Petrol Ofisi. Company Presentation. October 2007

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1 Petrol Ofisi Company Presentation October 2007

2 Disclaimer Petrol Ofisi A.Ş. ( Petrol Ofisi ) has prepared this presentation (the Presentation ) for the sole purpose of providing information relating to Petrol Ofisi (the Information ). The contents of this Presentation is based on public information and on data provided by Petrol Ofisi management. No reliance may be placed for any purposes whatsoever on the Information contained in this Presentation or on its completeness, accuracy or fairness. The Information in this Presentation is subject to verification, completion and change. No representation or warranty is made by Petrol Ofisi or the Shareholders or any of their respective advisers or any of 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 Presentation or the Information. This Presentation 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 Presentation and/or the Information cannot be distributed or disseminated into Turkey. This Presentation 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 Petrol Ofisi, 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. In the UK this Presentation is being made only to and is directed at (a) persons having professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the Order ) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as relevant persons ). Any person who is not a relevant person should not act or rely on this Presentation or any of its contents. 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 Presentation, 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 Presentation speak only as at the date of this Presentation. 2

3 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Financial Overview 3

4 A New Playing Field Deregulation and Price Liberalization New Petroleum Market Law Increasingly Controlled Environment New Rules New Playing Field Obligation to hold a license Import liberalization National marker Distributor marker Fully accredited laboratories Station automation 20 day national stock obligation Vertical integration is allowed Market share of a distributor < 40% Increased levels of competition triggering consolidation Number of players increased from 21 as of YE04 to 49 as of 1H07 Imports have increased by 35% Illegal fuel trading has considerably diminished The sector as a whole became more conscious of legal obligations. Compliance had to be placed on the top of the agenda The leader of the sector took the lead in the new playing field Petrol Ofisi supported the new regulation from day one The Company was constantly in dialogue with the regulatory bodies communicating the difficulties and the problems the sector was coping with 4

5 Market Snapshot REFINER 1 refiner 4 refineries 27.6mn tons of crude processing capacity, 94.9% CUR 24.6mn tons of production 26.1mn tons of total sales 19.9 domestic 6.2 export DISTRIBUTOR 49 distributors Top 5 accounting for 85% of the market 4.4 mn m 3 of storage capacity stations 11,684 stations Dealer owned Dealer operated No white flags Distribution contracts of years PRICING >60% of the gasoline pump price is composed of tax (SCT+VAT) Adjusted in line with refinery prices & currency fluctuations Gasoline US$2.20/lt Diesel US$1.77/lt 5

6 Best Player in the New Playing Field - Widest Network, Highest Market Shares Leading Energy Force Owing to its Extensive Distribution Network, Innovative Product Offerings and High Quality Service Diesel Market Share 76% 59% 29% 35% 34% Gasoline Market Share 69% 46% 20% 26% 26% Number of Distribution Co PO Sales Volume * 6.86 m tons fuel products 8.25 m tons fuel products 6.51 m tons fuel products 6.47 m tons fuel products 6.17 m tons fuel products Number of PO Stations n.a. 5,424 4,500 3,656 3,500 Source: GDPA for , Petroleum Industry Association for 2005 and 2006 * Gasoline + Gasoil + Kerosene+ Black Products 6

7 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Financial Overview 7

8 Turkey, a Gateway to the Major Global Sources of Energy A bridge bridge between between east east and and west, west, connecting connecting the the leading leading energy energy suppliers suppliers and and consumers consumers Oil Pipelines Kirkuk Ceyhan Iraq s largest export line 70 million tons capacity per annum Baku Tbilisi Ceyhan Decreasing transportation and financial costs 50 million tons capacity per annum Samsun Ceyhan Ceyhan to become energy hub with new refineries and pipelines 70 million tons capacity per annum Natural Gas Pipelines Nabucco Major alternative route for gas to EU to be partially operational by 2012 with an initial pipeline capacity up to 8 bcm Construction will end in 2017, when the maximum capacity will reach 31 bcmy Turkey Greece Italy Turkey Greece part is in the final stages of construction Construction of the Italy-Greece part will start in 2008 for completion expected in 2011 Estimated capacity: 8-10 bcm per annum 8

