Anadolu EfesHSBC’s Fourth Annual Turkey ConferenceHSBC s Fourth Annual Turkey Conference

April 12-13 2010April 12-13, 2010 İstanbul

Forward-Looking Statements

This report may contain certain forward-looking statements concerning our

future performance and should be considered as good faith estimates made

by the Company These forward looking statements reflect managementby the Company. These forward - looking statements reflect management

expectations and are based upon currently available data. Actual results are

subject to future events and uncertainties, which could materially impact the

Company’s actual performance.

Beverage PowerhouseBeverage Powerhouse

Anadolu Efes Production Plants

Beer BusinessFOCUS IN TURKEY & CIS

14* breweries in 5* Countries

35 0 mhl* Beer Capacity35.0 mhl* Beer Capacity

5** malteries with 267,000 tons Malt Capacity

* Does not include Serbian operations, where EBI currently has 28% shareholding** In addition to fully consolidated 3 malteries, EBI also In addition to fully consolidated 3 malteries, EBI also owns 19.98% interest in a maltery in Moscow.

Coca-Cola BusinessFOCUS IN TURKEY, CENTRAL ASIA &

MIDDLE EASTMIDDLE EAST

20 bottling plants in 10 countries

980 million unit case capacity3

Anadolu Efes’ StructureAnadolu Efes’ Structure

Yazıcı Holding  30.9% Özilhan Sınai Yatırım 17.5% Anadolu Endüstri Holding 7.8%

ANADOLU EFESPublic

43.8%

TURKEY BEER OPERATIONS

50.3%99.45%

EFES BREWERIES

INTERNATIONAL (EBI)

INTERNATIONAL BEER

COCA-COLA İÇECEK1

(CCI)Public0.55%

24.6%

PublicINTERNATIONAL BEER

OPERATIONSCOCA-COLA OPERATIONS

•Level 1 ADR Program

(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 5% by Özgörkey Holding.* Only the major subsidiaries of the Group are presented

Level 1 ADR Program

4

Rapidly Growing Beverage Company

494m 511 m

297 m 306 m 327 m

494 m

11 11 12 15 15

25 27 2736 36

2005 2006 2007 2008 2009

5

# of Countries # of Plants Population Served

Operating Markets

TURKEY RUSSIAPop: 72,6 mioGDP per cap: $8,590

Pop: 140.4 mioGDP per cap: $8,874

KAZAKHSTAN MOLDOVAKAZAKHSTANPop: 16.0 mioGDP per cap: $6,876

MOLDOVAPop: 4.2 mioGDP per cap: $1,496

GEORGIAPop: 4.3 mioGDP per cap: $2,496

PAKISTANPop : 168.6 mioGDP per cap: $1,017

AZERBAIJANPop: 8.8 mioGDP $4 864

KYRGYZSTANPop: 5.3 mioGDP $872GDP per cap: $4,864 GDP per cap: $872

TURKMENISTANPop: 4.9 mio

JORDANPop: 6.3 mioPop: 4.9 mio

GDP per cap: $3,489Pop: 6.3 mioGDP per cap: $3,766

6

Consolidated Sales Volume Development

CAGR  (05‐09)19%

31 034.6

37.8 38.9

19.4

31.0

mhl

2005* 2006 2007 2008 2009

Beer SoftDrinks* In 2005 Turkey soft drink operations were consolidated by equity pick up basis

Breakdown of Consolidated* Sales Volume-2009Turkey Beer

21.9%

Beer Soft Drinks by equity pick-up basis

International Beer35.0%

Soft Drinks43.1%

7 * Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI)

Consolidated Financial Performance

23 3%23 9%27 4%

Consolidated Net Sales Revenue Consolidated EBITDA*

854.7 916 6

22.5 %

23.3%23.9% 24.1%27.4 %

2 594 0

3,030.43,668.9

3,811.1’05-’09

CAGR 24% ’05-’09 CAGR 20%

RL L

443.1583.3

723.2

916.6

1,619.4

2,594.0

Milli

on T

R

milli

on T

RL

2005 2006 2007 2008 20092005 2006 2007 2008 2009

*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.

Breakdown of Consolidated* Breakdown of Consolidated* EBITDANet Sales Revenue Breakdown of Consolidated EBITDA

Turkey BeerSoft Drinks

Soft Drinks19%

Turkey Beer33%

International Beer

32%Turkey Beer

53%International Beer28%

8* Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI)

35%

Net Financial IndebtednessNet Financial Indebtedness

2.8 x 1.9 x 0.9 xNet Debt/EBITDA

Gross Debt

Cash Position

98.0

292.6

701.6

219.1

855.9

338.2

1,233.6

713.6

482.5 467.6520.0

500,0

600,0

Cash Position

200,0

300,0

400,0

lion

US

D

0,0

100,0

T k B EBI CCI* A d l Ef

mill

194.6‐300,0

‐200,0

‐100,0 Turkey Beer EBI CCI* Anadolu Efes Consolidated

9 *50.3% of CCI’s financial debt is consolidated as per Anadolu Efes’ shareholding

Debt Maturity & Currency BreakdownDebt Maturity & Currency Breakdown

EBI CCIEBI CC

2010

20134%

2014 and after2%

20126%

20131%

201033%

2011

201246%

201070%

201123%

201115%

Other13% Other

USD65%

EUR22%

USD69%

EUR11%

20%

10

Beer OperationsBeer Operations

High Growth Beer Markets- Low Per Capita Consumption

Uzbekistan

15 0%

20,0%

4 -2

009

(%)

Moldova

Georgia

KazakhstanRomania

10,0%

15,0%

Gro

wth

200

Turkey

ChinaRomania

Russia

BulgariaPoland

5,0%

CA

GR

Turkey

Greece

Serbia

Poland

USA

Czech Rep.

