A N N U A L R E P O R T 2 0 0 7

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Contents

01 Agenda

02 Çimsa in Brief

03 Financial Highlights

04 Milestones

06 Message from the Chairman

08 Board of Directors and Audit Committee

09 Senior Management

11 Worldwide Developments in the Cement Industry in 2007

12 Developments in the Turkish Cement Industry in 2007

13 From an Investors’ Perspective

14 Activities in 2007

14 Our Production Plants

14 Çimsa Mersin Plant

16 Çimsa Kayseri Plant

17 Çimsa Eskiflehir Plant

18 Çimsa Ni¤de Plant

20 Ankara Cement Grinding and Packaging Facility

20 Çimsa Plant Information

21 Sales

21 2007 Production Figures

21 Capacity Utilization Rates of Rotating Kilns in 2007

21 Malatya Cement Packaging Plant

23 Products

26 Ready-Mixed Concrete

29 Cement and Ready-Mixed Concrete Plants

31 Investments in 2007

32 Organizational Studies and Training

32 Çimsa Development Programs

32 Senior Management Development Programs

32 Learning Organization Training

32 Behavioral and Vocational Training

34 Learning Organization Project

37 A New Performance Criterion: Measurement of the Organizational Climate

39 Çimsa’s Strategy Map

41 Links and Terminals Abroad

41 Çimsa Cementos Espãna S.A.U. - Spain

41 CSN Cement Sales North GmbH - Germany

41 Çimsa Cement Free Zone Ltd - Cyprus

41 C‹MSAROM Marketing Distributie S.R.L. - Romania

42 2007 Marketing Activities

47 Report on Compliance with Corporate Governance Principles

54 Annual Report 2007

55 Consolidated Financial Statements Together with Peport of Independent Auditors

103 Domestic Selling Points and Suppliers

128 Abroad Supply Points and Telephone Numbers

A G E N D A

Ç‹MSA Ç‹MENTO SANAY‹ VE T‹CARET A.fi.

The agenda was reviewed at the Board of Directors Meeting number 1128 on

March 18, 2008 and submitted to the General Assembly for endorsement.

The Agenda of the Regular General Assembly to be held at 14.00 hours on

Tuesday, April 8, 2008.

AGENDA:

1- Call to order and composition of the Administrative Board,

2- Authorization of the Administrative Board to approve the meeting minutes

3- Reading and discussion of the Board of Directors' Annual Report and the

Auditors' Reports,

4- Reading, discussion and approval of the balance sheet and income

statement; consideration of and decision on the dividend distribution

proposal,

5- Release of Board of Directors and Auditor Committee from their liabilities

6- General Assembly ratification of the board members elected by the board of

Directors to replace the outgoing members,

7- Re-election of board members whose terms have expired and specification of

their new terms,

8- Re-election of members of the Audit Committee whose terms have expired

and specification of their new terms and compensation,

9- Informing shareholders of donations made during the year,

10- Ratification of the independent auditing company selected by the Board of

Directors,

11- Authorization of the Chairman and Members of the Board of Directors to

conduct procedures set out in articles 334 and 335 of the Turkish Commercial

Code.

Authorized Capital Ceiling : TRY 200,000,000

Issued Capital : TRY 135,084,442

Date of Incorporation : December 21, 1972

Plant Location : Yenitaflkent Beldesi, Mersin / TURKEY

Tel: +90 (324) 454 00 60 - 454 00 68 (pbx)

Fax: +90 (324) 454 00 75 - 454 00 76

Website: www.cimsa.com.tr

Address: Toroslar Mah., Tekke Cad.,

Yenitaflkent 33013, Mersin,

Turkey

Annual Report 01

Ç ‹ M S A I N B R I E F

02 Annual Report

Çimsa aspires toachieve businessexcellence at aninternational standardin terms of its QualityManagement,EnvironmentalManagement, andOccupational Healthand Safety Systems.

A leading Turkish manufacturer ofcement and ready-mixed concreteproducts, Çimsa produces specialproducts such as white cement andcalcium aluminate cement, as well asgray cement. Founded in 1972, thecompany began operations in 1975. Inthe space of three decades thecompany has managed to triple itsproduction. Çimsa is the market leaderin the production of special-typecement, and it currently operatescement and ready-mixed concreteplants in Adana, Mersin, Kayseri,Eskiflehir, Ni¤de, Ankara, Antalya,Nevflehir, Osmaniye, Kahramanmarafl,Aksaray, Karaman, Konya, Bilecik, andKütahya.

Çimsa exports cement to thirty-fivecountries. As illustrated by its mostrecent investment of US$ 80.2 million,

it is an international company creatingemployment for the national economyof Turkey.

Çimsa aspires to achieve businessexcellence at an internationalstandard in terms of its QualityManagement, EnvironmentalManagement, and OccupationalHealth and Safety Systems. Theintroduction of the waste-burning unitin 2006 has brought significantbenefits towards protecting theenvironment while cutting fuel costs.The company also organizes scores ofactivities that contribute to the socialand cultural development of Turkey.

450

400

350

300

250

200

150

100

50

01998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Çimsa Cement Net Sales and EBITDA(US$ Million)

Net Sales - US$ Million

EBITDA - US$ Million

Cumulative Average Growth RateNet Sales : %15EBITDA : %16

Note: the figures are stand-alone values between 1997 and 2002, and consolidated figuresfor 2003 and after.

121 117 112 98121

173

219

267

354

440

44 42 36 39 41 4979

100

160 164

F I N A N C I A L H I G H L I G H T S

(Currency- New Turkish Lira (TRY))

Key Balance Sheet Indicators 2007 2006

Cash and Cash Equivalents 56,106,226 53,748,963Marketable Securities (net) - -Trade Receivables (net) 84,778,910 64,351,750Inventory (net) 89,401,544 59,283,064

Current Assets Total 268,317,077 207,731,229

Financial Assets (net) 289,655,470 262,250,857Property, Plant and Equipment (net) 420,086,190 350,312,729Intangible Assets (net) 20,396,240 21,602,208

Fixed Assets Total 863,357,198 767,661,786

Total Assets 1,131,674,275 975,393,015

Shareholders' Equity 926,572,046 702,697,758

Key Income Statement Indicators 2007 2006

Sales (net) 574,985,695 471,447,540Income and Profit from Other Operations 167,391,122 21,868,675Operating Profit before Tax 331,569,542 152,936,552Net Profit for the Year 290,274,845 136,096,434

Annual Report 03

07 06

Total Assets(TRY)

07 06

Shareholders' Equity(TRY)

07 06

Sales (Net) (TRY)

07 06

Net Profit for the Year(TRY)

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

M I L E S T O N E S

1972• The company is established in Mersin.

1975• Production commences with an annual production

capacity of 1,000,000 tons.

1983• Coal mill enters operation at the plant to bring down costs.

• Kiln units are installed.

1988• Construction work starts on ready-mixed concrete plants.

1990• Grey/white cement clinker production plant entered

operation, producing world-class white cement, and gray cement as required.

1993• Quality assurance system is established; the company

gains the TS-EN-ISO 9002 Quality Assurance System Certificate.

1995• Grinding/packing plant acquired in Kayseri.

1996• A 500,000 tons capacity storage/packing plant in Antalya is

acquired, in addition to another packing plant in Malatya.

2000• Çimsa becomes the world's largest white cement producer

under one roof with the establishment of the Hac› Sabanc› Production Plant, Çimsa's second white cement production line.

2002• The quality assurance system is revised in accordance

with the new ISO 9000 standard in order to convert to a quality management system. The Company is also awarded the TS-EN-ISO 9001:2000 Quality System Certificate.

• Production commences at a new plant, manufacturing calcium aluminate cement, a special type of hydraulic binder resistant to high temperatures, chemical corrosion and water, and that can rapidly reach high compressive strength.

2003• Closure of storage and packaging facility in Antalya.

• Initiation of the “Work Excellence Project” which accelerates and enhances performance as well as ensuring greater job security.

2005• Çimsa submits the highest bid in a Turkish Saving Deposits

Insurance Fund auction of Standart Cement (the Eskiflehir Cement Plant and the Ankara Cement Grinding Facility), resulting in Çimsa's acquisition of Standart Cement, which now supplies its products to the market under the Çimsa brand.

• A completely new gray clinker production plant with a daily capacity of 1,800 tons is established in Kayseri. Hence, the existing cement grinding and packing plant becomes an integrated plant by the end of the year, reaching an annual capacity of 600,000 tons of clinker production.

• To increase ready-mixed concrete production and capacity, ready-mixed concrete plants enter service in Osmaniye and Kahramanmarafl. In addition, one mobile concrete terminal, two concrete pumps and 10 mixers are added to the production and services fleet.

• Dust and gas emissions released during operations are brought under control thanks to electro-filters and bag filters. As part of a systematic approach to protect and preserve the environment and individual health and to raise awareness among employees, the company established the TS-EN-ISO-14001 Environment Management System and attained certification.

04 Annual Report

• To ensure the safety of employees, contracted employees and visitors, the company implemented the TSE 18001 Occupational Health and Safety Management System and attained certification.

• Çimsa obtained an Alternative Fuel Usage Certificate from the Ministry of Environment and Forestry enabling the incineration of category I and II waste oil.

• Erçim Çimento Sanayi Ltd. fiti., based in the Turkish Republic of Northern Cyprus, was acquired becoming the first international Çimsa subsidiary.

2006• A new cement mill with a capacity of 100 tons per hour and

a clinker silo with a capacity of 70,000 tons were built in Kayseri.

• A new cement mill with an 85 ton per hour capacity, a new cement storage plant with a capacity of 5,000 tons, and a closed trass (natural puzzolanic) silo were added to the Ankara Facility.

• Our second international subsidiary, Cimsarom Marketing Distributie S.R.L. was established in Romania.

• A 50% stake in the Germany-based Cement Sales North GmbH was acquired in June 2006, making it the third international subsidiary.

• Exportaciones Sabanc› S.A., located in Spain, was acquired to become Çimsa's fourth international subsidiary.

• License to Use Alternative Fuels as Supplementary Fuels was obtained for Plant I in Mersin.

• The ‹ncirlik Ready-Mixed Concrete Plant entered operation. In addition, the Tarsus Ready-Mixed Concrete Plant was purchased and the Bat›kent Ready-Mixed Concrete Plant was leased.

• Twenty-five mixers and two pumps were bought for ready-mixed concrete operations.

2007• An agreement was signed with Loesche in April for the

modernization of the Mersin Cement Mill III. The project is set for completion in mid-2008.

• Investment for modernizing Production Line I in Eskiflehir Plant was completed in May; the plant went back into operation.

• The new 85 tons per hour capacity cement mill in Eskiflehir was operating by the end of May.

• The new Production Line II went into operation in Mersin to produce calcium aluminate cement, a special type of hydraulic binder resistant to high temperatures, chemical corrosion and water, and that can rapidly reach high compressive strength.

• An agreement was signed with FLS at the end of July to renovate the clinker cooling and kiln units of the Mersin Production Facility I. The project is set to be completed in early 2009.

• In Eskiflehir, the new coal mill, with a grinding capacity of 40 tons of petroleum coke per hour to serve both production lines, went into service at the end of October.

• Oysa Ni¤de Cement Factory was taken over at the beginning of November under the name of Çimsa Çimento San ve Tic. A.fi. Ni¤de Cement Factory.

• The investment in Production Line II, with a production capacity of 2,300 tons of clinker per day, was completed in Eskiflehir, and the facility was operating by the end of the year.

• Construction began on a 600 tons cement silo at the Malatya Terminal, to be finished in February 2008.

• Operations were underway to establish new cement terminals in Spain (Alicante), Romania (Constanta) and Russia (Novorossiysk).

• License to Use Alternative Fuels as Supplementary Fuels obtained for Plant I in Mersin in 2006 was revised to extend its scope.

• New ready-mixed concrete plants were opened in Bilecik, Silifke, Karahan, and Kütahya plants. Twenty new trans-mixers and two concrete pumps were added to the fleet of vehicles.

• Twenty mixers and two pumps were bought for ready-mixed concrete operations. Twenty-seven mixers and five pumps were taken over from Oysa.

• Silifke and Ambarl› Plants went into operation. Plants were taken over from Oysa in Aksaray, Karaman, and Ere¤li on November 1, 2007. P›nar Ready-Mixed Concrete in Bilecik was taken over on May 17, 2007. The lease of a plant in Kütahya on November 1, 2007 concluded the plant purchases and leases for 2007.

Annual Report 05

M E S S A G E F R O M T H E C H A I R M A N

06 Annual Report

To efficiently managethe synergy andcoordinate ourincreasing number ofplants in Turkey, ourheadquarters wasmoved to Istanbul andwork to create theinfrastructure forgrowth abroad isunderway.

Dear Shareholders,

Cement consumption is rising aroundthe world. In Turkey, too, the cementsector has been among the mostvibrant in the past few years. Cementconsumption in Turkey demonstratedconsistent double-digit growth from2004 to 2006 and, despite theeconomic difficulties, it grew by 2% in2007, surpassing 42 million tons. Webelieve that in the forthcoming years,provided macroeconomic policiescontinue with structural reforms thatstrengthen competition, reliability, andinvestment in business, cementconsumption per capita in Turkey willrise from the current level of 650 kg to800-1000 kg, as seen in the EU.Although this bright picture of risingdemand is overshadowed in part bythe new production capacity of 8-10million tons that will come on line inthe short-term, we still view the futurepositively.

By the end of 2005, we investedapproximately US$ 100 million in ourEskiflehir and Ankara plants,purchased from the Saving DepositsInsurance Fund. As a result of theseinvestments in clinker lines and mills,

our clinker and cement grindingcapacity has tripled. Theseinvestments and the improvedcapacity utilization lowered fuel andcoal consumption. After the SavingDeposits Insurance Fund handed overthese two plants, their high dustemissions were reduced to levelscompliant with environmentalstandards.

In all markets where we operate wecontinued to expand our ready-mixedconcrete business, led by Eskiflehir,Bilecik, and Kütahya, throughtakeovers and building plants. In 2007,the merger with Oysa was completedand the Ni¤de plant was incorporatedinto Çimsa.

To efficiently manage the synergy andcoordinate our increasing number ofplants in Turkey, our headquarterswas moved to Istanbul and work tocreate the infrastructure for growthabroad is underway. In 2008, we willgrow via new investments in theMediterranean and Black Sea basins,and enlargement of our terminalnetwork in Germany, Spain, Romania,and TRNC.

As one of the three key players in theglobal white cement sector, Çimsa'ssales exceeded one million tons in2007. Similarly we have become thebiggest supplier in the calciumaluminate cement sector, which weentered relatively recently. In order tomeet increasing export demand, asecond kiln came on stream doublingour capacity.

Following “Ekobeyaz”, we marketed“Ekoharç” maintaining our efforts tooffer our customers economic andecological products. Our turnoverreached US$ 440 million and ouroperational profit (EBITDA) attainedthe US$ 163 million mark.

While growing, we aim to makecontributions that create benefits forthe future. To this end we supportformal and vocational educationactivities and environmental projects,especially in the regions where weoperate.

In recognition of socialresponsibilities, we have contributedto the preservation of the natural

habitat in those of our plants whichwere awarded the License to UseWastes as Supplementary Fuels. InMersin, 50,000 saplings are beingplanted for the rehabilitation ofquarries. An artificial lake is beingmade out of the old clay furnace in theEskiflehir plant to create a new habitatfor diverse animal and plant speciescompatible with the geography, on50,000 m2 of land.

For many years, we have organizedpanels, contests, and sponsorshipactivities to help preserve our artisticand cultural heritage and to supportnew talent. The most recent link in thischain of events was the sponsorshipof a book entitled, “A Historic Tour ofthe Asian Side of Istanbul” by GönülHal›c›. Within this framework, wecontinued our sponsorship for the2007 Archiprix-Turkey ArchitectureStudents Graduation Projects Contest.We are delighted with theachievement of ‹rem Yak›c›, whom wehave supported since 2006. She was73rd in the category for 10-year-oldsat the 2007 World ChessChampionships, in which 105contestants from 52 countriesparticipated. In the Turkish

Championship she took second place,earning a place on the TurkishNational Chess Team.

I thank everyone who contributed toand supported Çimsa's growthobjectives.

Best regards,

Erhan Kam›fll›Chairman of the Board

Annual Report 07

B O A R D O F D I R E C T O R S A N D A U D I T C O M M I T T E E

08 Annual Report

Board of Directors1 Erhan Kam›fll› Chairman

2 Mehmet Göçmen Vice Chairman

3 M. Nedim Bozfak›o¤lu Member

4 Tamer Güven Member

5 Y›lmaz Külcü Member

6 Mehmet Hac›kamilo¤lu General Manager

Audit CommitteeMehmet Sert Auditor

Bahad›r Boran Auditor

125

3 6 4

S E N I O R M A N A G E M E N T

Annual Report 09

1 Mehmet Hac›kamilo¤lu General Manager

2 Hüseyin Özkan Assistant General Manager (Marketing and Sales)

3 Basri Dinçer Assistant General Manager (Cement Production)

4 Tamer Denizci Assistant General Manager (Financial and Administrative

Departments)

5 fiahap Sar›er Assistant General Manager (Ready-Mixed Concrete)

6 Mutlu Do¤ruöz Assistant General Manager (Investment and Automation)

7 Mehmet fiahin Plant Manager (Kayseri)

8 Fikret Uluakay Plant Manager (Eskiflehir)

9 Do¤an Özkul Plant Manager (Ni¤de)

10 Naci Rüzgar Plant Manager (Ankara)

123

45

78 10

9

6

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ance

MERS‹N

98 99 00 01 02 03 04 05 06T 07T 08T

1,54

3

1,58

9

1,64

0

1,68

0

1,83

2 2,01

2

2,11

0 2,27

8 2,55

7 2,75

5 2,93

4Global Cement Consumption(in millions of tons)

Source: The Global Cement Report, 7th Edition, 2007

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the big cement producers more obvious.To reinforce their market position indeveloped countries, they have verticallyintegrated in ready-mixed concrete andaggregates, while shifting cementproduction to developing markets. Thetakeovers of Orascom (active indeveloping markets) and Hanson PLC(producer of construction materials) byLafarge and HeidelbergCement,respectively, are the best examples of thisstrategy.

Influenced by debates around shrinkingfossil-fuel levels, the Kyoto Protocol, andthe restrictions on CO2 emissions, theissues of using alternative raw materialsand fuels, and the production of cementwith higher quantities of admixtures havestayed at the top of the agenda for thecement sector.

The global economic unrest surfacingtowards the end of 2007, the mortgagecrises, and the slowing world economyhint that 2008 will be tough in general, andthe abundance of liquidity will dwindle. Forthe cement sector specifically, the leaps inprices of oil, fuels, raw materials andfreight, and the fact that capacityinvestments made recently will come online, cast a question mark over 2008.

Another good year... What about 2008?

A shining star in the business firmamentover the last few years, the global cementsector continued to bustle in 2007.Regardless of world economic growth of5.1%, the global construction sector is stillmaking baby steps for the most part,particularly in emerging economies andAsian countries. Urbanization, the massiveshortage of housing stock, and expandinginfrastructural investments keep thedemand for construction materials alive.One view of the cement sector reveals thatglobal consumption in 2007 deceleratedslightly due to economic developments,with growth falling back to 7.7% to total2.76 billion tons. Although demand forcement has been strong in manydeveloped or developing countries, it hasslid in the USA - traditionally one of thebiggest markets for cement - under theimpact of the housing market turmoil.

The dynamism of Asian economies, adriving force in the growth of the globaleconomy, broke the shipping costs recordsset in 2005. Since the cost of transportingraw materials spiked, especially betweenLatin America (e.g. Brazil) and Asia,transportation costs in the cement sector(for raw materials, fuel, and also forexport) were exorbitant and it also becamedifficult to find ships to fix cargoes. On topof this, soaring oil and coal prices drovecement production costs up still further up.However, increased oil revenue causedconstruction work in oil producing MiddleEastern countries and Russia to boom,heightening the demand for cement.

Global economic developments and theireffect on the construction sector in recentyears have made the general strategies of

Annual Report 11

W O R L D W I D E D E V E L O P M E N T S I N T H E C E M E N T I N D U S T R YI N 2 0 0 7

D E V E L O P M E N T S I N T H E T U R K I S H C E M E N T I N D U S T R Y I N 2 0 0 7

Housing construction fueled cementconsumption…

Running parallel to GNP and the constructionsector, cement consumption in Turkey recordedthe highest level in its history in 2006 with growthof 19%. As GNP rose 4% by the third quarter of2007, the construction sector grew by 11.5%acting as an important factor in the increase indomestic cement consumption. In 2007, cementconsumption in Turkey stood at about 42 milliontons, according to the Turkish CementManufacturers Association.

The relatively warm winter allowed theconstruction sector to keep busy, but there was ahiatus when early elections were announced inthe second quarter. In previous years, the thirdquarter was always a time of high demand in theconstruction and cement sectors. However, thethird quarter of 2007 was dampened by theelections and the anticipated demand didn'tmaterialize. Hence, the growth for the first threequarters stayed at 3.6%. Lower than expectedconsumption in the final quarter brought theannual figure to 42 million tons, only 2% up on2006.

Although no cement was imported in 2007, 909,000tons of clinker was imported to meet demand inthe high season. Cement exports were up by 17%to reach 6.6 million tons while clinker exportswere up by 1% to total 1.6 million tons. In exports,the Iraqi market remained crucial, while Russiaand Syria became more attractive.

From the second half of the year, dramaticincreases in shipping freight costs, fuel prices(coal, petroleum coke) and, as a result, rawmaterial prices, pushed cement production costsup. Rising fuel and raw material prices will speedup cement producers move to alternative fuels(waste tires, waste oils, industrial waste, etc) andalternative raw materials (slag, fly ash, etc.) Otherfactors, such as rising electricity prices, willadversely influence cement production costs.

The significant development of the Turkishconstruction and cement sectors in the last fouryears has proved attractive to new investors.Investment in around 18 million tons of a newclinker capacity is planned for the upcomingyears and it is projected that almost half of theseinvestments will come on line in 2008. Such abuoyant market has drawn in foreign investors. In2007, two new international cement producerscame to Turkey through partnerships.

For 2008, negative developments in theconstruction and more especially the housingsectors will feed through to the cement sector inparallel with economic trends. This together withthe new capacities coming on line in 2008 willinduce the sector to turn to exports as analternative to domestic sales.

12 Annual Report

98 99 00 01 02 03 04 05 06 07 08T

34,1

27

31,5

30

30,9

99

25,0

82

26,8

11

28,1

06

30,6

70

35,0

83

41,6

10

42,4

56

45,3

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538

490

470

371

387 40

2 425

487

570 60

0 610

Domestic Cement Sales (thousand tons)Consumption per Capita (kg per capita)

98 99 00 01 02 03 04 05 06 07

3.3

0.7

3.4

1.1

4.5

2.1

5.2

3.4

64.

5

7.4

3

8.2

2.5

7.7

2.8

5.6

1.6

6.6

1.6

Cement ExportClinker Export

Domestic Cement Sales andConsumption per Capita

Turkey's Cement Exports(million tons)

Source: Turkish Cement Manufacturers Association, Group Estimate Source: Turkish Cement Manufacturers Association

F R O M I N V E S T O R S ’ P E R S P E C T I V E

Finans InvestmentThe Best Cement Company on the Istanbul StockExchangeThanks to the diversity of its product portfolio andthe balanced distribution of its export anddomestic sales, Çimsa was less affected than itscompetitors by the drop in grey cement prices.We think Çimsa is the best cement company inthe sector.

Balanced Distribution of Exports and DomesticSales Due to its flexible production structure, Çimsa hasbecome the third biggest white cement producerin the world. We think that in the period between2007 and 2009, the company will prevail in theSyrian market, compensating for the fragility ofthe national market where competition is intense.

‹fl InvestmentÇimsa is Well-Positioned in TurkeyÇimsa has a 20% market share in Anatolia and a19% share in the Mediterranean region of Turkey,both rapidly growing Turkish regions. Thecompany benefits from the demand for cement,which expands in conjunction withindustrialization in those regions.

The World's Third Biggest Cement CompanyWith an annual production capacity of 1.1 milliontons, Çimsa is the third largest white cementcompany in the world following Cemex andAalborg. This commanding competitive advantagehas differentiated Çimsa from its rivals and givenit a distinct position in the national market.

JPMorganWe think that the diversity of its product portfoliowill partly insulate Çimsa from the uncongenialmarket conditions that may occur in the domesticmarket in 2008 and 2009. Concurrently, weestimate that Çimsa will expand its main marketshare. We predict that Çimsa will meet 9% ofdomestic demand in 2009, as opposed to 5.6% in2006.

In 2008, Çimsa will raise its grey clinker capacityto 4.2 million tons in addition to the currentcapacity of 1.1 million tons. This will place Çimsain third in the national market in terms of capacity.

Deutche BankThe 2007 Third Quarter Financial Results wereparallel to our estimates.By the end of the third quarter, Çimsaannouncement of TRY 142 million in earnings, TRY59 million in EBITDA, and TRY 44 million in netprofit verified our forecast of TRY 140 million, TRY60 million, and TRY 42 million, respectively.

Annual Report 13

A C T I V I T I E S I N 2 0 0 7

Our Production Plants

Çimsa Mersin Plant

First Production LineThe rotating kiln, which entered productionin 1975, has a diameter of 5.25 meters withtwo cyclone lines, each equipped withfour-stage preheating. It has a productioncapacity of 3,350 tons per day with 10 planttype-UNAX coolers. In 1983, cool grindingand burning systems were added to theplant to improve fuel efficiency. This kilnburns 100% petrocoke (with 4.5% sulfurcontent), enabling significant cuts in fuelcosts. In 2006 a waste incineration unitwas brought into operation, also providingadditional income for the plant. In this unit,wastes such as residual petroleum tanksludge, used air bag filters, used shop ragsand petroleum spilled soil are burned.Work to increase the capacity of the unit iscontinuing. The waste menu wasexpanded in 2007 and work continues onenhancing the capacity of the waste-burning unit.

The plant has two crushers, oneprehomogenization plant, two ball mills forraw materials, two raw meal silos, and twoenclosed stockholes for clinker reserves.The cement grinding process takes placein two ball mills and one vertical mill. Thecement conveyance system, which hadbeen pneumatic, was adapted into asystem with air slide and elevator deliveryin 2004, obtaining savings in electricity.

Again in 2004, the number two cement millwas converted into a one-cabin mill and byinstalling a roller-press system with VSKseparator, grinding capacity was improvedand energy consumption of the mill wasreduced.

Produced cement is stored in four 10,000tons, one 3,000 tons and three 2,000 tonssilos. Packing is carried out by fivepacking machines, each with a capacity of100 tons per hour and two 1.5 tons big-bagfilling machines.

Bulk cement is loaded through the fillingpoints below the silo.

Limestone and clay are the two main rawmaterials used during production.

Second Production LineThe production line consists of crushers, araw material mill with prehomogenizationsystems, two raw meal silos, a rotating kilnand a clinker stockhole. It is possible toproduce gray or white clinker in the kiln,which entered service in December 1989.

As a result of improvements to the rawmeal conveyance systems in 2003 and2004, the company was able to cut itselectricity consumption. In 2004, a newinstallation allowed hot waste gas from theclinker cooler to be used in the raw mealmill, which brought significant fuel savingsthrough deactivation of the drying kiln.

With the completion of its precalcinationmodification in 2005, the usage of 4.5%sulphurized petrocoke was improved from85% to 100%, allowing for considerablefuel savings.

14 Annual Report

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Third Production LineThis line, which entered operation in December1999, produces white cement. The plantcomprises of a crusher, a raw material mill with apre-homogenization plant, a raw meal silo, arotating kiln and a stockhole for clinker. A whitecement grinding mill with a capacity of 100 tonsper hour is also available at the plant. The kilnburns 100% (4.5% sulphur) petroleum coke.

Produced white cement is stored in two 5,000 tonssilos and one 2,000 tons silo.

The packaging unit consists of three packingmachines, each with a capacity of 100 tons perhour, and two big-bag filling machines. Bulkcement is loaded through the filling points belowthe silo. The plant also includes one palletizingmachine and one plastic wrapping unit withoutpallet.

Calcium Aluminate Cement Production PlantThe plant, which became operational in 2002,comprises of a kiln with a clinker productioncapacity of 2 tons per hour, a cement mill with agrinding capacity of 5 tons per hour and apackaging unit. In 2007, the second kiln with aclinker production capacity of two tons an hourbecame operational.

Çimsa Kayseri Plant

The plant was established by Akçimento, aSabanc› Group company, in 1992. It was acquiredby Çimsa in 1995. It original annual grinding andpackaging capacity of 820,000 tons of cement wassupplemented in 2005 by a rollerpress to increasethe grinding capacity and to reduce energyconsumption.

Work begun on a clinker production line onOctober 9, 2004 to transform the plant into anintegrated cement plant. After the plant'sconstruction and assembly process wascompleted, it entered operation, producing its firstclinker on December 26, 2005. The plant boastsstate-of-the-art technology comprising an ILC-type base unit, a low nitrous oxide emissionprecalcination system, a pre-heater with a five-stage cyclone, and a 55 meters long, 3.6 metersdiameter rotating kiln. The plant's initial dailyproduction capacity of 1,800 tons of clinker wasincreased to 2,000 tons after improvements. Inaddition, the plant has a raw material crusherwith an annual capacity of 300 tons, clay andlimestone pre-homogenization facilities, a rawmeal mill and a 5,000 tons capacity raw meal silo.The trass mill was modified into a coal mill with acapacity of 20 tons per hour. The clinker cooler isa SF-type grate cooler.

A second 110 tons per hour cement mill enteredoperation in August 2006, in addition to theexisting 100 tons per hour ball mill. Again in 2006,a second clinker storage plant with 70,000 tonscapacity was added to the existing 65,000 tonscapacity unit in order to prevent pollution andmaintain the clinker quality. The trass (puzzolanic)silo was converted into a 1,500 tons cement silo in2007.

The plant's packaging unit has two automaticrotary packers with a capacity of 100 tons perhour, and three bulk cement loading stations areavailable. The plant produces CEM I 42.5NPortland, CEM II/B-M (P-L) 32.5R and CEM II/A-M(P-L) 42.5R composite Portland cement.Production of masonry cement (Ekomasonry) TSEN 413-1 MC 12.5X has also begun.

16 Annual Report

In 2007, the Kayseri plant broke a record byproducing 766,000 tons of clinker, 27% above itscapacity at founding.

Moreover, waste burning operations were carriedout in 2007. The Alternative Fuel BurningOperation License was obtained. Initially limited towaste oils and contaminated waste, successfultrial burns allowed the license's scope to beextended to burn waste oils, contaminated waste,dye stuff, sludge, refinery waste, and scrap tiresas secondary fuels.

Çimsa Eskiflehir Plant

The Eskiflehir Plant is located 22 kilometers alongthe Eskiflehir-Istanbul highway on a site of about1,800 m2. Having entered operation in 1957, theplant utilized a 3.6 meters diameter, 125 meterslong (German MIAG technology) wet kiln with anannual capacity of 150,000 tons until 1987.

The total annual production capacity of the linewas raised to 425,000 tons in 1976 with theaddition of a 3.6 meters diameter, 52 meters longMIAG technology three-graded pre-heater dry kilnwith an annual production capacity of 275,000tons.

A surge in energy prices in the 1980s andtechnical developments in the sector encouragedthe replacement of the dry system productionline's preheater with the Polysius four-gradedpre-calcination pre-heater in 1987. Following thisand other modifications, the line's annualproduction capacity was expanded to 440,000tons. The wet kiln unit, by then economically andfunctionally obsolete, was halted and uninstalledin 2006.

Subsequently:

• In 1990, the laboratory building was refurbished. Automation by FLS technology was put in use for laboratory and process management.

• In 1994, the Polycom roller pres clinker pre-crusher became operational, raising the first cement mill's capacity from 27 to 40 tons per hour and the second cement mill's capacity to 95 tons per hour.

• In 1997 preparations and plans to raise the clinker capacity of the production line from 1,400 tons per day to 1,950 tons per day were completed. However, these plans were only partially realized due to financial constraints. Currently, the kiln has a daily production capacity of approximately 1,500 tons per day.

• In 1998, the capacity of the second cement mill was raised from 60 to 75 tons per hour after transforming it into a closed circuit system with the addition of a Polysius Sepol dynamic separator.

On December 22, 1999, Esbank was transferred tothe Banking Regulation and Supervision Board(BDDK). Esbank was the majority shareholder inEskiflehir Cement. This company eventuallytransferred from the BDDK to the RumeliCorporation, and then to the Saving DepositsInsurance Fund. Finally, on December 27, 2005,Çimsa acquired the plant.

The plant was able to produce a record 486,000tons of clinker in the first year following itsacquisition by Çimsa.

In order to meet regional demand and beprepared for upcoming years, the following stepswere taken to grow capacity by 30% and theywere completed in May 2007:

• Installation of a new dynamic separator in place of the old static separator located in the raw material mill

Annual Report 17

O U R P R O D U C T I O N P L A N T S ( C O N T I N U E D )

• Renewal of the pre-heating units and expansion and renovation in the first stage cyclones

• Replacement of the existing clinker cooler with a new high efficiency clinker cooler unit

• Installation of a new electro filter in the kiln unit

• Replacement of burning dosage system and kiln burner

• Setting up a new closed-circuit cement mill with a capacity of 85 tons per hour in addition to the present two cement mills

On November 6, 2006, similar to the investmentmade in the Kayseri production line, the followingwere completed for usage at the end of the year:

• The establishment of a new coal mill with a capacity of 40 tons per hour that can feed production lines I and II

• Raw meal crusher and conveyance systems with a capacity of 750 tons per hour (which will support both production lines) and 2 x 20,000 tons of mix materials, 2 x 4,000 tons of calcareous homogenization plants and raw meal conveyance systems

• A new clinker production line with an output capacity of 2,300 tons of per day.

The Eskiflehir Plant's production capacity wasraised from an initial 480,000 tons of clinker, to700,000 tons of clinker in 2006, to 1.4 million tonsof clinker in the last two years.

The plant produces three types of cement, CEM I42.5R Portland cement, CEM II/B-M (PL) 32.5Rcomposite Portland cement and MC 12.5XMasonry cement. The products are mainlymarketed in Eskiflehir, Kütahya, Bilecik, Sakarya,and Ankara.

Çimsa Ni¤de Plant

Turkish Cement Industry Inc. established theNi¤de Cement Plant in 1957 under the name Ni¤deCement Industry Inc. with the participation of 758founding partners for the development of Ni¤deand neighboring cities.

The wet system cement plant was built by F.Krupp on a 523 km2 area, three kilometers fromthe city center with a capacity of 85,000 tons/year.It went into production in 1964. After a capitalincrease on November 16, 1965, it was made apublic organization under Çitosan.

In 1972, when the wet system could no longersatisfy demand, the construction of productionLine II by K.H.D. Humboldt with an annualcapacity of 265,000 tons, and using pre-heated drysystem technology, was started. The line was inoperation on September 2, 1976 and raised theplant's total annual production capacity to 350,000tons.

Over time, 824 km2 of land was bought to fulfill theextra need for raw materials arising from theoperation of Production Line II, after which thetotal size of the plant increased to 1,348 km2.

Under resolution 89/4 of the High Board ofPlanning on March 30, 1989, 99.385% of the sharesof Çitosan in the Ni¤de Cement Plant werehanded over for privatization. On March 23, 1992,it was sold to Hac› Ömer Sabanc› Holding and theArmed Forces Pension Fund (Oyak). The plantchanged its name to Oysa-Ni¤de Cement IndustryInc.

The plant's wet system production line, anoutdated and costly system, idle since 1989, wassold as scrap in 2004. The silos of this system arenow being used by the new system.

18 Annual Report

Following the Turkish Competition Authority'sNovember 1, 2007 decision to revoke thepartnership between Sabanc› and Oyak, the plantwas re-named Çimsa Cement Industry and TradeInc. Ni¤de Cement Plant and production continuesunder that title.

The improvements in the double rotor, hammercrusher unit, manufactured by the sugar plant,raised capacity from 250 tons per hour to 325 tonsper hour.

The plant has a roller mill with 77 tons per hourcapacity built by K.H.D. Humboldt in 1976.

The pre-heating dry system added to the rollermill in 1998 after privatization, reduced raw mealhumidity levels from 8-10% to 2-3%. Improvementsraised the mill's capacity to 125 tons per hour.

The pre-heating dry system project won first prizein the Industrial Sector 2001 Energy EfficiencyProject contest organized by the Energy andNatural Resources Ministry.

The pre-heating dry system includes a rotary kilnmade by K.H.D. Humboldt (3.8 meters in diameter,52 meters in length) with a daily capacity of 850tons (265,000 tons per year). It was put intooperation in 1976.

After privatization, the replacements of thecyclone, cooling, burning system, flue gas andelectrofilter, and the modernization of conveyorsraised the kiln's daily capacity from 850 tons to1,150 tons.

The F.L.S.-type open cement mill commencedoperation in 1976. After privatization, to increase

mill capacity and cement quality, and to reduceenergy consumption, a sepax dynamic separator,pre-crushing roller press, and V separator wereadded to the mill, improving capacity from 60 tonsper hour to 130 tons per hour.

The plant has two packaging units, eight cementsilos and two train loading band systems (loadingpackaged cement onto trains directly from thesilo). It is also possible to transport bulk cementand clinker on the same line.

The Ni¤de Plant has the Flue Gas RefineryFacilities Certificate, Permit for Category AEmissions, License for Opening Non-SanitaryFacilities, TS EN ISO 9001 Quality ManagementSystem Certificate, TSE Certificate of Compliancewith Turkish Standards (TS EN 197-1), ProductionCompetence Certificate, OHSAS 18001 ‹SGManagement System Certificate and the BS ENISO 14001 Environment Management SystemCertificate.

The plant runs a quality control system incompliance with TS EN ISO 9001 QualityManagement System requirements. The qualitycontrol of the output is in accordance with the TSEN 196 standards series, conformity evaluationsand the TS EN 197-1 standard.

The products of the plant, which have the TSEProduction Competence Certificate and the TSECertificate of Compliance with Turkish Standards,are:• TS EN 197-1 CEM I 42.5 R

Portland Cement• TS EN 197-1 CEM II/A-M(P-L) 42.5 R

Portland Composite Cement• TS EN 197-1 CEM IV/B (P) 32.5 R

Puzzolanic Cement• TS 10157 SDÇ 32.5

Sulphate Resistant Cement

Annual Report 19

O U R P R O D U C T I O N P L A N T S ( C O N T I N U E D )

Ankara Cement Grinding and Packaging Facility

Construction of the Ankara Cement GrindingFacility started in January 2001 and wascompleted in July 2002, when it was opened. TheAnkara Cement Grinding Facility is located on theAnkara-Samsun Highway, 35 kilometers fromAnkara and on a 92 acre site. The plant joined theÇimsa family after the sale was completed by theSaving Deposits Insurance Fund on December 27,2005.

The facility came on stream with annual grindingcapacity of 150,000 tons in July 2002. AfterÇimsa's takeover, capacity was raised to 85 tonsper hour with a closed system ball mill (700,000tons per year capacity) and cement silo (5,000tons capacity).

The plant consists of:

• A hammer crusher of 80 tons per hour capacity

• A two-compartment ball mill (closed system) and a cement mill of 85 tons per hour capacity

• Two cement silos with capacities of 5,000 and 6,500 tons each

• One rotating scale with 16 platforms and 100 tons per hour capacity

• Two automatic chutes with a 100 tons per hour capacity

• A clinker silo of 16,500 tons• Three weighing scales of 80 tons of capacity

each

20 Annual Report

Ç‹MSA PLANT INFORMATION

Clinker

Production

Mersin Çimsa Capacity Kiln Diameter Raw Meal

Production Line (Tons/Day) (m) Cooler Type Mill Type Fuel Type

Plant 1 3,380 Gray Clinker 5.25 Unax Cooler Ball Mill 100% petrocoke

Plant 2 1,785 Gray Clinker or

1,450 White Clinker 3.60 Grilled Cooler Roller Mill 100% petrocoke

Plant 3 1,750 White Clinker 3.75 Grilled Cooler Roller Mill 100% petrocoke

Kayseri Çimsa

Production Line 2,175 Gray Clinker 3.60 Grilled Cooler Roller Mill 100% petrocoke

Eskiflehir Çimsa Domestic Lignite,

Production Line 1 1,700 Gray Clinker 3.60 Grilled Cooler Roller Mill Imported Steam Coal

Domestic Lignite,

Production Line 2 2,300 Gray Clinker 3.60 Cross Bar Cooler Vertical Mill Imported Steam Coal

Ni¤de Çimsa

Production Line 1,200 Gray Clinker 3.80 Grilled Cooler Ball Mill 100% petrocoke

Ankara Çimsa Mill Production Mill Diameter Mill Length Cement

Grinding Facility Capacity (Tons/Day) (m) (m) Mill Type

2,040 4.2 13 Ball Mill

• A closed trass stockpile measuring 54x35x6.5 meters

• A hot air furnace fed by natural gas with a capacity of 3.5 million Kcal/hour.

