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Aksa Akrilik Kimya Sanayii A.Ş. May 2014 Aksa - Investor Presentation 1

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Page 1: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa Akrilik Kimya Sanayii A.Ş.

May 2014

Aksa - Investor Presentation 1

Page 2: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Content

2

01/

Aksa in brief……………………………........... 3-10

02/

Operational Information…………………….. 11-31 1

03/

Financial Information……………………........ 32-37

Page 3: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Aksa in brief

1 3

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Aksa - Investor Presentation

Company Info

Company Name Aksa Akrilik Kimya Sanayii A.Ş.

Main Activity Acrylic Fiber production and sales

Establishment 1968

Share Capital 185.000.000 TL

Listing Borsa Istanbul (BIST) (1986 >)

Stock Code AKSA

Company HQ Miralay Şefikbey Sok. No:15 Akhan Gümüşsuyu, Beyoğlu, Istanbul/Türkiye

Plant Denizçalı Köyü Yalova - İzmit Yolu No:34 Yalova/Türkiye

Web Site www.aksa.com

E-Mail [email protected]

Telephone 90 212 251 45 00

Fax 90 212 251 45 07

4

Page 5: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Shareholders & Stock Information

Shareholders

16 May 2014

Aksa Stock Performance

Akkök 39%

Emniyet 19%

Quoted 42%

-

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

25.000,00

35.000,00

45.000,00

55.000,00

65.000,00

75.000,00

85.000,00

95.000,00

02

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13

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.12

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14

Volume BIST 100 AKSA5

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Aksa - Investor Presentation

Participations - Subsidiaries – Joint Ventures

Joint Ventures

• DowAksa Holdings > 50% ownership > 370 mio. USD capital > Carbon Fiber production

Subsidiaries

• Aksa Egypt > %100 share > Textile

Participations

• Akpa > %13,47 share

> International trade

6

Page 7: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Aksa

Aksa is one of the

biggest 50 industry companies from the beginning of the index.

7

Page 8: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Akkök Holding

Chemicals

•Aksa Akrilik •DowAksa • Akkim

Energy • Akenerji • SEDAŞ

Real Estate • Akiş

– Akbatı – Akasya

• Akmerkez • Akturizm

Services • Akmerkez Lokantacılık • Ak-Pa • Aktek • Dinkal

Textile

• Aksa Egypt

8

Page 9: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Akkök Holding

AKKÖK Çalışan sayısı

Konsolide ciro

9

5 Quoted

company

17 companies

4.350 employees

2010 2011 2012 2013

2,7

2,9

3,1 3,1

Net sales (Billion USD)

Page 10: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Milestones

1960-1970s

•Company Foundation

•The plant in Yalova began to operate with a capacity of 5,000 tons /year

•First export

•Increasing the capacity to 35,000 tons/year

1980 – 1990s

•Distributed Control System (DCS) was established for the first time in Turkey

•Acrylic fiber production capacity reached 116,000 tons/year

•Jel dying tech was developed and dyed tow production initiated

•Realized the first CCE steam generation in Turkey

2000-2010s

•Outdoor applications of the fiber

•R&D Lab and Pilot plant is refurbished

•Carbon Fiber production

•Capacity increased to 308.000 tons/year

•Carbon Fiber Company is founded via a partial spin-off

•DowChemical partnership

•Included in the Turquality Program, state-sponsored brand development initiative 10

Page 11: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Operational Information

2 11

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Aksa - Investor Presentation

Strategic Business Units Acrylic Fiber

• Largest acrylic fiber producer in the world

• 16% Global, 67% local market share

• 750-800 mio. USD/year revenue

• Export over 50 countries

Technical Fiber

• High value-added products / Develop fibers for technical end-use areas

• >50% Global market share

Energy • 142.5 Mw electricity licence

• 50-60 mio USD/year revenue

12

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Aksa - Investor Presentation

Wool (natural fiber)

Acrylic Fiber (synthetic fiber)

Natural and warm appearance and touch Easily washed and keep dimensional stability

Resistant against sunlight & chemical substances Resembles wool Dyed in brilliant colours

What is Acrylic Fiber?

