investor presentation oct04

Hizmete Özel / Confidential

Investor Presentation

October 2021


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.trOct-21Investor Presentation 2

Disclaimer

Disclaimer


Refining Market


Brent Crude Prices

www.tupras.com.trOct-21Investor Presentation 4Refining Market

$/bbl

+ OPEC ++ production cut+ Impact of Iran & Venezuela sanctions+ Escalating regional tension+ Covid 19 vaccine discovery

- Concerns on global economic development

- Covid-19 related demand drop- Storage capacity fill up

data as of 30 September 2021

63.5

55.4

31.8

18.5

29.0

40.143.4

44.8

40.8 40.242.7

49.9

54.8

62.2

65.6 64.768.7

73.0

75.0

70.874.6

10

20

30

40

50

60

70

80

90

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

5yr range 5 yr ave 2020 2021

Year Average Brent Prices ($/bbl)

2016 43.7

2017 54.3

2018 71.0

2019 64.3

2020 41.7


Global Refinery Capacity Changes


Expectations until 2024:

• 73% of net capacity additions will come from Asia & Middle East

• Net capacity and demand in Europe will remain roughly unchanged

14%

13%

32%

41%

0% 10% 20% 30% 40% 50%

Other

Africa

Middle East

Asia

Net Capacity Additions by Region

-0.3

-1.7

-0.6-0.3

-0.4

-1.0

-0.4

2.3

1.00.8

1.2

2.3

1.7

0.2

2019 2020 2021 2022 2023 2024 2025

2019-2024 Net Capacity Additions

Closures Expected Closures Openings


Middle Distillate Cracks


11.2

10.1

12.5

9.7

5.0

4.8

6.4

4.7

2.4

4.34.8

5.4

4.9 4.8

3.7 4.15.0

5.7

5.1

6.8

9.5

0

5

10

15

20

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

Diesel

5yr range 5 yr ave 2020 2021

$/bbl

10.4

7.9

5.8

-1.7

-3.9

-1.6 -0.6

-2.3 -3.3

0.5

2.2 3.1

3.0 1.8

0.9 1.9 2.3 2.7 2.5

4.1

6.6

-10

-5

0

5

10

15

20

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

Jet Fuel

5 yr range 5 yr ave 2020 2021



Gasoline and High Sulphur Fuel Oil Cracks


$/bbl

6.27.0

10.411.5

10.6

10.8

13.7

15.115.7

7.7

9.8

3.32.4

3.1

4.3 4.65.1

7.7

6.4

4.13.4

0

5

10

15

20

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

Gasoline

5yr range 2021 2020 5 yr ave

-6.4

-9.7

-10.7

-10.4

-12.9-13.9

-14.5

-11.7-11.0

-22.4

-15.8

-8.4

-4.8

-7.8 -8.1-7.1 -7.5

-5.5-3.8 -4.4

-7.4

-35

-25

-15

-5

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

High Sulphur Fuel Oil

5 yr range 2021 2020 5 yr ave


Hizmete Özel / Confidential www.tupras.com.trOct-21Investor Presentation 8

Heavy Crude Price Differentials to Brent ($/bbl)

