BORUSAN MANNESMANN BORU (BMB) Investor Conference / June 28-29, 29, 2007 / Paris

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1 BORUSAN MANNESMANN BORU (BMB) Investor Conference / June 28-29, 29, 2007 / Paris -1-

2 BMB at a Glance -2-

3 Borusan Borusan is a highly reputable conglomerate focused in six strategic business units Steel Distributorship New Businesses Welded Steel Pipes Borusan Mannesmann Boru BM Vobarno Tubi, Italya BM Espana, Spain Borusan Otomotiv Borusan Oto BMW / MINI / Land Rover $ 394 m Borusan Lojistik* Logistics $ 73 m Flat Steel $ 740 m Caterpillar $ 502 m Telekom $ 61 m Borçelik Kerim Çelik Borusan Makina Borusan Güç Sistemleri Borusan Telekom Net Sales Exports PPE,net Total Assets *Non-Group Company Sales -3-

4 Shareholders Turkey s leading industrial group Borusan and Europe s pioneer in pipe sector Salzgitter have joined forces in steel pipe production. 77% 23% Borusan Group one of Turkey s major industry and service groups, founded in 1958 active in four primary business areas of steel, distributorship, logistics and telecommunications consolidated turnover is 2,4bn$, targeting 5bn$by Salzgitter Group one of Europe's leading steel and technology companies, founded in 1858 the Group is structured in four divisions - Steel, Tubes, Trading and Services consolidated turnover is 8,4bn of which 1,5bn from tube division. BM Pipe Investment Company Free Float Others 73% 16% 11% BMB quoted on Istanbul Stock Exchange in 1994, ticker: BRSAN Current free float rate is 16% with an average daily trading volume of 0,2mn$ in last six months. MCap is 225mn$ by June, LISTED COMPANY Achieved 525mn$ turnover and ~700k tons of sales volume in Leader with %33 market share in Turkish steel pipe industry. 100% Targeting fast growing linepipe demand in Iberian peninsula. (investment phase) Simplified shareholding structure 100% Acquired in 2001 to target European automotive industry with high value added special pipes. -4-

5 Management Tools BMB s management model is an integral part of its competitive edge. + Focus on voice of customer Shareholders & Strategic Business Partners Kocabıyık Family Our Values Drive to succeed Personal initiative and responsibility Customer Orientation Integrity Contribution to community Modern HR Management 360 performance evaluation / competency management Career Planning Leader Development Program High Level of Compliance with Corporate Governance Principles Independent Board Members IFRS accounts audited since 1984 Dividend distribution policy Success-Driven Management Dynamic management with focus on KPI s. Average age for top management is

6 Steel Pipe Business Specialized in welded steel pipe business while serving different customer segments with a wide range of product portfolio. PROCURE PROCURE PRODUCE PRODUCE SELL/DISTRIBUTE SELL/DISTRIBUTE CUSTOMERS CUSTOMERS Hot Rolled Coil (HRC) Import ~80% Turkey ~20% =800k tons in 2006 Electric Resistance Welded (ERW) Spirally Sub-Merged Arc Welded (SSAW) 3 plants in Turkey 1 in Italy (Vobarno) 1 in Spain (under constr.) Sales Breakdown Water & Gas Pipes 30% Pressure Pipes 14% Construction Pipes 12% Special Pipes 10% Industrial Pipes 5% Linepipes-spiral 18% Other 11% Projects Segment; Government Institutions, pipeline contractors Construction Segment; Residential & superstructure (hotel, shopping mall, airport) construction companies, water, heating, firefighting system installation companies ~23% ~62% Capacity 625k tons in ERW 200k tons in SSAW +50k tons in ERW by 07Q3 +50k tons in SSAW by 08Q3 = 925k tons 460k tons domestic (leader with 30% market share) 240k tons export (1/3 of total volume) =700k tons sales in 2006 ~150 exclusive/non-exclusive dealers in domestic market. Widespread along the country Specialized Manufacturers; ~6% Bicycle, furniture, green house, towel warmer, shelf manufacturers Automotive Segment; OEMs, component manufacturers in European and Turkish automotive industry ~9% Non-exclusive dealers in export markets -6-