13

Page 14: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Akrilik Elyafın

Kullanım Alanları

Acrylic Fiber – Applications

Aksa - Investor Presentation 14

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Aksa - Investor Presentation

Acrylic Fiber Producers

Aksa is the biggest producer in the global market in capacity

15

Global sector capacity utilization rate = 80%

Aksa capacity utilization rate is 17% higher than the global average

Page 16: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Global Fiber Consumptions

Aksa - Investor Presentation 16

2000 2005 2006 2007 2008 2009 2010 2011 2012 2025 2050

Synthetic Fibers 32,1 38,2 41,3 44,5 42,6 43,9 48,7 52,7 54 63,6 97,2

Polyester 19,1 24,7 27,8 31,1 30,7 32 36 40 41 50 80

PP fibers 6 6,5 6,5 6,4 5,9 6,1 6 6,2 7 7 10

Polyamide 4,1 3,9 3,9 3,9 3,5 3,3 4 3,7 3,9 4,5 5

Acrylics 2,7 2,6 2,5 2,4 1,9 2 2 2 2 2,1 2,2

Other 0,3 0,5 0,6 0,6 0,6 0,5 0,7 0,8 0 0 0

Natural Fibers 28,4 33,2 34,6 35,9 33,4 31,1 32,8 32,8 33,3 41,4 52,8

Cellulosics 2,8 3,1 3,3 3,6 3,2 3 3,5 3,5 3,6 6 10

Cotton 19,7 24,4 25,7 26,7 24,5 22,5 24 24 24,5 30 37

Wool 1,3 1,2 1,2 1,2 1,2 1,2 1,1 1,1 1,1 1 1,2

Hemp 4 3,3 3,2 3,2 3,3 3,3 3,2 3,2 3,2 3 3

Linen 0,5 0,8 0,8 0,8 0,8 0,8 0,6 0,6 0,5 0,8 1

Ramie 0,1 0,3 0,3 0,3 0,3 0,3 0,2 0,2 0,2 0,3 0,3

Silk 0,1 0,1 0,1 0,2 0,2 0,2 0,2 0,2 0,2 0,3 0,3

Total 60,5 71,4 75,9 80,4 76 75 79 79 81,3 105 150

Population (billion) 5,8 7 8 9,5

Kg Fiber / person 10,3 11,6 13,1 15,8

Acrylic fibers/textile fibers (%) 4,4 3,7 3,3 3 2,5 2,7 2,5 2,5 2,5 2 1,5

Acrylic fibers/Synthetic fibers (%) 8,3 6,9 6,1 5,5 4,5 4,6 4,3 4,3 4,2 3,3 2,3

Page 17: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

3,883

6,473

27,808

38,165

504

2,632

3,865

6,463

24,701

2005

97,200

80,000

63,600

0

10,000

2025 2050

0 2,200

5,000

2,100

4,500

7,000

50,000

2012

54,600

840 1,960

3,900

6,500

41,400

2011

%100=

Pp fibers

Polyester

Acrylic

Polyamide

36,000

2009

43,900

500

2,000

3,300

6,100

32,000

2008

42,640

610

1,930

2000

32,101

312

2,669

4,063

2010

19,073

48,700

700

1,980

4,020

6,000 6,200

3,780

578

2,020 Others

800

52,800

40,000

2,535

3,510

5,940

30,650

2007

44,523

644

2,446

3,895

6,444

31,094

2006

41,277

5,984

Synthetic Percentage

53.02 53.48 54.40 55.36 56.16 58.61 59.39 59.33 60.67 60.57 64.84

KiloTones

Global Synthetic Fiber Consumption

Aksa - Investor Presentation 17

Page 18: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Oth

er

295

Ro

man

ia

Egyp

t

22

Ital

y

26 21

Pak

ista

n

28

Bra

sil

29

USA

48

Mex

ica

51

Ind

on

esia

60 In

dia

98

Iran

128

Turk

ey

272

Ch

ina

882

Tota

l co

nsu

mp

tio

n

1,960

2012 Acrylic Fiber Consumption KiloTones

Acrylic Fiber Consumption (Based on Country)

Aksa - Investor Presentation

Global demand is mostly concentrated in Asia and Middle East

18

Page 19: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Per

u

33

Iran

35 45

Sou

th K

ore

a

47

Mex

ica

51

Po

rtu

gal

61

Taiw

an

68 Sp

ain

70

Bela

rus

Uzb

ekis

tan

14

Egyp

t

25

Bra

sil

32

Tota

l

1,960

Ind

ia

79

Taila

nd

102

Jap

an

145

Ger

man

y

169

Turk

ey

290

Ch

ina

694

2012 Acrylic Fiber Productions KiloTones

Not operating

Acrylic Fiber Production (Based on Country)

Aksa - Investor Presentation

Production is also concentrated in China, Turkey, Germany, Japan and Tailand

19

Page 20: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

166

566

120

308

KAL-TEX

82

Monte-fibre

95

Jimont

100

Thai Acrylic Fibre

Co. Ltd

Poly-mir

120

SPC Shan-

ghai Petro-chemicals (Jinyang)

160

Dralon

188

Aksa Total

2,363

Other (Dry)

Other (Wet)

Kaneka Corp-

oration

60

Hang-zhou-wan

Acrylic Fiber

60 62

Qilu Petro-chem-icals

64

Jilin Qifeng

Daqing Petro-chem-icals

65

For-mosa

Plastics

72

Anqing Petro-chem-icals

75

Wet spinning

Dry spinning

Both

Contry

Not operating

Capacity KiloTones/ year 2013

.