Germany

0,0%

0 20 40 60 80 100 120 140 160 180

Per Capita Consumption (lt)

UKGermanyWest Europe

‐5,0%

Source: Canadean Global Beer Trends-200912

Strong Positions and Brands

TURKEY RUSSIA

#189% market share

#410% market share

KAZAKHSTAN MOLDOVAKAZAKHSTAN MOLDOVA

#235% market share

#169% market share

GEORGIA

#157% k t h57% market share

13

Turkey Beer OperationsTurkey Beer Operations

A Leading Position in theA Leading Position in the Turkish Beer MarketTurkish Beer MarketSteadily Growing and Increasing Market ShareSteadily Growing and Increasing Market Share

Sustainable Volume Growth*

Turkey GDP decreased by 4.7% in FY2009

and 6 0% in 4Q2009 y-o-y’05-’09

CAGR 5%

and 6.0% in 4Q2009 y-o-y

Turkey sales volume reached 8.5 mhl, with

0.5% growth in domestic market,8.5 8.5

supported by;

• initiatives to increase availability and visibility of

beer through effective marketing activities7.1 7.1

7.6

*S

beer through effective marketing activities

Despite;

• high base of 20082005 2006 2007 2008 2009*Sales volume including exports

Market Share Development • effect of the Ramadan being earlier

• price increase to cover excise tax increase in20% 18% 17% 14% 11%

April

• smoking ban

• economic crisis60%

80% 82% 83% 86% 89%

40%20%

Source: Company Estimates

economic crisis

Fourth quarter sales volume down by

1.5%151987 2005 2006 2007 2008 2009

Efes Other

OffOff--Premise Development InitiativesPremise Development InitiativesOTCsOTCs

Before AfterOTCsOTCs

Before After

16

OffOff--Premise Development InitiativesPremise Development InitiativesEfes ShopsEfes Shops

Before After

Efes ShopsEfes Shops

Inside Inside

17

OnOn--Premise Development InitiativesPremise Development Initiatives

18

Turkish Beer Market Turkish Beer Market –– Fundamentals & DynamicsFundamentals & Dynamics

Sales Volume by Package Type (2009)Sales Volume by Consumption Channel (2009)

On‐Premise25.4%

Off‐premise74 6%

Can26.6%

Keg12.0%

Non‐returnable Bottle6.4%

Maltey

H P i

74.6%Returnable Bottle

55.0%

Consolidated market - top 2 players represent c. 99% of the

Hops Processing

DYNAMICS OF THE TURKISH BEER MARKETSales Volume by Distribution Channel (2009)

Distributor29.5%

p p y pmarket

lack of sizeable acquisition targetsconsolidated distribution structure

Returnable market Bottles & kegs amount to over 60% of the

Key Account12.8%

Dealer57.6%

Returnable market - Bottles & kegs amount to over 60% of themarket

additional initial investment requirement for containersrequirement to set-up two way distribution system

TV& Radio advertisement fully restricted since 1984High level of excise taxesLimited presence of organized retail- supermarkets account forca.11% share of Efes sales volumes19

Strong Brand PortfolioStrong Brand Portfoliosignificant share of “Efes” brandsignificant share of “Efes” brandgg

Premium 3%Economy 1%100% brand awareness for Efes

Exports to more than 60 countries

# 1 in consumer spending in Food &

Mainstream 96%

Beverage category – 6.9 % as of

December 2009 (The Nielsen Company)

97.7% penetration in Turkey97.7% penetration in Turkey

20

Unmatched Brand Equity Unmatched Brand Equity

TURKEY

ber 2

009

Food & Beverage %Total Trade %

Top Brands – % of spending-

y YT

D D

ecem

b Food & Beverage %Total Trade %

1. Marlboro (tobacco) 6.02. Winston (tobacco) 5.13 P li t 4 8

1. EFES PILSEN 6.92. Coca-Cola 4.43 Ulk 4 3

sen

Com

pany 3. Parliament (tobacco) 4.8

4. Lark(tobacco) 3.55. Tekel 2001 (tobacco) 3.56. EFES PİLSEN 3.1

3. Ulker 4.34. Eti 3.25. Pınar 2.86. Yeni Rakı 2.8

rce.

The

Nie

ls

7. Viceroy (tobacco) 2.98. L&M (tobacco) 2.59. Muratti(tobacco) 2.110 C C l 2 0

7. Çaykur 2.58. Sütaş 1.79. İçim 1.610 F t 1 4

Sour 10. Coca-Cola 2.0

11. Coca-Cola 1.810. Fanta 1.4

21

Turkish Beer Market Turkish Beer Market –– Vertical IntegrationVertical Integration

ANADOLU EFES

TWO MALTERIES100% self sufficiency

ANADOLU EFES

•Patented barley seeds•Fertilizer

•Malting Barley at a pre-determinedg

Rel

atio

nshi

ps

ONE HOPS FACILITYpartly self sufficient

Malt + Hops

Maltey

H P i

Brewery & Capacity

FARMERS

Fertilizer•Technology & know-how

a pre determined price

Long

Sta

ndin

g

Hops Processing

COGS Breakdown (2009)

•Long standing relations with packaging suppliers• ca. 70% returnable

Packaging

36.9%23.5% Malt & Other Raw 

MaterialsVertical integration is a key factor in

39.6%

Packaging & Auxilary Materials

Overhead

g yefficient production cost management

22

Turkey Beer Operations’ Financial Performance

Net Sales Revenue EBITDA*’05-’09 ’05-’09

37.6 %

40.3%

37.3%

41.8%

39.8%

967.0

1,182.1 1,264.2

CAGR 13% CAGR 15%

TRL

lion

TRL

286.8 308.0389.8

494.2 503.0763.2

825.6

Milli

on TMill

2005 2006 2007 2008 20092005 2006 2007 2008 2009

*Previously reported EBITDA figures for 2005, 2006 and 2007 are adjusted by excluding other income/expense arising from Anadolu Efes’ holding nature for comparison purposes.

