FAAL YET RAPORU ANNUAL REPORT

FAAL YET RAPORU ANNUAL REPORT 2003

Ç NDEK LER CONTENTS 01 Vizyon ve Misyon / Vision and Mission 02 Finansal Göstergeler / Financial Highlights 03 Finansal De erleme / Financial Assessment 04 Sermaye ve Ortakl k Yap s / Capital and Shareholding Structure 06 Hisse Senedi Performans / Stock Performance 08 K saca Petrol Ofisi / Petrol Ofisi in Brief 10 Yönetim den Mesaj / Letter from the Management 12 Yönetim Kurulu / Board of Directors 14 Yönetim Kadrosu / Management Team 15 Petrol Ürünleri Da t m Sektörü / The Fuels Distribution Sector 15 2003 Y l nda Sektördeki Geliflmeler / Developments in the Sector in 2003 20 2003 Y l Faaliyetleri / Operations in 2003 20 stasyon Sat fllar / Retail Sales Da t ma Yeni Marka - ERK / New Brand for Distribution- ERK Ticari, Endüstriyel ve Deniz Sat fllar / Commercial, Industrial and Marine Sales Havac l k Sat fllar / Aviation Sales Madeni Ya Üretimi, Pazarlama ve Sat fllar / Lubricants Production, Marketing and Sales kmal ve Lojistik / Supply and Logistics Akaryak t kmali / Fuel Supply Fiyatland rma / Pricing Deniz Filosu ve Tafl ma / Tanker Fleet and Transportation Irak Faaliyetleri / Iraq Operations Depolama Tesisatlar / Storage Installments flletme E itimleri / Terminal Operational Training Sa l k, Emniyet ve Çevre (SEÇ) / Health, Safety and Environment (HSE) Yat r mlar / Investments Destek Hizmet Faaliyetleri / Support Services Müflterek Hizmetler / Shared Services nsan Kaynaklar / Human Resources Hukuki Konular / Legal Affairs 43 Ba ms z Denetim Raporu, Finansal Tablolar ve Dipnotlar / Independent Auditors Report, Financial Statements and Notes to Financial Statements Adresler / Directory

V ZYON VISION Sürekli olarak tüketicinin bir numaral tercihi olan; dinamik efektif yönetim ilkelerini, sosyal çevresel sorumluluklar n ve paydafllar n n menfaatlerini tüm faaliyetlerinde dikkate almak suretiyle, akaryak t da t m sektöründe liderli ini sürdüren bir flirket olmak. Constantly being number one fuel distribution company in terms of customer preferences while maintaining leadership in fuel distribution sector through adopting dynamic and effective management principles, respecting social and environmental responsibilities and safeguarding the interests of its stakeholders in all its activities. M SYON MISSION Akaryak t istasyon a n gelifltirmek ve iyilefltirmek, stasyonlar n perakende verimlili ini art rmak, Büyüme potansiyeli olan alanlarda kar marj ve performanslar yüksek ürünler gelifltirmek, Bayi sadakatini güçlendirmek, Endüstriyel sat fllarda müflteri portföyünü geniflletmek, Tüm organizasyonun maliyet performans n art rmak, Rekabet üstünlü ü yaratarak sat fl hacmini ve pazar paylar n art rmak. To improve the retail station network, To enhance retail efficiency, To develop products with high profit margins and performance targeting potential growth markets, To strengthen dealer loyalty, To expand the customer portfolio in industrial sales, To enhance the cost performance of the entire organization and To increase sales volume and market share by creating a competitive edge. Petrol Ofisi 01

F NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS Bilanço Kalemleri / Balance Sheet (milyon TL) / (TL millions) Gelir Tablosu Kalemleri / Income Statement (milyon TL) / (TL millions) 2003 y l sat nalma gücü ile With the power purchase parity of 2003 02 03 1,315,661,946 987,901,148 02 03 8,311,348,277 8,372,377,786 02 03 3,181,078,895 2,884,395,697 02 03 421,330,424 469,483,064 02 03 4,496,740,841 3,872,296,845 02 03 173,069,610 181,357,597 02 03 1,228,853,272 2,386,628,480 02 03 148,754,779 303,973,257 02 03 860,885,986 1,093,220,632 02 03 1,315,327,539 2,497,108,151 02 03 1,248,169,724 1,548,363,614 Dönen Varl klar / Current Assets Duran Varl klar / Long-Term Assets Aktif Toplam / Total Assets K sa Vadeli Borçlar / Current Liabilities Uzun Vadeli Borçlar / Long-Term Liabilities Toplam Banka Kredileri / Total Bank Credits Özsermaye / Shareholders Equity Net Sat fllar / Net Sales Brüt Sat fl Kar / Gross Profit Faaliyet Kar / Operating Profit Net Kar / Net Profit 02 Petrol Ofisi

F NANSAL DE ERLEME FINANCIAL ASSESSMENT (milyon TL) (TL millions) 2002 2003 Net Sat fllar / Net Sales 8,311,348,277 8,372,377,786 FVAÖK / EBITDA 312,698,641 357,740,629 FVAÖK Marj (%) / EBITDA Margin (%) 3.8 4.3 FVAÖK / EBITDA FVAÖK Marj / EBITDA Margin (%) 3.8 312,698,641 357,740,629 4.3 F NANSAL ORANLAR FINANCIAL RATIOS (milyon TL) (TL millions) 2002 2003 Karl l k Oranlar (%) / Profitability Ratios (%) Brüt Kar Marj / Gross Profit Margin 5.1 5.6 FVAÖK Marj / EBITDA Margin 3.8 4.3 Net Kar Marj / Net Profit Margin 1.8 3.6 Özsermaye Karl l / Return on Shareholders Equity (ROE) 11.9 19.6 Aktif Karl l / Return on Assets (ROA) 3.3 7.8 Mali Oranlar (%) / Financial Ratios (%) Finansal Borçlar / Özsermaye - Financial Liabilities / Shareholders Equity 241.3 135.0 Net Finansal Borçlar* / Özsermaye - Net Financial Liabilities / Shareholders Equity 164.1 79.2 Finansal Borçlar / Aktif Toplam - Financial Liabilities / Total Assets 55.5 34.0 Özsermaye / Aktif Toplam - Shareholders Equity / Total Assets 27.8 40.0 Likidite Oranlar (x) / Liquidity Ratios (x) Cari Oran / Current Ratio 0.6 0.8 Di er Oranlar (x) / Other Ratios (x) Net Finansal Borçlar* / FVAÖK / Net Financial Liabilities* / EBITDA 6.6 3.4 * Uzun ve k sa vadeli banka kredileri - Nakit de erler * Long-term and short-term bank credits - Cash and cash equivalents Petrol Ofisi 03

SERMAYE VE ORTAKLIK YAPISI CAPITAL AND SHAREHOLDING STRUCTURE Pay Tutar / Pay Oran / Ortaklar / Shareholders Nominal Value (TL) Share (%) Do an fiirketler Grubu Holding A.fi. / Do an Group of Companies Holding Inc. 142,273,781,358,000 47.42 Türkiye fl Bankas A.fi. / flbank 117,978,425,902,000 39.33 Camifl Yat r m Holding A.fi. / Camifl Investment Holding Inc. 12,147,689,875,000 4.05 Camifl Madencilik A.fi. / Camifl Mining Inc. 12,147,689,877,000 4.05 Do an Enerji Yat r mlar Sanayi ve Ticaret A.fi. / Do an Energy Investments Industry & Trade Inc. 24,297,000 0.00001 Halka Aç k K s m / Free Float 15,452,388,691,000 5.15 Toplam / Total 300,000,000,000,000 100.00 Ortaklar / Shareholders (31.12.2003 itibariyle / As of December 31, 2003) %4.05 %5.15 %4.05 Do an fiirketler Grubu Holding A.fi. / Do an Group of Companies Holding Inc. %39.33 %47.42 Türkiye fl Bankas A.fi. / flbank Camifl Yat r m Holding A.fi. / Camifl Investment Holding Inc. Camifl Madencilik A.fi. / Camifl Mining Inc. Do an Enerji Yat r mlar Sanayi ve Ticaret A.fi. / Do an Energy Investments Industry & Trade Inc. Halka Aç k K s m / Free Float 04 Petrol Ofisi

