OMV Petrol Ofisi A.Ş.

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1 OMV Petrol Ofisi A.Ş. Company Presentation Results November 2011

2 Disclaimer OMV Petrol Ofisi A.Ş. ( OMV Petrol Ofisi ) has prepared this presentation (the Presentation ) for the sole purpose of providing information relating to OMV Petrol Ofisi (the Information ). The contents of this Presentation is based on public information and on data provided by OMV 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 OMV 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 OMV 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 OMV Petrol Ofisi A.Ş. (3Q11)

3 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 3 OMV Petrol Ofisi A.Ş. (3Q11)

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 Rental & Usufructs agreements restricted with 5 years by Competition Board 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 53 as of 3Q11 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 OMV 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 OMV Petrol Ofisi A.Ş. (3Q11)

5 Market Snapshot REFINER 1 refiner 4 refineries mio tons of crude processed, 69.6% CUR* mio tons of production* mio tons of total sales domestic 4.80 export * DISTRIBUTOR 53** distributors Top 5 accounting for 85% of the market 5 mio m 3 of storage capacity stations 12,682** stations Dealer owned Dealer operated No white flags Dealer contracts recently limited down to 5 years PRICING 59% of the gasoline pump price is composed of tax (SCT+VAT) Adjusted in line with refinery prices & currency fluctuations Gasoline USD 2.32 / lt Diesel USD 2.00 / lt 5 OMV Petrol Ofisi A.Ş. (3Q11) ** EMRA data by

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% 27.9% 27.1% Gasoline Market Share 69% 46% 20% 23.5% 23.9% Number of Distribution Co PO Sales Volume * 6.86 mio tons of fuel products 8.25 mio tons of fuel products 6.51 mio tons of fuel products 5.16 mio tons of fuel products 4.77 mio tons of fuel products Number of PO Stations n.a. 5,424 4,500 3,008 2,396 6 OMV Petrol Ofisi A.Ş. (3Q11) Source: GDPA for , Petroleum Industry Association for 2009 and 2010 * Gasoline + Gasoil + Kerosene+ Black Products

7 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 7 OMV Petrol Ofisi A.Ş. (3Q11)

8 Turkey, a Gateway to the Major Global Sources of Energy A bridge between east and west, connecting the leading energy suppliers and consumers Oil Pipelines Natural Gas Pipelines Kirkuk Ceyhan Iraq s largest export line 50 million tons capacity per annum Baku Tbilisi Ceyhan Decreasing transportation and financial costs 50 million tons capacity per annum Ünye Ceyhan Ceyhan to become energy hub with new refineries and pipelines 70 million tons capacity per annum Nabucco Major alternative route for gas to EU. Construction will start in 2013, first gas will flow in 2017 with a pipeline capacity up to 31 bcm Pipeline starts at the Georgian/Turkish and the Iraqi/Turkish border, and finishes in Baumgarten near Vienna, crossing Bulgaria, Romania and Hungary. Gas will be supplied from the Caspian Region, Middle-East and Egypt 8 OMV Petrol Ofisi A.Ş. (3Q11)

9 Energy Sector: Changing Composition of Consumption Considerable increase in Oil Demand Turkish Primary Energy Consumption (mio ton) Oil Demand (mio ton) 120, ,0 80,0 Renewables Hydroelectricity ,0 40,0 Coal Gas Oil Oil Demand 20,0 5 0, Turkish Primary Energy Consumption reached mio tons with 9.8% increase in 2010 Natural Gas had the leading share in Energy Consumption in 2010 with 31.66%, followed by Coal with 31% and by Oil with 25.88% share In 2010, Oil Consumption increase by 1.7% while Natural Gas Consumption increase 9.2% CAGR of Oil Consumption for the period has been 1.89% compared to 20.49% CAGR of Natural Gas 9 OMV Petrol Ofisi A.Ş. (3Q11) Source: BP Statistical Review of World Energy