-12

-10

-8

-6

-4

-2

0

2

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

2018 2019 2020 2021

Arab Heavy

Basrah Heavy

Kirkuk

Ural

Average*

0

*Simple average of listed differentials

OPEC+ Cut Decision

Iran Sanctions

OPEC+disagreement

OPEC+ Cut Decision

Refining Market


Turkish Market


0.9 0.8

0.8 0.9

0.4 0.4

2.2 2.2

2020 2021

LPG

0.5 0.5

0.5 0.6

0.30.4

1.3

1.5

2020 2021

Gasoline

Turkish Market, 7M 2021

www.tupras.com.trOct-21Investor Presentation 10Turkish Market

¹Transit flight consumption included

5.6 5.6

5.3 6.3

2.62.5

13.514.4

2020 2021

Diesel

+18.4%

+0.6%

+258.5%

-36.2%

+40.4%

-5.0%

+9.6%

-7.9%

Q2 Q1July

0.90.6

0.2 0.7

0.2

0.41.3

1.7

2020 2021

Jet1

+7.6%

-3.3%

+28.7%

+131.1%


Turkey’s Net Import / Export Balance

www.tupras.com.trOct-21Investor Presentation 11Turkish Market

-3.4

2.8

-12.3

0.1

-3.1

3.2

-13.2

0.3

-3.2

2.4

-13.6

-0.4

-3.0

3.0

-8.8

0.3

-2.9

1.9

-5.9

0.4

-16 -12 -8 -4 0 4

LPG

Gasoline

Diesel

Jet

2020 2019 2018 2017 2016

ExportImportMillionTons

97%

87%

41%

Gasoline

Jet

Diesel

2020 12M

Tüpraş’ Market Share

Fuel Choice of Passenger Cars

LPG;40%

Gasoline; 20%

Diesel; 40%

LPG;40%

Gasoline; 20%

Diesel; 40%


Company Overview


Tüpraş Shareholder Structure

www.tupras.com.trOct-21Investor Presentation 13Company Overview

¹As of December 31st,2020

Foreign Ownership¹

48%

Domestic Ownership

52%

Free Float49%

Tüpraş is Turkey’s biggest industrial company and leading refiner.

Ditaş79.98%

Opet40%

Körfez Ulaştırma100%

Tüpraş Trading Ltd100%

Koç Holding77%

Aygaz20%

Opet3%

Energy Investments Inc. (SPV)51%


Tüpraş’ Refining Assets & Distribution Network


İzmit İzmir Kırıkkale Batman Total

Capacity (mn tons) 11.3 11.9 5.4 1.4 30

Nelson Complexity 14.5 7.66 6.32 1.83 9.5

Storage Capacity (mn m3) 3.0 2.5 1.3 0.3 7.0

Turkey’s petroleum product needs

Tüpraş;55%

Others; 45%

Turkey’s Storage Capacity

Tüpraş & Opet;57%

Others; 43%

İstanbul

Ankara

İzmir

Mersin

Baku

Kirkuk

OPET

Antalya Terminal19,392 m³

OPETMersin Terminal240,000 m³

OPETGiresun Terminal43,130 m³

OPETMarmara Terminal721,000 m³

İzmit

Kırıkkale

Batman

Crude Pipeline Terminal Refinery

Ceyhan

Railway

Iraq-Turkey Oil Pipeline

Baku-Tbilisi-Ceyhan Oil Pipeline

Integrated system optimization with high

complexity, procurement & logistics flexibility


Nelson Complexity of Refining Companies



Tüpraş Subsidiaries


OPET, Distribution, Tüpraş Share: 40%

• 1,789 stations as of 31 August 2021• As of July 2021 Market share: 17.4% in white products; 10.2% 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• ~1.5 mn ton of product and semi-product carried in 2020.• Operates with 10 diesel locomotives and over 600 cistern wagons

Tüpraş Trading UK, Trading, Tüpraş Share: 100%

• Trading Office in London is important for 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


Operations


6371

76 79 81

5564

11

1414 7

14

3421

13

1010

102

310

2 2 312 12

3 3 1

2014 2015 2016 2017 2018 2019 2020

Middle East CIS Europe Africa America

Main Crude Suppliers in 2020

Crude Suppliers of Tüpraş


In 2020, Tüpraş purchased 18 different types of crude from 11 countries with gravities ranging between 20-47 API.

Operations

Crude Oil Imports by Region (%)


