Q4 2015INVESTOR PRESENTATION

Investments03

Company

Overview02

Refining

Industry01

Key

Financials04

Refining Industry

Brent Crude Oil Prices

108,0 115,3106,1

101,2

94,6

84,3

71,7

65,760,4

55,0

55,0

45,2

62,0

66,7

26,0 28,725

30

35

40

45

50

55

60

65

70

75

80

85

90

95

100

105

110

115

02

.01

.20

14

06

.02

.20

14

13

.03

.20

14

17

.04

.20

14

22

.05

.20

14

26

.06

.20

14

31

.07

.20

14

04

.09

.20

14

09

.10

.20

14

13

.11

.20

14

18

.12

.20

14

22

.01

.20

15

26

.02

.20

15

02

.04

.20

15

07

.05

.20

15

11

.06

.20

15

16

.07

.20

15

20

.08

.20

15

24

.09

.20

15

29

.10

.20

15

03

.12

.20

15

07

.01

.20

16

11

.02

.20

16

4

$/Barrel

CONS

Excess Crude Supply

Cooling Chinese Economy

Consumption is lower than usual

in the winter months because of

the El-Nino effect

High production from the OPEC

and non-OPEC producers

Entry of Iranian production

The amount of additional new

refining capacity in ME and China.

PROS

Increased geopolitical risk

perception

Potential high consumption due to

the lower price environment.

Narrowed spread between the

Brent and WTI and increased

spread between the light and

heavy crudes

Worsening situation of the

economies in oil dependent

countries

Net Refinery Capacity Change

810 640160 195 52

-255-543 -486

334

150

340 13540

-145

-109 -266

160

250

18184

180

-240

65

-421

530

526

0 302

-5

-775

-546

520

400

120

390

-140

305

-352

270

510

0

198

-443

63

-189

200

880

0

309

-100

20

-218

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

China India Middle East Other Asia Other Japan North America Europe

Tho

usa

nd

Bar

rels

/Day

2009 2010 2011 2012 2013 2014 2015

Source : Tüpraş

5

Refinery Value

Value Added•Ability to upgrade

•Correlated to complexity

Cost Base•Energy Efficiency•Raw Material costs•Scale•Automation

Local Market Dynamics•Growth trends•Supply / Demand balance

Market Position•Proportion of products sold domestically•Local Competition•Infrastructure

6

Product Ratios (Barrel/Barrel)

1,00

1,05

1,10

1,15

1,20

1,25

1,30

1,35

1,40

Jan

Jan

Feb

Mar

Mar

Ap

r

May Jun

Jun

Jul

Au

g

Sep

Sep

Oct

No

v

No

v

Dec

Diesel

2010 - 2014 Min Max 2012 2013 2014 2015

2015

Gasoline ratio was at very high levels

Ratios have suffered seasonal declines

0,85

0,95

1,05

1,15

1,25

1,35

1,45

1,55Ja

n

Jan

Feb

Mar

Mar

Ap

r

May Jun

Jun

Jul

Au

g

Sep

Sep

Oct

No

v

No

v

Dec

Gasoline

2010 - 2014 Min Max 2012 2013 2014 2015

0,50

0,60

0,70

0,80

0,90

1,00

Jan

Jan

Feb

Mar

Mar

Ap

r

May Jun

Jun

Jul

Au

g

Sep

Sep

Oct

No

v

No

v

Dec

Fuel Oil

2010 - 2014 Min Max 2012 2013 2014 2015

7

Crude Differentials $/Barrel

-4,0

-3,5

-3,0

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

0,5

1,0

-4,0

-3,5

-3,0

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

0,5

1,0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2009-2012 Min/Max 2012 2014 2011 2013 2015