9 Energy Sector: Changing Composition of Consumption Considerable Considerable increase increase in in oil oil demand demand despite despite the the significant significant share share lost lost to to natural natural gas gas 100% 80% Oil Demand (mn ton) 60% 20 40% 15 20% % Oil Gas Coal Hydro Turkish primary energy consumption reached 94.7 mn tpe with 6.1% increase in 2006 Oil and coal have the leading shares in energy consumption with 30% each, followed by natural gas with 29% and by hydro with 10% In 2006, natural gas consumption increased by 13.5% while oil consumption declined by 4.7% CAGR of oil consumption for the period has been 1.6% compared to 22.6% CAGR of natural gas Source: BP Statistical Review of World Energy

10 Market is Expected to a CAGR of 4% between Rapid Rapid economic economic expansion, expansion, demographics demographics and and EU EU convergence convergence are are the the main main drivers drivers of of growth growth In 2006, the overall demand for fuel products that PO distributed* was 21.0 mn tons This demand is expected to rise to 35.3 mn tons in 2020 The production capacity will stand around 20 mn tons unless new refining capacity is introduced In 2020, almost half of the domestic demand will have to be met through imports Market* Demand mn ton * Excludes Asphalt, Naphta and Others Gasoline Diesel Jet Fuel Heating Oil Fuel Oil Auto LPG Source: Petroleum Industry Association and Petrol Ofisi 10

11 Insufficient Domestic Refining Capacity A new new refinery: refinery: It s It s more more than than an an opportunity, opportunity, it s it s a must must for for supply supply security security In 2006, Turkey consumed 28.5 mn tons of fuel products accounting for 30% of the overall energy demand The local refiner, Tüpraş, supplied 19.9 mn tons of this demand, the rest was imported In 2020, the excess demand in the market will reach 17.8 mn tons 45 Turkey Fuel Products* Demand Demand* mn ton Production * White Products+Black Products+Lubricants+Asphalt +Naphta+Others Source: Petroleum Industry Association and Petrol Ofisi 11

12 Incompatible Supply and Demand Structures The The country country is is short short in in diesel diesel vs. vs. long long in in gasoline gasoline and and black black product product markets markets The domestic refining output mix does not match the demand composition of Turkey The country is short in diesel vs. long in gasoline and black products markets In 2006 alone, Turkey imported 6.2 mn tons of diesel Diesel (mn ton) Gasoline (mn ton) Exports 0.84 Exports Imports 0.66 Imports Net Exports Net Exports Source: EMRA and TUPRAS 12

13 Market Dynamics Increasing Increasing demand demand for for white white products products Diesel (mn m 3 ) CAGR: 4.7% % 10.2 Gasoline + Auto LPG (mn m 3 ) CAGR: -3.2% % Aug-06 Aug Aug-06 Aug-07 Black Products (mn ton) Aviation (mn m 3 ) 5.9 CAGR: -11.2% CAGR: 7.5% % % Aug-06 Aug Aug-06 Aug-07 Source: Petroleum Industry Association 13

14 Market Volume Composition 5% 5% increase increase in in market market volume volume in in the the first first 8 months, months, limited limited due due to to the the 23% 23% shrinkage shrinkage in in the the demand demand of of black black products products Aug 06 (23)% 1,932 1,483 10% 1,384 1,253 11% Aug 07 Gasoline Auto LPG Diesel Jet Fuel 7,782 8,629 Black Products LNG 13% 1,161 1,311 1,731 (2)% 1,688 9% 14% 10% 10% % 12% % 8% 59% 9% 9% % 0% 9% 14% 13% 1% 12% mn tons mn tons 7% 8% 52% 56% mn tons mn tons Source: Petroleum Industry Association 14

15 Petrol Ofisi Leading the Market Jet Fuel Black Products Diesel Gasoline 24.2% 30.0% 59.3% 70.7% 70.0% Others 75.8% Others 29.3% 40.7% Others Others Source: Petroleum Industry Association All market shares are as of August

