BİSKÜVİ SANAYİ A.Ş.

This presentation contains information and analysis on financial

statements and is prepared for the sole purpose of providing

information relating to Ülker Bisküvi Sanayi A.ġ.(Ülker Bisküvi). The

contents of this presentation is based on public information and

data provided by Ülker Bisküvi. Although it is believed that the

information and analysis are correct and the statements are

reasonable, they may be affected by variety of variables that could

cause actual results to differ materially.

Neither Ülker Bisküvi nor any of its managers or employees nor any

other person shall have any liability whatsoever for any loss arising

from the use of this presentation.

2

Ülker Bisküvi Sanayi A.ġ. (Ülker Bisküvi), togetherwith its subsidiaries, engages in themanufacture, marketing, sale and distribution of;

• biscuits,• chocolate covered biscuits,

• crackers and• wafers in Turkey and internationally.

The company was founded in 1944 and is basedin Istanbul, Turkey. Ülker Bisküvi operates as a

subsidiary of Yıldız Holding A.ġ.

Yıldız Holding A.ġ. is a major Turkish groupoperating mainly in food industry. The Group hasoperations in confectionary, oils &fat, dairy, beverage as well as cash and carry

businesses reaching 220.000 points of sale.

With a total of 55 factories, nine of which arelocated abroad, 22,500 employees, a strongdistribution network, product variety, productionand sales power, Yıldız Holding is one of the

leading groups compared with both local andinternational peers.

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Ülker Bisküvi is the name of the biscuit in Turkey with its powerful brands, addressing changing

consumer trends and motivations. Ülker Bisküvi’s success depends on its ability topredict, identify and interpret the tastes and dietary habits of consumers and to developproducts that appeal to those preferences. Ülker Bisküvi’s strength lies under its;

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Market Leader Position– Leading market share, marketing

communication, channel management &

sales support, productvariety and high

qualitystandards, innovation

and dynamism forfurther growth,

Strong CustomerFranchise – Cross

sell, high penetrationin distribution

channels, brandequity, long presence

in Turkey (66 years) and export markets,

Largest producer of biscuits in Turkey, theMiddle East and the

Balkans

Cost Efficiency -Vertically integratedstructure, economies

of scale in procurement, econom

ies of scale in distribution

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Strong growthprospects in

Turkey

Rising percapita incomes

Opportunities in international

markets

Changes in consumption

trends as urbanization

increases

The size of unpackaged

products

10.84012.260

13.02013.910 13.730

0

5.000

10.000

15.000

2005 2006 2007 2008 2009

Per Cap. Income in Turkey ($)