10 Market Dynamics Slight demand increase while markets recover from crisis Gasoil (mio m 3 ) CAGR: 4.20 % Gasoline + Auto LPG (mio m 3 ) CAGR: (0.62) % Q Q11 Black Products (mio ton) Lubricants (mio ton) 5.9 CAGR: (15.46) % CAGR: 1.44 % Q11 10 OMV Petrol Ofisi A.Ş. (3Q11) Q10 3Q11 Source: Petroleum Industry Association., LPG Market figures are Company estimate

11 Market Volume Composition Auto LPG demand continued to grow in 3Q11 3Q10 3Q % Gasoil 10,193,277 10,481,760 (2,7) % Black Products 766, ,558 Gasoline 1,854, % Auto LPG 1,959,606 1,573,987 (9.0) % Gasoline 1,432,563 Auto LPG 11% 10% Gasoil 13% 13% 71% 5% 72% 5% Black Products 14.4 mio tons 14.6 mio tons 11 OMV Petrol Ofisi A.Ş. (3Q11) Source: Petroleum Industry Association., LPG Market figures are Company estimate

12 OMV Petrol Ofisi Leading the Market Black Products Gasoil Gasoline Auto-LPG 57.5% 27.1% 23.1% 15.0% 72.9% 76.9% 85.0% 42.5% Others Others Others Others 12 OMV Petrol Ofisi A.Ş. (3Q11) Source: Petroleum Industry Association. LPG Market figures are Company estimate

13 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 13 OMV Petrol Ofisi A.Ş. (3Q11)

14 Company History FOUNDATION PRIVATISATION SPO PRIVATISATION MERGER TENDER OFFER PRIVATE PLACEMENT SHAREHOLDER STRUCTURE TENDER OFFER PRIVATE PLACEMENT STRATEGIC PARTNERSHIP ACQUISITION 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 IsDogan, which already owned 51% of the Company IsDogan, owner of 82% of PO shares, merged with PO in December 2002 In Nov. Dec. 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 OMV acquired 54.14% of OMV Petrol Ofisi shares and increased its stake from 41.58% to 95.72%. Following the mandatory tender offer OMV stake became 96.98%. As of September 30, 2011, OMV Petrol Ofisi s MCAP is USD 1.39bio 14 OMV Petrol Ofisi A.Ş. (3Q11)

15 Shareholder Structure OMV PETROL OFİSİ HOLDİNG A.Ş. Free Float & Others OMV AKTIENGESELLSCHAFT 55.40% 3.02% 41.58% Erk Petrol 99.96% PO Arama Üretim 99.96% Marmara Depoculuk % KIPET 52.00% PO Gaz İletim 99.75% PO Akdeniz Rafinerisi 99.99% Fuel Marketing E&P Storage Facility Fuel Marketing LNG Transport Refining 15 OMV Petrol Ofisi A.Ş. (3Q11)

16 OMV became clear majority shareholder of OMV Petrol Ofisi A.Ş. One of Austria s largest listed industrial companies and the leading energy group in the European growth belt. Refining and Marketing Exploration and Production Gas and Power 20% market share in 12 CEE and SEE markets and 27% in Turkey Five refineries with 25.8 mn t/y capacity and a network of 4,772 filling stations including OMV Petrol Ofisi Stake in leading Turkish marketing company OMV Petrol Ofisi increased to 95.72% in Q4/10 Integrated petrochemical business and 36% stake in Borealis Oil & gas production is running at a total of about 318,000 boe/d in 2010, proved reserves (P1) approximately 1.15 bn boe International E&P portfolio spread across 16 countries Focus on OECD and areas from which OMV markets can be supplied Shipping of approx. 90 bcm of natural gas to Western Europe in 2010 Operation of storage facilities with a capacity of 2.4 bcm Gas sales of 18 bcm in CEE, SEE and Turkey Long-term Russian and Norwegian supply contracts and access to equity gas Under its 3plus strategy, OMV combines the strengths of its E&P, G&P and R&M business units in order to ensure that it provides the best possible supply service to its three core markets of Central and Eastern Europe, Southeast Europe and Turkey. OMV uses the synergies that result from the combination of these strengths to extend its supply chain from oil and gas through to electricity and eventually renewable energy. 16 OMV Petrol Ofisi A.Ş. (3Q11) As of December 31, 2010

