TOFAŞ 31.12.2009 ANALYST PRESENTATIONŞ

22 02 2010 1

Index

2009 Performance Highlights Market Development2009 Performance Highlights

Local Market & Tofaş Local Sales

Market Development

Market Shares

Exports PerformanceSales

Capacity Utilisation

W ki C it l

Sales

Financial ResultsWorking Capital

Loan Structure

Q&A

22 02 2010 2

Highlightsg gDomestic market leadership

29.5% market share in LCV market

B t f i SCT d ti i dBest performance in SCT reduction period

Continue in increasing trend in exports and 52k exports in the last quarter

Opex percentage level at the lowest level among the last yearsOpex percentage level at the lowest level among the last years

World Class Manufacturing, most successful FIAT production plant Silver levelplant, Silver level

New incentive applications and positive impact of Constitutional Court’s cancellation decision on Net Profit

263 – New Doblo exports started

22 02 2010 3

p

SalesUnit

67 97464,832 67,974

43 252

43,24240,534

51,905

43,252

33,416 32,678

35 402

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

1914620415

17686 11,122 10,10835,402 26,142

21,865

Tofaş sales volume realized as 261 876 units as of December 2009 According to

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

Domestic Exports

Tofaş sales volume realized as 261,876 units as of December 2009. According tothis result the contraction in total sales dropped to 5.7% whereas it was 19.4%as of September 2009.

22 02 20104

* The sales to Peugeot Otomotiv Pazarlama A.Ş. are included in the domestic market sales.

Sales

000 TL

1,049,975 755,481 957 870895,438

720,998643,361 637 935

727,741957,870

723 288

637,935

414,435427,888

381,615264,316 234,529

723,288570,849

491,061

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

264,316

D ti E tTofaş total sales revenue increased by 6.3% and reached to 5.099 Million as of December 2009.

Domestic Exports

22 02 20105

Domestic Market

The total domestic market grew by 12.8% in 2009 when compared to 2008 andrealised as 557,126 units.The level of high competition among the brands that occured in December hadan important role as well as the temporary reduction in Special ConsumptionTax between March 15 – September 30 in this increase that happened in thelocal market.

19 00320,048 29,235

31,745

53,64955,111 63,191

61,067

81,397 88,923

2008- 2009 Domestic Retail MarketUNITS

Monthly Domestic Retail Market 2009UNITS

13 17314,49240,622

36,202

44,18841,019

16 63722,537

52,162

13 82817,781

57,1786,433 7,250

14,48916,438 19,003

12,20813,072

7,205

10,18131,101

35,25147,70148,598

46,324

42,15643,670

43,932 32,884 42,504

19 606 21 742

52,640,

28,84535,609

21 033

27,962

13,173 , 9 36,202 16,637 13,828

Jan

Feb

Mar

Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec

PC LCV

26,25319,606 21,742 , 21,033

Jan

Feb

Mar

Apr

May Jun Jul

Aug

Sep

Oct

Nov Dec

2008 2009PC LCV

22 02 20106

Domestic Market249,220 237,288

188 025 187,307188,025140,000

,

373,216357,465 369,819,

305,998235,000

,

2006 2007 2008 2009 budget

2009g

PC LCV

25% +12 8%-25% +12,8%

22 02 2010 7

Tofaş 2009 Domestic Market Sales

Tofaş retail sales increased by 38.9% and realised as 85,393 units in 2009

ş

whereas the total domestic market sales increased only by 12.8%As a result of this performance Tofaş increased its market share by 2.9 pointsand after 8 years and ended the year as market leader with 15.3% domesticretail market share.