Sermaye Yap s Petrol Ofisi nin ç kar lm fl sermayesi iki gruba ayr lm fl olup, hisselerin hissedarlar aras nda sermayeleri oran nda paylaflt r lm fl hali 31.12.2003 itibariyle afla daki flekildedir: Capital Structure Petrol Ofisi s issued capital has been divided into two groups. The distribution of issued capital amongst shareholders as of December 31, 2003 is as follows: Grubu Türü Sermaye Miktar (TL) Hisse Adedi Oran (%) Group Type Amount of Capital (TL) Number of Shares Share (%) A Hamiline / Bearer 147.000.000.000.000 147.000.000.000 49 B Nama / Registered 153.000.000.000.000 153.000.000.000 51 Toplam / Total 300.000.000.000.000 300.000.000.000 100 Sermaye Art r m Kay tl sermaye sistemini kabul etmifl bulunan Petrol Ofisi nin 2003 y l nda ç kar lm fl sermayesi, 252.441.386 milyon TL den 300.000.000 milyon TL ye yükseltilmifltir. Art r lan 47.558.614 milyon TL nin tamam Ola anüstü Yedek Akçelerden karfl lanm fl, bu yolla art r lan sermayeyi temsil etmek üzere 23.303.720.860 adedi hamiline yaz l A grubu ve 24.254.893.140 adedi nama yaz l B grubu olmak üzere toplam 47.558.614.000 adet 12. tertip hisse senedi ihraç edilmifltir. Capital Increase Petrol Ofisi has adopted the registered capital system. In 2003, Petrol Ofisi has increased its paid-in capital from TL 252,441,386 million to TL 300,000,000 million. The whole of TL 47,558,614 million amount increased has been covered by Extraordinary Reserves. A total of 47,558,614,000 shares under 12th batch have been issued corresponding to capital increase realized in this manner; 23,303,720,860 group A bearer shares and 24,254,893 group B shares registered to the name. Petrol Ofisi 05

H SSE SENED PERFORMANSI STOCK PERFORMANCE Petrol Ofisi hisse senedinin MKB de 2003 y l ndaki performans, toplam ifllem hacmi ve hisse senedinin borsa ifllem hacmi içindeki pay afla da verilmifltir: Trend in the Petrol Ofisi stock price, total transaction volume and share of total transactions on the Istanbul Stock Exchange (ISE) in 2003 are as follows: Hisse Senedi Fiyatlar (TL)* fllem Hacmi (Milyar TL) Stock Prices (TL) Transaction Volume (TL billions) En Yüksek En Düflük Kapan fl Petrol Ofisi MKB U-100 % Pay Highest Lowest Closing Petrol Ofisi ISE N-100 Share % Ocak / January 8,162 5,217 6,227 53,257 7,562,839 0.70 fiubat / February 4,965 3,955 4,881 28,452 7,113,369 0.40 Mart / March 5,301 3,871 4,460 53,973 7,480,452 0.72 Nisan / April 5,133 4,375 4,975 61,812 13,011,499 0.48 May s / May 5,100 4,225 4,525 29,791 10,877,115 0.27 Haziran /June 4,625 4,000 4,000 18,941 7,775,262 0.24 Temmuz / July 4,075 3,525 3,550 10,255 5,957,948 0.17 A ustos / August 4,325 3,525 4,325 33,160 9,364,934 0.35 Eylül / September 4,800 4,000 4,175 54,059 14,882,452 0.36 Ekim / October 5,100 4,175 4,450 53,954 25,045,880 0.22 Kas m / November 4,575 4,150 4,150 18,165 13,079,064 0.14 Aral k / December 4,950 4,200 4,950 69,349 24,494,152 0.28 2003 / 2003 8,162 3,525 4,950 485,168 146,644,967 0.33 *sermayeye göre düzeltilmifl *adjusted according to the capital 06 Petrol Ofisi

2003 y l nda Petrol Ofisi Hisse Senedi Fiyat ve MKB U-100 Endeksi Petrol Ofisi Stock Price and ISE N-100 Index in 2003 Petrol Ofisi (TL) 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 MKB U-100 Endeksi ISE N-100 Index 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000 MKB U-100 ISE N-100 Petrol Ofisi 02.2003 03.2003 04.2003 05.2003 2003 Y l nda Petrol Ofisi nin Piyasa De eri (milyon ABD dolar ) Petrol Ofisi Mcap in 2003 (US$ millions) 1,400 1,300 1,200 1,100 1,000 900 800 700 600 01.2003 02.2003 03.2003 04.2003 05.2003 06.2003 07.2003 08.2003 09.2003 10.2003 11.2003 12.2003 01.2003 06.2003 07.2003 08.2003 09.2003 10.2003 11.2003 12.2003 Petrol Ofisi 07

KISACA PETROL OF S PETROL OF S IN BRIEF Petrol Ofisi, Genel Müdürlük, 3,600 istasyonu, yaklafl k 4,000 akaryak t bayisi, alt bölge müdürlü ü, iki madeni ya fabrikas, 25 hava ikmal ünitesi, dokuz tesisat, iki akaryak t deposu, bir rafineri irtibat müdürlü ü ve üç madeni ya deposu ile faaliyetlerini sürdürmektedir. Operating out of its Head Office, Petrol Ofisi is made up of 3,600 branded service stations, approximately 4,000 fuel dealers, six regional offices, two lubricant blending plants, nine terminals, two depots, one refinery liaison office, three lubricant depots and provides aviation services at 25 airports. Petrol Ofisi, kamu ve özel sektör kurulufllar ile nihai tüketicilerin gereksinimi için petrol ve petrol ürünleri sat n almak, ithal etmek ve ülkenin çeflitli yerlerinde stoklar oluflturup pazarlamas n yapmak amac yla, 1941 y l nda 2.5 milyon TL sermaye ile kurulmufltur. Anonim flirket statüsüne 1983 y l nda 3.7 milyar TL sermaye ile kavuflan fiirket, 5 Eylül 1990 tarihinde özellefltirilmek üzere Baflbakanl k Özellefltirme daresi Baflkanl na ba lanm flt r. Petrol Ofisi nin sat fl, 21 Temmuz 2000 de imzalanan anlaflma ile, Türkiye deki en büyük özellefltirme uygulamalar ndan biri olarak gerçekleflmifltir. Petrol Ofisi ndeki %51 lik kamu hissesi, 1,260,000,000 ABD dolar karfl l nda Türkiye fl Bankas ve Do an fiirketler Grubu nun oluflturdu u Ortak Giriflim Grubu na devredilmifltir. Petrol Ofisi, Genel Müdürlük, 3,600 istasyonu, yaklafl k 4,000 akaryak t bayisi, alt bölge müdürlü ü, iki madeni ya fabrikas, 25 hava ikmal ünitesi, dokuz tesisat, iki deposu, bir rafineri irtibat müdürlü ü ve üç madeni ya deposu ile faaliyetlerini sürdürmektedir. Kay tl sermayesi 385 trilyon TL olan Petrol Ofisi nin ç kar lm fl sermayesi 2003 y l nda 252.4 trilyon TL den 300 trilyon TL ye art r lm flt r. fiirket in 2003 y l sonu itibari ile Uluslararas Finansal Raporlama Standartlar na göre aktif toplam 3,872,297 milyar TL, özsermayesi ise 1,548,364 milyar TL olarak gerçekleflmifltir. Ayn y l içinde fiirket 8,372,378 milyar TL net sat fl gerçeklefltirmifl ve net kar 303,973 milyar TL ye ulaflm flt r. Petrol Ofisi was founded in 1941 with a capital of TL 2.5 million. Its goal was to meet the petroleum product needs of end users as well as public and private enterprises with activities that included purchasing, importing and stockpiling petroleum products in various parts of the country. In 1983, with a capital of TL 3.7 billion, the Company was incorporated and on September 5, 1990, it was placed under the authority of the Prime Ministry Privatization Administration for full privatization. On July 21, 2000, Petrol Ofisi became one of Turkey s largest privatizations to date, with 51% of its shares purchased by Ortak Giriflim Grubu (Joint Venture Group) made up of Türkiye fl Bankas and Do an Holding, for US$ 1,260 million. Operating out of its Head Office, Petrol Ofisi is made up of 3,600 branded service stations, approximately 4,000 fuel dealers, six regional offices, two lubricant blending plants, nine terminals, two depots, one refinery liaison office, three lubricant depots and provides aviation services at 25 airports. With a registered capital of TL 385 trillion, the Company increased its paid-in capital from TL 252.4 trillion to TL 300 trillion in 2003. At the end of 2003, based on International Financial Reporting Standards assets totaled TL 3,872,297 billion and shareholders equity amounted to TL 1,548,364 billion. With sales of TL 8,372,378 billion during 2003, Petrol Ofisi s net profit rose to TL 303,973 billion. 08 Petrol Ofisi