Annual Product Yields

www.tupras.com.trOct-21Investor Presentation 19Operations

2019

White Product Yield (%) 79.0%

Production 28.1 mn tons

API 32.0

2020



API 31.5

LPG4%

Gasoline20%

Naphtha1%

Jet17%

Diesel36%

Fuel Oil9%

Coke3%

Bitumen8%

Other2%

Light Distil.25%

Mid. Distil.53%

Black Prod.20%

Other white

2%

LPG3%

Gasoline21%

Naphtha1%

Jet12%

Diesel45%

Fuel Oil2%

Coke3%

Bitumen12%

Other1%

Light Distil.25%

Mid. Distil.57%

Black Prod.17%

Other White

1%


H1 Product Yields

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

Operations

LPG3%

Gasoline20%

Naphtha2%

Jet12%

Diesel44%

Fuel Oil3%

Kok4%

Bitumen7%

Other5%

LPG Gasoline Naphtha Jet Diesel

Fuel Oil Kok Bitumen Other

Light Distil.25%

Mid. Distil.59%

Black Prod.14%

Other white

2%

H1 2021



API 31.6

LPG3%

Gasoline19%

Naphtha1%

Jet14%

Diesel44%

Fuel Oil1%

Kok4%

Bitumen10%

Other4%

LPG Gasoline Naphtha Jet Diesel

Fuel Oil Kok Bitumen Other

Light Distil.25%

Mid. Distil.60%

Black Prod.13%

Other white

2%

H1 2020



API 31.3

Hizmete Özel / Confidential10

1

87 91

75

64

80

78

57

86

7

9 7

6

5

9 6

9

6

108

96 98

82

69

8984

65

91

2017 2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Crude Oil Semi Product Feedstock Total

Capacity Utilization1 (%)Quarterly Production (Mn tons)

Capacity Utilization and Quarterly Production Volume

www.tupras.com.trOct-21Investor Presentation

21

¹Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards.

Operations

6.0

4.9

6.4

6.1

4.6

6.5

4

5

6

7

8

Q1 Q2 Q3 Q4

2017 2018 2019 2020 2021


Sales

www.tupras.com.trOct-21Investor Presentation

22

• Tüpraş generated 24.5 million tons of total sales in 2020.

Operations

24.8 25.7 25.622.4 19.8

5.5 5.8 4.26.8

4.7

30.3 31.5 29.8 29.2

24.5

2016 2017 2018 2019 2020

Exports

Domestic Sales

10.8 11.3 11.9 10.4 10.6

4.5 4.5 4.94.3 2.2

2.2 2.2 2.22.3

2.3

3.4 3.5 2.91.8

2.4

2016 2017 2018 2019 2020

Bitumen

Gasoline

Jet Fuel

Diesel

Total Sales

Domestic Sales of Key Products

Customer Groups 2020mn tons

mn tons

Sales to Distributors

2020

12.7 mn tons

Total Sales, 2020

24.5 mn tons

Distributors52%

Jet8%

Other12% Export

18%

Bitumen10%

POAŞ27%

OPET30%

SHELL20%

BP14%

OTHER9%


Product Sales in Q2 (Million Tons)


Tüpraş generated 6.9 million tons of sales in Q2 2021. Mid-distillate sales were strong by resilient domestic

demand. Total product sales increased 30% y-o-y, almost reached to pre-pandemic 2019 levels.

Operations

6.6 6.7

5.5

4.15.1

1.40.7

1.6

1.2

1.8

8.1

7.47.1

5.3

6.9

Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021

Total Product Sales

Domestic Product Sales International Sales

2.9 3.12.7

2.32.6

1.21.3

1.0

0.2

0.8

0.6

0.6

0.6

0.5

0.6

0.9

0.9

0.4

0.7

0.4

Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021

Domestic Sales of Selected Products

Diesel Jet Fuel Gasoline Bitumen


Key FinancialsFinancials


Tüpraş and Med Refining Margins

www.tupras.com.trOct-21Investor Presentation 25Financials

6.0

8.19.3

3.7

1.3

3.65.3

4.6

1.7

-0.2

2016 2017 2018 2019 2020

Average Margins

Tüpraş Net Margin Med Margin

($/bbl)Gross

MarginInventory

Effect

Clean Gross

Margin

Clean NET

Margin

Net Margin

Med Margin

Q2 2020 6.3 -1.3 7.5 2.2 0.9 -0.6

H1 2020 6.7 -2.1 8.8 3.1 1.1 0.6

2020 6.4 0.0 6.4 1.2 1.3 -0.2

Q2 2021 8.8 1.8 7.0 2.8 4.6 0.3

H1 2021 8.3 2.1 6.2 1.2 3.3 0.0

0.92.1

0.7

4.6

-0.6 -1.9 -0.1

0.3

Q2 2020 Q3 2020 Q4 2020 Q2 2021

Average Margins

Tüpraş Net Margin Med Margin

• Ability to use heavier and sour crudes with higher complexity

• Access to a wide range of cheaper sources of crude oil

• 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

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

Hizmete Özel / Confidential www.tupras.com.trOct-21Investor Presentation

26Financials

Income Statement (Million TL)

EBITDA realized as 2,512 mn TL in Q2 2021.