11,16010 721

14,741 13,400

Tofaş Monthly 2008- 2009 Retail SalesUNITS 38.9%

INCREASE

3,725 4,108

8,119

6,541 6,0015,422 4,917 5,392 3,574 4,763

10,083 10,721

3,500

IN SALES

,5,922

6,001

2,9851,592 1,813

6,460 5,153 4,8101,966

an Feb

Mar Apr ay un Ju

l

Aug ep Oct ov DecJ F M A M J J A S O N D

2008 2009

22 02 2010 8MARKET LEADER

2009 Cumulative Market SharePC – 2009 JANUARY - DECEMBER

OTHER21.3%

LCV – 2009 JANUARY - DECEMBERFIAT+ALFA+

LANCIA8 2%OTHER FIAT

29.5%VW

5.7%

21.3%8.2% FORD9.0%

RENAULT16.0%

OTHER39.5%

PEUGUEOT8.9%PEUGUEOT

3.7%

FORD27.4%

RENAULT7.2%VW

7.2%HYUNDAI16.4%

FIAT+ALFA+LANCIA15.3%

OTHER32.9%

COMBINED MARKET SHARE 2009 JANUARY - DECEMBER

FORD15.2%

RENAULT13.0%

VWHYUNDAI

11 5%

22 02 2010

PEUGUEOT5.5%

VW6.7%

11.5%

9

Tofaş Exports – 2009ş p

24 400UNITUNIT

22,923 22,41018,451

11,935

14,288

9,2009,778

13,97114,680

15,27515,798 16,771

15,831

16,19215,767

19,95421,36219,549

23,92121,788

24,400 21,786 21,559

17,259

13 622 8 9399 196 9 716

13,766 13,819 14,067 15,35616,771

15,83116,192

15,767

19,954

4,706

,9,180 7,924

n.08

ul.0

8

g.08

p.08

t.08

v.08

c.08

n.09

b.09

r.09

r.09

y.09

n.09

ul.0

9

g.09

p.09

t.09

v.09

c.09

4,43410,855

13,622 8,9399,196 9,716 7,924

an eb ar pr ay un ul ug ep ct ov ec

Jun

Ju Aug

Sep

Oc

Nov Dec Jan

Feb

Ma

Ap Ma y Jun

Ju Aug

Sep

Oc

Nov DecJa Fe Ma

Ap

Ma Ju Ju Au Se Oc

No

De

2008 2009

Tofaş exports decreased by 41k units 2009 when compared to 2008 with acontraction of 19.6% and realised as 168,359 units.

This contraction was 42.2% in the first half of 2009 and shrinked due to thecontinuesly increasing trend in exports performance.

The decrease in 2009 occured mostly in the Doblo and Russia exports whichwere not subject to take or pay agreements.

22 02 2010 10

j p y g

Exportsp

252 232UNITS

Exports Volume Exports acc. To Brands

FIATTOYOTA

OTHER5.6%

209,474 252,232

217,876

119,586 121,626

168,359222,278

128,388

27.1%TOYOTA

11.9%

69,097 49,739

FIAT RENAULT FORD TOYOTA OTHER

2008 2009FORD18.9%RENAULT

36.5%

Tofaş rised to second place in the auto sector exports as units and revenuecountrywide in 2009, whereas it had the third place in 2008.countrywide in 2009, whereas it had the third place in 2008.

22 02 2010 11

* Source: OSD (Automotive Manifacturers Association)

Tofaş SalesşDomestic Sales (Units) 12 2009 12 2008 2010Doblo Cargo 22,080 18,450gDoblo Panoroma 566 966Fiorino 30,252 12,633MCV sold to Peugeot & Citroen 9,094 8,284gLinea 9,970 8,278Albea – Palio 12,825 10,196Imported Vehicles 8,730 9,562pTotal domestic sales 93,517 68,369 75,000Exports (Units) 12 2009 12 2008 2010Doblo Cargo 37,446 60,787gDoblo Panoroma 16,333 24,512Fiorino & other MCV 108,246 91,099Linea 4,176 9,953Albea – Palio and other 1,198 2,516CKD 960 20,607Total exports 168,359 209,474 220,000Total CBU Sales 260,916 257,236Total Domestic sales & Exports 261,876 277,843 295,000

22 02 2010

Production & Capacity Utilizationp y

The production was realized as 253,090 units as of 31.12.2009

Quarterly Production Volume Capacity Utilization Rate - cumulative

UNITS

52 82669,372

80,50789,066

56 299 42 200

75,716

64,106

71,521 85%

74% 59%61%

63%

42,65052,82647,645

56,29941,464

42,200 71% 74%

42%

59%

2007

Q1

2007

Q2

2007

Q3

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

Production Volume

2006

2007

2008

2009

03

2009

06

2009

09

2009

12

C i U ili i R %Production Volume Capacity Utilization Rate %

* The capacity utilization rate of year 2009 is calculated by using 400,000 units as annual capacity, 360,000units as 2008 capacity and 250,000 units as prior years’ capacity.