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

6

7

56,3 55,653,1

50,345

50

55

60

2007 2008 2009 YTD 2010

Volume Share - %

56,6 55,553,6

50,345

50

55

60

2007 2008 2009 YTD 2010

Value Share - %

Biscuit – Branded

8

3.811,0

2.407,5

1.551,5

791,6

693,6

505,7

480,9

307,8

261,4

184,8

158,8

139,4

84,9

80,7

65,2

54,8

54,7

27,7

18,5

17,6

16,3

7,8

6,8

0,0 500,0 1.000,01.500,02.000,02.500,03.000,03.500,04.000,04.500,0

ANADOLU EFES

COCA COLA ĠÇECEK

ÜLKER BĠSKÜVĠ

BANVĠT

TAT KONSERVE

KENT GIDA

PINAR SÜT

PINAR ET VE UN

ġEKER PĠLĠÇ

TÜRK TUBORG

KEREVĠTAġ GIDA

TUKAġ

PENGUEN GIDA

DARDANEL ÖNENTAġ

MERKO GIDA

KONFRUT GIDA

PINAR SU

KRĠSTAL KOLA

ERSU GIDA

FRĠGO PAK GIDA

ALTINYAĞ

SELÇUK YAĞ

MERT GIDA

in mn TL

Ticker Company Revenues at Dec.31, 2009

AEFES ANADOLU EFES 3.811.067.000

CCOLA COCA COLA ĠÇECEK 2.407.527.000

ULKER ÜLKER BİSKÜVİ 1.551.549.924

BANVT BANVĠT 791.600.038

TATKS TAT KONSERVE 693.686.750

KENT KENT GIDA 505.769.120

PNSUT PINAR SÜT 480.952.097

PETUN PINAR ET VE UN 307.871.231

SKPLC ġEKER PĠLĠÇ 261.421.552

TBORG TÜRK TUBORG 184.893.187

KERVT KEREVĠTAġ GIDA 158.865.846

TUKAS TUKAġ 139.433.319

PENGD PENGUEN GIDA 84.985.416

DARDL DARDANEL ÖNENTAġ 80.736.151

MERKO MERKO GIDA 65.296.784

KNFRT KONFRUT GIDA 54.873.812

PINSU PINAR SU 54.701.397

KRSTL KRĠSTAL KOLA 27.705.953

ERSU ERSU GIDA 18.508.614

FRIGO FRĠGO PAK GIDA 17.655.641

ALYAG ALTINYAĞ 16.351.480

SELGD SELÇUK YAĞ 7.870.771

MERTGG MERT GIDA 6.889.548

Ülker Bisküvi is the

largest food

producer on the

ISE in terms of

revenue

The domestic marketing and distribution of the biscuits and chocolate covered products of Ülker

Bisküvi and its subsidiaries are performed by the Company’s subsidiary, Atlas Gıda Pazarlama, as well

as Yıldız Holding companies; Pasifik Pazarlama, Esas Pazarlama, Merkez Gıda Pazarlama and Rekor

Pazarlama.

Atlas Pazarlama performs nationwide distribution through its regional offices in

İstanbul, Ankara, İzmir, Thrace region, Bursa, Samsun, Gaziantep, Adana and Erzurum, with 129

distributors across Turkey. Atlas Pazarlama provides regular and high quality service to 181,000 points

of sale weekly, with a total of more than 1,150 delivery vans.

Pasifik Pazarlama, owned by Yıldız Holding, conducts distribution/marketing operations of Ülker

products (not just Ülker Bisküvi products) across Turkey. Pasifik Gıda’s distribution channels consist of

major retailers including independent supermarkets and key accounts.

Through its distribution channels, Ülker Bisküvi can reach 220,000 sales points across Turkey, which is

one of the widest networks in Turkey.

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The Ülker Brand is one of the best

recognized and most respected

brands in Turkey.

•According 2009 Brand Recognition Study of AC Nielsen

The Most RecognizedBrands*(Spontaneous)

The Brands that Consumers

feel closest to*

10

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ISTANBUL PLANT

GEBZE PLANT

ANKARA PLANT

KARAMAN PLANT

ÜB Facilities İstanbul Ankara Birlik Pazarlama Kocaeli Karaman Production

tons/year48,655 71,966 318,049 42,901 103,499

Net Sales

tons/year48,889 71,248 328,256 42,496 101,516

Av. Capacity

Utilization76%(3 shifts) 69%(3 shifts) 68% 87,4%(3 shifts) 65%(3 shifts)

Main Products

Produced

Cookies, cream filled

cookies, wafers

Cookies, cream filled

cookies, wafers

Flour, pasta,

semolina, packaged

wheat flour, rice flour

Salty crackersCookies, cream filled

cookies, wafers

Ülker Bisküvi has four biscuit, cake & cracker production facilities which are well

diversified geographically across Turkey.

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13

Subsidiary Ownership - % OperationsRevenues in mn

(Dec.31.2009)

Ülker Bisküvi Mother Company Manufacturing - Ülker branded products $1,002

Ġdeal Gıda 97.9 Manufacturing - Ülker branded products $96.5

Biskot Bisküvi 50.8 Manufacturing - Non Ülker branded products $222.2

Atlas Gıda 78.2 Sales&Marketing - Ülker branded products $393.8

Rekor Gıda 46.6 Sales&Marketing - Non Ülker branded products $154.4

Ġstanbul Gıda 83.8 Export agent - Ülker branded products $158.8

BirleĢik DıĢ Ticaret 69 Export agent - Non Ülker branded products $33.1

Birlik Pazarlama 99 Flour producer for the Group companies $133.8

ManufacturingCompanies

Sales & Marketing Companies andExport Agents

Ülker Bisküvi Atlas Gıda (Domestic Marketing)

Ġstanbul Gıda (Export Agent)Ġdeal Gıda

Biskot BisküviRekor Gıda (Domestic Marketing)BirleĢik DıĢ Ticaret (Export Agent)

Birlik Pazarlama

• Pendik Nisasta

Pendik NiĢasta is engaged in starch and glucose production.