*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.

Million TLQ2 Q2

%H1

2021H1

2020%

2021 2020Net Sales 33,688 9,280 263% 53,509 26,219 104%

COGS -30,724 -8,390 266% -49,018 -26,239 87%

Gross Profit 2,964 890 233% 4,491 -20 -

Operating Expenses -691 -520 33% -1,248 -977 28%

Income/Loss from other operations -325 -92 255% -1,910 -441 333%

Operating Profit 1,948 278 600% 1,334 -1,438 -

Income/Loss from equity investment 50 -57 - 60 -226 -

Operating Profit Before Fin. Income/Loss 1,999 221 804% 1,394 -1,663 -

Financial Income /Expense -702 -550 28% -1,058 -1,464 -28%

Profit Before Tax 1,297 -329 - 337 -3,127 -111%

Net Profit (excluding minority interest) 1,700 -185 - 939 -2,450 -

EBITDA *(mn. TL) 2,512 477 427% 3,681 -814 -

Inventory Gain/Loss (mn. TL) 1,407 -8 - 2,919 -2,024 -

EBITDA* (mn. TL) CCS 1,105 484 128% 763 1,210 -37%

Hizmete Özel / Confidential www.tupras.com.trOct-21Investor Presentation

(1) Excluding minority interest(2) Adjustments to 2020 and 1H’2021 EBITDAare based on historically low crack adjustments in

2H’20 and 1H’21.Financials

Financial Highlights

1,5751,033 851

-1,291

1,170

1,542 2,2101,495

477

2,512

1,528

3,778

956

977

1,237

1,887

738

383

3,116

3,242

2,345

545

3,681

2017 2018 2019 2020 2021

EBITDA (mn TL) Q4

Q3

Q2

Q1

869378

-375

-2,265

-760

1,457

1,027

870

-185

1,700

992

542

-155

-420

493

1,766

186

376

3,812 3,713

526

-2,494

939

2017 2018 2019 2020 2021

Net Income¹ (mn TL) Q4

Q3

Q2

Q1

41%37%

5%1%

28%

2017 2018 2019 2020 2021

Return on Average Equity2

1.2

1.3 1.0 1.1 1.01.2

1.9 2.22.4

1.31.1 1.3

2.1

17.1

2.2

2017 2018 2019 2020 Q2 2021

Current Ratio & Net Debt / Adj. EBITDA2

Current RatioNet Debt / Adjusted R. EBITDANet Debt /R.EBITDA

Hizmete Özel / Confidential www.tupras.com.trOct-21Investor Presentation 28Financials

Balance Sheet Analysis

2.1

4.7

-3.6-2.0

-3.0

2.6

-4.7-5.4 -5.6

Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Working Capital Requirement (Billion TL)

6.2

12.0

8.4

12.211.0

17.8

9.4

12.511.3

1.72.3

1.41.9

1.6

2.3

1.3 1.5 1.30

1

2

3

4

5

6

0

5

10

15

20

Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Net DebtIn Billion TL In Billion $

12.3

9.8

1.7

6.5

0.1 0.3

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

Redemption Schedule (Billion TL)TL Hard Currency

bn TL bn $

Financial Management

• Ongoing strict working capital management continues to lower funding needs

• Improved operational profitability generation further helps delevering


Annual Profit Before Tax Bridge (2019-2020)


2020 PBT was adversely affected from historically low crack margins, lower production and inventory losses due to Covid19

Financials


Q2 Profit Before Tax Bridge (2021-2020)

Million TL

Despite much narrower differentials and elevated FX, Q2 2021 PBT performed strongly with inventory gains, increase in total sales volume, better crack margins and lower interest expenses.