The Çimsa Kayseri Plant supplied clinker, themain input, in 2007. In 2008, the Çimsa EskiflehirPlant will supply it. The Ankara plant producesCEM I 42.5R (PÇ 42.5R) and CEM II 32.5R (PKÇ32.5R) cements, which are marketed to Ankaraand the surrounding areas. The Çimsa MersinPlant supplies the paper bags used for baggedcement.

The Ankara Plant has; Permit for Category BEmissions, License for Opening 1st Class Non-Sanitary Organization, OHSAS 18001 ISGManagement System Certificate, ISO 9001Certificate, Production Competence Certificate,CE Certificate for CEM I 42.5R production, CECertificate for CEM II 32.5R production, TSECertificate of Compliance with Turkish Standards,Operation Certificate, Industrial RegistrationCertificate and Capacity Report.

In 2007:

• There were no lost days through work accidents

• Work for the Business Excellence Project has continued since 2006 as well as Uptime and KPI activities

• The Learning Organization system was launched in December 2007

• Following the introduction of OHSAS Occupational Health and Safety measures, the certification inspection was finalized successfully on December 26, 2007

• As part of the company's environmental awareness concept, 2,908 saplings of various types (in total 5,205) were planted.

Malatya Cement Packaging Plant

The Malatya terminal, located near the MalatyaBattalgazi train station, has an annual storage andpackaging capacity of 40,000 tons.

Annual Report 21

2007 Production Figures

Clinker ProductionGray Clinker 2,400,000 tonsWhite Clinker 1,076,000 tonsCalcium Aluminate Clinker 20,000 tonsSulphate Resistant Clinker 11,000 tonsTOTAL 3,507,000 tons

Cement ProductionGray Cement 3,250,000 tonsWhite Cement 923,000 tonsCalcium Aluminate Cement 20,300 tonsMasonry Cement 34,500 tonsTOTAL 4,227,800 tonsReady-Mixed Concrete 1,584,000 m3

Capacity Utilization Rates of RotatingKilns in 2007Mersin Rotating Kiln I 90%Mersin Rotating Kiln II 96%Mersin Rotating Kiln III 98%Kayseri Rotating Kiln 97%Eskiflehir Rotating Kiln 83%

SalesÇimsa specializes in the production and sale of white/gray clinker, white/gray cement and calcium aluminate cement. In 2007, 42 million tons of cement was sold in Turkey. In the same period, Çimsa sold 4.4 million tons of cement/clinker.

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improving resistance to external factors. Itis especially preferred in high strengthconcrete classes, in the construction oftall reinforced concrete buildings, and inpre-tensioned prefabricated applications,and is also used in tunnel systemsegments on major residential projects.

White Portland CementTS 21 BPÇ 52.5 N

With an average degree of whiteness of85.5%, White Portland Cement has thehighest comprehensive strength of all thewhite and gray Portland cements sold inTurkey. It is resistant to alkaline aggregatereactions and it provides solidity, as wellas an exquisite appearance in structuralmaterials used in all kinds of works of artand architectural projects.

White Limestone Cement (Eco White)TS EN 197-1 CEM II/B-L 42.5 R

This cement, with an 86% whitenessaverage, is classified in the earlycompressive strength cement category. Itprovides high resistance to alkalinereactions and has a high level ofimpermeability. It is used in pre-castapplications, ready plaster, adhesive, andpointing and grouting materials, cityfurniture, floor tile production, and all kindsof artistic applications.

Portland CementTS EN 197-1 CEM I 42.5 R

Amongst high strength concrete classesand in the construction of tall reinforcedconcrete buildings, this is the mostcommonly used cement type. It isespecially preferred in pre-tensionedprefabricated applications, and also usedin tunnel system segments on majorresidential projects.

Composite Portland CementTS EN 197-1 CEM II/B-M (V/L) 32.5 R

Concrete made from this cement releaseslow levels of hydration heat in the earlystages of the hydration process. Thereforeit is suitable for concreting in hot weatherconditions.

TS EN 197-1 CEM II/B-M (V-L) 42.5 N

The finely blended puzzolanic materials,silical fly ash, used in the production ofcomposite Portland cements, ensureshigher final strength and durability byaccelerating later stage reactions and

Annual Report 23

P R O D U C T S ( C O N T I N U E D )

Calcium Aluminate Cement (Is›daç) TS 6271

This cement is used for airport runways, bridges,dams, highway and road construction, mining,pipes and wastewater engineering, and internallining of sewerage systems (due to its highresistance to chemical reactions), and inindustrial furnaces, stairs, lintels and beams, floorcoverings which need to be used quickly, plasterand various repair work, and concrete elementswhich may be exposed to sulphurized water orsea water. It is also highly popular in therefracting industry, in the production of refractingplasters, ovens, and fireplaces. Furthermore,when mixed with Portland cement, calciumaluminate cement can also be used in repair workand blocking water leaks from doors andwindows.

Sulphate Resistant CementTS 10157 SDÇ

This cement can be used on sulphate surfaces, indamn construction, around ports and dockingareas, in the renewal of water treatment facilitiesand similar water-related structures.

Masonry Cement (EKOHARÇ - ECOMASONRY)TS EN 413-1 MC 12.5 X

Masonry cement (MC12.5X) can be used to erectwalls with bricks, briquettes, stone, etc., inplastering interior or exterior facades, flooringconcrete, and laying mosaics, wall or floorceramics, fixing wall tiles and natural stone, etc.,by merely mixing it with appropriate amounts ofsand and water. Masonry cement is suitable asfloor concrete, thanks to its low shrinkage. It isalso suitable for exterior plastering because of its

24 Annual Report

CE Marking CertificatesEN 197-1 CEM I 52.5 N White Portland CementEN 197-1 CEM I 42.5 R Gray Portland CementEN 14647 Calcium Aluminate CementEN 197-1 CEM II/B-L 42.5 R White Portland Limestone CementEN 197-1 CEM II/B-M (V-L) 32.5 R Portland Composite CementEN 413-1 MC 12.5 X Masonry Cement

Kitemark CertificatesBS EN 197-1 CEM I 42.5 R Gray Portland CementBS EN 197-1 CEM I 52.5 N White Portland Cement

Certificate of Conformity with Spanish StandardBL I 52.5 N UNE 80305 White Portland Cement

Certificate of Conformity with ECCEM I 42.5 R Portland CementCEM II/B-M (V-L) 32.5 R Portland Composite Cement CEM II/B-M (V-L) 42.5 N Portland Composite Cement CEM II/A-L 42.5 R (White) Portland Limestone Cement

resistance to humidity and climatic extremes. Itprovides smooth, hard surfaces that can breathe,which makes it also suitable for interiorplastering.

CE Marking, EC, TSE and Other SuitabilityDocuments

To launch cement products on EU membercountry markets, it is compulsory to acquire ECCertification and CE marking. For this reason, allour export products are Kitemark Quality certifiedby the British Standards Institute along with ECCertification and CE marking.

For products which fall outside the scope of CEmarking, documents suitable to the target countryare acquired.

TS EN 197-1 Documents of General CementStandard Suitability

In compliance with EU harmonization efforts, newadapted cement standards were established onthe request of the Ministry of Public Works.Casting aside the previous cement standardsapplied to all types of cement sold on thedomestic market, Çimsa acquired TurkishStandards set in accordance with the EUharmonization process.

Annual Report 25

Mersin Kayseri Eskiflehir Ni¤de Ankara

Products Plant Plant Plant Plant Facility

TS EN 197-1 CEM I 42.5 R Portland Cement (Gray) x x x x x

TS EN 197-1 CEM II B/M (V-L) 32.5 R Portland Composite Cement x

TS EN 197-1 CEM II B/M (V-L) 42.5 N Portland Composite Cement x

TS EN 197-1 CEM I 52.5 N Portland Cement (White) x

TS EN 197-1 CEM II A-L 42.5 R Portland Limestone Cement (White) x

EN 413-1 MC 12.5 X Masonry Cement (ECOMORTAR) x x x

EN 14647 Calcium Aluminate Cement x

TS EN 197-1 CEM II/A/M (P-L) 42.5 R Portland Composite Cement x

TS EN 197-1 CEM II/A/M (P-L) 42.5 N x

TS EN 197-1 CEM II B/M (P-L) 32.5 R Portland Composite Cement x x x

EN 197-1:2000 CEM II/B-L 42.5 R Portland Composite Cement x

EN 197-1-2000 CEM IV/B (P) 32.5 R Puzzolanic Cement x

TS 10157 SDÇ 42.5 R Sulphate-resistant Cement x

R E A D Y - M I X E D C O N C R E T E

Çimsa Ready-Mixed Concrete startedproduction with the establishment of theZeytinli Ready-Mixed Concrete Plant in1988. It currently operates 24 ready-mixedconcrete plants, 19 with dry systems andfive with wet systems. Çimsa owns 23 ofthese plants and another is rented andoperated by Çimsa. After merging withNi¤de Cement on November 1, 2007,Aksaray, Karaman and Ere¤li (Konya)Ready-Mixed Concrete Plants, whichbelonged to Ni¤de, are now part of Çimsa.Total annual capacity of these ready-mixed concrete plants is 2.4 million cubicmeters. In 2007, concrete productionamounted to 1.5 million cubic meters,representing a capacity utilization rate of66%. The plants are staffed by 76experienced and specialized employees,and equipped with 218 trans-mixers, 46mobile pumps, and five fixed pumps. Çimsaowns 184 of the trans-mixers, 42 of themobile pumps, and all of the fixed pumps.Çimsa closely follows technological andscientific developments in its sector tooffer new products, new equipment andservices to its customers.

Though new to the market, production ofconcrete with dramix, one of the specialproducts line, has matured. As a result, in2007, it sold 13,000 m3 of special productfrom ready-mixed concrete plants.

The company introduced 20 new trans-mixers and 2 new 47 meters pumps in 2007.In addition, as a result of merging withNi¤de Cement Plant, 27 trans-mixers andfive mobile pumps used in Ni¤de ready-mixed concrete plants were added toÇimsa's assets.

Tekke ready-mixed concrete plant wasclosed and relocated to Silifke, AdanaKarsl› ready-mixed concrete plant wasclosed and relocated to Adana Karahan.On May 17, 2007, a ready-mixed concreteplant which belonged to P›nar Concrete inBilecik was bought by the company.Another ready-mixed concrete plant hasbeen leased and it started production inKütahya in November 2007. In addition tothese, it is planned that three new plants,one in central Eskiflehir, another in AdanaKozan, and the other in Mersin Limonlu,will come on line in early 2008.

In order to purify waste water and improvethe external appearance of plants, Çimsa,as an indication of the Company'ssensitivity to the environment, has carriedout significant improvements, beginningwith plants in the Adana and Mersinregions in 2007. Studies about EmployeeHealth and Work Safety in Ready-MixedConcrete started in 2007 and trainingsessions have been held.

26 Annual Report

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R E A D Y - M I X E D C O N C R E T E ( C O N T I N U E D )

1. Dost Beton (Self-Compacting and Self-LevelingConcrete)Dost Beton is a special, highly fluid concrete thathas long durability due to its unique design. It self-levels anywhere by gravity, requiring no vibration.It is free of condensation and decompositionproblems and is also self-compacting.

2. Aqua Beton (Underwater Concrete)Aqua Beton can flow easily underwater withoutwashing away or decomposition. It is self-levelingand self-compacting, and requires no vibrators orany other equipment. It has very low permeability,high viscosity, reliable strength, and is of a non-deteriorating quality.

3. Art Beton (Decoratively Colored and ImprintedConcrete)Art Beton is an easy-to-use base coating materialfor both indoors and outdoors, and is well-knownas textured and decoratively colored concrete, orsimply imprinted concrete. Its specificcharacteristics include ageing capability and theability to provide a surface appearance tailored tocustomer needs.

4. Drabeton (Concrete with Dramix and Fiber)Drabeton is particularly suitable for use as fieldconcrete, floor coating concrete, retaining orsustaining concrete and spraying concrete. Dueto its dramix content, Drabeton is highly resistantto and efficient against shrinkage cracks.

5. Yol Betonu (High Resistance Strength Concretewith Reinforced Tension Strength)This concrete is used as a surface material forroads, using cement as its binder. Its structurallife exceeds any material which uses an asphaltbased binder.

6. S›vamiks (Ready-to-use Wet Plaster)S›vamiks was created using Çimsa technology toreplace the so-called black plaster, which ishand-blended and therefore lacks consistentquality. This cement has strong adhesiveproperties and offers sound water resistance andheat insulation due to the absence of lime orsimilar materials in its formula. It can be paintedover relatively quickly compared with plastersince it has only a 72 hours settling period,enabling projects to be completed quickly. Allthese factors ensure that S›vamiks is much moreeconomic than manually prepared plaster.

7. Renkli Beton (Colored Concrete)Renkli Beton provides an exquisite appearanceand strength for all types of architectural,aesthetic and artistic applications and buildingmaterials. It also offers any desired color throughpigment addition, and surface texture by usingspecial patterns. It is hydraulically very active andwhen this characteristic is utilized, it increasesboth the speed of production and the quality ofthe product. During the production ofprefabricated concrete elements, Renkli Betondoes not require steam curing and contains onlylow-alkaline class cement. Çimsa remainscommitted to constant customer satisfaction andproduct quality improvement. In line with thisprinciple Çimsa manufactures, in addition to theabove products, high-resistance concrete (C50)and a range of C14 to C50 concretes specified bythe Turkish Standards Institute.

28 Annual Report

Annual Report 29

1. Mersin Plant2. Kayseri Plant3. Eskiflehir Plant4. Ni¤de Plant5. Ankara Cement Grinding

and Packaging Facility6. Malatya Cement Terminal7. Zeytinli-Adana8. Karahan-Adana9. Misis-Adana10. Adana Mobil11. ‹ncirlik-Adana12. Osmaniye13. Kahramanmarafl14. Tece-Mersin15. Yenihal-Mersin16. Bat›kent-Mersin

17. Silifke-Mersin18. Tarsus-Mersin19. Alanya-Antalya20. Manavgat-Antalya21. Çak›rlar-Antalya22. Gebiz-Antalya23. Kumarl›-Kayseri24. Anbar-Kayseri25. Nevflehir26. Aksaray27. Karaman28. Ere¤li-Konya29. Bilecik30. Kütahya (leased)

Cement and Ready-Mixed Concrete Plants

Packaging TypesBagged Loading CapacityBagged, 3 - layer 3-layer kraft paper 50 kgBagged, 4 - layer 4-layer kraft paper 50 kgBagged, 2+1+1 - layer 1-layer white, 1-layer laminated brown, and 2-layer hard-brown kraft paper 50 kgBagged, 3+1+1 - layer 1-layer white, 1-layer laminated brown, and 3-layer hard-brown kraft paper 50 kgBagged, 4+1+1 - layer 1-layer white, 1-layer laminated brown, and 4-layer hard-brown kraft paper 50 kgBagged, 2+1+1 - layer 1-layer white, 1-layer laminated brown, and 2-layer hard-brown kraft paper 25 kgBagged, 2+1 - layer 2-layer laminated brown, and 1-layer laminated hard-brown kraft paper 25 kgSling palletless 39 bags 1.95 tons 800 tons/dayBig Bag 1.5 tons 800 t/dLaminated Polypropylene 1.5 tons 800 t/dLaminated Polypropylene 1 ton 800 t/dPalletized Wooden 15x100x120 cm 30-40 bags (50 kg) 1.5-2 tons 800 t/dPalletized Wooden 15x100x120 cm 64 bags (25 kg) 1.6 tons 800 t/dOthersBulk Silobus 15-40 tons 4,000 t/dClinkerBulk Vessel 2,500 t/dBig Bag Laminated Polypropylene 1-1.5 tons 800 t/d

Cement Types and StandardsStandard Class TypeEN 197-1:2000 CEM I 42.5 R Gray Portland Cement EN 197-1:2000 CEM II/B-M (V-L) 32.5 R Portland Composite CementEN 197-1:2000 CEM I 52.5 N White Portland Cement EN 197-1:2000 CEM II/B-L 42.5 R White Portland Limestone Cement EN 197-1-2000 CEM IV/B (P) 32.5 R Puzzolanic CementTS 10157 SDÇ 42.5 R Sulphate Resistant Cement

Export MarketASTM C-150 Tip I White Portland CementUNE 80-305:96 BL I 52.5 White Portland CementNM 10.01-F.004 CPA 55 White Portland CementTS 6271 4. SINIF Calcium Aluminate CementTS 21:1194 BPÇ 42.5/85 White Portland CementTS EN 197-1:2002 CEM II/B-M (V-L) 42.5 N Portland Composite CementTS EN 197-1:2002 CEM II/B-M (V-L) 32.5 R Portland Composite CementTS EN 197-1:2002 CEM II/B-L 42.5 R White Portland Limestone Cement

Domestic MarketTS EN 197-1:2002 CEM I 42.5 R Gray Portland Cement TS 22 ENV 413-1 MC 12.5X Masonry CementTS 6271 4. SINIF Calcium Aluminate Cement

2

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After the completion of the Eskiflehirinvestments, Çimsa made significantprogress in a leadership capacity.

In Mersin, Production Line II for calciumaluminate cement, which is a special kindof hydraulic plaster which attains strongresistance to high heat, chemicalcorruption, and water in a short time, wasbrought into operation at the end of June2007.

Towards the end of 2007, Mersin Plant wasconnected to the natural gas system. It isplanned that the necessary connections forthe firing and annealing of ovens will bedone during overhauls of the ovens in 2008.

A contract was signed with Loesche for themodernization of Mersin Plant's CementMill III, and this work is planned to be donetowards the middle of 2008.

At the Malatya Plant, a new cement siloconstruction with a capacity of 600 tonswas commenced and is planned to becompleted in February 2008.

The construction of three cement plants isunderway in Spain (Alicante), Romania(Constanta), and Russia (Novorossiysk).These projects will continue in 2008.

A contract was signed between Çimsa andFLS in July 2007 to renew the clinker coolerand oven units of the Mersin Plant'sProduction Line I. This project is scheduledto be completed in the first quarter of 2009.

The most important investment activity of2007 is the completion of the Eskiflehirproject, begun one year previously.Eskiflehir Cement Plant became a part ofÇimsa at the end of 2005. Then, at thebeginning of 2006, investment activitiescommenced quickly. The project wasinitiated in May 2006 and construction workbegan in July 2006. By the end of July 2006all of the connections for exported goodsand services were made and contractswere signed. Eskiflehir investment activitieswere executed in the form of four mainprojects:

1. Modernization of the Product Line 1. This project, given priority, commenced in May 2006 and was completed at the end of May 2007. In particular, the clinker units were renewed and, thereby, the production capacity of gray clinker was targeted to increase to 1,950 t/d from 1,450 t/d.

2. The construction of a new grinding plant. A new mill and grinding group with 85 t/h capacity, imported from China, was put into operation at the end of May 2007.

3. The establishment of a coal mill with a petrocoke grinding capacity of 40 t/h. The new coal mill started operating at the end of October 2007.

4. The construction of a completely new II Gary Clinker Production Line with a capacity of 2,300 t/d. This was completed and production started at the end of 2007.

Eskiflehir Investments:1. Modernization US$ 9.2 million2. Cement mill US$ 8.0 million3. Coal mill US$ 8.7 million4. Production Line II US$ 64.6 millionTotal US$ 90.5 million

Annual Report 31

O R G A N I Z A T I O N A L S T U D I E S A N D T R A I N I N G

Çimsa Development Programs

Senior Management DevelopmentPrograms

Çimsa development programs encompassworkshop-based training founded on the360-degree feedback system, coachingand other activities to improve executivecompetence and the skills of senior andintermediary level executives, and toenhance the organizational climate. In2007, development programs were carriedout in three categories:

• The Sabanc› Leadership Team (SALT)• Leadership Executive Program• Strategic Leadership Program

Learning Organization Training

Learning Organization activities are a vitalpart of Çimsa's organizational developmentprocess and training sessions continued in2007 in three categories:

1. Training for Learning Organization Team Members

a. Learning Organization Application Team Training

2. Training for Learning Organization Coaching Candidates

a. Organizational Transformation and Training the Trainerb. Coach Trainingc. Coaching Refresher Training

3. Training for Implanting the Learning Organization Culture in Çimsa

a. Organizational Transformation and Leadership Training

Behavioral and Vocational Training

Vocational training to maximize Çimsaemployees' contributions by developingtheir technical competence andperformance is conducted every year.These training sessions were intensified in2007.

• 2007 CSI Vibration Analysis and Predictive Maintenance Training

• 6 Sigma Training (Green Belt)• 89-106-EEC Directive TS-EN 197-1/2

Product Safety Regulations of the Council for Quality and the Environment

• Use of Alternative Fuels • The Impact of Burning Waste at Kilns

(Turkish Cement Manufacturers Association)

• Environmental Regulations and Management in the EU process

• BEX Training• BW (Business Warehouse) IT Training• CO2 Calculation and Climate Change• Orientation Training in the Cement

Industry• New Standards in the Cement and

Concrete Sector and Characteristics of Blended Cement

• Foreign Trade Training Program• Ergonomics Training• Influencing Skills• Kiln (Gale) Settings• FLS Kiln Operation (Denmark)• Security Information Form Certificate

Training• (Gale) Settings • Haznedar Refractory Training• Targeted Selection• Hydraulic Training

32 Annual Report

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O R G A N I Z A T I O N A L S T U D I E S A N D T R A I N I N G ( C O N T I N U E D )

• Second Mining and Environment Symposium• International Quality Control Seminar• Internal Quality Examination Training• Payment and Delivery Terms in Export• Training for Investigation of Work Accidents• Protection from Lumbar and Back Aches at

Work - Ergonomics Training• Quality Management Inspection Training• Welding Technology and the Importance of

Lubrication • Chemical Admixtures Fly Ash, Aggregates, CE

Certification• Inter-Laboratory Test Program Training• OHSAS 18001 Internal Auditor Training• Changes brought by the OHSAS 18001-2007

Revision • Orientation Training• Automation Control System Training• Automatic Command and PLC Training• Explosives and Explosion Techniques Course

III Training• Manufacturing Hard Facing and Non-Abrasive

Plates• Siemens Automation and Drive Technology

Products Introduction Seminar• Strategic Purchasing Management• TE‹Afi (Turkish Electricity Transmission

Company) SOMA Facilities - Operation Technician Training

• TE‹Afi (Turkish Electricity Transmission Company) SOMA Facilities - Heavy Current Technician Training

• Technical Training• TSE EN ISO 9001-2000 Quality Management

System Training• TS-EN-ISO/IEC 17025:2005 Laboratory

Accreditation Training• IFRS (International Financial Reporting

Standards) (PWC)• Construction/Building Materials Certification

Training

Learning Organization Project

A learning organization continuously learns fromexperience, adapts these lessons to changingcircumstances within a system that can also bedeveloped by employees and, as a result, it existsas a constantly changing, developing, and self-renovating dynamic enterprise.

For an organization, the learning process not onlyincludes objective information but also theopinions, judgments or intuitions of employees.First, the organization creates an environment thatallows for the formation of these opinions,judgments and intuitions. Then, opportunities aremade to share the information with the rest of theemployees. Finally, the same information is putinto use for the efficiency of the organization.

Becoming a learning organization is a difficultprocess.

Classic companies are referred to as knowingorganizations. In these companies, 'well-

informed' management and specialists offer thebest-known solutions for the problems or issuesthat come up. Employees apply the solutions. Theby-products of learning are not found in theseorganizations. Instead, they change in reaction tothe changes taking place around them.

Understanding organizations aim to find the bestby adding the personal conceptions andjudgments of employees. In this stage, the

34 Annual Report

KnowingOrganization

UnderstandingOrganization

ThinkingOrganization

LearningOrganization

organization does not just view issues by what isbest but stresses that there may be different'bests', depending on circumstances, individualperceptions, and judgments. As well as thehuman element, the values brought by thecorporate culture, written rules and controlmechanisms are also at play.

At the next level is the thinking organization.Thinking organizations develop the systems andmodels that would rectify and even precludedisruptions in their operations. They trainexecutives in the quick identification of problemsand immediate action by analysis.

In the final stage of the development process, theclimax of all these aforementioned processes, isthe learning organization. This stage involvescontinuous learning (between employees, fromcustomers, suppliers, etc.), identification/solutionof problems and learning from experience. Thecorporatization of information becomes anorganizational reflex. This stage accompanies theprocess of change in which case both employeesand the organization take on responsibilities.

Since the changing process began in 2004, Çimsahas been taking assured steps towards becominga learning organization. Besides changes instrategy management, human resourcesmanagement, and the overall managementapproach, plans are made so that the process willinclude all employees, step by step, through thelearning of organizational application teamwork.

The reason for starting the learning oforganizational application team work was to makeongoing team work (e.g. concerning cost cutting,raising efficiency, saving, improvements forenvironmental) much more systematic andhuman-oriented. However, apart from these basicgoals, there have been additional benefits, suchas improving internal communication within theorganization, development of employeeawareness of individual competence andperformance, and cultivating the culture of basingarguments on data.

Since such benefits and activities will givemomentum to Çimsa's transformation towardsbecoming a customer-oriented and innovativecompany, they are being spread rapidly to allproduction facilities and plants.

Annual Report 35

Individual Learning

Learning asTeams

Learning as anOrganization

Çimsa as a LearningOrganization

O R G A N I Z A T I O N A L S T U D I E S A N D T R A I N I N G ( C O N T I N U E D )

The course of the organizational teams over a four-year period is projected in the table on a time line.

The tangible benefits accomplished by the teams as the result of learning organization activities since2004 are demonstrated in this table.

Team Target ResultK›v›lc›m 9% reduction in truck and grab use 20% saving, 26% fall in truck and grab use

Kar Damlac›klar› 1% reduction in annual raw meal, TRY 1,250,000 of savings

fuel and energy costs

Turkuaz 15% reduction in consumption of water Total saving of 500 tons per day, 25% lower

cost, Saving of drinking water for 2,500 people/day

Greenpeace 50% reduction in dust emissions 65% fall in dust emissions

Transformation Recycling wastes: 2% raw meal and Recycling wastes: 1.32% raw meal and

12% admixtures 11.32% admixtures

Optimum Reducing spare part stocks, etc to 25% 36% saving, reduction to TRY 1,823,000

from TRY 2,830,000

Çoban Y›ld›z› 15% saving in energy spending 58% saving without changing lighting quality

Crushing Power Reducing 178 hours of unplanned pauses in Reduction to 48 hours: 73% improvement

the crusher unit

Argus Reducing peak-time hours from 19% to Total saving of US$ 549,500

16% and reducing electricity usage for

grinding by 3% per product

Sentez Reducing customer complaints by 30% 74% drop in customer complaints

Increasing customer satisfaction by 10%

Redüktör Reducing stocks from TRY 18,824,000 Drop in stocks, new source of TRY 3.6 million

and 155 days to TRY 15,640,000 and 120 days in operating capital

Energy Hunters 7% saving in consumption of energy for grinding Saving of 9.84% and extra earnings of

Reducing work-related accidents to 5 TRY 815,000

Live Coverage Increase of 35% in mixer performance, 50% in increase in mixer performance of 86% in

mobile pump performance Mersin, 97% in Adana; increase in mobile

pump Performance of 85% in Mersin, 89% in Adana

Kumtafl› Reducing cement costs (from 100 units) to reduction to CEM I=97.76; CEM II=99.00,

CEM I=92.68; CEM II=98.25 ; CEM III=91.83 CEM III=99.00

De¤iflimsa 50% saving on the internal transport costs of Cumulative average of TRY 0.84/ton

TRY 1.20/ton Reducing accidents that cause a 29.71% improvement

absenteeism to “0”

36 Annual Report

Two teams in KayseriTwo teams in MersinOne team in Ready-mixed ConcreteTwo teams in Eskiflehir

One team in AnkaraOne team in Ni¤de

2008

22 teams211 members57 coaches

2007

13 teams130 members39 coaches

2004

The following critical factors played aninstrumental role in the achievement of thesavings above and the rapid results gained bylearning organization activities within Çimsa:

• Constant follow-up and contribution of the General Manager

• Participation of the sponsors in presentations and meetings; consistent and constructive provision of feedback to teams

• Support by all function heads to team members.

The intangible contributions of the learningorganization activities to Çimsa were:

• Increase in the number of employees who suggest solutions rather than waiting for the executives to find one

• The adoption, especially by junior-level executives, of a democratic and coaching management style that encourages participation and learning, instead of solving problems as a 'well-informed' executive

• An environment suitable for identifying and testing candidates for executive positions

• The reflection and reinforcement of our values• Disseminating the habit of showing up in

meetings prepared, basing arguments on data, and focusing on the main subject

• Development of skills that would contribute to employees' professional and personal lives.

In the first six months of 2008, the nine learningorganization teams are set to work on projects toimprove Çimsa's corporate performance,competitive advantage, corporate reputation, andemployee satisfaction.

A New Performance Criterion: Measurement ofthe Organizational Climate

Over three decades of research has shown thatgood executives make a considerable impact onthe financial results of companies. This impact isperceived more discernibly in circumstanceswhen the sector is constrained and the conditionsare severe.

The approaches and attitudes of executivesdirectly influence the organizational climate andthe feelings of employees regarding the workenvironment.

Concisely, “Organizational climate” is the mood ofthe work environment. It is the measurement ofwhether an environment has been set up in whichexecutives and employees can convey theirenergies and sincere contributions to their work.The average impact of the executive on theorganizational climate is calculated as 70%. Apositive organizational climate is found toinfluence the company's financial results.

Employees working in companies with a favorableorganizational climate express that:• The work environment motivates them and

they work efficiently and with pleasure• They perform to the best of their ability and

know that it is appreciated.

In companies where the organizational climate isregarded as unfavorable, the reverse is the case.

Annual Report 37

O R G A N I Z A T I O N A L S T U D I E S A N D T R A I N I N G ( C O N T I N U E D )

The most practical method for measuring theorganizational climate is by questionnaire.By analyzing the replies given to the questions“What is the current situation in the company?”and “What would be the ideal situation?”questionnaires can measure employee morale inrelation to the style of management and theorganization's performance.

The following is a summary of the six approachesto be taken by management for employees to dotheir best:

38 Annual Report

1. Clarity: providing clarity as to where the company goes and how employees can contribute to this2. Standards: persistent emphasis on excellence and performance enhancement3. Responsibility: delegating responsibility to ensure employees do their work properly and holding

those authorized responsible4. Flexibility: making sure that there are no unnecessary rules and procedures, and that good ideas

are put into practice5. Rewards: appreciation of the extent of contributions to results.6. Team Commitment: creating an environment of trust and pride.

Companies that would like to sustain their success acknowledge that organizational climate has anotable effect on company performance. It can be assessed, measured, and improved just like othermeasurable performance criteria (e.g. ROIC, EBITDA, market share, uptime-production performance).

In the context of SALT (Sabanc› Leadership Team), which has been the senior managementdevelopment platform of the Sabanc› Group since 1999, all senior management employees have beengoing through a 360-degree survey in connection with the organizational climate they induce, theirmanagement style, and competence. They receive feedback in return, and activities are geared towardsimproving the organizational climate. The Çimsa senior management team has been taking part in suchwork since 2000. The 360-degree survey and feedback-coaching meetings take place about once everytwo years. In 2007, most of the Çimsa senior management underwent the 360-degree survey. Executivesparticipated in a five-day workshop with coaching sessions, and worked on their individual action plans.These activities are planned for 2008 as well.

For executives at each level to receive feedback concerning the organizational climate they generateand for the Çimsa management team to make action plans for improvement, six workshops were held inMersin, Ankara, Ni¤de, Kayseri and Eskiflehir plants and including 221 non-union ready-mix concreteemployees, at the end of the year. During these workshops, an organizational climate SWOT analysiswas conducted. Mini surveys were made verbally and written statements and suggestions forimprovements about the organizational climate in the company were collected from Çimsa employees.As a result of this work, general and regional reports were written for feedback and suggestions ofimprovement. The next goal is to prepare and put into practice the improvement action plans.

Annual Report 39

Çimsa's Strategy Map

Develop New Production Capacitiesin Strategic Regions/Markets

Increase Generated Value Optimize Capital StructureCost Leadership

Know Your Customer Exceed Customer Expectations

Optimize Sales Mix(Customer/Product/Region)

Adapt Operational Best Practices

Enhance Communication for ReputationManagement

Identify Corporate Risks and Take Precautions

Decrease Optimize Production Costs and EnergyUsage

“MOST VAUABLE CONCRETE AND CEMENT ORGANIZATION OF TURKEY”

“INCREASE VALUE TO CUSTOMER”

“HIGH PERFORMANCE PROCESSES”

“Ç‹MSA DNA”

“HIGH-PERFORMANCE CULTURE FOR PROFITABLE GROWTH”

Achieve Outstanding Business Results

Improve Raw Materials & CementitiousMaterials/Resources Management

Increase Logistics Effinicy

Segment Management Operational Efficiency Supply Chain Management

Implement a Strategic Performance Management Model

Ensure Implementation of Effective HRManagement System and Framework

Harmonize & Unify the Information Platforms Develop Leadership & ManagementCapabilities

Standardize Our Way of Doing Business

Create Value through Organizational Synergies

Information Capital Human Capital Organizational Capital

Profitable Growth High Performance Culture

Our Values: Reliable - Customer Focused - Collaborative

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L I N K S A N D T E R M I N A L S A B R O A D

Çimsa Cement Free Zone Ltd.Cyprus

Çimsa follows growth potential in itscatchment area closely. In accordancewith the 2005 investment decisionconcerning the Turkish Republic ofNorthern Cyprus, Çimsa bought ErçimCement Industry Ltd. Subsequentinvestments revamped the Famagusta portfacility for stockpiling and selling bulkcement. The facility has the capacity tostockpile 5,000 tons of bulk cement. In2007, about 50,000 tons of grey cementwas sold. The sales target for 2008 in theCyprus market is 70,000 tons of greycement.

C‹MSAROM Marketing Distributie S.R.L.Romania

This facility was established by Çimsa(with 100% ownership) in Romania'sConstanta port in February 2006 to marketand distribute white cement in and outsideof Romania.

Çimsa Cementos Espãna S.A.U. Spain

Owned entirely by Çimsa, the terminal wasput into operation in 1996 in Seville, one ofSpain's key ports.

Çimsa's super white bulk cement isshipped from the company's MersinPlants. Using the packaging systems oftwo silos with 5,000 tons of capacity, theproduct is offered to the Spanish market inbulk or as packaged cement. The plantalso produces flooring materials usingwhite cement, and has an establishedgroup of buyers in the Spanish market.

CSN Cement Sales North GmbH Germany

CSN was founded by a partnershipbetween the German CTN GmbH andÇimsa. It has a cement silo with a capacityof 7,500 tons and markets white cement inGermany.

Annual Report 41

2 0 0 7 M A R K E T I N G A C T I V I T I E S

A variety of technical support activitieswere carried out to enhance customersatisfaction and commitment and to satisfycustomer needs before and after sales.These activities were conducted throughthe Çimsa Application Center laboratoriesand in the field.

Çimsa's mission, to become the preferredbusiness partner in the cement andconcrete sector, implies the necessity ofbuilding customer relations on solidfoundations. As the leader of its sector,especially white cement and specialproducts, Çimsa places great stress oncustomer satisfaction in existing and newmarkets, both before and after sales. Inthis regard, the research on applicationsfor Çimsa products (white/grey Portlandcement and calcium aluminate cement)conducted in the Cement ApplicationCenter was shared with customers.Promotions were organized to win newcustomers and differentiate the product.Through customer visits, the productionprocesses of customers were examinedand their expectations and demands werenoted. Research on applications wasconducted to meet these demands.Customer satisfaction surveys wereadministered to measure the level of

satisfaction of domestic and foreigncustomers and distributors, and to definetheir expectations.

Projects were run in conjunction with thetravertine sector, an important area inwhich super white cement is used.Travertine producers were visited to findways to enhance the performance of thegrout made from white cement. Seminarswere held to bolster the knowledge andextend the experience of travertineproducers in the usage of white cement.

To expand the use of white cement in thepre-cast sector, Çimsa cooperated withpre-cast producers to work on high-strength concrete. The characteristics ofwhite cement, such as not requiring steamcuring, allow for early removal of concretemolds, and early/high strength is achieved.

ISIDAÇ 40, a variety of calcium aluminatecement, is predominantly used in thebuilding chemicals and refractory sectors.Customers in these sectors were visitedand meetings were organized throughoutthe year to share the latest developments.Funding was provided to research projectsrun by the Middle East TechnicalUniversity and abroad on this product'shigh resistance to shock and impact.

Prior to 2007 our masonry cement brandEkoharç was offered only aroundEskiflehir. In 2007, it was made available to

42 Annual Report

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2 0 0 7 M A R K E T I N G A C T I V I T I E S ( C O N T I N U E D )

customers in all areas of operation. Promotionalmeetings were organized in Eskiflehir, Mersin,Adana, Kayseri and Kahramanmarafl to launchthis product on the market. Visits were made todistributors and builders working in constructionsites to promote the use of Ekoharç as plaster,masonry and alum, and to underline itsadvantages. Demonstrations were performed on-site.

To enhance brand image, increase brandawareness, and share products with customers,Çimsa participated in building and constructionfairs in Russia and Romania, and the IstanbulBuilding Fair in Turkey.

Our traditional Architecture and Art Panels wereheld this year in Bahçeflehir University andIsparta's Süleyman Demirel University.

The manager of the Kayseri Plant, Mehmet fiahin,participated in the urban development seminarorganized by Erciyes University and KayseriMetropolitan Municipality, with his presentation“Çimsa: Past and Present”, communicatingÇimsa's history, products and fields of application.

Within the framework of cooperation betweenuniversity and industry and in the context of socialresponsibility, joint activities were carried outwith the Fine Arts Faculty of Mersin University. Asin previous years, the “Environment andSculpture” course was given in the CementApplication Center in 2007.

Articles and papers were published or presentedin various national and international scientificjournals, congresses, and symposiums, toelucidate the characteristics of cement productsin application, to promote them to those involved,and to support scientific activities related to thesector.

Çimsa participated in the “InternationalSymposium on Sustainability in Cement andConcrete”, organized by the Turkish CementManufacturers Association, held May 21-23, 2007in Istanbul. Çimsa's Marketing Manager, Dr.Önder K›rca, presented his study, “Effects ofOrdinary Portland Cement Addition on theProperties of Calcium Aluminate Cement” at thatsymposium. The study offered theoretical andpractical information on the usage of ISIDAÇ 40cement in the building chemicals sector. Inaddition, a scientific article by Mr. K›rca, entitled“Use of Binary and Ternary Blends in HighStrength Concrete”, was published in the June2007 issue of “Construction and BuildingMaterials”, which is listed in the Science CitationIndex. The article analyzed results of the researchand development work conducted at ÇimsaCement Application Center for high-strength

44 Annual Report

concrete technology. The same results wereshared with producers of pre-cast concretecomponents during customer visits, while fulfillingtheir need for technical support.

A series of social responsibility and sponsorshipactivities were carried out to foster Çimsa'scorporate image, reputation, and brandawareness, and to serve the needs of eachplant's social environment.

Çimsa was the main sponsor of the 2007 ArchiprixArchitecture Students Design Contest Awardsand Exhibition. Among the goals of the contestwere: to provide opportunities to young talentedarchitects to practice their profession; to fuelcompetition between architecture teachinginstitutions in Turkey; to promote the architecturalprofession to the public sector; to elevate thereputation of architecture; and to create a contextin which to strengthen the relationship betweentheory and practice. This national contest ofgraduate dissertations of Turkish students ofarchitecture was held for the seventh time withÇimsa as the main sponsor.

The symposium “Innovations and Training in Pre-cast Concrete”, organized by the Turkish Pre-castConcrete Association and the Fine Arts Faculty ofMimar Sinan University, took place on November

13, 2007. Çimsa was the main sponsor of theevent, which was attended by academics,architects and engineers from the sector. Çimsaparticipated in the symposium through a speechby its Marketing Manager, Dr. Önder K›rca, and aspecial display stand.

The exhibition “Letters in Gold” opened in Spain'scapital Madrid, sponsored by Çimsa CementosEspana S.A.U. It featured the Ottoman calligraphycollection of the Sabanc› Museum and it played akey role in promoting Turkish culture and theSabanc› Group.

Furthermore, Çimsa acted as sponsor of theMimar Sinan Commemoration Ceremony, ThePolyphonic Choirs Festival by the MersinPolyphonic Choirs Association, BahçeflehirInternational IAPS Architecture Symposium,Mersin University's National EnvironmentSymposium and Mersin Forest Week.

