INVESTOR PRESENTATION

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1 INVESTOR PRESENTATION

2 CONTENTS 1 REFINING INDUSTRY 2 COMPANY OVERVIEW 3 KEY FINANCIALS 4 INVESTMENTS

3 1 Refining Industry

4 Brent Crude Oil Prices ($/bbl) 55 5 PROS OPEC & Non OPEC Supply Cut Healthy PMI data in US, Europe and China Expectation of high global GDP Protests in Venezuela Inventory levels 5,7 56,3 53,4 52, ,2 47, , 4,3 CONS Increase in number of rigs & production in US Concerns about the impact of OPEC & Non OPEC production cuts Supply is still in line with demand, inventory drawbacks has not stabilised yet Increase in Libya, Brazil, Nigeria & Canada prod. High crude exports of OPEC 25 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 4

5 Thousand Barrels/Day Thousands Refinery Capacity Change 3. China India Middle East Other Asia Other Japan North America Europe Gross Capacity Additions Source: Tüpraş, Reuters, Reports 5

6 Turkish Economy Strengths Population (mn) 1.4% growth in last 5 yrs -4 yrs >65% ,2 8,8 GDP Forecast (Million USD) 4,2 3, % % 4, 2,9 3, ,1 2, ACT Diesel Consumption 3.5% 8.7% average growth in last 5 yrs annual growth Car ownership per thousand people 67% Source: EMRA, TSI 6

7 Competitive Advantages of Tüpraş Added Value Created by Tüpraş Local Market Dynamics Cost Base of Tüpraş Best Fit for the Market with high diesel yield High Growth Energy Efficient High Complexity of Tüpraş Short on Diesel Crude Oil & Feedstock Cost Advantage Presence in all over Turkey through refineries and terminals Import Parity Pricing (Freight advantage of Tüpraş) Economies of Scale 7

8 Middle Distilatte Cracks ($/bbl) Diesel ,4 11,1 1, 7,8 8,6 7,2 11,2 7,3 1,6 7,6 1, Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec 2 Jet Fuel ,5 1,1 8,9 7,6 7,7 6,6 1,2 9,5 6,7 8, 9,1 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec Kaynak: Platts *As of 24th May,217 8

9 Light Distilatte Cracks ($/bbl) 24 Gasoline ,6 13,5 14,1 12,2 15,9 13,6 12,8 15,7 11,9 6 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec ,4 -,7 -,5-2,9-2,2-2, Naphta -4, -7,3-7,9-7,3-11,7 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec -2, ,2-17,2-2 -1,2-19,5-19,7 LPG -21,9-31, , -5 Jan Feb Mar Apr May Jun July Agu Sep Oct Nov Dec -4,7 Kaynak: Platts *As of 24th May,217 9

10 Quarterly Product Crack Margins ($/bbl) Diesel Jet Fuel ,7 15,2 14, , ,5 11,2 1,8 9,2 8,9 7,9 Q1 Q2 Q3 Q ,5 11,2 1,7 1,2 9,4 7,3 7,7 7,9 Q1 Q2 Q3 Q4 Gasoline Fuel Oil ,3 19,4 18,9 15,2 13,5 14,5 13, 12,8 1,9 Q1 Q2 Q3 Q ,1 Q1 Q2 Q3 Q4-11,6-12, -13,2-15, -5,7-1,6-12,5-13,1 1

11 Crude Price Differentials ($/bbl) 1 Brent Differental Range Ural Differentials -1-1,2-1,5-1,1-1,4-2 -1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Price Differentials Brent Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy *As of 24th May,217 11

12 Turkish Consumption (Million tons) Diesel Jet Fuel , , % -4% 215 2, , , % 214 4,1 +12 % , 1, 2, 3, 4, 5, Gasoline Fuel Oil* 216 2,23 216, , % 215,6-3.5% +9.1 % -18.5% 214 1,92 214,54 Source: EMRA *bunker excluded.,8 1, 1,2 1,4 1,6 1,8 2, 2,2,1,2,3,4,5,6 12