-12,0

-10,0

-8,0

-6,0

-4,0

-2,0

0,0

2,0

Differentials Trends

Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy Siberian Light CPC

Ural Crude Differentials $/Barrel

8

Med Complex Refining Margins

9

-2,00

-1,00

0,00

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Gro

ss M

argi

n $

/bb

l

Max-Min 2004-2009 Average 2011 2012 2013 2014 2015

Turkish Sector Outlook

Primary driver of demand is

growing vehicle parc

Auto sales continue to massively

outstrip removals

Very high gasoline tax has led to LPG

& Diesel substitution

Gasoline car sales improving35,8 41,2 50,6 58,3 64,5 76,1 85,4 97,543,6 44,3

52,259,4

65,473,4

80,383,9

79,4 85,5102,8

117,6130,0

149,5165,7

181,4

0

50

100

150

200

2008 2009 2010 2011 2012 2013 2014 2015

Air Passengers - Mill ion

Domestic International

4,6 5,4 6,1 6,8 7,1 7,5 8,1 8,6 9,3 9,9 10,54,1

4,86,1

7,0 7,2 7,6 8,0 8,4 8,7 9,0 9,4

8,710,2

12,213,8 14,3 15,1

16,117,0 17,9 18,8

19,9

0

5

10

15

20

25

Mill

ion

Veh

icle

s

Vehicle Parc

Passenger Car Other

Jet Fuel demand growing strongly Highly competitive liberalised market

Big infrastructure investments

Istanbul has become a hub for Turkish Airlines

Fuel Oil demand is declining Natural gas substitution

Switching is dependent on price

Long Term Asphalt Demand Growth Infrastructure investments

10*By the end of November

15,616,7

17,4

15,906

18,429

14,0

15,0

16,0

17,0

18,0

19,0

2012 2013 2014 2014(11M) 2015(11M)

Diesel

Turkish Consumption (Million ton)

1,85 1,861,92

1,76

1,92

1,65

1,70

1,75

1,80

1,85

1,90

1,95

2012 2013 2014 2014(11M) 2015(11M)

Gasoline

3.2%

7.0%4.2%

0.5%

3,5 3,7 4,1 3,778 4,253

0,0

1,0

2,0

3,0

4,0

5,0

2012 2013 2014 2014(11M)2015(11M)

Jet Fuel

5.5% 11.2%

0,690,53 0,53 0,49

0,38

0,00

0,20

0,40

0,60

0,80

2012 2013 2014 2014(11M)2015(11M)

Fuel Oil

-1.1%-23.0%

11

+15,9%+9,1%

+12,6%

-26.4%

Turkey’s Import / Export Balance (Net)

-3,0

2,1

-10,0

1,5

-3,0

2,5

-10,8

1,6

-3,1

2,4

-12,0

1,0

-3,1

2,5

-12,7

1,8

-3,0

3,0

-12,3

1,6

-14,0-13,0-12,0-11,0-10,0

-9,0-8,0-7,0-6,0-5,0-4,0-3,0-2,0-1,00,01,02,03,04,0

LPG Gasoline Diesel Fuel

2011 2012 2013 2014 2015

Million Ton

Export

Import

Company Overview

14

TÜPRAŞ Refining Assets

İzmir

İzmit

Ankara

İstanbul

Kırıkkale

Batman

Kirkuk

Baku

MARMARA

Kırıkkale

5.0 MT Capacity

NC: 6.32

Storage Capacity :

1.4 Mn m3

Batman

1.1 MT Capacity

NC: 1.83

Storage Capacity :

0.3 Mn m3

İzmit

11.0 MT Capacity

NC: 14.5

Storage Capacity :

3.0 Mn M3

İzmir

11.0 MT Capacity

NC: 7.66

Storage Capacity :