Acrylic Fiber Producers

Aksa - Investor Presentation

Aksa is the biggest acrylic fiber producer in the World

20

Page 21: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

100

48

10

Other Hand knitting

12

Carpet

30

Knitwear

Total

Percentage

Acrylic Fiber Sales of Aksa (Domestic application)

Aksa - Investor Presentation

Products of Aksa is mainly used in knitwear and carpets

21

Page 22: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Acrylic Fiber Cost Components

22

Page 23: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Industrial and outdoor applications High Endurance

High resistance to rot and mold

What is Technical Fiber?

23

Page 24: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Technical Fiber - Application areas

Home Textiles Filtration Sunshade

Battery Titles Umbrella Toys 24

Page 25: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

Generating continous, high quality and cheaper electricity and steam 100 Mw dual gas plant (coal and natural gas) and 42.5 Mw. Natural gas. Large amount of energy is consumed in Aksa, remaining is sold to sister Companies

Energy

25

Page 26: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

What is Carbon Fiber?

Carbon fibers are extremely fine fibers (typ. 5-7 µ in

dia.) consisting mostly of carbon atoms

Carbon fiber is >95% carbon

Carbon fibers are produced in tows (yarns) ranging

from 1.000 filaments (1k), to 3k, 6k, 12k, 24k, 50k, etc.

Carbon fiber has an indisputable potential for replacing

conventional materials (aluminium,steel,etc.)

Properties of Carbon Fiber: high stiffness, high tensile

strength, low weight, high chemical resistance, high

temperature tolerance and low thermal expansion

a carbon fiber and a human hair

human hair .

(50-70 μ)

carbon fiber

(5-7 μ)

“3k”

= 3.000

filaments

26

Page 27: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Aksa - Investor Presentation

What is Carbon Fiber?

Carbon Fiber is a high performance material, by its

high strength and stiffness

Carbon Fiber is used in high performance applications

where high strength to weight ratios are valued, as in

aircraft and space structures, sporting goods, racing

cars, and a variety of emerging applications

Steel Aluminium

S-glass E-glass

Carbon Fiber

Aramid Fiber

30

20

10

27

Page 28: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Wind Turbine Blades

Pressurized Vessels

Civil Infrastructure

Automotive Oil and Gas Power Transmission

Marine

Sporting Goods

Aerospace

Defense

Carbon Fiber - Application areas

Aksa - Investor Presentation 28

Page 29: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Needed for Longer

Blade Designs

Consumer, 5%

Consumer, 15% Aerospace,

20%

Industrial, 60% Industrial,

75%

Aerospace, 25%

Significant Growth forecasted for the Industrial Market!

Breakdown of Global CF consumption by application in

2013

The durability and long life of CRP and its ability to be combined

with traditional lightweight materials will open the way to

additional fields of application. In the area of lightweight

construction, the search is going on for intelligent methods of

combining and integrating steel and CRP. This could lead to

ecologically and economically viable material combinations.

The market for carbon fiber is shifting from its historical aerospace

“premium product” orientation to large scale industrial

applications where affordability and reliable supply will be

required.

Topics currently dominating the industry

‘ General weight reduction of vehicles, fines for

excessive C02 fleet emissions, lightweight

construction, e-mobility, pressurized containers for

gas fuelled cars ‘

Major drivers for future market of Carbon Fiber

AUTOMOTIVE

AEROSPACE

WIND 29

Carbon Market

Aksa - Investor Presentation 29

Page 30: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

RAW MATERIAL

STORAGE AREA

ENERGY POWER

STATION SOLVENT

RECOVERY

DOP

PREPARATION

NATURAL

GAS

AKTEK

FIBER

SPINNING

BALING

WAREHOUSE

POLYMERIZATION AK-KİM DOWAKSA

CARBON

FIBER DYE AND

CROP Aksa - Investor Presentation 30

Page 31: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Web site – www.aksa.com

Aksa - Investor Presentation 31

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Aksa - Investor Presentation