13 3 Months Turkish Consumption (Million tons) Diesel Jet Fuel 217 4,94 217, % -1.2% 216 4,69 216,93 1, 2, 3, 4, 5, 6,,,2,4,6,8 1, Gasoline Fuel Oil* 217,48 217, % -1.8% 216,47 216,21 Source: EMRA *bunker excluded.,1,15,2,25,3,35,4,45,5,,5,1,15,2,25 13

14 Turkey s Import / Export Balance (Net) (Million Ton) Export 2,1 2,5 2,4 2,5 3, 2,8 1,5 1,6 1, 1,8 1,6, , -3, -3,1-3,1-3, -3, Import -1, -1,8-12, -12,3-12,7-13, LPG Gasoline Diesel Fuel 14

15 2 Company Overview

16 Tüpraş Refining Assets & Distribution Network Black Sea Baku OPET Marmara Terminal 721, m3 İstanbul MARMARA İzmit OPET Giresun Terminal 43,13 m3 Ankara Kırıkkale İzmir Batman OPET Antalya Terminal OPET Mersin Terminal 19,392 m3 24, m3 Total Capacity: 28.1 mn. ton Nelson Complexity: 9.5 Tüpraş Storage Cap.: 7.2 mn. mᶟ OPET Storage Cap.: 1.1 mn. mᶟ Terminal Kirkuk Refinery İzmit İzmir Kırıkkale Batman 11. MT Capacity 11. MT Capacity 5. MT Capacity 1.1 MT Capacity NC: 14.5 NC: 7.66 NC: 6.32 NC: 1.83 Storage Capacity: 3. mn m 3 Storage Capacity:2.5 mn m 3 Storage Capacity: 1.4 mn m 3 Storage Capacity:.25 mn m 3 Base oil 4 k tons 16

17 OPET Tüpraş Share 4.% Stations Market positions: 18.9% in White product; 1.5% in black product 1.1 Million M3 Storage Marmara, Aegean, Black Sea & Mediterranean 2nd Biggest Distribution Company by Volume # 1 Brand Royalty Award Jet Fuel Sales Turkish Airlines JV 66% Market Share Lubricants Fuchs JV International Trading London 17

18 Million Tons DİTAŞ, Marine Transport Tüpraş Share 79.98% Cumhuriyet Sevgi Gönül Suna Leyla Esra & Aylin Caroline Nevbahar Crude ,9 K DWT Products 28 1,98 K DWT Products 29 1,87 K DWT Products ,5 K DWT Products 211 6,3 K DWT Bitumen 2x2 K DWT Esra 214 Aylin 215 Products 29 1,9 K DWT Products 29 11,5 K DWT Turkey s leading company in marine transportation of crude oil and petroleum products World s biggest Asphalt Tankers (2 x 2, DWT ) for semi-product transfers btwn refineries 13 tugboats 1 mooring boats 2 service boats 1 pilot boat DİTAŞ Financials 216 (mn $) Net Sales 151,3 Op. Profit 4, ,9 2,6 18, 3,1 19,3 14,8 Crude Oil Product 9,6 8,4 3,1 3,5 11,8 5,2 6,4 4,8 6,6 15,2 5,9 9,

19 ,59,6,3,3,, 1,43 2,39 2,26 3,11 3,24 2,57 2,58 2,8 5,47 6,98 9,25 11,54 Crude Suppliers of TÜPRAŞ (Million Tons) Crude Type ,% 6,3% In 216, Tüpraş purchased 18 different types of crude oil from 1 countries, with gravities ranging between API 41,7% > > , ,3 5,1 7,2,6 1,5 2, 2,1 1,9 2,9 2,8 2, 2,4 2,4 2,3 2,4 3,8 3,1 5,7 6,1 1,6 1,5 1,5 1,1,2,3,3,1,1,7 1,, 2,6,6,6,3 I RAN RUSSIA S.ARABIA TURKEY I RAQ K A Z A K STAN I TALY L İ BYA OTHER

