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Investor Presentation April 2020 Hizmete zel / Confidential Disclaimer This presentation contains forward- looking statements that reflect the Company managements current views with respect to certain future events. Although it is believed

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Hizmete Özel / Confidential

Investor Presentation

April 2020

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Hizmete Özel / Confidential

This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tüpraş nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation.

www.tupras.com.tr Apr-20 Investor Presentation 2

Disclaimer

Disclaimer

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Hizmete Özel / Confidential

Refining Market

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Hizmete Özel / Confidential

30.7 81.2 67.0 55.4 31.8

20 26 32 38 44 50 56 62 68 74 80 86

Brent Crude Prices

www.tupras.com.tr Apr-20 Investor Presentation 4

Refining Market

$/bbl

+ Impact of Iran & Venezuela sanctions + Escalating regional tension

  • Disagreement between OPEC and Russia
  • Concerns on global economic development
  • Coronavirus related demand drop

2016 ave. 43.7 $/bbl 2017 ave. 54.3 $/bbl 2018 ave. 71.0 $/bbl 2019 ave. 64.3 $/bbl

All waivers expired on Iran OPEC Production Cut Decision Iran Sanctions Drone Attack to Saudi Fields

data as of 31 Mar 2020

OPEC+ disagreement

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Global Refinery Capacity Changes

www.tupras.com.tr Apr-20 Investor Presentation 5

Refining Market

Expectations until 2024:

  • ~80% of net capacity additions will come from Asia & Middle East
  • Net capacity and demand in Europe will remain roughly unchanged

2.10 0.98 1.68 0.49 1.30

  • 0.95

0.22

  • 1.41
  • 2
  • 1

1 2 3

China India Middle East Other Asia Other Japan

  • N. America

Europe

2012-2018 Net Capacity Additions by Region

2.0 0.9 1.7 1.3 0.9 0.2 1.97 0.89 1.93 1.96 1.50 0.51

  • 0.5

0.0 0.5 1.0 1.5 2.0 2.5 2019 2020 2021 2022 2023 2024

2019-2024 Net Capacity Additions

Asia & Middle East Other Total

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Middle Distillate Cracks

www.tupras.com.tr Apr-20 Investor Presentation 6

Refining Market

14.9 16.2 15.0 12.2 12.9 11.4 14.1 16.2 16.6 17.9 13.9 11.3 11.2 10.1 12.5

5 10 15 20

1 2 3 4 5 6 7 8 9 10 11 12

Diesel

5yr range 2019 2020 5 yr ave 14.4 13.8 13.2 10.3 10.9 11.2 14.8 16.4 17.0 17.4 12.5 9.3 10.4 7.9 5.8 5 10 15 20 1 2 3 4 5 6 7 8 9 10 11 12

Jet Fuel

5yr range 5 yr ave 2019 2020

5 yr between 2015-2019, data as of 31 Mar 2020

$/bbl

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Gasoline and High Sulphur Fuel Oil Cracks

www.tupras.com.tr Apr-20 Investor Presentation 7

Refining Market

$/bbl

7.7 9.8 3.3 1.7 2.9 9.0 12.1 10.0 9.4 14.7 12.0 10.6 11.0 9.9 4.3

5 10 15 20 25

1 2 3 4 5 6 7 8 9 10 11 12

Gasoline

5yr range 2020 2019 5 yr ave

  • 22.4
  • 15.8
  • 8.4
  • 7.0
  • 5.0
  • 5.5
  • 8.6
  • 11.3
  • 9.8
  • 6.9
  • 13.4
  • 16.9
  • 22.5
  • 31.6
  • 32.9
  • 40
  • 30
  • 20
  • 10

1 2 3 4 5 6 7 8 9 10 11 12

High Sulphur Fuel Oil

5yr range 2020 2019 5 yr ave

5 yr between 2015-2019, data as of 31 Mar 2020

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  • 12
  • 10
  • 8
  • 6
  • 4
  • 2

2 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Arab Heavy Basrah Heavy Kirkuk Kuwait Ural ¹Average

Crude Price Differentials to Brent

www.tupras.com.tr Apr-20 Investor Presentation 8

Refining Market

¹Simple average of listed differentials

  • Iran Sanctions
  • Venezuela Sanctions
  • OPEC+ cut decision and over-

compliance

  • Druzhba contamination
  • Drone attack to Saudi fields

Supply Shocks on Heavy Crude A total of ~4 mbd is missing from heavy crude pool since December 2018, leading to price increases and narrowing differentials

