ZORLU ENERJİ April 2008. Snapshot of Zorlu Group Home Textile Korteks Zorlu Linen Turkey’s largest fully-integrated Polyster yarn producer & Europe’s

ZORLU ENERJİApril 2008

Snapshot of Zorlu GroupSnapshot of Zorlu Group

Home TextileKorteks

Zorlu Linen

Turkey’s largest fully-integrated

Polyster yarn producer & Europe’s

largest home textile manufacturer

Total Assets: US$1.6bn

Revenues: US$730mn

Consumer DurablesVestel

The leading OEM/ODM provider of TVs,

white goods, and digital products for the

European market

With 11% market share, #4 position in

the European LCD market

Production bases in Turkey & Russia

One of the leading players in the

domestic market via well-known “Vestel”

brand

Total Assets: US$3.3bn

Revenues: US$3.5bn

EnergyZorlu Energy Group

One of the leading IPPs in the

domestic market with 420MW

installed capacity

Making up approx. 8% of total

electricity production by private

generation companies

Ongoing investments in Russia,

Pakistan and further projects in Israel

Also active in natural gas

exploration: currently produces

natural gas in Thrace Region

Total Assets: US$857mn

Revenues: US$350mn

Real EstateZorlu Property Dev. & Inv.

Established recently in 2006

Aims to develop & invest in high

quality residential, office, shopping

centre and hotel projects at prime

locations in Turkey & abroad

Major Project: Development of a

mixed-use project on the land

previously owned by the General

Directorate of Motorways in

Zincirlikuyu, Istanbul

Total Assets: Approx. US$1.0bn

Zorlu Group

Total Assets: Approx. US$8bn

Revenues: US$4.6bn

Business Areas

Zorlu Energy GroupZorlu Energy Group (I) (I)

Zorlu Energy

Zorlu O&M Zorlu Industrial

Zorlu Electricity Wholesale, Import

& Export Co.

Zorlu HydroelectricRotor Zorlu Petrogas Thrace Region Natural Gas Distr.

Gazdas Natural Gas Distr.

24% 20%

2.4% 2.4%

88%88% 79.1%

Amity Oil

100%

10.2%10.2%

Zorlu Natural Gas Wholesale, Import

& Export Co.

Domestic Subsidiaries - % Stakes

Zorlu Energy GroupZorlu Energy Group (II) (II)

Zorlu Energy

ICFS International LLC

Rosmiks International B.V.

51%

Rosmiks LLC.

100%

100%

Zorlu Pakistan Energy

100%

Dorad Energy Ashdod Energy Ramat Negev Energy Solbar Energy

25% 51% 51% 26.5%

Israel Projects

Foreign Subsidiaries - % Stakes

Shareholder StructureShareholder Structure

Korteks, 17.5%

Other Zorlu Group

Companies, 9.8%

Free Float, 29.4%

Zorlu Holding, 43.2%

Turkish Electricity SectorTurkish Electricity Sector

Electricity Market - Structure

Generation Transmission Wholesale Distribution Retail Sales

State Company

EUAS

48% share

Private Producers

52% share

State Company

TEIAS

The sole player

State Company

TETAS

The major player

State Company

TEDAS

Player in 20 out of 21 regions

3 regions on 2008 privatisation agendacoal-fired power plant pivatisation on the agenda

Planned public offering

Four State-owned companies dominating the market – Long-awaited privatisation on the way….

State Company

TEDAS

The major player


Electricity Demand

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

GDP Growth (%) Electricity Demand Growth (%)

Electricity Demand increased by a 7.8% CAGR since 1985 parallel to economic growth, industrialization and urbanization. It has also been resistant to economic downturns.

Electricity Consumption per capita (kWh)

3,325

6,070

3,637

5,480

6,599

1,656

5,765

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Turkey Poland CzechRepublic

Hungary Russia EuropeanAverage

Israel

Turkey Poland Czech Republic Hungary Russia European Average Israel

Despite significant growth in recent years, Turkey still has the lowest electricity consumption per capita in Europe.