2021 Expectations


Med Complex Refining Margin 0.0 - 0.5 $/bbl

25-26 mt production, 26-27 mt sales and 85 - 90% capacity utilization

Tüpraş Net Refining Margin 2.5 - 3.5 $/bbl

• ~40% of capex for sustainability focused energy efficiency and environmental projects

Consolidated Capex ~200 million $


H1 2021 Results

3.3

0.0

-1.0 0.0 1.0 2.0 3.0 4.0

H1

202

1

Refining Margins ($/bbl)

Med Margin Tüpraş Net Margin

78% total capacity utilization in H1 2021

11.1 11.825 26

Production Sales

Operationals

H1 2021 FY Target

26 276.9 mn tons of sales and 6.5 mn tons of production in Q2 2021

74

200

H1 2021 FY Target

Total Capex (mn $)

74 mn $ total CAPEX in H1 2021

77.8

0 10 20 30 40 50 60 70 80 90 100

H1 2021

Capacity Utilization (%)

3.3 $/bbl net refining margin in H1 2021

Med FY Exp

Tüpraş FY Target


Investments (Million $)


274343

484

219162

633

1,061

1,246

979

357291 301

165236

153 74

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 H12021

Ongoing Projects

• Revamp of FCC

• Periodic Maintenance of

Vacuum & Lube Complex in

Izmir is postponed to 2022

• Periodic Maintenance of

Crude Unit is planned for Q4

• c6.9 bn USD investments since privatization

• Reached 9.5 Nelson Complexity

• Capability to process heavier and more sour crude

Avg. 296 Mn$

Avg. 980 Mn$

Avg. 250 Mn$

Financials


Proactive in liquidity risk management & targets/limits for financial ratios:• Net financial debt/EBITDA

• Net financial debt/Equity

Financial Policy


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

CommodityHedging

Policy

Financials


FX Exposure Management (30 June 2021)


*Cash Flow Hedge

• 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

192

Forward 2,327CFH* 490

Stock1,737

Receivables & Other Assets

147

Payables & OtherLiabilities

2,980

ST Financial Loans715

• RUP: 190• Other: 526

LT Financial Loans1,204

• RUP: 368• Eurobond: 670• Other Loans: 166

Consolidated Hard Currency Assets

Consolidated Hard Currency Liabilities

Million $

-7mn $


Appendix


Tüpraş Balance Sheet (Million TL)

www.tupras.com.trOct-21Investor Presentation 37Appendix

30.06.2021 31.12.2020 Diff. Diff. (%)

Current Assets 43,653 30,663 12,990 42

Cash & C. Equivalents 19,365 19,825 -460 -2

Trade Receivables 6,005 1,736 4,269 246

Derivatives 420 380 40 10

Inventories 15,065 7,701 7,364 96

Pre-paid expenses 313 234 80 34

Other Current Assets 2,485 788 1697 215

Long Term Assets 31,386 30,505 881 3

Financial Assets & Subsidiaries 1,320 1,330 -10 -1

Tangible & Intangible Fixed Assets 22,388 22,137 251 1

Derivatives 92 88 4 4

Pre-paid expenses 101 135 -34 -25

Deferred Tax 5,736 5,002 734 15

Other Longterm Assets 1,750 1,813 -63 -3

Total Assets 75,039 61,169 13,870 23

Short Term Liabilities 43,796 28,341 15,455 55

Financial Loans 12,325 8,502 3,823 45

Trade Payables 26,621 14,137 12,484 88

Derivatives 310 763 -453 -59

Provisions 242 142 100 70

Other ST Liabilities 4,299 4,796 -497 -10

Long Term Liabilities 20,190 21,155 -965 -5

Financial Loans 18,308 20,743 -2,435 -12

Payables & Provisions 360 356 3 1

Derivatives 42 45 -4 -8

Other LT Liabilities 13 10 3 27

Total equity attributable to equity holders of the parent 12,282 11,446 836 7

Minority Interests 238 226 12 5

Total Liabilities & Equity 75,039 61,169 13,870 23


2021 Refinery Maintenance Schedule


(*) This activity started in Q4 2020. Duration figure indicates the portion carried out in 2021