Net Profit’05-’09

CAGR 22%

162 7213.6

293.2

341.7 363.1CAGR 22%

Milli

on T

RL

2005 2006 2007 2008 2009

162.7M

23

TURKEY BEER OPERATIONS TURKEY BEER OPERATIONS 2010 2010 OutlookOutlook

• Low single digit decline in sales volume in Turkey,• Volumes to be effected more in the 1Q2010 due to high base of 1Q2009, in addition to;

• Average price increase of 14% to pass the effect of 35% hike in excise taxes onJanuary 1, 2010•Full effect of smoking‐ban

•Milder decline in total Turkey Beer sales volume by the contribution of higher exportsales

• Slight improvement in gross profit margin on the back of lower commodity prices, partlymuted by higher wages and energy prices• Contraction in EBITDA margin due to;

l l•lower volumes•lack of price increase to cover CPI negatively impacting the G&A and Sales &Distribution expense margins

• Focus on working capital management and cashflow generation

24

Efes Breweries InternationalEfes Breweries International

Challenges Prevalent In International MarketsChallenges Prevalent In International Markets

Volume Developmentp• Consolidated sales volume down 3.1% in 2009

compared to the same period of previous year

• Decline was 2.2% on an organic basis(1)

’05-’09 CAGR 11%

11.7 11.713.3 14.1 13.6

g

mhl

(1) By excluding i) January – February 2009 sales volume of JSC Lomisi in Georgia, which EBI acquired in February 2008 and started full consolidation starting from March 1st 2008, ii) the sales volume of Efes Serbia, which is excluded from EBI’s financials after the end of 1H2008

2005 2006 2007 2008 2009

Breakdown of Sales VolumeK kh Moldova

• Consolidated sales volume in the last quarter of 2009decreased slightly by 0.6% compared to the same periodof the previous year

Georgia5.0%

Kazakhstan11.2%

Moldova5.6%

•Pressures on consumer demand continued but EBI wasable to limit the sales volume decline, contributed by;

•focused, innovative and memorable but cost effective

Russia78.5%

Numbers may not add up to 100 due to rounding.26

marketing activities leading EBI to outperform the operatingmarkets,

•low base of the last quarter of 2008

Outperforming The Market In Outperforming The Market In RussiaRussia

Volume Development Market Share by Volume

BBH39 5%

Sabmiller6.8%

Other14.2%

10 4 11.1l

The Nielsen C

YTD

Decem

b

’05-’09 CAGR 15%

39.5%

InBev15.8%

Heineken14.2%

EBI9.6%

6.0

8.7

10.4 11.110.7m

h

Com

pany, Total er 2009

2005 2006 2007 2008 2009

National U

rban

N b t dd t 100 d t di2005 2006 2007 2008 2009 , Numbers may not add up to 100 due to rounding.

• GDP declined by 7.9% in 2009

• Beer market is estimated to have contracted by 8% in 2009

• EBI’s sales volume down by 3.6% with improved market share to 9.6%

• Net sales revenue in USD terms declined by 21.4% in 2009 due to;

D l ti f R bl USD i 2009 hi h tl d i th l t t

27

• Devaluation of average Ruble vs. USD in 2009, which was partly recovered in the last quarter

•Negative mix effect

•Despite 7.3% average price increase y-o-y

Strongly Positioned in All MarketsStrongly Positioned in All Markets

Russia

PREMIUM UPPER MAINSTR. LOWER MAINSTR. DISCOUNT

Russia

PREMIUM UPPER MAINSTR LOWER MAINSTR ECONOMY

Kazakhstan

PREMIUM UPPER MAINSTR. LOWER MAINSTR. ECONOMY

PREMIUM MAINSTREAM ECONOMY

Moldova

Georgia

28

Russian Russian Beer Market Beer Market –– Fundamentals & DynamicsFundamentals & Dynamics

Market Packaging Split (2009)Outlet Split (2009)Keg2%

Open Markets

ny

Can6%

Glass Bottle29%

2%

Food Stores

Kiosks17%

Hyper/ Supermarkets

12%

2%

H P in C

ompa

n

PET63%

50%Minimarkets

13%

Hops Processing

Market Segment Development *he N

iels

en

Pavillions5%

23.3% 24.4% 26.0% 24.9%

4.8% 5.9% 6.6% 6.4%3.4% 4.1% 4.3% 3.7%

Market Segment Development

Sou

rce:

Th

• Shift between brands is not very

high, but within each brand shift

%

39.0% 38.1% 38.7% 41.0%

S g ,

towards cheaper packaging is visible

FY2006 FY2007 FY2008 FY2009

29.5% 27.5% 24.4% 24.0%

Discount Lower Mainstream Upper Mainstream Premium Super Premium29

* In order to reflect the market structure in a better way, the presentation of the Russian Beer Market segment breakdown has been changed as of 2009. For comparison purposes, the adjusted segment data is also provided for the last four years.