Besides activities that contributed to highereducation and the development of the socialenvironment, middle-level education wassupported, too. Çimsa funded a class in theVocational School of the Mersin Chamber ofCommerce and Industry, and donated a smartboard to Eyüp Aygar High School, which becamethe first such school in Mersin to use smartboards.

Annual Report 45

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R E P O R T O N C O M P L I A N C E W I T H C O R P O R A T EG O V E R N A N C E P R I N C I P L E S

The Company's Articles of Association donot include any rules on the appointmentof a special auditor, and there has been norequest pertaining to this from theshareholders.

4. Annual General Meeting Information

The Annual General Meeting was held onApril 17, 2007 with a meeting quorum of73.19%. Shareholders who had completedthe necessary formalities attended themeeting. The call for the meeting wasissued in accordance with the terms setout by the Ministry of Industry andCommerce and certified by the MinisterialSuperintendent. During the meetingshareholders were given the opportunity toask questions, all of which were answeredwith due explanations. The Annual Reportprepared beforehand was distributed tothose shareholders who took part in themeeting. In addition, these shareholderswere informed of the previous year'soperations. Guided by the shareholdersresolutions, an election was held toappoint Members of Board of Directorsand the Board of Auditors.

The Annual General Meeting Report isavailable at the head office of thecompany and is available at shareholder'srequest. Additionally, the report and theresults of the Annual General Meetingwere also published in the CommercialRegistry Newspaper.

No regulations have been incorporatedinto the Articles of Association to theeffect that the General Assembly shouldtake important resolutions. No such

1. Statement of Compliance of CorporateGovernance Principles

Çimsa Çimento Sanayi ve Ticaret A.fi.applies the Corporate GovernancePrinciples published by the CapitalMarkets Board (CMB).

Part I - SHAREHOLDERS

2. Shareholders Relations Unit

Abdullah Kaplan, chief accountant in theFinance Department is responsible forshareholder relations; his e-mail address isa.kaplan@cimsa.com.tr.

During the term of activity, 20 applicationswere received from shareholders for sharereplacement transactions, and thesetransactions were carried out, with aprinted record provided.

3. Use of the Shareholders' Rights toReceive Information

During the activity term, a total of 28annual reports were requested byshareholders and these were mailed tothem. Verbal questions concerning sharereplacement transactions were respondedto. Special Case Disclosure forms, issuedthrough the Istanbul Stock Exchange,announced any events that may concernthe shareholders.

After the announcement of the interimfinancial statements, informative meetingswere held with brokerage houses andsector analysts. Two meetings were heldin Turkey in 2007, and three meetings wereheld abroad.

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regulation was deemed necessary as the Boardof Directors represented the will of the GeneralAssembly report and the List of Attendance isavailable on the company's website:www.cimsa.com.tr.

5. Voting Rights and Minority Rights

No privileged voting rights are present in theArticles of Association.

No regulations acknowledging accumulatedvoting rights were set out in the Articles ofAssociation.

When the present percentages and the structureof the partnership were considered, no suchregulations were made, as accumulated votingrights could compromise the harmoniousmanagement of the Company.

6. Dividend Distribution Policy and DividendPayment Date

The terms of dividend distribution are definedunder Article 26 of the Articles of Association.Accordingly, after the deduction of due taxes fromthe gross profit, the remaining net profit is used todistribute the profit at a rate proposed by theBoard of Directors and approved by the GeneralAssembly, in compliance with the provisions ofthe Articles of Association and Capital MarketsBoard (CMB) regulations. In 2007, the CMB set arequirement that at least 20% of the distributableprofits should be distributed as dividends. Ourcompany accepted the policy of 'distributing atleast 50% of the distributable profits until the endof May following the computation period'.

This policy may be reconsidered each year by theBoard of Directors in the light of national andglobal conditions, current projects, and thecondition of funds.

There are no privileges in dividend distribution.

7. Transfer of Shares

The Company's Articles of Association include noregulation restricting the transfer of shares.

SECTION II - PUBLIC DISCLOSURE ANDTRANSPARENCY

8. Disclosure Policy

The Company has no specific public disclosurepolicy. Financial statements are announcedpublicly in the third, sixth, ninth, and twelfth monthof every year.

9. Disclosure of Specific Events

The Company issued 20 public disclosures ofspecific events in 2007. The Capital MarketsBoard (CMB) required an additional disclosureand this was issued on March 12, 2007.

The Board of Directors was ordered to pay a fineof TRY 11,836 per person by reason of notinforming shareholders during the 2006 AnnualGeneral Meeting of why Enerji A.fi., one of theassociated companies, did not participate inraising cash capital.

Our company's shares are not listed in anyforeign stock markets.

10. The Company Website and its Content

The Company's website, www.cimsa.com.tr,published information listed in Article 1.11.5 ofSection II on the Compliance Report of CorporateGovernance Principles. The content of thewebsite is structured according to a decisiontaken by the Capital Markets Board in meetingNo. 48/1588, dated December 12, 2004.

48 Annual Report

11. Disclosure of Ultimate Controlling IndividualShareholder(s)

As the Company only has bearer shares, there areno ultimate controlling shareholders.

12. Public Announcement of Insiders Who canAccess Information

Individuals privy to inside information includemembers of the Board of Directors and theexecutive management, as announced to thepublic through the Annual Report.

SECTION III - STAKEHOLDERS

13. Providing Stakeholders with Information

Stakeholders are informed by the Istanbul StockExchange, through the company website andpublic disclosures using specific case forms.

Moreover, employees are informed through bi-monthly circulars, the Intranet and annualinformation meetings.

14. Participation of the Stakeholders in CompanyManagement

Meetings are held at least once a year foremployees wherein the operations of the previousyear are evaluated, the objectives of the next yearare shared, and feedback is received.

As part of the business excellence and learningorganization projects, teamwork is encouragedand participation in project teams is fostered inmatters such as target identification, processimprovement, and investment.

15. Human Resources Policy

Çimsa has drafted a Corporation HumanResources Policy and the basic principles of thispolicy as cited in article 4 of the charter aredefined below:• To recruit employees who are well trained in

their field, knowledgeable and highly skilled

• To form an organizational structure of employees with a sense of responsibility, reliability and loyalty to the company

• To recruit employees who are motivated, enthusiastic, cooperative within the scope of their status and position, ready to fulfill and recognize their responsibilities, fully authoritative within their status and willing to take decisions

• To promote a professional work environment and conditions that can foster employees' potential

• To maintain a positive atmosphere by creating harmony between the established employees and newcomers

• To establish career goals that encourage employees to develop themselves by objectively evaluating aims and performance

• To create a company environment that encourages and rewards success and perfection

• To carry out scientific studies so as to provide employees with opportunities and a satisfactory salary based on their position, skills, and performance.

To-date, there have been no complaints ofdiscrimination from our employees.

16. Information about Relations with Customersand Suppliers

Domestic- Customer VisitsMarketing, sales, and R&D employees periodicallyvisit customers who use white cement andcalcium aluminate cement products. They collectsuggestions, and note customer expectations,problems, and satisfaction levels on the spot.These visits ensure a warm working relationshipwith customers.

- Meetings with DistributorsIn regional meetings held several times a year,

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distributors are informed of developments in thecompany and receive technical information toenable them to better support end-customers. Inaddition, information regarding product quality isupdated. Distributors' problems are dealt withduring these meetings, where some solutionsrequire negotiation.

- Dinners for DistributorsOn special occasions (Ramadan, New Year's Eve,etc.), distributors are invited to dinners both intheir regions and at our facilities to foster warmrelationships.

- FairsMarketing and sales employees introduce ourgray, white, and calcium aluminate cementproducts at fairs, during which the products of ourcustomers are present too. Our sales andmarketing employees also visit the stands of ourother customers in the construction andrefractory materials fairs in the interests ofmaintaining good relationships.

- Brochures and BookletsThe Sales & Marketing and R&D departmentsprepare and distribute promotional andinformative publications that answer frequentlyasked questions on gray, white, and calciumaluminate cement products.

- Seminars and PanelsWith the contributions of the Sales & Marketingand R&D departments, annual panels andseminars are organized for students anduniversity staff in the architecture and/or civilengineering faculties of three or four universities.During these activities, we provide informationconcerning the quality of our white and calciumaluminate cement products, their applications andtheir advantages.

- Corrective ActionAs soon as a form of corrective action isprepared, product complaints from customers aresent to the related section, which works toresolve the problem quickly and inform thecustomers of the process.

Foreign- Customer VisitsVisits to international customers take place atleast once a year, not only to strengthenrelationships but also to examine the dynamics ofthe market at first hand.

- FairsThe company takes part in construction fairs innew markets which are deemed to offer highpotential (Russia, Ukraine, etc.), with the aim ofintroducing our products and making contact withpotential users.

- TripsDistinguished architects are taken to Spain, whichhas the highest per-capita consumption of whiteand gray cement, and presentations on what canbe produced with white cement are made to bringa new vision.

- Trips for DistributorsTrips to various countries organized for thecompany's most successful distributors providean opportunity for the Sales & Marketingdepartment to listen to suggestions, problems,and evaluations in a relaxed, social atmosphereand to enhance our distributors' motivation.

- Customer TripsWe periodically invite to the company's facilitiesmembers of Turkish companies that use orpurchase our white and calcium aluminatecement in our target markets. We offer a detailedpresentation of our facilities and products duringthese trips. Our customers have the opportunity tooffer their suggestions or expectations.

50 Annual Report

Raw materials and additives that may influenceour product quality are purchased from suppliersin our ISO 9001:2000 Quality Management System,and their performance is constantly monitored.

17. Social Responsibility

Our company is aware of the importance andimpact of all investments and actions onhumankind and the environment, for the future ofour country and the world.

With this point of view, Çimsa works with theMinistry of Environment and Forestry to planttrees in the areas used for raw material. With thisin mind, more than 50,000 young trees wereplanted in Mersin alone in 2007.

In addition, other industrial waste is burned in thecompany's plants' ovens (at 1400 degrees Celsius)in order to completely get rid of materialshazardous to the environment. With a lack ofcomprehensive solutions for the total annihilationof industrial waste in Turkey, Çimsa tries toimprove and enlarge these applications.

Çimsa is aware of the importance of formal andinformal education and sponsors many educationprojects. Therefore, to improve the quality ofschools, Çimsa supports the construction ofschools, laboratories and classes in its region ofactivity. Besides these activities, our companysupports faculties of architecture with paneldiscussions, competitions, etc. to improve thesector.

With this frame of mind, an architectural tour wasorganized abroad to improve students'experience, knowledge and creativeness. Inaddition, our company organizes architectural andart panels, and sponsors architectural

competitions, summer schools, and studentmeetings in various universities throughoutTurkey.

Domestic Cement-Concrete sharing meetings areorganized with a view to provide support for thesector.

Çimsa, in addition, provides a significantcontribution to the social and culturaldevelopment of society by supporting variousactivities. The Company is the main sponsor of theMersin International Music Festival, and sponsorsthe Mersin University Environmental EngineeringNational Environmental Symposium, the MersinAclape Chamber Choir, the Mersin PolyphonicChoirs Association, and other organizations andestablishments.

Çimsa devotes a great deal of effort to pioneeringthe necessary precautions to protect humanhealth and the environment. Some of these effortsare listed below:

In our plants, dust and gas emissions resultingfrom production activities are controlled withelectro and bag filters. To protect human healthand the environment more systematically, and toraise employee awareness towards the issue, theTS EN ISO 14001 Environmental ManagementSystem was established and certified. A licensefor Alternative Fuel Usage was received from theMinistry of Environment and Forestry for thedisposal of Category I and II waste oils.

In addition, the TSE 18001 Occupational HealthSafety Management System was established andcertified to ensure the safety of employees,contractors, and visitors.

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PART IV - BOARD OF DIRECTORS

18. The Structure and Composition and theIndependent Members of the Board of Directors

Chairman : Erhan KAMIfiLIVice President : Mehmet GÖÇMENMember : M. Nedim BOZFAKIO⁄LUMember : Tamer GÜVENMember : Y›lmaz KÜLCÜGeneral Manager : Mehmet HACIKAM‹LO⁄LU

All members are non-executive board members.

According to the Articles of Association, theBoard of Directors is composed of five memberselected from amongst the shareholders. There isno independent member elected in the GeneralAssembly.

19. Qualifications of the Board Members

Although there are no regulations in the Articlesof Association regarding the qualificationsrequired for the election of Board Members, themembers must conform to the qualificationsstated in part IV of the Capital Markets BoardCorporate Governance principles, articles 3.1.1,3.1.2, and 3.1.5.

20. The Mission, Vision and Strategic Goals of theCompany

The Company's vision and mission have beendefined and announced on the Company'swebsite. The rates of fulfillment of the objectivesdetermined in the annual budgets are discussedin the monthly meetings.

Our Vision: is to be the most valuable cement andconcrete company.

Our Mission: is to be a business partner tocement and concrete users at a global level.

Main Strategic Targets:1. High performance culture for profitable

development2. Enhancing the value of service to customers3. High performance processes4. Creating Çimsa 'DNA' in knowledge, human,

and organization infrastructure

21. Risk Management and Internal ControlMechanism

The Company's policies and proceduresconcerning production, sales, stocks, commercialand financial affairs, and human resourcesrequire processes to be carried out with businessdiscipline. Business flows have been designed toassign people to execute and monitor the work,and auto-control mechanisms have been put inplace where appropriate. Report systems tomonitor production, purchases, sales, and someexpenditure items have been developed, theresults of which are evaluated in regular meetingsat various levels and in various settings.Authorization is required for administrative,financial, and commercial processes. In additionto this internal control system, compliance withthe laws, internal procedures and instructions isevaluated by periodic internal checks, along withthe risks in the system and control mechanisms.Accordingly, inefficient areas are improved onand new control mechanisms are developed. Withthis in mind a Risk Management Department hasbeen set up and its administrators appointed.

52 Annual Report

The Board of Directors' resolution requiresInternal Auditing Specialists to report to theCommittee in Charge of Auditing.

22. Duties and Responsibilities of BoardMembers and Executives

The duties and responsibilities of the Board ofDirectors and the General Manager are clearlypresented in the Articles of Association.

23. Operating Principles of the Board Members

As stated in the Articles of Association, the Boardof Directors holds meetings concerning Companybusiness and transactions at least once a month,as deemed necessary. The Board of Directorsgathered 31 times and made 90 resolutions in2007.

There is no particular format for the meetingsdescribed in the Articles of Association. Themeeting agenda is decided upon as a result of theChairman's meeting with the General Manager.

The secretariat sends the agenda and the contentof the agenda to the Board Members for theirperusal prior to the meeting, and distributes themeeting minutes after the meeting, via e-mail.

24. Prohibited Transactions and Engagement withthe Company

During their terms, Board Members did notengage in any prohibited transactions with thecompany.

25. Ethical Rules

Çimsa's ethical rules for employees are listed inpart III of the Human Resources Directive.Company bylaws are announced to employees viathe company Intranet. Additionally, SA-ETHICShave been announced to all employees.

26. The Number, Composition, and Independenceof Committees Formed in the Board of Directors

An audit committee, consisting of members withnon-executive duties, was formed under thecharge of the Board of Directors. Since the Boardof Directors deals with corporate governanceprinciples and the fulfillment of these principles, itwas not considered necessary to form a separatecommittee for this purpose.

27. Remuneration of the Board of Directors

According to the Articles of Association, theGeneral Assembly decides the rights, benefits orfees of the board members.

According to the Articles of Association, thedividend for board membership decided by theGeneral Assembly is paid to the shareholdingcorporate entity they represent. Board membersand executives did not receive any loans duringthe term.

Annual Report 53

A N N U A L R E P O R T 2 0 0 7

1- Report Period: January 01, 2007 - December 31, 20072- Title of the Company: Çimsa Çimento Sanayi ve Ticaret A.fi.3- Board of Directors and Audit Board during the period:

A- Board of Directors:

Erhan KAMIfiLIMehmet GÖÇMENM. Nedim BOZFAKIO⁄LUTamer GÜVENY›lmaz KÜLCÜ

The Members of the Board of Directors have been elected for two years, at the Annual Ordinary General Meeting of the Shareholders heldon May 2, 2006, until the Ordinary General Meeting of the Shareholders in 2008, where the results of the 2007 activities will be discussed.

B- Audit Board:

Mehmet SERTBahad›r BORAN

Members of the Audit Board were elected for one year, on the first Ordinary General Meeting of the Shareholders held on April 17, 2007.

4- Change in the Articles of Association during the Period:

During the period, article 6 of the Articles of Association related with capital has been changed due to the capital increase resulting from themerge by taking over Oysa Çimento Sanayii ve Ticaret A.fi.

5- Information about Equity Securities and Shareholders:

The price of our equity securities trading on Istanbul Stock Exchange is between TRY 6,35 and TRY 6,75.

Paid Out Dividend Rates for the Last Three Years:

Paid Out Dividend Rate from 2004 Profit: 39%Paid Out Dividend Rate from 2005 Profit: 37%Paid Out Dividend Rate from 2006 Profit: 87%

Shareholders Holding 10% and more Shares:

Shareholders Share Amount (TRY) Share %Hac› Ömer Sabanc› Holding A.fi. 63.646.864 47,12Adana Çimento Sanayi T.A.fi. 19.074.226 14,12

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Current Period Prior PeriodASSETS Audited Audited

December 31, December 31,Notes 2007 2006

Current Assets 268.317.077 207.731.229

Cash and Cash Equivalents 4, 9 56.106.226 53.748.963Marketable Securities, net 5, 9 - -Trade Receivables, net 7 84.778.910 64.351.750Finance Lease Receivables, net 8 - -Due from Related Parties, net 9 3.239.842 6.850.415Other Receivables, net 10 34.135.857 22.694.956Biological Assets, net 11 - -Inventories, net 12 89.401.544 59.283.064Receivables from Construction Contracts, net 13 - -Deferred Tax Assets 14 - -Other Current Assets 15 654.698 802.081

Non-Current Assets 863.357.198 767.661.786

Trade Receivables, net 7 502.350 447.637Finance Lease Receivables, net 8 - -Due from Related Parties, net 9 - -Other Receivables, net 10 - -Financial Assets, net 16 289.655.470 262.250.857Positive/Negative Goodwill, net 17 132.353.859 132.397.926Investment Property, net 18 - -Property, Plant and Equipment, net 19 420.086.190 350.312.729Intangible Assets, net 20 20.396.240 21.602.208Deferred Tax Asset 14 - 241.845Other Non-Current Assets 15 363.089 408.584

Total Assets 1.131.674.275 975.393.015

The accompanying policies and explanatory notes on pages 59 through 96 form an integral part of the consolidated financial statements.

56 Annual Report

Current Period Prior PeriodNotes Audited Audited

LIABILITIES December 31, December 31,2007 2006

Current Liabilities 148.119.281 139.290.996

Financial Liabilities 6, 9 748.337 154.995Current Portion of Long-Term Financial Liabilities, net 6 65.340.311 74.033.200Finance Lease Payables, net 8 - -Other Financial Liabilities, net 10 - -Trade Payables, net 7 44.459.233 20.786.978Due to Related Parties, net 9 4.273.092 6.967.384Advances Taken 21 1.542.829 392.265Deferred Income from Construction Contracts (net) 13 - -Provisions 23 1.168.306 12.641.470Deferred Tax Liabilities 14 - -Other Current Liabilities, net 10 30.587.173 24.314.704

Total Non-Current Liabilities 56.982.948 133.404.261

Financial Liabilities 6, 9 31.489.376 109.572.016Finance Lease Obligations, net 8 - -Other Financial Liabilities, net 10 - -Trade Payables, net 7 - -Due to Related Parties, net 9 - -Advances Taken 21 - -Provisions 23 10.252.959 7.837.271Deferred Tax Liability 14 15.240.613 15.994.974Other Non-Current Liabilities, net 10 - -

Minority Interest 24 - -

Equity 926.572.046 702.697.758

Share Capital 25, 27 135.084.442 121.305.600Treasury Shares 25 - -Share Capital Reserves 26, 27 179.655.872 205.180.772

Share Premiums 27 30.131 25.569Income on Common Stock Disposals - -Revaluation Fund - -Financial Assets Value Increase Fund 26 47.666.858 93.615.592Inflation Adjustment Differences on Equity 27 131.958.883 111.539.611Other Reserves - -

Profit Reserves 27 121.170.517 80.769.211Legal Reserves 62.486.425 31.756.362Status Reserves - -Extraordinary Reserves 59.100.239 49.814.544Special Reserves - -Other Reserves - -Gain on Sale of Participation Shares and Plant and Equipment to be

Transferred to Share Capital - -Currency Translation Differences (416.147) (801.695)

Net Profit for the Year 290.274.845 136.096.434Prior Year Profit 28 200.386.370 159.345.741

Total Liabilities and Equity 1.131.674.275 975.393.015

The accompanying policies and explanatory notes on pages 59 through 96 form an integral part of the consolidated financial statements.

Annual Report 57

Current Period Prior PeriodAudited Audited

January 1 - January 1 -December 31, December 31,

Notes 2007 2006Operating IncomeSales, net 9, 35, 36 574.985.695 471.447.540Cost of Sales (-) 9, 35, 36 (364.745.352) (261.129.875)Service Income, net 36 - -Other Income from Operational Activities/Interest + Dividend + Rent, net 36 - -

Gross Profit 210.240.343 210.317.665

Operational Expenses (-) 9, 35, 37 (35.727.597) (29.513.560)

Profit From Operations, net 174.512.746 180.804.105

Other Operating Income 9, 38 167.391.122 21.868.675Other Operating Expense (-) 9, 38 (29.951.852) (24.417.141)Financial Expense, net (-) 9, 39 19.617.526 (25.319.087)

Operating Profit 331.569.542 152.936.552

Net Monetary Loss 40 - -

Minority Interest 24 - -

Profit Before Taxation 331.569.542 152.936.552

Taxes 41 (43.033.742) (25.194.130)

Net Profit From Continued Operations 288.535.800 127.742.422Net Profit From Discontinued Operations 35 1.739.045 8.354.012

Net Profit 290.274.845 136.096.434Average Number of Shares 1 New Kurufl (YKr) Per Value Each 12.360.207.367 12.130.560.000

Earnings Per Share from Continued Operations (YKr) 42 0,0233 0,0105Earnings Per Share from Discontinued Operations (YKr) 42 0,0001 0,0007

The accompanying policies and explanatory notes on pages 59 through 96 form an integral part of the consolidated financial statements.

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1. CORPORATE INFORMATION

GeneralÇimsa Çimento Sanayi ve Ticaret A.fi. (Çimsa) was founded with registration date at December 16, 1972 and announced at Turkish TradeRegistry Gazette numbered 4729 and dated December 21, 1972. Operations of the Company consist of production and sales of cement, clinkerand ready-mixed concrete. The ultimate shareholder of the Company is Hac› Ömer Sabanc› Holding A.fi. (Sabanc› Holding).

The registered office address of the Company is Toroslar Mah., Tekke Cad., Yenitaflkent 33013, Mersin/Turkey

Subsidiaries and Jointly Controlled EntitiesOysa Çimento Sanayi ve Ticaret A.fi. (Oysa Çimento) was established in Ni¤de and its operations consist of production, marketing and salesof cement and clinker. Oysa Çimento was established as a joint venture by its shareholders Çimsa and Ordu Yard›mlaflma Kurumu (OYAK).However, on October 19, 2006, the Board of Directors of the Çimsa decided to end the partnership with OYAK lasting for 15 years consideringthe decision of the Competition Board dated October 3, 2006 and numbered 930-267. In these circumstances on March 22, 2007, ShareTransfer Agreement was signed between Sabanc› Holding and shareholders of Oysa Çimento, OYAK, Adana Çimento Sanayii T.A.fi. (AdanaÇimento) and Mardin Çimento Sanayii T.A.fi. (Mardin Çimento). Furthermore on the same date Asset Sale Agreement was signed betweenOysa Çimento and Adana Çimento. With this agreement, it has been decreased to sell ‹skenderun Cement Grinding Facility and related readymade concrete facilities owned by Oysa Çimento to Adana Çimento at the amount of USD 70.775.700 and Oysa Çimento shares owned byOYAK, Adana Çimento and Mardin Çimento were sold to Sabanc› Holding at the amount of USD 70.800.000. Furthermore, on April 24, 2007, theCompetition Board approved the realization of such transactions and as of April 30, 2007 aforementioned sales transactions have beenrealized.

On May 30, 2007, the Board of Directors of Çimsa decided to merge Çimsa Çimento Sanayi ve Ticaret A.fi. with Oysa Çimento Sanayi veTicaret A.fi. via acquisition in accordance with Turkish Commercial Code Article 451 and Corporate Tax Legislation Articles 18, 19 and 20.Then, related permission application was made to Turkish Republic Prime Ministry Capital Market Board on July 19, 2007.

In the application file, reports prepared by the official appraiser charged by Turkish Republic Mersin Commercial Court of First Instance andexpert firm Akis Ba¤›ms›z Denetim ve SMMM A.fi. were included. In the report prepared by Akis Ba¤›ms›z Denetim ve SMMM A.fi. datedJune 26, 2007, merger rates were determined in accordance with Discounted Cash Flow (“DCF”), Market Multipliers Analysis and EquityMethod as stated below:

Method Merger Rate Conversion Rate›DCF 89,7998% 66,3219%Market Multipliers Analysis 94,8265% 31,8553%Equity Method 89,6910% 67,1109%

DCF method based on non-consolidated financial statements prepared as of April 30, 2007 in accordance with financial reporting standardspublished by Capital Market Board was determined as merger method and share conversion rate was determined as 66,3219%. Thisconversion rate was identified as fair and adequate by both of the expert firm and the official appraiser.

Extraordinary General Assembly meeting of Çimsa related with Oysa Çimento merger via acquisition has been held on October 30, 2007 anddue to decrees of the Merger (Acquisition) Agreement, it has been decided to merge Oysa Çimento with Çimsa via dissolution with non-liquidation method and total succession of all assets and liabilities of Oysa Çimento in accordance with Turkish Commercial Code Article 451and Corporate Tax Code Articles 18-20. Official registration of the merger as of October 31, 2007 was announced in the trade registry gazettedated November 5, 2007.

Related to the distribution of shares after the increase in the issued share capital of Çimsa from TRY 121.305.600 to TRY 135.084.442 at theamount of TRY 13.778.842 due to the merger with Oysa Çimento via acquisition, it has been announced to the public that the shareholders ofOysa Çimento have the right to change their 1 share in Oysa Çimento at the nominal amount of YKr 1 with 0,663219 share in Çimsa at thenominal amount of YKr 1. Due to such acquisition, the shares of Oysa Çimento were delisted in ISE National-All Shares and ISE National-Industrials-Non-Metal Mineral Products indices, effective from December 9, 2007. Effective from November 9, 2007 it has been taken intoaccount that the share capital of Çimsa is TRY 135.084.442 and the custody rate is 29%.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

1. CORPORATE INFORMATION (continued)

After the aforementioned realization of the asset sales agreement between Oyak group companies and Sabanc› Holding, Oysa Çimento andÇimsa has become entities under common control of Sabanc› Holding. Until April 30, 2007, Çimsa's effective shareholding rate on Oysa Çimento was 41,09%. Same as the previous periods, financial statements of Oysa Çimento was consolidated via proportional consolidationmethod until April 30, 2007 and after that date financial statements of Oysa Çimento was fully consolidated as Çimsa and Oysa Çimento arethe entities under common control of Sabanc› Holding. At the time of legal merger at October 31, 2007, purchase accounting in accordancewith IFRS 3 “Business Combinations” was not applied to the financial statements of Oysa Çimento and differences arising from the mergerthe were included in related equity accounts in the consolidated financial statements of Çimsa as of December 31, 2007 via “pooling ofinterests” method (Notes 27-28).

The Company purchased Çimsa Cement Free-Zone Limited (Çimsa Cement, previously named Erçim Çimento Limited) on October 12, 2005,which is located in Gazi Ma¤usa Serbest Liman ve Bölge in Turkish Republic of Northern Cyprus (TRNC) and operating in packing, marketingand sales of cement Çimsa Cement is fully consolidated since this date.

On February 8, 2006, the Company invested in 99% of CIMSAROM Marketing Distributie S.R.L. (Çimsarom) as the founder shareholder, whichwas established to operate in cement packaging, sales and marketing industry in Romania Kostence Harbor. Çimsarom has beenconsolidated since the establishment date.

On June 27, 2006, the Company purchased 50% of Cement Sales North Gmbh (CSN), operating in white cement marketing in Germany havinga paid-in share capital of Euro 30,000 from another Sabanc› Group company, Exsa (UK) Limited, by paying 100.000 Euro (TRY 200.950). As ofDecember 31, 2007 the share of the Company in CSN is 50% and CSN is proportionately consolidated.

On July 7, 2006, the Company purchased Çimsa Cementos Espana, S.A.U. (Cementos Espana, previously named Exportaciones Sabanc›S.A.U.), the owner of the cement terminal in Seville Harbor to supply bulk and packed cement to white cement market and having a nominalvalue of EURO 2 per share consisted of 150.000 shares, from Exsa (UK) Limited by paying Euro 2.300.000. The financial statements ofCementos Espana were consolidated into the financial statements of the Company since the purchase date.

For the purpose of presentation of consolidated financial statements, Çimsa, the proportionally consolidated CSN, and fully consolidatedsubsidiaries Çimsa Cement, Çimsarom and Cementos Espana, will be together referred to as “the Group”.

Nature of ActivitiesThe Group is engaged in production and sales of cement, clinker and ready-mixed concrete

The consolidated financial statements of Çimsa were authorized for issue by the management on March 17, 2008. The General Assembly andcertain regulatory bodies have the power to amend the statutory financial statements after issue.

The Group has 916 employees as of December 31, 2007 (December 31, 2006-801).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation The financial statements of the Group have been prepared in accordance with accounting and reporting standards as prescribed by theTurkish Capital Market Board (the CMB) (“CMB Accounting Standards”). The CMB has issued Communiqué No. XI-25 “Communiqué onAccounting Standards in Capital Markets” which sets out a comprehensive set of accounting principles. In this Communiqué, the CMBstated that, as an alternative, application of accounting standards prescribed by the International Accounting Standards Board (IASB) andthe International Accounting Standards Committee (IASC) will also be considered to be compliant with the CMB Accounting Standards. Withthe decision taken on March 17, 2005, the CMB has declared that effective from January 1, 2005 application of inflation accounting is nolonger required for companies operating in Turkey which are reporting in accordance with CMB Accounting Standards. The financialstatements have been prepared under the alternative application defined by the CMB as explained above. The financial statements andexplanatory notes are presented using the compulsory standard formats as prescribed by the CMB

Çimsa maintains its books of accounts and prepare its statutory financial statements in New Turkish Lira (TRY) in accordance with theregulations on accounting and reporting framework and accounting standards promulgated by the Turkish Capital Market Board (CMB), (forpublicly traded companies) and Turkish Commercial Code and Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Finance. The foreign subsidiaries maintain their books of accounts in accordance with the laws and regulations in force in the countries where they are registered. The consolidated financial statements have been prepared from statutory financial statements of the Group andpresented in New Turkish Lira (TRY) with adjustments and reclassifications for the purpose of fair presentation in accordance with CMBAccounting Standards. Main adjustments are; consolidation with proportional consolidation and equity method, accounting for goodwill,deferred taxes, discounting of receivables and payables, employee termination benefits and provisions.

Functional and Reporting CurrencyThe functional and reporting currency of Çimsa, and its proportionally consolidated subsidiary Exsa Export Sanayi Mamülleri Sat›fl veAraflt›rma A.fi (Exsa) is TRY. Functional currency of Çimsa Cement is United States Dollar (USD), functional currency of CSN and CementosEspana is EUR and the functional currency of Çimsarom is New Rumanian Lei. Based on International Accounting Standard (IAS) 21, theexchange rate used for translating the balance sheet items is the exchange rate at the balance sheet date; for income statement and thecash flow items, the average exchange rate of the related period. The resulting foreign currency gain/loss is recorded under the “CurrencyTranslation Differences” account in equity.

In accordance with the Capital Market Board's resolution dated March 17, 2005 and numbered 11/367, financial statements were restated inaccordance with IAS 29 (Financial Reporting in Hyperinflationary Economies) for the last time as of December 31, 2004 since the objectiveconditions which require the application of restatement of financial statements have not been realized and that based on the existing dataCMB has foreseen that the indications whether such conditions are going to be realized in the future is no longer probable. Therefore, non-monetary assets, liabilities and equity items including the share capital as of December 31, 2007 and 2006 have been restated by applying therelevant conversion factors through December 31, 2004 and carrying additions after December 31, 2004 at their nominal values.

Comparative Information and Reclassifications Made to the Previous Year's Financial Statements In the Group's consolidated income statements for the year then ended December 31, 2007, accounts comprising from economic unit ofIskenderun operations owned by Oysa Çimento are presented in a separate line as “Net Profit from Discontinued Operations”. Therefore theconsolidated income statements of the year 2006 have been comparatively reclassified, accordingly.

Changes in Accounting PoliciesThe accounting policies adopted are consistent with those of the previous financial year except as follows:

The Group has adopted the following new and amended IFRS and IFRIC interpretations during the year which are effective from January 1, 2007

Adoption of New and Amended Financial Reporting StandardsIFRS 7, Financial Instruments: Disclosures

IAS 1 - Presentation of Financial Statements - Capital Disclosures

IFRIC 8, IFRS 2 Scope of Share Based Payments

IFRIC 9, Reassessment of Embedded Derivatives

IFRIC 10, Interim Financial Reporting and Impairment

Except UFRS 7, Adoption of new and amended financial reporting standards and interpretations has no material effect on the Group'sfinancial statements and related disclosures.

Standards and Interpretations that are issued but not yet effective as of December 31, 2007Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for later periods, butwhich the Group has not early adopted, as follows:

IFRS 2, Share Based Payments (Amended) (effective for annual periods beginning on or after January 1, 2009).

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

IFRS 3 “Business Combinations” and IAS 27 “Consolidated and Separate Financial Statements” and related amendments (effective for

annual periods beginning on or after July 1, 2009).

IFRS 8, Operating Segments (effective for annual periods beginning on or after January 1, 2009).

IAS 1, Presentation of Financial Statements (Amended) (effective for annual periods beginning on or after January 1, 2009).

IAS 23 Revised - Borrowing Costs (effective for annual periods beginning on or after January 1, 2009).

IAS 32 ve IAS 1 Puttable Financial Instruments (effective for annual periods beginning on or after January 1, 2009).

IFRIC 11- IFRS 2-Group and Treasury Share Transactions (effective for financial years beginning on or after March 1, 2007).

IFRIC 12 - Service Concession Arrangements (effective for annual periods beginning on or after January 1, 2008)

IFRIC 13- Customer Loyalty Programmes (effective for annual periods beginning on or after July 1, 2008)

IFRIC 14 - IAS 19, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective for annual periodsbeginning on or after January 1, 2008)

The Group has not early adopted the above mentioned standards mentioned above.

Basis of ConsolidationThe consolidated financial statements comprise the financial statements of Çimsa and its fully consolidated subsidiaries Çimsa Cement,Çimsarom and Cementos Espana and the financial statements of CSN consolidated at %50.

SubsidiariesSubsidiaries are consolidated from the date on which control is transferred to the Company and ceased to be consolidated from the date onwhich control is transferred from the Company.

This control is normally evidenced when Çimsa owns, either directly or indirectly, more than 50% of the voting rights of a company's sharecapital and is able to govern the financial and operating policies of an enterprise so as to benefit from its activities. Accordingly, the financialstatements of Çimsa Cement, Cementos Espana and Çimsarom are fully consolidated in accordance with IAS 27 “Consolidated and SeparateFinancial Statements”.

Jointly Controlled EntitiesCSN and until April 30, 2007 Oysa Çimento are the entities jointly controlled by Çimsa and other shareholders, with a participation ratio of50% and 41,09%, respectively. In this respect, interests in Oysa Çimento until April 30, 2007 and CNS are recognized using proportionateconsolidation as the benchmark treatment mentioned in the IAS 31 “Interests in Joint Ventures”.

Balance sheet and income statement items (for Oysa Çimento, income statement only for the period between January 1 - April 30, 2007) ofthe jointly controlled entities have been added to the balance sheet and income statement items of Çimsa by considering the shareholdingpercentage of Çimsa in the joint venture. Receivables and payable balances of Çimsa from/to these companies and income statement itemshave been eliminated based on the shareholding interest.

Consolidated financial statements include the financial statements of Çimsa and its subsidiaries and jointly controlled entities. Consolidatedfinancial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

Associates The associate of the Company, Exsa, is accounted by using the equity method, which is classified under financial assets. The investment inan associate is carried on the balance sheet at cost plus post-acquisition changes in the Company's share of net assets of the associates.Consolidated income statement reflects the share of the Company on the results of operations of the associate.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

OffsettingFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to net offthe recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

Significant Accounting Judgments, Estimates and Assumptions The preparation of financial statements requires Group management to make estimates and assumptions that affect the reported amounts ofassets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results may vary from thecurrent estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in theperiods in which they become known.

The key assumptions concerning the future and other key resources of estimation uncertainty at the balance sheet date and the significantjudgments with the most significant effect on amounts recognized in the consolidated financial statements are discussed in the relevantsections of the notes below, which are mainly related to the use of actuarial assumptions in the calculation of retirement pay liabilities,useful lives of tangible and intangible assets and key assumption used in the impairment test of goodwill based on discounted cash flowmethod.

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash EquivalentsFor the purpose of the presentation of the consolidated cash flow statement, cash and cash equivalents comprise cash on hand, cash inbanks, checks and short-term deposits with an original maturity of three months or less.

Trade ReceivablesTrade receivables are recognized and carried at original invoice amount less an allowance for any uncollectible amounts and an allowancefor unearned interest calculated using the effective interest rate method (interest rates are 15% for TRY, 4,3% for USD and 4,8% for EUR).(December 31, 2006 - 20% for TRY, 5,3% for USD and 2,9% for EUR)

Notes and post-dated checks, which are classified within trade receivables are measured at amortized cost using the effective interest ratemethod.

The allowance for doubtful receivables is established through a provision charged to expenses. Provision is made when there is objectiveevidence that the Group will not be able to collect the debts. The allowance is an estimated amount that Group management believes to beadequate to absorb possible future losses on existing receivables that may become uncollectible due to current economic conditions andinherent risks in the receivables. Bad debts are written off when identified.

InventoriesInventories are valued at the lower of cost and net realizable value. Cost incurred in bringing each product to its present location andconditions are accounted for as follows:

Raw materials and supplies - restated cost determined on moving weighted average basis.

Finished goods and work-in-process - cost of direct materials and labor and a proportion of manufacturing overheads based on normaloperating capacity. Inventory valuation is made on moving weighted average basis.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimatedcosts necessary to make the sale.

Investments Available for SaleInvestments available for sale are presented under “Financial Assets” in the balance sheet.

All investments are initially recognized at cost, being the fair value of the consideration given, and including acquisition charges associatedwith the investment.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

After initial recognition, investments which are classified as available-for-sale are measured at fair value. Interest earned on available forsale investments is reported as interest income. Gains or losses on available-for-sale investments are recognized as a separate componentof equity until the investment is sold, collected or otherwise disposed of, or until the investment is determined to be impaired, at which timethe cumulative gain or loss previously reported in equity is included in income.

For investments that are actively traded on the organizational structures, fair value is determined by reference to market prices at the closeof business on the balance sheet date. For investments where there is no market price and where reasonable estimate of the fair valuecould not be determined since other methods are inappropriate and impractical, they are stated at cost less any impairment in value.

Property, Plant and EquipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. The initial cost of property,plant and equipment comprises its purchase price, including import duties, non-refundable taxes and any directly attributable costs ofbringing the asset to its working condition and location for its intended use. Expenditures incurred after the property, plant and equipmenthave been put into the operation, such as repairs and maintenance are normally charged to expense in the period the costs are incurred.Expenditures are added to cost of property, plant and equipment items if the expenditures provide economic added value for the future useof the related property, plant and equipment. When assets are sold or retired, their cost and accumulated depreciation are eliminated fromthe accounts and any gain or loss resulting from their disposal is included in consolidated income statement.

Land is not depreciated. Depreciation is calculated on all property, plant and equipment on a straight-line basis over the estimated useful lifeof the asset as follows:

Land improvements 10-50 yearsBuildings 25-50 yearsMachinery and equipment 5-20 yearsFurniture and fixtures 3-15 yearsMotor vehicles 5-14 yearsOther 5-10 yearsLeasehold improvements Lease period

Intangible AssetsIntangible assets which are composed of mining rights and computer licenses are capitalized at purchase value. Intangible assets arerecognized if it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and the cost of theasset can be measured reliably. After initial recognition, intangible assets are measured at cost less accumulated amortization and anyaccumulated impairment losses. Intangible assets excluding development costs, created within the business are not capitalized andexpenditure is charged against profits in the year in which it is incurred. The useful lives of intangible assets are assessed to be either finiteor indefinite. Intangible assets with finite lives are amortized on a straight line basis over the best estimate of their useful lives. Theamortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset isaccounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. Theamortization expense on intangible assets with finite lives is recognised in the income statement in the expense category consistent with thefunction of the intangible asset.