17 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 17 OMV Petrol Ofisi A.Ş. (3Q11)

18 Business Lines 57% of diesel imported in 3Q11 Largest Storage Capacity Largest Retail Network m 3 registered Retail stations 26.75% share in the Black Sea Natural Gas Project Supply Logistics 1,905 m 3 /st. avg. throughput C&I State Companies Private Companies Local TUPRAS Imports Russia, Greece, Malta, Israel, Italy, Egypt, Bulgaria, Libya, France, Georgia, USA and Tunisia DDS Direct Delivery System 12 Terminals (10 fuel, 2 LPG) Others #1 in Aviation Marine Lubricants Products 18 OMV Petrol Ofisi A.Ş. (3Q11)

19 Accounting for 20%* of Turkey s Petroleum Product Storage Capacity OMV Petrol Ofisi has the strongest logistics network in Turkey 10 Fuel Terminals ( m 3 registered) and 2 LPG Terminals (496 m 3 registered) Large capacity gives the Company the flexibility to; Distribute products more efficiently than competition Access multiple sources of supply Easily manage the national stock liability Import higher percentage of products than competition Why import? CIF vs. FOB differential freight advantage Lower product premiums Tax float benefit All terminal laboratories are accredited by Turkish Accreditation Agency Currently 9 PO terminals are certified for running the mandatory EMRA Group II fuel tests, marking a first for a Turkish distribution company Supply Department successfully protects the operational stock value against the price volatility in global markets by optimizing potential market risks Haramidere Aliağa (2) Derince Antalya Kırıkkale Aksaray Mersin Samsun İskenderun Trabzon New Investment: Marmara Storage Facilities Batman* The new Marmara Eregli Terminal has a storage capacity of 250,000 m 3 (90% PO share, 10% PETLINE share). Permission and licensing process is ongoing. The terminal has access to the Marmara Sea which enables import with 50,000 DWT vessels The mechanical construction of the terminal has been completed 19 OMV Petrol Ofisi A.Ş. (3Q11) * According to EMRA, total petroleum products (fuel + LPG) storage capacity figure is 5, m 3 for Turkey as of YE10

20 PO Land Transportation Activities OMV Petrol Ofisi has launched Direct Delivery System (DDS) for fuels in 2002, to maximize product quality DDS utilizes a dedicated latest technology fleet of 60 road tankers in the distribution of fuel products. LPG distribution is carried out with a dedicated fleet consisting of 151 road tankers to around retailers. A fleet composed of 4 semi trailers is utilized for PO Aksaray LPG Terminal supply. LNG distribution is carried out with a dedicated fleet consisting of 52 cryogenic road tankers to approximately 200 customers. Aviation fuels transportation is carried out with a dedicated fleet of 62 road tankers with special tank interior covering for fuel quality assurance for 30 aviation supply units. Lubricants is transported to customers in tankers carrying bulk, in trucks carrying packaged products, by trucks operating in Direct Delivery System for lubes or through express distribution. Fuel to Border Stations is transported by a fleet of 12 dedicated semi trailers. PO Batman Terminal supply is carried out by a fleet of 15 dedicated semi trailers from PO İskenderun Terminal and/or PO Mersin Terminal. Transportation business is complying with ADR standards In 3Q 2011, DDS deliveries reached to 240k m 3 along with auto-lpg deliveries undertaken by PO to supply PO/gaz stations, amounting to 295k tons. 80k tons of LNG is delivered to commercial customers. C&I customer deliveries reached 150k tons and around 72k tons lubricants is transported to lubes dealers and customers. 96k tons of fuel is carried to Border Stations and 40k tons of fuel is transported to PO Batman Terminal. 20 OMV Petrol Ofisi A.Ş. (3Q11)

21 Retail Only Company with Nationwide Coverage Turkey s largest nationwide network 2,334 stations as of September 2011 Number of Stations* September , ,278 1, Network Rationalization - Divesting stations with low throughput and efficiency and investing in new stations in Preferred Market Areas with high throughput and high potential to; Generate higher throughput Increase efficiency Improve flexibility in adapting to changes in the market Increase presence in 3 big cities 452 Others** 7,012 * ** Others include 47 licenced distributors Average annual throughput has more than doubled since year-end 2000, reaching 1,905 m 3 21 OMV Petrol Ofisi A.Ş. (3Q11)