Other Operating CountriesOther Operating CountriesMarket Share by Volume

BBH44.3%

Shymkent Pivo7.4%

InBev3.8%

Other9.1%

hsta

n

#2 brewer

Market Share by Volume

EBI35.4%

Kaz

akh

Capacity: 2.4 mhl

InBev4.7%

Oboloni1.9%

Beermaster2.8%

Other1.4%

a

The Nielsen Company, YTD December 2009

EBI68.7%

BBH20.5%

Mol

dova #1 brewer

Capacity: 1.7 mhl

M

MEMRB, YTD December 2009

orgi

a #1 brewerCapacity: 0.7 mhlEBI entered the Georgian beer market by the acquisition of the leading brewer in the market, JSC Lomisi

Ge

g y q g(“Lomisi”), in February 2008 and included this operation in its financials starting from March 2008Market share up to 57% in YTD December 2009 vs 47% in YTD December 2008

30

International Beer OperationsInternational Beer OperationsFinancial Performance Financial Performance

18 7%

Net Sales Revenue EBITDA’05 ’09

156.0 153.5 170 1

19.8 % 14.8%17.6%

18.7%19.8%

836.2

1,038.0

857.3

’05-’09 CAGR 16%

05- 09 CAGR 16%

n U

SD

USD

95.1112.6

170.1

481.2638.9

milli

on

milli

on

2005 2006 2007 2008 20092005 2006 2007 2008 2009

N t P fitNet Profit

37.5

lion

USD

2005 2006 2007 2008 2009

20.1 20.60.4

mil

31

‐57.4

EFES BREWERIES INTERNATIONAL EFES BREWERIES INTERNATIONAL 20102010 O tl kO tl k2010 2010 OutlookOutlook

•5%‐10% volume contraction for the Russian beer market overall in FY2010, mainly due to;• Higher beer prices in 2010 to reflect the significant excise tax increase• Higher beer prices in 2010 to reflect the significant excise tax increase• Unfavorable economic conditions

•We expect to limit our volume decline to low single digits & outperform the Russian beer market onceagain by expanding our reach and increasing visibility of our products through;

• Focus on innovation of strategic brands• Increased penetration

•Slight increase in consolidated net sales revenue through revenue management and stronger currenciesversus USDversus USD

• Earnings expected to be skewed towards the second half of the year•Gross margin will be lower by approximately 100 bps, despite lower commodity prices, due to;

• negative effect of tax hike in Russia• higher fixed costs per liter due to lower volumes

• Contraction in the EBITDA margin will outpace the decline in gross margin, as a result of inflation andlocal currency appreciation

• Working capital improvement remains to be on the top of priorities along with capex optimization

•We expect to once again generate positive free cash flows in this challenging year

32

p g g p g g y

Soft Drink Operations

Operating GeographyOperating Geography Soft Drinks BusinessSoft Drinks BusinessCoca Cola Business*

RussiaRussia

BelarusBelarus

Russia

Belarus

Coca-Cola Business*

# of markets 10 # of facilities 20Cap. (mu/c) 980

Kazakhstan16m

Kazakhstan16m

UkraineUkraine

RomaniaRomaniaMoldovaMoldova

CCICCI

CCHCCHKazakhstan

16mUkraine

RomaniaMoldova

CCI

CCH

Black SeaBlack Sea

ChinaChina

Uzbekistan27m

Uzbekistan27m

Turkmenistan5m

Turkmenistan5m

Turkey73m

Turkey73m TajikistanTajikistan

Kyrgyzstan5m

Kyrgyzstan5m

Georgia4m

Georgia4m

Azerbaijan9m

Azerbaijan9m

BulgariaBulgaria

GreeceGreece

OtherOtherBlack Sea

China

Uzbekistan27m

Turkmenistan5m

Turkey73m Tajikistan

Kyrgyzstan5m

Georgia4m

Azerbaijan9m

Bulgaria

Greece

Other

Iraq31mIraq31m

Iran74mIran74m

ChinaChina5m5m

Afghanistan27m

Afghanistan27m

73m73m j8m

j8m

Syria22mSyria22m

Lebanon4m

Lebanon4m Jordan

6mJordan

6m

Iraq31m

Iran74m

China5m

Afghanistan27m

73m j8m

Syria22m

Lebanon4m Jordan

6m

IndiaIndia

Pakistan169m

Pakistan169m

Saudi Arabia25m

Saudi Arabia25m

NepalNepalKuwaitKuwait

Egypt79m

Egypt79m

Libya6m

Libya6m

AlgeriaAlgeria

6m6m

OmanOman

U.A.E.5m

U.A.E.5m

QatarQatar

India

Pakistan169m

Saudi Arabia25m

NepalKuwait

Egypt79m

Libya6m

Algeria

6m

Oman

U.A.E.5m

Qatar

Yemen24m

Yemen24m

Oman3m

Oman3m

Source: EIU & TUIKNote: 2009E PopulationSource: EIU & TUIKNote: 2009E Population

Yemen24m

Oman3m

Source: EIU & TUIKNote: 2009E Population

34

Note: 2009E PopulationNote: 2009E PopulationNote: 2009E Population

3434

2008 Sparkling Beverages Consumption

40

45

Italy PolandGreece

UKSpain Bulgaria

Germany

35

40Russia

HungaryUK

USA

dian

Age 30

Azerbaijan

KazakhstanTurkey

UAE

Qatar

Argentina

Med

20

25

TajikistanPakistan

Kyrgyzstan

SyriaTurkmenistan

EgyptJordan

Saudi Arabia

South Africa

Kuwait Mexico

15

20Afghanistan

OmanIraq

Yemen

PerCap Consumption (lt)