20 J-8 A-8 J-8 O-8 J-9 A-9 J-9 O-9 J-1 A-1 J-1 O-1 J-11 A-11 J-11 O-11 J-12 A-12 J-12 O-12 J-13 A-13 J-13 O-13 J-14 A-14 J-14 O-14 J-15 A-15 J-15 O-15 J-16 A-16 J-16 O-16 J-17 A-17 Margin Environment ($/bbl) 9,5 Med Complex Month Annual 7,5 5,5 3,5 1,5 -, ,54 4,83 5,13 4,21 3,97 2,89 1,95 1,95 1,67 1,17 Tüpraş Gross Margin Tüpraş Net Margin Med Margin 13,26 11,86 11,22 1,55 9,62 8,65 6,47 6,3 4,83 5,1 3,97 3,21 2,45 1,67 1,95 Premium to the benchmark Mediterranean peers refining margin due to: Refined products deficit characteristic to the Turkish market Access to cheaper sources of crude oil Ability to use heavier and sour crudes Proximity to major suppliers Reduces transport costs Implemented cost reduction measures Energy efficiency programs Capacity to produce higher value added range of refined products Direct pipeline connections with domestic clients High export capability Q1 2

21 65,1 8,7 94,5 99,9 Production Capacity Utilisation* (%) Quarterly Production Volume (Mn Tons) ,9 99,7 5,2 +6.7% 16,4 6, ,1 6,6 5,6 6,9 6,7 7,3 7,4 7,2 7,4 8 5,2 4 68, 2,9 Min / Max 27/ Crude Oil Other Q1 215 Q1 216 Q1 217 Q1 Q1 Q2 Q3 Q4 *Nameplate capacity calculated by standard 33 days of operations. 21

22 1st Quarter Product Yields ASRFO+Vac 2% Bitumen 9% Gasoline 22% -5,2 Fuel Oil 12% ASRFO+Vac 1% Bitumen 5% Gasoline 21% -,4 Coke 2% Fuel Oil 13% Other 6% Other 6,1% Black Prod. 26,1% Light Distil. 22,4% Mid. Distil. 45,4% Naphtha 1% Jet 15% -,7 Coke 3% Other 5% Other 5,4% Black Prod. 2,9% Mid. Distil. 51,7% Light Distil. 22,% Naphtha 1% Jet 16% ULSD 3% White Product 72,94% Production : 6,6 mn tons API: 31,14 % +5, ULSD 36% White Product 77,97% Production : 7,1 mn tons API: 31,8 +6,3 22

23 Tüpraş Sales (Million Tons) Jet Fuel Bitümen Gasoline Domestic sales of selected products Diesel 4,6 4,1 4,3 3,9 2,62 2,94 2,75 3,3 3,5 2,23 2,9 1,83 2,27 2,33 1,66,6,64 1,73,55 1,48,52,54 1,8,45,63,91 1,16,46,79,39,43,43,44,23,27,42,29,76,86 1,,83,98 1,26 1,23 1,18 1,5 1,27 5,4 5,8 6, 3,6 1,73,44,51 5,1 5,3 2,59 2,87,5,52,9,87,91 1,13 1, ,7 1,1 Domestic Export 5,6 1,7 3,6 3,9 Q1 Q2 Q3 Q4 6,9 7,2 1,8 2,3 5,1 5, 4,7,9 4,1 7,3 1,9 5,4 Total Sales 7,7 1,3 6,4 6,4 1,5 4,9 7,9 8,1 1,2 1,2 6,8 6,9 6,1 1,8 4,3 7,9 7,6 1,7 1,3 6,2 6, Q1 Q2 Q3 Q4 23

24 Investments (mn $) RUP Total Investment: 3,1 Billion $ Total Incentive: 3,78 Billion TL Remaining : 3,18 Billion TL Avg 278 mn $ Nelson complexity High white product yield Process more heavier and sour crudes Run all refineries with 1% capacity utilization Avg 943 mn $ Q1 959 Avg. 279 mn $ *125 46,6 Ongoing Projects New Power Plant Revamp of Crude Unit FCC Modernization New Sulphur Units Energy Saving Projects Optimization of conversion units 24