Source: TEİAŞSource: TEİAŞ

Source: IEASource: IEA


0

50,000

100,000

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200,000

250,000

300,000

350,000

400,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Existing Under Construction Licensed Add. Cap. Required Demand

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Existing Under Construction Licensed Add. Cap. Required Demand

Electricity Demand & Capacity Projections (TEIAS) High-Growth Scenario (8.1% annual growth)

Low-Demand Scenario (6.3% annual growth)

Turkey is expected to face electricity supply shortage by 2009 based on high-demand scenario or by 2011 based on low demand scenario…

According to TEIAS estimates, Turkey needs 30,000MW additional capacity by 2016, indicating a US$3-$4bn annual capex requirement…



Electricity Generation by Primary Energy Source (2006)

Coal, 26.5%

Hydro, 25.1%

Natural Gas, 45.8%

Other, 0.1%

Jeo + Wind, 0.1%

Liquid Fuels, 2.5%

Sector

Coal, 35.2%

Hydro, 45.8%

Natural Gas, 17.7%

Liquid Fuels, 1.3%

Jeo + Wind, 0.1% Other, 0.0%

State-owned Company, EUAS

Natural Gas is the primary source of electricity generation (176,300 GWh in 2006) in Turkey. Especially, private sector relies heavily on imported natural gas. This trend should change in line with private sector’s increasing focus in hydro and coal-fired power plants.

Installed Capacity 2006 MW % MW %

Thermal 27,377 68% 12,540 53%Hydro 13,061 32% 11,159 47%Geothermal 23 0% 15 0%Wind 58 0% 0 0%Total 40,519 100% 23,714 100%

Sector EUAS

Source: EÜAŞSource: EÜAŞ

Turkish Electricity SectorTurkish Electricity SectorNatural Gas vs Electricity Prices

In line with substantial rise in crude oil prices, natural gas prices increased by 84% (in YTL terms) since 2003 vs govnt’s political decision not to increase electricity prices in the same period.

Private sector profitability was affected negatively in this period, considering almost 70% of private sector power generation depends on natural gas. Accordingly, some private producers applied for licence cancellation in this period.

50

75

100

125

150

175

200

225

De

c-0

3

Fe

b-0

4

Ap

r-0

4

Ju

n-0

4

Au

g-0

4

Oc

t-0

4

De

c-0

4

Fe

b-0

5

Ap

r-0

5

Ju

n-0

5

Au

g-0

5

Oc

t-0

5

De

c-0

5

Fe

b-0

6

Ap

r-0

6

Ju

n-0

6

Au

g-0

6

Oc

t-0

6

De

c-0

6

Fe

b-0

7

Ap

r-0

7

Ju

n-0

7

Au

g-0

7

Oc

t-0

7

De

c-0

7

TL

ba

sed

ind

ex

De

c 0

3 =

10

0

Natural Gas Price Electricity Price

Source: TEİAŞ, BOTAŞSource: TEİAŞ, BOTAŞ

Turkish Electricity SectorTurkish Electricity SectorDUY SYSTEM

Considering the shortage in supply and hence encourage private sector interest on the generation side, the Government introduced “a balancing and settlement” (DUY) market in August 2006.

The goal of the system is to create a competitive pricing environment through a spot market for the effective use of resources and efficiency improvements in the sector.

While currently it is not a fully open spot market as the players on the both side (buy & sell) are mainly state companies, private producers are gradually improving their margins thanks to higher price levels prevailed in the market.

DUY vs TEDAS Prices

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-07

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-08

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Day Peak Night TEDAS



AUTOMATIC PRICING COMING INTO EFFECT AS PART OF LIBERALISATION EFFORTS

The Government corrected electricity prices for residential and industrial users upwards by 19% and 12%, respectively, effective 1 January 2008.

In order to encourage private investments ahead of planned privatisations in the sector and limit the duty losses, the government announced the introduction of automatic pricing mechanism to be effective as of July 2008.

On the privatisation side, the privatisation of distribution regions and the generation assets of EUAS is on the agenda. Accordingly, the government targets to finalise the privatisation of three distribution regions by the end of 2008. On the EUAS side, a draft law on the privatisation of coal-fired power plants has recently been sent to Prime Minister’s office.

Domestic OperationsDomestic Operations

Zorlu Enerji – Current Capacity (Turkey)

Plant Electricity Capacity Steam Capacity Type(MW) (tons/hr)

Bursa 90.0 Natural GasLuleburgaz 65.7 162 Natural GasAnkara 50.3 Natural GasYalova 16.0 30 Natural GasKayseri 189.0 Natural GasKayseri 7.3 15Total 418.3 207

Currently, Zorlu Enerji operates six natural gas-fired power plants with a total capacity of 418MW of electricity and 207 tons/hr of steam.