• Hero Gıda

Hero Gıda is engaged in biscuit and baby food production.

• Godiva

Godiva Chocolatier makes and sells premium chocolates, including bonbons, truffles, flavored

coffee, cocoa mixes, cookies and ice cream.

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Ülker Bisküvi

Pendik NiĢasta

Hero Gıda

Godiva

23.99%

39.59%

25.23%

15

*based on September 30, 2010 market capitalization.

Other Holdings Ownership - % OperationsValues in mn Values in mn

Dec. 31, 2009 Sep. 30, 2010

BĠM * 12,03 Retail $407.7 $526.1

Fresh Cake 10 Cake Manufacturing $1.5 $1.6

Besler Gıda ve Kimya 7 Oils & Fats Manufacturing $2 $2.1

Sağlam GYO * 10,71 REIT $3.3 $3.7

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3Q, 2010

FYE 2008 & 2009

2008 2009 Change Margin - 2008 Margin - 2009

(TL mn) (TL mn) (%) (%) (%)Revenue 1.412,1 1.551,5 9,9 100 100

COGS 1.105,8 1.162,8 5,2 78,3 74,9

Gross Profit 306,3 388,7 26,9 21,7 25,0

Operating Income 97,2 147 51,2 6,8 9,5

EBITDA 94,8 153,6 62,2 6,7 9,9

Net Profit 15,6 102,9 559,6 1,1 6,6

EPS 0,06 0,38 533,3 0,00 0,02

Sep. 09 Sep. 10 Change Margin - 09/2009 Margin - 09/2010

(TL mn) (TL mn) (%) (%) (%)Revenue 1.186,2 1.210,3 2 100 100

COGS 894,7 930 3,9 75,4 76,8

Gross Profit 291,5 280,3 -3,8 24,5 23,1

Operating Income 111,3 86,6 -22,2 9,3 7,1

EBITDA 118,4 89,1 -24,7 9,9 7,3

Net Profit 77,7 86,4 11,1 6,5 7,1

EPS 0,25 0,30 20

Solid Financial Flows despite the Adverse Impacts of Global Crisis

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ÜLKER BİSKÜVİ FINANCIAL RATIOS

