ULKER B SKV BALANCE SHEET (31.12.

10) ASSETS Current Assets Cash Financial Assets Trade Receivable Other Receivables Inventory Other Current Assets Non-Current Assets -Trade Receivables -Other Receivables -Financial Assets -Investments Accounted for Under Equity Method -Tangible Assets - ntangible Assets -Goodwill -Deferred Tax Assets -Other Non-current Assets Total Assets Liabilities Current Liabilities Finacial Liabilities Other Financial Liabilities Trade Payables Other Payables Corporate Tax Payable Debt Provisions Provisions for Employee Benefits Other Liabilities Non-Current Liabilities Financial Liabilities Other Trade Payables Provisions for Employee Benefits Deferred Tax Liabilities Total Liabilities SHAREHOLDERS EQUITY Total Equity To Equity Holders of the Parent Share Capital Inflation Adjustments to Share Capital Valuation Funds Restricted Reserves Appropriated from Profits Translation Gain Retained Earnings Net Profit for the Year Non Controlling Interest TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

2010

2009

1,511,688,854 616,600,133 2,746,410 350,427,564 347,528,360 140,991,575 53,394,812 1,374,184,581 145,132 124,670 816,106,184 237,570,227 300,481,190 626,710 1,534,035 7,730,256 9,866,177 2,885,873,435 2010 792,609,256 451,425,724 6,287,769 265,506,035 30,348,586 19,802,243 2,305,769 10,356,778 6,576,352 567,056,423 507,961,715 1,132,637 8,471,180 49,490,891 1,359,665,679 1,527,207,756 1,458,891,511 268,600,000 108,056,201 609,950,097 36,431,287 34,938,557 216,068,540 184,846,829 68,316,245 2,886,873,435

1,486,472,342 279,444,678 871,011 294,616,878 720,738,604 160,708,314 30,092,857 1,242,995,613 864,028 62,939 684,405,037 248,857,262 292,521,715 5,848,775 1,534,035 1,110,536 7,791,286 2,729,467,955 2009 1,253,743,647 540,383,522 7,938,615 429,455,627 249,800,245 7,608,080 1,966,102 10,646,415 5,945,041 288,605,970 241,487,624 6,168,987 40,949,359 1,542,349,617 1,187,118,338 1,125,668,600 268,600,000 108,056,201 446,354,171 29,541,106 31,362,234 138,837,334 102,917,554 61,449,738 2,729,467,955

ULKER B SKV INCOME STATEMENT (31.12.10) Sales Revenue Cost of Sales (-) GROSS PROF T 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 Benefit PROFIT FOR THE YEAR Distribution of Profit for the Year Non Controlling Interest Equity Holders of the Parent Earnings Per Share Distribution of Total Comprehensive Income Non Controlling Interest Equity Holders of the Parent Earnings Per Share

2010

2009

1,523,518,680 1,506,477,483 -1,193,383,676 -1,127,834,786 330,135,004 378,642,697 -228,110,962 -61,059,487 -1,012,062 29,502,398 -11,416,593 58,038,298 -199,892,299 -65,014,794 -65,014,794 36,971,523 -2,573,806 147,079,597

-13,735,984 414,917,323 -235,495,177 223,724,460 -32,301,882 -37,373,545 5,071,663 191,422,578

-3,478,557 239,138,115 -237,410,775 145,328,380 -25,545,174 -26,405,643 860,469 119,783,206