0 20 40 60 80 100 120 140 160 180

35

Strong Positions in Operating Markets (2009)

Sparkling Beverages Still Beverages

MarketShare Position

68.2% #1

Water Fruit Juices & Nectars

Market Sh Position Market

Sh Position

27.8% #2

34.2% #1

Share Position Share Position

8.5% #3 29.3% #1

52.6% #1

#1

7.6% #3 1.6% #8

4.6% #4 8.0% #3n.a. #1

13.3% #248.9% #1 4.9% #6

10.5% #2

Source: The Nielsen Company,(1) The Nielsen Company Database Adjustment(2) CCI Estimate

Source: The Nielsen Company(1) The Nielsen Company Database Adjustment

36

(2) CCI Estimate(3) MEMRB

Geographic and Category Split of Business Volume split (uc) Geography Volume split (uc) International OperationsVolume split (uc) - Geography

(2009)Volume split (uc) – International Operations

(2009)

InternationalKazakhstan

22%

Pakistan36%

TurkeyInternational

International25%

22%

Turkey

Turkey75%

Kyrgyzstan5%

Azerbaijan18%Turkmenistan

4%

Jordan10%

Iraq3%

Syria2%

Volume split (uc) – Consolidated (2009)Still

4%

Still Beverages

26%

Sparkling Beverages

37

74%

Turkey Alcohol Free Beverage(AFB) Market - 2008

AFB Market 5.2 billion uc

RTD AFB Market1.2 billion uc

HOD

Cofee2.3%

Milk5.9%

Powder&Concentrate

0.4%RTD AFB Sparkling

Ayran10.9%

Sparkling Water4.1%

Other0.9%

HOD22.4%

RTD AFB23.4%

Sparkling Beverages

44.9%Fruit Juices&

Nectars12.7%

Bottled WaterTea45.7%

Source: Canadean Estimates

•RTD= Ready to Drink Beverages•HOD= Home and Office Delivery Water

Bottled Water26.5%

y

Hot tea category constitutes 46% of alcohol-free beveragesSparkling Beverages is almost half of ready-to-drink alcohol-free beverages

38

Dynamic Growth in All MarketsDynamic Growth in All MarketsTURKEY SOFT DRINKS VOLUME DEVELOPMENTTURKEY SOFT DRINKS VOLUME DEVELOPMENT

’05-’09 CAGR 9%

382.4420.8

438.9

mu/

c312.0

343.8382.4

2005 2006 2007 2008 2009

INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT

’05-’09 CAGR 32% 147.6

mu/

c

80.197.9

113.0

2005 2006 2007 2008 2009

49.3

3939

2005 2006 2007 2008 2009

World-leading Brand PortfolioSparkling Beveragesp g g

Turkey Pakistan Kazakhstan Azerbaijan Kyrgyzstan Jordan Iraq Syria

Sparkling

4040

World-leading Brand PortfolioStill Beveragesg

Turkey Pakistan Kazakhstan Azerbaijan Kyrgyzstan Jordan Iraq Syria

Fruit Juices & Nectars

Bottled water

Sports Drinks Ice tea

Tea

Ice tea

Tea

4141

Soft Drink Operations’ Financial Performance*Soft Drink Operations’ Financial Performance*

17.1%16.1%

16.6%15.3%

2 258 12,407.5

Net Sales Revenue EBITDA*

L

’05-’09 CAGR 19%

’05-’09 CAGR 18%

268.3329.8

375.3368.7

15.8 %

1,183.9

1,667.2

1,925.9

2,258.1

milli

on T

RL

Milli

on T

RL

2005 2006 2007 2008 2009

187.4

2005 2006 2007 2008 2009

Net Profit

*Full year EBITDA is as previously reported, not restated as per CMB’s newreporting format.

153.7169.6

n TR

L

’05-’09 CAGR 18%

87.3 86.7 81.4

*International Coca-Cola business fully consolidated starting from 2006

milli

o

422005 2006 2007 2008 200942

Thank You !Thank You !

Q t Pl43

Questions Please...

Appendi44

Appendix

ANADOLU EFES Consolidated Income Statements For the Periods Ended 31.12.2009 and 31.12.2008

Prepared In Accordance with IFRS as per CMB Regulations

2008/12 2009/12

SALES VOLUME (million hectolitre) 37,8 38,9

SALES 3.668,9 3.811,1

p p g(million TRL)

Cost of Sales (-) (1.860,7) (1.907,9)

GROSS PROFIT FROM OPERATIONS 1.808,2 1.903,1

Marketting, Selling and Distribution Expenses (-) (913,0) (928,1)General and Administration Expenses (-) (306,9) (322,1)Other Operating Income 82,4 41,5p g , ,Other Operating Expense (-) (43,2) (46,5)

PROFIT FROM OPERATIONS 627,5 648,0

Loss from Associates (5,7) (10,9)Financial Income 187,4 375,1Financial Expense (-) (454,3) (468,4)

PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 355,0 543,8

Continuing Operations Tax Expense (-) (66,3) (121,5)

PROFIT FOR THE YEAR 288,7 422,3

Attributable to:Minority Interest (21,0) (0,3)Net Income attributable to Equity Holders of the Parent 309,7 422,6

EBITDA 854,7 916,6

45

Note 1: CCI's consoliated results are proportionately consolidated in Anadolu Efes' financial results as per its 50.3% shareholding.

Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From Operations.

ANADOLU EFES Consolidated Balance Sheets as of 31 12 2009 and 31 12 2008

2008/12 2009/12 2008/12 2009/12Cash & Cash Equivalents 690,2 1053,3 Short-term Borrowings 799,2 949,3Investment in Securities 2,7 21,2 Trade Payables 203,5 234,9Trade Receivables 421,2 421,5 Due to Related Parties 16,6 15,0Due from Related Parties 3 9 0 8 Other Payables 174 4 202 3

(million TRL)

Consolidated Balance Sheets as of 31.12.2009 and 31.12.2008Prepared In Accordance with IFRS as per CMB Regulations

Due from Related Parties 3,9 0,8 Other Payables 174,4 202,3Other Receivables 9,8 5,8 Provision for Corporate Tax 9,9 16,5Inventories 490,6 412,4 Provisions 18,2 20,3Other Current Assets 156,6 141,6 Other Liabilities 189,9 50,3

Total Current Assets 1.775,0 2.056,7 Total Current Liabilities 1.411,8 1.488,6

O h R i bl 1 7 0 9 L B i 1029 8 908 1Other Receivables 1,7 0,9 Long-term Borrowings 1029,8 908,1Investments in Securities 23,4 40,1 Other Payables 103,1 126,6Investments in Associates 54,9 45,4 Provision for Employee Benefits 30,3 40,1Property, Plant and Equipment 1.996,8 1.981,6 Deferred Tax Liability 27,9 33,8Intangible Assets 341,2 357,0 Other Liabilities 5,0 98,6Goodwill 866,5 855,6Deferred Tax Assets 38,1 46,9Other Non-Current Assets 25,9 45,9 Total Non-Current Liabilities 1.196,1 1.207,2

Total Non-Current Assets 3.348,5 3.373,4 Total Equity 2.515,7 2.734,2

Total Assets 5.123,5 5.430,0 Total Liabilities and Shareholders' Equity 5.123,5 5.430,0

Note 1: CCI's consolidated financial results are consolidated in Anadolu Efes' financial results by proportionate consolidation method as per Anadolu Efes' 50.3% shareholding in CCI.

Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Investment in Securities'' in Non-Current Assets part of the balance sheet.

46

/12

8,5

4,2

0,2

6,9

8,8

5,7 ,6)

3,1

3,0

/12

ntno

n-

2009

/ 8

1.26

484

042

6 18 445

(82

363

503

2009

/

440,

621

4,1

105,

521

,579

0,6

1.28

1,5

360,

421

,51.

673,

3

2.46

3,9

47,4

139,

714

7,6

342,

4 -16

0,0

160,

0

1.96

1,5

2.46

3,9

2008

stat

ed o

n co

st b

asis

in

iatio

nan

dot

her

relev

an

2008

/12

8,5

1.18

2,1

794,

042

1,8

(0,4

)42

1,4

(79,

7)34

1,7

494,

2

2008

/12

224,

418

4,9

123,

219

,656

1,3

1.22

6,2

328,

013

,61.

572,

4

2.13

3,7

57,1

125,

775

,926

2,8 -

13

1,5

131,

5

1.73

9,4

2.13

3,7

ON

S31

.12.

2009

and

31.

12.2

diar

ies i

n Tu

rkey

, are

s

com

e/ex

pens

e),d

epre

ci

ON

S9

and

31.1

2.20

08

B R

egul

atio

ns

B R

egul

atio

ns

XEE

R O

PER

AT

IOr t

he P

erio

ds E

nded

3

mal

t pro

duct

ion

subs

id

ding

othe

rope

ratin

ginc

EE

R O

PER

AT

IOte

ms

as o

f 31

.12.

2009

with

IFR

S as

per

CM

Bm

illio

n TR

L)

with

IFR

S as

per

CM

Bm

illio

n TR

L)

TIO

NS

RO

FIT

BEF

OR

E TA

X

tin

secu

rities

Equi

tyTU

RK

EY

BE

ncom

e St

atem

ents

For

clud

ing

brew

ing

and

mve

pre

sent

atio

n.

rom

Ope

ratio

ns(e

xclud

ns.

TU

RK

EY

BE

hted

Bal

ance

She

et It

ared

In A

ccor

danc

e w (m

ared

In A

ccor

danc

e w (m

(mill

ion

hect

olitr

es)

FIT

FRO

M O

PER

AT

OM

OPE

RA

TIO

NS

me

/ Exp

ense

G

OPE

RA

TIO

NS

PRax

esR

TH

E YE

AR

uivale

nts a

nd in

vestm

ent

bles Ass

ets

and

Equip

men

t

rren

t Ass

ets

s row

ings

Liab

ilitie

s

row

ings

s rren

t Lia

bilit

ies

Equi

ty

es a

nd S

hare

hold

ers'

Con

solid

ated

In

Efes

subs

idia

ries,

exc

de m

ore

com

preh

ensiv

Aco

mpr

ises

ofPr

ofit

fro

Prof

it Fr

om O

pera

tion

Hig

hlig

h

Prep

a

Prep

a

47

Sale

s V

olum

e

SALE

S G

RO

SS P

RO

FPR

OFI

T FR

OFi

nanc

ial In

com

CO

NTI

NU

ING

Prov

ision

for T

aPR

OFI

T FO

R

EBIT

DA

Cas

h, C

ash

equ

Trad

e Re

ceiva

bIn

vent

ories

Oth

er A

sset

sTo

tal C

urre

nt

Inve

stmen

tsPr

oper

ty, P

lant

Oth

er A

sset

sTo

tal N

on-C

ur

Tota

l Ass

ets

Trad

e Pa

yabl

esO

ther

Liab

ilities

Shor

t-ter

m B

orr

Tota

l Cur

rent

Long

-term

Bor

rO

ther

Liab

ilities

Tota

l Non

-Cur

Shar

ehol

ders

'