The Company sells 72% of its sales to DUY market and the remaining is sold to group and a limited number of non-group companies.

Zorlu Enerji’s current production level constitutes approx. 8% of total electricity production by private generation companies in Turkey.

DUY, 72%

Internal Cons., 2%Non-Group ,

12%

Group, 14%

Composition of Electricity Sales (2007)


The Company targets 2,700 GWh electricity generation and 703,000 tons of steam production for 2008.

* Assuming a 20% YoY rise in electricity prices vs. a 10% increase in natural gas prices in TL terms…

Higher electricity prices prevailing in the DUY market and the Government’s intention to initiate automatic pricing mechanism in July 2008 promise an improved operating environment for Zorlu Enerji in the coming periods.

1.527

269

343

207

46

0

50

100

150

200

250

300

350

400

2006 2007 2008E*

Revenues EBITDA

1,949

2,4752,644 2,700

556711 703 703

0

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1,000

1,500

2,000

2,500

3,000

2005 2006 2007 2008E

Electricity (GWh/year) Steam (K tons)


Zorlu Enerji –Recent Acquisition

Zorlu Enerji recently submitted the highest bid (US$510mn) for the tender undertaken by the Privatization Administration to transfer the operating rights of 9 state-owned power plants (7 hydro, 1 geothermal & 1 natural gas plant, all together owned by Ankara Dogal Elektrik Uretim) with total installed capacity of 143MW.

Zorlu Enerji plans to undertake further US$150mn investment for efficiency improvement (US$25mn) and capacity expansion (US$125mn) purposes.

After the planned investments, the total electricity generation of these nine power plants should reach 998mn KWh/year from current 433mn KWh/year level, increasing Zorlu Enerji’s current annual electricity generation by 37% to 3,698mn KWh.

56

76

140

434

541

998

0

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120

140

160

2009E 2010E 2011E

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800

1,000

1,200

Revenues Electricity Generation

US$mn GWh/year


Zorlu Enerji – Planned Investments (Turkey)

Project Location Capacity Type Exp. Invest. Concession Status Start-up(US$mn) Period

Rotor Osmaniye Wind135 240 25 years All permits being granted in 4Q08

60 110 25 years licence to be obtained 200950 90 25 years licence to be obtained 2009

Narlı & Sandalcık 204 Hydro 250 25 years planning phase 2012Trebolu 60 Hydro 100 25 years planning phase -

Total 509

A more diversified source base after the completion of the planned investments…

Wind, 27%

Hydro, 28%

Natural Gas , 45%

As part of vertical integration process, Zorlu Energy Group is also interested in the privatisation of electricity distribution grids. (3 regions in government’s 2008 privatisation agenda.

The Company also considers to establish coal-fired power plant with at least 1,000MW capacity.

Domestic OperationsDomestic OperationsZorlu Enerji – Ongoing Investments (Turkey)

Rotor - Wind Power Project (Osmaniye)

Zorlu Enerji has already signed an agreement with GE to buy 54*2.5MW turbines.

Wind data has been approved by EMD.

All the permits have been granted.

Government gives purchase guarantee (5.5 Euro cents/kWh).

The project should be fully operational in July 2009 with total investment amount of US$240mn.

The Company has recently been found suitable by EMB to obtain licenses for two add. wind power plant projects in Osmaniye with total capacity of 110MW (50MW+60MW).

Acquired in July 2007 by Zorlu Enerji, Rotor has generation license for a wind power project with 135MW installed capacity in Osmaniye, Southern Turkey.

3.0

46

53

413

27

480

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30.0

40.0

50.0

60.0

2008E 2009E 2010E

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200

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400

500

600


US$mn GWh /year

Rotor Project at a glance

Zorlu Enerji's stake 88%Capacity (MW) 135Licence Period (years) 25Investment Cost (US$mn) 240Financing Structure 80% debt, 20% equityIRR (%) @ 5.5 Euro cent guranteed purchase price 23%IRR (%) @ current TEDAS price (7.3 Euro cent) above 30%

Foreign InvestmentsForeign Investments

Zorlu Enerji – Ongoing Investments (Russia, Pakistan and Israel)

Project Capacity Type Exp. Invest. Concession Status Start-up Zorlu Enerji's StakeMW (US$mn) Period (%)