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Turkish Market

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Turkish Consumption 2015-2018

www.tupras.com.tr Apr-20 Investor Presentation 10

Turkish Market

Source: Tüpraş and EMRA ¹Bunker excluded

20.60 22.30 24.20 23.60 2015 2016 2017 2018

Diesel

Million Tons

+8.5% +8.5%

  • 2.4%

4.58 4.40 4.52 4.99 2015 2016 2017 2018

Jet Fuel

+10.4% +2.7%

  • 3.9%

2.10 2.23 2.30 2.34 2015 2016 2017 2018

Gasoline

+1.8% +3.1% +6.5%

0.6 0.58 0.49 0.39 2015 2016 2017 2018

Fuel Oil¹

  • 20.1%
  • 15.7%
  • 3.5%
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Turkish Market, 12M 2019

www.tupras.com.tr Apr-20 Investor Presentation 11

Turkish Market

Diesel demand contraction in H1 has been mostly off set in H2. Aviation driven jet demand has been healthy.

0.39 0.40 0.0 0.5 1.0 1.5 2018 2019

²Fuel Oil

2.34 2.42 1 2 3 2018 2019

Gasoline

4.99 5.31 2.0 3.0 4.0 5.0 6.0 2018 2019

¹Jet Fuel

25.01 24.90 0.0 10.0 20.0 30.0 2018 2019

Diesel

Million Tons

¹Transit flight consumption included ²Bunker excluded

  • 0.4%

+6.5% +0.5% +3.2%

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1.62 1.78 0.0 0.5 1.0 1.5 2.0 2018 2019

Diesel

+9.8%

Turkish Market, 1M 2020

www.tupras.com.tr Apr-20 Investor Presentation 12

Turkish Market

Diesel demand recovery since H2 2019 continued while Jet beginning the year with a decline in 1M 2020.

0.06 0.04 0.0 0.5 1.0 1.5 2018 2019

²Fuel Oil

0.17 0.18 0.0 0.5 1.0 1.5 2018 2019

Gasoline

0.35 0.33 0.0 0.5 1.0 1.5 2.0 2018 2019

¹Jet Fuel

Million Tons

¹Transit flight consumption included ²Bunker excluded

  • 33.3%

+6.6%

  • 5.2%
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Turkey’s Net Import / Export Balance

www.tupras.com.tr Apr-20 Investor Presentation 13

Turkish Market

  • 3.4

2.8

  • 12.3

0.1

  • 3.0

3.0

  • 8.7

0.3

  • 16
  • 12
  • 8
  • 4

4

LPG Gasoline Diesel Jet

2016 2017 2018 2019

Export Import

Million Tons

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Company Overview

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Domestic Ownership 22% Foreign Ownership 78%

Tüpraş Shareholder Structure

www.tupras.com.tr Apr-20 Investor Presentation 15

Company Overview

¹As of December 31th,2019

Koç Holding 77% Aygaz 20% Opet 3% Ditaş 79.98% Opet 40% Körfez Ulaştırma 100% Free Float 49% Tüpraş is Turkey’s biggest industrial company and leading refiner. Energy Investments Inc. (SPV) 51%

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Tüpraş’s Refining Assets & Distribution Network

www.tupras.com.tr Apr-20 Investor Presentation 16

Company Overview

İzmit

  • 11.3 MT Capacity
  • NC: 14.5
  • Storage Capacity: 3.0 mn m3

İzmir

  • 11.9 MT Capacity
  • NC: 7.66
  • Storage Capacity:2.5 mn m3

Kırıkkale

  • 5.4 MT Capacity
  • NC: 6.32
  • Storage Capacity: 1.3 mn m3

Batman

  • 1.4 MT Capacity
  • NC: 1.83
  • Storage Capacity:0.3 mn m3

Turkey‘s Storage Capacity

Tüpraş & Opet 57% Others 43%

Railway

Iraq-Turkey Oil Pipeline Baku-Tbilisi-Ceyhan Oil Pipeline

+ Tüpraş supplies ~55%

  • f Turkey’s petroleum

product needs

+ Tüpraş benefits from

an integrated system

  • ptimization with its

high complexity, procurement and logistics flexibility Total Capacity 30 mn tons Nelson Complexity 9.5 Tüpraş Storage Cap. 7 mn m3