22 Key Success Areas of Retail Creating value for our customers by delivering high quality, differentiated, value added products and services in all retail outlets at all times. Differentiate Fuels Attract & Keep Customers Upgrade Stations & Services OBJECTIVE To create unique brand positioning of innovative leadership and high quality fuels provider and sustain this position. OBJECTIVE To maximise customer satisfaction by offering differentiated products and services, develop customer segmented solutions and retention efforts and improve the perceived value. OBJECTIVE To improve brand preference by upgrading the customer experience in the station. CVP OMV Petrol Ofisi offers high quality premium fuel products with maximum economy, maximum power claim. CVP OMV Petrol Ofisi offers a customer centric loyalty program which is differentiated for segmented customer groups as well as innovative convenience solutions such as Pay-Pass and PositiveMatic. CVP OMV Petrol Ofisi offers high quality products and services at convenient stations via well trained, friendly staff. 22 OMV Petrol Ofisi A.Ş. (3Q11)

23 Retail Volume Enablers NTI/NTPO Projects Network growth by opening or transferring new stations Each year there are 200 Greenfield investments and 700 station transfers in the market CR Projects Network Growth Existing sites are up to contract renewal every 5 years. In average 450 contracts/year will be renewed between The sales performance of the station, the location, the relationship with the dealer are taken into consideration when allocating the CR budget. Operational Improvements Site improvement projects to capture the upside volume potential of the existing stations; Hardware Improvements Toilets, lighting, landscaping, visuals, car-wash and air/water, lube changing units Software Improvements Improvements that don t require additional CAPEX Training of station personnel Localized campaigns/promotions Optimum utilization of the site Site Operations Development Program, Territory Trainers are allocated to each site for a week to train station staff. Marketing Activities FUEL DIFFERENTIATION PO/gaz (Auto-gas) Communication campaign in May 2011 High quality reliable autogas with Improved engine life New Generation V/Max Performance Series (gasoline + gasoil) Relaunched in April 2011, Upto %4 economy New Prodizel Launched in Feb Low sulphur diesel for heavy vehicles with +100km extra milage offer. New Generation V/Max Gasoline Launched April 2010, Above 2 products provide the Highest Level of Fuel Economy (save up to 4 litres of fuel in 100 litres) New Generation V/Max Eurodiesel, Launched Feb 2010 V/Max Performance Series Launched in Sep 2007 Positive effect on pump sales by increasing high income / high mileage customers Low Sulphur Diesel 10ppm PO was the 1 st in the market to offer it in Dec st mover advantage ATTRACT & KEEP CUSTOMERS Positive Card - Launched in Jan 2008 Broadest customer commitment program in Turkey. Over 2,5 million members! Payment and loyalty card in 1 Convenience of paying without leaving the vehicle, pay & pass customers purchase 25% more in average than a regular positive card member pay & pass members by the end of September. 23 OMV Petrol Ofisi A.Ş. (3Q11)

24 LPG - Growing Business Line Turkey s largest Auto-LPG network OMV Petrol Ofisi is currently operating auto-lpg business under PO/gaz (PO Brand) The national distribution licence was granted in March 2007 and in line with the licence PO launched its new brand, PO/gaz in order to create higher earnings on auto-lpg sales. As of September 2011, there are 1,397 PO/gaz stations. Conversion of non-po/gaz stations are still continuing. As of September 2011, sales volume has reached to 294,661 tons in PO/gaz 24 OMV Petrol Ofisi A.Ş. (3Q11)

25 C&I - Fuelling 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 jet fuel, Gasoil and Black product. 25 OMV Petrol Ofisi A.Ş. (3Q11)