Petrol Ofisi 09

YÖNET M DEN MESAJ LETTER FROM THE MANAGEMENT Bu yo un rekabet ortam nda Petrol Ofisi pazar paylar n benzinlerde %26.5, motorinde %36.4, siyah ürünlerde %37.4, jet yak t nda %70.5, Oto LPG de %20, madeni ya larda ise %32 olarak gerçeklefltirerek sektördeki aç k ara liderli ini sürdürme baflar s n gösterdi. In this environment of intensified competition, Petrol Ofisi realized a market share of 26.5% in gasoline, 36.4% in diesel fuel, 37.4% in black products, 70.5% in jet fuel, 20% in Auto LPG and 32% in lubricants, maintaining its leading position in its line of business.tiekkaa mjökvtm uzküikeauim ükieumaea Vural AKIfiIK Ertu rul TUNCER Global ekonomide 2000 y l ndan beri devam eden durgunluk yerini 2003 y l nda daha olumlu bir tabloya b rakm flt r. Özellikle y l n ilk yar s ndaki ABD nin Irak operasyonu dünya ekonomisini olumsuz olarak etkilese de, 2003 y l nda küresel ekonominin %3 civar nda büyüdü ü görülmektedir. Ülkemizin yaflad 2001 krizinden sonra bafllayan büyüme trendi 2003 y l nda da devam etti. Yat r mlara istenilen ivmenin kazand r lamamas ve do rudan yabanc yat r mlar n beklenen düzeyin çok alt nda kalm fl olmas na ra men, ihracat ile desteklenen GSMH y l n ilk çeyre inde %7.4 büyümüfltür. Irak operasyonun ülkemiz ekonomisindeki olumsuz etkileri sonucunda GSMH büyümesi ikinci çeyrekte %3.6 olarak gerçekleflmifltir. Y l n geri kalan nda canlanan ekonomi sonucunda üçüncü çeyrekte %5.6, dördüncü çeyrekte ise %7.2 büyüme kaydedilmifltir. Böylece hedeflenen %5 büyüme afl larak, 2003 y l nda %5.9 luk bir büyüme gerçekleflmifltir. 59. Hükümetin IMF anlaflmalar na uygun bir flekilde uygulad ekonomik politikalar sonucunda enflasyonun y l sonunda TEFE de %13.9, TÜFE de ise, %18.4 gerçekleflmesi sa lanm flt r. Piyasalarda oluflan bu güven sayesinde kredi maaliyetlerinde de belirli iyileflmeler gözlemlenmifltir. Ancak, bütün bu olumlu geliflmelerin ülkemiz akaryak t talebine yans d n söyleyemiyoruz. Kurflunsuz benzin talebinde %5 lik art fla ra men süper benzin talebindeki %19 luk daralma nedeni ile toplam benzin talebinde %6 l k bir daralma yafland. Motorin talebi %1 artarken, siyah ürün talebinde %6 l k bir gerileme yafland. Madeni ya sat fllar nda ise bir önceki y la göre %7 lik bir art fl gerçekleflti. 2003 y l nda akaryak t da t m sektöründe yo un bir rekabet yaflan rken sektörde faaliyette bulunan flirketlerin say s h zla artarak 22 ye ulaflt. Bu yo un rekabet ortam nda Petrol Ofisi pazar paylar n benzinlerde %26.5, motorinde %36.4, siyah ürünlerde %37.4, jet yak t nda %70.5, Oto LPG de %20, madeni ya larda ise %32 olarak gerçeklefltirerek sektördeki aç k ara liderli ini sürdürme baflar s n gösterdi. Petrol Ofisi olarak at l mlarla dolu bir y l geride b rakt k. Özellefltirme sonras nda bafllatm fl oldu umuz "Gümüfl Projesi" kapsam nda yenilenen istasyon say m z 1185 e ulafl rken, Oto LPG alan ndaki kar paylafl m na ortak oldu umuz istasyon say s ise 1000 e ulaflt. Y l boyunca 38 yeni istasyonumuz devreye girerken filo sahiplerine yönelik uygulad m z yak t sat fl program "AutoMatic" kapsam 72 il ve 300 istasyona ulaflacak flekilde geniflletildi. stasyon a m z n rasyonalizasyonu ve düflük kapasiteli istasyon baflvurular n n de erlendirilmesi için yeni bir flirket kurarak, ikinci Stagnation prevailing in global economies since 2000 eventually gave way to optimism in markets during 2003. The global economy grew by 3% in 2003 despite the adverse effects of the US-led operation in Iraq in the first half of the year. The upward trend in growth started after the 2001 crisis in Turkey and continued throughout 2003. Although the anticipated momentum in investments did not meet expectations and foreign direct investments remained rather low, GNP growth reached 7.4% in the first quarter due to the significant increase at exports. The war in Iraq affected the economy negatively as the second quarter GNP growth dropped to 3.6%. However, the economy recovered during the rest of the year and recorded 5.6% and 7.2% growth in the third and fourth quarters, respectively. Overall, GNP grew by 5.9% in 2003. As a result of the economic policies implemented in line with the IMF agreement by the 59th government, the inflation rate dropped to 13.9% in WPI and 18.4% in CPI at the end of 2003. The cost of borrowing was reduced significantly, thanks to renewed confidence in the marketplace. However, it is hard to say that this optimism was reflected in fuel demand. Although the demand for unleaded gasoline increased by 5%, total gasoline demand shrank by 6% due to the 19% decrease in premium gasoline demand. The demand for diesel increased by 1% whereas the demand for black products decreased by 6%. The lubricants sales increased by 7% compared to the previous year. While the fuel distribution industry witnessed a harsh competition in 2003, the number of distribution companies increased rapidly reaching 22. In this competitive market environment, Petrol Ofisi realized a market share of 26.5% in gasoline, 36.4% in diesel, 37.4% in black products, 70.5% in jet fuel, 20% in Auto LPG and 32% in lubricants, maintaining its leading position. At Petrol Ofisi, we completed a year full of significant achievements. The number of renovated stations within the scope of the "Silver Project" initiated following the privatization reached 1,185. The number of stations where we share profits in Auto-LPG sales reached 1,000. During the year, 38 new stations became operational and the scope of "AutoMatic", the fuel sales program targeting the fleet owners, was expanded to cover 72 cities and 300 stations. We created our second brand, ERK, by founding a new company. This strategic move will rationalize our station network and help us benefit from low capacity stations more effectively. The primary aim of "ERK Petrol", which obtained preliminary permission as a distribution 10 Petrol Ofisi