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Nelson Complexity of Refining Companies

www.tupras.com.tr Apr-20 Investor Presentation 17

Company Overview

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Tüpraş Subsidiaries

www.tupras.com.tr Apr-20 Investor Presentation 18

Company Overview

OPET, Distribution, Tüpraş Share: 40%

  • 1,670 stations as of 31 December 2019
  • As of November 2019 Market share: 19.0% in white products; 35.6% in

black products

DİTAŞ, Marine Transport, Tüpraş Share: 79.98%

  • 3 Crude Oil Tanker: 479,765 DWT
  • 1 Crude Oil - Product Tanker: 51,532 DWT
  • 10 Product Tanker: 171,453 DWT“

Körfez Ulaştırma, Railway Transport, Tüpraş Share: 100%

  • ~7% share in Turkish rail freight market
  • ~1.8 mn ton of product and semi-product carried in 2019.
  • Operates with 10 diesel locomotives and over 600 cistern wagons

Tüpraş Trading UK, Trading, Tüpraş Share: 100%

  • Trading Office in London will be an important step into wider integration

with the global energy landscape by allowing to:

  • Closely monitor international market opportunities
  • Support import and export operations
  • Create additional value from supply chain and sales activities
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Operations

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6 6 10 2 2 3 12 3 3 1 12 13 13 10 10 10 2 17 15 11 14 14 7 14 34 65 67 63 71 76 79 81 55 2012 2013 2014 2015 2016 2017 2018 2019 Africa America Europe CIS Middle East

Main Crude Suppliers in 2019

Crude Suppliers of Tüpraş

www.tupras.com.tr Apr-20 Investor Presentation 20

In 2019, Tüpraş purchased 15 different types of crude from 8 countries with gravities ranging between 20-47 API.

Operations

Crude Oil Imports by Region (%)

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Annual Product Yields

www.tupras.com.tr Apr-20 Investor Presentation 21

Operations

LPG 3% Gasoline 20% Naphtha 1% Jet 19% Gasoil 33% Fuel Oil 7% Kok 3% Asphalt 12% Other 2% LPG Gasoline Naphtha Jet Gasoil Fuel Oil Kok Asphalt Other Light Distil. 25%

  • Mid. Distil.

52% Black Prod. 21% Other white 2%

2018

White Product Yield (%) 77.4% Production 25.7 mn tons API 31.0

LPG 4% Gasoline 20% Naphtha 1% Jet 17% Gasoil 36% Fuel Oil 9% Kok 3% Asphalt 8% Other 2% LPG Gasoline Naphtha Jet Gasoil Fuel Oil Kok Asphalt Other Light Distil. 25%

  • Mid. Distil.

53% Black Prod. 20% Other White 2%

2019

White Product Yield (%) 79.0% Production 28.1 mn tons API 32.0

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5.2 6.2 7.7 6.6

6.7 6.9 7.5 6.9

Q1 Q2 Q3 Q4

Quarterly Production (Million Tons)

2015 2016 2017 2018 2019 98 101 101 87 91 89 91 96 87 4 4 7 9 7 4 5 9 9 103 105 108 96 98 94 96 105 96

2015 2016 2017 2018 2019 Q1 19 Q2 19 Q3 19 Q4 19

Capacity Utilization (%)

Crude Oil Semi Product Feedstock Total

Capacity Utilization1 (%) Quarterly Production

Capacity Utilization and Quarterly Production Volume

www.tupras.com.tr Apr-20 Investor Presentation 22 ¹Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards.

Total production volume in Q4 2019 realized as 6.9 mn tons. Full year capacity utilization for 2019 was 97.8%, in line with our guidance.

Operations

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Sales

www.tupras.com.tr Apr-20 Investor Presentation 23

  • Tüpraş generated 29.2 million tons of total sales 2019.

Operations

Distributors 46% THY Opet 5% Jet 9% LPG 3% Other 6% Export 23% Bitumen 6% Military 2%

22.2 24.8 25.7 25.6 22.4 6.5 5.5 5.8 4.2 6.8 28.7 30.3 31.5 29.8 29.2

2015 2016 2017 2018 2019

Exports Domestic Sales 9.2 10.8 11.3 11.9 10.4 4.8 4.5 4.5 4.9 4.3 2.0 2.2 2.2 2.2 2.3 2.9 3.4 3.5 2.9 1.8

2015 2016 2017 2018 2019

Bitumen Gasoline Jet Fuel Diesel

Total Sales Domestic Sales of Key Products Customer Groups 2019

mn tons mn tons

Sales to Distributors 2019 13.3 mn tons Total Sales, 2019 29.2 mn tons

POAŞ 27% OPET 31% SHELL 19% BP 13% OTHER 10%

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Key Financials Financials

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Refining Margin

www.tupras.com.tr Apr-20 Investor Presentation 25

Tüpraş’ Net Refining Margin in 2019 was 2.0 $/bbl higher than Med Complex margin (1.7 $/bbl).