16 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Financial Overview 16

17 Company History FOUNDATION PRIVATISATION SPO PRIVATISATION MERGER TENDER OFFER PRIVATE PLACEMENT SHAREHOLDER STRUCTURE TENDER OFFER PRIVATE PLACEMENT STRATEGIC PARTNERSHIP MCAP Established in 1941 as a State Economic Enterprise Taken into Privatization Program in % of PO shares acquired by IsDogan Petroleum Investments Inc. for US$ 1.26 billion in July % of total shares owned by PA were publicly offered and privatized as of March 2002 In July 2002, the remaining 25.83% shares held by PA were sold to IsDoğan, which already owned 51% of the Company IsDogan, owner of 82% of PO shares, merged with PO in December 2002 In November - December 2002, IsDogan increased its share to 96.3% through a tender offer In December 2002, 14% of the shares were transferred to Isbank and Dogan Holding 6.7% of PO shares were sold to institutional investors in February 2005 Isbank s PO shares (44.1%) were acquired by Dogan Holding in September 2005 A tender offer was carried out by Dogan Holding between October 14 31, % of PO shares were sold to institutional investors in January 2006 Free float after the tender is % % of shares were sold to OMV in March 2006 As of October 1, 2007, Petrol Ofisi s MCAP is US$ 2.5 billion 17

18 Shareholder Structure One of the top 3 conglomerates in Turkey and a leading media group Austria s largest listed industrial company and a leading oil and gas group in Central Europe 53.50% after support purchases Free Float 37.13% after support purchases 52.7% 13.3% 34.0% 4 BoD members 4 BoD members Erk Petrol 99.96% PO Oil % Petrofinance % Kipet 52.00% PO Alternatif Yakıtlar 99.83% PO Gaz İletim 99.50% PO Georgia % PO Akdeniz Rafinerisi 99.99% Fuel Marketing Financing Financing Fuel Marketing LNG Marketing LNG Transport Georgia Operations Refining 18

19 Transformation from a National Fuel Distributor to a Regional Energy Co. EXPANSION International Markets RETAIL AVIATION MARINE EXPORTS Vertical Integration / New Business Areas DIVERSIFICATION OIL GAS DISTRIBUTION Exploration Production Refining Distribution Storage CNG Market Increasing Brand Value PRODUCT DIFFERENTIATION SERVICE QUALITY ALTERNATIVE DELIVERY CHANNELS DIFFERENTIATION R&D New Products Performance/Quality DDS Automation Site Staff Training Retail Visual & Operational Standardization Vehicle Identification System Automatic Personal Payment System AutoExpress Loyalty Programs Control Labs Operational Excellence CORE BUSINESS LINES Gasoline Diesel RETAIL Auto LPG Lubricants Diesel/Jet Fuel C&I SALES Black Products LNG Lubricants Production (Lubricants), Supply & Logistics 19

20 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Financial Overview 20

21 Business Lines Largest Network 38% of unleaded gasoline & 48% of diesel imported as of 1H07 Supply Largest Storage Capacity 963,000m 3 Retail 3,310 stations Logistics 1,640 m 3 avg throughput C&I State Companies Private Companies Refinery Plans Local Tüpraş Imports Russia, Israel, Ukraine, Romania, Libya, Greece, Italy... DDS Direct Delivery System 13 Terminals (11 fuel, 2 LPG) Others #1 in Aviation Marine Lubricants Gasoline LPG Gasoil Products Jet Fuel Black Products LNG Production Lubricants 21

22 Accounting for 22% of Turkey s Petroleum Storage Capacity Petrol Ofisi has the strongest logistics network in Turkey 13 terminals (including 2 LPG terminals) - 963,000 m 3 In 2006 total capacity has been increased by 160,000 m 3, reinforcing the leadership in storage capacity Large capacity gives the Company the flexibility to; Haramidere Distribute products more efficiently than competition Access multiple sources of supply Easily manage the national stock liability Kepez Mudanya Derince Kırıkkale Samsun Trabzon Import higher percentage of products than competition Why import? CIF vs. FOB differential freight advantage Lower product premiums Aliağa (2) Antalya Aksaray Mersin İskenderun Batman * * Refinery Liaison Office More competitive payment terms Tax float benefit All PO terminals have received proficiency certification for running the mandatory EMRA Group II fuel tests, marking a first for a Turkish distribution company Laboratory accreditation applications were filed for all terminals to Turkish Accreditation Agency in August 2007 DDS (Direct Delivery System) for Quality Assurance Petrol Ofisi has launched DDS in 2002, to maximize product quality DDS utilizes a dedicated fleet of 220 leased/subcontracted road tankers in the distribution of special products (50 ppm diesel and PO-97 octane unleaded gasoline) 22