2.5 Mn M3

Lube Oil Production 400

thousand ton

Black Sea

Total Refining Capacity: 28.1 Million Tons – 100% of Turkey’s refining Capacity

Current Nelson Complexity(NC): 9.5

OPET Tüpraş Share 40.0 %

1.419 İstasyon

1.003 Opet Marka

416 Sunpet Marka

1.1 Million M3 Storage

•Major Terminals in Marmara, Agean, Black Sea & Mediteranean

International Trading

•London

Jet Fuel Sales

•Turkish Airlines JV

Lubricants

•Fuchs JV

A Sector Leader

•2nd Biggest Player

•# 1 Brand

15

16

DİTAŞ – Deniz Taşımacılığı – Tüpraş Share %79.98

19,314,8

6,4 4,8 6,6

2,6

3,1

3,13,5

5,2

18,0

9,6

9,68,4

11,8

0

5

10

15

20

25

2011 2012 2013 2014 2015

Mill

ion

To

ns

Crude Products

Million $ 2011 2012 2013 2014 2015

Net Sales 146,4 159,0 103,7 101,7 113,6

Op. Profit 17,9 22,8 25,2 27,3 36,8

• Crude• 2001

• 164,86 K DWT

Cumhuriyet

• Products • 2008

• 10,98 K DWT

Sevgi

• Products • 2009

• 10,98 K DWT

Gönül

Products

2011

6 K DWT

Leyla

Products201255 K DWT

Suna

• Bitumen

• 2x20 K DWT

• Esra 2014

• Aylin 2015

Esra & Aylin

16

Financials

19 Tugboats

Crude Suppliers of TÜPRAŞ (Million Tons)

9,7

2,1

2,0

2,4

3,1

1,1

0,1

0,0

0,3

7,2

2,0

2,8 2

,3

3,8

1,5

0,3

1,0 0

,6

5,1

1,5

2,9 2

,4

6,1

1,5

0,3

0,7

0,6

5,3

0,6

1,9

2,4

5,7

1,6

0,2

0,1

2,6

5,4

7

3,1

1

2,3

9

2,5

7

0,5

9

0,3

0

0,0

0

1,4

3

I RA N RUSS İA S .A RA BİA TURKEY IRA Q KA Z A KSTA N ITA LY L İBYA OTHER

2011 2012 2013 2014 2015

In 2015, Tüpraş purchased 21 different types of crude oil from 11

countries, with gravities ranging between 19-47 API

17

Med & Tüpraş Net Margins, $/bbl

6,1

3

2,6

2

4,8

9

4,3

4 3,6

5 2,6

3

-0,2

8

7,5

16,2

8

1,4

0

3,5

5

1,6

5

5,7

3

2,5

2

0,0

6

4,8

8

-2,0

0,0

2,0

4,0

6,0

8,0

2008 2009 2010 2011 2012 2013 2014 2015

2nd Quarter

Tupras Net Med Complex

18

1,5

7

1,7

2

1,3

7

3,8

7

1,9

6 0,9

0

2,4

1

4,6

93,7

0

3,4

4

3,5

0

0,4

2

2,9

7

2,8

3

0,4

4

5,9

8

0,0

2,0

4,0

6,0

8,0

2008 2009 2010 2011 2012 2013 2014 2015

1st Quarter

Tupras Net Med Complex

6,3

7

1,8

7

5,0

2

8,2

0

5,9

1 4,1

3

5,5

3

8,3

26,7

2

1,5

9

1,7

4

1,2

0

5,2

3

1,0

5

3,4

5

4,9

2

0,0

5,0

10,0

2008 2009 2010 2011 2012 2013 2014 2015

3rd Quarter

Tupras Net Med Complex

3,4

5

3,0

5

5,8

2 4,4

2

1,7

2

2,0

3

4,5

6

5,1

7

5,4

6

1,3

4

2,7

6 1,4

1

2,9

2

0,3

0

3,8

4

3,5

4

0,0

2,0

4,0

6,0

8,0

2008 2009 2010 2011 2012 2013 2014 2015

4th Quarter

Tupras Net Med Complex

Capacity Utilisation (%)9

1,1

86

,1

60

,4

69

,6 74

,4 78

,7

76

,8

71

,3

98

,1

8,7

7,55,5

2,9 2,43,6

4,4

69,2

77,181,6

79,174,9

102,5

0

20

40

60

80

100

120

2007 2008 2009 2010 2011 2012 2013 2014 2015

Crude Oil Other

Quarterly Production Volume (Mn Tons)