2.5 3.2 6.5 6.0 8.1 9.3 3.7 1.7 1.9 4.8 4.0 5.3 4.6 1.7

2013 2014 2015 2016 2017 2018 2019

Tüpraş Net Margin Mediterranean

Premium to the benchmark Mediterranean peers’ refining margin due to:

  • Ability to use heavier and sour crudes with higher

complexity

  • Access to a wide range of cheaper sources of crude
  • il
  • Close proximity to major suppliers reduces

transport costs

  • Lower cost basis and more efficient energy usage
  • Ability to produce a broad range of refined products

with higher value added

  • Direct pipeline connections with domestic clients

5.5 2.0 2.9 1.2 4.2 1.7 2.0 4.8 4.0 5.4 4.6 1.7 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Med Complex

Month Annual

Financials

$/bbl $/bbl

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Tüpraş and Med Refining Margins

www.tupras.com.tr Apr-20 Investor Presentation 26

Financials

($/bbl) Gross Margin Inventory Effect Clean Gross Margin Clean NET Margin Net Margin Med Margin 2019 Q4 9.7 0.7 9.0 2.9 3.6

  • 1.9

2019 12M 9.2 0.1 9.1 3.6 3.7 1.7 2018 Q4 10.8

  • 4.0

14.9 9.0 5.0 4.7 2018 12M 14.7 0.8 13.9 8.5 9.3 4.6

6.5 6.0 8.1 9.3 3.7 5.3 3.6 5.8 4.5 1.7

2015 2016 2017 2018 2019

$/bbl

12M Margins

Tüpraş Net Margin Med Margin

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Income Statement

www.tupras.com.tr Apr-20 Investor Presentation 27

*On CMB reports. EBIT includes extra items such as FX impacts of trade receivables and payables. In our EBITDA calculation. FX related items are excluded from EBIT as customary in international practices.

Financials

Tüpraş generated 738 MTL EBITDA in Q4 2019.

Million TL Q4 Q4 % FY FY % 2019 2018 2019 2018 Net Sales 21,631 24,803

  • 13

89,601 88,552 1 COGS

  • 20,566
  • 22,778
  • 10
  • 84,716
  • 79,328

7 Gross Profit 1,065 2,025

  • 47

4,884 9,224

  • 47

Operating Expenses

  • 540
  • 438

23

  • 1,783
  • 1,307

36 Income/Loss from other operations

  • 464

1,591

  • 871
  • 2,181

Operating Profit 61 3,178

  • 98

2,230 5,736

  • 61

Income/Loss from equity investment 25 72

  • 66

197 257

  • 23

Operating Profit Before Fin. Income/Loss 86 3,249

  • 97

2,427 5,993

  • 59

Financial Income /Expense

  • 525
  • 1,600
  • 2,739
  • 2,268

Profit Before Tax

  • 439

1,649

  • 311

3,724 Net Profit (excluding minority interest) 186 1,766

  • 89

526 3,713

  • 86

EBITDA *(mn.TL) 738 1,887

  • 61%

4,039 8,908

  • 55

Inventory Gain/Loss

  • 89
  • 297

194 2,653 EBITDA* (mn. TL) CCS 827 2,185 3,845 6,255

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Financial Highlights

www.tupras.com.tr Apr-20 Investor Presentation 28

Tüpraş recorded 4,039 MTL EBITDA in 2019.

