Traceca PresentationAKTAU, 24-25 JULY 2012

Kemal BOZKURTChief Business Development OfficerU.N RO-RO İŞLETMELERİ A.Ş.

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Transport Corridor Europe-Caucasus-Asia

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What is RoRo... 1/2

PCTCPure Car Truck Carrier

Ro-RoRoll On – Roll Off

Ro-PaxRo Ro w Passengers Deep Sea Ro-Ro

Lo-LoLift On – Lift Off

Flo-FloFloat On – Float Off

Con-RoContainer Ro-Ro

Heavy Lift

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Roll-on/roll-off (RORO or ro-ro) ships are vessels designed to carry wheeled cargo such as automobiles,trucks, semi-trailer trucks, trailers or railroad cars that are driven on and off the ship on their own wheels.This is in contrast to lo-lo (lift-on/lift-off) vessels which use a crane to load and unload cargo. ROROvessels have built-in ramps which allow the cargo to be efficiently "rolled on" and "rolled off" the vesselwhen in port.

Definition (U.N Ro-Ro comparable); “Minimum 800 Lanemeters and passenger capacity ofmaximum 12 persons or Maximum 1,800 cars and maximum 2.0 cars per Lanemeter (Toavoid typical car carriers)”

421 vesselsAverage age 19.7 yrsTotal capacity 857 704 lm16% of which +3 200 lm (number of vessels)31% of which +3 200 lm (capacity)

What is RoRo... 1/2

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RoRo market highlights... 1/3

Market Short sea, fragmented market with entry opportunities, competitive environment with

alternatives (land), fragmented customer base (retail), shorter outlook horizon Half of the world's RoRo fleet capacity operating in Northern Europe and Mediterranean,

fierce competition Largest volume of passenger transported in Mediterranean market Increased volumes to/from North Africa

Vessels Globally; almost 2000 vessels, 49% of which over 25 yrs, order book 4,6% (# 90, 2010-2013) Top 25 owners for RoPax control 11% where as top 15 owners for RoRo control 11% of total

fleet (# 207); consolidation 2012, 22 ships or around 68000 lm for an avg. 3100 lm are scheduled of which none are

destined for tramp market, If growth in Europe will not absorb this influx which is most likely, the charter market might offer operators a timely salvation

1200/1800 lm size segment continue to shrink without being replenished

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Ro-Ro market highlights...

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-8.0%

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100,000

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1,000,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Flee

t Gro

wth

Rat

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Lane

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ers

RoRo Fleet Capacity Development

Total Fleet Capacity Total Est. Fleet Capcity Growth Rate Est. Growth Rate

2009 scrapping:  32,900 LM2010 scrapping:  106,900 LM2011 scrapping:  53,580 LM

Ro-Ro fleet market composition (UNRR comparable)... 3/3

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Traceca map...

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U.N Ro-Ro, intermodal network...

Pendik

TURKEY

ITALY

Trieste

Toulon

FRANCE

Mersin

Ambarlı

Constanta

ROMANIA

UKRAINE

GEORGIA

Arad

Salzburg

BULGARIA

MOLDOVA

IRAN

ARMENIA

Worms

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U.N Ro-Ro, Motorways of Sea...

Route Distance Start DatePendik – Trieste (1.173 nm) 26.04.1994(daily trip)

Ambarli – Trieste (1.156 nm) 01.01.2002 (3 trips per week)

Mersin – Trieste (1.338 nm) 28.03.2009(2 trips per week)

Ambarli – Toulon (1.328 nm) 17.05.2011(2 trips per week)

Pendik – Costanta (228 nm) 19.11.2011(3 trips per week)

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International trade attained USD 375 billion in 2011...

Turkey's International Trade

0

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

300.000.000

350.000.000

400.000.000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

TARGET Romania Oth. EUROPE Georgia CIS Cyprus MIDDLE EAST AFRICA AMERICA ASIA FTZ

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Trade figures for TRACECA region over last 5 years...

Exports to Traceca constitute 9.45% of total with CAGR (2011-2007); 3.83%. Imports from Traceca constitute 6.48% of total with CAGR (2011-2007); 5.52%. Total regional trade is balanced, where as there are significant inbalances on

country basis.

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Land trade of Turkey within TRACECA boundries...

RoRo integration with Romania, Moldova and Ukraine is going to increase following the start of U.N Ro-Ro Pendik – Costanta line.

Georgia should be considered as a future target destination for a scheduled RoRo route (trade imbalance could be justified by bilateral flows excl. Turkey).

2011 RoRo % 2010 RoRo % 2011 RoRo % 2010 RoRo %AZERBAIJAN 124,727 116,317 2,990 2,675GEORGIA 59,811 45,550 4,062 3,670IRAN 92,900 77,887 38,185 34,630KAZAKHSTAN 8,225 60% 7,440 51% 1,263 55% 1,194 50%UKRAINE 17,075 37% 12,535 32% 10,294 62% 8,900 57%BULGARIA 71,002 68,799 50,080 45,203ARMENIA 3,257 3,310 639 623KYRGYZSTAN 3,268 5% 1,778 2% 2,443 12% 1,747 14%MOLDOVA 7,626 4,411 1,644 7% 1,834 6%UZBEKISTAN 5,520 4,609 5,365 6,127ROMANIA 53,858 50,879 38,340 29,156TAJIKISTAN 3,213 2,858 1,122 1,488

export import

*Roder data, number of trucks

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Container (TEU) trade figures 2011...

Transit trade account for the significant portion for Bulgaria, due to land connection.