Appendix

Refinery Unit Starting Quarter Duration (weeks) Purpose Status

Batman Crude Oil & Vacuum Q1 7* Seasonal Done

İzmir

Crude Unit Q1 9

Revamp / OpportunityMaintenance

Done

CCR Q1 10 Done

FCC Q1 9 Done

Isomerization Q1 10 Done

Desulphurizer Q1 11 Done

Periodic MaintenanceVacuum Q4 6 Postponed (2022)

Periodic MaintenanceLube Complex Q4 6 Postponed (2022)

İzmit

Desulphurizer Q1 4 Periodic Maintenance Done

FCC Q1 30 Revamp Ongoing

Crude Unit Q4 2 Periodic Maintenance Planned

Kırıkkale


Foreign Currency Long Term

Tüpraş B+ (Negative) B2 (Negative)

Turkey BB- (Negative) B2 (Negative) B+ (Stable)

Koç Holding B2 (Negative) BB- (Stable)

Tüpraş - Ratings


93.3

99.5

97.2

95.5

95.8

0 25 50 75 100

Board

Stakeholders

Transparency

Shareholders

Overall

Tüpraş BIST Corporate Governance Rating Score

Source: Bloomberg*

Analyst Recommendations

Credit Rating Scores

Source: SAHA Corporate Governance and Rating Services Inc. (October 2020)

65%

35%

0%

Buy

Hold

Sell

*data as of 30 September 2021

Appendix


4.1 4.1 4.1 4.23.9

0

1

2

3

4

5

2016 2017 2018 2019 2020

LPG

-0.6%

Turkish Consumption 2016-2020


Source: Tüpraş and EMRA* Transit flight consumption included

22.324.2 23.6 22.5 22.7

0

14

28

2016 2017 2018 2019 2020

Diesel

-4.4%+8.3%+0.5%

MillionTons

-2.4%

4.4 4.55.0 5.3

2.4

0

4

8

2016 2017 2018 2019 2020

Jet Fuel*

-54.4%

+10.5%+2.6%

2.2 2.3 2.3 2.4 2.3

0

2

4

2016 2017 2018 2019 2020

Gasoline

-2.5%+3.0%+1.2%+3.1%

+6.5%

+1.6%+0.8% -7.4%

Appendix


Competition - STAR Refinery


• 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 TotalTurkishMarket

Demand*Balance

LPG 1.1 0.3 1.4 4.2 -2.8

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 5.3 1.5

Diesel 10.7 4.8 15.2 22.5 -7.3

Fuel Oil 1.8 1.8 0.3 1.5

Bitumen 3.1 3.1

Pet coke 0.8 0.7 1.5

Total ~30 ~10 ~40

Appendix

Source: EMRA


Competition - Regional Competition


• 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


Dividend (TL)


3.2 2.95.0 5.8 4.8 5.8

10.2

7.2

15.2 14.8

2.1

-10.0

2.5 3.0 3.9 3.91.6

6.5 6.2

13.615.2

0.0 0.0

77%

101%

79%

66%

33%

0%

64%

87%89%

102%

0% 0%

0%

40%

80%

120%

-11

-6

-1

4

9

14

19

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

EPS DPS Dividend Payout

Appendix


Tüpraş Production Flow and Yield Breakdown


• Tüpraş has 30 million tons of production capacity

• Tüpraş operates 4 refineries with an integrated system optimization program

Appendix

Key Units# of

UnitsCapacity(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

NAPHTASPLITTER

8

LPG MEROX 6

Flow Diagram

LPG MEROX

NAPHTHASPLITTER

ISOMER.

VACUUMDIST.

UNIFINERREFORMER

KERO/DIESEL (HDS)

FCC

HYDROCRACKER

COKER

Bitumen

Lube Oil

FCCGasolineHDS

BenzenSaturation

Multiple distillation

and production

units

Other, 3.8%

Bitumen & Fuel Oil, 19.9%

Lube Oil, 0.5%

Diesel,

33.9%

Jet Fueloil, 16.5%

GasolineNaphtha,

22.0%

LPG, 3.5%

Jet Fuel /Kerosene


RUP Feedstock and Production


• 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 tonsTotal Processing ~4.50 mn tons

Appendix


European Pump Price Comparison


European and Turkey prices as of February 8th, 2021

Turkish fuel prices are highly competitive with other European countries.