25 3 Key Financials

26 Financial Highlights (mn $) ,3,32,24,26,35,4,11,16,22, EBITDA Net Debt / EBITDA,77 2,39 4,92 1,7 1,54 1,8 Net Debt Net Income Return on Average Equity 3.,5 2.,4 1.,3-1., ,1, Q H 216 9M Q1 26

27 Balance Sheet Analysis 3,22 3,1 3,28 3,4 2,46 1,74 1,7 1,59 1,36 1,23 1,69 1,98 2,2 2,62 Cash & Equivalents (Billion $) 3 2,45 2,2 2 1,72 1,69 1,64 1,68 1,72 1,64 1,59 1,3 1,21 1,4 1,4 1,82 1,2,8,4, Receivables (Billion $) 1,7 1,9,93,88,91,91,71,75,66,7,52,51,2, ,1,5 Financial Loans (Billion $) LT Loans ST Loans 3,7 3,2 3,2 3,3 3,7 3,9 4, 4,2 3,6 3,6 3,4,9,3,3,3,4,5,6 1, 1,2 1,1 3,45 3,57,6,56, Payables (Billion $) 2 1 2,6 2,8 2,9 2,9 3, 3,3 3,1 3, 2,8 2,9 2,8 3,1 2,89 2,

28 Tüpraş Balance Sheet Million USD Diff. % Diff. Current Assets Cash & Equivalents Receivables Derivatives Inventories Pre-paid expenses Other Current Assets Long Term Assets Financial Assets & Subsidiaries Fixed Assets Derivatives Pre-paid expenses Deferred Tax Other Long Term Assets Total Assets Short Term Liabilities Financial Loans Payables Derivatives Deferred Incomes Provisions Other ST Liabilities Long Term Liabilities Financial Loans Payables & Provisions Derivatives Other LT Liabilities Equity Minority Interests Total Liabilities

29 Dividends (TRY) 12 1 Earnings per Share Gross Dividend Total Payout One of the highest dividend yield in BIST The policy is to distribute all the net distributable profit for the period 1, Total Payout (Mn. TL) ,16 6,5 6, , ,96 4,78 3,93 3,85 3,24 2,94 2, ,31 2,5 1,73 1, /213 EPS includes the tax incentive 29

30 Creating Competitive & Sustainable Shareholder Value Foreign Currency Long Term Tüpraş BBB- (IG) Ba1 Turkey BBB-(IG) Ba1 (-) BB Koç Holding Baa3- (IG) BBB (IG) Analyst Recommendations CORPORATE GOVERNANCE RATING O V ERALL 94,15 HOLD; 33% S H A R EHOLDERS T R A N S P A R ENCY S T A K EHOLDERS 95,51 92,55 97,66 BUY 67% B O A R D 92,8 Tüpraş has one of the highest Corporate Governance Ratings 3

31 FX Risk Exposure (31 March 217) Consolidated Assets Consolidated Liabilities Million $ Cash Receivables & other assets 26 Stock Forward & CFH 1,636 Payables 957 ST Financials 522 RUP 296 LT Financials: 2,61 RUP Loans: 1,26 Eurobond: 7 Other credits million $ *Cash flow hedge(cfh) accounting : 1,43 mn $ 31

32 32 Future Expectations Brent Price Estimation Med Complex Margin Tüpraş Net Margin Capacity Utilisation Investment The average Brent price in 217 is expected to be 55 dollars per barrel. We expect Med Complex margins to be between dollars per barrel band in 217. Net Tüpraş refinery margin is expected to be in the region of dollars per barrel Expectations for 217; Full Capacity Utilization Production: ~ 29.2 million tons Total sales: 3.6 million tons Imports of finished products will be minimal, as we focus on selling increased volumes of production Refining CAPEX is expected to be 225 Million dollars. Additionally, 125 million dollar investment is planned for increasing the marine tanker fleet capacity.

33 Updated information can be found in the Investor Relations section of the company website DISCLAIMER Investor Relations and Reporting Department Tel. : Fax : Güney Mah. Petrol Cad. No.25 PK.4179 Körfez-Kocaeli info@tupras.com.tr 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 a variety of 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.

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