23 Retail Only Company with Nationwide Coverage Turkey s largest nationwide network 3,310 stations as of September 2007 Number of Stations* September , ,267 1,205 Network Rationalization - Divesting stations with low throughput and efficiency and investing in new stations with high throughput and prime location to; Generate higher throughput Increase efficiency Improve flexibility in adapting to changes in the market Increase presence in 3 big cities Average annual throughput has increased by 146% since year-end 2000, reaching 1,640 m 3 as of 1H Others** 1,781 * EMRA for Opet, Shell-Turcas, BP, Total and for Others and PO for PO and Erk ** Others include Akpet, Moil, Alpet, Petline, Delta 23

24 LPG - Growing Business Line Turkey s largest Auto-LPG network 1,443 stations, 2 filling facilities, 2006 sales of 356,542 tons The national distribution license is granted in March 2007 Petrol Ofisi operates through 2 channels: Contracted and Petrogaz (PO Brand) stations In 2007, PO has launched a new brand, PO LPG and conversion of all current stations to this brand is in the works As of 1H07, market sales volume has reached 921k tons Aksaray filling facility acquired in 2006 has begun operations, Aliağa facility rented at the end of 2006 has become operational with the national license LPG storage license was acquired for Aksaray facility to enable the Company to give out storage services to other companies PO s Auto-LPG volume has grown by 25% (151k tons to 188k tons) as of 1H07, the highest growth rate in the market As of August 2007, PO accounts for 20.3% of the total market 24

25 C&I - Fueling the Energy that Turkish Industry Needs and Relies on Turkey s biggest single B2P, B2B and B2D fuel distributor Nationwide presence, established infrastructure, logistics capability & long-term business relationships Commercial and Industrial (C&I) customers are defined under 3 separate categories State-owned entities, military institutions and municipalities Private companies in industry, agriculture, transport, logistics and construction Sub-distributors who supply commercial customers with an annual consumption of less than 5,000 tons that distribution companies can t supply by law C&I sales are comprised mostly of black product, gasoil and jet fuel sales In 1H07, total C&I sales volume has reached 2.2 mn m 3 Even though black products market is shrinking considerably due to the subsitution effect of natural gas, Petrol Ofisi managed to beat the market and increase its market share In 1H07, black product sales has reached 675k tons while the market share increased by 9.3% and reached 55.8%, mainly due to increase in public and marine sales In 2007, success ratio in state tenders has improved in the face of increasing competition while enjoying improved profit margins 25

26 Land, Air & Sea No Boundaries for Petrol Ofisi Market leader with 71% market share 2006 sales of 1.7 mn m 3, CAGR of 10% in the last 4 years, 228,000 aircraft refuelings PO Air is present at 31 airports (34 airports as of YE07) Customers include Turkish Airlines, all other domestic airlines as well as 60 international airline carriers: Lufthansa, KLM, Air France, TNT, Fedex... PO Air is the only company that can supply Istanbul Airport through its pipelines, lowering transportation costs In 1H07, jet fuel sales volume has increased by 13% Y-o-Y and reached 858k m 3 En route to becoming an international player... In 2006, PO air started supplying Turkish Airlines and other domestic carriers (currently 22 international airports) In 1H07, PO air has more than doubled its international throughput In 2007, PO Air started supplying Batumi Airport. Tbilisi airport is up next Market leader with 40% market share 2006 sales of 800,831 m 3, marking a 17% volume growth PO Marine is the only Turkish supplier to Own marine terminals in all seas Offer all marine fuels and lubricants Provide transit bunker services in Turkish Black Sea (Samsun and Trabzon) In 2006, the construction of Kepez Terminal (capacity of 8,700 m 3 ) has been completed and PO Marine has become the only company to offer marine bunker sales in the Dardanelles Other than the 7 marine terminals along the coastlines, PO Marine operates the largest floating station network in Turkey PO Marine supplies Turkish ship owners abroad and in 2006 has sold more than 60,000 tons of marine fuels within this scope PO Marine has reached 63% market share in domestic diesel, 70% in domestic fuel oil, 39% in transit fuel oil and 26% in transit diesel as of 1H07 Introduced in July 2005 and already #2 in the market, 103 LNG tanks installed, 34 LNG tankers LNG is natural gas condensed into liquid by cooling to approximately -163ºC LNG is mainly used by commercial and industrial customers that don t have access to natural gas pipelines LNG is transported by specially designed cryogenic road tankers to customers premises and stored in specially designed tanks LNG was introduced to the Turkish market in 2003 and has reached a market size of 275,000 tons as of YE06 PO started to market LNG in July 2005 and has reached 20% market share as of 2007 As of 1H07, PO LNG sales volume has reached 37k tons, implying a 316% increase over 1H06 PO has built the biggest LNG facility of Turkey in Tire Kutsan paper production facility 26

