22.11.2007, İSTANBUL

ANALYST PRESENTATION

2

AGENDA

2007 Q3 Performance Highlights

Local Market & Tofaş Local Market Sales

Exports Performance

Other Developments

Market Overview

Market Share

Financial Results

Q & A

3

PERFORMANCE HIGHLIGHTS – Q3 2007

10,0%

130,141

Sep 2006

143,121

Sep 2007

PRODUCTION

9,9%

69.4%76.3%

Sep 2006 Sep 2007

CAPACITY UTILIZATION

SALES

Local Exports

SALES REVENUE

Local Exports

Sepl 2006

971,816

1,235,191

Sep 2007

1,014,404

1,415,605

10.1%

Sep 2006 Sep 2007

54,548

87,131 100,170

49,562

5,7%

UNIT %

UNIT 000 TRY

4

EBITDANET PROFIT

NET OPERATING PROFITGROSS PROFIT

10,8%

258,294

Sep 2006

286,246

Sep 2007

36,8%

69,127

Sep 2006

94,593

Sep 2007

18,9%

150,545

Sep 2006

178,960

Sep 2007

51,143

Sep 2006

122,352

Sep 2007

139,2%

000 TRY 000 TRY

000 TRY 000 TRY

PERFORMANCE HIGHLIGHTS – Q3 2007

5

DOMESTIC MARKET

2007 The contraction seen in domestic market realised as 12% in October, however the overall contraction at year end is expected to decrease to 5%.

36.932

46.51444.040

37.588

54.785

78.626

64.668

41.40327.915

60.04847.490

52.72546.581

50.558

48.61441.900

23.11429.182

42.387

47.963

Jan

Feb

Mar

Apr

May Ju

n

Jul

Aug Feb

Oct

2006 2007

2006- 2007 SALES

UNIT

17.21230.126

29.06728.469

27.662

32.56928.24625.204

24.336

13.186

20.15618.919

22.08919.244

18.48818.896

17.18317.564

11.9709.928

Jan

Feb

Mar

Apr

May Ju

n

Jul

Aug

Sep Oct

PC LCV

Monthly Retail Sales 2007

UNIT

6

DOMESTIC MARKET OVERVIEW

UNIT

PC LCV

451,210

247,287

2004

227,036

138,841

2003

373,216

249,220

2006

350,000

240,000

2007/E

-%5

438,165

280,165

2005

7

TOFAŞ DOMESTIC SALES

Tofaş Domestic Market Share entered an increasing trend with the introduction of Linea in May, and continued to exceed the sales of the same period of 2006.

12,4

11,3 11,5

12,4

13,0 12,2

13,7

10,1

10,3

9,8

13,8

11,811,3

9,7

11,8

13,5

11,7

14,2

13,6

13,8

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

2006 2007

TOFAŞ MONTHLY MARKET SHARE 2007

%

TOFAŞ 2006- 2007 SALES

7.462

3.146

4.772

8.036

10.254

6.710

5.152 4.452 4.7913.634

6.630

5.007

3.2902.238

4.928

6.559

5.9206.613 7.1786.565

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

2006 2007

UNIT

8

TOFAŞ LOCAL SALESJa

n

Feb

Mar

Apr

May Jun Jul

Aug

Sep

RENAULT TOFAŞ FORD TOYOTA

LOCAL PC MARKET SHARE

15,5

12,1

11,1

8,3

6,0

16,5

7,8

7,6

%

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

RENAULT TOFAŞ FORD VW

LOCAL LCV MARKET SHARE

26,526,7

14,617,2

12,211,7

9,0 9,7

%

Jan

Feb

Mar

Apr

May Jun Jul

Aug

Sep

RENAULT TOFAŞ FORD VW

LOCAL PC + LCV MARKET SHARE

%

13,1

13,2

15,817,4

9,6 8,8

9,6

14,2

9

TOFAŞ EXPORTS JANUARY-SEPTEMBER

Units Jan-Sep 2006 Jan-Sep 2007 ∆ 2007/E

Doblo Cargo 47,117 48,336 1,219 62,500

Doblo Panorama 27,734 26,319 -1,415 35,600

Linea 7,432 7,432 12,100

Albea-Palio 4,697 3,756 -941 4,100

Other CBU 1,439 119 -1,320 9,000

CKD 6,144 14,208 8,064 23,200

Total Units 87,131 100,170 13,039 146,500

Tot Exports Revenue(EUR/ million) 707,7 790.4 82.7

10

TOFAŞ EXPORTS VOLUME

15.082

6.279

13.596

6.672 8.500

10.8769.530

10.447 11.394

11,653 4,464

10.660 10.51512.222

9.724

10.914 11.407 13.367

Jan

Feb

Mar

Apr

May

June

July

Aug Sep

2006 2007

Units

40.014 49.28871.500

47.11750.882

75.000

2006 Jan-Sep 2007 Jan-Sep 2007/E

PC LCV

Units

Tofaş exports increased by 15% in 2007 compared to the same period in 2006.

