Investor Presentation February 2011

INVESTOR PRESENTATION

February 2011 Agenda

• Ford Otosan Overview

• Turkish Automotive Industry Overview

• Competitive Advantages

• Key Operating Data

• ISE Performance

2 Investor Presentation February 2011

FORD OTOSAN OVERVIEW Company Overview

Mfg. & Assy. Facilities Kocaeli Assembly Inonu Powertrain and Cargo Assembly Parts Distribution Kartal Engineering Facility Gebze Blue Collar Employees 6,630+ White Collar Employees 1,770+ Ownership 41% Ford Motor Company 41% Koc Holding 18% Publicly-owned

2009 Net Sales $ 3.7 Billion Market Cap (as of Jan. 31, 2011) $ 2.9 Billion

4 A Brief History • 1928 – Vehbi Koc assigned as Ankara Ford dealer • 1959 – Otosan founded as Ford assembler in Turkey • 1966 – First passenger car (Anadol) production in Turkey • 1967 – Production of Transit minibus launched • 1975 – Transit van and pick-up added to range • 1977 – License agreement with Ford signed • 1982 – İnönü plant launched truck and engines • 1983 – Ford assumes 11% ownership in Otosan • 1987 – Ford increases ownership to 30% • 1994 – Ford Escort production launch • 1997 – Ford assumes 41% equity in “Ford Otosan” • 2001 – Kocaeli plant launched with Transit production • 2002 – Transit Connect production launched • 2003 – New Heavy Truck introduced • 2004 – Transit export launch • 2006 – New Transit launch • 2007 – Gebze Engineering Centre opened • 2010 – Ford Otosan celebrated its 50th Year Anniversary

5 Achievements

3rd biggest Turkish exporter company in 2010 Domestic Market Leader for the 9 th consecutive year As of year-end, market share improvement in domestic industry “Truck of the Year ” Award in North America One of the most profitable and highest dividend paying companies in Đstanbul Stock Exchange “ehabettin Bilgisu Environment” Award (Kocaeli Chamber of Industry, 2010) Chairman’s Leadership Award for Diversity, 2010 (“Let’s Remove Barriers” project) “Environmental Leadership” Award (Sludge drying unit at wastewater treatment plant)

6 Plant Locations

İnönü Plant - 1981

Parts Distribution Center 1998

Kocaeli Plant - 2001

7 • Plants Kocaeli Plant Best Ford Brand Assembly Plant in Europe (*) since 2002

• Transit & Transit Connect production • Sea front location, integrated pier/terminal covering exports & BU imports • 320,000 units annual production capacity ISO ISO 9001 14001

İnönü Plant Best Ford Powerplant Plant Worldwide (*) since 2005

• Heavy truck, engine and powertrain production

• Annual capacity - 10,000 trucks ISO ISO - 55,000 powertrains 9001 14001

(*) Ford Production System Ratings

8 • Facilities

Kartal Parts Distribution Centre

• Marketing, Sales, Parts Operations, Warranty, Field Operations, Dealer Training and Customer Relations Center are located at this site

Gebze Engineering Facility

• Engineering services for Ford Otosan and Ford of Europe’s Product Development Centres • 460+ Engineers Capacity • Located in a Technopark Area and Free Zone near İstanbul

9 Transit

Domestic Market Leader in 2010: 36.9% market share 123K units exported in 2010 International Van of the Year 2007 Award

10 Transit Connect

Domestic Market Share in 2010: 19.5% 52K units exported in 2010

Exports to North America

11 12 Cargo Domestic Market Share in 2010: 18.3% Exported to various markets

13 A Full Line of Cars 2nd in the Domestic Market in 2010: 10.8% market share

14 Investor Presentation February 2011

TURKISH AUTOMOTIVE INDUSTRY OVERVIEW Domestic Automotive Industry

1M 2010 / 1M 2011 Automotive Industry Automotive Industry

792 50 800 766 47 741 668 633 40 600 574 524 %124 30 393 400 21 Ford Otosan (000) Units (000)

(000) (000) Units 20 Domestic Sales 203 200 177 10 %122 7 3

0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1M 2010 1M 2011 1M 2010 1M 2011

Car Light Commercial Vehicle Car Light Commercial Vehicle Medium Commercial Vehicle Heavy Commercial Vehicle Medium Commercial Vehicle Heavy Commercial Vehicle