7 Historical Background Backed by almost 50-years of experience in pipe sector, BMB is to offer future growth stories, as it was the case in the past *BMB only BMB set up its 2010 strategy; started investments to increase capacity Merger of BBF and MB, company name is amended as Borusan Mannesmann Boru (BMB) Acquisition of Vobarno (Italy) Acquisition of Mannesmann Boru (MB) shares from Privatization Administration. BBF Quoted on Istanbul Stock Exchange Gemlik, plant started operations Halkalı plant started operations Borusan Boru (BBF) founded in Halkalı, Istanbul Turnover (mn$)* Turnover (mn$)* B Volume (ktons)* Volume (ktons)* Domestic Exports >> 28% CAGR B Domestic 619 Export >> 11% CAGR -7-

8 Production Plants Production plants are highly specialized in serving customer requirements in terms of product development, production quality and delivery time. TURKEY TURKEY EUROPE EUROPE Halkalı Vobarno, Italy Special Pipes Industrial Pipes 100k tons p.a. ERW capacity Serves Turkish and European automotive market. Special Pipes 25k tons p.a. ERW capacity Specialized in serving European automotive market. Spiral Pipes Construction Pipes Water & Gas pipes Pressure Pipes OCTG İzmit Gemlik 200k tons p.a. SSAW capacity 100k tons p.a. ERW capacity Serves oil & gas market for linepipe projects 400k tons p.a. ERW capacity +50k tons p.a. ERW by 2007Q3 Serves mainly to construction industry Port facility provide easy access to supply sources and export destinations Spiral Pipes BM Espana,Spain UNDER CONSTRUCTION 50k tons p.a. ERW capacity Specialized in serving linepipe market in iberian peninsula. Planned to the commissioned by 2008Q3. BMB pursuits investment opportunities for being a local producer in target markets (Europe, N.Africa, M.East are in scope) -8-

9 Financial Figures Back to upward trend in profit margins after a sluggish performance caused by unexpectedly sharp price declines in Key Financial Figures* Sales Volume (k tons) Domestic Export Turnover (mn$) Domestic Export EBITDA (mn$) Margin Per ton % 81$/t % 41$/t % 69$/t Net Debt (mn$) 38,7 (2,6) 33, EBITDA(mn$) & EBITDA ($/ton) B EBITDA EBITDA/ton 52 20% 15% 10% 5% 0% Margins 17% 14% 13% 12% 10% 11% 12% 12% 10% 9% 11% 6% 15% 9% B EBITDA Raw material (HRC) cost constitutes almost 80% of total production costs in pipe business. Sales prices are immediately affected by HRC price trend however cost base adjusts with a time lag of ~3 months due to order-to-delivery period of imported HRC. GP 12% 8% Capex (mn$) Capital Employed (mn$) ROIC % 14% 8% 9% Since 2005, HRC steel prices followed a very different price pattern with short cycles, high price volatility and upward trend. *Consolidated IAS financials -9-

10 HRC Price Trend A new HRC price pattern evolved; short cycle period, high volatility and upward trend Aug-96 Dec-96 Apr-97 Source: CRUMonitor 33 Months Stdev: 31$/ton HRC Prices Russian Export FOB Prices Black Sea USD/ton 150 Aug-97 Dec-97 Apr-98 Aug-98 Dec-98 Apr-99 Aug Months Stdev: 40$/ton 165 Dec-99 Apr-00 Aug-00 Dec-00 Apr-01 Aug-01 Dec Apr-02 Aug-02 Dec-02 Apr-03 Aug-03 Dec-03 Apr Months Stdev: 80$/ton 340 Rockbottoms level up after each cycle 10 Months Stdev: 36$/ton 480 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 In near future, HRC prices are expected to stay strong but be more stable as the control on supply side is increasing through consolidations production oriented approach in mills turns into customer orientation share of long term contracts in product portfolio is increasing Sharp variations in HRC affect profit margins in pipe business. -10-