Intangible assets are amortized on a straight-line basis over the best estimate of their useful lives.

Mining rights 20 yearComputer licenses 5 year

The Company has no intangible assets that have indefinite useful life.

The carrying values of intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carryingvalue may not be recoverable.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment on AssetsThe carrying values of assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not berecoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in income for theperiod. The recoverable amount of the asset is the greater of net selling price and value in use. The recoverable amount is determined foreach asset, if possible; if not it is determined for the cash-generating unit to which the asset belongs. Reversal of impairment lossesrecognized in prior years is recorded in the income statement when there is an indication that the impairment losses recognized for theasset no longer exist or have decreased. But, any reversal of impairment loss is recognized in income statement, to the extent that thecarrying value of the asset does not exceed its value before the impairment.

Goodwill Goodwill represents the excess of the cost of the acquisition over the fair value of identifiable net assets of the acquiree at the date ofacquisition.

The goodwill arising from the business combinations is not amortized in accordance with IFRS 3 “Business Combinations”. Goodwill isreviewed for impairment, at least annually if events or changes in circumstances indicate that the carrying value may be impaired.

As explained in detail in Note 17 and Note 32, the Company purchased Standart Çimento Sanayi A.fi. (Standart Çimento) - Eskiflehir Plant andLalahan Grinding Facility from Saving Deposit Insurance Fund (SDIF) on December 26, 2005. As explained in detail in Notes 1, 17 and 32, theCompany also purchased Çimsa Cement on October 12, 2005. The Company initially recognized the identifiable assets and liabilities of theaforementioned purchases at fair values at the date of the agreements, and the excess of the cost of the purchases over the identifiableassets and liabilities were recognized as goodwill, net off deferred tax, in accordance with IFRS 3 “Business Combinations”.

Foreign Currency TransactionsTransactions in foreign currencies are recorded at the rate ruling at the date of the transaction to TRY. Monetary assets and liabilitiesdenominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Exchange gains or lossesarising on settlement and translation of foreign currency items have been included in the related income or expense accounts asappropriate.

Foreign currency translation rates used by the Group as of respective year-ends are as follows:

Date TRY/USD TRY/EURODecember 31, 2005 1,3418 1,5875December 31, 2006 1,4056 1,8515December 31, 2007 1,1647 1,7102

Bank BorrowingsAll borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs associated with theborrowing.

After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest rate method. Amortized cost iscalculated by taking into account any issue costs, and any discount or premium on settlement.

Gains and losses are recognized in net profit or loss when the liabilities are derecognized, as well as through the amortization process.

Trade PayablesTrade payables are carried at amortized cost which is the fair value of the consideration to be paid in the future for goods and servicesreceived, whether or not billed to the Group. Interest rates used when determining the amortized cost are 15% for TRY, 4,3% for USD and4,8% for EUR. (December 31, 2006 - TRY: 20%, USD 5,3%, EUR: 2,9%).

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Provisions, Contingent Assets and Liabilities

ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that anoutflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of theamount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected futurecash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specificto the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as an interest expense.

Contingent Liabilities and AssetsContingent liabilities are not recognized in the financial statements; they are disclosed only if they do not bear high probability of an outflowof resources embodying economic benefits. Contingent assets are explained in the footnotes only in case of a highly-probable inflow ofeconomic benefit.

Income TaxTax expense (income) is the aggregate amount included in the determination of net profit or loss for the period in respect of current anddeferred tax.

Deferred income tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases ofassets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxabletemporary differences.

Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused taxlosses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carry-forwardof unused tax assets and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each balancesheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of thedeferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized orthe liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date (Note 14).

Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assetsagainst current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority (Note 14).

Employee Termination Benefits

a) Defined Benefit Plans:In accordance with existing social legislation in Turkey, the entities operating in Turkey is required to make lump-sum terminationindemnities to each employee who has completed over one year of service with the Group and whose employment is terminated due toretirement or for reasons other than resignation or misconduct.

As explained in detail in Note 23, the Group has reflected a liability using the “Projected Unit Credit Method” based on the actuarial valuationperformed by independent actuaries. The employee termination benefits are discounted to the present value of the estimated future cashoutflows using the interest rate estimate of qualified actuaries.

On the consolidated balance sheets, the liabilities for employee termination benefits are reflected under non-current liabilities.

b) Defined Contribution Plans:The Group pays contributions to the Social Security Institution of Turkey on a mandatory basis. The Group has no further payment obligationsonce the contributions have been paid. The contributions are recognized as employee benefit expense when they are due.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Related PartiesParties are considered to be related if any of the conditions stated below exists:

(a) directly, or indirectly through one or more intermediaries, the party:(i) controls, is controlled by, or is under common control with, the Company (this includes parents, subsidiaries and fellow subsidiaries);(ii) has an interest in the Company that gives it significant influence over the Company; or(ii) has joint control over the Company;

(b) the party is an associate of the Company; (c) the party is a joint venture in which the Company is a venturer;(d) the party is member of the key management personnel of the Company or its parent;(e) the party is a close member of the family of any individual referred to in (a) or (d); (f) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entityresides with, directly or indirectly, any individual referred to in (d) or (e); (g) the party is a post-employment benefit plan for the benefit of employees of the Company, or of any entity that is a related party of theCompany.

A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price ischarged.

Currency Translation DifferencesThe assets and liabilities of foreign subsidiaries are translated at the rate of exchange ruling at the balance sheet date. The incomestatements of foreign subsidiaries are also translated at monthly average exchange rates. Differences resulting from the translation weretaken to equity as “Currency Translation Differences”. Differences resulting from the deviation between the inflation rate (until December 31,2004) and the appreciation of foreign currencies against the New Turkish Lira related to equity accounts of consolidated subsidiaries weretaken to equity as “Currency Translation Differences”.

Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliablymeasured. Revenues are stated net of discounts, value added and sales taxes. The following specific recognition criteria must also be metbefore revenue is recognized.

Sales of Goods Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer at the invoiced valuesand the amount of revenue can be measured reliably. Net sales represent the invoiced value of goods shipped net of sales discounts andcommission.

Rendering of ServicesRevenue from rendering services is recognized by reference to the stage of completion when it can be measured reliably. Where thecontract outcome cannot be measured reliably, revenue is recognized only to the extent of the expenses recognized that are recoverable.

InterestRevenue is recognized as the interest accrues unless collectibility is in doubt.

DividendsRevenue is recognized when the Shareholders have the right to receive the payment.

Discontinued OperationsAs also detailed in Note 1, due to “Asset Sale Agreements” signed between Oysa Çimento and Adana Çimento on March 22, 2007, theeconomic unit of Iskenderun operation was sold to Adana Çimento at the amount of equivalent TRY of USD 70.775.000 as of April 30, 2007.

In the Group's consolidated financial statements for the year ended December 31, 2007, accounts comprising from economic unit ofIskenderun operation owned by Oysa Çimento are presented in a separate line as “Net Profit from Discontinued Operations”.

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Borrowing CostsBorrowing costs are expensed as incurred.

Earnings per ShareBasic earnings per share (EPS) in the consolidated income statement are calculated by dividing the net profit for the year by the weightedaverage number of ordinary shares outstanding during the year.

In Turkey, companies can increase their share capital by making distribution of free shares to existing shareholders from various internalresources. For the purpose of the EPS calculation such share issues are regarded as stock dividend. Accordingly the weighted averagenumber of shares used in EPS calculation is derived by giving retroactive effect to the issue of such shares

Subsequent EventsPost-year-end events that affect the Group's position at the balance sheet date (adjusting events), are reflected in the financial statements. Post-year-end events that are not adjusting events are disclosed in the notes according to their materiality.

Trade and Settlement Date Accounting All "regular way" purchases and sales of financial assets are recognized on the trade date, in other words, the date the Group commits topurchase the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the timeframe generally established by regulation or convention in the market place.

Recognition and De-Recognition of Financial InstrumentsThe Group recognizes a financial asset or financial liability in its balance sheet when and only when it becomes a party to the contractualprovisions of the instrument. The Group derecognizes a financial asset or a portion of financial asset when and only when it loses control ofthe contractual rights that comprise the financial asset or a portion of financial asset. The Group derecognizes a financial liability when andonly when a liability is extinguished that is when the obligation specified in the contract is discharged, cancelled and expired.

Financial Risk Management Objectives and PolicesThe Group's principal financial instruments comprise, bank loans, cash and short-term deposits. The main purpose of these financialinstruments is to raise financing for the Group's operations. The Group has various other financial instruments such as trade receivables andtrade payables, which arise directly from its operations.

The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk, liquidity risk and credit risk. Themanagement reviews and agrees policies for managing each of these risks as summarized below. The Group also monitors the market pricerisk arising from all financial instruments.

Foreign Currency RiskThe Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to U.S. Dollar, Euro and otherforeign currency denominated held by the Group assets and liabilities.

The Group also has transactional currency exposures. Such exposures arise from sales or purchases or borrowings by the Group incurrencies other than the Group's functional currency and holding foreign currency denominated bank loans.

The Group manages foreign currency risk by using natural hedges that arise from offsetting foreign currency denominated assets andliabilities. Net foreign currency exposure of the Company at December 31, 2007 and December 31, 2006 is approximately TRY 76.784.000 andTRY 169.593.651 short, respectively (Note 29).

The reason of the Group's short position at December 31, 2007 and 2006 is the loans used for the purchase of the fixed assets, which wasacquired by competitive bidding of the Saving Deposit Insurance Fund (SDIF).

Interest Rate RiskThe Group's exposure to market risk for changes in interest rates relates primarily to the Group's interest bearing assets and liabilities. TheGroup manages interest rate risk and cash flow of interest rate risk through natural hedges that arise from offsetting the same interestbearing assets and liabilities.

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Price RiskPrice risk is a combination of currency, interest and market risks which the Group manages through natural hedges that arise from offsettingthe same currency receivables and payables, interest bearing assets and liabilities. Market risk is closely monitored by the managementusing the available market information and appropriate valuation methods.

Credit RiskCredit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financialloss. The Group attempts to control credit risk by monitoring credit exposures, limiting transactions with specific counterparties, andcontinually assessing the creditworthiness of the counterparties.

The Group seeks to manage its credit risk exposure through diversification of sales activities to avoid undue concentrations of risks withindividuals or groups of customers in specific locations or businesses. The Company also obtains security when appropriate.

Liquidity RiskLiquidity risk is the risk that an entity will be unable to meet its net funding requirements. The risk is mitigated by matching the cash in andout flow volume supported by committed lending limits from qualified credit institutions.

Fair ValuesFair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable, willing parties in an arm'slength transaction.

The financial assets and liabilities which are denominated in foreign currencies are evaluated by the foreign exchange rates prevailing onthe date of balance sheet which approximate to market rates.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicableto estimate a fair value.

Financial Assets The fair values of certain financial assets carried at cost, including cash and cash equivalents plus the respective accrued interest and otherfinancial assets are considered to approximate their respective carrying values due to their short-term nature and negligible credit losses.The carrying value of trade receivables along with the related allowance for uncollectibility is estimated to be their fair values.

Financial LiabilitiesTrade payables and other monetary liabilities are considered to approximate their respective carrying values due to their short-term nature.The bank borrowings are stated at their amortized costs and transaction costs are included in the initial measurement of loans and bankborrowings. The fair value of bank borrowings are considered to state their respective carrying values since the interest rate applied to bankloans and borrowings are updated periodically by the lender to reflect active market price quotations.

Capital ManagementThe Group manages it capital by maintaining permanence of its operations and on the other hand by reviewing terms of the tradereceivables, trade payables and financial liabilities and cash from operations which was gained from operations by using the debt and equityratio in the most efficient way. The Group's top management evaluates the risks which are associated with the cost of capital and everyequity account, and presents risks to Board of Directors which are depended to their decision. The Group's objective is to maintain thestability of capital structure by taking new debts or repayment of debts and also via dividend payments by depending on the decisions ofBoard of Directors.

No changes were made in the objectives, policies or processes as compared to prior period.

Segment ReportingThe Company realizes majority of its sales in Turkey. Since there are not various product types and geographic locations which requiresegment reporting, the Company's management does not perform segment reporting.

Annual Report 69

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

4. CASH AND CASH EQUIVALENTS

December 31, 2007 December 31, 2006Bank accounts (including short-term time deposits) 54.912.400 52.020.326Checks in collection with maturities before year end 1.193.826 1.726.799Cash on hand - 1.838

Total 56.106.226 53.748.963

Time deposits are made for varying periods having maturities between 2 and 43 days (December 31, 2006 - between 6 and 34 days) for TRYdenominated funds and earns interest at 15,75% - 18,8% (2006 - 14,96% - 20,5%). Remaining time deposits denominated in foreign currenciesamounting to TRY 30.954 are the amounts taken as a guarantee from the dealers. TRY 2.842 of such amount is denominated in Euro, TRY28.112 is denominated in USD. In case of the guarantee amount is paid back then the guarantee amount with the interest amount earned isgiven back to the dealer.

5. MARKETABLE SECURITIES (NET)

The Group does not have marketable securities as of December 31, 2007 and December 31, 2006.

6. BORROWINGS (NET)

Short-Term Financial LiabilitiesDecember 31, 2007

Effective Interest RateCurrency Minimum Maximum Maturity Balance

Non secured loans TRY - - January 2, 2008 748.337

748.337

December 31, 2006Effective Interest Rate

Currency Maturity Balance Minimum MaximumNon secured loans TRY - - January 4, 2007 154.995

154.995

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

6. BORROWINGS (NET) (continued)

Long-Term Financial Liabilities

December 31, 2007

Currency and Amount Effective Interest Rate BalanceNon Secured Loans Minimum Maximum Maturity (TRY)USD 83.137.019 6,03% 6,23% June 22, 2009 - December 22, 2010 96.829.687Less-current term portion

(USD 56.100.550) December 31, 2007 - December 23, 2008 (65.340.311)

31.489.376

December 31, 2006

Currency and Amount Effective Interest Rate BalanceNon Secured loans Minimum Maximum Maturity (TRY)

USD 130.624.087 5,75% 6,1% December 24, 2007 - December 22, 2010 183.605.216Less-current term portion

(USD 52.670.176) December 31, 2006 - December 24, 2007 (74.033.200)

109.572.016

As of December 31, 2007 and 2006 interest and principal payments of loans which the Company used from various banks amounting to USD82.857.142 and USD 130.000.000 will be paid semiannually in equal installments. This loans are variable rate loans and the interest rate ofthese loans change between Libor + %1,05 and Libor+ %1,25.

Repayment schedule of long-term financial liabilities shown below:

December 31, 2007 December 31, 2006

2007 - 74.033.2002008 65.340.311 74.118.8092009 16.651.419 18.843.7552010 14.837.957 16.609.452

96.829.687 183.605.216

The Company has performed sensitivity analysis of its loans' interest rates in accordance with IFRS 7 “Financial Instruments” which iseffective from January 1, 2007 and presented the effects on the consolidated financial statements for the year ended December 31, 2007 asfollows:

Percentage Change in Interest Rat Income/(Expense) Effect5% (295.439)(5%) 295.439

Annual Report 71

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

7. TRADE RECEIVABLES AND PAYABLES (NET)

Trade Receivables

a) Current Trade Receivables

December 31, 2007 December 31, 2006Trade receivables, net 45.716.604 33.998.263Notes receivable and post-dated checks 39.896.902 30.710.582Less : Allowance for doubtful receivables (834.596) (357.095)

84.778.910 64.351.750

Trade receivables terms vary due to quality of the product and agreements made with customers and the average term is 50 days (December31, 2006 - 50 days). Average term of notes receivable and post-dated checks are 30 days (December 31, 2006 - 30 days).

b) Non-Current Trade Receivables

December 31, 2007 December 31, 2006Deposits and guarantees given 502.350 447.637

502.350 447.637

Trade Payables

Current Trade PayablesDecember 31, 2007 December 31, 2006

Trade payables, net 43.517.851 19.635.922Guarantees taken from customers 941.382 1.151.056

44.459.233 20.786.978

Avarage term of trade payables are 30 days (December 31, 2006 - 30 days).

The Group does not have any non-current trade payables as of December 31, 2007 and December 31, 2006.

The table below summarizes the maturity profile of the Company's trade receivables at December 31, 2007 and December 31, 2006:

Less than Between 3 and On Demand 3 Months 12 Months Total

December 31, 2007

Trade Receivables 5.715.599 80.257.948 4.036 85.977.583Trade Payables - (44.266.372) - (44.266.372)

December 31, 2006

Trade Receivables 252.717 64.714.199 250.119 65.217.035Trade Payables - (20.913.988) - (20.913.988)

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

7. TRADE RECEIVABLES AND PAYABLES (NET)

The table below summarizes the maturity profile of the Company's due dated trade receivables at December 31, 2007 and December 31, 2006:

Overdue Between Overdue More On Demand 1-3 Months than 3 Months

December 31, 2007

Trade Receivables 5.715.599 5.567.313 148.286

8. FINANCE LEASE RECEIVABLES AND PAYABLES (Net)

The Group does not have any finance lease receivables and payables as of December 31, 2007 and December 31, 2006.

9. RECEIVABLES AND PAYABLES FROM RELATED PARTIES (Net)

Balances with related parties as of December 31, 2007 and 2006, and total amount of related parties and total amount of transactions withthem comprise mainly the following:

December 31, 2007 December 31, 2006Receivables from related parties (net)Associates Exsa (associate of Çimsa) 2.310.775 4.623.372

OtherOysa Çimento (1) - 1.248.163Oyak Beton Sanayi ve Ticaret A.fi. (Oyak Beton) (*) - 162.342Adana Çimento (2) 10.531 -Enerjisa Enerji Üretim A.fi. (Enerjisa) (1) 2.008 1.514Oytafl ‹ç ve D›fl Ticaret A.fi. (Oytafl) (*) - -Akçansa Çimento Sanayi ve Ticaret A.fi. (Akçansa) (2) - 152.565Receivables from personnel 96.741 116.424Other 899.807 623.277

Discount on receivables to related parties (-) (80.020) (77.242)

3.239.842 6.850.415

(1) Entities owned by Sabanc› Holding (the ultimate parent of the Company)(2) Shareholder companies(*) Oyak group entities are no longer related party as of December 31, 2007.

Annual Report 73

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

9. RECEIVABLES AND PAYABLES FROM RELATED PARTIES (Net) (continued)

December 31, 2007 December 31, 2006Payables to related parties (net)

ShareholdersAdana Çimento (2) - 157.826Akçansa Çimento Sanayi ve Ticaret A.fi. (Akçansa) (1) 6.058 -Aksigorta A.fi. (Aksigorta) (1) 20.849 184.882Other 366.948 243.700

AssociatesExsa 119.872 43.807

OtherOyka K⤛t Ambalaj Sanayi A.fi. (Oyka K⤛t) (*) - 41.650Bimsa Uluslararas› ‹fl Bilgi ve Yönetim Sistemleri A.fi. (Bimsa) (2) 387.579 260.440Enerjisa (2) 2.612.576 2.893.838Exsa UK Ltd. (2) - 2.131.515Payable to personnel 666.564 470.436Other 111.221 564.792

Discount on payables to related parties (-) (18.575) (25.502)

4.273.092 6.967.384

Bank Balances

Akbank T.A.fi. (Akbank) (2) (**) 52.527.624 49.250.646Oyakbank A.fi. (Oyakbank) (*) - 1.524.251

52.527.624 50.774.897

Bank Borrowings

Akbank (2) (***) 40.114.596 112.900.021

(1) Shareholder companies(2) Entities owned by Sabanc› Holding (the ultimate parent of the Company)(*) Oyak group entities are no longer related party as of December 31, 2007(**) As of December 31, 2007 TRY 43.816.959 of such amount consist of time deposit with interest rates varying between 15,75% and 18,80%.(December 31, 2006-time deposit amounting to TRY 26.615.425 and interest rates varying between 18%-20,5% ).(***) Such loans are in USD with an interest rate of 6,23% as of December 31, 2007 (December 31, 2006-6,41%-6,76%).

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

9. RECEIVABLES AND PAYABLES FROM RELATED PARTIES (Net) (continued)

January 1 - January 1 -December 31, 2007 December 31, 2006

Sales made to related parties

AssociatesExsa (the associates of Çimsa) 23.375.693 43.666.038

OtherOysa Çimento (Not 1) 4.747.295 17.297.891Enerjisa (1) 36.983 22.841Oyak Beton (*) - 1.377.875Other 3.331.812 -

31.491.783 62.364.645

Purchases from related parties

Shareholders Aksigorta (2) 2.532.769 2.094.007Akçansa (2) 31.599 1.902.277Sabanc› Holding (the ultimate shareholder of Çimsa) 160.138 354.979

Other -Enerjisa 30.917.946 27.997.848Adana Çimento (2) - 6.342.526Beksa Çelik Kord Sanayi ve Ticaret A.fi. (Beksa) (1) 401.815 -Oyka K⤛t (*) - 1.247.801Omsan Lojistik A.fi. (*) - 346.989Bimsa (1) - 1.305.455Oytafl (*) - 21.494Axa Oyak Sigorta A.fi. (*) - 205.330Ak Emeklilik A.fi. (1) 94.780 -Other 1.014.307 705.373

35.153.354 42.524.079

Interest income from related parties Akbank (1) 4.540.280 8.141.827Oyakbank (*) - 504.462Oyak Yat›r›m Menkul De¤erler A.fi. (*) - 2.747

4.540.280 8.649.036

Interest paid to related parties Akbank 4.809.958 7.562.061

4.809.958 7.562.061

(1) Entities owned by Sabanc› Holding (the ultimate parent of the Company)(2) Shareholder companies

(*) Oyak group entities are no longer related party as of December 31, 2007

Annual Report 75

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

9. RECEIVABLES AND PAYABLES FROM RELATED PARTIES (Net) (continued)

Compensation to Top ManagementIn 2007, compensation paid to top managerial is TRY 3.107.270 (2006 - TRY 2.763.011). Net salaries paid is TRY 2.540.270 (2006 - TRY 1.934.092)and premiums paid to Social Security Institution (SSI) is TRY 99.342 (2006 - TRY 78.552). No employee termination benefit is paid to topmanagerial in 2007 (2006 - TRY 38.974).

10. OTHER RECEIVABLES AND LIABILITIES (Net)

Other Short-Term ReceivablesDecember 31, 2007 December 31, 2006

VAT receivable waiting for approval 23.657.593 19.405.748 Receivables from tax administration 9.162.182 2.869.553Job advances 1.111.229 115.408Other 204.853 304.247

34.135.857 22.694.956

Other Short-Term LiabilitiesDecember 31, 2007 December 31, 2006

VAT payable waiting for approval 23.657.593 19.405.748Due to tax administration 4.524.068 2.187.580Taxes and other duties payable 1.354.435 1.338.846Social security payables 888.622 1.158.751Other accruals and liabilities 162.455 223.779

30.587.173 24.314.704

11. BIOLOGICAL ASSETS (Net)

The Group does not have any biological asset as of December 31, 2007 and 2006.

12. INVENTORIES (Net)

December 31, 2007 December 31, 2006Raw materials 61.163.239 35.336.478 Work-in-process 19.285.673 17.414.838 Finished goods 6.735.559 4.407.937 Goods in transit 1.584.746 792.906 Advances given 632.327 1.330.905

89.401.544 59.283.064

13. RECEIVABLES AND DEFERRED INCOME FROM CONSTRUCTION CONTRACTS (NET)

The Group does not have any receivable and payable from continuing construction contracts as of December 31, 2007 and 2006.

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

14. DEFERRED TAX ASSETS AND LIABILITIES

The details of deferred tax assets and liabilities of the Group as December 31, 2007 and 2006 are as follows:

Deferred Tax Assets Deferred Tax Liabilities NetDecember December December December December December

31, 2007 31, 2006 31, 2007 31, 2006 31, 2007 31, 2006Temporary differences on property, plant and equipment 667.498 - (112.175) (932.421) 555.323 (932.421)

Temporary differences on intangible assets - - (4.077.634) (4.305.223) (4.077.634) (4.305.223)Goodwill - - (14.238.317) (12.302.020) (14.238.317) (12.302.020)Inventories 231.719 - - (68.634) 231.719 (68.634)Provision for employee termination benefits 1.326.478 1.143.385 - - 1.326.478 1.143.385Provision for seniority incentive premium 355.306 220.268 - - 355.306 220.268Rediscount of receivable and payables 279.990 188.505 (42.287) (30.502) 237.703 158.003Provision for unused vacation pay 261.809 203.801 - - 261.809 203.801Other temporary differences, net - 129.712 - - - 129.712Provision for site restoration 107.000 - - - 107.000 -

3.229.800 1.885.671 (18.470.413) (17.638.800) (15.240.613) (15.753.129)

The movement table of net deferred tax assets and liabilities are as follows:

December 31, 2007 December 31, 2006Balance at January 1 15.753.129 22.441.231Deferred income tax recognized in income statement (Not 41) (655.150) (6.688.102)Oysa Çimento merger effect 142.634 -

Net balance 15.240.613 15.753.129

Deferred tax assets - 241.845

Deferred tax liability 15.240.613 15.994.974

As of December 31, 2006 the deferred tax assets of TRY 241.845 is related with Oysa Çimento.

15. OTHER CURRENT/NON-CURRENT ASSETS

Other Current Assets

December 31, 2007 December 31, 2006Prepaid insurance expense 263.612 420.250Other 391.086 381.831

654.698 802.081

Other Non-Current AssetsDecember 31, 2007 December 31, 2006

Prepaid expense 274.440 361.714Other 88.649 46.870

363.089 408.584

Annual Report 77

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

16. FINANCIAL ASSETS (NET)

Associates December 31, 2007 December 31, 2006Ownership Ownership

Interest Net Book Interest Net Book Entity Principal Activities (%) Value (%) ValueExsa Intermediary for import and export 32,88 289.581.734 32,88 239.635.679

289.581.734 239.635.679

Long-Term Available for Sale Assets December 31, 2007 December 31, 2006Entity Ownership Ownership

Percent Percent % Amount % Amount

Enerjisa - - 6,38 31.293.287Mesbafl Mersin Serbest Böl. ‹fll. A.fi. (Mesbafl) 0,41 52.712 0,41 52.712Bat› Akdeniz Liman ‹fll. A.fi. (Bat› Akdeniz) 8,32 9.258 8,32 9.258Anfafl Antalya Fuar. A.fi. (Anfafl) 0,02 4.266 0,02 4.267Temsa Araflt›rma, Gelifltirme ve Teknoloji A.fi. 0,00 7.500 - -

73.736 31.359.524

Provision for impairment (Enerjisa) - (8.744.346)

Total financial assets 289.655.470 262.250.857

AssociatesThe assets, liabilities and net profit of Exsa, which is consolidated via equity pick up method as of December 31, 2007 and 2006 are as follows(the amounts are multiplied by the participation rate of 32,875%):

December 31, 2007 December 31, 2006Assets 333.816.954 404.672.520Liabilities (44.235.221) (165.215.130)Net profit (Note 38) 95.017.076 2.954.940

Jointly Controlled EntitiesAs stated in Note 1, Çimsa and Oysa Çimento were merged via acquisition as of October 31, 2007. As of April 30, 2007 and December 31, 2006,current assets, fixed assets, short-term liabilities, long-term liabilities, revenues and expenses of Oysa Çimento, which is consolidated viaproportionate consolidation method, are as follows (the amounts are multiplied by the participation rate of 41,09%):

December 31, 2007 December 31, 2006Current assets 61.340.128 33.243.723Non-current assets 5.725.576 18.827.796Short-term liabilities 9.861.496 4.480.186Long-term liabilities 716.561 1.701.826

Revenues 33.190.708(*) 66.654.676Expenses (5.635.369) (47.022.883)

(*) Includes “net profit from discontinued operations”.

78 Annual Report

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

16. FINANCIAL ASSETS (NET) (continued)

As of December 31, 2007 and 2006, the current assets, fixed assets, short-term liabilities, long-term liabilities, revenues and expenses CSN,which is consolidated via proportionate consolidation method, are as follows (the amounts are multiplied by the participation rate of 50%):

December 31, 2007 December 31, 2006Current assets 392.680 159.060Non-current assets 42.136 40.788Short-term liabilities 420.816 247.046Long-term liabilities - -

Revenues 3.881.319 474.592 Expenses (3.285.595) (275.971)

Long-Term Available for Sale AssetsOn May 31, 2007, 16.580.104 unit shares with nominal value of TRY 16.580.104 at TRY 2,09 par value each shares, which was determined viabargaining method, of Enerjisa, one of the available for sale financial assets of the Company was sold to Verbund (ÖsterreichischeElektrizitatswirtschafts- Aktiengesscllschaft) at total amount of EUR 19.465.853 equivalent TRY 34.651.496 and profit amounting TRY 12.102.555(Note 38) to was gained from this sale. After the sale, the Company has no longer voting rights and participation in Enerjisa.

The investments in Mesbafl, Bat› Akdeniz and Anfafl are carried at cost (adjusted for inflation until the end of 2004) since their fair valuecould not be reliably measured.

17. POSITIVE/NEGATIVE GOODWILL (NET)

As of December 31, 2007 and December 31, 2006 goodwill arising from the purchase of Standart Çimento in 2005 is amounting to TRY132.140.806. The remaining amount of TRY 213.053 (December 31, 2006-TRY 257.120) is related with Çimsa Cement.

As a result, the movement of the goodwill related to the purchase of Standart Çimento is as follows:

Goodwill December 31, 2007As of January 1, 2007 257.120Currency translation difference (44.067)

As of December 2007 213.053

As of December 31, 2007, the Company performed impairment test of the goodwill based on “value in use” study and concluded that noimpairment is required for such goodwill. Value in use study is based on the discounted cash flow which was computed until the end of 2015and weighted average cost of capital before tax was computed as 11,2%.

18. INVESTMENT PROPERTY (Net)

There is no investment property of the Company as of December 31, 2007 and 2006.

Annual Report 79

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

(CO

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77.3

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1.60

5.62

311

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.760

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(20.

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9

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91)

--

(613

.958

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Net

boo

k va

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30.0

22.8

5813

.250

.485

77.3

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4.17

9.28

812

.941

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1.60

5.62

311

.839

596.

164

23.1

47.5

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238

350.

312.

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on

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ts

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no

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ass

ets

of th

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006.

20. INTANGIBLE ASSETS (Net)

Other Mining IntangibleRights Assets Total

December 31, 2006, net 21.526.116 76.092 21.602.208Additions - -Amortization charge for the year (1.137.944) (127.713) (1.265.657)Additions through legal merge with Oysa Çimento - 59.689 59.689Disposals - - -

At December 31, 2007 20.388.172 8.068 20.396.240

At December 31, 2007Cost (*) 22.758.890 33.185 22.792.075Accumulated amortization (2.370.718) (25.117) (2.395.835)

Net book value 20.388.172 8.068 20.396.240

At December 31, 2005, net 22.758.890 122.603 22.881.493Additions (*) - 21.860 21.860Amortization charge for the year (1.232.774) (68.371) (1.301.145)

At December 31, 2006, net 21.526.116 76.092 21.602.208

At December 31, 2006Cost (*) 22.758.890 319.016 23.077.906Accumulated amortization (1.232.774) (242.924) (1.475.698)

Net book value 21.526.116 76.092 21.602.208

(*) Rights recognized during the purchase of Standart Çimento.

21. ADVANCES TAKEN

Short-Term Advance Taken

December 31, 2007 December 31, 2006Advances taken 1.542.829 392.265

1.542.829 392.265

22. PENSION PLANS, (Net)

The Company does not have any pension plan as of December 31, 2007 and 2006.

Annual Report 81

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

23. PROVISIONS

Short-Term Provisions

December 31, 2007 December 31, 2006Provision for corporate tax (Note 41) 817.818 8.258.738Provision for the penalty of Competition Board (Note 31-b) - 4.040.286Provision for lawsuit (Note 31-b) 341.607 217.651Other 8.881 124.795

1.168.306 12.641.470

Long-Term Provisions

December 31, 2007 December 31, 2006Provision for employee termination benefits 6.632.388 5.716.926Provision for seniority incenty premium 1.776.530 1.101.341Provision for unused vacation pay 1.309.041 1.019.004Provision for rehabilitation of mining areas (Note 31) 535.000 -

10.252.959 7.837.271

Provision for Employee Termination BenefitsIn accordance with existing labor legislation in Turkey, the Group is required to make lump-sum payments to employees whose employmentis terminated due to retirement or for reasons other than resignation or misconduct. Such payments are calculated on the basis of 30 days'pay (limited to a maximum of TRY 2.030 at December 31, 2007 and TRY 1.857 at December 31, 2006, respectively) per year of employment atthe rate of pay applicable at the date of retirement or termination. As of December 31, 2007 this liability is reflected in the consolidatedfinancial statements, in the frame of actuarial methods and assumptions, by using the “Projected Unit Credit Method” and based upon thecalculations of professional actuary. All actuary gains and losses are reflected to income statements.

The principal actuarial assumptions used at the balance sheet dates are as follows:

December 31, 2007 December 31, 2006Discount rate 11% 11%Estimated salary increase rate 5% 5%Personel turnover rate 9,85% 9,54%

Movement of the provision for the employee termination benefits as of December 31, 2007 and 2006 is as follows:

Provision for Employee Termination Benefits December 31, 2007 December 31, 2006At January 1 5.716.926 5.089.266Effect of Oysa Çimento merger, net 860.459 -Paid (1.569.449) (973.134)Effect of discontinued operations (320.474) -Interest expense 523.683 814.283Actuarial (gain)/loss 217.118 (356.397)Charge for the year, net 1.204.125 1.142.908

December 31 6.632.388 5.716.926

As of January 1, 2008 maximum amount for the retirement pay has been increased at an amount to TRY 2.088.

There is no unrecognized actuarial gains/losses.

82 Annual Report

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

24. MINORITY INTEREST

As of December 31, 2007 and 2006, the Company has no minority interest.

25. SHARE CAPITALDecember 31, 2007 December 31, 2006

Number of ordinary shares (authorized, issued and outstanding)1 YKr (2006 - 0,001 TRY) par value 13.508.444.200 121.305.600.000

As aforementioned in Note 1, the Company' s paid in share capital has been increased from TRY 121.305.600 to TRY 135.084.442 (historicalcost) as a result of the legal merger with Oysa Çimento as of October 31, 2007.

As of December 31, 2007 and 2006, the composition of shareholders and their respective percentage of ownership can be summarized asfollows:

December 31, 2007 December 31, 2006Amount % Amount %

Hac› Ömer Sabanc› Holding A.fi. 60.166.610 47,12 54.035.517 44,54Adana Çimento San. ve Tic. A.fi. 21.235.274 14,12 19.074.226 15,72Akçansa Çimento San. ve Tic. A.fi. 13.508.444 8,98 12.130.560 10,00Aksigorta A.fi. 3.471.670 2,31 3.118.344 2,57Hac› Ömer Sabanc› Vakf› 162.102 0,11 145.567 0,12Other and publicly traded shares 36.540.342 27,36 32.801.386 27,05

Nominal share capital total 135.084.442 100,00 121.305.600 100,00

Restatement effect 41.741.516 36.259.743

Total per financial statements 176.825.958 157.565.343

26. CAPITAL RESERVES

As of December 31, 2007, “Financial Assets Value Increase Fund” amounting to TRY 47.666.858 (December 31, 2006 - TRY 93.615.592), which isincluded in share capital reserves, consists of the fair value differences of the available-for-sale assets of Exsa, which is consolidated withthe equity method.

27-28. PROFIT RESERVES - RETAINED EARNINGS

Legal ReservesThe legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve isappropriated out of the statutory profits at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company's share capital.The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company's share capital. The legalreserves are not available for distribution unless they exceed 50% of paid-in share capital, however, can be used to offset losses in thecondition that extraordinary reserves are exhausted.

Listed companies are subject to dividend distribution requirements regulated by the CMB.

Based on the CMB Decree 7/242, dated February 25, 2005, if the amount of profit distributions calculated in accordance with the netdistributable profit requirements of the CMB does not exceed the statutory net distributable profit the whole amount of distributable profitshould be distributed. If it exceeds the statutory net distributable profit, the whole amount of the statutory net distributable profit should bedistributed. If loss exists in the financial statements prepared in accordance with CMB regulations and statutory financial statements in anyperiod, then the profit is not going to be distributed.

Annual Report 83

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

27-28. PROFIT RESERVES - RETAINED EARNINGS (continued)

In accordance with the Communique No:XI/25 Section 15 paragraph 399, the accumulated deficit amounts arising from the first application ofinflation adjustment, in line with CMB's profit distributions are considered to be deductible when computing the distributable profit. Theaccumulated deficit will first be netted-off from net income and retained earnings and the remaining amount of deficit from extraordinaryreserves, legal reserves and equity inflation reserves. The lower of the amount in the financial statements prepared in accordance with CMBaccounting principles and Turkish Commercial Code is going to be considered in capital increases made from internal sources.

Based on the CMB Decree 2/53, dated January 18, 2007, the quoted companies are required to distribute a minimum of 20% of theirdistributable 2006 profits over financial statements prepared in accordance with CMB Accounting Standards in accordance withCommunique No: XI/25. This distribution may be made by either as cash or free shares or as a combination of both over the minimum limit of20% depending on the decisions of the General Assemblies of the companies.

In the calculation of net distributable profit, the profit of the subsidiaries, the participations under common control and the participationswhich exist in the consolidated financial statements are not considered if the general assemblies of such companies did not decide todistribute profits.

Inflation adjustment to shareholders' equity can only be netted-off against prior years' losses and used as an internal source in capitalincrease where extraordinary reserves can be netted-off against prior years' loss and used in the distribution of bonus shares and dividendsto shareholders. However, inflation adjustment differences will be subject to corporate tax when they are included in the cash profitdistribution.