26 Land, Air & Sea No Boundaries for OMV Petrol Ofisi PO Air is currently operating at 28 airports. Market leader in 2011 with sales of aproximately m 3 POAir s customer portfolio includes the domestic airlines such as Onur Air, Pegasus, Sun Express, Atlasjet, MNG Cargo as well as more than 60 foreign airlines such as Lufthansa, Emirates, Korean, Qatar, Thomas Cook, Asiana, Aeroflot, Royal Jordanian, TUI, Austrian Airlines, Swiss Airlines, Delta Airlines, Air Transat, China Southern etc. En route to becoming an international player... Since 2006, POAir has been supplying Turkish Airlines and the other airlines at foreign airports such as Hong Kong, Jakarta, Glasgow, Copenhagen, Oslo, Brussels, Hamburg etc. POAir as a member of OMV group will be able to offer a wider network to its customers. PO Marine is the only Turkish supplier to Market leader with supply throughout Turkish coast. Own marine terminals in all seas Offer all marine fuels and lubricants Provide transit bunker services in Turkish Karadeniz, Marmara, Ege and Akdeniz Stretching along the entire Turkish coastline from Hopa to İskenderun, this network includes 8 terminals, 6 POMarine fuel stations and 18 marine fuel vessels which are called barge including 2 floating storage vessels from small scaled customers. 26 OMV Petrol Ofisi A.Ş. (3Q11)

27 Leading Player in the Lubricants Market 24.4%* market share - 1 out of every 4 lubricants is sold by PO 2011 sales amount is 69,229 tons, including 5,900 tons of export to 26 countries General: ❿ OMV Petrol Ofisi is Turkey s leading lubricant producer with total annual capacity of 140,000 tons in Derince plant ❿ PO is producing synthetic motor oils in Derince plant ❿ Petrol Ofisi Technology Centre ( POTEM ), which is established in Derince on an area of 1,200 m 2, is accredited for 118 domestic and international tests with the capacity to perform 176 different test methods ❿ PO is continuously optimizing its product portfolio in line with the market demand. Total number of products is 307. Highlights: ❿ PO lubricants target high technology products and gained 1% market share in passenger car motor oils in ❿ The number of maxima lube centers (Lubes control&change service centers in PO stations - Trained personnel provides expert advice for Private vehicles ) has reached 204. Objective is to increase the number of customers, especially private vehicles, using PO multigrade lubricants from retail outlets ❿ The first two MAXIMUS lube centers for commercial vehicles have started operations. (Lubes control&change service centers in PO stations - Trained personnel provides expert advice for HDDEO) Exporting lubricants to 3 continents In 2011, PO exported 6k tons lubricants to 26 countries. In 2011, PO also continued production for Petrom and designated OMV markets 27 OMV Petrol Ofisi A.Ş. (3Q11) Source: Petroleum Industry Association.

28 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 28 OMV Petrol Ofisi A.Ş. (3Q11)

29 All Fuelled Up Future 29 OMV Petrol Ofisi A.Ş. (3Q11)

30 Offshore Black Sea Gas Exploration & Production POEP is the largest private offshore gas production company of Turkey OMV Petrol Ofisi acquired 26.75% share in the Western Black Sea USD 55 mio in January 2009 and has become the largest private partner of Turkey s largest offshore natural gas production project Project Details License situation : Production lease ARI/TPO-POŞ-TWY-FNV/4877 has been granted by GDPA on 9th of Nov 10 for 20 years (license area km 2 ) An application for two offshore exploration licenses was made to GDPA on17th of Dec 10 and waiting for approval ( km 2 ) Integrated E&P project, including, exploration, development and natural gas production TPAO is the operator with 51% share, PO is the second largest shareholder with 26.75% share PO became the largest private offshore producer in Turkey As of end of Q3-2011, total production is 34,988,376 scm (average daily production is 128,163 scm/d) Currently production continues from both Phase-I and II FOINAVON ENERGY Akçakoca-5 appraisal well finished drilling, tested commercial gas; awaiting for hook-up and commissioning S.Akçakoca-1 exploration well is also being drilled currently Value of SASB Project Cash generating proven and producing reserves Upside reserve growth potential New development areas and exploration potential in prospective structures Enabled to enter the upstream E&P business (assets with all in one deal) with proven reserves, ongoing production that creates a continuous cash flow and exploration blocks with possible upside reserve potential Growing, vibrant, profitable and properly regulated natural gas market 30 OMV Petrol Ofisi A.Ş. (3Q11)

31 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 31 OMV Petrol Ofisi A.Ş. (3Q11)

32 Sales Volume Comparison (12.4)% 3.6% 2.7% 10.2% 9.5% 3Q10 3Q11 2.1% 000 tons ,876 3,958 2,770 2,843 Gasoline Auto LPG Gasoil Black Products Lubricants Gasoline + Auto LPG (5.6)% White Products 3,433 3, % Total Sales 32 OMV Petrol Ofisi A.Ş. (3Q11) Source: Petroleum Industry Association.