11 Turkish Steel Pipe Market -11-

12 Turkish Steel Pipe Market Consistently growing welded steel pipe demand while export is a tool to optimize capacity utilization Market Market Evaluation Evaluation (kton) (kton) ERW SSAW CAGR: 12% Constant demand for linepipes Market Market Balance Balance (kton) (kton) Production BMB Imports Rest Exports Consump Baku-Tiflisi-Ceyhan (BTC) project : ~270k tons ERW market consistently grow by 12% p.a. as the macroeconomic stability achieved after 2001 crisis. SSAW market demand provides a reliable groundbase at ~0,3mn tons p.a. but outperforms as international oil&gas projects, like BTC, are realized. Local market demand is well below installed capacities. Industry s average capacity utilization ratio (CUR) is ~70%. Exports are critical for capacity optimization. BMB represents ~28% of production ~20% of export ~30% of local market demand while CUR is well above industry average at ~80%. -12-

13 Product Positioning Niche product segments outperform volume driven segments in term of profitability. Product Product Positioning Positioning Fragmentation: Few competitors even though profit margins are high. Approx. GP Levels 50% 40% 30% 20% 10% 68% Special 55% Pressure 15% Industrial 20% Linepipe 40% W&G 20% Constr. Barriers to entry: Production quality, customer orientation, project management know-how, corporate identity is a must for customers. Competition on Best Solution Provider BMB s Strategy: To increase its share in high value added product segments 0% Local Market Volume (ktons) Bubble size represents #of competitors. X% represents BMB s market share Fragmentation: highly fragmented. Competition is based on price and availability which results low profit margins. Barriers to Entry: easy entry, economies of scale is important rather than customer orientation and quality Competition on Lowest Price BMB s Strategy: To achieve economies of scale in high volume product segments -13-

14 Market Drivers -14-

15 Turkish Steel Pipe Market - Potential Moderate but consistent growth in demand is expected with opportunities in high value add product segments High End Products Low End Products CAGR BMB Market Share Market % Market ~33% Special 60 11% Special 90 ~68% Industrial % Industrial 400 ~15% Const % Const. 510 ~20% Pressure 80 13% Pressure 130 ~55% W&G 330 7% W&G 430 ~40% Linepipe Linepipe k tons 300 ~20% Pursuing international linepipe projects, as Turkey being a transit country. Increasing demand for pressure pipes in Anatolian cities due to growing natural gas usage Investments on airports, railways and superstructures (hotels, shopping malls etc.) drive demand for construction pipes Usage of steel pipes in furniture industry and economic growth drives demand for industrial pipes. Turkey becomes a production base for automotive industry, positively affects special pipe sales BMB well positioned to cultivate future growth prospects. Upcoming capacity investments target high value added product segments. -15-

16 Oil & Gas Industry (Linepipes) Main pipelines in Turkey have already been completed. However international pipeline projects may create sizable opportunities. It is expected that the loop lines will continue to provide stable demand of ~300k tons p.a. International projects such as Nabucco may gear up the local demand significantly. Nabucco Main backbone is constructed in Turkey. Blue Stream Gas Pipeline k tons Baku-Tiflisi-Ceyhan Oil Pipeline k tons Turkey Greece Gas Pipeline k tons Shah Deniz Gas Pipeline k tons West Anatolia Gas Pipeline k tons Gas pipeline to connect 5 countries; Turkey, Bulgaria, Romania, Hungary and Austria. Total length of pipeline is ~3,3k km of which ~2k km in Turkey. 56 diameter pipeline for onshore sections and 36 for offshore section across Marmara sea. Total budget of the project is ~5bn. Planned construction of 1 st phase starts by