markam z yaratt k. Ekim 2003 te da t m flirketi ön müsaadesini alan "ERK Petrol"ün öncelikli hedefi, daha düflük sat fl potansiyeline sahip istasyonlarla çal flarak, onlar n kapasitelerinin en do ru flekilde yönetilmesi ve daha verimli çal flmalar n n sa lanmas d r. Y l sonuna kadar 114 bayi ile anlaflma yapan ve 23 istasyonda kurumsal kimlik uygulamas n tamamlayan "ERK"in pazardaki önemli markalardan biri haline gelmesi ve k sa bir süre içinde %3 lük bir pazar pay na ulaflmas hedeflenmektedir. ABD nin Irak operasyonu sonras nda petrol tesislerinin hasar görerek devre d fl kalmas nedeniyle Irak n akaryak t ihtiyac n n büyük bir k sm ülkemiz üzerinden karfl lanm flt r. Bu ba lamda flirketimiz 7 ayl k bir sürede Irak a 170 milyon ABD dolar karfl l nda benzin, motorin ve gazya sat fl gerçeklefltirmifltir. Madeni ya konusunda 18 yeni ürünü tüketicilerin be enisine sunarken, ihracat m z 20 ülkeye yayg nlaflt rd k. Y l içinde 17 orijinal ekipman üreticisinden (OEM) kalite onay alarak bu alanda bafllatt m z geliflmeleri de sürdürdük. Müflteriye yerinde hizmet prensibiyle çal flan Petrol Ofisi, Nisan 2002 de faaliyete bafllayan Madeni Ya E itim TIR ile 2003 y l n n sonuna kadar toplam 26,000 tüketici ve teknik personele madeni ya konusunda e itim verdi. Petrol Ofisi, Türkiye nin en verimli lojistik a na sahip olmas na ra men, tüketici ihtiyaçlar do rultusunda tesisat yat r mlar na devam etmifltir. 20,000 m 3 beyaz ürün depolama kapasitesine sahip K r kkale Tesisat 2003 y l fiubat ay ndan itibaren devreye al n rken, 76,000 m 3 akaryak t depolama kapasitesine sahip, Antalya Yeni Tesisat ise 2003 y l A ustos ay nda iflletmeye aç lm flt r. Böylece toplam depolama kapasitesi 804.550 m 3 e ulaflm flt r. Bu genifl depolama kapasitesi ve Petrol Ofisi International Oil Trading gibi petrol ticareti konusunda faaliyet gösteren bir ifltirakinin olmas n n avantaj n en iyi flekilde de erlendiren Petrol Ofisi, 2003 y l nda 7.2 milyon tonluk toplam akaryak t al mlar n n, 1.8 milyon tonunu yurt d fl kaynaklardan daha uygun flartlarda ithal etmifltir. 2003 y l sektör aç s ndan radikal de iflikliklerin yafland bir y l olarak da kendini göstermifltir. 1954 y l nda ç kar lm fl olan Petrol Kanunu yerine Aral k ay nda Petrol Piyasas Kanunu ç kar lm fl olup bu yeni yasa ile sektör 01 Ocak 2005 tarihinden itibaren liberal bir yap ya kavuflturulacakt r. Geçmifl y llardaki baflar s n 2003 y l nda da sürdüren Petrol Ofisi nin sat fl has lat 6 milyar dolara ulafl rken, Vergi, Faiz ve Amortisman öncesi kar dolar baz nda % 14 artarak 256 milyon ABD dolar olmufltur. Borç yükü konusunda da önemli geliflmeler yaflanm fl, banka kredileri üçte bir oran nda azalt larak 836 milyon ABD dolar na çekilirken; hem vadelerin uzat lmas, hem de faizlerin düflürülmesi sa lanm flt r. Yak n bir gelecekte uluslararas platformda önde gelen bir enerji flirketi olman n tüm koflullar n titizlikle yerine getiriyoruz. Bu hedefimiz do rultusunda durmaks z n h zla ilerliyoruz. Bu gücümüzü hissedarlar m zdan, bayilerimizden, de erli çal flanlar m zdan ve ifl ortaklar m zdan al yoruz. En büyük deste imiz tüm sosyal paydafllar m z n Petrol Ofisi ne olan güveni ve memnuniyetidir. Bu vesile ile Yönetim Kurulu ad na sizlere teflekkür ediyor, güven ve deste inizin devam n diliyoruz. Sayg lar m zla, company in October 2003, is to work with stations that have lower sales potentials and to ensure that they are managed most efficiently. Having already made contracts with 114 dealers and completed corporate identity application in 23 stations in 2003, "ERK" is focused to become an important brand in the marketplace with a goal of capturing 3% market share in near future. As a result of US military operation in Iraq, most of the oil facilities were badly damaged and some of them ceased their operations. During this period, significant amount of Iraq s fuel demand was met through Turkey. For the last seven months of 2003, our Company sold gasoline, diesel fuel and kerosene to Iraq at amount of US$ 170 million. Introducing 18 new lubricant products to end-users, we expanded our exports to 20 countries. During the year, we obtained approval from 17 original equipment manufacturers (OEM) and continued our improvement efforts. Operating with the principle of offering on-site service to customers, Petrol Ofisi provided lubricants training to 15,957 users and technical staff by the end of 2003 with the Lubricants Training Truck that was put in service in April 2002. Although Petrol Ofisi possesses the most efficient logistics network in Turkey, it continuously invests in its facilities in an effort to address consumer needs. The K r kkale Facility with a white product storage capacity of 20,000 m 3 became operational in February 2003, whereas the New Antalya Facility with a fuel storage capacity of 76,000 m 3 became operational in August 2003. Thus, total storage capacity reached 804,550 m 3. Making use of this large storage capacity and its affiliated company operating in the oil trade business - Petrol Ofisi International Oil Trading - Petrol Ofisi procured 7.2 million tons of fuel in 2003, of which 1.8 million was exported from international sources at more favorable terms. 2003 was also a year during which radical changes occurred in the industry. In December, Petroleum Market Law was introduced, replacing the Petroleum Law of 1954. With this new law, the industry will enjoy a more liberalized regulatory framework beginning January 1, 2005. Retaining its previous achievements in 2003, the consolidated sales revenue of Petrol Ofisi reached US$ 6 billion and its earnings before tax, interest and depreciation (EBITDA) increased by 14% in US dollar terms, totaling US$ 256 million. Significant improvements were also made in debt burden. Bank loans of the Company were reduced by one third, dropping to US$ 836 million. Additionally, maturity dates were extended and interest rates were lowered. We diligently meet all requirements toward becoming a leading energy company in the international arena soon. With this target ahead of us, we are advancing rapidly without ever stopping. We owe our strength to our shareholders, dealers, valuable employees and business partners. Additionally, another major force behind us is the confidence and satisfaction of our social stakeholders. On behalf of the Board of Directors, we would like to take this opportunity to express our sincerest thanks to you all and hope that your confidence and support will be long-lasting. Yours sincerely, Vural AKIfiIK Yönetim Kurulu Baflkan Chairman Ertu rul TUNCER Genel Müdür General Manager Petrol Ofisi 11