1) Excluding minority interest 2) Calculation based on rolling net income

Financials

Mn TL Mn TL

367 335 1,575 1,033 851 1,080 688 1,542 2,210 1,495 1,144 867 1,528 3,778 956 1,208 1,505 1,237 1,887 738

3,799 3,396 5,882 8,908 4,039

2015 2016 2017 2018 2019

EBITDA

Q1 Q2 Q3 Q4

275 79 869 378

  • 375

710 331 1,457 1,027 870 750 581 992 542

  • 155

815 803 493 1,766 186

2,550 1,793 3,812 3,713 526

2015 2016 2017 2018 2019

Net Income¹

Q1 Q2 Q3 Q4 1.8 1.8 1.1 1.3 2.1 1.0 1.1 1.2 1.3 1.0

2015 2016 2017 2018 2019

Current Ratio & Net Debt / R. EBITDA

Net Debt / R. EBITDA Current Ratio 35% 22% 41% 37% 5%

2015 2016 2017 2018 2019

Return on Average Equity²

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Balance Sheet Analysis

www.tupras.com.tr Apr-20 Investor Presentation 29

Strong balance sheet maintained despite weaker operational profitability Proactive Financial Management

  • Deleveraging continues despite
  • perational headwinds
  • Dynamic liquidity management ensures
  • ptimal cash and receivables

management

Billion TL Billion TL Billion TL

Financials

0.8

  • 0.2

2.1 4.7 1.6

  • 0.7
  • 2.3
  • 3.6

Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Working Capital Requirement

6.9 6.1 6.2 12.0 10.6 10.1 8.7 8.4

Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Net Debt

5.2 6.0 1.6 1.6 4.6 0.2

1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years

Redemption Schedule

Loan Eurobond TL bond

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Q4 Profit Before Tax Bridge (2018-2019)

www.tupras.com.tr Apr-20 Investor Presentation 30

Decline in Profit Before Tax was driven by weaker crack margins, narrower differentials and FX loss.

Million TL

Financials

Inventory FX +208

  • 921
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Annual Profit Before Tax Bridge (2018-2019)

www.tupras.com.tr Apr-20 Investor Presentation 31

2019 PBT was lower mainly due to narrow differentials, weaker crack margins and natural gas price hikes.

Million TL

Financials

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Dividend (TL)

www.tupras.com.tr Apr-20 Investor Presentation 32

3.2 2.9 5.0 5.8 4.8 5.8 10.2 7.2 15.2 14.8 2.1 2.5 3.0 3.9 3.9 1.6 6.5 6.2 13.6 15.2 0.0 77% 101% 79% 66% 33% 0% 64% 87% 89% 102% 0% 0% 40% 80% 120% 2 4 6 8 10 12 14 16 18 20 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Earnings per Share Gross Dividend Dividend Payout

Financials

(*) 2019 dividend payment decision was announced on Feb 12, 2020 and is subject to approval at AGM.

(*)

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Investments (Million $)

www.tupras.com.tr Apr-20 Investor Presentation 33

274 355 400 186 177 628 974 1213 959 344 213 185 138 157 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Ongoing Projects

  • Revamp of Crude Units
  • FCC Modernization
  • New Sulphur Units
  • Energy Saving Projects
  • Optimization of conversion

units

  • 6.5 bn USD investments since privatization
  • Reached 9.5 Nelson Complexity
  • Capability to process heavier and more sour crude
  • Avg. 278 Mn$
  • Avg. 943 Mn$
  • Avg. 220 Mn$

Financials

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12M 2019 Results

www.tupras.com.tr Apr-20 Investor Presentation 34

Financials

3.7 1.7

1 2 3 4 5 6 12M

Refining Margins ($/bbl)

Med Margin Tüpraş Net Margin

97.8% total capacity utilization in 2019

28.1 29.2 28 30 Production Sales

Operationals

12M 2019 Target

29.2 mn tons of sales and 28.1 m tons of production in 2019

157 150

12M 2019 Target

Capex (mn $) 157 mn$ refining CAPEX in 2019

97.8

20 40 60 80 100 12M

Capacity Utilization (%) 3.7 $/bbl net refining margin in 2019

Med FY Exp Tüpraş FY Target

2.8

  • 3.1
  • 5.3

Oct-19 Nov-19 Dec-19

Med Margin ($/bbl)

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Tüpraş Balance Sheet (Million TL)

www.tupras.com.tr Apr-20 Investor Presentation 35

Financials

31.12.2019 31.12.2018 Diff.