17 Oil & Gas Industry (Linepipes) Opportunity window is wide open especially in North Africa, Middle East and Europe due to increasing pipeline investments, triggered by high energy prices. Crude oil and natural gas will continue to be the main energy resource of the world. In foreseeable future, demand for oil and natural gas will increase especially in emerging economies. High oil and gas prices favor pipeline investments since feasibility is a key issue in deciding such infrastructure investments. Algeria Pipeline projects exist to form an oil and natural gas pipeline network between country s natural energy resource fields and Mediterranean coast. Spain Development plan along the Mediterranean coast, based on the large gasification plan, construction of several desalinization plants, connections with water reservoirs. Iran New pipelines as well as replacement of existing lines especially for oil & gas network. CIS Transition of newly discovered energy resources to international markets, to overcome dependence on Russia, drive international projects, like BTC. -17-

18 Natural Gas Industry (Pressure Pipes) Increasing usage of natural gas in Turkey drives infrastructure investments especially in Anatolian cities Natural Gas Demand & Supply Forecast by BOTAS CAGR 10% Consumption Supply CAGR 4% According to current supply and demand forecasts, natural gas demand in Turkey will increase by 10% CAGR till 2010 then expected to slow down to 4%. Most of the Anatolian cities will complete their infrastructure investments within the period of According to base case scenario, total of 61 cities will convert their residential heating system via completing infrastructure investments, (33 cities in 2007 and 24 cities in 2009) -18-

19 Oil & Gas Industry (Pressure Pipes-OCTG) High energy prices also drives the demand for OCTG pipes. North America is the leading market representing ~40% of worldwide demand. OCTG pipe demand is highly correlated with the oil / gas extraction activity and the number of active oil and gas production installations, or rigs, both offshore and onshore. The rig count is historically most closely correlated with the price of oil. High energy prices will stimulate investments in rigs and then demand for OCTG pipes. Welded pipes have a disadvantage over seamless since the general perception is any weld in casing and tubing would increase the risk of pipe failure. On the other hand, share of welded pipes in total consumption slightly increased over the last decade with the advantage of lower manufacturing costs. Historical data indicate that welded pipes will constitute approx. 1/3 of total OCTG market. OCTG = Oil Country Tubular Goods -19-

20 Construction Industry (Const. Pipes & Profiles) Forthcoming projects in housing, building, superstructures will continue to create demand in Turkey. % Change on yoy basis 25% 20% Const. GNP Assuming that the macroeconomic stability will persist, growth in construction sector will continue but probably with a diminishing marginal growth rate. 15% 10% 5% 0% -5% -10% -15% In scope of the IX. State Development Programme, expected growth rate for construction industry is set under 3 scenario for next decade. Optimistic (EU Membership) 10,7% CAGR Base Case 7,8% Macroeconomic crisis in 2001 severely affected the construction industry and recovery took place with a time lag of 2 years. Worst Case 5,4% Apart from the increasing business activity in Turkey, considerable amount of projects run by Turkish constructors in abroad. Total project size undertaken by Turkish constructors has increased 65% CAGR between 2003 to

21 Automotive Industry (Special Pipes) Turkey becomes a production base for automotive industry, positively affects special pipe sales According to OICA, total of 20,8mn units of motor vehicles was produced in Europe, representing 4% increase over previous year. Germany represents 27% of total production, followed by France 17% and Spain 14%. Application Areas Application Areas Automotive main industry Shock absorber manufacturers Drive shaft manufacturers Car seat manufacturers Axle manufacturers Air cylinder manufacturers Rubber metal parts manufacturers Hydraulic equipment manufacturers OICA = Organisation Internationale des Constructeurs D Automobiles According to TUIK data, vehicle production is listed as one of the fastest growing industry in Turkey with 33% CAGR since Other Vehicles TUIK = Turkish Statistical Institute 0 Vehicle Production in Turkey Automobile Truck Pickup Bus Minibüs Tractor Automobile -21-