YÖNET M KURULU BOARD OF DIRECTORS Vural Ak fl k Yönetim Kurulu Baflkan Chairman Caner Çimenbiçer Yönetim Kurulu Baflkan Vekili Deputy Chairman Ertu rul Tuncer Yönetim Kurulu Üyesi ve Genel Müdür Member and General Manager Adnan Bali Üye Member 1944 do umlu olan Vural Ak fl k, ODTÜ Ekonomi Bölümü'nü bitirdikten sonra, ayn üniversitenin Matematik Bölümü'nde Yüksek Lisans n tamamlad. 1970-1975 y llar aras nda Kaliforniya Üniversitesi'nde Ö retim Üyeli i yaparken ayn üniversitenin statistik Bölümü'nde doktora e itimini de tamamlayarak doktor unvan ald. Bankac l a 1976 y l nda Pamukbank'da Genel Müdür Yard mc s olarak bafllayan Ak fl k, 7 fiubat 2003 tarihinde Petrol Ofisi Yönetim Kurulu Baflkanl 'na atand. Born in 1944, Vural Ak fl k received his undergraduate degree in Economics and graduate degree in Mathematics from the Middle East Technical University. Between 1970 and 1975 he completed his Ph.D. in Statistics at California University while working as a faculty member. He started his career at Pamukbank as an Assistant General Manager in 1976. He currently holds the position of Chairman of Petrol Ofisi since February 2, 2003 and Executive Board Member at Do an Holding. 1952 do umlu olan Caner Çimenbiçer, Orta Do u Teknik Üniversitesi dari Bilimler Fakültesi flletme Bölümü mezunudur. 1974 y l nda Türkiye fl Bankas Teftifl Kurulu Baflkanl nda Stajyer Müfettifl Yard mc s olarak göreve bafllayan Caner Çimenbiçer, 1983 y l nda Muhasebe Müdür Yard mc l na, 1986 y l nda Muhasebe Grup Müdürlü ü ne, 1987 y l nda da Muhasebe Müdürlü ü ne atanm flt r. 1990 y l nda fl Bankas Genel Müdür Yard mc l na terfi eden Caner Çimenbiçer, 1998 y l nda 1. Genel Müdür Yard mc l na yükselmifltir. Born in 1952, Caner Çimenbiçer is a graduate of the Faculty of Business Administration at the Middle East Technical University. He started his professional career at Türkiye fl Bankas as intern assistant internal auditor in 1974. He was appointed as Assistant Manager of the Accounting Department in 1983, as Accounting Group Manager in 1986 and finally as the Accounting Manager in 1987. In 1990, he was promoted to the rank of Assistant General Manager and later to First Assistant General Manager in 1998. 1939 do umlu olan Ertu rul Tuncer, Robert Kolej de flletme ve Ekonomi e itimi ald. 1963-1965 y llar aras nda e itimine Almanya da devam etti. 1967 y l nda, Mobil de saha yöneticisi olarak göreve bafllad. 1994 y l nda Türkiye Mobil in ilk Türk Genel Müdürü oldu. 1996 y l nda Mobil ve BP flirketlerinin birleflmesi ile BP-Mobil fiirketleri Genel Müdürlü ü ne ve BP Türkiye nin baflkanl na getirildi. 2000 y l n n Temmuz ay nda Petrol Ofisi Genel Müdürlü ü görevini üstlenen Ertu rul Tuncer ayn zamanda fiirket in yönetim kurulu üyesidir. Born in 1939, Ertu rul Tuncer is a graduate of the School of Business Administration and Economics at Robert College. He continued his study in Germany between 1963 and 1965. He joined Mobil as a Territory Manager in 1967. He was appointed as the first local General Manager of the Mobil Companies in Turkey in 1994. Upon the joint venture between Mobil and BP, he was appointed as the General Manager of BP Mobil Fuels Joint Venture, and the Associate President of BP Turkey in 1996. Since July 2000, he assumes the position of Chief Executive Officer (CEO) and Board Member of Petrol Ofisi. 1962 do umlu olan Adnan Bali, 1986 y l nda Ortado u Teknik Üniversitesi Ekonomi Bölümü nü bitirmifltir. Harvard Üniversitesi nin Global Liderlik program na kat lan Adnan Bali, mezuniyeti sonras nda Türkiye fl Bankas nda profesyonel ifl hayat na bafllam flt r. Bankada s ras yla Müfettifl Yard mc s, Fon Yönetimi Müdür Yard mc s, Fon Yönetimi Grup Müdürü ve Fon Yönetimi Müdürü görevlerinde bulunan Adnan Bali halihaz rda fl Bankas n n fiiflli fiubesi Müdürü dür. Born in 1962, Adnan Bali is a 1986 graduate of the Faculty of Economics at Middle East Technical University. After having participated in the Program for Global Leadership at Harvard University, Adnan Bali started his professional career at flbank. He served as Assistant Internal Auditor, Assistant Manager at the Treasury Department, Group Manager at the Treasury Department and finally the Manager of the Treasury Department. Currently, he is the Manager of flbank s fiiflli Branch. 12 Petrol Ofisi

shak fiengül Üye Member mre Barmanbek Üye Member Tufan Darbaz Üye Member Yahya Üzdiyen Üye Member 1950 Ankara do umlu olan shak fiengül, Ankara ktisadi Ticari Bilimler Akademisi mezunudur. fl hayat na 28 y l önce Türkiye fl Bankas A.fi. de bafllayan fiengül banka içerisinde muhtelif kademelerde yöneticilik görevinde bulunmufltur. Born in 1950 in Ankara, shak fiengül is a graduate of Academy for Economic and Commercial Sciences at Ankara University. For 28 years, fiengül has served in various managerial positions within flbank. 1942 do umlu olan mre Barmanbek, Ankara Üniversitesi Siyasal Bilimler Fakültesi'nden ekonomi ve finans derecesiyle mezun olmufltur. Barmanbek, 1998 y l nda Do an Grubu Mali fller Grup Baflkan olmufl, son olarak da 1999 y l nda Genel Koordinatörlük ve Murahhas Üyeli i görevine getirilmifltir. mre Barmanbek halen Do an Holding de Baflkan Vekili ve cra Kurulu Üyesidir. Born in 1942, mre Barmanbek graduated from Ankara University, Faculty of Political Sciences with a degree in economics and finance. She joined Do an Group as the Financial Coordinator and became Chief Financial Officer in 1998. She was named the CEO and Executive Member of the Board in 1999. mre Barmanbek currently serves as the Deputy Chairperson and a member of the Executive Committee. 1953 do umlu olan Tufan Darbaz, Bo aziçi Üniversitesi, Muhasebe ve Finans Bölümü nden lisans derecesiyle mezun oldu. Yüksek lisans derecesini stratejik planlama alan nda skoçya Strathclyde Üniversitesi'nden ald. 1983 y l nda Lassa'da stratejik planlama uzman olarak Sabanc Grubu'na kat ld ve 1987 y l nda Holding in Planlama ve Yat r m Departman Müdür Yard mc s oldu. Haziran 2001'de, Genel Koordinatör vekili olarak Do an Holding'e geçti ve 1 Ocak 2003 itibariyle Do an Holding cra Baflkanl ve CEO görevine atanm flt r. Born in 1953, Tufan Darbaz graduated from Bosphorus University with a BA degree in accounting and finance. He received his Masters Degree in Strategic Planning from Strathclyde University in Scotland. He joined the Sabanc Group as a strategic planning expert in Lassa in 1983 and became the Assistant Director of the Planning and Investment Department of the Holding company in 1987. In June 2001, he joined Do an Holding as Deputy CEO and an January 1, 2003, he was appointed the President and CEO of Do an Holding. 1957 do umlu olan Yahya Üzdiyen, 1980 y l nda ODTÜ dari limler Fakültesi flletme Bölümü nden mezun oldu. 1980 y l ndan 1996 y l na kadar özel sektörde çeflitli kurulufllarda d fl ticaret ve yat r m konular nda uzman ve yönetici olarak çal flt. 1997 y l bafl ndan bu yana Do an fiirketler Grubu Holding A.fi. de Proje ve Yat r mlar Koordinatörlü ü nün yan nda bir çok Grup flirketinde Yönetim Kurulu Üyesi olarak görev yapmaktad r. Born in 1957, Yahya Üzdiyen is a graduate of the Faculty of Business Administration at the Middle East Technical University in 1980. Between 1980 and 1996, he worked in several private sector companies as an expert and later as top level manager in the area of foreign trade and investments. In 1997, he joined Do an fiirketler Grubu Holding as Projects and Investments Coordinator. In addition to this post, he also serves as a Board member in several Do an Group companies. DENET M KURULU BOARD OF AUDITORS Murat Bilgiç Üye / Member Zeynep Hansu Önem Üye / Member H. Cem Kölemeno lu Üye / Member Petrol Ofisi 13