After the legal merge with Oysa Çimento on October 31, 2007, the Company's share capital, share premium, legal reserves and extraordinaryreserves as of December 31, 2007 can be summarized as follows:

December 31, 2007

Historica Inflation Inflation Adjustment(Statutory) Adjusted Differences on

Amount Amount Equity AccountsShare capita 135.084.442 176.825.958 41.741.516Share premium 30.131 3.209.410 3.179.279Legal reserves 62.486.425 117.750.956 55.264.531Extraordinary reserves 59.100.239 90.873.796 31.773.557

256.701.237 388.660.120 131.958.883

As of December 31, 2006 the Company's share capital, share premium, legal reserves and extraordinary reserves can be summarized asfollows:

December 31, 2006

Historical Inflation Inflation Adjustment(Statutory) Adjusted Differences on

Amount Amount Equity AccountsShare capital 121.305.600 157.565.343 36.259.743Share premium 25.569 2.864.307 2.838.738Legal reserves 31.756.362 82.084.782 50.328.420Extraordinary reserves 49.814.544 71.927.254 22.112.710

202.902.075 314.441.686 111.539.611

84 Annual Report

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

Annual Report 85

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29. FOREIGN CURRENCY POSITIONOriginal Currency Total

December 31, 2007 USD EURO GBP (TRY)Assets Cash and Cash Equivalents 5.053.922 2.503.099 213.823 10.664.434Trade Receivables (net) 8.475.463 8.672.246 232.683 25.243.844Inventory (Advances Given) 82.560 2.019.007 - 3.549.063

LiabilitiesTrade Payables (net) (11.710.852) (3.146.473) - (19.020.727)Financial Liabilities (83.137.019) (228.586) - (97.220.614)

Net Balance Sheet Position (81.235.926) 9.819.293 446.506 (76.784.000)

Original Currency TotalDecember 31, 2006 USD EURO CHF TRYAssets Cash and Cash Equivalents 424.096 387.344 4.681 1.326.183Trade Receivables (net) 4.718.558 4.744.377 3.224 15.425.507

LiabilitiesTrade Payables (net) (819.822) (774.121) - (2.585.626)Financial Liabilities (130.656.127) (59.121) - (183.759.715)

ˆNet Balance Sheet Position (126.333.295) 4.298.479 ˜7.905 (169.593.651)

The foreign currency position sensitivity analysis due to the foreign currency (short) position of the Group and profit/loss before tax ofrelated foreign currency as of December 31, 2007 is given as follows:

Income/(Expense Effect)Change in Rates USD EURO GBP Total5% (4.730.773) 839.648 51.925 (3.839.200)(5%) 4.730.773 (839.648) (51.925) 3.839.200

30. GOVERNMENT INCENTIVES

Incentive Receipt Date Completion Investment Certificate of Incentive Start Date of Date of Amount in

Investment Type Number Certificate Investment Investment TRY December 31, 2007

Bottleneck Overcome Production of Cement,Ready Made Mixture and Concrete 81325 14.10.2005 03.10.2005 03.10.2008 3.500.001Cement, Ready Made Mixture and Concrete 83711 21.04.2006 03.04.2006 03.04.2008 7.000.000Modernization-Eskiflehir Normal Region 84346 14.06.2006 10.05.2006 10.05.2009 30.750.000Cement, Ready Made Mixture and Concrete 82150 23.12.2005 08.12.2005 08.12.2008 3.000.000

December 31, 2006

Clinker Production Unit (Kayseri) 74230 27.01.2004 15.01.2004 31.12.2006 42.500.000Bottleneck Overcome Production of Cement,Ready Made Mixture and Concrete 81325 14.10.2005 03.10.2005 03.10.2008 3.500.001Cement, Ready Made Mixture and Concrete 83711 21.04.2006 03.04.2006 03.04.2008 7.000.000Modernization-Eskiflehir Normal Region 84346 14.06.2006 10.05.2006 10.05.2009 30.750.000Cement, Ready Made Mixture and Concrete 82150 23.12.2005 08.12.2005 08.12.2008 3.000.000

86 Annual Report

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

31. CONTINGENT ASSETS AND LIABILITIES

a) As of December 31, 2007 and 2006, guarantees/mortgages received and given are as follows:

December 31, 2007 December 31, 2006Currency Original TRY Original TRY

Type Amount Equivalent Amount EquivalentLetter of guarantees received EUR 6.166.738 10.546.355 3.915.336 7.249.245Letter of guarantees received USD 1.039.500 1.210.706 130.000 182.728Letter of guarantees received TRY 71.529.470 46.754.314Mortgages received TRY 43.364.126 33.195.852Cheques and notes received EUR 192.400 329.042 180.000 333.270Cheques and notes received USD 50.424 58.729 47.300 66.485Cheques and notes received TRY 21.353.170 16.627.587Pledges TRY 3.414.400 1.402.400

Total guarantees received 151.805.998 105.811.881

Letter of guarantees given TRY 10.950.061 4.094.862Letter of guarantees given USD - - 160.000 224.896

Total guarantees given 10.950.061 4.319.758

The total of letter of guarantees, mortgages, cheques-notes received from customers and pledge transactions as of December 31, 2007 areas follows; TRY 83.286.531, TRY 43.364.126, TRY 21.740.942 and TRY 3.414.000, respectively (as of December 31, 2006; TRY 54.186.287, TRY 33.195.852, TRY 17.027.342 and TRY 1.402.400, respectively).

b) LitigationsAs a result of the tax inspection of the Company covering the years 2000-2003, a tax/penalty notification amounting to TRY 20.664.140,consisting of additional tax and tax penalty at the amounts of TRY 8.852.080 and TRY 11.812.060, respectively, has been declared by the TaxOffice to the Company on July 11, 2006, based on the report of the income controller. In the report of the income controller, the recording offoreign currency differences and interest payments of the loans taken from Akbank in 1999 as expense, and not calculating interest for thereceivables from Exsa have been criticized. Since the Company management thinks that these tax and penalties are unfair and refused toconciliate with the Tax Authority and instead took the case to Mersin Tax Court, as the Company management believes that the court willresult in favor of the Company. No provision for these tax and penalties has been recorded in the consolidated financial statements. Therehas not been any court decision taken as of the preparation date of the consolidated financial statements

- As of December 31, 2006 in the consolidated financial statements, a provision amounting to TRY 4.040.286 has been booked for the penaltycharged by the Competition Board and the court cases opened against such penalty at the Council of State is still continuing.

- As of December 31, 2007, the total amount of outstanding lawsuits filed against the Company is TRY 3.476.781 (December 31, 2006 - TRY2.898.954). Based on the opinion of the legal advisors the Company has booked a provision amounting to TRY 341.607 (December 31, 2006 -TRY 217.651) for the cases which is probable that will result against the Company. (Note 23)

c) Possible Contingencies Relating to Environment Law and Land Protection and Utilization Law

According to the Environment Law, no: 2872, dated 09.08.1983, (the law has been changed with the law no: 5491, dated 26.04.2006) and to theLand Protection and Utilization Law, no: 5403, dated March 7, 2005, the operations of the Company such as mining, cement production aresubject to legislation in Turkey. In accordance with the communiqué of Environment and Forestry Ministry named as “The Rehabilitation ofTerritories Damaged from Mining Activities” published in the Official Gazette dated December 14, 2007 numbered 26730, and the officialcorrespondence of the General Directorate of Forestry dated January 4, 2008 which have been sent to Regional Forestry Offices, theCompany has estimated a liability at the amount of TRY 535.000 (Note 23) for the areas that have been excavated and operating licenses arestill continuing but outside the production destination. In the aforementioned communiqué, companies have one year period of applicationand negotiations with the relevant authorities are still continuing. The Company has estimated to use dozers and to make leveling andpiercing in the areas that will be rehabilitated. The liability was calculated assuming TRY 1.000 cost/per 1.000 square meters and was bookedthe related provision as “provision for rehabilitation of mining areas” under the accounts “long term provisions” and “other operatingincome and expenses”.

Annual Report 87

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

32. BUSINESS COMBINATIONS

As aforementioned in Note 1, Oysa Çimento's legal merger with Çimsa via dissolution with non-liquidation method via total succession of allassets and liabilities in accordance with Turkish Commercial Code Article 451 and Corporate Tax Code Articles 18-20 was registered onOctober 31, 2007. Same as the previous periods, financial statements of Oysa Çimento was consolidated via proportional consolidationmethod until April 30, 2007, after that date financial statements of Oysa Çimento was fully consolidated to Çimsa since Çimsa and OysaÇimento are the entities under common control of Sabanc› Holding. Purchase accounting in accordance with IFRS 3 “BusinessCombinations” was not applied to the financial statements of Oysa Çimento at the time of legal merger as of October 31, 2007 and differencesarising from the merger were included in the related equity accounts of the consolidated financial statements of Çimsa as of December 31,2007 via “pooling of interests” method (Notes 27-28).

33. SEGMENT REPORTING

The Company does not have any operation that requires segment information as of December 31, 2007 and 2006.

34. SUBSEQUENT EVENTS

a) Due to the expiration of the collective labor agreement applied in the Company's job site as of December 31, 2007, negotiations for the new“Group Collective Labor Agreement” has begun between Cement Industry Syndicate and Labor Syndicate Turkish Çimse-Labor Union.However, dispute on the Article 29 has not been solved and unilateral dispute minute was prepared and it was decided to apply to theMinistry of Labor and Social Security with the request of assignation of a legal arbitrator.

b) As it was announced to the public on January 2, 2008, the Company's modernization and building of a new production line in EskiflehirCement Facility which are in the context of Investment Incentive numbered 84346 and dated June 14, 2006, have been finished with total costapproximately amounting to TRY 115.000.000, which was totally financed through internal resources. Furthermore second revolving kiln hasbeen fired. The Company is aiming to increase its production capacity covering all production units via modernization of second grey cementproduction line with the production capacity of 2.100 tones/day clinker, 85 tones/hour cement and via modernization of the first klin with theproduction capacity from 495.000 tones/year to 1.400.000 tones/year.

c) The Board of Directors of the Company decided to incorporate “Çimsa-Rus Çimento Ticaret Limited fiirketi” with the share capital amountof EUR 1.500.000 at Krasnador State of Russian Federation with the decision taken on February 4, 2008.

d) With the decision taken on February 4, 2008, the Board of Directors of the Company entitled the General Management to make thenecessary transactions to purchase the total land of 15.710 m2 in Mersin and total land of 42.000 m2 in Kayseri with the aim of meeting theneeds of production facilities.

88 Annual Report

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

35. DISCONTINUING OPERATIONS

As explained in Note 1, the Group reclassified the items related with economic unit of ‹skenderun operations in a single line as “net profitfrom discounted activities” in the consolidated income statement for the year ended December 31, 2007, with the sale of ‹skenderunoperations that belongs to Oysa Cement to Adana Cement at April 30, 2007.

2007 2006Income from Discounted Operations

Sales, net 10.801.915 35.411.522Cost of sales (-) (7.340.590) (22.088.465)

Operating Income from Discounted Operations 3.461.325 13.323.057

Selling, Marketing and Distribution Expenses (-) (486.512) (1.503.312)General Administrative Expenses (-) (801.008) (1.404.569)Operating Expenses (-) (1.287.520) (2.907.881)

Net Operating Income from Discounted Operations 2.173.805 10.415.176

Taxes (434.760) (2.061.164)

Net Income from Discounted Operations 1.739.045 8.354.012

Profit from the sales of discounted operations 25.650.286 -Tax related with the sale of discounted operations (2.021.381) -

Net profit from the sales of discounted operations. 23.628.905 -

Annual Report 89

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

36. OPERATING INCOME (including discounted operations)

2007 2006Sales (Net)

Domestic sales 454.467.353 402.772.831Foreign sales 150.466.509 119.529.897Other income 71.736 351.319Other deductions (-) (16.879.893) (13.408.343)Sale discounts (-) (2.338.095) (2.386.642)

585.787.610 506.859.062

Discounted operations 10.801.915 35.411.522Continued operations 574.985.695 471.447.540

585.787.610 506.859.062

Cost of Sales

Cost of goods sold (367.615.825) (281.114.549)Cost of merchandises sold (4.470.117) (2.103.791)

Total production cost (372.085.942) (283.218.340)

Direct material and supplies expenses (97.468.222) (78.464.624)Direct labor expenses (3.422.047) (3.009.934)Depreciation and amortization expenses (38.080.414) (36.229.115)Other production expenses (232.843.599) (173.433.902)

Total production cost (371.814.282) (291.137.575)

Work-in-process (WIP) movement 1.870.835 9.086.997Beginning WIP (17.414.838) (8.327.841)Ending WIP 19.285.673 17.414.838

Finished goods movement 2.327.622 936.029Beginning finished goods (4.407.937) (3.471.908)Ending finished goods 6.735.559 4.407.937

Cost of merchandises sold (4.470.117) (2.103.791)

Total (372.085.942) (283.218.340)

Cost of sales of the discounted operations (7.340.590) (22.088.465)Cost of sales of the continued operations (364.745.352) (261.129.875)

(372.085.942) (283.218.340)

90 Annual Report

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

37. OPERATING EXPENSES (including discounted operations)

2007 2006General and administrative expenses (29.582.092) (25.146.737)Sales and marketing expenses (7.433.025) (7.274.704)

(37.015.117) (32.421.441)

General and Administrative ExpensesPersonnel expenses (15.504.230) (13.843.306)Employee termination expenses (394.397) (357.898)Services obtained from outside (841.537) (895.039)Tax, duty and charge expenses. (1.005.563) (396.902)Depreciation expenses (627.914) (1.247.208)Rent expenses (436.606) (255.609)Insurance expenses (21.435) (89.187)Travel expenses (909.408) (550.122)Consulting expenses (1.915.812) (1.833.119)Communication and advertisement expenses (773.587) (487.493)Maintenance expenses (172.357) (319.325)Other several expenses (6.979.246) (4.871.529)

(29.582.092) (25.146.737)

General administrative expenses from continued operations (28.781.084) (23.742.167)General administrative expenses from discounted operations (801.008) (1.404.570)

(29.582.092) (25.146.737)

Sales and Marketing ExpensesPersonnel expenses (2.423.577) (1.921.117)Services obtained from outside (1.240.842) (2.423.635)Tax, duty and charge expenses. (71.890) (8.388)Depreciation expenses (192.782) (417.066)Paper bag expenses (1.040.359) (1.198.036)Big-bag expenses (16.619) (78.328)Rent expenses (136.440) (99.753)Insurance expenses (34.412) (21.231)Travel expenses (87.863) (70.606)Consulting expenses (72.549) (219.360)Miscellaneous expenses (2.115.692) (817.184)

(7.433.025) (7.274.704)

Selling and marketing expenses from continued operations (6.946.513) (5.771.392)Selling and marketing expenses from discounted operations (486.512) (1.503.312)

(7.433.025) (7.274.704)

Annual Report 91

( C O N V E N I E N C E T R A N S L A T I O N O F F I N A N C I A L S T A T E M E N T S A N D F O O T N O T E S O R I G I N A L L Y I S S U E D I N T U R K I S H )

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

38. OTHER OPERATING INCOME AND EXPENSES

2007 2006Other Operating Income

Income from Exsa that is consolidated with equity pick up method 95.017.076 2.954.940Profit on sales of discounted operations (Note 35) 25.650.286 -Interest income 16.882.716 8.694.849Gain on term difference 2.631.020 1.166.499Foreign exchange gains 9.299.456 5.619.188Gain on sale of marketable securities - 175.125Previous year income and profit 406.778 -Income from sale of a financial asset 12.102.555 -Provisions no longer required 145.512 -Other 5.255.723 3.258.074

167.391.122 21.868.675

Other Operating Expenses (-)

Foreign exchange losses (20.024.428) (4.635.795)Idle capacity expenses (3.670.126) (2.158.335)Provision for rehabilitation of mining areas (Note 23) (535.000) -Other provision expenses (666.210) -Loss on sale of property, plant and equipment, net (234.864) (1.825.731)Donations (169.168) (1.174.235)Allowance for impairment of financial assets (Note 16) - (8.744.346)Provision for the penalty of Competition Board - (3.453.748)Other (4.652.056) (2.424.951)

(29.951.852) (24.417.141)

Depreciation and Amortization Expenses (including discounted expenses)

Tangible Fixed AssetsCost of production 36.460.440 36.229.115Other operating expenses 1.711.129 720.416General and administrative expenses 381.798 948.279Sales and distribution expenses 114.538 922.773

Total depreciation expenses (Note 19) 38.667.905 38.820.583

Intangible Fixed AssetsCost of production 899.531 1.237.389Other operating expenses 41.766 26.023General and administrative expenses 246.116 28.625Sales and distribution expenses 78.244 9.108

Total amortization expenses (Note 20) 1.265.657 1.301.145

Personnel expensesWages, salaries, and SSI premium of employer 33.570.082 24.367.354Provision/(reversal) for employee termination benefits 2.810.878 1.600.794

36.380.960 25.968.148

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Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

39. FINANCIAL EXPENSES (Net)

2007 2006Short-term financial income/(expense), net 4.009.346 (3.296.381)Long-term financial income/(expenses), net 15.608.180 (22.022.706)

Total financial income/(expenses), net 19.617.526 (25.319.087)

Interest expense of retirement pay liability (Not 23) (523.683) -Exchange losses 32.160.300 (11.051.531)Interest expenses (10.720.419) (14.535.675)Other financial expenses, net (1.298.672) 268.119

Total financial income/(expenses), net 19.617.526 (25.319.087)

40. MONETARY GAIN/LOSS

Based on a decision of CMB dated March 17, 2005, numbered 11/367, it is declared that the restatement application of the financialstatements as of 2005 has been terminated due to the objective conditions for restatement in hyperinflationary economies is no longeravailable. Therefore, the consolidated financial statements as of December 31, 2007 and 2006 are not restated for inflation accounting and nomonetary gain or loss was recognized in the consolidated financial statements and there is no monetary gain/loss in the consolidatedincome statement.

41. INCOME TAXES

General InformationThe Group is subject to taxation in accordance with the tax procedures and the legislation effective in the countries where the Group isoperating.

In Turkey, the corporation tax rate is 20% (December 31, 2006 - 20%) Corporate tax returns are required to be filed until the fifteenth of thefourth month following the balance sheet date and paid in one installment until the end of the fourth month. The tax legislation provides for atemporary tax of 20% (2006 - 20%) to be calculated and paid based on earnings generated for each quarter. The amounts thus calculated andpaid are offset against the final corporate tax liability for the year.

With the new law enacted, effective from January 1, 2006, Turkish government ceased to offer investment incentives for capital investments,companies having unused qualifying capital investment amounts from periods prior to December 31, 2005 will be able to deduct suchamounts from corporate income until the end of December 31, 2008; however, the corporate tax rate will be 30% for them, furthermore,qualifying capital investments to be made until the end of December 31, 2008 within the scope of the investment projects started beforeDecember 31, 2005 will be subject to investment incentive until the end of December 31, 2008. The Company elected not to utilize from theinvestment incentives.

In Turkey, the tax legislation does not permit a parent company and its subsidiaries to file a consolidated tax return. Therefore, provision fortaxes, as reflected in the consolidated financial statements, has been calculated on a separate-entity basis.

Corporate tax losses can be carried forward for a maximum period of five years following the year in which the losses were incurred. Thetax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years. There is nocarried financial loss of the Group as of December 31, 2007.

The dividend payments made other than to the companies resident in Turkey that are not responsible from the corporate and income tax andthe dispensed ones and to resident and nonresident individuals and nonresident legal entities in Turkey are due to 15% (2006 - 15%) incometax. The dividend payments made from the resident companies in Turkey to again resident companies in Turkey are not due to tax, and incase of not calculating the profit or not adding to capital, the income tax is not calculated.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

41. INCOME TAXES (continued)

As of December 31, 2007 and 2006, income taxes payables are summarized as follows:

December 31, 2007 December 31, 2006Current income tax 44.123.652 33.943.396Prepaid taxes in current period (43.305.834) (25.684.658)

Income taxes payable (Note 23) 817.818 8.258.738

Major components of income tax expense as of December 31, are as follows (tax expenses of discounted operations included):

2007 2006Consolidated income statementCurrent income tax (44.123.652) (33.943.396)Deferred income tax (Note 14) 655.150 6.688.102

Income tax expense reported in the consolidated income statement (43.468.502) (27.255.294)

Tax expenses from continued operations (43.033.742) (25.194.130)Tax expenses from discounted expenses (Note 35) (434.760) (2.061.164)

(43.468.502) (27.255.294)

A reconciliation of income tax expense applicable to “profit before income tax” at the statutory income tax rate to income tax expensereported in the consolidated income statements for the year ended December 31, 2007 and 2006 are as follows:

2007 2006Profit before tax from continued operations 331.569.542 152.936.552Profit before tax from discounted operations 2.173.805 10.415.176

Profit before income tax 333.743.347 163.351.728

At the effective statutory income tax rate of 20% (2005 - 30%) (66.748.669) (32.670.346)Effect of change in tax rate - 2.619.601Effect of income exempt from tax 24.381.754 601.979Net effect of other/expense not subject to tax (1.101.587) 2.193.472

(43.468.502) (27.255.294)

42. EARNINGS PER SHARE

Earnings per share (EPS) is calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted averagenumber of ordinary shares outstanding during the year. Dilution means decrease of earning/profit per share or increase of loss per sharewith increase in amount of shares. After merger with Oysa Çimento at October 31, 2007, the 121.305.600.000 unit of shares with nominal valueof TRY 0,001 has been decreased to 13.508.444.200 unit with nominal value of Ykr 1 and for the year ended December 31, 2007, the weightedaverage share amount has been 12.360.207.367 with nominal value of YKr 1.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

42. EARNINGS PER SHARE (continued)

Earnings per share:

2007 2006Net income from continued operations 288.535.800 127.742.422Net income from discounted operations 1.739.045 8.354.012

Average number of shares at nominal value of TRY 0,001 12.360.207.367 12.130.560.000 (*)

Earnings per share from continued operations (YKr) 0,0233 0,0105

Earnings per share from discounted operations (YKr) 0,0001 0,0007

(*) Stated as YKr in order to be consistent with current year's presentation.

Distributed earnings per share:

For the year ended December 31, 2007 and 2006 distributed earnings per share is as follows:

2007 2006Dividend distributed 105.535.872 44.883.072

Average number of shares 12.360.207.367 12.130.560.000Net dividend distributed per share (YKr) 0,0085 0,0037

There have been no other transactions involving ordinary or potential ordinary shares as of the date of the preparation of these financialstatements.

Annual Report 95

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

43. CASH FLOW STATEMENT

Notes 2007 2006Cash flows from operating activitiesProfit before tax from continued operations 331.569.542 152.936.552Profit before tax from discounted operations 2.173.805 10.415.176Adjustments to reconcile net income to net cash from operating activities:Depreciation and amortization 39.933.562 40.121.728Loss/(gain) on sale of property, plant and equipment from continued operations (114.399) 1.816.440(Profit) from the sales of discounted operations 35 (25.650.286) -Provision for employee termination benefits 1.944.927 1.600.794Provision for seniority incentive premium 675.189 365.122Unused vacation pay liability 21.989 1.019.004Interest expense 39 (551.243) 14.535.675Income from associates 38 (95.017.076) (2.954.940)Provision for the impairment of affiliates 23 - 8.744.346Provision for the penalty of Competition Board - 3.453.748Other provisions - 210.429Provision expense of site restoration 535.000 -Gain on sale of a financial asset (Enerjisa) (12.102.555) -Foreign exchange losses on loans (32.160.300) 11.051.531

Operating profit before changes in working capital 211.258.155 243.315.605

Changes in operating assets and liabilitiesTrade receivables and receivables from related parties (4.534.943) (24.593.596)Inventories (25.362.763) (17.202.539)Other assets and liabilities (7.915.810) 6.960.718Trade payables and payables to related parties 17.172.886 7.218.004Employee termination benefits paid 23 (1.569.449) (973.134)Penalty of Competition Board paid and other provisions (4.289.623) -Income taxes paid (51.564.572) (28.396.039)

Net cash provided by operating activities 133.193.881 186.329.019

Cash flows from investing activitiesPurchase of property, plant and equipment 19 (116.772.354) (72.690.998)Purchase of intangible assets 20 - (21.860)Proceeds from sale of property, plant and equipment 3.310.731 531.879Dividend income from associates - 2.500.267 Purchase of a company and factory - (2.496.695)Sales revenue of the tangible fixed assets from the discounted operations. 38.232.061 -Cash inflow due to the legal merger with Oysa Çimento 70.449.533 -Proceeds from sale of a financial asset 34.651.496 -

Net cash provided by/(used in) investing activities 29.871.467 (72.177.407)

Cash flows from financing activitiesDividend payments (105.535.872) (44.883.072)Proceeds from borrowings 748.337 109.959Repayment of borrowings (45.526.104) (35.540.000)Interest paid (10.394.446) (15.418.859)

Net cash (used in) financing activities (160.708.085) (95.731.972)

Net increase in cash and cash equivalents 2.357.263 18.419.640

Cash and cash equivalents at the beginning of the period 4 53.748.963 35.329.323

Cash and cash equivalents at the end of the period 4 56.106.226 53.748.963

44. OTHER MATTERS WHICH ARE SIGNIFICANT TO THE FINANCIAL STATEMENTS OR WHICH SHOULD BE DISCLOSED FOR THE PURPOSEOF TRUE AND FAIR PRESENTATION AND INTERPRETATION OF THE FINANCIAL STATEMENTS

None.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA S A T D E C E M B E R 3 1 , 2 0 0 7 (CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)

Hac› Ömer Sabanc› Holding A.fi. Cement Group Chairmanship

Erhan KAMIfiLI Chairman

1. Senior Management:Mehmet HACIKAM‹LO⁄LU General ManagerHüseyin ÖZKAN Assistant General Manager (Marketing and Sale - Cement)Tamer DEN‹ZC‹ Assistant General Manager (Financial)Basri D‹NÇER Assistant General Manager (Cement Production)fiahap SARIER Assistant General Manager (Ready-Mixed Concrete)Mutlu DO⁄RUÖZ Assistant General Manager (Investment and Automation)Mehmet fiAH‹N Plant Manager (Cement Plant - Kayseri)Fikret ULUAKAY Plant Manager (Cement Plant - Eskiflehir)Do¤an ÖZKUL Plant Manager (Cement Plant - Ni¤de)Naci RÜZGAR Plant Manager (Cement Plant - Ankara)2. Executives:fiükrü Deniz fiAH‹N Electrical Maintenance ManagerMustafa fiANLI Corporate Risk Management Team LeaderErbil KOÇAK Marketing and Sales Manager (Mersin)Halim S›rr› GÖKTÜRK Marketing and Sales Manager (Kayseri - Ni¤de)Sebalinestin TOPAK Marketing and Sales Manager (Eskiflehir - Ankara)Orhan ÇAKIRKAYA Internal Audit ManagerMemduh GÜLLÜ Finance ManagerAyd›n KAYA Administrative and Financial Affairs Manager R›za ‹lham OFLAZ Purchasing ManagerAyfer GÜREfi Corporate Development and Human Resources ManagerEmin Ali TARLAKAZAN Strategy and Information Management Systems ManagerYalç›n ÇÖLÜO⁄LU Administrative Affairs ManagerÖnder KIRCA Marketing ManagerLevent ÇELENK White Cement and Special Products Sales ManagerLevent ÖNCEL Production ManagerMustafa TURAN Production Manager (Cement Plant - Kayseri)Adnan GÜVEN Production Manager (Cement Plant - Ni¤de)Caner TÜRKYENER Production Manager (Cement Plant - Eskiflehir)Yaflar Enis SOLAKO⁄LU Raw Material ManagerMustafa Erkin TOZO⁄LU Quality Control ManagerMurat BURAKÇIN Process Development and Application Manager Fatih ‹fiÇ‹MEN Electrical Maintenance ManagerMustafa Türker BED‹Z Machinery Maintenance ManagerYusuf TURAN Maintenance Manager (Cement Plant - Eskiflehir)Gürol ÖZER Automation and Control Systems ManagerAli KADAK Investment ManagerMustafa DEM‹RC‹ Ready-Mixed Concrete Regional Manager (Mersin)Mustafa Mehmet fiENDO⁄AN Ready-Mixed Concrete Regional Manager (Antalya)Behiç Faruk KURT Technical Manager (Ready-Mixed Concrete)Hac› Mehmet ÖZY‹⁄‹TO⁄LU Equipment Performance Development Manager (Ready-Mixed Concrete)

3. Employee and Worker Turnover:As of December 31, 2007, total number of personnel and workers at the headquarter and other plants of our Company is 905. In 2007, 98 personneland workers quit their jobs, on the other hand, 313 personnel and workers were employed.4. Collective Labor Agreements:Our Collective Bargaining Agreement, expired December 31, 2007, was agreed byTurkey Çimse-Work Trade Union and Employers' Organization of Cement Industry Federation on March 21, 2008 and was carried into effect as ofJanuary 1, 2008, for 3 years; expire date is December 31, 2010.5. Liabilities for Severance Pay:Severance pay obligation to our Company as of December 31, 2007 is TRY 6.632.387,65.6. Rights and Benefits of Staff and Workers:Personnel External Scope : Fee +4 Fee Bonus AnnualPersonnel and Workers, Collective Bargaining Agreement Applied : Fee +4 Fee Bonus Annual

TRY 115/Monthly Social ReliefClothning, Birth, Death, Marriage, Food, Transportation and Other Social Benefits are Made.

In 2007 TRY 1.569.449 of severance pay is paid.Annual Report 97

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2 0 0 7 A D M I N I S T R A T I V E O P E R A T I O N SA S A T D E C E M B E R 3 1 , 2 0 0 7

Consolidated ConsolidatedCurrent Period Current Period

(TRY) December 31, 2007 December 31, 2006A- DISTRIBUTION OF PROFITS OF THE PERIOD1- Profits of the period 333.743.348 163.351.728 2- Taxes due (43.468.503) (27.255.294)

- Corporation Tax (43.468.503) (27.255.294) - Income Tax - - - Other Taxes and Similar Liabilities - -

3- Statutory Reserves of Sequence 1 - (6.541.515) NET DISTRIBUTABLE PROFITS OF THE PERIOD 290.274.845 129.554.919 4- S1 Dividends to Shareholders (39.085.388) (23.560.450)

- Payable to Holders of Ordinary Shares (39.085.388) (23.560.450) 5- Dividends to the Board of Directors - - 6- S2 Dividends to Shareholders (89.048.401) (81.975.422)

- Payable to Holders of Ordinary Shares (89.048.401) (81.975.422) 7- Statutory Reserves of Sequence 2 (12.137.957) (9.947.059)EXTRAORDINARY RESERVES 150.003.100 14.071.988 B- DISTRIBUTION FROM RESERVES1- Payable to Shareholders 21.809.942 -

- Payable to Holders of Ordinary Shares 21.809.942 - C- DIVIDEND PER SHARE (TRY/%) (*1) 2,15 TRY/214,88% 1,12 TRY/112,19%1- Payable to Holders of Ordinary Shares (TRY/%) 2,15 TRY/214,88% 1,12 TRY/112,19% D- DIVIDEND PER SHARE (TRY/%) (*2) 1,11 TRY/111% 0,87 TRY/87% 1- Payable to Holders of Ordinary Shares (TRY/%) 1,11 TRY/111% 0,87 TRY/87%

(*1) Dividend per share is calculated over nominal capital.(*2) Dividend per share is calculated over gross dividend payable to shareholders and nominal capital.

149.943.730,62

PROFIT DISTRIBUTION PROPOSAL AND CONCLUSION

We propose that, of TRY 290.274.845, the net profits of the period 2007 which appear on the consolidated financial statements prepared inaccordance with Statements of International Financial Reporting Standards (IFRS) and which remain after deduction of taxes and otherstatutory liabilities,

a) TRY 128.133.788,61 from the profit of 2007, TRY 21.809.942,01 from extraordinary reserve funds and gross total of TRY 149.943.730,62 to be distributed as dividends to shareholders, taking account of the provisions of the Capital Market Act,

b) TRY 12.137.956,65 to be retained as Statutory Reserves of Sequence 2,c) the remainder thereof be retained as Extraordinary Reserves, d) profit distribution to be payable in cash and started as from April 14, 2008, also in view of the financial position of the Company.

Dear shareholders,

We hereby submit to your approval, the Balance Sheet and the Income Statement for the accounting period of January 1, 2007 to December31, 2007.

With respects,

For the Board of Directors

Mehmet GÖÇMENDeputy Chairman

98 Annual Report

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P R O F I T D I S T R I B U T I O N T A B L E(CURRENCY - NEW TURKISH LIRA UNLESS OTHERWISE STATED)

Consolidated Consolidated2007 2006

Net Working Capital = Current Assets - Current Liabilities TRY 120.197.796 TRY 68.440.233

I- Liquidity Ratios:1- Current Ratio = Current Assets/Short-Term Debts 1,81 1,492- Liquidity Ratio = Current Assets-Inventories-Other Current Assets/Short-Term Debts 1,20 1,06

II- Financial Position Ratios:1- Total Debts/Shareholders' Equity 0,22 0,392- Short-Term Debts/Total Assets 0,13 0,143- Long-Term Debts/Total Assets 0,05 0,14

III- Profitability Ratios:1- Net Profits of the Period/Net Sales 0,50 0,272- Net Profits of the Period/Total Assets 0,26 0,143- Net Profits of the Period/Shareholders' Equity 0,31 0,19

Annual Report 99

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R A T I O S(CURRENCY - NEW TURKISH LIRA UNLESS OTHERWISE STATED)

REPORT OF INDEPENDENT AUDITORS

To the Board of Directors ofÇimsa Çimento Sanayi ve Ticaret Anonim fiirketi

We have audited the accompanying consolidated financial statements of Çimsa Çimento Sanayi ve Ticaret Anonim fiirketi (Çimsa) and itssubsidiaries (hereafter together referred to as the Company), which comprise the consolidated balance sheet as of December 31, 2007, theconsolidated income statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with financial reportingstandards published by the Capital Market Board in Turkey. This responsibility includes: designing, implementing and maintaining internalcontrol relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due tofraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in thecircumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance withstandards on auditing published by Capital Market Board in Turkey. Those standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity'spreparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluatingthe overall presentation of the financial statements.

We believe that the audit evidence we have obtained are sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion the accompanying consolidated financial statements give a true and fair view of the financial position of Çimsa ÇimentoSanayi ve Ticaret Anonim fiirketi and its subsidiaries as of December 31, 2007, and of their financial performance for the year then ended inaccordance with financial reporting standards (Note 2 and 3) published by the Capital Market Board in Turkey.

Güney Ba¤›ms›z Denetim ve Serbest Muhasebeci Mali Müflavirlik Anonim fiirketiAn Affiliated Firm of Ernst & Young International

Metin Cano¤ullar›, SMMMPartner, Principal Auditor

March 17, 2008‹stanbul, Turkey

100 Annual Report

Annual Report 101

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A U D I T O R S ' R E P O R T

TO GENERAL ASSEMBLY OF Ç‹MSA Ç‹MENTO SANAY‹ VE T‹CARET A.fi.

The Company's Trade Name : Çimsa Çimento Sanayi ve Ticaret A.fi.Location of Headquarters : MersinShare Capital : TRY 135.084.442 Line of Business : Cement production and trade

- Auditors'

Name : Mehmet SERT - Bahad›r BORANTerms in Office : One year - One yearShareholders or not : We are not shareholders of the Company.

Meetings attended and Number of : We attended none of the Board of Directors Meetings.Board of Auditors Meetings held The Board of Audit held four meetings.

Scope of the audit made on the Company's accounts, : Commercial Law and Tax Regulationsbooks and documents; dates of auditing Audits have been conducted in June, September, December 2007 andand the results thereof February 2008, any effect of criticism has not been encountered.

Dates and results of the cash counts made at the cash : At the cash counts made during the year it has been established that thedesk of the Company, according to Turkish Commercial existing petty cash was compliant with the records.Code, Article, 353, Paragraph 1/3

Dates and results of the cash counts made at the cash : In the analysis made every month it has been confirmed that commercialdesk of the Company, according to Turkish Commercial papers and certificates exist and compatible with the book records.Code, Article, 353, Paragraph 1-4

Complaints and corruption assertions : There has been no complaint or corruption assertion.acknowledged and actions taken

We have examined the accounts and transactions of Çimsa Çimento Sanayi ve Ticaret A.fi. in the period from 01.01.2007 to 31.12.2007 inaccordance with the Turkish Commercial Code, other regulations, as well as the Articles of Association of the Company and generallyaccepted accounting principles and standards.

In our opinion, the attached balance sheet prepared as of December 31, 2007 and the Income Statement for the period from 01.01.2007 to31.12.2007 accurately reflect the true financial position and the true business results, respectively, of the Company for said period. TheAnnual Report, which is found to be true, and the profit distribution proposal are in accordance with the applicable laws and with theArticles of Association of the Company.

We hereby request the approval of the balance sheet and the income Statement and the release of the Board of Directors from liabilities.

March 17, 2008

BOARD OF AUDITORS

Mehmet SERT Bahad›r BORAN

Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S

D O M E S T I C S E L L I N G P O I N T S A N D S U P P L I E R S

CITY SELLER TEL FAXADANA ALIÇ KARDEfiLER ‹Nfi. T‹C. LTD. fiT‹. (90 322) 336 30 30 (90 322) 336 40 40

MIZRAK ‹Nfi. T‹C. LTD. fiT‹. (90 322) 311 16 49MUSTAFA ALTAfi ‹Nfi. LTD. fiT‹ (90 322) 248 77 43 (90 322) 454 30 21NEC‹P COfiKUN (90 322) 248 88 77ORHAN TOPTAN ‹Nfi. LTD. fiT‹. (90 322) 361 65 10ÖZDEM‹R T‹CARET-MUH‹TT‹N ÖZDEM‹R (90 322) 891 48 43SABAHfiEN ‹Nfi. MALZ. TAAH. LTD. fiT‹. (90 322) 361 84 10 (90 322) 361 87 44SA⁄LAM ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 322) 515 81 95SERLINES ‹Nfi. LTD. fiT‹. (90 322) 248 73 66 (90 322) 248 73 67YUSUF KURTGÖZ ‹Nfi. MALZ. T‹C. (90 322) 515 09 20MO⁄OL T‹CARET (90 322) 781 86 79 (90 322) 781 86 79Ç‹⁄DEM NAKL. ‹Nfi. LTD. fiT‹. (90 322) 581 50 39

ADAPAZARI H‹LM‹ YILDIZ ‹Nfi. NAK. SAN. T‹C. LTD. fiT‹. (90 264) 241 00 84 (90 264) 241 00 85MERKEZ T‹CARET-RECEP/MEHMET HAMMAZ (90 264) 517 50 50 (90 264) 517 54 33ÖZDEM‹R ‹NfiAAT-ADNAN ÖZDEM‹R (90 264) 279 23 42 (90 264) 279 23 42

ADIYAMAN ACARLAR ‹Nfi. MALZ. TAAH. LTD. fiT‹. (90 416) 223 29 91 (90 416) 216 03 57AFYON DAKÇ‹M ‹Nfi. A.fi. (90 272) 214 00 66 (90 272) 216 50 25

ENES ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 222) 218 22 22 (90 222) 218 08 79AKSARAY ATILIM M‹M. MÜH. ‹Nfi. LTD. fiT‹. (90 382) 214 19 22 (90 382) 214 19 23

GÜVENLER YAPI MALZ. LTD. fiT‹. (90 382) 215 10 10 (90 382) 215 01 64‹ÇL‹ YAPI MALZ. ‹Nfi. LTD. fiT‹. (90 382) 215 09 78 (90 382) 215 17 48‹K‹ZLER T‹CARET (90 382) 215 15 95 (90 382) 215 60 14KARACA ‹Nfi. SAN. VE T‹C. LTD. fiT‹. (90 382) 215 75 55 (90 382) 215 75 55KARDEfiLER LTD. fiT‹. (90 382) 215 06 33RAMAZAN KARGIN LTD. fiT‹. (90 382) 215 57 06 (90 382) 215 06 03RÜSTEM DA⁄DAfi (90 382) 215 04 54 (90 382) 215 66 54VEDAT YILDIZ (90 382) 215 88 61 (90 382) 215 89 61YARDIMLILAR YAPI MALZ. LTD. fiT‹. (90 382) 215 16 86 (90 382) 215 17 94Y‹⁄‹T T‹C. ‹Nfi. MALZ. VE KÖMÜR T‹C. (90 382) 436 27 37 (90 382) 436 27 67DEM‹RYÜREKLER LTD. fiT‹. (90 382) 351 36 96 (90 382) 351 36 37DURMAZLAR LTD. fiT‹. (90 382) 351 57 25 (90 382) 351 57 25KÖSEO⁄ULLARI LTD. fiT‹. (90 382) 351 36 56 (90 382) 351 49 37

ANKARA AKSU MOZA‹K ‹Nfi. SAN. T‹C. LTD. fiT‹. (90 312) 349 14 76 (90 312) 350 41 21BEfi‹KTAfiLI ‹Nfi. MALZ. LTD. fiT‹. (90 312) 349 05 47 (90 312) 349 18 96KARTALKAYA K‹REÇ ‹Nfi. MALZ. A.fi. (90 312) 353 12 86 (90 312) 353 94 87ÖZKAN NAKL‹YAT LTD. fiT‹. (90 312) 351 49 42 (90 312) 348 96 86UYSAL KARDEfiLER ‹Nfi. LTD. fiT‹. (90 312) 268 88 59 (90 312) 271 63 04 UZER LTD. fiT‹. (90 312) 384 30 97 (90 312) 623 63 32VOLKAN ACATAY ‹Nfi. VE YAPI MALZ. (90 312) 350 81 81 (90 312) 350 81 81

ANTALYA AS-META ‹Nfi. T‹C. LTD. fiT‹. (90 242) 335 55 81 (90 242) 339 57 90EFE ‹NfiAAT LTD. fiT‹. (90 242) 518 11 56 (90 242) 518 18 43HÜSEY‹N ÇOBAN (90 242) 572 15 42 (90 242) 572 27 59MANAVGAT fiAH‹NLER LTD. fiT‹. (90 242) 742 69 11 (90 242) 742 27 37

B‹LEC‹K ARI HAFR‹YAT NAKL. ‹Nfi. LTD. fiT‹. (90 228) 315 16 90 (90 228) 315 45 62BOZKAYA ‹Nfi. GIDA SAN. T‹C. A.fi. (90 228) 315 75 80 (90 228) 315 32 08‹MDAT KILAVUZ (90 228) 315 75 00 (90 228) 315 30 98TEVF‹K EROL ‹Nfi. MALZ. T‹CARET (90 228) 381 21 61 (90 228) 381 21 61UMUTLU T‹CARET-FUAT UMUTLU (90 228) 212 27 36 (90 228) 212 43 16

104 Annual Report

G R A Y C E M E N T S A L E S O F F I C E S

ESK‹fiEH‹R CÖNGER ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 222) 313 05 20 (90 222) 313 05 22ERPA ‹Nfi. MALZ. LTD. fiT‹. (90 222) 218 22 22 (90 222) 218 08 79HACIBEK‹RO⁄ULLARI LTD. fiT‹. (90 222) 227 91 81 (90 222) 237 77 67HA-DO ‹Nfi. MALZ. SAN. LTD. fiT‹. (90 222) 310 14 52 (90 222) 310 14 54‹NMA ‹Nfi. MALZ. A.fi. (90 222) 325 01 10 (90 222) 325 01 11KIRÇILLAR ‹Nfi. MALZ. LTD. fiT‹. (90 222) 250 81 11 (90 222) 250 87 38ÖZEN TARIM ‹Nfi. T‹C. LTD. fiT‹. (90 222) 541 30 20 (90 222) 541 27 85ÖZMENLER TARIM TAfiM. SAN. T‹C. LTD. fiT‹. (90 222) 711 43 25 (90 222) 712 57 69ÖZORTAKLAR ‹Nfi. MALZ. LTD. fiT‹. (90 222) 239 42 60 (90 222) 239 23 99SARIPEKMEZ ‹Nfi. MALZ. LTD. fiT‹. (90 222) 250 33 33 (90 222) 250 83 86

