2008 FIRST HALF ANALYST PRESENTATION

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1 2008 FIRST HALF ANALYST PRESENTATION

2 Index 2008 First half performance highlights Market Outlook Domestic Market & Tofaş Local Sales Market Share Exports Performance Financial Results Investments Other Developments Q & A İSTANBUL,

3 Performance Highlights 2008 I. Half PRODUCTION UNITS ,6% CAPACITY UTILIZATION % 94,2 76,4 23,2% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun SALES UNITS SALES REVENUE 000 YTL 136, ,579 73,0% 986,486 1,945, , ,323 68,9% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun Domestic Exports Domestic Exports

4 Performance Highlights 2008 I. Half GROSS PROFIT 000 YTL 186, ,527 OPERATING PROFIT 000 YTL 61, ,793 65,2% 182,6% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun NET PROFIT 000 YTL 152,736 EBITDA 000 YTL 273,833 73, , ,1% 137,5% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun

5 Domestic Market 2008 The Domestic Market showed an increase of %12.6 when compared to the same period last year. Domestic monthly sales Sales UNIT 12,939 14,055 19,502 17,388 17,121 17,600 16,626 UNIT 31,101 35,251 53,649 47,701 48,598 48,614 47,490 47,963 41,900 42,387 46,324 42,156 18,162 21,196 34,147 30,313 31,477 28,724 25,330 23,114 29,182 January February March April May June July January February March April May June July PC LCV

6 DOMESTIC MARKET OUTLOOK 247, , , , , , , , , , , , /E PC LCV

7 Tofaş Domestic Sales 2008 Tofaş achieved to increase its Domestic Sales units by 20% in the first half of 2008 when compared to the same period last year.. TOFAŞ Domestic Market Share 2008 TOFAŞ Sales % UNIT 8,073 6,541 6,630 6,559 6, ,701 2,238 4,094 3,290 4,928 5,007 5,922 6,001 5,422 January February March April May June July January February March April May June July

8 Tofaş Domestic Sales 2008 DOMESTIC PC MARKET SHARE DOMESTIC LCV MARKET SHARE % 14,8 15,6 % 28,3 23,1 9,2 8,7 8,3 January February March April May June 10,7 9,5 9,3 16,6 13,9 6,2 January February March April May June 18,9 12,1 10,2 RENAULT TOFAŞ FORD HYUNDAI RENAULT TOFAŞ FORD VW DOMESTIC COMBINED MARKET SHARE % 16,6 15,4 14,3 11,9 13,0 11,3 11,2 January February March April May June 7,8 RENAULT TOFAŞ FORD VW

9 Tofaş Domestic Sales 2008 PC 2008 JANUARY JUNE LCV 2008 JANUARY- JUNE FIAT+ALFA+LANCIA; 9.2% FORD; 8.2% FIAT; 19.6% OTHER; 34.7% RENAULT; 16.2% OTHER; 56.8% FORD; 26.1% HYUNDAI; 9.6% VW; 11.3% RENAULT; 8.3%

10 Tofaş Exports Volume UNIT 25,438 UNIT 23,925 22,793 22,923 21,363 19, ,000 10,660 10,515 12,222 9,724 10,914 15,082 63,519 76,181 59,695 69,492 85,000 January February March April May June /E PC LCV Tofaş exports volume boosted by 98% in the first half of 2008 when compare to the same period last year.

11 Tofaş Sales Local Sales (UNIT) June 2007 June 2008 December 2008 Doblo Cargo 12,649 11,915 Doblo Panoroma Linea 3,963 4,660 Albea Palio 7,532 5,951 Fiorino 7,192 Other CBU 5,424 5,154 LOCAL SALES TOTAL 30,531 35,579 83,000/e Exports (UNIT) June 2007 June 2008 December 2008 Doblo Cargo 34,964 41,142 Doblo Panoroma 19,189 15,280 Linea 2,897 6,125 Albea Palio 2,738 1,467 MCV 60,898 Other CBU CKD + SKD 9,216 11,856 EXPORTS TOTSL 69, , ,000/e LOCAL + EXPORTS TOTAL 99, , ,000/e

12 Capacity Utilization & Production Production Volume 42,650 52,826 47,645 69,372 80,507 89, , , , ,000 Capacity expansion 65% 71% 85% 90% + 110,000 Unit 94% 100% 90% 80% 70% 60% 200,000 50% 150,000 40% 30% 100,000 20% 2007 Q Q Q Q Q Q2 50, March 2008 June Production volume Capacity Utilization 10% 0%

13 Financial Results 2008 I. Half INCOME STATEMENT TRY million Net sales 1, , ,136.8 Gross profit Operating profit Profit before tax Net profit EBITDA % EBITDA margin 7.0% 9.8% Gross profit margin 11.3% 11.1% Operating profit margin 3.7% 6.2% Profit before tax margin 5.1% 6.0% Net profit margin 4.4% 5.5%

14 Financial Results 2008 I. Half INCOME STATEMENT / STAND-ALONE QUARTER BASIS TRY million Quarter Quarter Net sales 1, , Gross profit Operating profit Profit before tax Net profit EBITDA % Quarter Quarter EBITDA margin 8.5% 11.0% Gross profit margin 9.7% 12.3% Operating profit margin 4.6% 7.6% Profit before tax margin 6.5% 5.6% Net profit margin 6.4% 4.6%

15 Financial Results 2008 I. Half BALANCE SHEET - ASSETS TRY million Current Assets Cash & cash equivalents Inventories Trade Receivables Short term Consumer Financing Loans Other Current Assets Non Current Assets Fixed Assets 1, , Long term Consumer Financing Loans Other non-current assets Total Assets 3, ,

16 Financial Results 2008 I. Half BALANCE SHEET - LIABILITIES TRY million Short Term Liabilities Short Term Financial Liabilities Short Term portions of Long Term Liabilities Trade Payables , Other Short Term Liabilites Long Term Liabilities Long Term Financial Liabilities Other Long Term Liabilities Equity 1, , Total Equity and Liabilities 3, ,

17 Financial Results 2008 I. Half TRY million Net Financial Position Cash & Cash Equivalents S.T. Financial Liabilities L.T. Financial Liabilities S.T. Consumer Loans L.T. Consumer Loans TOTAL Net Working Capital Trade Receivables Inventory Other Receivables Trade Payables , Other Payables

18 INVESTMENTS EUR million /E 2009/E Capacity Expansion and Other Linea Minicargo TOTAL

19 Other Developments Lancia Delta was introduced on

20 Contacts Gökhan Tezel Finance Manager Tel: Ext: 1880 M. Emre Erturk Corporate Investor Relations Supervisor Tel: Ext: 1884

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