) OPERATING PROFIT Share in net profit of investments accounted for under equity method ( ) ( ) ( ) ( ) Finance income Finance expenses (-) ( ) ( ) ( ) ( ) PROFIT BEFORE TAXATION Tax charge from continued operations ( ) ( ) ( ) ( ) Current tax charge ( ) ( ) ( ) ( ) Deferred tax (charge) / benefit PROFIT FOR THE PERIOD Reconciliation of the profit for the period Equityholders of the parent Minority interest Earnings per share from operating activities 0,30 0,08 0,25 0,10 21

22 BİSKÜVİ SANAYİ A.Ş. Yıldız Holding A.ġ. Kısıklı Mahallesi Ferah Caddesi No: B.Çamlıca / Üsküdar / Ġstanbul + 90 (216)

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