KAHRAMANMARAfi GÖKÇEO⁄LU LTD. fiT‹. (90 344) 235 02 24KAMALAK YAPI MALZ. ‹Nfi. NAKL. LTD. fiT‹. (90 344) 231 98 65 (90 344) 231 98 65MABE ‹Nfi. TAfiIMACILIK (90 344) 234 12 02 (90 344) 234 12 02MASTER ‹Nfi. TEKST‹L SAN. T‹C. LTD. fiT‹. (90 344) 235 03 65 (90 344) 235 27 25KIRAÇ ‹Nfi. T‹C. LTD. fiT‹. (90 344) 511 45 68 (90 344) 511 30 14DEM‹R T‹CARET (90 344) 413 39 62 (90 344) 413 15 75‹SP‹R-EMEK ‹Nfi. T‹C. LTD. fiT‹. (90 344) 413 45 64 (90 344) 413 28 71TUNÇ T‹CARET (90 344) 413 59 27 (90 344) 413 06 13GÜVENÇ T‹CARET (90 344) 714 10 17 (90 344) 714 10 17

KARAMAN ÖZO⁄ULLARI YAPI MALZ. LTD. fiT‹. (90 338) 213 65 47 (90 338) 214 75 12SELAM‹ KELEfi ‹Nfi. MALZ. LTD. fiT‹. (90 338) 411 20 43 (90 338) 411 26 98YAMANLAR ‹Nfi. LTD. fiT‹. (90 338) 212 62 57 (90 338) 214 16 63YEfi‹LDERE ‹Nfi. LTD. fiT‹. (90 338) 212 96 30 (90 338) 212 85 13

KAYSER‹ FAT‹H ‹NfiAAT-AHMET YILDIRIR (90 352) 611 41 35 (90 352) 611 72 69FAT‹H ‹Nfi. MALZ. VE T‹C. LTD. (90 352) 240 27 99 (90 352) 240 40 83ARI MARKETÇ‹L‹K (90 352) 336 50 32 (90 352) 331 58 95ARIKAN T‹CARET (90 352) 326 28 48 (90 352) 326 96 25

KAYSER‹ BARBAROS YAPI MALZ. LTD. fiT‹. (90 352) 231 68 14 (90 352) 231 32 64CEYHAN T‹CARET (90 352) 336 49 91 (90 352) 336 50 30ERAS PROJE VE MÜfi. A.fi. (90 352) 322 09 76 (90 352) 330 21 15ERS‹N fiAH‹N (90 352) 330 26 26 (90 352) 330 26 28GÜLER T‹CARET (90 352) 336 79 56 (90 352) 320 52 02H. TATARO⁄LU ‹Nfi. MALZ. A.fi. (90 352) 245 18 28 (90 352) 240 10 50HIRKA T‹CARET (90 352) 338 13 50 (90 352) 338 70 38NET YAPI LTD. fiT‹. (90 352) 240 82 82 (90 352) 245 12 56ÖZCEYHAN T‹CARET (90 352) 240 97 97 (90 352) 245 08 08SERAY T‹CARET (90 352) 336 82 01SER‹M T‹CARET (90 352) 336 49 94 (90 352) 331 58 95TÜRKMEN T‹CARET (90 352) 336 36 12 (90 352) 320 13 15ULUTAfi ‹Nfi. MALZ. A.fi. (90 352) 224 08 07 (90 352) 224 06 04YÜCER T‹CARET (90 352) 240 11 11 (90 352) 240 97 55A. CENG‹ZHAN T‹CARET (90 352) 621 24 39 (90 352) 621 87 44U⁄URLU ‹Nfi. T‹C. LTD. fiT‹. (90 352) 512 17 22 (90 352) 512 16 42GÜLERYÜZ T‹C. LTD. fiT‹. (90 352) 811 27 78 (90 352) 811 24 19YILDIRIR ‹Nfi. MALZ. LTD. fiT‹. (90 352) 611 32 23 (90 352) 611 23 14

KONYA ARSLAN OTM. SAN. T‹C. LTD. fiT‹. (90 332) 345 19 07 (90 332) 345 19 09ÖZÜDO⁄RU NAKL. ‹Nfi. T‹C. LTD. fiT‹. (90 332) 871 20 23 (90 332) 871 27 56AKSOY YAPI MARKET LTD. fiT‹. (90 332) 713 29 76 (90 332) 710 35 39PORTAfi M‹M. PLAN ORG. T‹C. LTD. fiT‹. (90 332) 710 46 36 (90 332) 713 21 56RAMAZAN ZORLU ‹Nfi. MALZ. LTD. fiT‹. (90 332) 710 10 75 (90 332) 712 59 80

Annual Report 105

KONYA SÜLLÜ ‹Nfi. MALZ. LTD. fiT‹. (90 332) 713 47 47 (90 332) 713 43 81TOPBAfi ‹Nfi. LTD. fiT‹. (90 332) 710 36 29 (90 332) 710 36 29TÜRKO⁄LU ‹Nfi. LTD. fiT‹. (90 332) 713 21 82 (90 332) 713 21 82

KÜTAHYA GÜNER ELEKTR‹K MALZ. A.fi. (90 274) 615 11 40 (90 274) 612 13 14ÖZATILGANLAR ‹Nfi. MAD. LTD. fiT‹. (90 274) 638 32 74 (90 274) 638 32 84ÖZMETAL ‹Nfi MALZ. LTD. fiT‹. (90 274) 513 15 95 (90 274) 513 77 07

MALATYA ACARTAfi ‹Nfi. MLZ. LTD. fiT‹. (90 422) 322 55 47 (90 422) 322 55 47ALAN T‹CARET-OSMAN ALAN (90 422) 841 23 86 (90 422) 841 40 41Ç‹MPA ‹Nfi. MLZ. LTD. fiT‹. (90 422) 336 22 88 (90 422) 336 53 65DERYA YAPI LTD. fiT‹. (90 422) 326 05 54 (90 422) 326 39 47LEVENT T‹CARET LEVENT ENG‹NOL (90 422) 336 50 56 (90 422) 336 20 33REfiANLAR LTD. fiT‹. (90 422) 311 64 77 (90 422) 311 64 78BEfiDO⁄ANLAR ‹Nfi. NAK. LTD. fiT‹. (90 422) 615 14 59 (90 422) 615 33 41

MERS‹N ADAfi T‹CARET-EKREM KOÇ (90 324) 715 10 91ADER ‹Nfi. GIDA T‹C. LTD. fiT‹. (90 324) 515 20 93 (90 324) 515 20 93AHMET YÜKSEL ‹Nfi. MALZ. LTD. fiT‹. (90 324) 320 08 35 (90 324) 321 33 34AKDEN‹Z T‹CARET-MUHAMMET USTA (90 324) 814 35 97ALER ‹Nfi. OTOM. PET. ÜRN. SAN. T‹C. LTD. fiT‹. (90 324) 226 11 38AYDO⁄ANLAR ‹Nfi. MALZ. LTD. fiT‹. (90 324) 625 20 51 (90 324) 625 72 46B‹LG‹ END. MALZ. YAPI TAAH. TURZ. LTD. fiT‹. (90 324) 320 32 32B‹LG‹N ‹NfiAAT ‹Nfi. MALZ. OTO T‹C. LTD. fiT‹. (90 324) 324 15 48 (90 324) 324 00 79BORTAfi B‹MS LOJ‹ST‹K ‹Nfi. T‹C. LTD. fiT‹. (90 324) 322 73 95BUCAK T‹C. TUR. SAN. VE PAZ. LTD. fiT‹. (90 324) 614 20 91 (90 324) 624 46 44EKREM UYSAL LTD. fiT‹. (90 324) 714 17 47ERKOÇ M‹MARLIK ‹Nfi. T‹C. LTD. fiT‹. (90 324) 613 10 66 (90 324) 613 03 49ERSOYLAR ‹Nfi. SAN. VE T‹C. LTD. fiT‹. (90 324) 321 64 79GÜLEÇ ‹NfiAAT-ADEM GÜLEÇ (90 324) 774 72 19GÜNAY T‹CARET-AL‹ VAROL GÜNAY (90 324) 814 48 87 (90 324) 814 99 78GÜNEY ‹NfiAAT MALZ. LTD. fiT‹. (90 324) 320 40 30 (90 324) 321 01 10GÜZEL ‹Nfi. MALZ. TÜT. MAM. LTD. fiT‹. (90 324) 816 44 60IfiIK ‹Nfi. MALZ. GIDA NAK. LTD. fiT‹. (90 324) 774 68 28‹BRAH‹M ÖZTÜRK ‹Nfi. SAN. LTD. fiT‹. (90 324) 814 17 23‹N-SER-CAM ‹Nfi. SERACILIK LTD. fiT‹. (90 324) 841 31 22KABADAYILAR ‹Nfi. MALZ. LTD. fiT‹. (90 324) 336 70 15 (90 324) 336 70 17KAYA BR‹KET-MEHMET KAYA (90 324) 774 56 01KOCAO⁄LU ‹NfiAAT TAAHHÜT LTD. fiT‹. (90 324) 841 31 34 (90 324) 841 35 04MEHMET KARAGÖZLÜ T‹CARET (90 324) 625 05 00 (90 324) 613 55 54META TAfiIMACILIK TUR‹ZM LTD. fiT‹. (90 324) 226 35 35OKYAYLAR ‹Nfi. SANAY‹ VE LTD. fiT‹. (90 324) 234 18 91 (90 324) 234 09 20ÖZÇEL‹K DEM‹R T‹CARETHANES‹ (90 324) 625 02 16ÖZERO⁄LU Z‹R. ‹LAÇ K‹M. GÜB. LTD. fiT‹. (90 324) 714 60 76 (90 324) 714 28 75ÖZKAN T‹CARET-AL‹ ÖZKAN (90 324) 751 75 14ÖZPAR ‹NfiAAT SAN. VE T‹C. LTD. fiT‹. (90 324) 226 11 56 (90 324) 226 28 94fiAH‹NLER YAPI MARKET NAK. LTD. fiT‹. (90 324) 613 62 62fiIKfiIK GIDA TARIM YEM ‹Nfi. OTO. LTD. fiT‹. (90 324) 774 02 27TASGÜL TAfiIMACILIK LTD. fiT‹. (90 324) 624 93 73 (90 324) 613 85 83TEBER‹K ‹Nfi. LTD. fiT‹. (90 324) 774 32 46 (90 324) 774 16 28TOSLAKLAR ‹Nfi. T‹C. LTD. fiT‹. (90 324) 851 22 11TÜMAY ‹Nfi. T‹C. LTD. fiT‹. (90 324) 328 00 68 (90 324) 328 00 68UYSAL ‹Nfi. MALZ. LTD. fiT‹. (90 324) 320 05 65 (90 324) 336 11 72

106 Annual Report

G R A Y C E M E N T S A L E S O F F I C E S ( C O N T I N U E D )

MERS‹N UYSALLAR NAK. ‹Nfi. LTD. fiT‹. (90 324) 851 39 10 (90 324) 851 21 95UZUNLAR ‹Nfi. LTD. fiT‹. (90 324) 774 30 83 (90 324) 774 20 34YEfi‹LOVA ‹Nfi. T‹C. LTD. fiT‹. (90 324) 226 00 36YEfi‹LOVACAN ‹NfiAAT TAAH. LTD. fiT‹. (90 324) 226 34 95YILDIRIM T‹CARET-SAL‹H YILDIRIM (90 324) 751 76 40 (90 324) 751 35 74YILDIRIMLAR SAN. VE T‹C. LTD. fiT‹. (90 324) 323 04 55 (90 324) 323 04 56YILMAZ ‹Nfi. NAKL. T‹C. SAN. LTD. fiT‹. (90 324) 774 12 59 (90 324) 774 25 27YILMAZ ‹NfiAAT NAKL‹YE LTD. fiT‹. (90 324) 851 35 64 (90 324) 851 32 16Z‹RVE YAPI MALZ. ‹Nfi. PAZ. LTD. fiT‹. (90 324) 323 23 17

NEVfiEH‹R ÖNCÜL YAPI MALZ. LTD. fiT‹. (90 384) 213 18 91 (90 384) 213 88 32YALAP ‹Nfi. TURZ. LTD. fiT‹. (90 384) 213 53 49 (90 384) 212 33 82GÜL B‹MS ‹Nfi. LTD. fiT‹. (90 384) 218 24 56 (90 384) 218 32 12KAYMAKTAfi ‹Nfi. MALZ. LTD. fiT‹. (90 384) 218 29 29 (90 384) 218 22 85BONCUK T‹CARET-AHMET TOSUN (90 384) 341 31 17 (90 384) 341 85 40

N‹⁄DE ÇAKMAK ‹Nfi. LTD. fiT‹. (90 388) 311 33 48 (90 388) 311 33 48ABDURRAHMAN BÜYÜKAKKAfi (90 388) 233 16 90 (90 388) 233 61 95ÇA⁄LAR T‹CARET-KORAY ÇA⁄LAR (90 388) 213 14 97 (90 388) 232 06 32DEL‹CEO⁄LU T‹CARET-MUSTAFA DEL‹CE (90 388) 213 19 05ERY‹⁄‹T NAK. ‹Nfi. LTD. fiT‹. (90 388) 232 85 43 (90 388) 213 19 24GEYLAN‹ ‹Nfi. MALZ. LTD. fiT‹. (90 388) 232 52 95 (90 388) 232 75 90GÜNER ÜNAL MANDACI (90 388) 213 70 21 (90 388) 212 02 25ILIKKANLAR ‹Nfi. VE MALZ. LTD. fiT‹. (90 388) 232 93 91 (90 388) 232 77 47MUSTAFA ULUPINAR (90 388) 232 98 08 (90 388) 213 75 70ÖZÇA⁄LAYAN ‹Nfi. MALZ. LTD. fiT‹. (90 388) 233 35 41 (90 388) 213 49 42fiAH‹NERLER ‹Nfi. VE MALZ. LTD. fiT‹. (90 388) 213 67 67 (90 388) 213 62 80fiEHNAZ TEOMAN-MERCAN T‹CARET (90 388) 232 60 52 (90 388) 232 98 68YÜCEL T‹CARET-ERDAL SEZER (90 388) 213 44 78 (90 388) 213 13 81ÖNEN ‹Nfi. LTD. fiT‹. (90 388) 511 22 45 (90 388) 511 82 84ÜNSAL PETROL (90 388) 541 28 26 (90 388) 541 28 92

OSMAN‹YE GÜLO⁄LU T‹CARET-MEHMET GÜLO⁄LU (90 328) 814 85 30 (90 328) 324 85 29SEDA ‹Nfi. T‹C. LTD. fiT‹. (90 328) 812 34 55 (90 328) 814 89 38

S‹VAS ÖZGÜVEN‹M ‹Nfi. NAK. T‹C. LTD. fiT‹. (90 346) 512 37 70 (90 346) 512 13 87UfiAK ÜÇLER ‹Nfi. MALZ. LTD. fiT‹. (90 276) 223 39 22 (90 276) 227 76 76

Annual Report 107

CITY SELLER TEL FAXADANA ALIÇ KARDEfiLER ‹Nfi. T‹C. LTD. fiT‹. (90 322) 336 30 30 (90 322) 336 40 40

MIZRAK ‹Nfi. T‹C. LTD. fiT‹. (90 322) 311 16 49MO⁄OL T‹CARET (90 322) 781 86 79 (90 322) 781 86 79MUSTAFA ALTAfi ‹Nfi. NAK. T‹C. LTD. fiT‹. (90 322) 248 77 43 (90 322) 454 30 21NEC‹P COfiKUN (90 322) 248 88 77ORHAN TOPTAN ‹Nfi. LTD. fiT‹. (90 322) 361 65 10ÖZDEM‹R T‹CARET-MUH‹TT‹N ÖZDEM‹R (90 322) 891 48 43SABAHfiEN ‹Nfi. MALZ. TAAH. LTD. fiT‹. (90 322) 361 84 10 (90 322) 361 87 44SA⁄LAM ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 322) 515 81 95SERLINES ‹Nfi. LTD. fiT‹. (90 322) 248 73 66 (90 322) 248 73 67YUSUF KURTGÖZ ‹Nfi. MALZ. T‹C. (90 322) 515 09 20

ADIYAMAN ACARLAR ‹Nfi. MALZ. TAAH. LTD. fiT‹. (90 416) 223 29 91 (90 416) 216 03 57BED‹R BALKAN (90 416) 225 25 00 (90 416) 225 25 00

AFYON AFYON B‹RL‹K LTD. fiT‹. (90 272) 215 17 91 (90 272) 213 64 08AKSARAY KARACA ‹Nfi. LTD. fiT‹. (90 382) 215 12 22ANKARA AKSU LTD. fiT‹. (90 312) 349 14 76 (90 312) 350 41 21

BEfi‹KTAfiLI ‹Nfi. LTD. fiT‹. (90 312) 349 05 47 (90 312) 349 18 96CANGÜL ‹Nfi. SAN. VE T‹C. A.fi. (90 312) 354 50 80 (90 312) 354 44 05KARTALKAYA K‹REÇ A.fi. (90 312) 353 12 86 (90 312) 353 94 87ÖZKAN NAKL‹YAT LTD. fiT‹. (90 312) 351 49 42 (90 312) 348 96 86ÖZKUL BETON EL. LTD. fiT‹. (90 312) 363 68 78 (90 312) 362 24 18SERA BETON ELEMANLARI LTD. fiT‹. (90 312) 350 76 77 (90 312) 350 79 69UYSAL KARDEfiLER ‹Nfi. LTD. fiT‹. (90 312) 268 88 59 (90 312) 271 63 04 VOLKAN ACATAY (90 312) 348 80 49 (90 312) 348 80 49

ANTALYA AS-META ‹Nfi. T‹C. LTD. fiT‹. (90 242) 335 55 81 (90 242) 339 57 90BAfiERGÜN ‹Nfi. LTD. fiT‹. (90 242) 338 35 20 (90 242) 338 35 23Ç‹MPA A.fi. (90 242) 221 18 21 (90 242) 221 08 71EFE ‹NfiAAT LTD. fiT‹. (90 242) 518 11 56 (90 242) 518 18 43HÜSEY‹N ÇOBAN (90 242) 572 15 42 (90 242) 572 27 59KONURLAR ‹Nfi. LTD. fiT‹. (90 242) 722 32 36 (90 242) 722 17 09MANAVGAT fiAH‹NLER ‹Nfi. SAN. VE T‹C. LTD. fiT‹. (90 242) 742 69 11 (90 242) 742 27 37YILDIRIMLAR ‹Nfi. LTD. fiT‹. (90 242) 326 05 67 (90 242) 326 05 67YILDIZ ‹Nfi. MALZ. LTD. fiT‹. (90 242) 722 60 70 (90 242) 722 77 17

ARDAHAN ERDEM‹ROCAK ‹NfiAAT (90 478) 511 26 44 (90 478) 511 23 20ARTV‹N KES‹MAL A.fi. (90 466) 312 35 77 (90 466) 312 53 87BALIKES‹R BORÇ‹M ‹Nfi. LTD. fiT‹. (90 266) 614 60 61 (90 266) 614 57 60BARTIN YAZLAR PAZ. A.fi. (90 378) 264 55 55 (90 378) 264 51 76BATMAN KURTBAfiLAR LTD. fiT‹. (90 488) 214 07 27 (90 488) 213 44 16B‹TL‹S L‹S YAPI MALZEMELER‹ (90 434) 226 82 10 (90 434) 226 84 55BURSA CENG‹ZLER MADENC‹L‹K LTD. fiT‹. (90 224) 413 24 34 (90 224) 413 21 20ÇANAKKALE YURDAKUL YAPI (90 286) 712 13 00 (90 286) 712 34 12DEN‹ZL‹ ÇET‹N ‹Nfi. MALZ. LTD. fiT‹. (90 258) 814 60 12 (90 258) 814 60 12

NAMLI ‹Nfi. LTD. fiT‹. (90 258) 213 63 04 (90 258) 213 07 38SULAYICI ‹Nfi. A.fi. (90 258) 264 07 44 (90 258) 265 11 05

D‹YARBAKIR ÇAVUfiO⁄LU ‹Nfi. LTD. fiT‹. (90 412) 229 31 26ELAZI⁄ TAfi T‹CARET (90 424) 233 19 95 (90 424) 237 64 81ERZ‹NCAN BEfi‹KTAfiLAR ‹Nfi. LTD. fiT‹. (90 446) 214 90 55ERZURUM DEM‹RC‹O⁄LU A.fi. (90 442) 213 38 81 (90 442) 213 38 82

HASAN AKAL (90 442) 213 36 84 (90 442) 213 40 07ESK‹fiEH‹R ERPA ‹NfiAAT LTD. fiT‹. (90 222) 218 22 22 (90 222) 218 08 79

108 Annual Report

W H I T E C E M E N T S A L E S O F F I C E S

ESK‹fiEH‹R ‹NMA A.fi. (90 222) 325 01 10 (90 222) 325 01 11GAZ‹ANTEP MIHÇIO⁄LU MOL‹TEKS A.fi. (90 342) 325 76 76 (90 342) 325 76 77G‹RESUN YARAMANLAR ‹Nfi. LTD. fiT‹. (90 454) 216 16 54‹SKENDERUN TANER ‹Nfi. LTD. fiT‹. (90 326) 614 26 00‹STANBUL ÖZER T‹CARET LTD. fiT‹. (90 216) 352 30 32 (90 216) 371 25 29

ÖZTÜRKLER A.fi. (90 212) 871 32 22 (90 212) 871 32 29‹ZM‹R BAYRAK KÖMÜR LTD. fiT‹. (90 232) 436 28 38 (90 232) 467 00 21

Ç‹⁄L‹ MOZA‹K LTD. fiT‹. (90 232) 329 05 13 (90 232) 329 53 72KARAO⁄LU ‹Nfi. LTD. fiT‹. (90 232) 435 07 37 (90 232) 435 72 03fiATAFLAR ‹Nfi. LTD. fiT‹. (90 232) 433 10 10 (90 232) 433 74 70

KAHRAMANMARAfi DEM‹R T‹CARET (90 344) 413 39 62 (90 344) 413 15 75GÖKÇEO⁄LU GÜBRE Z‹RA‹ ‹LAÇ TAR. ÜRN. LTD. fiT‹. (90 344) 235 02 24GÜVENÇ T‹CARET (90 344) 714 10 17 (90 344) 714 10 17‹SP‹R-EMEK ‹Nfi. T‹C. LTD. fiT‹. (90 344) 413 45 64 (90 344) 413 28 71KAMALAK YAPI MALZ. ‹Nfi. NAKL. LTD. fiT‹. (90 344) 231 98 65 (90 344) 231 98 65KIRAÇ ‹Nfi. T‹C. LTD. fiT‹. (90 344) 511 45 68 (90 344) 511 30 14MASTER ‹Nfi. TEKST‹L SAN. T‹C. LTD. fiT‹. (90 344) 235 03 65 (90 344) 235 27 25TUNÇ T‹CARET (90 344) 413 59 27 (90 344) 413 06 13

KARS KARAKAfi ZAH. LTD. fiT‹. (90 474) 223 42 36POSOF T‹C. LTD. fiT‹. (90 474) 223 49 73 (90 474) 223 78 92

KASTAMONU TONBULLAR HAZ. BET. VE ‹Nfi. (90 366) 214 10 96 (90 366) 214 42 72KAYSER‹ FAT‹H ‹Nfi. MALZ. VE T‹C. LTD. (90 352) 240 27 99 (90 352) 240 40 83

A. CENG‹ZHAN T‹CARET (90 352) 621 24 39 (90 352) 621 87 44ARI MARKETÇ‹L‹K (90 352) 336 50 32 (90 352) 331 58 95ARIKAN T‹CARET (90 352) 326 28 48 (90 352) 326 96 25BARBAROS YAPI MALZ. LTD. fiT‹. (90 352) 231 68 14 (90 352) 231 32 64CEYHAN T‹CARET (90 352) 336 49 91 (90 352) 336 50 30ERAS PROJE VE MÜfi. A.fi. (90 352) 322 09 76 (90 352) 330 21 15ERS‹N fiAH‹N (90 352) 330 26 26 (90 352) 330 26 28GÜLER T‹CARET (90 352) 336 79 56 (90 352) 320 52 02GÜLERYÜZ T‹C. LTD. fiT‹. (90 352) 811 27 78 (90 352) 811 24 19H. TATARO⁄LU ‹Nfi. MALZ. A.fi. (90 352) 245 18 28 (90 352) 240 10 50HIRKA T‹CARET (90 352) 338 13 50 (90 352) 338 70 38NET YAPI LTD. fiT‹. (90 352) 240 82 82 (90 352) 245 12 56ÖZCEYHAN T‹CARET (90 352) 240 97 97 (90 352) 245 08 08SERAY T‹CARET (90 352) 336 82 01SER‹M T‹CARET (90 352) 336 49 94 (90 352) 331 58 95TÜRKMEN T‹CARET (90 352) 336 36 12 (90 352) 320 13 15U⁄URLU ‹Nfi. T‹C. LTD. fiT‹. (90 352) 512 17 22 (90 352) 512 16 42ULUTAfi ‹Nfi. MALZ. A.fi. (90 352) 224 08 07 (90 352) 224 06 04YÜCER T‹CARET (90 352) 240 11 11 (90 352) 240 97 55

KONYA ARSLAN OTO LTD. fiT‹. (90 332) 346 19 07 (90 332) 346 19 09KÜTAHYA ALKANLAR ‹Nfi. LTD. fiT‹. (90 274) 615 14 16

GÜNER A.fi. (90 274) 612 15 30 (90 274) 612 13 14ÖZMETAL NAK. LTD. fiT‹. (90 274) 513 15 95 (90 274) 513 77 07

MALATYA ACARTAfi ‹Nfi. LTD. fiT‹. (90 422) 322 55 47BEfiDO⁄ANLAR ‹Nfi. NAK. LTD. fiT‹. (90 422) 615 14 59 (90 422) 615 33 41Ç‹MPA LTD. fiT‹. (90 422) 336 22 88 (90 422) 336 53 65REfiANLAR KAYISI ‹Nfi. LTD. fiT‹. (90 422) 311 64 77

MAN‹SA KARAATA ‹Nfi. LTD. fiT‹. (90 236) 313 13 08MARD‹N PARLAKLAR PAZ. LTD. fiT‹. (90 482) 482 20 02 (90 482) 462 17 83

Annual Report 109

MERS‹N ADAfi T‹CARET-EKREM KOÇ (90 324) 715 10 91ADER ‹Nfi. GIDA T‹C. LTD. fiT‹. (90 324) 515 20 93 (90 324) 515 20 93AHMET YÜKSEL ‹Nfi. MALZ. LTD. fiT‹. (90 324) 320 08 35 (90 324) 321 33 34AKDEN‹Z T‹CARET-MUHAMMET USTA (90 324) 814 35 97ALER ‹Nfi. OTOM. PET. ÜRN. SAN. T‹C. LTD. fiT‹. (90 324) 226 11 38AYDO⁄ANLAR ‹Nfi. MALZ. LTD. fiT‹. (90 324) 625 20 51 (90 324) 625 72 46B‹LG‹ END. MALZ. YAPI TAAH. TURZ. LTD. fiT‹. (90 324) 320 32 32B‹LG‹N ‹NfiAAT ‹Nfi. MALZ. OTO T‹C. LTD. fiT‹. (90 324) 324 15 48 (90 324) 324 00 79BORTAfi B‹MS LOJ‹ST‹K ‹Nfi. T‹C. LTD. fiT‹. (90 324) 322 73 95BUCAK T‹C. TUR. SAN. VE PAZ. LTD. fiT‹. (90 324) 614 20 91 (90 324) 624 46 44EKREM UYSAL NAKL‹YE ‹Nfi. MALZ. LTD. fiT‹. (90 324) 714 17 47ERKOÇ M‹MARLIK ‹Nfi. T‹C. LTD. fiT‹. (90 324) 613 10 66 (90 324) 613 03 49ERSOYLAR ‹Nfi. SAN. VE T‹C. LTD. fiT‹. (90 324) 321 64 79GÜLEÇ ‹NfiAAT-ADEM GÜLEÇ (90 324) 774 72 19GÜNAY T‹CARET-AL‹ VAROL GÜNAY (90 324) 814 48 87 (90 324) 814 99 78GÜNEY ‹NfiAAT MALZEMELER‹ LTD. fiT‹. (90 324) 320 40 30 (90 324) 321 01 10GÜZEL ‹Nfi. MALZ. TÜT. MAM. LTD. fiT‹. (90 324) 816 44 60IfiIK ‹Nfi. MALZ. GIDA. NAK. LTD. fiT‹. (90 324) 774 68 28‹BRAH‹M ÖZTÜRK ‹Nfi. SAN. LTD. fiT‹. (90 324) 814 17 23‹N-SER-CAM ‹Nfi. SERACILIK LTD. fiT‹. (90 324) 841 31 22KABADAYILAR ‹Nfi. MALZ. NAK. OTOMT. LTD. fiT‹. (90 324) 336 70 15 (90 324) 336 70 17KAYA BR‹KET-MEHMET KAYA (90 324) 774 56 01KOCAO⁄LU ‹NfiAAT TAAHHÜT LTD. fiT‹. (90 324) 841 31 34 (90 324) 841 35 04MEHMET KARAGÖZLÜ T‹CARET (90 324) 625 05 00 (90 324) 613 55 54META TAfiIMACILIK TUR‹ZM LTD. fiT‹. (90 324) 226 35 35OKYAYLAR ‹Nfi. SANAY‹ VE LTD. fiT‹. (90 324) 234 18 91 (90 324) 234 09 20ÖZÇEL‹K DEM‹R T‹CARETHANES‹ (90 324) 625 02 16ÖZERO⁄LU Z‹R. ‹LAÇ K‹M. GÜB. LTD. fiT‹. (90 324) 714 60 76 (90 324) 714 28 75ÖZKAN T‹CARET-AL‹ ÖZKAN (90 324) 751 75 14ÖZPAR ‹NfiAAT SANAY‹ VE T‹C. LTD. fiT‹. (90 324) 226 11 56 (90 324) 226 28 94fiAH‹NLER YAPI MARKET NAK. LTD. fiT‹. (90 324) 613 62 62fiIKfiIK GIDA TARIM YEM ‹Nfi. OTO. LTD. fiT‹. (90 324) 774 02 27TASGÜL TAfiIMACILIK AKARYAKIT ‹Nfi. LTD. fiT‹. (90 324) 624 93 73 (90 324) 613 85 83TEBER‹K ‹Nfi. VETER. VE T‹C. LTD. fiT‹. (90 324) 774 32 46 (90 324) 774 16 28TOSLAKLAR ‹Nfi. T‹C. LTD. fiT‹. (90 324) 851 22 11TÜMAY ‹Nfi. T‹C. LTD. fiT‹. (90 324) 328 00 68 (90 324) 328 00 68UYSAL ‹Nfi. MALZ. T‹C. VE SAN. LTD. fiT‹. (90 324) 320 05 65 (90 324) 336 11 72UYSALLAR NAK. ‹Nfi. GALER‹C‹L‹K LTD. fiT‹. (90 324) 851 39 10 (90 324) 851 21 95UZUNLAR ‹Nfi. GIDA NAK. HAYV. LTD. fiT‹. (90 324) 774 30 83 (90 324) 774 20 34YEfi‹LOVA ‹Nfi. T‹C. LTD. fiT‹. (90 324) 226 00 36YEfi‹LOVACAN ‹NfiAAT TAAH. LTD. fiT‹. (90 324) 226 34 95YILDIRIM T‹CARET-SAL‹H YILDIRIM (90 324) 751 76 40 (90 324) 751 35 74YILDIRIMLAR SAN. VE T‹C. LTD. fiT‹. (90 324) 323 04 55 (90 324) 323 04 56YILMAZ ‹Nfi. NAKL. T‹C. SAN. LTD. fiT‹. (90 324) 774 12 59 (90 324) 774 25 27YILMAZ ‹NfiAAT NAKL‹YE LTD. fiT‹. (90 324) 851 35 64 (90 324) 851 32 16Z‹RVE YAPI MALZEMELER‹ ‹Nfi. PAZ. LTD. fiT‹. (90 324) 323 23 17

MU⁄LA YAPIT ‹Nfi. LTD. fiT‹. (90 252) 316 65 14 (90 252) 316 77 39NEVfiEH‹R BONCUK T‹CARET (90 384) 341 31 17 (90 384) 341 85 40

HEK‹MO⁄LU ‹Nfi. LTD. fiT‹. (90 384) 561 29 20 (90 384) 561 28 26YALAP ‹Nfi. LTD. fiT‹. (90 384) 213 53 49 (90 384) 212 33 82

110 Annual Report

W H I T E C E M E N T S A L E S O F F I C E S ( C O N T I N U E D )

OSMAN‹YE GÜLO⁄LU T‹CARET-MEHMET GÜLO⁄LU (90 328) 814 85 30 (90 328) 324 85 29SEDA ‹Nfi. T‹C. LTD. fiT‹. (90 328) 812 34 55 (90 328) 814 89 38

R‹ZE H. KARAMEHMETO⁄LU (90 464) 217 13 20S‹VAS TÖRE ‹Nfi. LTD. fiT‹. (90 346) 221 47 92 (90 346) 223 60 26

YILTAfi ‹Nfi. A.fi. (90 346) 787 60 34 (90 346) 787 62 63ÖZGÜVEN‹M ‹Nfi. NAK. T‹C. LTD. fiT‹. (90 346) 512 37 70 (90 346) 512 13 87

fiANLIURFA MEHMET TAC‹R (90 414) 313 39 57 (90 414) 312 04 09ÖZ UYANIKO⁄LU ‹Nfi. LTD. fiT‹. (90 414) 313 45 58 (90 414) 314 44 84

TOKAT ATSIZO⁄LU ‹Nfi. LTD. fiT‹. (90 356) 214 86 10 (90 356) 214 18 55YAKAR M‹M. ISI ‹Nfi. A.fi. (90 356) 214 84 24 (90 356) 213 30 23

UfiAK ÜÇLER ‹NfiAAT LTD. fiT‹. (90 276) 223 39 22 (90 276) 227 76 66VAN AKSEL ALTAYLI (90 432) 216 10 36

‹BRAH‹M CALP (90 432) 216 82 40 (90 432) 216 73 20YALOVA CEM‹L DEM‹RYÜREK LTD. fiT‹. (90 226) 813 47 63 (90 226) 812 15 82

Annual Report 111

CITY SELLER TEL FAXADANA ALIÇ KARDEfiLER ‹Nfi. T‹C. LTD. fiT‹. (90 322) 336 30 30 (90 322) 336 40 40

MIZRAK ‹Nfi. T‹C. LTD. fiT‹. (90 322) 311 16 49MUSTAFA ALTAfi ‹NfiAAT NAK. T‹C. LTD. fiT‹. (90 322) 248 77 43 (90 322) 454 30 21NEC‹P COfiKUN (90 322) 248 88 77ORHAN TOPTAN ‹Nfi. LTD. fiT‹. (90 322) 361 65 10ÖZDEM‹R T‹CARET-MUH‹TT‹N ÖZDEM‹R (90 322) 891 48 43SABAHfiEN ‹Nfi. MALZ. TAAH. LTD. fiT‹. (90 322) 361 84 10 (90 322) 361 87 44SA⁄LAM ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 322) 515 81 95SERLINES ‹Nfi. LTD. fiT‹. (90 322) 248 73 66 (90 322) 248 73 67YUSUF KURTGÖZ ‹Nfi. MALZ. T‹C. (90 322) 515 09 20MO⁄OL T‹CARET (90 322) 781 86 79 (90 322) 781 86 79

ADAPAZARI H‹LM‹ YILDIZ ‹Nfi. NAK. SAN. T‹C. LTD. fiT‹. (90 264) 241 00 84 (90 264) 241 00 85MERKEZ T‹CARET-RECEP/MEHMET HAMMAZ (90 264) 517 50 50 (90 264) 517 54 33ÖZDEM‹R ‹NfiAAT-ADNAN ÖZDEM‹R (90 264) 279 23 42 (90 264) 279 23 42

ADIYAMAN ACARLAR ‹Nfi. MALZ. TAAH. LTD. fiT‹. (90 416) 223 29 91 (90 416) 216 03 57AFYON DAKÇ‹M ‹Nfi. A.fi. (90 272) 214 00 66 (90 272) 216 50 25

ENES ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 222) 218 22 22 (90 222) 218 08 79ANKARA AKSU MOZA‹K ‹Nfi. SAN. T‹C. LTD. fiT‹. (90 312) 349 14 76 (90 312) 350 41 21

BEfi‹KTAfiLI ‹NfiAAT MALZ. LTD. fiT‹. (90 312) 349 05 47 (90 312) 349 18 96KARTALKAYA K‹REÇ ‹Nfi. MALZ. ‹Nfi. A.fi. (90 312) 353 12 86 (90 312) 353 94 87ÖZKAN NAKL‹YAT LTD. fiT‹. (90 312) 351 49 42 (90 312) 348 96 86UYSAL KARDEfiLER ‹Nfi. NAK. T‹C. LTD. fiT‹. (90 312) 268 88 59 (90 312) 271 63 04 UZER LTD. fiT‹. (90 312) 384 30 97 (90 312) 623 63 32VOLKAN ACATAY ‹Nfi. VE YAPI MALZ. (90 312) 350 81 81 (90 312) 350 81 81

ANTALYA AS-META ‹Nfi. T‹C. LTD. fiT‹. (90 242) 335 55 81 (90 242) 339 57 90EFE ‹NfiAAT LTD. fiT‹. (90 242) 518 11 56 (90 242) 518 18 43HÜSEY‹N ÇOBAN (90 242) 572 15 42 (90 242) 572 27 59MANAVGAT fiAH‹NLER ‹Nfi. LTD. fiT‹. (90 242) 742 69 11 (90 242) 742 27 37

B‹LEC‹K ARI HAFR‹YAT NAKL. ‹Nfi. LTD. fiT‹. (90 228) 315 16 90 (90 228) 315 45 62BOZKAYA ‹Nfi. GIDA SAN. T‹C. A.fi. (90 228) 315 75 80 (90 228) 315 32 08‹MDAT KILAVUZ (90 228) 315 75 00 (90 228) 315 30 98TEVF‹K EROL ‹Nfi. MALZ. T‹CARET (90 228) 381 21 61 (90 228) 381 21 61UMUTLU T‹CARET-FUAT UMUTLU (90 228) 212 27 36 (90 228) 212 43 16

ESK‹fiEH‹R CÖNGER ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 222) 313 05 20 (90 222) 313 05 22ERPA ‹Nfi. MALZ. LTD. fiT‹. (90 222) 218 22 22 (90 222) 218 08 79HACIBEK‹RO⁄ULLARI LTD. fiT‹. (90 222) 227 91 81 (90 222) 237 77 67HA-DO ‹Nfi. MALZ. SAN. LTD. fiT‹. (90 222) 310 14 52 (90 222) 310 14 54‹NMA ‹Nfi. MALZ. A.fi. (90 222) 325 01 10 (90 222) 325 01 11KIRÇILLAR ‹Nfi MALZ. LTD. fiT‹. (90 222) 250 81 11 (90 222) 250 87 38ÖZEN TARIM ‹Nfi. T‹C. LTD. fiT‹. (90 222) 541 30 20 (90 222) 541 27 85ÖZMENLER TARIM TAfiM. SAN. T‹C. LTD. fiT‹. (90 222) 711 43 25 (90 222) 712 57 69ÖZORTAKLAR ‹Nfi. MALZ. LTD. fiT‹. (90 222) 239 42 60 (90 222) 239 23 99SARIPEKMEZ ‹Nfi. MALZ. LTD. fiT‹. (90 222) 250 33 33 (90 222) 250 83 86

KAHRAMANMARAfi GÖKÇEO⁄LU GÜBRE Z‹RA‹ ‹LAÇ TAR. ÜRN. LTD. (90 344) 235 02 24KAMALAK YAPI MALZ. ‹Nfi. NAKL. LTD. fiT‹. (90 344) 231 98 65 (90 344) 231 98 65MASTER ‹Nfi. TEKST‹L SAN. T‹C. LTD. fiT‹. (90 344) 235 03 65 (90 344) 235 27 25KIRAÇ ‹Nfi. T‹C. LTD. fiT‹. (90 344) 511 45 68 (90 344) 511 30 14DEM‹R T‹CARET (90 344) 413 39 62 (90 344) 413 15 75‹SP‹R-EMEK ‹Nfi. T‹C. LTD. fiT‹. (90 344) 413 45 64 (90 344) 413 28 71TUNÇ T‹CARET (90 344) 413 59 27 (90 344) 413 06 13GÜVENÇ T‹CARET (90 344) 714 10 17 (90 344) 714 10 17