16 2011 Outlook

2011 Market Outlook

1000 Market Share Forecast for 792 780 2011 FY 800 2% 15.3 % 600 Ford Otosan 400 Domestic Sales (000) Units (000)

200 124 3% 120

0 Ford Otosan Others 2010 2011F 2010 2011F

Car Light Commercial Vehicle Medium Commercial Vehicle Heavy Commercial Vehicle

17 Ford Otosan Market Share

20% 17.0% 17.1% 16.8% 15.5% 15.6% 16% Transit 15.3% Connect 15.1% 15.3% 14.7% 11.9% 13.7% Jumbo 12% 11.3% New 9.4% 9.6% Escort 11.2% Cargo 9.6% Transit 8% 7.2% Focus 4.0% 4% 5.0%

VE 83 0%

4 7 9 2 4 6 9 '93 '9 '95 '96 '9 '98 '9 '00 '01 '0 '03 '0 '05 '0 '07 '08 '0 '10 '11F

18 Market Shares

January YTD 2011 2010 FY

Market Rank Market Rank Share Share

Total Automotive Industry 15.5% 1 15.6% 1

Passenger Car 10.4% 3 10.8% 2

LCV 19.8% 2 19.5% 2

MCV 32.3% 1 36.9% 1

Heavy Truck 23.9% 1 18.3% 2

19 Market Share in Total Automotive Industry January YTD 2011

15.5% FORD

13.6% OTOSAN

45.9% Market Share

13.9% 0.3 Pts. YoY 11.1%

Ford Fiat Renault VW Others

20 Market Shares January YTD 2011

Passenger Car Light Commercial Vehicle

17.6% 10.4% 8.3% 19.8% 43.7% 12.0%

8.1%

11.1% 17.3% 51.7%

Fiat Ford Citroen Hyundai Renault Ford VW Others VW Others

2.7 Pts. YoY 8.0 Pts. YoY

21 Market Shares January YTD 2011

Medium Commercial Vehicle Heavy Truck

9.7% 32.3% 7.6% 23.9% 11.0% 23.3%

8.2%

43.1% 40.9%

Ford Mitsubishi VW Mercedes Others Mercedes BMC Ford Others

0.5 Pts. YoY 7.9 Pts. YoY

22 Taxes on Vehicles

Passenger Cars Commercial Vehicles

Engine Size Model VAT* SCT** TOTAL Engine Size Model VAT* SCT** TOTAL <3000 cm 3 Fiesta Transit <1600 cm 3 Fusion Van Connect 18% 4% 23% Focus 18% 37% 62% C-Max Van Mondeo(1.6) Ranger Minibus 18% 9% 29% 1601- 2000 Mondeo(2.0) 18% 60% 89% Transit >2000 18% 84% 117% Combi 10% 30% Connect 18% Combi * VAT: Value Added Tax ** SCT: Special Consumption Tax Truck Cargo 18% 4% 23%

Commercial Vehicles are Taxed Lower than Cars

23 Investor Presentation February 2011

COMPETITIVE ADVANTAGES Competitive Advantages

Large - Scale Export Program

Strong & Committed JV Partner Support

Strong Distribution Network

Low Cost, Flexible Manufacturing

Commercial Vehicle Product Development and Engineering Capabilities

Experienced and Skilled Workforce

Strong Corporate Governance Activities

25 Large-Scale Export Program

250

4.0 Revenue(US$Export Billion) 222 219 3.7 3.5 200 185 3.4 177 164 3.0 150 141 2.4 129 2.5 2.1 2.1 2.0 100 75 1.8 1.5 1.0 50 1.0

Export Export Volume Units) (000 0.5 0 0.0 2003 2004 2005 2006 2007 2008 2009 2010

Transit Connect Transit Cargo & Other Export Revenue (US$ Billion)

Less Dependent on Domestic Market Economies of Scale

26 Strong & Committed JV Partner Support

Technological capability

Strong and widespread position in the local market

Know-How

Turkey’s largest and most reputable group

27 Strong Distribution Network

Sales: 116 After-Sales: 192 Total Dealer: 211

28 Kocaeli Plant Capacity Utilisation Rate

350 117% 320 320 120% 112% 320 320 106% 300 300 104% 250 100% 250 80% 80% 200 200 82% 200 80% 75% 140 150 60% 54% 100