Financial Information

3 32

Page 33: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Balance Sheet

Aksa - Investor Presentation

0

200.000

400.000

600.000

800.000

1.000.000

0

200.000

400.000

600.000

800.000

1.000.000

2011 2012 2013 2014/Q1

Balance Sheet

Current liabilities Non-current liabilities Current Assets Non-current assets

33

Page 34: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Income Statement

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1.000

1.200

2011 2012 2013 2014/Q1

CONS EBITDA

CONS REVENUE

CONS. NET PROFIT

NET PROFIT %

EBITDA %

Aksa - Investor Presentation 34

Page 35: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Investment – Profit – Dividend

0

20

40

60

80

100

120

140

160

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1

28 24

18

39

27

67

88 98 96

159

45

75

18

52

13

30

10

49

20

57

26

37

57

94

74

16 9 11

10 14 10 10

25

50 55

0

INVESTMENT NET PROFIT DIVIDEND

Aksa - Investor Presentation 35

Page 36: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Production Capacity - Turnover

Aksa - Investor Presentation 36

Page 37: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Budget Figures

Aksa - Investor Presentation 37

Page 38: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

• Aksa Akrilik Kimya Sanayii A.Ş.

(“Aksa”) has prepared this

book (the “Book”) for the sole purposeof

providing information relating to

Aksa (the “Information”). The

contents of this Book is based on public

information and on data provided by

Aksa management. No

reliance may be placed for any

purposes whatsoever on the

Information contained in this Book or on

its completeness, accuracy or fairness.

The Information in this Book is subject

to verification, completion and change.

No rebook or warranty is made by

Aksa or the Shareholders or

any of their respective advisers or anyof

their representatives as to the accuracy

or completeness of the Information and

no liability is accepted by any such

person for any such Information or

opinion or for any loss howsoever

arising from any use of this Book or the

Information. This Book and/or the

Information is confidential and cannot

be copied, disclosed or distributed to

any person and is being provided to you

solely for your information. This Book

and/or the Information cannot be

distributed or disseminated into

Turkey. This Book and/or the

Information do not constitute or form

part of any offer or invitation to sell or

issue, or any solicitation of any offer to

purchase or subscribe for, any

securities of Aksa, nor shall it

or any part of it nor the fact of its

distribution form the basis of, or be

relied on in connection with, any

contract or investment decision.

Investors and prospective investors in

securities of any issuer mentioned

herein are required to make their own

independent investigations and

appraisal of the business and financial

condition of such company and the

nature of the securities. Any decision to

purchase securities in the context of a

proposed offering of securities, if any,

should be made solely on the basis of

information contained in an offering

circular published in relation to such an

offering.

• All statements other than statements

of historical facts included in this Book,

including, without limitation, those

regarding our financial position,

business strategy, plans and objectives

of management for future operations

(including development plans and

objectives relating to our products), are

Forward looking statements. Such

forward-looking statements involve

known and unknown risks, uncertainties

and other factors which may cause our

actual results, performance or

achievements to be materially different

from any future results, performance or

achievements expressed or implied by

such forward-looking statements. Such

forward-looking statements are based

on numerous assumptions regarding

our present and future business

strategies and the environment in which

we will operate in the future. Further,

certain forward-looking statements are

based upon assumptions of future

events which may not prove to be

accurate. The forward-looking

statements in this Book speak only as

at the date of this Book.

• Aksa and its Subsidiaries

and Joint Ventures (Aksa)

registered in Turkey maintain their

books of account and prepare their

statutory financial statements in

accordance with the principles and

obligations published by the CMB,

Turkish Commercial Code, tax

legislation, the Uniform Chart of

Accounts issued by the Ministry of

Finance. The foreign Subsidiaries

maintain their books of account in

accordance with the laws and

regulations in force in the countries in

which they are registered.

• US Dollar amounts shown in the

presentation have been included solely

for the convenience of the reader and

are translated from TL as a matter of

arithmetic computation only, at the

Central Bank of the Republic of Turkey

official TL exchange rates

APPENDIX/DISCLAIMER

Aksa - Investor Presentation 38

Page 39: AKSA AKRİLİK KİMYA SANAYİİ A.Ş. · Aksa - Investor Presentation Shareholders & Stock Information Shareholders 16 May 2014 Aksa Stock Performance

Thank You For further information

E- mail: [email protected]

Aksa - Investor Presentation

Aksa Akrilik Kimya Sanayii A.Ş.

Miralay Şefikbey Sok. No:15 Akhan

Gümüşsuyu/Beyoğlu, İstanbul

T:+90 212 251 45 00

[email protected]

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