Tota

l Lia

bilit

ie

Not

e: A

nado

lu

orde

r to

prov

id

Not

e:E

BITD

Aca

sh it

ems u

p to

2009

/12

13,6

857,

340

2,1

82,5

(6

4,9)

10

,5

(10,

7)

(0,2

)

(0,6

)0,

4

170,

1

2009

/12

219,

156

,912

6,6

29,3

432,

5

676,

445

6,1

30,1

28,8

1.19

4,5

1.62

6,9

154,

2

228,

0

382,

2

473,

767

,954

1 ,6

703,

2

1.62

6,9

S.S.08 netl

oss

ofas

socia

tes,

uslo

sson

sale

ofPP

E

2008

/12

14,0

1.03

8,0

424,

373

,6

(145

,8)

(77,

2)

18,3

(58,

8)

(1,5

)(5

7,4)

153,

5

2008

/12

220,

888

,116

6,4

43,4

522,

9

710,

347

4,4

35,0

25,2

1.24

6,4

1.76

9,3

211,

2

431,

0

642,

2

386,

32,

838

9 ,1

738,

0

1.76

9,3

d in

acco

rdan

ce w

ith IF

R

ON

S (E

BI)

and

31.1

2.20

08

d in

acco

rdan

ce w

ith IF

R

ON

S (E

BI)

.12.

2009

and

31.

12.2

00

—ne

t),ta

x,sh

are

ofn

non

hold

ingac

tivitie

s,pl

u

d le

ase

oblig

atio

ns)

ncial

stat

emen

ts pr

epar

ed

BE

ER

OPE

RA

TIO

tem

s as

of

31.1

2.20

09

Acc

orda

nce

with

IFR

S m

illio

n U

SD)

ncial

stat

emen

ts pr

epar

ed

BE

ER

OPE

RA

TIO

r the

Per

iods

End

ed 3

1

ancia

linc

ome/

(exp

ense

)—

asap

plica

ble,

minu

sga

in

Acc

orda

nce

with

IFR

S m

illio

n U

SD)

S any

estm

ents

in Se

curit

ies

l) nt p

ortio

n of

long

-ter

m d

ebt a

nd

oblig

atio

ns)

rs' E

quity

d fro

m c

onso

lidat

ed fi

nan

TE

RN

AT

ION

AL

Bgh

ted

Bal

ance

She

et It

Prep

ared

In A (m

d fro

m c

onso

lidat

ed fi

nan

TE

RN

AT

ION

AL

Bnc

ome

Stat

emen

ts F

or

nings

befo

reint

eres

t(fin

aus

mino

rity

inter

est,

and

am

pairm

ent. Pr

epar

ed In

A (m

mill

ion

hect

olite

rs)

ES

RO

FIT

FRO

M O

PER

ATI

ON

Sco

me

/ (Ex

pens

e)R

OFI

T B

EFO

RE

TAX

x RO

FIT

AFT

ER T

AX

e to tere

stde

rs o

f the

Par

ent C

ompa

Cas

h Eq

uivale

nts a

nd In

veeiv

ables

ent A

sset

sre

nt A

sset

s

lant a

nd E

quip

men

tA

sset

s (inc

luding

goo

dwill

s in

Ass

ociat

es-C

urre

nt A

sset

s-C

urre

nt A

sset

s

ets

Oth

er P

ayab

les

Borro

wing

s (in

clud

ing

curr

en

rent

Lia

bilit

ies

Borro

wing

s (in

clud

ing

leas

e o

-Cur

rent

Liab

ilities

-Cur

rent

Lia

bilit

ies

ty ilitie

s an

d Sh

areh

olde

r

ures

for E

BI a

re o

btain

ed

INT

Hig

hlig

ures

for E

BI a

re o

btain

ed

INT

Con

solid

ated

I

BITD

Ahe

rem

eans

earn

nan

dam

ortis

atio

n,m

inus

prov

ision

s, re

serv

es a

nd im

48

Vol

ume

(m

NET

SA

LEG

RO

SS P

RPR

OFI

T F

Fina

ncial

Inc

(LO

SS)/P

RIn

com

e Ta

x(L

OSS

)/PR

Attr

ibut

able

Mino

rity

Int

Equit

y H

old

EBIT

DA

Cas

h an

d C

Trad

e Re

ceIn

vent

ories

Oth

er C

urre

Tota

l Cur

r

Prop

erty

, PIn

tang

ible

AIn

vestm

ents

Oth

er N

on-

Tota

l Non

-

Tota

l Ass

e

Trad

e an

d O

Shor

t-ter

m

Tota

l Cur

r

Long

-term

BO

ther

Non

-To

tal N

on-

Tota

l Equ

it

Tota

l Lia

bi

Not

e 1:

Figu

Not

e 2:

Figu

Not

e1:

EBde

prec

iatio

ndi

spos

als, p

9/12

86,5

7,5

8,9)

68,7

1,0)

28,8

36,5 0 ,0

1,1)

15,4

6,

2)

69,2

0,4)

69,6

68,7

9/12

2 3 6 1 9 8 9

4 3 1 4 7 6 6 5 5 0 7 2 6 0 7 8 1 9 6ite

ms

up

8/12

2009

33,4

58

8,1

2.40

6,

7)(1

.53

11,4

867,

5)(6

65,

72

59,6

231,

79,

0)(2

02,3

219,

8)(4

82,5

16

1,1

(81

,416

75,3

36

8/12

2009

154

4,2

240

,38

245,

69

211,

72,

94

141,

83

1.18

5,9

9-

91.