40% Capacity Utilisation Rate

Year-end Capacity (000 Units) 50

0 20% 2003 2004 2005 2006 2007 2008 2009 2010 2011F

Year-end Capacity Capacity Utilisation Rate

29 Commercial Vehicle Product Development and Engineering Capabilities

Gebze Engineering Facility in Turkey

• Ford Otosan is integrated into Ford’s global PD organisation • This facility underlines Ford’s commitment to Turkey as an excellent environment for business and a rich source of well-educated engineering talent • Ford Otosan’s PD operations have further planned expansion

30 Experienced and Skilled Workforce

BLUE COLLAR WHITE COLLAR Primary & Ph.D. Secondary Others Vocational University 1 % School 8 % M.Sc. College 1 % High 8 % 28 % 16 % school 15 %

B.Sc. - B.A. Technical 63 % High school 60 %

31 Strong Corporate Governance

Transparent Investor Relations

Meets Capital Market Board Governance Rules

Corporate Disclosure Policy

Executive and Audit Committees

32 Investor Presentation February 2011

KEY OPERATING DATA Production Volume

400

300 286 258 269 264 243 242 207 %9 200 173 (000)Units 115 100

0 2003 2004 2005 2006 2007 2008 2009 2010 2011F

Light Commercial Vehicle Medium Commercial Vehicle Heavy Truck

34 Wholesales Volume – Domestic / Export

400

350 325 316 295 294 303 300 298 255 250 %4 214 177 197 200

(000) Units (000) 150 129 100 126 119 50 85 0 2004 2005 2006 2007 2008 2009 2010 2011F

Domestic Export

35 Revenue – Domestic / Export

8,000

6,208 6,000 4,844 4,516 4,640 4,142 62% 4,000 3,702 3,455 47% 55% 69%

US$ Million US$ 47% 2,109 57% 57% 2,000 46% 53% 45% 38% 53% 43% 43% 54% 31% 0 2003 2004 2005 2006 2007 2008 2009 2010 9M

Domestic Export

36 EBITDA and EBITDA Margin

800 15% 13.5% 13.2% 692 700 11.5% 597 11.1% 12% 600 559 10.1% 534 11.7% 10.1% 500 535 9% 373 400 349 300 6%

200 EBITDA Margin

EBITDA (US$ Million) 3% 100

0 0% 2004 2005 2006 2007 2008 2009 2010 9M

EBITDA EBITDA Margin

37 Operating Profit and Operating Margin

700 9.5% 10% 8.8% 8.9% 8.7% 600 556 8.7% 8% 500 405 424 7.5% 401 7.0% 6% 400 363

300 258 258 4% 200 Operating Margin 2% 100 Operating Profit (US$ Million) 0 0% 2004 2005 2006 2007 2008 2009 2010 9M

Operating Profit Operating Margin

38 Margin Comparison with Peers at ISE 2010 9M

15%

10% 10% 10% 8% 7% 6.5% 6% 5% 1% 0% Ford Otosan Isuzu Karsan Dogus Tofas -5% -2% -2% -6% -10%

-15%

-20%

Operating Margin EBITDA Margin

39 CAPEX

200 US$ Million 158 150 136 128 116 110 100

55 50 50 50

0 2003 2004 2005 2006 2007 2008 2009 2010F

Capacity Increase New Products Maintenance & Others

40 Investor Presentation February 2011

ISTANBUL STOCK EXCHANGE PERFORMANCE ISE & FROTO Index

1100 Ford Otosan ISE-100 900

700

Index 500 945%

300 573% 100 Jul-10 Jul-09 Jul-08 Jan-11 Jan-10 Jan-09 Jan-08 Sep-10 Sep-09 Mar-10 Sep-08 Mar-09 Dec-00 Dec-02 Dec-04 Dec-06 Mar-08 Nov-10 Nov-09 Nov-08 May-10 May-09 May-08

2003 2004 2005 2006 2007 2008 2009 2010 31 Jan 2011 FROTO Cumulative Change(%) %241 %303 %510 %564 %671 %223 %611 %926 %945 ISE-100 Cumulative Change(%) %97 %165 %323 %316 %490 %186 %462 %602 %573

42 High Dividend in the Last Years

2010 Dividend Yield: 10.6% 2009 Dividend Yield: 12.3%

280 $329 Million $320 Million $316 Million $330 Million $260 Million $267 Million

240 $215 $191 $205 200 $176 $168 160 $141 $139 $128 $140

US$ Million US$ 120 $105 $99 80 $60 $55 40 0 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

43 Disclaimer

This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially......

Neither Ford Otosan nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation. Investor Presentation February 2011 Thank youyou......

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