YÖNET M KADROSU MANAGEMENT TEAM Soldan Sa a: / Left to Right: Hüseyin KEÇEC Müflterek Hizmetler Direktörü / Shared Services Director, CFO Reha TALU kmal ve Lojistik Direktörü / Supply and Logistics Director Ertu rul TUNCER Genel Müdür / General Manager Eflref ÜNSAL Akaryak t Pazarlama Direktörü / Fuels Marketing Director Tamer ÖZDAMAR Madeni Ya Direktörü / Lubricants Director

PETROL ÜRÜNLER DA ITIM SEKTÖRÜ THE FUELS DISTRIBUTION SECTOR 2003 y l, akaryak t da t m sektörünü etkileyen önemli yasal de ifliklikler ve düzenlemelerin yap ld, pazar n liberallefltirilmesi için önemli ad mlar n at ld bir y l olmufltur. Year 2003 will be remembered both as a year of important legal changes and regulations that affected the fuel distribution sector and a year in which significant steps were taken toward liberating the market. 2003 Y l nda Sektördeki Geliflmeler 2003 y l, akaryak t da t m sektörünü etkileyen önemli yasal de ifliklikler ve düzenlemelerin yap ld, pazar n liberallefltirilmesi için önemli ad mlar n at ld bir y l olmufltur. Y l içindeki en önemli geliflme, özellikle son üç y ld r Meclis te tart fl lan Yeni Petrol Piyasas Kanunu nun yasalaflmas olmufltur. Yeni Petrol Piyasas Kanun Tasar s Kas m ay nda Meclis e sunulmufl ve 04 Aral k 2003 tarihinde kabul edilmifltir. Petrol piyasas na, global pazarlar ile eflde er serbest rekabet ortam n getirecek Petrol Piyasas Kanunu nun yasalaflmas ile gelen yenilikler; Akaryak t da t m, tafl mas ve bayilik faaliyetlerinin lisansa tabi olmas, thalat serbestisi getirilmesi, Fiyat serbestisi getirilmesi, Ulusal stok tutma zorunlulu u, Akaryak t da t m flirketi kurulmas nda say sal büyüklük zorunlulu unun kald r lmas, Dikey bütünleflmeye izin verilmesi olarak özetlenebilir. Sektör için önemli konulardan biri olan da t m paylar 23 Haziran 2003 tarihinde yay mlanan kararname ile 2 ABD cent/litre art r lm flt r. Buna göre motorin da t m kar (da t m flirketi ve bayi kar toplam ) 90 ABD dolar /m 3 ve benzin da t m kar 110 ABD dolar /m 3 olarak belirlenmifltir. Ancak 2003 y l nda ABD dolar n n para birimleri karfl s ndaki de er kayb, da t m paylar ndaki bu iyilefltirmenin etkisini azaltm flt r. Y l sonuna do ru, denizcilik sektöründeki ÖTV uygulamas nda yap lan yeni düzenlemeye göre, Türk uluslararas gemi siciline ve milli gemi siciline kay tl, kabotaj hatt nda münhas ran yük ve yolcu tafl yan gemilere, ticari yatlara, hizmet ve bal kç gemilerine, miktar her geminin teknik özelliklerine göre tespit edilmek kayd yla, verilecek akaryak t n özel tüketim vergisi (ÖTV) tutar, 1 Ocak 2004 ten geçerli olmak üzere %0 a indirilmifltir. Denizden yap lacak yolcu ve yük tafl ma maliyetlerini düflürecek bu uygulama ile denizcilik faaliyetlerinde ciddi bir art fl yaflanaca tahmin edilmektedir. Developments in the Sector in 2003 Year 2003 will be remembered both as a year of important legal changes and regulations that affected the fuel distribution sector and a year that significant steps taken toward liberating the market. The most important development during the year was the legalization of the New Petroleum Market Bill, which was discussed in the parliament in November 2003 and accepted on December 04, 2003. The New Petroleum Market Law will authorize a free competitive environment equivalent to those of global oil markets. The new regulations related to the New Petroleum Market Law are as follows; License requirement for fuel distribution, transportation and dealer activities, No limitation on imports, Price liberalization, Compulsory stock obligation, Removal of the entry barriers to the fuel distribution sector, Vertical integration. Distribution margins, a crucial issue for the sector, was increased by US$ 20 per cubic meter by the decree published on June 23, 2003. According to the decree, diesel fuel distribution margin (total profit of distribution company and dealer) is set at US $90 per cubic meter while gasoline distribution margin was set at US$ 110 per cubic meter. However, devaluation of the US dollar against TL in 2003 has diminished the effects of this improvement. In line with the new regulation for the marine sector, the Special Consumption Tax with regard to the fuel sold to ships, commercial yachts, service and fishing ships, that are listed on the Turkish international and national ship register has been decreased to 0% as of January 1, 2004. It is anticipated that this will greatly increase marine operations while decreasing the costs of passenger transportation and sea freight. Petrol Ofisi 15

