TÜPRAŞ Presentation by ÇALIK ENERJİ AŞ May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Market Overview in TURKEY May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Petroleum Products Demand and Supply Forecast for TURKEY-(1/3) Petroleum Products Demand Forecast for TURKEY X 1000 TON Years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Product Demand 31040 32033 32899 33679 34440 35407 36281 37116 37811 38684 39442 40155 40896 41683 42505 43361 Petroleum Products Supply Forecast for TURKEY X 1000 TON Years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Product Supply 24099 24105 24112 24101 24095 24097 24096 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Petroleum Products Demand and Supply Forecast for TURKEY-(2/3) May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Petroleum Products Demand and Supply Forecast for TURKEY-(3/3) May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

ÇALIK ENERJİ AŞ - TUPRAŞ Presentation TÜPRAŞ in General – (1/2) Company Name : TÜPRAŞ Türkiye Petrol Rafinerileri AŞ Company Headquarter : Körfez / Kocaeli General Manager : Sn. Hüsamettin Danış Sector : petroleum refining, import and export of petroleum products, operating in the field of petrochemicals Registered Capital : 500.000.000 YTL ( appr.400 million USD) Capital (paid-in) : 250.419.280 YTL ( appr. 200 million USD) Share Holding Structure : 51% Privatization Administration 49% Publicity traded at Stock Exchange Net Sales (2003, 2004) : 2003 : 10.539.326.800 YTL, 2004 : 11.486.985.100 YTL Profit/Loss (2003, 2004) : 2003 : 469.990.200 YTL, 2004 : 659.247.300 YTL Number of Employee : 4329 Market Share : 100% Privatization Methode : Block Sale May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