190,

49

450,

33

1,6

35,4

11.

677,

7

32.

863,

6

290

3,6

312

3,5

781

,58

5,0

511

,73

12,2

81.

137,

6

738

5,0

928

,76

38,8

345

6,1

21.

269,

9

32.

863,

6

2008

nd o

ther

rele

vant

non

-cas

h

rCM

B re

gula

tions

.

rCM

B re

gula

tions

.

2008 53

2.25

8

(1

.34 6

9 1(6

57 25

(159 10 (19 8 8 37

2008

250,

14,

220

2,8

230,

98,

714

1,4

838,

3

3,9

1.18

1,9

399,

91,

321

,61.

609,

1

2.44

7,3

142,

215

7,3

66,7 1,8

11,5

13,3

392,

8

886,

727

,931

,6

946,

3

1.10

8,2

2.44

7,3

NS

(CC

I)ed

31.

12.2

009

and

31.1

2.2

me/

expe

nse)

, dep

reci

atio

n an

NS

(CC

I)

CM

B R

egul

atio

ns

cord

ance

with

IFR

S as

per

CM

B R

egul

atio

ns

cord

ance

with

IFR

S as

per

2009

and

31.

12.2

008

RIN

K O

PE

RA

TIO

Nnt

s Fo

r th

e Pe

riod

s E

nde

udin

g ot

her o

pera

ting

inco

m

RIN

K O

PE

RA

TIO

N

danc

e w

ith I

FRS

as p

er C

(mill

ion

TR

L)

anci

al re

sults

pre

pare

d in

acc

danc

e w

ith I

FRS

as p

er C

(mill

ion

TR

L)

anci

al re

sults

pre

pare

d in

acc

Shee

t Ite

ms

as o

f 31

.12.

2

se)

nse)

(net

)

t) ITY

IN

TE

RE

ST &

TA

X

ITY

IN

TE

RE

ST

hold

ers

mR

elat

ed P

artie

s (n

et)

will)

ted

Parti

es (n

et)

ders

' Equ

ity

SOF

T D

Rol

idat

ed I

ncom

e St

atem

e

prof

it fro

m o

pera

tions

(exc

lu

SOF

T D

R

Prep

ared

In

Acc

ord

aine

d fro

m c

onso

lidat

ed fi

na

Prep

ared

In

Acc

ord

aine

d fro

m c

onso

lidat

ed fi

na

Hig

hlig

hted

Bal

ance

S

Vol

ume(

mill

ion

Uni

t Cas

(net

)of

Sal

es

SS P

RO

FIT

atin

g Ex

pens

esO

pera

ting

Inco

me

/ (Ex

pen

(Los

s) fr

om A

ssoc

iate

sci

al In

com

e / (

Expe

nse)

(net

OM

E B

EFO

RE

MIN

OR

Im

e Ta

xes

OM

E B

EFO

RE

MIN

OR

Iut

able

to,

ity In

tere

stnc

ome

attri

buta

ble

to S

hare

h

DA

and

Cas

h Eq

uiva

lent

s m

ents

in S

ecur

ities

Rec

eiva

bles

and

Due

fro m

to

ry (n

et)

Rec

eiva

bles

Cur

rent

Ass

ets

Cur

rent

Ass

ets

men

t in

Ass

ocia

terty

, Pla

nt a

nd E

quip

men

tgi

ble

Ass

ets

(incl

udin

g go

odw

red

Tax

Ass

ets

Non

- C

urre

nt A

sset

sN

on-c

urre

nt A

sset

s

Ass

ets

-ter

m B

orro

win

gsPa

yabl

es a

nd D

ue to

Rel

a tPa

yabl

essio

n fo

r Cor

pora

te T

axsio

ns fo

r Em

ploy

ee B

enef

itsC

urre

nt L

iabi

litie

sC

urre

nt L

iabi

litie

s

term

Bor

row

ings

sions

for E

mpl

oyee

Ben

efits

red

Tax

Liab

ilitie

s

Non

-Cur

rent

Lia

bilit

ies

Equ

ity

Lia

bilit

ies

and

Shar

ehol

d

Con

so

1: E

BIT

DA

com

prise

s of

pIT

.

2: F

igur

es fo

r CC

I are

obt

a

1: F

igur

es fo

r CC

I are

obt

a

49

Sale

s

Sale

s (

Cos

t oG

RO

SO

pera

Oth

er

EB

ITG

ain

/ Fi

nan c

INC

OIn

com

INC

OA

ttrib

uM

inor

Net

I n

EB

ITD

Cas

h a

Inve

stm

Trad

e In

ven t

Oth

er

Oth

er

Tot

al

Inve

stm

Prop

erIn

tang

Def

fer

Oth

er

Tot

al

Tot

al

Shor

t -Tr

ade

Oth

er

Prov

i sPr

ovis

Oth

er

Tot

al

Lon g

-tPr

ovis

Def

fer

Tot

al

Tot

al

Tot

al

Not

e 1

to E

BI

Not

e 2

Not

e 1