16 Petrol Ofisi

PETROL ÜRÜNLER DA ITIM SEKTÖRÜ (DEVAM) THE FUELS DISTRIBUTION SECTOR (CON T) Petrol Ofisi nin de iflim yönünde att ilk ve en önemli ad mlardan biri, baflar s tüm dünyada kan tlanm fl "müflteri odakl " hizmet anlay fl do rultusunda müflterilerin istekleriyle daha yak ndan ilgilenen bir sat fl ve pazarlama kadrosu oluflturmak olmufltur. One of the most important strategic innovations that has been adopted by Petrol Ofisi has been the forming of a sales and marketing staff able to provide a more personal and friendly approach to customer requests in line with the worldwide proven "customer-driven" applications. 2003 y l n n özellefltirme program nda yer alan en önemli flirketlerden biri kamuya ait rafineri flirketi olan Türkiye Petrol Rafinerileri A.fi. (Tüprafl) olmufltur. Tüprafl n özellefltirilmesi ve ihale süreci 2003 y l içinde bafllam fl ve %65.67 lik kamu pay n n sat fl 2004 y l bafl nda gerçekleflmifltir. Sektörde bu geliflmeler yaflan rken 2003 y l nda akaryak t da t m kurulufllar n n say s nda art fl devam etmifl ve da t m flirketi say s 22 ye ulaflm flt r. Bu kadar yeni flirkete ra men sektörün en büyük befl da t m flirketi toplam beyaz ürün talebinin %84 ünü karfl lamaktad r. Irak Savafl n n ard ndan, ülke ekonomisindeki canlanmaya ra men, Türkiye benzin talebindeki azalma 2003 y l nda da devam etmifl ve benzin piyasas nda %6 l k bir daralma gerçekleflmifltir. Yeni nesil motorlu araç kullan m na paralel olarak kurflunsuz benzin talebi %5 artarken, süper benzin talebinde %19 gerileme yaflanm flt r. Motorin tüketimi 2003 y l nda %1 oran nda büyümüfltür. Türkiye de kay td fl ve kaçak akaryak t ile yap lan mücadele çal flmalar sonuçland nda, bu büyümenin artaca muhakkakt r. Mevsimsel özellik gösteren motorin tüketimi; turizm, tar m ve tafl mac l k sektörlerine ba l olarak yaz ve sonbahar aylar nda yo unlaflan bir tüketim grafi i çizmektedir. Jet yak t talebi 2003 y l nda geçen y la göre %2.2 oran nda büyümüfltür. 2003 y l bafl ndaki Irak savafl n n turizme olan olumsuz etkisinin uzun sürmeden atlat lmas ile 2003 y l nda sektör büyüme kaydetmifltir. Bir önceki y la göre do algaz tüketiminin 3 milyon TEP (Toplam Eflde er Petrol) artmas, do algaz a n n büyük tüketim merkezlerini kapsayacak flekilde geniflletilmesi ve fuel oil le çal flan enerji santrallerinin kapasitelerinin alt nda çal flt r lmas sonucu, 2003 y l nda siyah ürün talebi, geçen y la göre %6 oran nda gerilemifltir. Madeni ya pazar ndaki büyüme ise 2003 y l nda %7 olarak gerçekleflmifltir. 2003 y l nda sektördeki da t m flirketleri taraf ndan yaklafl k 17 milyon m 3 beyaz ürün (jet dahil) ve 4.6 milyon ton siyah ürün pazarlanm flt r. Madeni ya sat fllar ise 322,000 ton olarak gerçekleflmifltir. The state owned refining company, Türkiye Petrol Rafinerileri A.fi. (TÜPRAfi), has been one of the most important privatization in the governments privatization program of 2003. The privatization and tender process of Tüprafl was initiated in 2003; 65.67% of the public share was sold in early 2004. In addition to these sector developments during the year, the number of fuel distribution companies increased to 22. Notwithstanding the number of new companies, the five largest distribution companies meet 84% of the total white product demand. Even though the national economy remained vigorous after the Iraq War, gasoline demand continued to decrease in Turkey with the gasoline market shrinking by 6%. In line the new generation of motor vehicles, the demand for unleaded gasoline increased by 5% while the demand for premium gasoline decreased by 19%. Diesel fuel consumption grew by 1% during the year and it is obvious that this rate will increase when regulations concerning illegal sales of fuel are finalized. Diesel fuel consumption, which has a seasonal nature, increases during summer and autumn months corresponding to more active tourism, agriculture and transportation sectors. The demand for jet fuel grew by 2.2% in 2003 compared to figures from the previous year. In 2003, the sector still managed positive growth regardless of the negative effects of the Iraq War on the tourism sector. As a result of the increase in natural gas consumption by three million TEP (tons equivalent petroleum) compared to the previous year, the expansion of the natural gas network to cover the large consumption centers and the operation of power plants working with fuel oil under their capacities, black product demand dropped by 6% over figures from the previous year. The growth in the lube oil market was realized at 7% in 2003. In 2003, distribution companies in the sector marketed approximately 17 million cubic meters of white product (including jet) and 4.6 million metric tons of black products. Lube oil sales were realized at 322,000 tons. Petrol Ofisi 17

PETROL ÜRÜNLER DA ITIM SEKTÖRÜ (DEVAM) THE FUELS DISTRIBUTION SECTOR (CON T) çinde bulundu u de iflim süreci ve köklü geçmiflinden ald enerjiyle çok k sa bir zamanda pazar liderli ine yükselen Petrol Ofisi, konusunda uzman kadrosuyla uluslararas alanda da bir dünya markas olmay amaçlamaktad r. Through energy derived from its ongoing transformation processes and its long history, Petrol Ofisi with its expert staff has become the market leader in a short period of time. The Company aims to become a recognized trademark in the international arena. Petrol Ofisi nin Sektördeki Yeri Ülkemizde kurulan ilk ulusal petrol flirketi olan Petrol Ofisi 63 y ld r genifl pazarlama a ve yaklafl k 1,000 personeli ile tüketicilerin, resmi ve özel kurulufllar n ülke s n r içindeki tüm akaryak t gereksinimini karfl lamaktad r. Üstlendi i bu görevi bundan sonra da sürdürecek olan Petrol Ofisi nin 3,600 istasyonu, yaklafl k 4,000 akaryak t bayisi, alt bölge müdürlü ü, iki madeni ya fabrikas, 25 hava ikmal ünitesi, dokuz tesisat, iki akaryak t deposu, bir rafineri irtibat müdürlü ü ve üç madeni ya deposu bulunmaktad r. Petrol Ofisi nin de iflim yönünde att ilk ve en önemli ad mlardan biri, baflar s tüm dünyada kan tlanm fl "müflteri odakl " hizmet anlay fl do rultusunda müflterilerin istekleriyle daha yak ndan ilgilenen bir sat fl ve pazarlama kadrosu oluflturmak olmufltur. çinde bulundu u de iflim süreci ve köklü geçmiflinden ald enerjiyle çok k sa bir zamanda pazar liderli ine yükselen Petrol Ofisi, konusunda uzman kadrosuyla uluslararas alanda da bir dünya markas olmay amaçlamaktad r. Petrol Ofisi nin hedeflerinin temelinde akaryak t pazarlama a n n etkinli ini art rmak, yüksek kaliteli ürün yelpazesini geniflletmek, marka bilinirli ini yerlefltirmek, tüketici ve bayilerin bir numaral tercihi haline gelirken karl l art rmak bulunmaktad r. Gümüfl Projesi kapsam nda de iflim ve yenileme yat r mlar devam ettirilerek, bu çerçevede tüm bayi a n n Petrol Ofisi standartlar na uygun hale gelmesi hedeflenmektedir. Bunun yan nda madeni ya üretim tesislerinde ISO kalite belgesinin devam sa lanarak, ihracat kanallar na h z verilmesi de yer almaktad r. Petrol Ofisi, çal flma prensipleri, pazara sundu u yeni ürünler, altyap ve istasyon yat r mlar neticesinde, tüm ürün gruplar nda pazar pay liderli ini sürdürmüfltür. Petrol Ofisi and the Fuel Distribution Sector As Turkey s first national fuel distribution company, Petrol Ofisi has met the fuel requirements of public and private enterprises and consumers for 63 years. The Company currently has a workforce of approximately 1,000 and maintains an effective and extensive marketing network. Today, the Company is continuing to provide service through 3,600 branded service stations, approximately 4,000 fuel dealers, six regional offices, two lubricants blending plants, aviation services at 25 airports, nine terminals, two fuel depots, one refinery liaison office and three lubricants depots One of the most important strategic innovations that has been adopted by Petrol Ofisi has been the forming of a sales and marketing staff able to provide a more personal and friendly approach to customer requests in line with the worldwide proven "customer-driven" applications. Through energy derived from its ongoing transformation processes and its long history, Petrol Ofisi with its expert staff has become the market leader in a short period of time. The Company aims to become a recognized trademark in the international arena. Petrol Ofisi also aims to become the first choice of customers and dealers by enhancing fuel marketing network activities, expanding the high-quality product range, establishing brand awareness and increasing profitability. Investments to upgrade the existing network standards and renewal investments would continue within the framework of the Silver Project; the Company assures that the entire dealer network conforms to the Petrol Ofisi standards and uphold the high standards of the ISO quality certificate as it targets the expansion of export channels. Through well-proven operating principles, new products for the market, a solid infrastructure and station investments, Petrol Ofisi has continued leading the market in all product groups. 18 Petrol Ofisi