22 BMB s s Response to Market Drivers -22-

23 Strategic Targets Considering market drivers, BMB identified its 2010 strategic targets Be a 1bn $ company Be 1 mn ton company 2006 : ~525 mn $ company 2006 : ~700k ton company EBITDA > 11% 2006 : ~9% PBT > 7% 2006 : ~7% ROIC > 14% 2006 : ~9% 50% of sales outside Turkey 2006 : ~34% (volume based) 20% of production outside Turkey 2006 : only 20k ton in Vobarno Market Share: 1/3 of each market segment in Turkey 2006 : ~33% (overall) Achieve >4 Sigma levels on all key customer processes Achieve corporate culture enhancement targets -23-

24 Growth Path BMB s investment plan is the integral part of its 2010 strategic plan Vision To be a globally recognized, leading steel pipe company Mission Be a preferred supplier while growing in each segment and provide sustainable profit to stakeholders Be A Preferred Supplier Improve customer focus and regional business intelligence in Turkish steel pipe market Grow in Each Segment New investments in high value add product lines Diversify and strengthen Oil & Gas market penetration Keep market shares at target level Provide Sustainable Profit Attract, retain and develop key and high potential employees Optimize use of assets and processes for operational efficiencies Secure consistent flow of best buy raw material with minimum cost Oil & Gas Industry Spiral Pipes Turkey, North Africa, Middle East, CIS, Europe Be a major player in Oil & Gas market Automotive Industry Special Pipes Pressure Pipes Turkey, Europe Secure mother pipe supply Increase market share -24-

25 Investment Steps BMB has already initiated capacity investment plans to cultivate market opportunities K Tons STEP-by-STEP GROWTH PLAN Forthcoming Investment Plans HIGH VALUE ADD PRODUCT LINES AND MARKET SEGMENTS WILL BE IN-SCOPE FOR FORTHCOMING INVESTMENT PLANS Current Capacity Start up date 2007Q1 2007Q3 2008Q3 Step1 Step2 Step Target Achieve over 1mn tons of sales volume Location Turkey Turkey Turkey Spain INVESTMENT COST IS ~40MN$ Welding Product Coverage Spiral 150k ton ERW 600k ton Spiral Line pipe Line pipe Water Pipes Pressure Pipes Precision pipes Special Pipes Construction Pipes ERW Mother pipe production for special pipes Spiral Line pipe EXPECTED TURNOVER AT FULL CAPACITY IS ~140MN$ EXPECTED EBITDA CONTRIBUTION IS ~25MN$ -25-

26 1) Spiral Pipe Investment - Izmit Plant Capacity restriction in Izmit plant eased; more flexibility in tendering linepipe projects in target markets. Major natural gas and oil pipelines in Turkey have been completed or tendered so far. However, A stable demand at ~300k tons/year exists for the construction of loop lines between cities and ERW linepipes within the city border limits. Sizable demand is located in developing regions such as North Africa and Middle-East Breakdown of Spiral Pipe Sales (k tons) Export Domestic B New capacity commissioned by 2007Q1. Potential demand for spiral pipes in target markets. PROJECT POOL Project size (mn tons) Hot Projects Algeria 1.7 Iran Follow Up Projects North Africa 2.9 Turkey 0.4 Iran 0.3 Lybia-Egypt 0.3 Jordan 0.3 Algeria 0.1 Syria Grand Total 6.5 In line with the business strategy, BMB increased its penetration into export markets but with a limited spiral pipe production capacity of 100k tons in Izmit plant. Considering the high demand and brand recognition in international markets, BMB comissioned a spiral pipe production line with a capacity of 50k tons by 2007Q1. Sales profile of the additional capacity will be approx. 80% water and gas linepipes and 20% piling pipes, serving mostly for the potential projects in North Africa, Middle East and Turkey. Total investment cost is ~7mn$ against total contribution to turnover by ~43mn$ and EBITDA contribution by ~9mn$ at full capacity utilization in