11

TOFAŞ SALES

100,17087,131EXPORTS TOTAL

14,2086,144CKD + SKD

Local Sales (UNITS) Sep 2006 Sep 2007

Doblo Cargo 23,573 21,030

Doblo Panoroma 1.373 1,204

Linea 5,835

Albea – Palio 16,445 12,321

Other CBU 13,157 9,172

LOCAL SALES TOTAL 54,548 49,562

Exports (UNITS) Sep 2006 Sep 2007

Doblo Cargo 47,117 48,336

Doblo Panoroma 27,734 26,319

Linea 7,432

Albea – Palio 4,697 3,756

Other CBU 1,439 119

LOCAL + EXPORTS TOTAL 141,679 149,732

12

CAPACITY UTILIZATION & PRODUCTION

86%

71%

58%51%

43%47%46%

65%

0

50.000

100.000

150.000

200.000

250.000

2000 2001 2002 2003 2004 2005 2006 2007/E0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Production vol Capacity Utilization

130.141

90.099

37.451

143.121

95.476

42.650

Q1

Q2

Q3

2006 2007

Production Volume69,4%72,1%

59,9%

76,3%76,4%68,2%

Q1

Q2

Q3

2006 2007

Capacity Utilization %

Tofaş year end production volume is expected o reach a record level which is 215,000 units, exceeding the previous record in 1993.

13

INVESTMENT EXPENDITURES

EUR million

Sep 2007 2007/E

Capacity Increase and Other 71.4 130.0

Linea 28.0 50.0

Minicargo 91.0 110.0

263 3.6 60.0

TOTAL 194.0 350.0

14

FINANCIAL RESULTS Q3 2007

TRY mil 30.09.2006 30.09.2007 ∆Net sales 2,207.0 2,430.0 223.0

Gross Profit 258.3 286.2 27.9

Net operating profit 69.1 94.6 25.5

Profit before tax 144.9 144.3 -0.6

Net profit 51.1 122.4 71.3

EBITDA 150.5 179.0 28.5

% 30.09.2006 30.09.2007

EBITDA MARGIN 6.8% 7.4%

Gross margin 11.7% 11.8%

Net operating margin 3.1% 3.9%

Profit before tax margin 6.6% 5.9%

Net profit margin 2.3% 5.0%

15

TRY mil 2007 Q1 2007 Q2 2007 Q3

Net sales 717.1 897.9 815.0

Gross Profit 68.3 117.1 100.8

Net operating profit 12.4 41.0 41.2

Profit before tax 35.1 49.2 60.0

Net profit 29.3 44.1 49.0

EBITDA 38.6 68.9 71.5

% 2007 Q1 2007 Q2 2007 Q3

EBITDA MARGIN 5.4% 7.7% 8.8%

Gross margin 9.5% 13.0% 12.4%

Net operating margin 1.7% 4.6% 5.1%

Profit before tax margin 4.9% 5.5% 7.4%

Net profit margin 4.1% 4.9% 6.0%

FINANCIAL RESULTS Q3 2007

16

∆30.09.200731.12.2006Non Current Assets

TRY mil

Current Assets 31.12.2006 30.09.2007 ∆Cash & cash equivalents 518.4 418.7 -99.7

Inventory 157.1 289.2 132.1

Trade Receivables 505.5 511.3 5.8

Other current assets 80.8 76.9 -3.9

Fixed assets 1,127.2 1,355.8 228.6

Other non current assets 29.8 138.4 108.6

Total Assets 2,418.8 2,790.3 371.5

FINANCIAL RESULTS Q3 2007

17

∆30.09.200731.12.2006Long Term Liabilities

TRY mil

Short Term Liabilities 31.12.2006 30.09.2007 ∆Short term financial liabilities 13.0 17.3 4.3

Short term portions of long term liabilities 57.9 61.8 3.9

Trade payables 784.6 665.5 -119.1

Other short term payables 94.0 176.9 82.9

Long term financial liabilities 376.5 637.9 261.4

Other long term liabilities 74.8 116.2 41.4

Equity 1,018.0 1,114.7 96.7

Total Liabilities and Equity 2,418.8 2,790.3 371.5

FINANCIAL RESULTS Q3 2007

18

108.5138.329.8LT Consumer Loans

∆30.09.200731.12.2006Net Working Capital

TRY mil

Net Financial Position 31.12.2006 30.09.2007 ∆Cash & Cash Equivalents 518.4 418.7 -99.7

ST Financial Liabilities 70.9 79.1 8.2

LT Fin Liabilities 376.5 637.9 261.4

ST Consumer Loans 3.7 15.1 11.4

TOTAL 104.5 -144.9 -249.4

Trade Receivables 505.5 511.3 5.8

Inventory 157.1 289.2 132.1

Other Receivables 77.0 61.5 -15.5

Trade Payables 784.6 665.5 -119.1

Other Payables 24.0 104.5 80.5

-69.0 92.0 161.0

FINANCIAL RESULTS Q3 2007

19

OTHER DEVELOPMENTS

Project 263

Production and Manufacturing Agreement has been signed with FiatGroup Automobiles S.p.A on October 15 2007 to produce and develope a new light commercial vehicle under the code name 263.

Production of the new vehicle will start on mid 2009. Investmentexpenditures of the project will be financed totaly by Tofaş and realise as EUR 370 millions.

20

OTHER DEVELOPMENTS

Fiat Motorsports Tukey, won the second place at 2007 Europe Rally Championship.

21

Minicargo production started on October 03, 2007.

OTHER DEVELOPMENTS

22

Q & A

23

THANK YOU