Beyaz Ürün Sat fllar / White Product Sales (*) (bin m 3 ) / (000 cubic meters) 1999 2000 2001 2002 2003 Sektör / Sector 16,595 17,294 16,946 17,023 16,974 Petrol Ofisi / Petrol Ofisi 5,768 5,348 6,086 6,462 6,394 Di er fiirketler / Competitors 10,827 11,946 10,860 10,561 10,581 De iflim Oran % / Change % 99/98 00/99 01/00 02/01 03/02 Sektör / Sector 5.5 4.2-2.0 0.5-0.3 Petrol Ofisi / Petrol Ofisi -0.7-7.3 13.8 6.2-1.1 Di er fiirketler / Competitors 9.1 10.3-9.1-2.8 0.2 Siyah Ürün Sat fllar / Black Product Sales (bin ton) / (000 tons) 1999 2000 2001 2002 2003 Sektör / Sector (*) 5,140 5,918 5,109 4,877 4,564 Petrol Ofisi / Petrol Ofisi 3,422 3,473 2,728 2,069 1,707 Di er fiirketler / Competitors 1,718 2,445 2,381 2,807 2,857 De iflim Oran % / Change % 99/98 00/99 01/00 02/01 03/02 Sektör / Sector -12.0 15.1-13.7 4.5 6.4 Petrol Ofisi / Petrol Ofisi -20.5 1.5-21.5-24.1-17.5 Di er fiirketler / Competitors 11.5 42.3-2.6 17.9 1.2 Madeni Ya Sat fllar / Lubricants Sales (bin ton) / (000 metric tons) 1999 2000 2001 2002 2003 Sektör / Sector 299.0 316.5 279.5 301.3 322.5 Petrol Ofisi / Petrol Ofisi 97.5 94.6 95.5 100.9 103.1 Di er fiirketler / Competitors 201.5 221.9 184.0 200.4 219.4 De iflim Oran % / Change % 99/98 00/99 01/00 02/01 03/02 Sektör / Sector 12.5 5.9-11.7 7.8 7.0 Petrol Ofisi / Petrol Ofisi -16.4-3.0 1.0 5.6 2.2 Di er fiirketler / Competitors 10.5 10.1-17.0 8.9 9.4 (*) Jet A-1 dahil / Jet A-1 included 2002 y l verileri 2003 y l nda güncellenmifltir. / 2002 figures were updated in 2003. Petrol Ofisi 19

2003 YILI FAAL YETLER OPERATIONS IN 2003 May s 2002 den itibaren tüketicilerin be enisine sunulan Automatic sistemi ise 2003 sonu itibariyle 72 ilde 300 istasyonda hizmet verebilir hale gelmifltir. AutoMatic kapsam nda toplam 626 firma ile sözleflmeler imzalanm flt r. The AutoMatic system, introduced in May 2002, has become operational at 300 stations in 72 cities as of end of 2003. The number of contracted companies has reached 626 since the beginning of the Project. stasyon Sat fllar Türkiye deki en güçlü ve yayg n istasyon a na sahip olan Petrol Ofisi, kaliteli ürün ve hizmet anlay fl içinde 3,600 istasyonundan tüketicilere hizmet vermeye devam etmektedir. 2003 y l nda da sürdürülen "Gümüfl Projesi" kapsam nda toplam 1,185 istasyonda dönüflüm tamamlanm flt r. Bir yandan mevcut istasyonlar n standartlar yükseltilirken, bir yandan da büyük flehirlerdeki mevcudiyeti art rmak için yeni istasyonlar aç lmaya devam edilmifltir. 2003 y l nda 20 si üç büyük flehirde ( stanbul, Ankara, zmir) olmak üzere toplam 38 adet yeni istasyon aç lm flt r. May s 2002 den itibaren tüketicilerin be enisine sunulan AutoMatic sistemi ise 2003 sonu itibariyle 72 ilde 300 istasyonda hizmet verebilir hale gelmifltir. AutoMatic kapsam nda toplam 626 firma ile sözleflmeler imzalanm flt r. Petrol Ofisi Oto-LPG alan nda ise "PetroGaz" markas ile 2003 y l içinde 129 adet yeni petrogaz tesisini faaliyete geçirmifltir. Böylece toplam PetroGaz istasyon say s 294 e, anlaflmal istasyon say s ise 703 e ulaflm flt r. PetroGaz, yaklafl k 250,000 ton Oto-LPG sat fl ile pazarda %20 lik bir pay edinmifltir. Tüketicilere sunulan kaliteli ürünlerin yan s ra, yap lan promosyon kampanyalar ile sat fllar n desteklenmesi amaçlanm flt r. May s ay nda gerçeklefltirilen "Milli Piyango- Hemen Kazan" ve "Kat l Kazan" Kampanyas n n yan s ra Eylül - Aral k döneminde büyük be eni kazanan "Taraftar" temal, dört büyük kulübün "Taraftar Barda Kampanyas " düzenlenmifltir. "Sat fl Akademisi" temal istasyonlar m zda kaliteli hizmet vermeye yönelik istasyon personeli e itimleri devam etmifltir. 2003 y l nda 78 ilde Petrol Ofisi istasyonlar nda toplam 15,900 personele e itim verilmifltir. Retail Sales With the strongest and most extensive retail station network in Turkey, Petrol Ofisi continues to provide service to customers through its 3,600 stations with high-quality products and services. The number of upgraded stations within the scope of Silver Project has reached 1.185. While improving the standards at existing stations, the Company has continued to establish new stations to enhance its presence in major cities. In 2003, a total of 38 new stations, of which 20 were in Istanbul, Ankara and Izmir, became operational. The AutoMatic system, introduced in May 2002, has become operational at 300 stations in 72 cities as of end of 2003. The number of contracted companies has reached 626 since the beginning of the Project. With regard to LPG business, Petrol Ofisi has activated 129 new LPG stations under the PetroGaz brand during 2003. Its Auto-LPG network currently consists of 294 PetroGaz stations and 703 contracted stations. PetroGaz has captured a market share of 20% with approximately 250,000 tons of Auto-LPG sales. In addition to high-quality fuel products available to customers, promotional campaigns were used to improve the sales. Among these are the "National Lottery-Win Now" and "Join & Win" campaigns that were organized in May, and "Football Fan Cup" campaign, which included the free delivery of beverage mugs with the logos of the four major Turkish football clubs from September to December. To assist the retail stations staff and help them provide top quality services, training courses were offered in a Sales- Academy-type setting. In 2003, 15,900 people have got training at Petrol Ofisi stations in 78 cities. 20 Petrol Ofisi