112 Annual Report

E C O M O R T A R S A L E S O F F I C E S

KAYSER‹ FAT‹H ‹Nfi. MALZ. VE T‹C. LTD. (90 352) 240 27 99 (90 352) 240 40 83ARI MARKETÇ‹L‹K (90 352) 336 50 32 (90 352) 331 58 95ARIKAN T‹CARET (90 352) 326 28 48 (90 352) 326 96 25BARBAROS YAPI MALZ. LTD. fiT‹. (90 352) 231 68 14 (90 352) 231 32 64CEYHAN T‹CARET (90 352) 336 49 91 (90 352) 336 50 30ERAS PROJE VE MÜfi. A.fi. (90 352) 322 09 76 (90 352) 330 21 15ERS‹N fiAH‹N (90 352) 330 26 26 (90 352) 330 26 28GÜLER T‹CARET (90 352) 336 79 56 (90 352) 320 52 02H.TATARO⁄LU ‹Nfi. MALZ. A.fi. (90 352) 245 18 28 (90 352) 240 10 50HIRKA T‹CARET (90 352) 338 13 50 (90 352) 338 70 38NET YAPI LTD. fiT‹. (90 352) 240 82 82 (90 352) 245 12 56ÖZCEYHAN T‹CARET (90 352) 240 97 97 (90 352) 245 08 08SERAY T‹CARET (90 352) 336 82 01SER‹M T‹CARET (90 352) 336 49 94 (90 352) 331 58 95TÜRKMEN T‹CARET (90 352) 336 36 12 (90 352) 320 13 15ULUTAfi ‹Nfi. MALZ. A.fi. (90 352) 224 08 07 (90 352) 224 06 04YÜCER T‹CARET (90 352) 240 11 11 (90 352) 240 97 55A. CENG‹ZHAN T‹CARET (90 352) 621 24 39 (90 352) 621 87 44U⁄URLU ‹Nfi. T‹C. LTD. fiT‹. (90 352) 512 17 22 (90 352) 512 16 42GÜLERYÜZ T‹C. LTD. fiT‹. (90 352) 811 27 78 (90 352) 811 24 19

KONYA ÖZÜDO⁄RU NAKL. ‹Nfi. T‹C. LTD. fiT‹. (90 332) 871 20 23 (90 332) 871 27 56KÜTAHYA GÜNER ELEKTR‹K MALZ. A.fi. (90 274) 615 11 40 (90 274) 612 13 14

ÖZATILGANLAR ‹Nfi. MAD. LTD. fiT‹. (90 274) 638 32 74 (90 274) 638 32 84ÖZMETAL ‹Nfi. MALZ. LTD. fiT‹. (90 274) 513 15 95 (90 274) 513 77 07

MALATYA BEfiDO⁄ANLAR ‹Nfi. NAK. LTD. fiT‹. (90 422) 615 14 59 (90 422) 615 33 41MERS‹N ADAfi T‹CARET-EKREM KOÇ (90 324) 715 10 91

ADER ‹Nfi. GIDA T‹C. LTD. fiT‹. (90 324) 515 20 93 (90 324) 515 20 93AHMET YÜKSEL ‹Nfi. MALZ. LTD. fiT‹. (90 324) 320 08 35 (90 324) 321 33 34AKDEN‹Z T‹CARET-MUHAMMET USTA (90 324) 814 35 97ALER ‹Nfi. OTOM. PET. ÜRN. SAN. T‹C. LTD. fiT‹. (90 324) 226 11 38AYDO⁄ANLAR ‹Nfi. MALZ. T‹C. LTD. fiT‹. (90 324) 625 20 51 (90 324) 625 72 46B‹LG‹ END. MALZ. YAPI TAAH. TURZ. LTD. fiT‹. (90 324) 320 32 32B‹LG‹N ‹NfiAAT ‹Nfi. MALZ. OTO T‹C. LTD. fiT‹. (90 324) 324 15 48 (90 324) 324 00 79BORTAfi B‹MS LOJ‹ST‹K ‹Nfi. T‹C. LTD. fiT‹. (90 324) 322 73 95BUCAK T‹C. TUR. SAN. VE PAZ. LTD. fiT‹. (90 324) 614 20 91 (90 324) 624 46 44EKREM UYSAL NAKL‹YE ‹Nfi. MALZ. LTD. fiT‹. (90 324) 714 17 47ERKOÇ M‹MARLIK ‹Nfi. T‹C. LTD. fiT‹. (90 324) 613 10 66 (90 324) 613 03 49ERSOYLAR ‹Nfi. SAN. VE T‹C. LTD. fiT‹. (90 324) 321 64 79GÜLEÇ ‹NfiAAT-ADEM GÜLEÇ (90 324) 774 72 19GÜNAY T‹CARET-AL‹ VAROL GÜNAY (90 324) 814 48 87 (90 324) 814 99 78GÜNEY ‹NfiAAT MALZ. LTD. fiT‹. (90 324) 320 40 30 (90 324) 321 01 10GÜZEL ‹Nfi. MALZ. TÜT. MAM. LTD. fiT‹. (90 324) 816 44 60IfiIK ‹Nfi. MALZ. GIDA. NAK. LTD. fiT‹. (90 324) 774 68 28‹BRAH‹M ÖZTÜRK ‹Nfi. SAN. LTD. fiT‹. (90 324) 814 17 23‹N-SER-CAM ‹Nfi. SERACILIK LTD. fiT‹. (90 324) 841 31 22KABADAYILAR ‹Nfi. MALZ. NAK. OTOMT. LTD. fiT‹. (90 324) 336 70 15 (90 324) 336 70 17KAYA BR‹KET-MEHMET KAYA (90 324) 774 56 01KOCAO⁄LU ‹NfiAAT TAAHHÜT LTD. fiT‹. (90 324) 841 31 34 (90 324) 841 35 04MEHMET KARAGÖZLÜ T‹CARET (90 324) 625 05 00 (90 324) 613 55 54META TAfiIMACILIK TUR‹ZM LTD. fiT‹. (90 324) 226 35 35OKYAYLAR ‹Nfi. SANAY‹ VE LTD. fiT‹. (90 324) 234 18 91 (90 324) 234 09 20ÖZÇEL‹K DEM‹R T‹CARETHANES‹ (90 324) 625 02 16

Annual Report 113

MERS‹N ÖZERO⁄LU Z‹R. ‹LAÇ K‹M. GÜB. LTD. fiT‹. (90 324) 714 60 76 (90 324) 714 28 75ÖZKAN T‹CARET-AL‹ ÖZKAN (90 324) 751 75 14ÖZPAR ‹NfiAAT SANAY‹ VE T‹C. LTD. fiT‹. (90 324) 226 11 56 (90 324) 226 28 94fiAH‹NLER YAPI MARKET NAK. LTD. fiT‹. (90 324) 613 62 62fiIKfiIK GIDA TARIM YEM ‹Nfi. OTO. LTD. fiT‹. (90 324) 774 02 27TASGÜL TAfiIMACILIK AKARYAKIT ‹Nfi. LTD. fiT‹. (90 324) 624 93 73 (90 324) 613 85 83TEBER‹K ‹Nfi. VETER. VE T‹C. LTD. fiT‹. (90 324) 774 32 46 (90 324) 774 16 28TOSLAKLAR ‹Nfi. T‹C. LTD. fiT‹. (90 324) 851 22 11TÜMAY ‹Nfi. T‹C. LTD. fiT‹. (90 324) 328 00 68 (90 324) 328 00 68UYSAL ‹Nfi. MALZ. T‹C. VE SAN. LTD. fiT‹. (90 324) 320 05 65 (90 324) 336 11 72UYSALLAR NAK. ‹Nfi. GALER‹C‹L‹K LTD. fiT‹. (90 324) 851 39 10 (90 324) 851 21 95UZUNLAR ‹Nfi. GIDA NAK. HAYV. LTD. fiT‹. (90 324) 774 30 83 (90 324) 774 20 34YEfi‹LOVA ‹Nfi. T‹C. LTD. fiT‹. (90 324) 226 00 36YEfi‹LOVACAN ‹NfiAAT TAAH. LTD. fiT‹. (90 324) 226 34 95YILDIRIM T‹CARET-SAL‹H YILDIRIM (90 324) 751 76 40 (90 324) 751 35 74YILDIRIMLAR SAN. VE T‹C. LTD. fiT‹. (90 324) 323 04 55 (90 324) 323 04 56YILMAZ ‹Nfi. NAKL. T‹C. SAN. LTD. fiT‹. (90 324) 774 12 59 (90 324) 774 25 27YILMAZ ‹NfiAAT NAKL‹YE LTD. fiT‹. (90 324) 851 35 64 (90 324) 851 32 16Z‹RVE YAPI MALZEMELER‹ ‹NfiAAT PAZ. LTD. fiT‹. (90 324) 323 23 17

OSMAN‹YE GÜLO⁄LU T‹CARET-MEHMET GÜLO⁄LU (90 328) 814 85 30 (90 328) 324 85 29SEDA ‹Nfi. T‹C. LTD. fiT‹. (90 328) 812 34 55 (90 328) 814 89 38

S‹VAS ÖZGÜVEN‹M ‹Nfi. NAK. T‹C. LTD. fiT‹. (90 346) 512 37 70 (90 346) 512 13 87UfiAK ÜÇLER ‹Nfi. MALZ. LTD. fiT‹. (90 276) 223 39 22 (90 276) 227 76 76

114 Annual Report

E C O M O R T A R S A L E S O F F I C E S ( C O N T I N U E D )

CITY SELLER TEL FAXADANA MIZRAK ‹Nfi. T‹C. LTD. fiT‹. (90 322) 311 16 49

MUSTAFA ALTAfi ‹NfiAAT NAK. T‹C. LTD. fiT‹. (90 322) 248 77 43 (90 322) 454 30 21NEC‹P COfiKUN (90 322) 248 88 77ÖZDEM‹R T‹CARET-MUH‹TT‹N ÖZDEM‹R (90 322) 891 48 43SABAHfiEN ‹Nfi. MALZ. TAAH. (90 322) 361 84 10 (90 322) 361 87 44YUSUF KURTGÖZ ‹Nfi. MALZ. T‹C. (90 322) 515 09 20

ADANA SA⁄LAM ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹. (90 322) 515 81 95ADIYAMAN ACARLAR ‹Nfi. MALZ. TAAH. (90 416) 223 29 91 (90 416) 216 03 57

BED‹R BALKAN (90 416) 225 25 00AFYON AFYON B‹RL‹K LTD. fiT‹. (90 272) 215 17 91 (90 272) 213 64 08AKSARAY KARACA ‹Nfi. LTD. fiT‹. (90 382) 215 12 22ANKARA AYK YAPI K‹MYASALLARI SAN. VE LTD. fiT‹. (90 312) 814 48 14 (90 312) 815 48 16

UZUNO⁄LU fiAHVENT SAN. VE T‹C. LTD. fiT‹. (90 312) 354 15 41 (90 312) 385 97 74BEfi‹KTAfiLI ‹Nfi. LTD. fiT‹. (90 312) 349 05 47 (90 312) 349 18 96AKSU LTD. fiT‹. (90 312) 349 14 76 (90 312) 350 41 21VOLKAN ACATAY (90 312) 348 80 49SERA BETON ELEMANLARI (90 312) 350 76 77 (90 312) 350 79 69KARTALKAYA K‹REÇ (90 312) 353 12 86 (90 312) 353 94 87ÖZKAN NAKL‹YAT (90 312) 351 49 42 (90 312) 348 96 86UYSAL KARDEfiLER (90 312) 268 88 59 (90 312) 271 63 04 CANGÜL ‹Nfi. SAN. VE T‹C. A.fi. (90 312) 354 50 80 (90 312) 354 44 05

ANTALYA AS-META ‹Nfi. T‹C. LTD. fiT‹. (90 242) 335 55 81 (90 242) 339 57 90EFE ‹NfiAAT (90 242) 518 11 56 (90 242) 518 18 43HÜSEY‹N ÇOBAN (90 242) 572 15 42 (90 242) 572 27 59MANAVGAT fiAH‹NLER ‹Nfi. SAN. VE T‹C. (90 242) 742 69 11 (90 242) 742 27 37Ç‹MPA A.fi. (90 242) 221 18 21 (90 242) 221 08 71KONURLAR ‹NfiAAT (90 242) 722 32 36 (90 242) 722 17 09YILDIZ ‹Nfi. MALZ. LTD. fiT‹. (90 242) 722 60 70 (90 242) 722 77 17BAfiERGÜN ‹NfiAAT (90 242) 338 35 20 (90 242) 338 35 23YILDIRIMLAR ‹NfiAAT (90 242) 326 05 67 (90 242) 326 05 67

ARDAHAN ERDEM‹ROCAK ‹NfiAAT (90 478) 511 26 44 (90 478) 511 23 20ARTV‹N KES‹MAL A.fi. (90 466) 312 35 77 (90 466) 312 53 87BALIKES‹R BORÇ‹M ‹NfiAAT (90 266) 614 60 61 (90 266) 614 57 60BARTIN YAZLAR PAZ. A.fi. (90 378) 264 55 55 (90 378) 264 51 76BATMAN KURTBAfiLAR (90 488) 214 07 27 (90 488) 213 44 16B‹TL‹S L‹S YAPI MALZEMELER‹ (90 434) 226 82 10 (90 434) 226 84 55BURSA CENG‹ZLER MADENC‹L‹K (90 224) 413 24 34 (90 224) 413 21 20ÇANAKKALE YURDAKUL YAPI (90 286) 712 13 00 (90 286) 712 34 12DEN‹ZL‹ SULAYICI ‹NfiAAT (90 258) 264 07 44 (90 258) 265 11 05

NAMLI ‹NfiAAT (90 258) 213 63 04 (90 258) 213 07 38ÇET‹N ‹Nfi. MALZ. LTD. fiT‹. (90 258) 814 60 12 (90 258) 814 60 12

D‹YARBAKIR ÇAVUfiO⁄LU ‹NfiAAT (90 412) 229 31 26ELAZI⁄ TAfi T‹CARET (90 424) 233 19 95 (90 424) 237 64 81ERZ‹NCAN BEfi‹KTAfiLAR ‹Nfi. LTD. fiT‹. (90 446) 214 90 55ERZURUM HASAN AKAL (90 442) 213 36 84 (90 442) 213 40 07

DEM‹RC‹O⁄LU A.fi. (90 442) 213 38 81 (90 442) 213 38 82ESK‹fiEH‹R ‹NMA A.fi. (90 222) 325 01 10 (90 222) 325 01 11

ERPA ‹NfiAAT LTD. fiT‹. (90 222) 218 22 22 (90 222) 218 08 79GAZ‹ANTEP MIHÇIO⁄LU MOL‹TEKS A.fi. (90 342) 325 76 76 (90 342) 325 76 77G‹RESUN YARAMANLAR ‹NfiAAT (90 454) 216 16 54‹SKENDERUN TANER ‹NfiAAT (90 326) 614 26 00

Annual Report 115

I S I D A Ç S A L E S O F F I C E S

‹STANBUL ÖZTÜRKLER A.fi. (90 212) 871 32 22 (90 212) 871 32 29K‹LTAfi REFRAKTER MALZ. LTD. fiT‹. (90 212) 332 08 25 (90 212) 332 08 15SÖRMAfi SÖ⁄ÜT REFRAKTER MALZ. A.fi. (90 228) 361 35 27 (90 228) 361 56 46TEKNO YAPI A.fi. (90 216) 429 10 00 (90 216) 429 02 00ÖZER ‹Nfi. T‹C. LTD. fiT‹. (90 216) 352 30 32 (90 216) 371 25 29

‹ZM‹R Ç‹⁄L‹ MOZA‹K (90 232) 329 05 13 (90 232) 329 53 72fiATAFLAR ‹NfiAAT (90 232) 433 10 10 (90 232) 433 74 70BAYRAK KÖMÜR LTD. fiT‹. (90 232) 436 28 38 (90 232) 467 00 21KARAO⁄LU ‹NfiAAT (90 232) 435 07 37 (90 232) 435 72 03

KAHRAMANMARAfi GÖKÇEO⁄LU GÜBRE Z‹RA‹ ‹LAÇ TAR. ÜRN. (90 344) 235 02 24KAMALAK YAPI MALZ. ‹Nfi. NAKL. (90 344) 231 98 65 (90 344) 231 98 65MASTER ‹Nfi. TEKST‹L SAN. T‹C. LTD. fiT‹. (90 344) 235 03 65 (90 344) 235 27 25

KARS POSOF T‹CARET (90 474) 223 49 73 (90 474) 223 78 92KASTAMONU TONBULLAR HAZ. BET. VE ‹NfiAAT (90 366) 214 10 96 (90 366) 214 42 72KONYA ARSLAN OTO LTD. fiT‹. (90 332) 346 19 07 (90 332) 346 19 09KÜTAHYA ALKANLAR ‹NfiAAT (90 274) 615 14 16

ÖZMETAL NAK. LTD. fiT‹. (90 274) 513 15 95 (90 274) 513 77 07GÜNER A.fi. (90 274) 612 15 30 (90 274) 612 13 14

MALATYA ACARTAfi ‹NfiAAT (90 422) 322 55 47Ç‹MPA LTD. fiT‹. (90 422) 336 22 88 (90 422) 336 53 65REfiANLAR KAYISI LTD. fiT‹. (90 422) 311 64 77

MAN‹SA KARAATA ‹NfiAAT (90 236) 313 13 08MARD‹N PARLAKLAR PAZ. LTD. fiT‹. (90 482) 482 20 02 (90 482) 462 17 83MERS‹N ADAfi T‹CARET-EKREM KOÇ (90 324) 715 10 91

ADER ‹NfiAAT GIDA LTD. fiT‹. (90 324) 515 20 93 (90 324) 515 20 93AHMET YÜKSEL ‹Nfi. MALZ. LTD. fiT‹. (90 324) 320 08 35 (90 324) 321 33 34AKDEN‹Z T‹CARET-MUHAMMET USTA (90 324) 814 35 97ALER ‹Nfi. OTOM. PET. ÜRN. SAN. LTD. fiT‹. (90 324) 226 11 38AYDO⁄ANLAR ‹Nfi. ML. LTD. fiT‹. (90 324) 625 20 51 (90 324) 625 72 46B‹LG‹ END. MALZ. LTD. fiT‹. (90 324) 320 32 32B‹LG‹N ‹NfiAAT ‹Nfi. MALZ. LTD. fiT‹. (90 324) 324 15 48 (90 324) 324 00 79BUCAK T‹C. TUR. SAN. VE PAZ. LTD. fiT‹. (90 324) 614 20 91 (90 324) 624 46 44EKREM UYSAL NAKL‹YE ‹NfiAAT MALZ. LTD. fiT‹. (90 324) 714 17 47ERSOYLAR ‹Nfi. SAN. VE T‹C. LTD. fiT‹. (90 324) 321 64 79GÜNAY T‹CARET-AL‹ VAROL GÜNAY (90 324) 814 48 87 (90 324) 814 99 78GÜNEY ‹NfiAAT MALZ. LTD. fiT‹. (90 324) 320 40 30 (90 324) 321 01 10‹BRAH‹M ÖZTÜRK (90 324) 814 17 23‹N-SER-CAM ‹Nfi. MALZ. LTD. fiT‹. (90 324) 841 31 22IfiIK ‹Nfi. MALZ. LTD. fiT‹. (90 324) 774 68 28KABADAYILAR ‹Nfi. MALZ. LTD. fiT‹. (90 324) 336 70 15 (90 324) 336 70 17KOCAO⁄LU ‹NfiAAT LTD. fiT‹. (90 324) 841 31 34 (90 324) 841 35 04MEHMET KARAGÖZLÜ (90 324) 625 05 00 (90 324) 613 55 54META TAfiIMACILIK TUR‹ZM LTD. fiT‹. (90 324) 226 35 35OKYAYLAR ‹Nfi. LTD. fiT‹. (90 324) 234 18 91 (90 324) 234 09 20ÖZERO⁄LU Z‹R. ‹LAÇ LTD. fiT‹. (90 324) 714 60 76 (90 324) 714 28 75ÖZPAR ‹NfiAAT LTD. fiT‹. (90 324) 226 11 56 (90 324) 226 28 94fiAH‹NLER YAPI MARKET LTD. fiT‹. (90 324) 613 62 62fiIKfiIK GIDA TARIM YEM ‹Nfi. LTD. fiT‹. (90 324) 774 02 27TASGÜL TAfiIMACILIK ‹Nfi. A.fi. (90 324) 624 93 73 (90 324) 613 85 83UYSAL ‹Nfi. MALZ. T‹C. VE SAN. LTD. fiT‹. (90 324) 320 05 65 (90 324) 336 11 72YEfi‹LOVA ‹Nfi. T‹C. LTD. (90 324) 226 00 36YEfi‹LOVACAN ‹NfiAAT LTD. fiT‹. (90 324) 226 34 95

116 Annual Report

I S I D A Ç S A L E S O F F I C E S ( C O N T I N U E D )

MERS‹N YILDIRIMLAR SAN VE T‹C. LTD. fiT‹. (90 324) 323 04 55 (90 324) 323 04 56YILMAZ ‹Nfi. NAKL. T‹C. SAN. LTD. fiT‹. (90 324) 774 12 59 (90 324) 774 25 27YILMAZ ‹NfiAAT NAKL‹YE LTD. fiT‹. (90 324) 851 35 64 (90 324) 851 32 16Z‹RVE YAPI MALZ. ‹Nfi. PAZ. LTD. fiT‹. (90 324) 323 23 17TÜMAY ‹Nfi. T‹C. LTD. fiT‹. (90 324) 328 00 68 (90 324) 328 00 68BORTAfi B‹MS LOJ‹ST‹K ‹Nfi. T‹C. LTD. fiT‹. (90 324) 322 73 95ERKOÇ M‹MARLIK ‹Nfi. T‹C. LTD. fiT‹. (90 324) 613 10 66 (90 324) 613 03 49

MU⁄LA YAPIT ‹NfiAAT (90 252) 316 65 14 (90 252) 316 77 39NEVfiEH‹R YALAP ‹NfiAAT (90 384) 213 53 49 (90 384) 212 33 82

HEK‹MO⁄LU ‹NfiAAT (90 384) 561 29 20 (90 384) 561 28 26BONCUK T‹CARET-AHMET TOSUN (90 384) 341 31 17 (90 384) 341 85 40

OSMAN‹YE GÜLO⁄LU T‹CARET-MEHMET GÜLO⁄LU (90 328) 814 85 30 (90 328) 324 85 29SEDA ‹Nfi. T‹C. LTD. fiT‹. (90 328) 812 34 55 (90 328) 814 89 38

R‹ZE H. KARAMEHMETO⁄LU (90 464) 217 13 20S‹VAS TÖRE ‹NfiAAT (90 346) 221 47 92 (90 346) 223 60 26

YILTAfi ‹NfiAAT (90 346) 787 60 34 (90 346) 787 62 63fiANLIURFA MEHMET TAC‹R (90 414) 313 39 57 (90 414) 312 04 09

ÖZ UYANIKO⁄LU ‹NfiAAT (90 414) 313 45 58 (90 414) 314 44 84TOKAT ATSIZO⁄LU ‹NfiAAT (90 356) 214 86 10 (90 356) 214 18 55

YAKAR M‹M. ISI ‹NfiAAT (90 356) 214 84 24 (90 356) 213 30 23UfiAK ÜÇLER ‹NfiAAT LTD. fiT‹. (90 276) 223 39 22 (90 276) 227 76 66VAN ‹BRAH‹M CALP (90 432) 216 82 40 (90 432) 216 73 20

AKSEL ALTAYLI (90 432) 216 10 36YALOVA CEM‹L DEM‹RYÜREK (90 226) 813 47 63 (90 226) 812 15 82ZONGULDAK ZONGULDAK YATIRIM A.fi. (90 372) 623 12 14 (90 372) 623 10 07

Annual Report 117

MERS‹N PLANTTel : (90 324) 454 00 60 Pbx Fax : (90 324) 454 00 75 - 454 00 76e-mail : cimsamersin@cimsa.com.tr

MERS‹N REGIONYEN‹HAL PLANT : (90 324) 235 73 14 (2 lines) Fax: (90 324) 235 73 17TECE PLANT : (90 324) 482 26 07 (2 lines) Fax: (90 324) 482 26 09BATIKENT PLANT : (90 324) 341 68 82 Fax: (90 324) 341 68 84TARSUS PLANT : (90 324) 235 73 14 (2 lines) Fax: (90 324) 235 73 17S‹L‹FKE PLANT : (90 324) 235 73 15e-mail : hbmersin@cimsa.com.tr

ANTALYA REGIONÇAKIRLAR PLANT : (90 242) 227 70 90 (2 lines) - 227 87 42 Fax: (90 242) 227 70 90 GEB‹Z PLANT : (90 242) 732 34 37 Fax: (90 242) 732 34 37MANAVGAT PLANT : (90 242) 747 61 74 (2 lines) Fax: (90 242) 747 61 74 ALANYA PLANT : (90 242) 545 42 04 (2 lines) Fax: (90 242) 545 42 04 e-mail : hbantalya@cimsa.com.tr

KAYSER‹ PLANTTel : (90 352) 712 16 48 - 712 16 07Fax : (90 352) 712 22 59e-mail : cimsakayseri@cimsa.com.tr

KAYSER‹ REGIONKUMARLI PLANT : (90 352) 224 67 40 (3 lines) Fax: (90 352) 224 67 44ANBAR PLANT : (90 352) 326 92 43 Fax: (90 352) 326 92 44NEVfiEH‹R PLANT : (90 384) 232 83 95 - 232 82 62 Fax: (90 384) 232 82 62e-mail : hbkayseri@cimsa.com.tr

ADANA REGIONZEYT‹NL‹ PLANT : (90 322) 441 19 01 (3 lines) Fax: (90 322) 441 18 99 M‹S‹S PLANT : (90 322) 394 34 20 (2 lines) Fax: (90 322) 394 34 21K.MARAfi PLANT : (90 344) 234 13 10 - 234 13 11 Fax: (90 344) 234 13 11OSMAN‹YE PLANT : (90 328) 633 24 59 - 633 24 60 Fax: (90 328) 633 24 59 MOB‹L PLANT : (90 533) 472 56 35‹NC‹RL‹K PLANT : (90 322) 346 56 02 - 346 56 04 Fax: (90 322) 346 56 02KARAHAN PLANT : (90 533) 472 56 35e-mail : hbadana@cimsa.com.tr

ESK‹fiEH‹R PLANTTel : (90 222) 411 32 00 PbxFax : (90 222) 411 31 31e-mail : cimsaeskisehir@cimsa.com.tr

ESK‹fiEH‹R REGIONB‹LEC‹K PLANT : (90 228) 216 01 16 - 17 Fax: (90 228) 216 01 18KÜTAHYA PLANT : (90 228) 216 01 16 Fax: (90 228) 216 01 18e-mail : hbeskisehir@cimsa.com.tr

N‹⁄DE PLANTTel : (90 388) 232 36 30 PbxFax : (90 388) 232 36 34e-mail : cimsanigde@cimsa.com.tr

N‹⁄DE REGIONAKSARAY PLANT : (90 382) 266 21 16 - 17 Fax: (90 382) 266 21 18KARAMAN PLANT : (90 388) 224 10 26 Fax: (90 388) 224 10 94ERE⁄L‹ (KONYA) PLANT : (90 332) 710 00 51 Fax: (90 332) 710 00 52e-mail : hbnigde@cimsa.com.tr

118 Annual Report

R E A D Y - M I X E D C O N C R E T E N E T W O R K I N F O R M A T I O N

Ç‹MSA MERS‹N

GYPSUM

ARISOY MADENC‹L‹K T‹C. LTD. fiT‹.DARBO⁄AZ KASABASI ULUKIfiLA, N‹⁄DE / TURKEYTEL : (90 388) 522 43 11 - 522 42 36 -

522 40 62 - (90 522) 216 92 54

‹NKAYA MADENC‹L‹K SAN. VE T‹C. LTD. fiT‹.REfiATBEY MAH. FUZUL‹ CAD. NO: 83ADANA / TURKEYTEL : (90 322) 457 42 86

EKER MADENC‹L‹K ‹NfiAAT NAKL‹YATOTOMOT‹V HAYVANCILIK SANAY‹ VET‹CARET LTD. fiT‹.fiELALE CAD. FEVZ‹ ÇAKMAK KARAKOLUKARfiISI TARSUS, MERS‹N / TURKEYTEL : (90 324) 613 18 29, 624 43 80 FAX : (90 324) 613 05 22

ÖZTAY ‹NfiAAT TAAHHÜT SANAY‹ VET‹CARET LTD. fiT‹.KÜLTÜR MAH. ATATÜRK CAD. NO: 124/3MERS‹N / TURKEYTEL : (90 324) 231 14 73

S‹VAS KAOLIN

‹ÇEL MADENC‹L‹K PETROL NAKL‹YAT‹NfiAAT SAN. VE T‹C. LTD. fiT‹.ÇAKMAK CAD. KAD‹RBEY APT. NO: 25/3MERS‹N / TURKEYTEL : (90 324) 232 13 78 - 233 34 39

ALBITE

CAM-SER MADENC‹L‹K SAN. VE T‹C. A.fi.BAHÇEL‹EVLER MAH. fiAH‹N SOK. NO: 16/ABALIKES‹R / TURKEYTEL : (90 266) 221 30 30 FAX : (90 266) 221 72 22

KALTUN MADENC‹L‹K T‹C. A.fi.AYDIN MU⁄LA KARAYOLU 35. KM.Ç‹NE, AYDIN / TURKEYTEL : (90 256) 729 16 00 FAX : (90 256) 729 16 15

Ç‹NE AKMADEN MADENC‹L‹K T‹C. A.fi.AYDIN MU⁄LA KARAYOLU KARPUZLU YOLAYRIMI 33. KM.Ç‹NE, AYDIN / TURKEYTEL : (90 256) 711 32 17-18 FAX : (90 256) 711 32 19

PYROPHYLYTE

‹MRÜN ENDÜSTR‹ M‹NERALLER‹M‹KRON‹ZE Ö⁄ÜTME SAN. T‹C. LTD. fiT‹.ATATÜRK CAD. PAKKAZANÇ ‹fiHANI KAT: 3 NO: 87 MALATYA / TURKEYTEL : (90 422) 561 20 95 - 322 50 55 -

397 21 80 FAX : (90 422) 561 24 44 - 397 21 81

‹ÇEL MADENC‹L‹K PETROL NAKL‹YAT‹NfiAAT SAN. VE T‹C. LTD. fiT‹.ÇAKMAK CAD. KAD‹RBEY APT. NO: 25/3MERS‹N / TURKEYTEL : (90 324) 232 13 78 - 233 34 39

KARABULUT MAD. END. M‹N. MERMER ‹TL.‹HR. Z‹R. VE ‹LAÇ ‹Nfi. NAK. GIDA MAD.SAN. VE T‹C. LTD. fiT‹.YEN‹KÖY, MALATYA / TURKEYTEL : (90 422) 397 21 80

KOBALT MADENC‹L‹K. NAK. ‹Nfi. PET.TURZ. SAN. VE T‹C. LTD. fiT‹.HALSETT‹N MAH. KAHTALI SOK. YEN‹ADL‹YE SARAYI YANIMALATYA / TURKEYTEL : (90 422) 321 43 11FAX : (90 422) 326 01 10

DO⁄A M‹NERAL MAD. PET. NAK. ‹Nfi. SAN.VE T‹C. LTD. fiT‹.TOROS MAH. KENAN EVREN BULV. 78075SOK. NO: 41 ÇATI APT. KAT: 1 D: 1 ADANA / TURKEYTEL : (90 322) 235 43 56 FAX : (90 322) 233 42 77

YED‹TEPE MAD. END. TAfi. PET. ÜRÜN. ‹TL.‹HR. SAN. VE DIfi. T‹C. LTD. fiT‹.‹SMET ‹NÖNÜ BUL. YAfiAT ‹fi HANI KAT: 4/15MERS‹N / TURKEYTEL : (90 324) 239 09 29

YER MAD. NAKL. ‹MALAT ‹fi MAK. TAH.TAR. LTD. fiT‹. Z‹YAPAfiA BUL. KURUKÖPRÜ MAH.A⁄ANLAR APT. NO: 85/C KAT: 4/7 SEYHAN / TURKEYTEL : (90 322) 363 12 52FAX : (90 322) 363 35 87

PYRITE ASH

TOROS TARIM SAN. VE T‹C. A.fi.TEKFEN TOWER NO: 209 4.LEVENT, ‹STANBUL / TURKEYTEL : (90 212) 357 02 02 FAX : (90 212) 357 02 31

DEM‹RELLER KOLL. fiT‹.HACI CAD. NO: 5ERE⁄L‹, KONYA / TURKEYTEL : (90 332) 713 11 83 FAX : (90 332) 713 04 19

BEYKROM MADENC‹L‹K T‹C. VE SAN. A.fi.U⁄UR MUMCU CADDES‹ NO: 61/2G.OSMANPAfiA, ANKARA / TURKEYTEL : (90 312) 447 25 94

SLAG

TÜRK‹YE DEM‹R VE ÇEL‹K ‹fiLETMELER‹GENEL MÜDÜRLÜ⁄Ü ‹SKENDERUN SATIfi MÜDÜRLÜ⁄Ü‹SKENDERUN / TURKEYTEL : (90 326) 755 51 84 FAX : (90 326) 755 51 84

KARDEM‹R KARABÜK DEM‹R ÇEL‹K SAN.VE T‹C. A.fi.KARABÜK / TURKEYTEL : (90 372) 418 33 85 FAX : (90 372) 412 58 40

KRAFT PAPER BAG-BROWN

SEKA AKDEN‹Z MÜESSESES‹TAfiUCU, S‹L‹FKE / TURKEYTEL : (90 324) 741 25 92 (7 lines) FAX : (90 324) 741 49 97

Annual Report 119

OUR ISO 9000 CERTIFICATED SUPPLIERS FOR THE YEAR 2007

OYKA KA⁄IT AMBALAJ SAN. VE T‹C. A.fi.CEYHAN YOLU 12. KM. PK: 312ADANA / TURKEYTEL : (90 322) 332 92 40 FAX : (90 322) 332 94 26

SEGEZHA PULPAND PAPER MILL186420 SEGEZHA, KRALINRUSIA

SHELTON FORESTRY PRODUCTS LTD. SUITE 23 PARK ROYAL HAUSE 23 PARKNROYALLONDON NW10

‹NTERPAP DIfi T‹C. VE MÜM. A.fi.YAPI KRED‹ PLAZA C BLOK 1/B 80620 LEVENT, ‹STANBUL / TURKEYTEL : (90 212) 270 55 80 FAX : (90 212) 270 54 83

KRAFT PAPER BAG-WHITE

V‹K‹NG KA⁄IT VE SELÜLOZ A.fi.YILDIZ POSTA CAD. KOZA APT. KAT: 3‹STANBUL / TURKEYTEL : (90 212) 274 93 21 - 274 28 65 FAX : (90 212) 274 42 02

UPM KYMMENE COPR.SEVE SEAS P.O. BOX: 380 FI-00101HELSINKI, FINLANDTEL : (00 358) 204 15111FAX : (00 358) 204 15110

F‹NEKS A.fi.fiAfiMAZ PLAZA SAN‹YE ERMUTLU SOK.NO: 4/16 KAT: 8 KOZYATA⁄I, ‹STANBUL / TURKEYTEL : (90 216) 464 53 64 FAX : (90 216) 464 53 63

LAMINATED KRAFT PAPER

CARTIERA DEL CHISEVia tito speri, 81 25018 Mont›chiariITALYTEL : (00 390) 309 653711 FAX : (00 390) 309 651962

ALTES MÜM. ‹Ç VE DIfi T‹C. LTD. fiT‹.‹K‹TELL‹ ATATÜRK SANAY‹ S‹TES‹2. SOK. NO: 29‹K‹TELL‹, ‹STANBUL / TURKEYTEL : (90 212) 221 63 32 FAX : (90 212) 221 63 39

ELECTRICAL MAINTENANCE SERVICES

SFM ELEKTR‹K MAK‹NE OTOMASYON SAN.VE T‹C. LTD. fiT‹.MAHMUD‹YE MAH. ZEYT‹NL‹ BAHÇE CAD.METROPOL ‹fi MRK. MERS‹N / TURKEYTEL : (90 324) 336 47 63 FAX : (90 324) 336 74 37

ÇET‹N ELEKTR‹K ELEKTRON‹K ‹Nfi. MAK.TAfi. SAN. VE T‹C. LTD. fiT‹. NUSRAD‹YE MAH. GMK BULVARI NO: 117/CMERS‹N / TURKEYTEL : (90 324) 337 02 37 FAX : (90 324) 337 02 34

MECHANICAL MAINTENANCE SERVICES

MERS‹N MAK‹NE SANAY‹ A.fi.TOROSLAR MAH. TEKKE CAD. NO: 14MERS‹N / TURKEYTEL : (90 324) 454 01 19 (3 LINES) FAX : (90 324) 454 01 20

CETA MAK‹NA SANAY‹ VE T‹CARET A.fi.LALE SOKAK NO: 11 80620 1. LEVENT, ‹STANBUL / TURKEY

TEL : (90 212) 281 99 28 - 281 87 66 FAX : (90 212) 264 20 06

SEYHAN MAK‹NE END. SAN. VE T‹C. LTD. fiT‹.MERS‹N YOLU ÜZER‹ 10. KMSEYHAN, ADANA / TURKEYTEL : (90 322) 441 13 73 FAX : (90 322) 441 12 33

IRON ORE

ÖZDEM‹RLER MADENC‹L‹K SAN. VE T‹C.LTD. fiT‹.KIZILMURAT MAH. 164 SOK. NO: 5/7TARSUS, MERS‹N / TURKEYTEL : (90 324) 624 23 79 FAX : (90 324) 624 03 76

DEM‹RC‹O⁄LU MADENC‹L‹K T‹C. LTD. fiT‹.KURTULUfi MAH. 17. SOK. SEDA APT. KAT: 1/2 ADANA / TURKEYTEL : (90 322) 453 06 18 FAX : (90 322) 458 03 38

BEYKROM MADENC‹L‹K T‹C. VE SAN. A.fi.U⁄UR MUMCU CADDES‹ NO: 61/2G.OSMANPAfiA, ANKARA / TURKEYTEL : (90 312) 447 25 94

DEMTEKS TEKST‹L ‹TH. ‹HR. LTD. fiT‹.ADANA / TURKEYTEL : (90 322) 453 06 18 FAX : (90 322) 458 03 38

T‹MUÇ‹NLER MADENC‹L‹K PETROL ÜRÜN.‹Nfi. TAAH. NAK. SAN. VE T‹C. A.fi.KAYSER‹ / TURKEY TEL : (90 352) 240 05 46 FAX : (90 352) 240 72 47

S‹S MADENC‹L‹K PETROL ÜRÜNLER‹ SAN.VE T‹C. LTD. fiT‹.KAYSER‹ / TURKEY TEL : (90 352) 221 09 06 FAX : (90 352) 221 09 06

FERMAD MADENC‹L‹K TUR‹ZM ‹Nfi. SAN.VE T‹C. A.fi. ANKARA / TURKEY TEL : (90 312) 287 54 10 FAX : (90 312) 287 54 10

LIMESTONE

TUVENAN (UNCRUSHED LIMESTONE)

ÖZDEM‹RLER MADENC‹L‹K SAN. VE T‹C.LTD. fiT‹.KIZILMURAT MAH. 164 SOK. NO: 5/7 TARSUS, MERS‹N / TURKEYTEL : (90 324) 624 23 79 FAX : (90 324) 624 03 76

ÖZTAY ‹Nfi. TAAH. SAN. VE T‹C. LTD. fiT‹.KÜLTÜR MAH. ATATÜRK CAD. NO: 124/3 MERS‹N / TURKEYTEL : (90 324) 231 14 73, 237 64 14 FAX : (90 324) 237 59 72

120 Annual Report

OUR ISO 9000 CERTIFICATED SUPPLIERS FOR THE YEAR 2007

T‹MIÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.H‹PODROM KARfiISI ADANA / TURKEYTEL : (90 322) 428 09 23 - 428 05 57 FAX : (90 322) 428 16 42

ARISOY MADENC‹L‹K T‹C. LTD. fiT‹.DARBO⁄AZ KASABASIULUKIfiLA, N‹⁄DE / TURKEYTEL :(90 388) 522 43 11 - 522 42 36 -

522 40 62

CANO⁄ULLARI ‹Nfi. TAAH. SAN. LTD. fiT‹.KURTULUfi MAH. Z‹YAPAfiA BULVARI 9. SOK. NO: 8 BÜfiRA APT. ASMA KATSEYHAN, ADANA / TURKEYTEL : (90 322) 459 06 26 FAX : (90 322) 453 61 15