  • Diff. (%)

Current Assets 27,919 20,962 6,957 33 Cash & C. Equivalents 10,652 5,983 4,669 78 Trade Receivables 4,788 5,429

  • 641
  • 12

Derivatives 304 176 128 73 Inventories 9,469 6,765 2,704 40 Pre-paid expenses 237 109 128 118 Other Current Assets 2,470 2,502

  • 32
  • 1

Long Term Assets 27,593 19,074 8,519 45 Financial Assets & Subsidiaries 1,363 1,271 92 7 Fixed Assets 20,587 12,397 8,190 66 Derivatives 99 168

  • 70
  • 41

Pre-paid expenses 199 378

  • 179
  • 47

Deferred Tax 3,768 3,566 201 6 Other Long Term Assets 1,578 1,293 285 22

Total Assets 55,512 40,036 15,476 39

Short Term Liabilities 28,120 15,950 12,171 76 Financial Loans 5,178 4,113 1,064 26 Trade Payables 17,816 7,496 10,320 138 Derivatives 79 236

  • 157
  • 66

Provisions 117 80 37 46 Other ST Liabilities 4,930 4,024 906 23 Long Term Liabilities 14,255 14,140 114 1 Financial Loans 13,898 13,836 62 Payables & Provisions 316 257 59 23 Derivatives 32 42

  • 10
  • 24

Other LT Liabilities 9 5 4 89 Total equity attributable to equity holders of the parent 12,963 9,825 3,138 32 Minority Interests 174 121 53 43

Total Liabilities & Equity 55,512 40,036 15,476 39

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Foreign Currency Long Term Tüpraş BB- (Stable) B1 (Negative) Türkiye BB- (Stable) B1 (Negative) B+ (Stable) Koç Holding B1 (Negative) BB- (Stable)

Leading Corporate Governance Score

www.tupras.com.tr Apr-20 Investor Presentation 36

92.6 99.5 95.3 95.5 95.0

25 50 75 100 Board Stakeholders Transparency Shareholders Overall

Tüpraş BIST Corporate Governance Rating Score

Source: Bloomberg

45% 44% 11%

Buy Hold Sell

Analyst Recommendations Credit Rating Scores

Source: SAHA Corporate Governance and Rating Services Inc. (October 2019)

Financials

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Proactive in liquidity risk management & targets/limits for financial ratios:

  • Net financial debt/EBITDA
  • Net financial debt/Equity

Financial Policy

www.tupras.com.tr Apr-20 Inestor Presentation 37

Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure.

Leverage & Liquidity

  • Current ratio
  • Share of long term debt

Deposit is kept within bank-based limits:

  • Credit rating assessment and strong capital base.
  • Cap on the maximum deposit allocated to a single bank.
  • Threshold for deposits subject to banks shareholders’ equity.

Counterparty Risk Policy

  • The fixed/floating profile of financial debt.
  • Proactive management of FX risk with derivative instruments
  • Zero FX exposure target.

Interest Rate & Fx Inventory Hedging Policy:

  • Operational hedge: Optimum stock policy & forward pricing mechanism.
  • Financial hedge: Expected inventory exposure for the year end is hedged by using derivatives.
  • Hedging ratio increasing throughout the year.

Crack Margin Hedging Policy:

  • Financial hedge: Crack margin (gasoline, diesel, jet fuel, fuel oil) risk mitigation by using derivatives.
  • Hedge ratio between %0-%50 with up to 1 year hedge tenor

Commodity Hedging Policy

Financials

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FX Exposure Management (31 December 2019)

www.tupras.com.tr Apr-20 Investor Presentation 38

Consolidated Hard Currency Assets Consolidated Hard Currency Liabilities

* Cash flow hedge accounting : 813 mn $

  • A significant portion of the Group's crude oil and refined

product purchases are denominated in US Dollars. In addition, the Group finances its capital expenditures mostly through borrowings denominated in US Dollars.

  • Natural Hedge: The Group is able to mitigate some of

the impact of volatility in exchange rates through natural hedges: crude oil and refined product inventories are US Dollar denominated assets.

  • Cash flow Hedge: RUP Facility financing loans

designated as hedging instruments of highly probable export revenues.

  • As a general Koç Holding financial policy, Group

companies are allowed to keep foreign exchange positions within certain limits.

Tüpraş continues to employ strict FX policies to mitigate currency risks stemming from volatility.