27 PO Lubricants Lead, Others Follow Market leader with 26%* market share 2006 sales of 106,000 tons including exports of 9,400 tons to 21 countries Petrol Ofisi is Turkey s largest lubricant producer with two lubricant plants in Derince and Aliağa having a total annual capacity of 170,000 tons Petrol Ofisi is the dominant market player in diesel engine lubes and chemicals In 2006, PO has expanded its product portfolio in lubricants and total number of products has reached 244 as of 1H07 In 1H07, domestic sales volume reached 38k tons while the export volume was 5k tons The construction of the fuels and lubricants technology center has been completed in May 2007 The technology center has been accredited for 38 lubricant tests Exporting lubricants to 3 continents In 2006, PO exported lubricants to 21 countries totaling to 9,400 tons As of YE06, PO also began production for OMV and Petrom markets (all Balkan countries, Germany, Austria, Czech Republic, Hungary, Slovenia and Romania) * PO estimate as of YE06 27

28 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Financial Overview 28

29 All Fueled Up 5 Years from Now Backed by a strong partnership a vertically integrated market leader #1 in retail #1 in aviation #1 in marine #1 in lubricants #1 & a regional WER Supplying THY at >100 international airports Supplying international airports Biggest marine refueler of the East Mediterranean Exporting lubricants to >30 countries 29

30 Going into Refining - A Step Towards Vertical Integration July 12, 2006 In line with its strategy of becoming a vertically integrated regional energy player, Petrol Ofisi applied to EMRA to build a refinery in Ceyhan, the energy hub of the region June 11, 2007 EMRA stated that all paperwork regarding PO s application was complete but decided that it was not legally acceptable for a fuel distributor to hold a refining license June 13, 2007 A separate refining company was established and the license application was refiled June 27, 2007 EMRA approved PO s application and decided to issue a provisional license on the condition that the Environmental Impact Assessment (EIA) Positive certificate is submitted to EMRA within 90 days October 1, 2007 EIA Positive certificate was issued by the Ministry of Environment and Forestry and submitted to EMRA by PO Concept study has been concluded in June 2007, feasibility study is to be completed in November

31 Entering the Georgia Market - Regional Diversification Why Georgia? Georgia s geographic position located at the crossroads between Europe and Asia makes it a natural corridor between the two continents Georgian retail market provides an appealing opportunity with its growing economy and increasing transit traffic between Western countries and Caspian region It is strategically important to take an early position in Georgia s high potential market What & How in Georgia? PO is planning to become a major player in Georgian oil market Majority of the stations are planned to be in Tbilisi city center in line with its high fuel consumption. Large cities like Kutaisi and Batumi are planned to be covered by two stations each while the locations of the highway stations will be chosen according to the transit traffic It will provide a valuable experience and know-how in operating an international retail network PO s operational presence in the region will lead to other expansion opportunities In aviation, PO has started supplying Batumi airport. Plans to start supply at Tbilisi airport are under way 31