Transit export for Ukraine and transit import for Romania account for the significant portion of container trade.

containertransit total transit transit total transit

teu teu % teu teu %Bulgaria 23,260 23,867 97% 21,980 28,765 76%Georgia 48,708 119,747 41% 10,840 107,430 10%Iran 511 9,793 5% 0 1,617 0%Romania 24,697 92,062 27% 42,337 73,479 58%Ukraine 46,187 75,448 61% 13,155 77,554 17%

export import

2011

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Basics for Caspian Sea Ro-Ro passage...

Cargo flow, Available port access for berth with

required service facilities, Purpose built vessel availability with

optimal size and speed, Frequency and reliability of Ro-Ro

service, Regular schedule, Parking area for trucks and trailers, Custom clearence; fast and simplified

custom procedures for transit cargo, Transit permits and other related legal

framework, Intermodel integration (plus),

~ 230 Nm12-20 hrs

~ 180 Nm10-15 hrs

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U.N Ro-Ro, founded in 1994 by Turkish trucking companies...

In 2007, KKR bought shares of U.N Ro-Ro. U.N Ro-Ro is the largest ro-ro operator between Turkey and Europe. Transporting 40% of Turkish “overland” cargo destined for European

countries. Fully integrated transport solution as freight ro-ro for complete units,

unaccompanied semi-trailers and drivers, and non-standard additional cargo (cranes, buses, tractors, etc.).

High frequency schedule with daily departures. Assured 24/7 availability and on-time delivery of service at lower total cost

than via overland routes. Opportunities to integrate use of Port of Izmir to the operations via

exchangeable ticketing. Ro-La train operations from Trieste to Salzburg and from Costanta to

Arad.

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U.N Ro-Ro strategy formulation...

Market leader for Turkey based RoRo transportation Market penetration

Market share increase (target Eu countries) Customer loyalty improvement

Strategic port access Capacity optimization (vessels and ports) Regional diversification (new lines) Secure volume through vertical integration Maintain a constant focus on quality and efficiency in operations Sustainability

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Product Offering: A Complete Service Package...

Highly Modern Ro-Ro Fleet Integrated Transport Service

Purpose-built 11 own ro-ro and 1 chartered ro-pax fleet ensuring reliable daily service.

New ro-ro vessels will be joining the fleet in the coming years.

Modern port facilitieswith parking and storage area.

Owner operator model ensures port access in the future.

Dedicated driver transport services.

Customs clearance support service in advance of vessel arrival.

Attractive railway link from the Port of Trieste and Costanta.

Enables drivers to rest.

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Port Operations...

Strategically located ports on the Asian and European side of Istanbul

Port of Pendik and Port of Ambarlı guarantees access to ro-ro terminal facilities currrently operational in the Marmara Region for truck trailers

Trieste located strategically providing great access to the Western European destinations.

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Customer Perspective...

Cost, cost advantage for full units especially for Italy, Alps, southern France, and Spain. Semi-trailer business model allows more efficient use of tractors and additional cost savings and makes ro-ro attractive for northern France, Belgium, UK and Germany destinations. Additionally, semi trailer business allows customers to utilize 100 trailers with 60 truck

tractors thereby reducing investment needs and maintenance expenses. Transit permits, scarce transit permits are required for Turkish plated trucks, with

Italy and Austria being particular bottlenecks. No changes foreseen to EU countries’ policies of discouraging use of trucking. Use of U.N Ro-Ro eliminates users’ need for certain scarce permits (Free transit permits for northbound in Italy and Ro-La use in Austria).

Reliability, highly reliable service with daily departures and efficient port services. Safety, road journey has higher theft, accident rates, and damage to trucks. U.N

Ro-Ro facilities are secure, theft considered a non-issue. Week-end and time limit truck utilization, EU driving restrictions on week-ends

and time limits on driving hours make it difficult to navigate through Eastern Europe during weekends during which the borders are highly congested.

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U.N Ro-Ro’s Fleet...

NO VESSEL IMO NO. TYPE FLAG CLASS BUILT GT DWT CAPACITY

1 CEMİL BAYÜLGEN 9422134 RO-RO TURKEY DNV 2010 29,004 11,636 3,725 LM

2 CÜNEYT SOLAKOĞLU 9422122 RO-RO TURKEY DNV 2009 28,870 11,636 3,725 LM

3 UN AKDENİZ 9356737 RO-RO TURKEY DNV 2008 28,870 11,636 3,725 LM

4 UN KARADENİZ 9356749 RO-RO TURKEY DNV 2008 28,870 11,400 3,725 LM

5 UN TRIESTE 9322437 RO-RO TURKEY DNV 2006 29,004 11,636 3,725 LM

6 UN PENDİK 9322425 RO-RO TURKEY DNV 2005 28,870 11,636 3,725 LM

7 SAFFET ULUSOY 9293416 RO-RO TURKEY DNV 2005 29,004 9,481 3,725 LM

8 UN MARMARA 9293428 RO-RO TURKEY DNV 2005 29,004 9,481 3,725 LM

9 UND BİRLİK 9242390 RO-RO TURKEY DNV 2002 26,469 9,830 3,215 LM

10 UND ATILIM 9242388 RO-RO TURKEY DNV 2002 26,469 9,830 3,215 LM

11 UND EGE 9215476 RO-RO TURKEY DNV 2001 26,469 9,000 3,215 LM

12 AUDACIA (CHARTER) 9350692 RO-PAX ITALY DNV 2007 25,058 10,808 2,600 LM

U.N Ro-Ro’s fleet is all built in Germany’s Flensburger shipyard Average age of fleet is 4.5 years, one of the youngest fleets in the Mediterranean Average vessel size is 3,505 lanemeters Total capacity of 42,050 lanemeters (2,710 TIR units)

THANK YOU...

Kemal BOZKURTChief Business Development Officer

kemal@unroro.com.trTel: +90 216 585 15 12

U.N RO-RO İŞLETMELERİ A.Ş.www.unroro.com.tr