Financials

Cash

202

Forward & CFH 2,740 Stock 1,537 Receivables & Other Assets 84 Payables 2,114 ST Financial Loans 792

  • RUP: 191
  • Other: 602

LT Financial Loans 1,687

  • RUP: 707
  • Eurobond: 700
  • Other Loans: 280
  • 30 mn $
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Appendix

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2020 Refinery Maintenance Schedule

www.tupras.com.tr Apr-20 Investor Presentation 40

Appendix

Refinery Unit Quarter Duration (weeks) Status Batman Plt 100/1100 Crude Oil & Vacuum Q1-Q2 5 İzmir U-100 Crude Q1 6* U-4000 FCC Q4 6 U-9200 CCR Q1 & Q4 3 & 7 U-9600 Isomerization Q4 8 U-9900 MQD Q4 7 İzmit Plt-6 Desulphurizer Q4 4 Kırıkkale

* This activity had started in Q4-19. Duration figure indicates the portion carried out in 2020

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2020 Expectations

www.tupras.com.tr Apr-20 Investor Presentation 41

Appendix

  • Ural-Brent differential widening compared to 2019
  • Weak outlook for HSFO

Med Complex Refining Margin 1.5-2.5 $/bbl

  • IMO driven growth in mid-distillate cracks
  • Gasoline cracks remain flat, HSFO to remain weak
  • Heavy Crude Differentials to widen
  • ~28 mt production, ~29mt sales and 95 - 100% capacity utilization

Tüpraş Net Refining Margin 4.5-5.5 $/bbl

  • Sulphur treatment units, improvement in storage units

Refining Capex 200 million $

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Competition - STAR Refinery

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  • Feasibility studies began in 2010 and

construction kicked off in 2011

  • Goldman Sachs has acquired a 13%

stake in SOCAR Turkey for $1.3 billion.

  • Total investment size 6.3 bn USD, with

3.3 bn USD credit agreement.

  • Following the completion of

construction late 2018, reached full capacity utilization in August 2019

Turkish Market Structure (mn tons) Timeline

Turkey Demand Tüpraş STAR Total Turkish Market Demand Balance LPG 1.1 0.3 1.4 4.1

  • 2.7

Petchem F. 0.2 2.6 2.8 Gasoline 6.1 6.1 2.4 3.7 Jet Fuel 5.2 1.6 6.8 5.2 1.6 Diesel 10.7 4.5 15.2 26.5

  • 11.3

Fuel Oil 1.8 1.8 1.3 0.5 Bitumen 3.1 3.1 3.1 Pet coke 0.8 0.7 1.5 4.6

  • 3.1

Total ~30 ~10 ~40

Appendix

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Competition - Regional Competition

www.tupras.com.tr 43 Apr-20 Investor Presentation

  • Tüpraş competes with 71 refineries in the Mediterranean and Black Sea markets.
  • Mediterranean regional product balance is also affected from Middle East, North West Europe and Asia flows

17 Refineries ~1.8mbd

Mediterranean Black Sea

54 Refineries ~7.8mbd

Appendix

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IMO 2020: Changes in Bunker Specification and Its Effects

www.tupras.com.tr Apr-20 Investor Presentation 44

Current compliant fuels

Current Outlook Beyond 2020

Demand shift beyond 2020 HSFO replacement expectations Long term outlook for marine fuels

  • Marine Gasoil (Diesel): Easiest solution as it is already

available

  • Very Low Sulphur Fuel Oil (VLSFO): Either through FCC

with sweet crudes or by blending

  • Scrubbers: As of 28/02/20, ~3.4K vessels are either

fitted or scheduled to be fitted and ~0.6K vessels are

  • n order book to be delivered with scrubbers
  • LNG: requires significant investments at ports

1 2 3 4 5 6

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Compliant HSFO Non-compliant HSFO VLSFO MGO LNG

  • VLSFO is the initial choice, followed by MGO
  • Fuel choice might change through the years as

availability & compatibility issues get resolved

  • Compliant HSFO use grows as scrubber numbers rise

from ~2K after Jan 1st, 2020 (some ports started bans

  • n open-loop scrubbers thus this projection might

change)

Source: Market Reports

Appendix

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Tüpraş Production Flow and Yield Breakdown

www.tupras.com.tr Apr-20 Investor Presentation 45

  • Tüpraş has 30 million tons of production capacity
  • Tüpraş operates 4 refineries with an integrated system optimization program

Appendix

Key Units # of Units Capacity (m3/d)

CRUDE OIL

8 99,420

VACUUM DIST.