Moscow, RussiaTereskova - Kojhuhova 680 Natural Gas 1,110 51%Phase I 340 710 30 years Construction started in 2007 4Q08Phase II 340 400 30 years 2010Jhampir, Pakistan 49.5 Wind 115 20 years PPA signed, first 5 turbines 2009 100%

to be erected in 1H08IsraelDorad 800 Natural Gas 850 20 years planning phase, agreement with EMG, 2011 25%

Egyptian gas supplier, signed for 15 years Ashdod 50 Natural Gas 70 20 years planning phase 2010 51%Solbar 100 Natural Gas 110 20 years planning phase 2010 26.50%Ramat 100 Natural Gas 110 20 years planning phase 2011 51%

Russia, Pakistan and Israel, the markets where Zorlu’s foreign investments are undertaken, resemble somewhat the structure of Turkish Electricity Sector with the main characteristics summarised as:

Strong demand growth (above global averages)

Substantial need for foreign private investment considering expected supply shortages in the upcoming years

Regulated markets with state control on both electricity generation and distribution

Liberalisation process already started, indicating an upward adjustment on the pricing side given strong demand and supply shortage.

Foreign InvestmentsForeign InvestmentsRussia – 680 MW Natural Gas Power Project

Russian Project at a glance

Capacity (MW, Gcal/h) 680/640 Shareholder StructureLicence Period (years) 30 Zorlu Enerji 51.0%Investment Cost (US$mn) 1,100 Invar 24.5%Financing Structure Corporate Financing Talex 24.5%IRR (%) 15%

Rosmiks, 51% owned by Zorlu Enerji, won the tender to build two gas power plants, Tereshkovo (170 MW *2) and Kojuhova (170MW *2) in Moscow in 2005. In addition to electricity, the plants are to supply Moscow with heat.

The construction of 1st phases of the two plants (170MW*2) currently continue with an expected completion date of September 2008.

The second phase (2*170MW) is to start at the beginning of 2009 after the completion of the 1st phase.

361

2,877

3,598

2,571,840 2,571,840

239,400

0

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1,000

1,500

2,000

2,500

3,000

3,500

4,000

2008E 2009E 2010E

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Electricity Generation Heat Production

GWh/year Gcal/year


Russia – Natural Gas Power Project – 680MW

Total project cost is estimated to be approx. US$1.1bn.

EPC and O&M will be undertaken by Zorlu Industrial and Zorlu O&M.

An agreement then will be signed with potential state-owned off-takers, Mosenergosbyt (for electricity) and Moek (for heat)

The City of Moscow guarantees to pay the difference between the commercial gas price and the price determined by the Federal Tariff Service for Mosenergo, the largest power generator of the City.

28

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284

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300

2008E 2009E 2010E

Revenues

US$m

Foreign InvestmentsForeign InvestmentsJhampir – Pakistan Wind Power Project – 49.5MW

The Company signed an agreement with Vensys-CKD for the turbines.

5 turbines (1.2MW) will be erected in 1Q08, while 29 turbines (1.5MW) will be placed starting from May 2008.

Pakistan government offers purchase guarantees and bears the currency and interest rate risks as well.

The levelized guaranteed tariff for the project is USc10.46/KWh

The project should be fully operational at the beginning of 2009.

Zorlu Enerji signed a letter of intent with Pakistan Alternative Development Board to establish a wind power plant in Pakistan in July 2006.

The initial project foresees a production capacity of 49.5MW with an option to expand up to 300MW.

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US$19.3mn

150GWh/year

Jhampir Wind Power Project at a glance

Zorlu Enerji's stake 100%Capacity (MW) 49.5Licence Period (years) 20Investment Cost (US$mn) 115Financing Structure 80% debt, 20% equityIRR (%) 15%

Foreign InvestmentsForeign InvestmentsDorad Project – Israel Natural Gas Power Project – 800MW

Partners in the project are: 1) Eilat-Ashkelon Infrastructure Services Ltd. (37.5%) 2) U. Dori Engineering Works Corp. Ltd. (18.75%) 3) Edelcom Ltd. (18.75%)

Dorad signed an agreement to buy natural gas from EMG, the Egyptian gas supplier, for a 15-year period starting from 2011 in December 2007.

Zorlu was one of the first companies to enter the private energy industry in Israel.

The Company acquired a 25% stake in Dorad Energy in 2005.

Dorad Energy is to construct the largest private power station in Israel on the land of the Eilat-Ashkelon Pipeline Company (EAPC).

The main customer of Dorad will be the Ministry of Defense.

EPC of the project will be undertaken by Zorlu Industrial.