6,575,748 184,846,830 0.69

16,865,652 102,917,554 0.38

7,521,522 350,778,870 1.31

16,034,395 420,732,482 1.57

ULKER B SKV CASH FLOW (31.12.10) CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the year Adjustments to reconcile net profit / (loss) to net cash provided by operating Depreciation expenses of tangible assets Amortization expenses of intangible assets Commercial Production write-off Allowance for doubtful receivables Provision for employment termination benefits Interest accrual Unrealized foreign currency loss/(gain) Loss on sales of assets Gain on sale of financial investments Provision for impairment of inventory Loss from investments accounted for under equity method Income from acquisition of affiliates Accrued taxation Operating cash flows provided before changes in working capital Increase in trade receivables Increase in trade receivables from related parties Decrease / (Increase) in inventories (Increase) / Decrease in other receivables and other current assets Increase in trade payables (Increase) / Decrease in payables to related parties (Increase) / Decrease in other liabilities Cash (utilized in) / generated from operations Taxes paid Employee termination benefits paid Collections from doubtful trade receivables Net cash (used in) / provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of tangible assets Acquisitions of intangible assets Net cash inflow from sales of fixed assets Net cash inflow from sale of investment in associates and financial assets Change in non-trade receivables from related parties Net cash outflow from sale of subsidiaries Change in long term financial assets Net cash provided by / (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Loan repayments Loans acquired Change in leasing liability Dividends paid Change in other reserves Changes in non-trade receivables from related parties Changes in Non Controlling Interest (net) Net cash (used in) / provided by financing activities NET CHANGE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

2010

2009

191,422,578 119,783,206

26,421,861 445,750 5,054,751 -101,123 4,124,116 5,394,299 46,100,242 7,145,413 -157,436,542 1,049,423 13,735,984 32,301,882

28,826,667 2,035,616 -6,082,516 4,007,755 14,022,892 -6,720,813 -1,919,302 -674,208 3,478,557 -1,776,464 25,545,174

175,658,634 180,526,564 -30,270,556 -40,905,420 -26,533,864 -16,636,149 17,552,139 -17,738,004 -48,247,299 17,333,385 18,713,026 3,017,682 -181,844,009 132,159,468 -2,620,553 45,937,393 -77,592,482 303,694,919 -25,179,382 -19,459,998 -1,821,923 -1,665,025 29,643 183,782 -104,564,144 282,753,678

-59,620,483 -28,054,937 -278,436 -6,283,485 9,136,790 3,245,899 203,111,641 383,359,953 -167,980,195 -189,856 4,945,287 -1,747,240 540,464,896 -200,819,958

-703,831,125 -434,549,192 832,553,251 379,186,226 -4,351,221 1,749,080 -14,000,000 -6,577,318 417,306 -209,116,201 102,701,245 402,694 -98,745,297 43,330,041 337,155,455 125,263,761 279,444,678 154,180,917 616,600,133 279,444,678

COMMON-S ZED BALANCE SHEET (31.12.10) ASSETS Current Assets Cash Financial Assets Trade Receivable Other Receivables Inventory Other Current Assets Non-Current Assets -Trade Receivables -Other Receivables -Financial Assets -Investments Accounted for Under Equity Method -Tangible Assets - ntangible Assets -Goodwill -Deferred Tax Assets -Other Non-current Assets Total Assets Liabilities Current Liabilities Finacial Liabilities Other Financial Liabilities Trade Payables Other Payables Corporate Tax Payable Debt Provisions Provisions for Employee Benefits Other Liabilities Non-Current Liabilities Financial Liabilities Other Trade Payables Provisions for Employee Benefits Deferred Tax Liabilities Total Liabilities SHAREHOLDERS EQUITY Total Equity To Equity Holders of the Parent Share Capital Inflation Adjustments to Share Capital Valuation Funds Restricted Reserves Appropriated from Profits Translation Gain Retained Earnings Net Profit for the Year Non Controlling Interest TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

2010

2009

52% 21% 0% 12% 12% 5% 2% 48% 0% 0% 28% 8% 10% 0% 0% 0% 0% 100% 2010 0% 27% 16% 0% 9% 1% 1% 0% 0% 0% 20% 18% 0% 0% 2% 47% 53% 51% 9% 4% 21% 1% 1% 7% 6% 2% 0% 100%

54% 10% 0% 11% 26% 6% 1% 46% 0% 0% 25% 9% 11% 0% 0% 0% 0% 100% 2009 0% 46% 20% 0% 16% 9% 0% 0% 0% 0% 11% 9% N/A 0% 2% 57% 43% 41% 10% 4% 16% 1% 1% 5% 4% 2% 0% 100%

