PRESS RELEASES

Apr 10, 2009

OYAK CEMENT GROUP 2008 RESULTS - 2009 EXPECTATIONS

As OYAK we pay attention to the account of "what we have given what we have got" and when this parameter is concerned, which is capital profitability in the finance jargon, we are far in front of the sector. According to the end of year explanations of ISE Mardin Cement was declared the first in capital profitability, Ünye the second, Adana the third and Bolu Cement the fourth, other public cement companies to follow.

Our 2009 expectations are not so optimistic, we can see that narrowing is getting deeper within the first quarter of the year as there is a remarkable descent in housing projects and it seems inevitable that following the local elections the public investments are doomed to decline. Our Companies have concluded the first three months of the year with 2008 alike sales and less profitability; the important fact is how we are continue in the second quarter. All around the world the crisis is tried to be overcome by the increase in public investments and especially supporting substructure projects. Taking into consideration the high unemployment rate, we believe that the necessary importance must be given to the construction sector in Turkey that supports employment with its many supplier industries.   

At this stage, we would like to mention once again the "concrete roads" that we believe will be useful for the economy and construction. With almost equivalent cost as asphalt, the concrete roads that are made by cement, a 100 % Turkish made product, is widely used in many developed countries, stands out with longer life and less maintenance cost, more weighing power, saving on fuel and lighting, fire safety and aesthetic advantages. The concrete roads are safely in service in certain regions of Adana since 1985. Regarding these roads, we are ready to provide all the technical support throughout Turkey and answer all the demands immediately.

Saving has always been in the foreground in our Companies, we started to pay more attention to this subject during the last year, we have not dismissed any personnel, and we are keeping up our growth with new employments in the direction of our needs and new products. To compensate the decreasing domestic demand we are continuously working to direct this loss towards the international market with the most profitable conditions. All the measures we have taken are to get through 2009 without any damage, keep our level of profitability and fulfil our obligations to our shareholders and our country.

Within the frame of the importance we have given to social responsibility, we are carrying on the OYAK Math Contests among High Schools, during the last months high schools of 17 cities competed to designate the winner. We shall start to host the winners of the contest with their families in Istanbul as of April 17. We shall show them the beauties of the city and organise trips to the universities they prefer. In the final on April 20, the city winners shall compete with the questions of TUBITAK and the winner of the country shall be designated.

We shall be very pleased to see you in our award ceremony on Monday, April 20 at Swissotel, Istanbul.

Thank you for your participation.

Celal Çağlar
OYAK Cement Group
Chairman