27 2) Special Pipe Upstream Integration - Gemlik Plant BMB will become one of the top notch mother tube producer in Europe while increasing pressure pipe sales at the same time. HRC Mother Tube Drawn Tube +50k tons new capacity The investment is classified as an upstream investment and brings a competitive advantage to BMB in mother tube production, which is required to produce drawn tubes. Drawn tubes are high value add special pipes with strict dimension tolerances, high surface quality and special mechanical property requirements. Apart from having flexibility and efficiency in mother tube production, new investment will ease capacity bottleneck in existing lines. Industry Automotive (Turkey, Europe) Customers OEMs, Component Manufacturers, Service Centers Application Areas Shock absorbers, Drive shafts, Axle components, Camshafts, Anti-vibration parts, Steering systems, Hydraulic cylinders, (pneumatic/telescopic), Airbag components, Stabilizers, Gas springs *SRM = Stretch Reduced Mill As the demand in natural gas market is increasing in Turkey, current SRM* capacity is overbooked in producing natural gas pipes, mother pipes and OCTG pipes. Therefore, the investment will create more room to grow in high value add natural gas market where the demand is consistently growing. A new production hall is constructed in Gemlik plant Production line is expected to be commissioned by 2007Q3 in Gemlik plant and will bring an additional 50k tons p.a. at full capacity. Total investment cost is forecasted as ~15 mn$, including machinery/equipment, building and commissioning costs, against total contribution to turnover by ~40 mn$ and to EBITDA by ~6 mn$ as of

28 3) Spiral Pipe Investment - Espana Plant BMB positioned Iberian peninsula as one of the target markets. Large gasification plan being rolled out by Enagas will drive potential demand in gas line pipes. On the other hand, development plan along the Mediterranean coast in the next 3-5 years, based on the construction of several desalinization plants and connections with water reservoirs will create further demand. Considering the positive demand outlook in Iberian peninsula, BMB has decided to be a local producer in Spain to gain competitive advantage. A spirally welded pipe mill, having 50k tons of capacity, will be commissioned by 2008Q3 in Hellin, South East of Spain. BMB and Socotherm created a strategic alliance where BMB will own a spiral pipe manufacturing plant next to Socotherm Coating Mill in Hellin which will provide exclusive coating service to BM Espana SA, newly incorporated subsidiary of BMB. Land improvement activity in Hellin, Spain Investment is expected to deliver ~60mn$ turnover at maximum capacity of 50k tons and 15% EBITDA margin against ~16mn$ of total investment cost. The capacity of the greenfield investment in Spain shall be increased to 100k tons considering the growth potential of line pipe market. -28-

29 Share Performance -29-

30 Market Performance BRSAN is highly correlated with ISE 100 with average Mcap of 220mn$ in last six months. BRSAN MCap vs ISE 100 mn$ 300 Correlation between BRSAN and ISE 100 = 0,85 Index 40,00 March-to-June 2007 ~25% increase in ISE ,00 30,00 ~11% increase in BRSAN , ,00 Mcap in ,00 Min. ~197mn$ Max. ~240mn$ 10,00 Average ~220mn$ 50 0 BRSAN Mcap mn$ ISE 100 $ 5,00 0,00 Jun-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun

31 Investor Relations Mr. Kagan ARI BMB IR Contact -31-

32 Disclaimer Forward-Looking Statements Statements in this presentation describing the Company s objectives, projections, estimates, expectations may be forward looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements might be identified by the words believe, expect, anticipate, target or similar expressions. Although Company s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company s operations include, among others, economic conditions affecting demand, supply and price conditions in the domestic and overseas markets in which Company conducts business transactions, changes in Government regulations, tax laws and other incidental factors. -32-

Precision Tubes. +90 212 393 58 58 Borusan Mannesmann Call Center. E-Mail: precision@borusan.com www.borusanmannesmann.com

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