22 02 201013

Financial Results 31.12.2009

INCOME STATEMENTTL Million 31.12.2009 31.12.2008Net sales 5,098.8 4,798.0Gross profit 499.0 569.9Operating profit 258.2 247.0Profit before tax 269.9 219.8Net profit 360.4 175.8EBITDA 455 7 457 6EBITDA 455.7 457.6

% 31.12.2009 31.12.2008% 3 009 3 008Gross profit margin 9.8% 11.9%Operating profit margin 5.1% 5.1%Profit before tax margin 5.3% 4.6%Net profit margin 7.1% 3.7%EBITDA margin 8.9% 9.5%Net profit / Equity 25.3% 15.7%

22 02 2010 14

* Entek sales profit is not included to figures other than Net Profit and Profit Before Tax.

Financial Results 31.12.2009

INCOME STATEMENTTL Million 2009 Q 4 2009 Q 3 2009 Q 2 2009 Q1Net sales 1,448.9 1,298.6 1,478.8 872.5Gross profit 106.0 139.5 149.9 103.6Operating profit 57.8 81.0 76.0 43.4Profit before tax 56.7 104.0 74.4 34.9Net profit 133.2 126.6 67.6 32.9EBITDA 111 7 129 9 123 7 90 5EBITDA 111.7 129.9 123.7 90.5

% 2009 Q 4 2009 Q 3 2009 Q 2 2009 Q1% 009 Q 009 Q 3 009 Q 009 QGross profit margin 7.3% 10.7% 10.1% 11.9%Operating profit margin 4.0% 6.2% 5.1% 5.0%Profit before tax margin 3.9% 8.0% 5.0% 4.0%Net profit margin 9.2% 9.8% 4.6% 3.8%EBITDA margin 7.7% 10.0% 8.4% 10.4%

22 02 2010 15

* Entek sales profit is not included to figures other than Net Profit and Profit Before Tax.

Gross Profit000 TL %

181,721149 937

20.0%250,000

126,806

132,201 129,181103,565

149,937139,482

106,030

12.3%12.0% 14.20%

11.87%

10.1%10.7%

7.3%12 0%

14.0%

16.0%

18.0%

150 000

200,000

9.7%

6.0%

8.0%

10.0%

12.0%

100,000

150,000

0.0%

2.0%

4.0%

6.0%

0

50,000

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

Gross Profit Gross Profit Margin

Th G P fi d d b 12 4% i 2009 h d 2008 i lThe Gross Profit decreased by 12.4% in 2009 when compared to 2008, mainlydue to the decrease in exports occured in non take-or-pay vehicles andrealised as 499 million TL.

22 02 2010

According to this result, the Gross Profit Margin occured as 9.8%.

16

Operating Profitp g

112 326 81 01510.0%

000 TL %

60 467

112,326

43 379

76,026

81,015

7.6%5.1%

6.2%

7.0%

8.0%

9.0%

100 000

120,000

140,000

60,46747,919

26,282

43,37957,790

4.6% 4.3%

2.9%

5.0%4.0%

4 0%

5.0%

6.0%

60 000

80,000

100,000

2.0%

3.0%

4.0%

20,000

40,000

60,000

0.0%

1.0%

0

,

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

O i P fi i 258 illi TL i 2009 l di h ff l fi f

Operating Profit Operating Profit Margin

Operating Profit is 258 million TL in 2009 excluding the one-off sale profit ofEntek shares, whereas Operating Profit Margin is 5.1%. This result shows anincrease of 4.5% in Operating Profit when compared to 2008.

22 02 201017

Net Profit

126 633133,200

000 TL %

84,034

126,6339.8%

9.2%

8 0%

9.0%

10.0%

120 000

140,000

68,70232,869

67,6496.4%

4.6%3 8%

4.6%5.0%

6.0%

7.0%

8.0%

80,000

100,000

120,000

14,5378,4811.3%0.9%

3.8%

2.0%

3.0%

4.0%

20 000

40,000

60,000

0.0%

1.0%

0

20,000

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

Net Profit Net Profit Margin

Net Profit reached to 360 million TL, and Net Profit Margin realized as 7.1% in2009. Accordingly, Net Profit grew by 105.0% when compared to 2008.

22 02 201018

EBITDA

111 709162,124

123 664 129,91511 0%12.0%200,000

000 TL %

111,709 100,084

83,71589,631

123,664 ,111,653

8.5%

11.0%

9 1% 9.2%10.3% 8.4%

10.0%7.7%

8 0%

10.0%

140,000

160,000

180,000

9.1%

6.0%

8.0%

80 000

100,000

120,000

2.0%

4.0%

40,000

60,000

80,000

0.0%0

20,000

2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4

EBITDA EBITDA Margin

EBITDA f 2009 i d fl h d 2008 d li d 456EBITDA of 2009 remained flat when compared to 2008 and realized as 456million TL, excluding the one-off sale profit of Entek shares. As a result theEBITDA Margin is calculated as 8.9%.