33 Volume Composition 3Q10 3Q11 1.4% 1.5% 10.0% 10.2% Volume 71.4% 71.8% 7.3% 7.4% 9.8% 8.4% 3.87 mio tons, 3.95 mio tons, 88.6% white, 11.4% black 87.7% white, 12.3% black % 1.4% 15.8% Lubricants 10.2% Black Products 67.7% Gasoil 71.7% Auto LPG 6.1% 7.3% Gasoline 9.4% 9.4% 33 OMV Petrol Ofisi A.Ş. (3Q11) 5.55 mio tons, 83.2% white, 16.8% black 5.22 mio tons, 88.4% white, 11.6% black

34 Table of Contents Introduction Turkish Energy Sector Company Overview Business Lines Future Story Sales Analysis Financial Overview 34 OMV Petrol Ofisi A.Ş. (3Q11)

35 Performance Highlights Y-o-Y sales revenue increased by 18% to TRL 14.3 bio mainly due to higher crude prices. Y-o-Y Gross Profit decreased by 6% from TRL 679 mio to TRL 636 mio primarily due to extra rebates given to dealers as a part of contract renewal investments. Cash OPEX increased by 5% in 9m11 compared to the same period of previous year mainly driven by increased stamp taxes of the public contracts (increases B2P sales) and increased CR related OPEX. In 9m11 decreased other operating expenses due to fines and penalties paid in Y-o-Y EBITDA increased by 2% from TRL 410 mio to TRL 419 mio. In 9m Gross Profit, EBIT and EBITDA ratio were 4.4%, 1.6% and 2.9% respectively. In 9m11 FX loss realized TRL mio mainly due to FX loss incurred from forward contract realization in Q2 and depreciation of TRL agains USD. In 3Q interest expenses realized as TRL 81.6 mio more than last quarter mainly due to early closing of bank borrowings in line with the financial restructuring policy of the company. 35 OMV Petrol Ofisi A.Ş. (3Q11)

36 Operating Performance Q2/11 Q3/11 Q3/10 11/10 in TRY mn 09m11 09m10 11/10 FY/10 FY/09 10/ % Net Sales % % % Gross Profit % % 4,2% 4,7% 4,9% Gross Margin % 4,4% 5,6% 5,0% 6,9% % EBIT % % 1,6% 2,3% 2,1% EBIT Margin % 1,6% 2,3% 1,5% 4,0% % EBITDA % % 2,9% 3,6% 3,0% EBITDA Margin % 2,9% 3,4% 2,8% 5,1% n.a. Net Income n.a n.a. -0,5% -0,9% 2,3% Net Income Margin % -1,2% 1,0% -0,3% 1,8% 36 OMV Petrol Ofisi A.Ş. (3Q11)

37 Reasons of difference between 9m10 vs 9m ,2-9,4-61,5-168,5 42,9-121,5-2,1 11,7 30,2 Positive effect 20,5 Negative effect TRL mio ,3 Fx loss due depreciation of TL against USD and change in fair value of forward contracts Mainly due to higher rebates given to dealers after the Contract renewal process 2010 Mainly due to fees paid in order to close existing bank loans in line with the financial restructuring policy --174, Higher depreciation as a consequence of contract renewal investments -250 Net Income 09m/10 Gross Profit Cash OPEX Depreciation FX Incomenet Other Income-net Interest Expense-net Minority Interest Profit from Asset Held for Sales Cash Tax Deferred Tax Net Income 09m/11 37 OMV Petrol Ofisi A.Ş. (3Q11)

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