ALACA AKARYAKIT NAKL‹YAT, MADENC‹L‹K‹NfiAAT SANAY‹‹ VE T‹C. LTD. fiT‹.fiEH‹T‹SHAK MAH. 3323 SOK. KAT: 1/5TARSUS, MERS‹N / TURKEYTEL : (90 324) 625 04 34 FAX : (90 324) 625 89 98

CAC‹MLER ‹NfiAAT VE T‹C. LTD. fiT‹.GMK BULVARI ‹ÇEL APT. KAT: 3MERS‹N / TURKEYTEL : (90 324) 328 58 39 FAX : (90 324) 327 95 55

AGGREGATE (CRUSHED LIMESTONE)

ÖZDEM‹RLER MADENC‹L‹K SAN. VE T‹C.LTD. fiT‹.KIZILMURAT MAH. 164 SOK. NO: 5/7 TARSUS, MERS‹N / TURKEYTEL : (90 324) 624 23 79 FAX : (90 324) 624 03 76

ORTAfi NAK. ‹Nfi. TAAH. OTO. PETROLÜRÜN. MADENC‹L‹K SAN. VE T‹C. LTD. fiT‹.KÜLTÜR MAH. 223 SOK. SÜMER APT. NO: 9/1 MERS‹N / TURKEYTEL : (90 324) 232 47 55 - 56 - 57 FAX : (90 324) 232 47 58

ÖZ-ER ‹NfiAAT TAAHHÜT NAKL‹YE PETROLTUR‹ZM SAN. VE T‹C. LTD. fiT‹.SANAY‹ S‹TES‹ E/18 BLOK NO: 5 KAT: 2MERS‹N / TURKEYTEL : (90 324) 235 13 09

ÖZTAY ‹NfiAAT TAAH. SAN. VE T‹C. LTD. fiT‹.KÜLTÜR MAH. ATATÜRK CAD. NO: 124/3 MERS‹N / TURKEYTEL : (90 324) 231 14 73 - 237 64 14 FAX : (90 324) 237 59 72

T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.H‹PODROM KARfiISIADANA / TURKEYTEL : (90 322) 428 09 23 - 428 05 57 FAX : (90 322) 428 16 42

CANO⁄ULLARI ‹Nfi. TAAH. SAN. LTD. fiT‹.KURTULUfi MAH. Z‹YAPAfiA BULVARI 9. SOK. NO: 8 BÜfiRA APT. ASMA KATSEYHAN, ADANA / TURKEYTEL : (90 322) 459 06 26 FAX : (90 322) 453 61 15

CAC‹MLER ‹NfiAAT VE T‹C. LTD. fiT‹.GMK BULVARI ‹ÇEL APT. KAT: 3MERS‹N / TURKEYTEL : (90 324) 328 58 39 FAX : (90 324) 327 95 55

ALACA AKARYAKIT NAK. MADENC‹L‹K ‹Nfi. SAN. VE T‹C. LTD. fiT‹.fiEH‹T‹SHAK MAH. 3323 SOK. KAT: 1/5TARSUS, MERS‹N / TURKEYTEL : (90 324) 625 04 34 FAX : (90 324) 625 89 98

MARBLE (MOSAIC)

ÖZÇA⁄LAR PETROL ‹Nfi. MALZ. T‹C. VESAN. LTD. fiT‹. TERM‹NAL YANI N‹⁄DE / TURKEYTEL : (90 388) 213 74 11 - 213 48 11 -

212 08 89 FAX : (90 388) 213 48 11

ARISOY MADEN SAN. T‹C. LTD. fiT‹.DARBO⁄AZ KASABASI ULUKIfiLA, N‹⁄DE / TURKEYTEL : (90 388) 522 40 11 - 522 42 36

KAYAD‹B‹ HARF. MADEN TAR. NAK.AKARY. SAN. T‹C. LTD. fiT‹.ACIPINAR MEVK‹ ULUKIfiLA, N‹⁄DE / TURKEYTEL : (90 532) 297 14 62

DOLOMITE

BUR-CAN MADENC‹L‹K TAAHHÜT NAKL‹YE,PETROL SANAY‹‹ VE T‹C. LTD. fiT‹.KÜLTÜR MAH. 4316 SOK. HALE APT. KAT: 1/1 MERS‹N / TURKEYTEL : (90 324) 231 14 73 FAX : (90 324) 237 64 14

CLAY-TRASS

ARISOY MADEN SAN. T‹C. LTD. fiT‹.DARBO⁄AZ KASABASIULUKIfiLA, N‹⁄DE / TURKEYTEL : (90 388) 522 40 11

T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fiH‹PODROM KARfiISI ADANA / TURKEYTEL : (90 322) 428 09 23 - 428 05 57 FAX : (90 322) 428 16 42

E. ÖZCAN ALTUNCU YIKANMIfi KUM ÇAKILVE TIR NAK. TAAHHÜT ‹fiLER‹ ADANA YOLU N‹⁄BAfi A.fi. KARfiISI N‹⁄DE / TURKEYTEL : (90 388) 213 12 26 - 213 99 24

BAUXITE

DEM‹RELLER TARIM MADENC‹L‹K PET.SAN. VE T‹C. LTD. fiT‹.ATATÜRK CAD. NO: 60AYRANCI, KARAMAN / TURKEYTEL : (90 332) 713 11 83 FAX : (90 332) 713 04 19

CAM-SER MADENC‹L‹K SAN. VE T‹C. A.fi.BAHÇEL‹EVLER MAH. fiAH‹N SOK. NO: 16/ABALIKES‹R / TURKEYTEL : (90 266) 221 30 30 FAX : (90 266) 221 72 22

Annual Report 121

SAND

EKER MADENC‹L‹K ‹Nfi. NAK. OTO.HAYVANCILIK SAN. VE T‹C. LTD. fiT‹.fiELALE CAD. FEVZ‹ ÇAKMAK KARAKOLUKARfiISITARSUS, MERS‹N / TURKEYTEL : (90 324) 613 18 29 - 624 43 80 FAX : (90 324) 613 05 22

BAYSALO⁄LU NAK. MADEN HURDAKIRTAS‹YE OTOMOTIV AKARYAKIT SAN.VE. T‹C. LTD. fiT‹.TARSUS-MERS‹N ORGAN‹ZE SANAY‹ G‹R‹fi‹NO: 5 HUZURKENTTARSUS, MERS‹N / TURKEYTEL : (90 324) 646 37 09 FAX : (90 324) 646 44 98

DEN‹Z ‹NfiAAT LTD. fiT‹.GÜNDO⁄DU MAH. Ç‹FÇ‹LER CAD.NO: 50 DEN‹Z PETROLMERS‹N / TURKEYTEL : (90 324) 234 92 34 FAX : (90 324) 235 26 45

ADK MADENC‹L‹K OTO. ‹fi. MAK. PET. TUR.‹Nfi. MAK. TAH. NAK. GIDA. REK. SAN. T‹C.LTD. fiT‹.ONUR MAH. 77. SOK. NO: 59 KAT: 1SEYHAN, ADANA / TURKEYTEL : (90 322) 456 19 11

KARSER MADENC‹L‹K NAK. ‹Nfi. ‹TH. ‹HR.SAN. VE T‹C. LTD. fiT‹.MAHMUTLU MAH. ZEYT‹NBEL‹ SOK. NO: 1 KOZAN, ADANA / TURKEYTEL : (90 322) 515 00 67 FAX : (90 322) 515 00 67

CRUSHING OPERATIONS

SFM ELEKTR‹K MAK‹NE OTOMASYON SAN.VE T‹C. LTD. fiT‹.MAHMUD‹YE MAH. ZEYT‹NL‹ BAHÇE CAD.METROPOL ‹fi MRK.MERS‹N / TURKEYTEL : (90 324) 337 02 37 FAX : (90 324) 337 02 34

T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.H‹PODROM KARfiISI ADANA / TURKEYTEL : (90 322) 428 09 23 - 428 05 57

ASYA NAKL‹YAT VE DIfi T‹C. LTD. fiT‹.MERS‹N YOLU ÜZER‹ 10. KM ADANA / TURKEYTEL : (90 322) 441 13 13 FAX : (90 322) 441 00 28

SANER T‹CARET LTD. fiT‹.G.M.K. BULVARI NO: 54 KARTEPE APT. 1/7 MERS‹N / TURKEYTEL : (90 324) 323 33 04 - 05

INDUSTRIAL FACILITY OPERATIONS

SFM ELEKTR‹K MAK‹NE OTOMASYON SAN.VE T‹C. LTD. fiT‹.MAHMUD‹YE MAH. ZEYT‹NL‹ BAHÇE CAD.METROPOL ‹fi MRK.MERS‹N / TURKEYTEL : (90 324) 441 46 02 FAX : (90 324) 441 46 04

T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.H‹PODROM KARfiISI ADANA / TURKEYTEL : (90 322) 428 09 23 - 428 05 57FAX : (90 322) 428 16 42

ASYA NAKL‹YAT VE DIfi T‹CARET LTD. fiT‹.MERS‹N YOLU ÜZER‹ 10. KM ADANA / TURKEYTEL : (90 322) 441 13 13 FAX : (90 322) 441 00 28

CONSTRUCTION MACHINERY ANDSERVICES

T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.H‹PODROM KARfiISI ADANA / TURKEY TEL : (90 322) 428 09 23 - 428 05 57 FAX : (90 322) 428 16 42

ASYA NAKL‹YAT VE DIfi T‹CARET LTD. fiT‹.MERS‹N YOLU ÜZER‹ 10.KM ADANA / TURKEYTEL : (90 322) 441 13 13 FAX : (90 322) 441 00 28

‹S BETON TAfi. ‹Nfi. SAN. T‹C. LTD. fiT‹.M. KEMAL MAH. ‹. KARAO⁄LANO⁄LU CAD.NO: 102 SÖ⁄ÜT APT.‹SKENDERUN, LINESAY / TURKEYTEL : (90 326) 618 34 90 FAX : (90 326) 614 34 89

PAPER BAG MANUFACTURING

OYKA KA⁄IT AMBALAJ SAN. VE T‹C.A.fi.CEYHAN YOLU ÜZER‹ 12. KM PK: 312 ADANA / TURKEYTEL : (90 322) 332 92 40 FAX : (90 322) 332 94 26

(KRAFT) PAPER BAG FACILITY OPERATIONS

OYKA KA⁄IT AMBALAJ SAN. VE T‹C. A.fi.CEYHAN YOLU ÜZER‹ 12.KM PK: 312 ADANA / TURKEYTEL : (90 322) 332 92 40 FAX : (90 322) 332 94 26

SANER T‹CARET LTD. fiT‹.G.M.K. BULVARI NO: 54 KARTEPE APT. 1/7 MERS‹N / TURKEYTEL : (90 324) 323 33 04 - 05

SFM ELEKTR‹K MAK‹NE OTOMASYON SAN.VE T‹C. LTD. fiT‹.MAHMUD‹YE MAH. ZEYT‹NL‹ BAHÇE CAD.METROPOL ‹fi MRK.MERS‹N / TURKEYTEL : (90 324) 337 02 37 FAX : (90 324) 337 02 34

LOADING-UNLOADING

SANER T‹CARET LTD. fiT‹.G.M.K. BULVARI NO: 54 KARTEPE APT. 1/7 MERS‹N / TURKEYTEL : (90 324) 323 33 04 - 05 FAX : (90 324) 323 33 06

PACKAGING-FILLING-LOADING

SFM ELEKTR‹K MAK‹NE OTOMASYON SAN.VE T‹C. LTD. fiT‹.MAHMUD‹YE MAH. ZEYT‹NL‹ BAHÇE CAD.METROPOL ‹fi MRK.MERS‹N / TURKEYTEL : (90 324) 337 02 37 FAX : (90 324) 337 02 34

122 Annual Report

OUR ISO 9000 CERTIFICATED SUPPLIERS FOR THE YEAR 2007

USTAO⁄LU MÜTEAHH‹TL‹K-MET‹NUSTAO⁄LUÇ‹MSA KAYSER‹ TES‹S‹ YANI KAYSER‹ / TURKEYTEL : (90 352) 712 20 93 GSM : (90 532) 285 00 87

CEMAH TUR‹ZM ‹NfiAAT NAK. PET. ÜR. T‹C. VE SAN. LTD. fiT‹.AHMET ERSOY CAD. ALACA ‹fiHANI NO: 9 KAT: 7 MERS‹N / TURKEYTEL : (90 324) 337 35 60 FAX : (90 324) 337 35 59

SANER T‹CARET LTD. fiT‹.G.M.K.BULVARI NO: 54 KARTEPE APT. 1/7 MERS‹N / TURKEYTEL : (90 324) 323 33 04 - 05

GÖKHAN ‹NfiAAT TAHM‹L TAHL‹YE T‹C.LTD. fiT‹.ÇINARLI MAH. 5. SOK. C‹VAN ‹fiHANI KAT: 4 NO: 9 ADANA / TURKEYTEL : (90 322) 336 37 52 FAX : (90 322) 363 02 91

QUARRY OPERATIONS

T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.H‹PODROM KARfiISI ADANA / TURKEYTEL : (90 322) 428 09 23 - 428 05 57 FAX : (90 322) 428 16 42

PETROCOKE

TCP PETCOKE CORP.1114 AVENUE OF THE AMERICAS.NEWYORK, USATEL : 001 212 512 9720 FAX : 001 212 719 2249

CAPEX INDUSTRIES L‹M‹TEDMARNE HAUSE 24 MOUNT EPHRA‹M ROADTUNBR‹DGE WELLS KENT TN1 1EDTEL : 001892 546400 FAX : 001892 546118

BAMAK KATI YAKIT SAN. A.fi.ORGAN‹ZE SANAY‹ BÖLGES‹SARI SEK‹, ‹SKENDERUN / TURKEYTEL : (90 326) 656 27 70 FAX : (90 326) 656 27 72

‹RTEMCEM LTD. fiT‹.SEDAT S‹MAV‹ SOKAK. 21/A ÇANKAYA, ANKARA / TURKEYTEL : (90 312) 438 70 78 FAX : (90 312) 442 88 43

ATAKAfi T‹C. VE NAK. LTD. fiT‹.ÇAY MAH. SAH‹L CAD. NO: 24/1 ‹SKENDERUN / TURKEYTEL : (90 326) 613 00 82 FAX : (90 326) 613 57 89

Ç‹MSA KAYSER‹

LIMESTONE QUARRY OPERATIONS

T‹MUÇ‹NLER MADENC‹L‹K PETROLÜRÜNLER‹ ‹Nfi. TAAH. SAN. VE T‹C. A.fi.TALATPAfiA MAH. ULUBATLI CAD. NO: 13ARGINCIK, KAYSER‹ / TURKEYTEL : (90 352) 240 05 46 - 240 72 67 - 68FAX : (90 352) 240 72 47

TRASS SELLERS

T‹MUÇ‹NLER MADENC‹L‹K PETROLÜRÜNLER‹ ‹Nfi. TAAH. SAN. VE T‹C. A.fi.TALATPAfiA MAH. ULUBATLI CAD. NO: 13ARGINCIK, KAYSER‹ / TURKEYTEL : (90 352) 240 05 46 - 240 72 67 - 68FAX : (90 352) 240 72 47

GYPSUM QUARRY OPERATIONS

T‹MUÇ‹NLER MADENC‹L‹K PETROLÜRÜNLER‹ ‹Nfi. TAAH. SAN. VE T‹C. A.fi.TALATPAfiA MAH. ULUBATLI CAD. NO: 13ARGINCIK, KAYSER‹ / TURKEYTEL : (90 352) 240 05 46 - 240 72 67 - 68FAX : (90 352) 240 72 47

CLAY QUARRY OPERATIONS

T‹MUÇ‹NLER MADENC‹L‹K PETROLÜRÜNLER‹ ‹Nfi. TAAH. SAN. VE T‹C. A.fi.TALATPAfiA MAH. ULUBATLI CAD. NO: 13ARGINCIK, KAYSER‹ / TURKEYTEL : (90 352) 240 05 46 - 240 72 67 - 68FAX : (90 352) 240 72 47

IGNIMBIRIT RESIDUE SELLERS

K‹LTAfi ‹NfiAAT KUM HAFR‹YAT LTD. fiT‹.‹NÖNÜ BLV. GÖNÜL ‹fi MRK. NO: 22/702KAYSER‹ / TURKEYTEL : (90 352) 320 06 23FAX : (90 352) 320 98 73

TRANSPORTATION

UYMAZ HAR. NAK. ‹Nfi. TAH. TAfi. MAD.PETROL TAR. ÜR. BES. GIDA. ET VE ET ÜR.SAN. VE T‹C. LTD. fiT‹.A⁄IRNAS KASABASI ESENYURT CAD. NO: 4MEL‹KGAZ‹, KAYSER‹ / TURKEYTEL : (90 533) 352 34 54

AR-AS NAKL‹YAT PETROL TIR GARAJI‹fiLETMES‹ T‹C. SAN. LTD. fiT‹.TARSUS YOLU ÜZER‹ SERBEST BÖLGEKARfiISI MERS‹N / TURKEYTEL : (90 324) 234 21 65FAX : (90 324) 234 78 37

GAR‹P LOJ‹ST‹K H‹ZMETLER LTD. fiT‹.‹SMET ‹NÖNÜ BULVARI TARSUS CAD.YILMAZ ‹fiHANI NO: 68 MERS‹N / TURKEYTEL : (90 324) 454 01 52 - 53 - 54FAX : (90 324) 454 01 55

S. S. PINARBAfiI MOTORLU TAfiIYICILARKOOPERAT‹F‹ HASTANE CAD. BELED‹YE DÜKKANLARI NO: 38 PINARBASI, KAYSER‹ / TURKEYTEL : (90 352) 512 11 24FAX : (90 352) 512 38 62

Annual Report 123

ÖZ-TRANS ULUSL. NAK. ‹Nfi. ‹TH. ‹HR. SAN.T‹C. LTD. fiT‹.SAVAfi MAH. fiEH‹T PAM‹R CAD. SAL‹M‹fiHANI KAT: 3 ‹SKENDERUN / TURKEYTEL : (90 326) 613 70 10FAX : (90 326) 614 61 32

PACKAGING

SFM MÜHEND‹SL‹K TEKN‹K H‹ZMETLERNAK. TEM. YEM. SANAY‹ VE T‹C. LTD. fiT‹.‹ST‹KLAL CAD. T.S.G. L‹SES‹ KAR. MAHMUTSUD‹ APT. A BLOK KAT: 6 NO: 15MERS‹N / TURKEYTEL : (90 324) 238 09 80FAX : (90 324) 238 10 95

SECURITY SERVICES

METTEK GÜVENL‹K ORG. A.fi.MET GROUP PLAZA BARBAROS MAH.YAVUZ SEL‹M CAD. NO: 21 YEN‹SAHRA, ‹STANBUL / TURKEYTEL : (90 216) 472 89 21 FAX : (90 216) 472 89 17

CRUSHING OPERATIONS

MERT CEM TEKN‹K H‹ZMETLER NAK. TEM.YEM. SAN. VE T‹C. LTD. fiT‹.‹ST‹KLAL CAD. T.S.G. L‹SES‹ KAR. MAHMUTSUD‹ APT. A BLOK KAT: 6 NO: 15MERS‹N / TURKEYTEL : (90 324) 238 09 80FAX : (90 324) 238 10 95

CATERING SERVICES

KAR‹ZMA RESTAURANTERC‹YES KAYAK MERKEZ‹ H‹SARCIK, KAYSER‹ / TURKEYTEL : (90 533) 514 69 55

CLEANING SERVICES

BURAK TEM‹ZL‹KHACIMANSUR MAH. KARAKUfi SOK. ERAS‹fi MERKEZ‹ NO: 5/412 KAYSER‹ / TURKEYTEL : (90 352) 330 50 12FAX : (90 352) 330 50 36

Ç‹MSA ESK‹fiEH‹R

LIMESTONE-CLAY-INTERNALTRANSPORTATION SERVICES

ÖZÇ‹FTAY ‹Nfi. MAD. TUR. SAN. T‹C. A.fi.A. ÖVEÇLER 77. SOK. NO: 18/8 D‹KMEN, ANKARA / TURKEYTEL : (90 312) 472 76 77 FAX : (90 312) 472 20 87

TRASS

CENG‹Z MADENC‹L‹KPEHL‹VAN SOK. NO: 1 KAT: 2 BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 314 53 63 FAX : (90 228) 314 78 09

ÇINAR MADENC‹L‹KESK‹fiEH‹R CAD. NO: 7 SÖ⁄ÜT, B‹LEC‹K / TURKEYTEL : (90 222) 411 32 11 FAX : (90 222) 411 28 30

BAUXITE

BOZKAYA ‹NfiAAT GIDA SAN. VE T‹C. A.fi.KUMLUK CAD. NO: 1 BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 315 10 67FAX : (90 228) 315 32 08

BEYKROM MADENC‹L‹K T‹C. VE SAN. A.fi.U⁄UR MUMCU CAD. NO: 61/2 GOP, ANKARA / TURKEYTEL : (90 312) 447 25 94FAX : (90 312) 436 37 62

IRON ORE

fiENKA YAPI SANAY‹ T‹C. A.fi.MEfiRUT‹YET CAD. NO: 46/12 ANKARA / TURKEYTEL : (90 312) 430 35 07 FAX : (90 312) 430 35 09

ÖZÇ‹FTAY ‹Nfi. MAD. TAHH. TURZ. SAN. VET‹C. A.fiA. ÖVEÇLER 77. SOK. NO: 18/8 D‹KMEN, ANKARA / TURKEYTEL : (90 312) 472 76 77FAX : (90 312) 472 20 87

GYPSUM

AKYÜZ MADENC‹L‹K ‹Nfi. ORM. ÜRÜN. ‹ÇVE DIfi T‹C. LTD. fiT‹.GÜFTE SOKAK KAVAKLIDERE, ANKARA / TURKEYTEL : (90 312) 417 62 26FAX : (90 312) 417 62 28

GYPSUM (CRUSHED)

ECZACIBAfiI ALÇI KIRI⁄IESK‹fiEH‹R KARAYOLU ÜZER‹ 4. KM.BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 314 04 00FAX : (90 228) 314 09 00

ESV‹T ALÇI KIRI⁄IOSB. 9. CAD. NO: 48 ESK‹fiEH‹R / TURKEYTEL : (90 222) 236 16 76FAX : (90 222) 236 16 81

COAL (Local Lignite)

G.L.‹. TUNÇB‹LEK KÖMÜR ‹fiLETMELER‹TAVfiANLI, KÜTAHYA / TURKEYTEL : (90 274) 614 10 07FAX : (90 274) 614 59 94

TK‹. EGE L‹NY‹TLER‹ ‹fiLETMES‹PK: 6 SOMA, MAN‹SA / TURKEYTEL : (90 236) 637 10 10FAX : (90 236) 613 20 13

CENG‹Z MAD. NAKL. VE ‹Nfi. SAN. LTD. fiT‹. PEHL‹VAN SOK. NO: 1 KAT: 2 BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 314 53 63FAX : (90 228) 314 78 09

COAL (Imported Dust)

TORBAPAK MAD. SAN. T‹C. A.fi.ÇERKEfiL‹ KÖYÜ ÖREN MEVK‹ D‹LOVASI, GEBZE / TURKEYTEL : (90 212) 222 27 00FAX : (90 212) 222 78 84

124 Annual Report

OUR ISO 9000 CERTIFICATED SUPPLIERS FOR THE YEAR 2007

CENG‹Z MAD. NAKL. VE ‹Nfi. SAN. LTD. fiT‹. PEHL‹VAN SOK. NO: 1 KAT: 2 BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 314 53 63FAX : (90 228) 314 78 09

ODAK ‹NfiAAT MÜH. MAD. SAN. T‹C. A.fi.fiEH‹T MEHMET FAT‹H ÖNGÜL SOK. NO: 6KOZYATA⁄I, ‹STANBUL / TURKEYTEL : (90 216) 372 14 00

CEMENT CHEMICAL ADDITIVES

GRACE A.fi.‹ST. K‹MYA SAN. O.S.B. E/8 BLOK‹STANBUL / TURKEYTEL : (90 216) 593 09 63FAX : (90 216) 593 09 63

KATSAN K‹MYA SAN. LTD. fiT‹.fiAfiMAZ S‹TES‹ A BLOK CEMALBEY ‹fiHANI KAT: 5 NO: 21 KOZYATA⁄I, ‹STANBUL / TURKEYTEL : (90 216) 380 09 89FAX : (90 216) 380 10 49

CHRYSO-KAT KATKI MALZEMELER‹ SAN.VE T‹C. A.fi.AfiURO⁄LU DERES‹ KUYULAR MEVK‹‹SANAY‹ CAD. NO: 26 GEBZE / TURKEYTEL : (90 262) 653 91 46FAX : (90 262) 653 78 31

KRAFT BAG MANUFACTURING

OYKA KA⁄IT AMBALAJ CEYHAN YOLU 12. KM. ADANA / TURKEYTEL : (90 322) 332 92 40FAX : (90 322) 332 94 26

CALIBRATION

KALMET LTD. fiT‹.SIRAM EfiELER MAH. KANARYA CAD. NO:18 BURSA / TURKEYTEL : (90 224) 232 17 37FAX : (90 224) 232 17 38

TSENECAT‹BEY CAD. NO: 112 ANKARA / TURKEYTEL : (90 312) 416 62 00FAX : (90 312) 416 64 18

SECURITY SERVICES

MET GRUP GÜVENL‹K ORG. A.fi. MAH. YAVUZ SEL‹M CAD. NO: 21YEN‹SAHRA, ‹STANBUL / TURKEYTEL : (90 216) 472 89 21FAX : (90 216) 472 89 17

PERSONNEL TRANSPORTATION

‹SMA‹L AYAZ SEYALINES ‹fiLETMES‹ZAFER MAH. CAM‹ SOK. 13 ESK‹fiEH‹R / TURKEYTEL : (90 222) 227 89 89FAX : (90 222) 227 89 47

CLEANING SERVICES

ISS TES‹S YÖNET‹M H‹ZMETLER‹ A.fi.KORE fiEH‹TLER‹ CAD. M‹THATULUÜNLÜBEY SOK. NO: 23 Z‹NC‹RL‹KUYU, ‹STANBUL / TURKEYTEL : (90 212) 354 74 00FAX : (90 212) 217 85 76

CATERING SERVICES

ÖMÜR YEMEK A.fi.SARAYCIK CAD. NO: 6 BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 314 49 30FAX : (90 228) 314 49 35

DISPACHTING LOADING SERVICES

CEMAH TUR‹ZM ‹Nfi. NAK. AKAR. ÜRÜN.SAN. T‹C. LTD. fiT‹.A.MENDERES BLV. 1208 SOK. SÖZMEN APT. C BLOK NO: 7MERS‹N / TURKEYTEL : (90 324) 328 90 11FAX : (90 324) 328 89 79

MECHANICAL MAINTENANCE SERVICES

B‹LG‹N MAK‹NACIBELED‹YE ‹fi HANI NO: 102 BOZÜYÜK, B‹LEC‹K / TURKEYTEL : (90 228) 314 12 56FAX : (90 228) 314 12 56

Ç‹MSA N‹⁄DE

GYPSUM

ARISOY LOJ‹ST‹K H‹Z. MAD. T‹C. LTD. fiT‹.DARBO⁄AZ KASABASI ULUKIfiLA, N‹⁄DE / TURKEYTEL : (90 324) 614 69 00 - 01 GSM : (90 533) 435 23 23

‹NKAYA MADENC‹L‹K SAN. VE LTD. fiT‹.YOLGEÇEN MAH. T. CEMAL BER‹KEL BLV.NO: 579 ADANA / TURKEYTEL : (90 322) 441 03 43 FAX : (90 322) 441 17 16

CLAY - TRASS - MARL (LIMESTONE)

E. ÖZCAN ALTUNCU YIKANMIfi KUM NAK.TAH. ‹fiL.ADANA YOLU N‹⁄BAfi A.fi. KARfiISIN‹⁄DE / TURKEYTEL : (90 388) 232 60 19 FAX : (90 388) 213 99 24

BEST‹M BETON TES. T‹C. VE SAN. LTD. fiT‹.KAYSER‹ YOLU 1 . KMN‹⁄DE / TURKEYTEL : (90 388) 213 37 15 FAX : (90 388) 232 39 40

fiAH‹NER ‹Nfi. TUR. NAK. LTD. fiT‹.STADYUM CAD. NO: 16N‹⁄DE / TURKEYTEL : (90 388) 232 12 12 FAX : (90 388) 212 62 80

Annual Report 125

D‹NÇ HAFR‹YAT - SEYF‹ D‹NÇÖNADIM PASAJI NO: 18 N‹⁄DE / TURKEYTEL : (90 388) 213 14 95 FAX : (90 388) 233 36 43

‹MGE ‹Nfi. SAN. T‹C. LTD. fiT‹.MESUD‹YE MAH. 110. CAD. NO: 66/AMERS‹N / TURKEYTEL : (90 324) 337 04 44 FAX : (90 324) 337 28 44

ERKA ERC‹YES ‹Nfi. NAK. SAN. VE T‹C. LTD. fiT‹.SANAY‹ S‹TES‹ E/18 BLOK NO: 10MERS‹N / TURKEYTEL : (90 324) 234 16 50 FAX : (90 324) 235 13 09

ASYA NAKL‹YAT DIfi T‹C. LTD. fiT‹.MERS‹N YOLU ÜZER‹ 10. KMADANA / TURKEYTEL : (90 322) 441 13 13 FAX : (90 322) 441 00 28

T‹MUÇ‹N NAKL‹YAT HAFR‹YAT VE T‹C. A.fi.H‹PODROM KARfiISI ADANA / TURKEYTEL : (90 322) 428 09 23 FAX : (90 322) 428 16 42

PACKAGING

KARDEfiLER MÜT. LTD. fiT‹.ELHACI MAHMUT CAD. AKDO⁄AN ‹fi MRK.KAT: 2 NO: 14N‹⁄DE / TURKEYTEL : (90 388) 232 62 47 FAX : (90 388) 233 95 15

CEMAH TUR. ‹Nfi. NAK. PET. ÜRÜN. T‹C. VESAN. LTD. fiT‹.PALM‹YE MAH. ADNAN MENDERES BLV.1208 SOK. SÜZMEN APT.MERS‹N / TURKEYTEL : (90 324) 328 90 11 FAX : (90 324) 328 89 79

GÖKHAN ‹Nfi. TAHM‹L TAHL. T‹C. LTD. fiT‹.ÇINARLI MAH. 5. SOK. C‹VAN ‹fi HANI NO: 9ADANA / TURKEYTEL : (90 322) 363 02 91 FAX : (90 322) 363 41 55

SFM MÜH. TEK. H‹Z. T‹C. LTD. fiT‹.CAM‹‹ fiER‹F MAH. 5213 SOK. TUNCAY ‹fiHANI KAT: 4 NO: 7MERS‹N / TURKEYTEL : (90 324) 238 09 80 FAX : (90 324) 238 10 95

MAV‹ ANADOLU ‹Nfi. T‹C. LTD. fiT‹.ATATÜRK MAH. 57. SOK. EM‹N APT. MERS‹N / TURKEYTEL : (90 324) 358 33 94 FAX : (90 324) 358 48 71

PERSONNEL TRANSPORTATION

ERY‹⁄‹T NAK. ‹Nfi. TUR. OTO T‹C. LTD. fiT‹.Ç‹MENTO FABR‹KASI CAM‹‹ YANIN‹⁄DE / TURKEYTEL : (90 388) 232 85 43

SS. 57 NOLU TAfiIYICILAR KOOP. fi. SOYER BLV. ÇAVDARO⁄LU APT. NO: 1N‹⁄DE / TURKEYTEL : (90 388) 232 24 98 FAX : (90 388) 232 29 95

READY-MIXED CONCRETE AGGREGATE -SAND

CÖMERTLER ‹Nfi. SAN. VE T‹C. LTD. fiT‹.SOMUNCUO⁄LU PSJ. KAT: 2AKSARAY / TURKEYTEL : (90 382) 213 21 95 FAX : (90 382) 212 21 14

‹NCEÖZ NAK. TUR. OTO. GIDA. SAN. VE T‹C.LTD. fiT‹.E. KAPU MAH. ATATÜRK BLV. ASLAN APT.ALTI NO: 80/AAKSARAY / TURKEYTEL : (90 382) 213 54 36 FAX : (90 382) 212 76 21

DÜDEN MAD. ‹Nfi. NAK. LTD. fiT‹.DALMAZ MAH. M. EVRAN CAD DO⁄A APT.NO: 29 ERE⁄L‹, KONYA / TURKEYTEL : (90 332) 712 93 08 FAX : (90 332) 715 46 38

YUNUS ‹Nfi. TUR. VE T‹C. A.fi.SEK‹ÇEfiME MAH. fiAMKAPI CAD. NO: 14KARAMAN / TURKEYTEL : (90 338) 213 19 81 FAX : (90 338) 213 19 81

‹BRAH‹M CAVGA ‹Nfi. SAN. T‹C. LTD. fiT‹.M‹NAREC‹K MAH. ANKARA CAD. SANCAK‹fi HANI KAT: 4 NO: 24AKSARAY / TURKEYTEL : (90 382) 212 54 94 FAX : (90 382) 212 62 62

KÜÇÜKER ‹Nfi. TAH. MAD. SAN. T‹C. LTD. fiT‹.‹MARET MAH. MEHMET BEY. CAD. NO: 19/BKARAMAN / TURKEYTEL : (90 338) 213 25 80 FAX : (90 338) 214 94 95

OTAN ‹Nfi. NAK. PET. TUR. SAN. VE T‹C.LTD. fiT‹.NALÇACI CAD. NO: 100 KONYA / TURKEYTEL : (90 332) 238 62 80 FAX : (90 332) 233 10 89

AK HAZIR BETON ‹Nfi. MAD. NAK. PET.SAN. T‹C. LTD. fiT‹.E. SARAY CAD. SAFA ‹fi HANI 4/7AKSARAY / TURKEYTEL : (90 382) 216 05 17 FAX : (90 382) 216 05 15

ÖZCEYLAN PET. Z‹RA‹‹ ÜRÜN. SAN. T‹C.LTD. fiT‹.F. ÇAKMAK MAH. BOZCA MAHMUTYAYLASI ESK‹L, AKSARAY / TURKEYTEL : (90 382) 424 50 39 FAX : (90 324) 424 50 82

Ç‹MSA ANKARA

TRASS

KAYAD‹B‹ MADENC‹L‹K TAfi.‹Nfi. PET. ÜRÜN. NAK. VE T‹C. LTD. fiT‹.‹SMETPAfiA MAH. ÜN SOK. NO: 4/3 ELMADA⁄, ANKARA / TURKEYTEL : (90 312) 863 55 50FAX : (90 312) 863 52 38

126 Annual Report

OUR ISO 9000 CERTIFICATED SUPPLIERS FOR THE YEAR 2007

GYPSUM

DÖNMEZ T‹CARET KAM‹L DÖNMEZHURDACILAR S‹TES‹ E/4 BLOKNO: 603 ‹VED‹K, ANKARA / TURKEYTEL : (90 312) 396 43 77

PACKAGING

HAV‹N TEKST‹L ‹Nfi. TAAH. LTD. fiT‹. KAKLIK KASABASI HONAZ, DEN‹ZL‹ / TURKEYTEL : (90 532) 503 76 56FAX : (90 258) 372 22 17

CATERING SERVICES

LÜKS GIDA SAN. TUR. ‹Nfi. TEKS. OTO NAK. T‹CARET‹VED‹K ORGAN‹ZE SAN. BÖLGES‹ HASEMEK S‹TES‹ 22 CAD. 664 SOK. NO: 85 OST‹M, ANKARA / TURKEYTEL : (90 312) 394 14 06FAX : (90 312) 394 14 06

PERSONNEL TRANSPORTATION

BAfiARAN GIDA TEM. TURZ. TAfiIMAfiEH‹T RAFET SEVER CAD. 119/B ULUBEY, ANKARA / TURKEYTEL : (90 312) 353 34 56

JSP

fiAH‹N HARF‹YAT MUSTAFA fiAH‹NY. PEÇENEK KÖYÜALTINDA⁄, ANKARA / TURKEYTEL : (90 542) 295 50 16

TRANSPORTATION

ÖNDER KUM TCDD GÜMRÜKLÜ AMB. MÜDÜRLÜ⁄ÜSAHA ‹Ç‹ BEH‹ÇBEY, ANKARA / TURKEYTEL : (90 312) 334 88 83 - 84FAX : (90 312) 334 44 66

LABORATORY EQUIPMENT

‹LDAM K‹MYA 58 SOK. 18 OST‹M, ANKARA / TURKEYTEL : (90 312) 385 11 73FAX : (90 312) 354 31 67

ARMA CEVAT DÜNDAR CAD. KAVACIKLI‹fi MERKEZ‹ NO: 17/5 OST‹M, ANKARA / TURKEYTEL : (90 312) 385 43 71FAX : (90 312) 385 43 70

KOÇ‹NTOK LAB. MALZEMELER‹ T‹C. VESAN. A.fi.ANADOLU BULVARI 2 CAD. ATB ‹fi MERK.MACUNKÖY, ANKARA / TURKEYTEL : (90 312) 397 32 02FAX : (90 312) 397 82 02

GASOLINE - DIESEL

BORA PETROL T‹C SAN. LTD. fiT‹.30 KM. HASANO⁄LAN, ANKARA / TURKEYTEL : (90 312) 865 25 50 FAX : (90 312) 865 25 52

LIMESTONE

ERDEM K‹REÇMESTAN SOKAK NO: 5/A ETL‹K, ANKARA / TURKEYTEL : (90 312) 323 40 25FAX : (90 312) 866 22 54

RENT A CAR

ANATOLIA RENT A CAR C‹BR‹L AHMADTUNALI H‹LM‹ CAD. 65/35 KAVAKLIDERE, ANKARA / TURKEYTEL : (90 312) 466 04 24FAX : (90 312) 466 46 96

Annual Report 127

Çimsa SpainÇimsa Cementos Espãna S.A.U.

Carretera de la Esclusa, s/n Dársena del Batán NortePuerto de Sevilla41011 Sevilla, SPAINTel: +34 95 427 50 68Fax: +34 95 427 19 36e-mail: ioztemizer@cimsacementos.es

Çimsa GermanyCSN Cement Sales North GmbH

OfficeNesserlander Str. 5 - D-26721 Emden, GERMANYTel: +49 407 02 09 30Fax: +49 407 02 09 320/22

TerminalJulianahaven, Westlob 2 NL-9979 Emshaven, NETHERLANDSTel: +31 596 54 64 12Fax: +31 596 51 66 51e-mail: r.paeschow@paeschow.de

Çimsa RomaniaCimsarom Marketing Si Distributie Srl.

Bd. Mamamia, Office Nr.5, Nr251-253, ET. 4 Constanta, ROMANIA Tel/Fax: +40 241 58 53 33 e-mail: a.evrenosoglu@cimsa.ro

Çimsa Turkish Republic of Northern CyprusÇimsa Cement Free Zone Ltd.

Serbest LimanMagosa, TRNCTel: +90 392 365 14 75 - 365 49 80Fax: +90 392 365 49 81e-mail: c.mirzaoglu@cimsa.com.tr

Çimsa Head OfficeTel : (90 216) 651 53 00 - 651 05 00Fax : (90 216) 651 14 15Adress : Sarkuysan-Ak ‹fl Merkezi S Blok

Altunizade 34662 ‹stanbul - Turkeye-mail : cimsa@cimsa.com.tr

Çimsa MersinTel : (90 324) 454 00 60 - 454 00 68 (Pbx)Fax : (90 324) 454 00 75 - 454 00 76e-mail : cimsamersin@cimsa.com.tr

Çimsa KayseriTel : (90 352) 712 16 48 - 712 16 07

(90 352) 712 16 90 - 712 22 65Fax : (90 352) 712 22 59e-mail : cimsakayseri@cimsa.com.tr

Çimsa EskiflehirTel : (90 222) 411 32 00Fax : (90 222) 411 31 31e-mail : cimsaeskisehir@cimsa.com.tr

Çimsa Ni¤deTel : (90 388) 232 36 30Fax : (90 388) 232 36 34e-mail : cimsanigde@cimsa.com.tr

Çimsa AnkaraTel : (90 312) 865 23 96 - 97Fax : (90 312) 865 23 95e-mail : cimsaankara@cimsa.com.tr

Çimsa MalatyaTel : (90 422) 841 36 77 - 841 32 20Fax : (90 422) 841 32 30e-mail : cimsamalatya@cimsa.com.tr

128 Annual Report

A B R O A D S U P P L Y P O I N T A N D T E L E P H O N E N U M B E R S

K›s›kl› Cad. No: 4, Sarkuysan-Ak ‹fl Merkezi, S Blok Altunizade, Istanbul, TurkeyTel: +90 (216) 651 53 00 - 651 05 00 - 651 03 85 Fax: +90 (216) 651 14 15

www.cimsa.com.tr