Since its IPO in 1992, Turcas has had thousands of individual and institutional shareholders worldwide. Turcas, aiming to become an integrated energy company based in Turkey, can utilize Turkey’s geopolitical position in an optimized manner, create opportunities for energy investments in the region and minimize the emerging country risks for its investors through the successfully established international partnerships.

Within this context, we would like to provide herein a summary of our international partnerships that are not only of high value to us but also a reflection of our corporate culture, vision and global approach.

The first important cooperation Turcas has entered into with an international company was the agreement signed in 1954 with the British Burmah Castrol for the lubricants sector. This cooperation turned into a partnership in 1988.

Marmara Petrol ve Rafineri İşleri A.Ş. (Marmara Petroleum and Refining), established in 1958 as a wholly-owned (100%) subsidiary of Turcas, owns 5% of the shares of the Anadolu Tasfiyehanesi A.Ş. (ATAŞ) which served as the only private oil refinery of Turkey for many years. ATAŞ, which began operations in 1962, is today a licensed Storage Terminal. BP and Shell are the partners of Turcas in ATAŞ.

Following the acquisition of Turcas shares by Tabaş in 1996, Conoco Inc. of USA - which became ConocoPhillips after merging with Phillips Petroleum - became a principle shareholder of the company.

After ConocoPhillips sold its Turcas shares to Aksoy Holding A.Ş. as per its global strategies to divest from the region and Turkey in 2005, Turcas established with Shell, the Shell & Turcas Petrol A.Ş., a leading player of the Turkish fuel retail sector.

Within the frame of its vision, Turcas established a Joint Venture Group with the Spanish Iberdrola, S.A., one of Europe’s major energy companies, regarding the upcoming electricity distribution tenders. Following the acquisition of Turcas shares by Tabaş in 1996, Conoco Inc. of USA – which became ConocoPhillips after merging with Phillips Petroleum – became a principle shareholder of the company.

On the other hand, with its ATAŞ experience, Turcas established SOCAR & Turcas Enerji A.Ş. (STEAS) jointly with the State Oil Company of Azerbaijan Republic (SOCAR) to

realize an oil-refinery-petrochemicals integration and acquired Petkim Petrochemicals Holding on May 2008 as the winner of the state tender and is now involved in building a Feedstock Refinery at the Petkim site in Aliaga. This partnership is also developing projects for the procurement and wholesale of Azeri natural gas in Turkey.

STEAS established a 100% owned SPV in 2008; STRAS (SOCAR & Turcas Rafineri A.S.) as the exclusive subsidiary of SOCAR to process the crude oil owned by SOCAR and Azerbaijan Republic in a refinery to be built at the Petkim site in Turkey. STRAS obtained the positive EIA (Environmental Impact Assessment) Report from the Ministry of Environment regarding its application to the Energy Market Regulatory Authority for a Refinery License in 4Q-2009.

In the power generation sector, Turcas Power Generation, a 100% indirect subsidiary of Turcas, has established in 2007 two Joint Venture Companies with E.ON of Germany, one of the largest energy companies worldwide, to build and operate two 800 MW power plants, one fired with imported coal and one with natural gas. Although E.ON decided to exit Turkey in early 2009, Turcas managed to sign a Shareholders Agreement with RWE, one of the leading energy firms of Germany, securing the continuity of its projects under the new partnership with same speed and professional manner. In fact, RWE & Turcas South filed an Electricity Generation License application to EMRA on July 9, 2008 and received a 49-year license by April 2009. The construction is expected to start in the second half of 2010 and the operation to commence by the second half of 2012.

Business development activities of Turcas for natural gas trading and petrochemicals production in the energy-rich countries of the region such as Azerbaijan and Iran continue as we plan to establish potential partnerships in various projects with multi-national oil/energy companies experienced in this field.