The financing of the project has not been closed yet.

The project should be fully operational in 2011.

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4,000


US$mn GWh /year

3,429 GWh/year

US$338mn

Dorad, Israel Power Project at a glance

Zorlu Enerji's stake 25%Capacity (MW) 800Licence Period (years) 20Investment Cost (US$mn) 850Financing Structure 80% debt, 20% equityIRR (%) 15%


Zorlu Enerji’s other potential projects in Israel (total 250MW)

Zorlu Enerji has partnered with Israeli Edeltech Holding Ltd. to construct cogeneration power stations for Makhteshim Chemical Works, Agan Chemicals and Solbar Industries with an aggregate capacity of 250MW.

EPC & O&M will be undertaken by Zorlu Industrial and Zorlu O&M.

Once the projects related with Dorad investment close financing, Ashdod and Ramat Negev will be undertaken concurrently.

Project Shareholders Main Customer Gas Supplier EPC & O&MElectricity Steam

Ashdod Project 50MW 40 tons/hr 51% Zorlu Enerji Agan Chemicals EMG Zorlu Industrial49% Edeltech Zorlu O&M

Ramat Negev Project 100MW 70 tons/hr 51% Zorlu Enerji Makhteshim Chemical Works EMG Zorlu Industrial49% Edeltech Zorlu O&M

Solbar Project 100MW 70 tons/hr 26.5% Zorlu Enerji Solbar EMG Zorlu Industrial25% Edeltech Zorlu O&M

48.5% Solbar Holdings

Capacity

Installed CapacityInstalled Capacity (MW) (MW)

Installed Capacity set to be on a rising trend in line with ongoing investments in Turkey and abroad…

420

9071,154 1,241

1,482 1,5091,709

1,913

920920

320247

198173

173

0

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2,500

3,000

2007 2008E 2009E 2010E 2011E 2012E 2013E 2014E

Zorlu Enerji Partners

MW

Natural Gas Exploration & ProductionNatural Gas Exploration & Production

Zorlu Enerji carries out its natural gas exploration activities through Zorlu Petrogas and its 100% owned subsidiary, Amity Oil.

Zorlu Petrogas, established in year 2000, has oil and natural gas exploration licenses in 15 regions.

The Company continues exploration and drilling activities with no accumulated reserves and production at the time being.

In 2005, Zorlu Petrogas acquired 100% of Amity Oil.

Amity Oil has oil and natural gas licenses in 9 regions and currently produces natural gas in Thrace region with a rate of 650,000 m3/day. The production target for 2008 is 1mn m3/day.

Amity Oil has 365mn m3 proven natural gas reserves with continuing exploration and drilling activities.

Natural gas production activities undertaken by Amity Oil, 100% owned by Zorlu Petrogas

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35.0

Natural Gas Production Revenues

US$mn

m3/year

92mn m3/year of production

approx. US$30mn of revenues

Natural Gas DistributionNatural Gas DistributionThrace Region Gas Distribution

Gaziantep Region Gas Distribution

Zorlu Group 57.0%Palmet Energy 21.5%Arsan Energy 21.5%

Zorlu Group won the tenders to distribute natural gas for 30 years in the Thrace region and Gaziantep in 2005.

The Group obtained the distribution licenses in 2006.

Zorlu Group 59.6%Palmet Energy 28.9%Arsan Energy 11.6%

Zorlu Enerji has 11% (5% direct) stake in each of these two distribution companies.

Zorlu Group plans to bid for the upcoming Ankara inner city natural gas distribution tender as well.

Natural Gas DistributionNatural Gas Distribution

Period

Current* Projected Total Current TargetIndustrial Household Industrial Household

Thrace Region 24.2 147 77 1,100 780 325,000 250 4,700 30 years

Gaziantep Region 16.0 132 - - 720 443,000 - 1,600 30 years

Total 40.2 279 77 1,100 1,500 768,000 250 6,300 30 years

Sales Volume (mn m3/year)Investments (US$mn) Subscribers

Current Target**

Distribution Companies are set to undertake approx. US$279mn of investments…

* As of end of 3Q07 **By 2036

According to tender results, during the first eight years of operations, the distribution companies will charge no gas sales margin.

After the first eight years, gas sales margins per m3 gas sold will be determined by Energy Market Board on a cost + margin basis.