32 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Financial Overview 32

33 Performance Higlights Contraction in volumes, triggered mostly by the aggressive competition in the commercial and industrial segment, led to 2.6% decline in Y-o-Y net sales revenue 1H07 gross profits climbed by 5.2% Y-o-Y and reached US$307 mn as the Company significantly increased its retail margins in 2Q07 in line with its margin driven business strategy Thanks to effective cost management, OPEX declined by 2.6% yielding to 12.8% increase in operating profit Similarly, EBITDA rose by 12.9% from US$183 mn to US$207 mn The appreciation of TRY helped partially compensate for the loss originating from the YTL275 mn of tax arbitration payment in June 07, which had been provisioned for in the 1Q07 financials Because of the tax arbitration payment, in 1H07, the bottomline remained negative at US$38 mn Net income adjusted for the tax payment was US$163 mn compared to US$99 mn of net loss posted in 1H06 Significant improvement in profitability reflected positively onto the margins whereby gross margin increased by 50 bps from 6.5% to 7.0% and EBITDA margin increased by 60 bps from 4.1% to 4.7% Net liability position increased to US$696 mn as the tax arbitration payment was paid with cash 33

34 Strong Operating Performance 1Q07 2Q07 2Q06 07/06 US$ mn 1H07 1H06 07/06 FY06 FY05 06/05 1,889 2,482 2,493 0% Net Sales 4,372 4,487-3% 9,583 8,830 9% % Gross Profit % % 5.9% 7.9% 6.8% Gross Margin % 7.0% 6.5% 6.5% 6.0% % EBIT % % 2.6% 4.7% 3.8% EBIT Margin % 3.8% 3.3% 3.6% 3.4% % EBITDA % % 3.6% 5.6% 4.5% EBITDA Margin % 4.7% 4.1% 4.4% 4.2% n.m. Net Income % % -8.4% 4.9% -5.3% Net Income Margin % -0.9% -2.2% 1.7% 1.8% n.m. Tax Arbitration n.m. 0 0 n.m n.m Net Income* n.m % 1.9% 5.1% -5.3% Net Income Margin* % 3.7% -2.2% 1.7% 1.8% * Adjusted for tax arbitration payment 34

35 The Negative Effects of the Tax Arbitration Compensated to a Large Extent by the Strong Operational Performance and Appreciation of TRY US$ mn Due to appreciation in TRY against US$ Due to bad debt and lawsuit provisions Positive effect Negative effect Net income adjusted for the tax provision 51 Mainly due to decrease in unit margins Mainly due to increase in LPG revenues Mainly due to decrease in advertising expenses 338 Due to higher interest income Due to higher profit in tax accounts and removal of corporate tax rate differences Due to tax arbitration payment Net Income Δ Δ Δ Δ Δ Δ Δ Δ Δ Δ Δ Gross Profit Other Cash OPEX Depreciation FX Income-net Other Income- Interest Cash Tax Deferred Tax Net Income Tax Arbitration Net Income 1H06 Operating net Expense-net 1H07 After Tax Income-net Arbitration 1H07 35

36 Accelerated EBITDA Growth 1Q07 2Q07 2Q06 07/06 US$ mn 1H07 1H06 07/06 FY06 FY05 06/ % EBIT % % % Depreciation % % % EBITDA % % 26% CAGR % H06 1H07 36

37 Increase in Net Liabilities on the Back of Tax Arbitration Payment US$ mn December 31, 2005 December 31, 2006 June 30, 2007 Liquid Assets 1,223 2,028 1,644 Cash Inventories Trade Receivables & Other Current Assets 702 1, Liabilities 1,104 1,888 1,738 Trade Payables 793 1,506 1,341 Taxes Payable Other Payables* Assets/Liabilities Net Assets Total Financial Debt Net Liabilities Change in Net Liabilities * Excluding deferred tax liabilities and long term provisions but including short term provisions (tax liability) 37

38 Corporate Our Ratings Sovereign July, 2004 February, 2005 BB- Stable B Stable B Positive Sovereign July, 2004 June, 2005 BB- Stable B+ Stable B+ Positive Investment Grade AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- April, 2005 September, 2006 February, 2007 B+ Stable B+ watch neg B+ Stable March, 2006 BB- Stable National AA- (tur) High Yield BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C D DDD 38

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