8 42,752

HYDROCRACKER

4 18,032

ISOMERATION

3 7,804

UNIFINER REFORMER

5 16,225

KERO/DIESEL (HDS)

9 37,265

FCC

2 4,650

COKER

1 9000

NAPHTA SPLITTER

8

LPG MEROX

6

Flow Diagram

LPG MEROX NAPHTHA SPLITTER ISOMER. VACUUM DIST. UNIFINER REFORMER KERO/DIESEL (HDS) FCC HYDROCRACKER COKER

Bitumen Lube Oil FCC Gasoline HDS Benzen Saturation

Multiple distillation and production units

Other, 3.8% Bitumen & Fuel Oil, 19.9% Lube Oil, 0.5% Diesel, 33.9% Jet Fueloil, 16.5% Gasoline Naphtha, 22.0% LPG, 3.5%

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RUP Feedstock and Production

www.tupras.com.tr Apr-20 Investor Presentation 46

  • Residuum Upgrade Plant (RUP) was completed in 2015 and it is the main conversion unit of Tüpraş.
  • First periodic maintenance was completed in Q2 2019.

Total Output ~4.25mn tons Total Processing ~4.50 mn tons

Appendix

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European Pump Price Comparison

www.tupras.com.tr Apr-20 Investor Presentation 47

2.83 3.93 2.37 3.02 3.56 2.79 3.72 2.73 0.70 0.00 0.87 0.54 0.00 0.96 0.00 0.95 3.45 4.55 5.69 6.14 5.86 6.15 6.64 6.60

2 4 6 8 10 12

TR Spa. Ger UK Eu19 Fra. Gre. Ita.

Gasoline (TL/Lt)

Refinery Price

  • Dist. Margin

Tax 3.17 4.10 2.89 3.94 4.52 3.02 3.05 3.18 0.76 0.00 0.91 0.00 0.00 0.92 0.80 0.73 2.58 3.85 4.37 4.78 4.49 5.55 5.75 6.21 2 4 6 8 10 12 TR Spa. Ger. EU19 Gre. Fra. Ita. UK

Diesel (TL/Lt)

Refinery Price

  • Dist. Margin

Tax

European prices as of 16th December - Turkeys prices as of 24th December 2019

Turkish fuel prices are highly competitive with other European countries.

Appendix

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Tüpraş - ESG - Over a Decade of Dedication

www.tupras.com.tr Apr-20 Investor Presentation 48

Appendix

Tüpraş kicked off its sustainability program back in 2008 and achieved many milestones in a decade

~480

energy efficiency projects leading to

~35,000 TJ saving

and

2.4 mt CO2

reduction

31%

increase in solid waste recovery

20 points

drop in Energy Intensity

36%

decrease in fresh water usage

~205 MTL

donations and sponsorships

75%

increase in female employee numbers

~1mn

workhours dedicated to OHS training

+1.3 points

increase in Corporate Governance rating

17%

female representation in senior and mid-level management

See our Sustainability Report for details

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Tüpraş - ESG - 2018 Achievements

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  • Kırıkkale Refinery won the first

place, İzmit Refinery the second and Batman Refinery the third in the Industrial Energy Efficiency Project Competition.

  • İzmit Refinery won the first prize

in the Sustainable Business Awards

  • Water Management Category.
  • Achieved 69.5% water recycle ratio
  • Achieved 88.6% solid waste

recovery

Environmental Responsibility

  • Signed agreement to support

HeForShe (Global cooperation with UN Women and Fenerbahçe Sports Club)

  • 62% of ex-crude procurement

activities were conducted through local businesses.

Social Support

  • 9.50 Corporate Governance Rating
  • 13% Female Representation at the

Board,

  • 17% Female Representation in

Upper and Mid-Level Management.

Governance Excellence

Appendix

Apr-20 Investor Presentation

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Koç Holding

www.tupras.com.tr 50

  • Koç Holding is Turkey’s largest industrial and services

group in terms of revenues, exports, employees, taxes paid and market capitalization

  • The only Turkish company in Fortuna 5001.
  • 20% CAGR in consolidated profit2 the last five years

Turkey’s Leading Investment Holding Company

  • Leading positions with clear competitive advantages in

sectors with long-term growth potential such as energy, automotive, consumer durables and finance.

Pioneer in its Sectors 8%

Combined Revenues / GDP

10%

Total Exports / Turkey’s Exports

16%

Total Market Cap in Borsa Istanbul

Notes : Data as of YE18, 2018 GDP reflects the projection of Turkish government’s New Economic Program. (1) 2018 Report (2) In TL terms between 2014-18

Appendix

Apr-20 Investor Presentation

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Investor Presentation Latest Webcast Sustainability Report

contact us: tuprasir@tupras.com.tr