3,31

4,19 4,324,06

5,51

6,256,47

6,07

4,554,63 5,41

5,51

5,71

6,82

7,32 7,42

0

1

2

3

4

5

6

7

8

1Q 2Q 3Q 4Q

Min / Max 2007/2014 2014 2015

Production

19

+27,6%

4th Quarter Product Yields

12M Product Yields

Domestic Sales, million tons

1,81 1,78 1,82 1,832,04

0,0

0,5

1,0

1,5

2,0

2,5

2011 2012 2013 2014 2015

Gasoline

2,763,29

3,553,83

4,75

0,0

1,0

2,0

3,0

4,0

5,0

2011 2012 2013 2014 2015

Jet Fuel

7,878,57 8,11

6,70

9,17

0,0

2,0

4,0

6,0

8,0

10,0

2011 2012 2013 2014 2015

Diesel

2,95 2,81 2,93

1,95

2,87

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

2011 2012 2013 2014 2015

Bitumen

22

12M Trading Activities

Exports High CUR = big increases in export

Finished Products High Sulfur Diesel imports decreased due

to low desulphurisation arbitrage profits.

ULSD imports were higher due to thetrading arbitrage.

Intermediates Additional HVGO + LCGO imported to

increase Capacity Utilisation of conversion units (RUP Coker and Hydrocracker Unitsincluded)

23

0

882

692

24

532

274

0

637

804

49

588

61

0

200

400

600

800

1.000

Product Imports, Ton*000

2014

2015

2.508

129

2.670

27

3.559

349

2.551

350

1.000

2.000

3.000

4.000

Gasoline Middle Dist. Fuel Oil Other

Exports, Ton*000

2014

2015

436

733

0

200

400

600

800

HVGO + LCGO ASR F.Oil

Intermediate Imports , Ton*000

12M 2014 12M 2015

Sales By Customer 2015

24

Distributors40%

THY Opet11%

Jet Fuel5%

LPG Dist.3%

Petkim1%

Other5%

Export23%

Asphalt10%

Military2%

OMV POAŞ25%

OPET17%

Shell13%

BP6%

TP4%

TOTAL4%

Diğer 31%

Customer Groups Sales to Distributors

Total: 28.7 million ton Distributors : 12.8 million ton

Investments

26

0

200

400

600

800

1000

1200

1400

2008 2009 2010 2011 2012 2013 2014 2015 2016E

395

188 177

628

974

1201

959

344270

Investments (Million USD)

İzmit Waste Water Treatment

27

Project Aims

• To reduce the need for fresh water

What the Project Entails

• A water treatment plant to process municipal & refinery waste water

• Two temporary systems were built to serve until the main system was completed

• Project completed in 2015

Investment

• 22 Million USD

İzmir Crude Unit Revamping Project

Project Aims

• Eliminating low energy efficiency in the furnaces

• Enables sustainable full capacity utilization

What the Project Entails

• Configuration Changes

• De-salter & Pre-flash column

• Heat recycling – Heat Exchanger

• Replace column internals

• New pre-flash drum

Expectations

• Investment: 31.9 Million USD

• IRR > 40%

28

Kırıkkale Power Plant

29

Project Aims

• Improving Energy Efficiency at Kırıkkalewith a combined heat & power plant

• The other refineries are already equipped

• Expected completion: 2016

What the Project Entails

• A new gas turbine

• New steam turbines

• New boilers

• One existing steam turbine will be utilized

• Total power: 60 MW

Investment

• 84 Million USD

• IRR: >30%

R&D

The R&D department was set up

in 2009

It works primarily on process

improvements

One of the first commercial

successes was the Membrane

Deaerator Project

The Project maximizes the use of waste heat in the refinery by utilizing cold feed water

Unit costs and physical size are much less than the alternative processes

The process has been implemented in two of the refineries

It won an EU Environmental awarded

30

Membrane Deaerator

Conventional Deaerator

Key Financials

Profitability Indicators , 12 M & 4Q

* In our EBITDA calculation, FX related items are not included, whereas CMB rules is that these should be included in

operationg profit

32

4th Q(%)

Full Year(%)

2014 2015 2014 2015

76,27 43,69 -43 Dtd.Brent Price, ($/bbl) 98,99 52,46 -47,0131,91 30,27 -5,1 Processed Crude API 32,29 31,35 -2,9170,50 77,50 7,0 White Product Yield, (%) 72,20 75,40 3,20