Financial OutlookFinancial Outlook

626

1,012

91

265 261

955

0

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800

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2008E 2009E 2010E

Revenues EBITDA

US$mn42

166

611

0

100

200

300

400

500

600

700

2008E 2009E 2010E

Investments

(US$mn)

The bulk of the investments will be undertaken in 2008, including investments in Russia (the first phase) , Rotor and Jhampir, Pakistan projects.

As the three above-mentioned projects become fully operational, EBITDA is expected to almost triple in 2009.

Forecasts do not include Israeli projects, Russian second phase investments & revenues and planned domestic hydro investments…

FinancialFinancialssBalance Sheet Summary (IFRS)

(US$mn) 2007 9mth-07 1H07 1Q07 2006 2005

Current AssetsCash & cash equivalents 23 19 38 0.9 0.2 1Trade receivables 18 28 21 30 26 21Inventories 29 32 33 21 19 11Total Current Assets 129 122 123 69 61 77

Non-current AssetsInvestments 5 5 11 3 1 0Property, plant and equipment, net 755 645 601 526 478 352Intangible assets, net 39 42 23 22 23 23Total Non-current Assets 844 735 674 588 538 409

Total Assets 973 857 797 657 599 486

Current LiabilitiesBorrowings 213 215 213 167 112 49Trade Payables 59 47 83 31 32 19Payables to Related Parties 247 131 92 58 51 2Total Current Liabilities 531 405 400 265 203 77

Non-current LiabilitiesBorrowings 118 125 129 137 142 120Total Non-current Liabilities 169 172 170 176 180 156

Minority Interest 38 40 30 13 13 6

Total Equity and Reserves 235 239 197 202 203 247

Total Liabilities and Equity 973 857 797 657 599 486

Gross Debt 578 470 434 362 305 171Net Debt 555 452 397 361 305 171

Gross Debt / Equity 2.12 1.68 1.92 1.68 1.41 0.68

FinancialFinancialss

Income Statement Summary (IFRS)

(US$mn) 2007 9mth-07 1H07 1Q07 2006 9mth-06 1H06 1Q06

Sales (net) 361.3 254.7 160.6 78.2 274.1 199.6 127.0 62.4Cost of Sales -307.4 -219.1 -138.8 -67.7 -239.2 -174.8 -112.7 -55.9Gross Profit 53.9 35.5 21.8 10.5 34.9 24.8 14.3 6.4Operating Expenses -45.9 -29.2 -19.7 -7.9 -35.7 -26.9 -17.7 -8.4Operating Profit 8.0 6.3 2.1 2.7 -0.8 -2.1 -3.4 -2.0Other Income 70.5 54.3 21.7 9.1 39.7 27.8 9.0 2.2Other Expenses -32.3 -25.5 -19.7 -6.8 -12.4 -8.1 -4.2 -1.9Financial Expenses -36.6 -25.8 -13.4 -7.6 -48.7 -44.0 -42.3 -4.3Profit before tax & minority interest 9.5 9.4 -9.3 -2.6 -22.2 -26.3 -40.9 -5.9Minority Interest -9.1 -8.0 -5.4 -0.1 -3.8 -2.8 -0.9 0.0Profit before tax 0.4 1.4 -14.7 -2.7 -26.0 -29.1 -41.8 -5.9Taxes -7.7 -6.7 -3.1 -2.0 -6.2 -2.1 -1.3 -2.3Net Income -7.3 -5.3 -17.8 -4.7 -32.3 -31.1 -43.1 -8.2

Gross Profit Margin (%) 14.9% 13.9% 13.6% 13.5% 12.7% 12.4% 11.3% 10.3%Operating Margin (%) 2.2% 2.5% 1.3% 3.4% -0.3% -1.0% -2.7% -3.2%EBITDA Margin (%) 10.2% 10.5% 9.5% 11.3% 8.0% 7.6% 6.4% 5.7%Net Profit Margin (%) -2.0% -2.1% -11.1% -6.0% -11.8% -15.6% -33.9% -13.1%

ContactContact

Zorlu Enerji Investor Relations

Zorlu Enerji Elektrik Üretim A.Ş.

Zorlu Plaza K:18-19 Ambarlı Petrol Ofisi Dolum Tesisleri Yolu

34480 Avcılar-İSTANBUL

www.zoren.com.tr

Figen ÇEVİK

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ZORLU ENERJİ April 2008. Snapshot of Zorlu Group Home Textile Korteks Zorlu Linen Turkey’s largest fully-integrated Polyster yarn producer & Europe’s