PROFITABILITY RATIOS Q3'10 Q2'10 Q1'10 Dec.09 Q3'09 Q2'09 Q1'09 Dec.08

Gross Margin 23% 24% 24% 25% 25% 24% 25% 22%

Return on Assets 3% 2% 2% 4% 3% 2% 0% 1%

Return on Equity 6% 5% 4% 10% 7% 5% 0% 3%

Operating Income Margin 7% 8% 15% 9% 9% 10% 12% 7%

FINANCIAL LEVERAGE RATIOS Q3'10 Q2'10 Q1'10 Dec.09 Q3'09 Q2'09 Q1'09 Dec.08

Long-term debt to Equity 43% 47% 21% 24% 26% 31% 41% 50%

Debt to Equity Ratio 92% 103% 83% 130% 109% 127% 164% 169%

Long-term debt to Assets 22% 23% 11% 11% 13% 14% 15% 19%

Debt Ratio 47% 51% 45% 57% 52% 56% 62% 63%

LIQUIDITY RATIOS Q3'10 Q2'10 Q1 '10 Dec.'09 Q3 '09 Q2 '09 Q1 '09 Dec.'08

Current ratio 1,93 1,87 1,34 1,19 1,22 1,2 1,17 1,25

Working Capital Ratio 0,52 0,79 0,65 0,15 0,17 0,23 0,39 0,16

TURNOVER RATIOS Q3'10 Q2'10 Q1'10 Dec.'09 Q3 '09 Q2 '09 Q1 '09 Dec.'08

Receivables Turnover 3,64 2,47 2,13 5,92 4,15 3,15 1,5 5,86

Average Collection Period 74 73 73 61 65 57 60 61

Debt Turnover 2,75 1,91 0,96 3,22 3,52 2,23 1,3 3,95

Average Debt Payment Period 98 94 94 112 77 81 69 91

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ASSETS

Unaudited Audited

Current Period Prior Period

September 30, 2010 December 31, 2009

Current assets 1.310.140.693 1.486.472.342

Cash & cash equivalents 15.738.836 279.444.678

Trade receivables 371.186.522 294.616.878

Other receivables 720.446.008 720.738.604

Inventories 164.794.929 160.708.314

Other current assets 37.974.398 30.963.868

Non - current assets 1.310.338.695 1.242.995.613

Financial assets 809.846.400 684.405.037

Trade receivables 607.847 926.967

Investments accounted for under equity method 222.460.177 248.857.262

Tangible assets 264.119.649 292.521.715

Intangible assets 419.922 5.848.775

Other non-current liabilities 12.884.700 10.435.857

TOTAL ASSETS 2.620.479.388 2.729.467.955

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LIABILITIES

Unaudited Audited

Current Period Prior Period

September 30, 2010 December 31, 2009

Current Liabilities 675.431.452 1.253.743.647

Financial liabilities & other financial liabilities 354.570.521 548.322.137

Trade payables 246.263.647 429.455.627

Other payables 46.510.399 249.800.245

Corporate tax payable 6.219.062 7.608.080

Provisions & Other current liabilities 21.867.823 18.557.558

Non-Current liabilities 581.513.417 288.605.970

Financial liabilities 532.813.117 241.487.624

Other non-current liabilities 48.700.300 47.118.346

SHAREHOLDERS’ EQUITY 1.363.534.519 1.187.118.338

Share capital & inflation adjustment 376.656.201 376.656.201

Valuation funds 565.693.954 446.354.171

Retained earnings 214.450.829 138.837.334

Net profit for the period 80.909.636 102.917.554

Other 59.937.987 60.903.340

TOTAL LIABILITIES &SHAREHOLDERS' EQUITY 2.620.479.388 2.729.467.955

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September 30, 2010

TL USD

ST Debt 348,556,282

LT Debt 532,813,117

Total 881,369,399 594,716,194

Intercompany Receivables 693,133,208

Intercompany Payables 38,871,982

Intercompany Net 654,261,226 441,471,812

Cash & Cash Equivalents 15,738,836 10,619,997

Net Debt 211,369,337 142,624,384

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Unaudited Unaudited Unaudited Unaudited

Jan. - Sep. 2010

July - Sep. 2010

Jan. - Sep. 2009

July - Sep. 2009

Sales revenue 1.210.390.089 359.921.589 1.186.271.192 361.625.845

Cost of sales (-) (930.018.964) (284.645.711) (894.735.486) (267.352.447)

GROSS PROFIT 280.371.125 75.275.878 291.535.706 94.273.398

Marketing, sales and distribution expenses (-) (169.272.450) (50.252.119) (150.074.391) (49.960.236)

General administrative expenses (-) (45.811.107) (11.885.945) (44.635.079) (14.023.713)

Research and development expenses (-) -657.669 -153.451 -706.868 -212.27

Other operating income 29.837.828 3.137.080 17.627.913 3.486.371

Other operating expenses (-) (7.834.528) (1.018.886) (2.371.716) -557.2

OPERATING PROFIT 86.633.199 15.102.557 111.375.565 33.006.350

Share in net profit of investments accountedfor under equity method (17.290.321) (8.487.908) (14.442.454) (5.873.401)

Finance income 240.634.513 96.599.652 227.816.072 100.845.462

Finance expenses (-) (210.467.223) (75.466.198) (227.268.550) (91.357.534)

PROFIT BEFORE TAXATION 99.510.168 27.748.103 97.480.633 36.620.877

Tax charge from continued operations (13.062.807) (5.627.480) (19.688.340) (8.181.545)

Current tax charge (18.231.647) (5.289.955) (19.594.756) (8.897.399)

Deferred tax (charge) / benefit 5.168.840 -337.525 -93.584 715.854

PROFIT FOR THE PERIOD 86.447.361 22.120.623 77.792.293 28.439.332

Reconciliation of the profit for the period

Equityholders of the parent 80.909.636 20.983.148 67.817.126 25.786.435

Minority interest 5.537.725 1.137.475 9.975.167 2.652.897

Earnings per share from operating activities 0,30 0,08 0,25 0,10

BİSKÜVİ SANAYİ A.Ş.Yıldız Holding A.ġ.

Kısıklı Mahallesi Ferah Caddesi No:1 34692 B.Çamlıca / Üsküdar / Ġstanbul + 90 (216) 524 24 95