3,84 3,54 -7,8 Med. Complex Margin,($/bbl) 1,95 4,83 148,24,56 5,17 13,3 Tüpraş Net Margin,($/bbl) 3,21 6,47 101,613,2 422,0 - Operating Profit, (mn. $) 199,3 1.012,2 408-41,1 362,4 982 Operating Profit for EBITDA, (mn. $) 220,1 1.218,6 45443,4 481,4 1.008 EBITDA (mn.$)-CMB 317,3 1.191,0 275

247,7 564,9 128 EBITDA (mn.$)-CMB- CCS 554,1 1.379,1 149-10,9 421,8 -3.980 EBITDA *(mn. $) 338,2 1.397,4 313193,4 505,3 161 EBITDA* (mn. $) CCS 575,0 1.585,5 176

Financial Highlights (mn $)

779

134262

95 79 150 150

256

328

153 78-27

415

271

468

361315 226

410169

272

10689

-11

422

830

1.329

715560

338

1.397

-200

0

200

400

600

800

1.000

1.200

1.400

2009 2010 2011 2012R 2013 2014 2015

522

67194 161

72231

112145

16575

75

171273

230

206309 435

175 26847

174 27147 91

285

490

740817

629 667

938

0

100

200

300

400

500

600

700

800

900

1000

2009 2010 2011 2012 2013 2014 2015

-65

3

-1.9

55

57

8

55

1

1.3

40 1.9

94

1.6

96

1.8

69

1.5

98

1.6

63 2

.45

2

2.5

77

2.7

48

2.3

70

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

0,2

2

0,1

9

0,3

0

0,3

2

0,2

4

0,1

0

0,4

0

0,3

3

0,3

0

0,2

6

0,1

8

0,3

0 0,3

5

0,3

5

0,000,050,100,150,200,250,300,350,400,45

2009 2010 2011 2012 2013 20131Q

20141Q

20141H

20149M

2014 20151Q

20152Q

20159M

2015

EBITDA Net Income

Net Debt/(Cash) Return on Average Equity

33

Balance Sheet Analysis

1,831,81

1,41

2,16

1,721,69

1,30

1,641,68

1,211,04

0,821,04

0,0

0,5

1,0

1,5

2,0

2,5

Dec.12Mar.13 Jun 13 Sep13 Dec 13Mar.14 Jun.14 Sep.14 Dec.14Mar.15 Jun.15 Sep.15 Dec.15

Cash & Equivalents (Billion $)

1,191,34

1,451,33

0,930,71

0,520,51

0,090,20

0,66

1,070,88

0,0

0,5

1,0

1,5

2,0

Receivables (Billion $)

2,0 2,1 2,3 2,4 2,6 2,8 2,9 2,9 3,0 3,3 3,1 3,0 2,8

0,40,8

0,81,0 0,5

0,90,3 0,3 0,3

0,4 0,5 0,60,6

2,4

2,93,1

3,43,1

3,7

3,2 3,2 3,33,7 3,6 3,6 3,4

0,0

1,0

2,0

3,0

4,0Financial Loans (Billion $)

LT Loans ST Loans

2,882,972,94

3,463,223,103,28

3,04

2,46

1,741,701,591,36

0,0

1,0

2,0

3,0

4,0

Payables (Billion $)

34

FX Risk Exposure (31 December 2015 )

ConsolidatedAssets

ConsolidatedLiabilities

LT Financials: 2,337

RUP Loans: 1,550

Eurobond: 700

Other credits 88

ST Financials 351

• RUP 300

Payables

904

Forward

2,003

Stock

675

Receivables

188

Cash

550

Million $

-177 million $

Cash flow hedge accounting : 1,709 mn $35

Future Expectations

Brent Price Estimation

• The average Brent price in 2016 is expected to be 45-55 dollars per barrel band.

Med Complex Margin

• We expect Med Complex margins to be 3.5-4.0 dollars per barrel band in 2016.