22 02 201019

Financial Results 31.12.2009

BALANCE SHEET - ASSETSTL MillionCurrent Assets 31.12.2009 31.12.2008 ∆Cash & cash equivalents 675.3 245.2 430.1Inventory 291.3 325.7 -34.4Trade receivables 800.2 587.8 212.4S.T. consumer financing loans 187.2 179.9 7.3Other current assets 32 8 118 6 85 9Other current assets 32.8 118.6 -85.9

Non-current Assets 31.12.2009 31.12.2008 ∆Fixed assets 1,263.2 1,148.0 115.2 ed assets , 63 , 8 0 5Non-material fixed assets 845.4 692.9 152.6 L.T. consumer financing loans 135.4 142.8 -7.4Other non-current assets 136.4 129.7 6.7 Total Assets 4,367.2 3,570.6 796.5

22 02 2010 20

Financial Results 31.12.2009

BALANCE SHEET - LIABILITIESTL MillionShort Term Liabilities 31.12.2009 31.12.2008 ∆Short term financial liabilities 263.2 105.4 157.8S.T. portions of L.T. liabilities 228.3 378.3 -150.0Trade payables 1,128.6 754.0 374.6Other short term liabilities 138.3 87.2 51.0

Long Term Liabilities 31.12.2009 31.12.2008 ∆Long term financial liabilities 986.0 955.1 30.9 o g te a c a ab t es 986 0 955 30 9Other long term liabilities 200.6 171.1 29.5 Equity 1,422.2 1,119.5 302.8 Total Liabilities and Equity 4,367.2 3,570.6 796.5

22 02 2010 21

Financial Results 31.12.2009

FINANCIAL POSITION AND NET WORKING CAPITAL

TL MillionNet Financial Position 31.12.2009 31.12.2008 ∆Cash & cash equivalents 675 3 245 2 430 1Cash & cash equivalents 675.3 245.2 430.1 S.T. Financial liabilities 501.78 483.7 18.1 L.T. Financial liabilities 986.0 955.1 30.9 S.T. Consumer financing loans 187.2 179.9 7.3 gL.T. Consumer financing loans 135.4 142.8 -7.4TOTAL -489.9 -870.9 381.0

Net Working Capital 31.12.2009 31.12.2008 ∆ Trade receivables 800.2 587.8 212.4 Inventory 291.3 325.7 -34.4Oth i bl 32 8 118 6 85 9Other receivables 32.8 118.6 -85.9Trade payables 1,128.6 754.0 374.6 Other payables 109.3 52.1 57.3 TOTAL -113 7 226 1 -339 7TOTAL -113.7 226.1 -339.7

22 02 2010 22

Net Working Capital 31.12.2009g p

226.1

200250

Million TL

18 427.7

145.2 158.8

650100150200

18.4 6.4

100500

50

ar/0

8

un/0

8

ep/0

8

ec/0

8

ar/0

9

un/0

9

ep/0

9

ec/0

9

-149.7 -113.7200150100 M Ju Se D

e M Ju Se De

22 02 2010 23

Loan Structure 31.12.2009

Million EURO 31.12.2009 30.09.2009 30.06.2009 31.03.2009

Tofaş Financial Liabilities 540 572 544 527Consumer Financing Liabilities 144 138 143 215

Consumer Financing Credits 149 150 149 131Financial Assets 313 259 277 203

222 301 261 408

22 02 2010 24

Investments

Million EURO

2007 2008 2009 2010/E

Capacity increase & other 99 0 69 0 17 0 35 0Capacity increase & other 99.0 69.0 17.0 35.0

Linea 52.0 11.0 6.0 15.0

Minicargo 155.0 53.0 20.0 20.0

263 11 0 193 0 182 0 64 0263 11.0 193.0 182.0 64.0

TOTAL 317.0 326.0 225.0 134.0

22 02 201025

Contact

M. Emre Erturk

Corporate Investor Relations SupervisorCorporate Investor Relations Supervisor

E-mail: emre.erturk@tofas.com.tr

Tel: +90 212 275 3390 Ext: 1884Tel: 90 212 275 3390 Ext: 1884

22 02 201026