Appendix

2.833.93

2.373.02

3.562.79

3.722.73

0.70

0.00

0.870.54

0.000.96

0.000.95

3.45

4.55 5.696.14 5.86

6.15 6.64 6.60

0

2

4

6

8

10

12

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

Gasoline (TL/Lt)

Refinery Price Dist. Margin Tax

3.174.10

2.893.94

4.52

3.02 3.05 3.18

0.760.00

0.910.00

0.00

0.92 0.80 0.73

2.58

3.85 4.374.78

4.49 5.55 5.756.21

0

2

4

6

8

10

12

TR Spa. Ger. EU19 Gre. Fra. Ita. UK

Diesel (TL/Lt)

Refinery Price Dist. Margin Tax


Tüpraş’s Sustainability Efforts Over a Decade of Dedication

www.tupras.com.trOct-21Investor Presentation 47Appendix

Tüpraş kicked off its sustainability

program back in 2008 and

achieved many milestones in a

decade

~500energy efficiency

projects leading to

~35,000 TJ saving and

2.4 mt CO2 reduction

11.5%increase in solid waste recovery

20.7 points drop in Energy

Intensity

45.5% decrease in fresh

water usage

~209 MTL donations and sponsorships

76.5% increase in female

employee numbers

~1.2 mnworkhours 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

From our investment decisions to our

working methodology, we placed

sustainability at the forefront of our

operations, as a core management

aspect. Accordingly, we adopted the UN

Sustainable Development Goals (SDGs)

as a significant guidance mechanism

seeking creative solutions to global

challenges.


2020 Achievements

www.tupras.com.tr 48

• In the Industrial Energy Efficiency (SENVER) Project Competition, KırıkkaleRefinery won the 2nd place with its "Energy Optimization Studies" project, and İzmit Refinery received the Special Jury Award with its "Hydroprocess Units Operational Energy Optimization" project.

• İzmit Refinery won the WasteManagement Award at the “Sustainable Business Awards”.

• Achieved 63.6% water recycle ratio

• Achieved 58.8% solid waste recovery

Environmental Responsibility

• In the first days of the pandemic, we quickly coordinated with 60 volunteer teachers, using 3D printers in robotic coding classes, 10 thousand visor masks were produced for healthcare workers and delivered to Provincial Health Directorates. This project was deemed worthy of the "Possible Together" award at the TİSK Common Tomorrows Possible Together Competition in December 2020.

Social Support

• 9.58 Corporate Governance Rating

• 18% Female Representation at the Board, 25% representation is targeted in the next five years

• 20% Female Representation in Upper and Mid-Level Management.

Governance Excellence

AppendixOct-21Investor Presentation


LPG and Naphtha Cracks


$/bbl

-11.4

-17.2-17.7

-19.6

-27.7

-29.2

-21.4

-13.7

-15.7

-21.7

-15.9

1.6

-5.4

-11.2

-18.0

-15.2

-17.9

-11.4

-7.5 -8.1

-13.7

-40

-30

-20

-10

0

10

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

LPG


-0.3

-2.1

-3.2-4.1 -4.2

-3.6

-1.0

0.3 0.2

-7.9

-6.4

-7.6

-9.3

-6.4

-3.6

-2.0

-3.5

-1.8

0.8

-2.4-2.8

-15

-10

-5

0

5

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

Naphtha


5 yr between 2016-2020

Appendix



Koç Holding

www.tupras.com.tr 50

• Koç Holding is Turkey’s largest industrial and services group

• The only Turkish company in Fortune Global 5001.

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

6.4%

Combined Revenues /

GDP

6.7%

Total Exports / Turkey’s Exports

19.4%

Koç Group’sMarket Cap/

Borsa Istanbul100 Index

Notes : Data as of YE20(1) 2020 Report (based on consolidated revenues)

AppendixOct-21Investor Presentation


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