Tupras Net Margin

• For Tupras net refinery margins, we expect this to be in the region of 5.8-6.3 dollars per barrel

Capacity Utilisation

• Expected Capacity Utilisation in 2016 will be around 100 %.

• Production will therefore be approximately 28 million tons

• Imports of finished products will be minimal, as we focus on selling increased volumes of production

• Total sales volume will be 30.0 million tons

Investment

• Total investments for 2016 will be about 270 Million dollars

36

Income Statement

37

4Q 4 Q% Diff. Million USD 2014 2015 % Diff.

2014 2015

3.974,2 3.031,3 -24 Net Sales 18.164,8 13.570,7 -25

98,0 454,5 364 Gross Profit 577,5 1.535,7 166

-108,1 -98,8 -9 Operating Expenses -334,6 -322,6 -4

23,2 66,3 185 Income/Loss from Other Oper. -43,6 -200,9 361

13,2 422,0 3.098 Operating Profit 199,3 1.012,2 408

-28,6 10,9 -138 Income/Loss from equity & Inv. -7,6 26,7 -450

-15,4 432,9 -2.913 Operating Profit Before Finance 191,6 1.038,9 442

64,9 -60,0 -192 Financial Income 228,1 317,3 39

-94,5 2,0 -102 Finance Expenses -335,8 -537,7 60

-45,0 374,9 -932 Profit Before Tax & Minorities 84,0 818,6 875

90,8 284,8 213 Net Profit 667,2 938,0 41

Tüpraş Balance Sheet-Assets

38

Million USD 31.12.2015 31.12.2014 Difference%

Difference

Current Assets 2.984 3.015 -31 -1

Cash & C. Equivalents 1.041 1.681 -640 -38

Receivables 882 87 796 920

Derivatives 6 28 -21 -77

Inventories 723 1.022 -299 -29

Pre-paid expenses 45 53 -8 -15

Other Current Assets 285 144 141 98

Long Term Assets 5.776 6.443 -667 -10

Financial Assets & Subsidiaries 264 315 -51 -16

Fixed Assets 3.950 4.600 -651 -14

Pre-paid expenses 62 112 -50 -45

Deferred Tax 1.101 1.131 -30 -3

Other Long Term Assets 314 284 29 10

Total Assets 8.760 9.458 -698 -7

Tüpraş Balance Sheet-Liabilities

39

Million USD 31.12.2015 31.12.2014 Difference % Difference

Short Term Liabilities 3.036 3.692 -656 -18

Financial Loans 644 335 308 92

Payables 1.363 2.464 -1.101 -45

Derivatives 13,89 0,03 13,86 47.258

Deferred Incomes 8 8 -0,12 -1

Provisions 24 47 -23 -48

Other ST Liabilities 984 838 146 17

Long Term Liabilities 2.845 3.087 -242 -8

Financial Loans 2.768 3.009 -241 -8

Payables & Provisions 67 76 -9 -12

Derivatives 9 0 9 4.325

Other LT Liabilities 1 2 -1 -29

Equity 2.856 2.655 201 8

Minority Interests 22 24 -2 -10

Total Liabilities 8.760 9.458 -698 -7

Dividends (TL)

1,73

3,242,94

4,96

5,83

4,78

2,312,50

2,98

3,93 3,85

1,58

579626

746

985 964

396

0

200

400

600

800

1.000

1.200

0

1

2

3

4

5

6

7

2008 2009 2010 2011 2012 2013 2014

Tota

l Pay

ou

t (M

illio

n T

L)

Earnings per Share Gross Dividend Total Payout

2012/2013 EPS includes the tax incentive40

Disclaimer

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.

41

The Investor Relations section of our company website has a wealth of constantly updated

information of interest to investors

www.tupras.com.tr

Investor Relations and Reporting Director

Investor Relations Manager

Turgut Tuncay Önbilgin Deniz Değirmenci

Investor Relations and Reporting DirectorsTel. : 262 316 3269Fax : 262 316 30 10-11Güney Mah. Petrol Cad. No .25 PK.41790 Körfez-Kocaeliwww.tupras.com.trE-mail: info@tupras.com.tr