ÇALIK ENERJİ AŞ - TUPRAŞ Presentation TÜPRAŞ in General – (2/2) TÜPRAŞ’s Position : The company is ideally positioned from the standpoints of infrastructure, location and logistical support for the importation of crude oil, LPG and other products, “First” among the TURKEY’s 500 biggest industrial companies, The highest petroleum refining capacity in Balkans and in Eastern Europe 7th Refinery in size among all European refining companies. Tüpraş has a dominant position in local market Tüpraş refining margins are significantly higher than the average mediterranian refineries May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Assets & Subsidaries Sector Revenue (mm$) 2003 Employee Numbers (31.12.2004) Assets Insured Value (mm$) Refineries 13,649 3,684 İzmit İzmir Kırıkkale Batman 1,629 1,631 753 83 Petrochemical Complex / Körfez 75 645 5 Petrochemical Plants 259 Tanker & Marine Operation Corp./DİTAŞ 121 217 2 Tankers 179.7 DWT 72 TOTAL 13,845 4,547 4,427 * The Replacement Value of TÜPRAŞ is USD 7 billion while its market value is USD 2.4 billion as of November 2 2004 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Refinery Process Units Izmit Refinery (1/5) Quantity Capacity Start-up Date Crude Distillation Units 3 36.000 m3/day 1961,1971,1982 Vacuum Distillation Units 14.200 m3/day FCC Unit 1 2.200 m3/day 1971 Hydrocracker Unit 3.656 m3/day 1997 Reformer Units 2 3.225 m3/day 1971,1982 Izomerization Units 2.628 m3/day 2002 Desulphsizer Units 6.900 m3/day Sulphur Units 137 ton/day 1971, 1997 Waste Water Treatment 1.550 m3/day 1982 Power Unit 45 MW Asphalt 1.360 m3/day Crude Storage Capacity 915.000 m3 Product Storage Capacity 877.700 m3 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Refinery Process Units Izmir Refinery (2/5) Quantity Capacity Start-up Date Crude Distillation Units 2 36.000 m3/day 1972,1987 Vacuum Distillation Units 12.670 m3/day 1974,1993 FCC Unit 1 2.200 m3/day 1989 Hydrocracker Unit 2.600 m3/day 1993 Reformer Units 4.668 m3/day 1972,2001 Izomerization Units 1.900 m3/day 2001 Desulphsizer Units 3 2.880 m3/day 1972 Vis breaker Unit 3.100 m3/day Lube base oil Units 300.000 ton/year 1974 Sulphur Units 113 ton/day 1972,1993 Waste Water Treatment 1.350 m3/HR 1975 Power Unit 44 MW Crude Storage Capacity 590.000 m3 Product Storage Capacity 1.045.000 m3 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Refinery Process Units Kirikkale Refinery (3/5) Quantity Capacity Start-up Date Crude Distillation Units 1 18.000 m3/day 1986 Vacuum Distillation Units 4.800 m3/day Reformer Units 3.200 m3/day 1987 Izomerization Units 1.440 m3/day 1998 Desulphsizer Units 2 2.700 m3/day 1987,1988 Hydrocracker Unit 2.300 m3/day 1993 Sulphur Units 83 ton/day 1987,1993 Waste Water Treatment Unit 600 m3/HR Power Generation Unit 24 MW Crude Storage Capacity 471.000 m3 Product Storage Capacity 643.000m3 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Refinery Process Units Batman Refinery (4/5) Quantity Capacity Start-up Date Crude Distillation Units 2 3.500 m3/day 1955,1972 Vacuum Distillation Units 1 340 m3/day 1955 Reformer Units 215 m3/day Power Generation Unit 19 MW 1998 Waste Water Treatment Unit 290 m3/HR 2001 Crude Storage Capacity 32.000 m3 Product Storage Capacity 123.000 m3 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Refinery Process Units Korfez Petrochemical Complex (5/5) Quantity Capacity Start-up Date Carbon Black Unit 1 40.000 Ton/year 1974 SBR Rubber Unit 33.000 Ton/year 1975 CBR Rubber Unit 20.000 Ton/year C4-Extraction Unit PS Unit 27.000 Ton/year Waste Water Treatment Unit 750 m3/HR 1973 Power Generation Unit 25 MW 1998 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Immovable Properties (Land) Belongs to TÜPRAŞ Site Land (m2) Izmit Refinery Area 2.889.256 Izmir Refinery Area 5.701.369 Kırıkkale Refinery Area 8.247.928 Batman Refinery Area 779.231 Körfez Petrochemical Complex 1.204.180 Malatya Depot Area 46.543 Dortyol Land 728.444 TOTAL 19.596.951 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Production (1.000 ton) PRODUCTS 2003 2004 % Change LPG 685,9 719,3 4,9 Naphta 1.303,4 1.545,5 18,6 Gasoline 3.375,5 3.206,9 (5) Jet-Fuel 1.750,8 1.809,0 3,3 Gasoil 7.219,4 7.193,0 (0,4) Fueloil 5.788,9 6.034,2 4,2 Bitums 1.410,1 1.390,6 (1,4) Base Oils 279,7 291,6 4,3 Others 385,1 565,9 46,9 Total 22.198,8 22.756,0 2,5 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TURKEY’S Consumption (1.000 ton) PRODUCTS 2003 2004 % Change LPG 3.540,7 3.521,8 (0,5) Naphta 1.583,4 1.605,7 1,4 Gasoline 2.763,2 2.826,3 2,3 Jet-Fuel 1.689,2 1.861,7 10,2 Gasoil 9.907,5 10.946,9 10,5 Fueloil 7.074,4 6.420,2 9,2 Bitums 1.404,3 1.389,8 (1,0) Base Oils 532,6 624,9 17,3 Others 430,9 447,8 3,9 Total 28.926,2 29.645,1 2,5 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

ÇALIK ENERJİ AŞ - TUPRAŞ Presentation TÜPRAŞ’s Direct Sales May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ’s Exports and its Premiums May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ’s Employees And Earnings per Employee (2003) May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Investments-(1/3) TÜPRAŞ has had prepared a Master Investment Program to develop the product qualities to the European Standart and at the same time to modernize the refineries adapting the latest technologies. The said investments were started in 1990 and will be completed at the end of 2006. The following table gives the financial criteria of the major investment projects. May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Financial Criteria of the Major Investment Projects of TÜPRAŞ -(2/3) May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

TÜPRAŞ Investments-(3/3) May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Product Distribution After Completion The Investments in TÜPRAŞ May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Product Qualities After Investment The Gasoil qualities will meet the European Standart after the completion of investments as seen below graphic; May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Profitability and Refining Margin History of TÜPRAŞ (1994-2004) May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

New Petroleum Market Law Turkey started to apply a new petroleum market law from 1st of January of 2005. The highlightes of the law are given below shortly : May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Advantages of New Petroleum Market Law for TÜPRAŞ May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation

Financials of TÜPRAŞ in Brief x 1.000 YTL 2003 2004 Brut (Gross) Sales 22.001.453,5 21.613.210,0 Net Sales 10.539.326,2 11.486.985,1 Profit Before Taxes 733.610,6 932.825,8 Profit After Taxes 469.990,2 659.247,3 Investment Expenditures 125.552,0 250.375,0 Capital Paid-in 250.419,2 250.419,2 Profit per Share 1.880 2.630 May 2005 ÇALIK ENERJİ AŞ - TUPRAŞ Presentation