COMMON-S ZED INCOME STATEMENT (31.12.10) Sales Revenue Cost of Sales (-) GROSS PROF T 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 Benefit PROFIT FOR THE YEAR

2010 100% 78% 22% 15% 4% 0% 2% 1% 4%

2009 100% 75% 25% 13% 4% 4% 2% 0% 10%

1% 27% 15% 15% 2% 2% 0% 13%

0% 16% 16% 10% 2% 2% 0% 8%

2010 1-Liquidity Ratios Current Ratios Quick Ratios Cash Flow Liq.Ratio Average Collection Period Days Inventory Held Days Payable Outstanding Cash Conversion Cycle 2-Activity Ratios Account Receivables Turnover Inventory Turnover Payable Turnover Fixed Asset Turnover Total Assets Turnover 3-Leverage Ratios Dept Ratio Long- term Debt to Total Capitalization Dept to Equity Ratio Times Interest Ratio Cash Interest Coverage Cash Flow Adequacy 4-Profitability Ratios Gross Profit Ratios Operating Profit Margin Net Profit Margin Cash Flow Margin Return On Total Asset (ROA) Return on Equity (ROE) Cash Return on Asset 5-Market ratios Earnings per common share Price to earnings Dividend payout Dividend yield Market cap Enterprise Value to Sales Enterprise value to EBITDA 0.22 0.04 0.13 0.07 0.13 0.47 0.27 0.89 0.25 4.35 8.46 4.49 0.53 1.91 1.73 83.95 0.53 81.21 3.28

2009

1.19 1.06 71.38 0.37 138.98 -67.23

5.11 7.02 2.63 0.55

0.57 0.20 1.30 0.62

Dividends paid

14,000,000 6,577,318

0.25 0.10 0.08 0.04 0.10

ULKER B SKV BALANCE SHEET (31.12.10) ASSETS Current Assets Cash Financial Assets Trade Receivable Other Receivables Inventory Other Current Assets Non-Current Assets -Trade Receivables -Other Receivables -Financial Assets -Investments Accounted for Under Equity Mth. -Tangible Assets - ntangible Assets -Goodwill -Deferred Tax Assets -Other Non-current Assets Total Assets Liabilities Current Liabilities Finacial Liabilities Other Financial Liabilities Trade Payables Other Payables Corporate Tax Payable Debt Provisions Provisions for Employee Benefits Other Liabilities Non-Current Liabilities Financial Liabilities Other Trade Payables Provisions for Employee Benefits Deferred Tax Liabilities Total Liabilities SHAREHOLDERS EQUITY Total Equity To Equity Holders of the Parent Share Capital Inflation Adjustments to Share Capital Valuation Funds Restricted Reserves Appropriated from Profits Translation Gain Retained Earnings Net Profit for the Year Non Controlling Interest Total Libabilities % Share Holder's Equity

2010 vs 2009

ULKER B SKV INCOME STATEMENT (31.12.10) Sales Revenue Cost of Sales (-) GROSS PROF T 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 Benefit PROFIT FOR THE YEAR

2% 121% 215% 19% -52% -12% 77% 11% -83% 98% 19% -5% 3% -89% 0% 596% 27% 6%

-37% -16% -21% -38% -88% 160% 17% -3% 11% 96% 110% N/A 37% 21% -12% 29% 30% 0% 0% 37% 23% 11% 56% 80% 11% 6%

Distribution of Profit for the Year Non Controlling Interest Equity Holders of the Parent Earnings Per Share Distribution of Total Comprehensive Income Non Controlling Interest Equity Holders of the Parent Earnings Per Share

2010 vs 2009 1% 6% -13% 14% -6% -98% -20% 344% -61%

295% 74% -1% 54% 26% 42% 489% 60%

-61% 80% 82%

-53% -17% -17%