Results for 1Q 2016Analyst Teleconference

5th May 2016

Welcome Welcome to our 1st Quarter 2016 Teleconference From Tupras we have our CFO Mr. Doğan Korkmaz with Tuncay Önbilgin and Mr Deniz Değirmenci for the presentation and our IR Team members Harun Bulgan, Mehmet Eder and Çetin Karaca. As usual we will first present the results and take your questions afterwards

Financials03

Operation02Market01

Presentation Structure Our presentation is split into three sections about market, operations and finances

2016 First Quarter Market Conditions

Lower Refining Environment

WTI / Brent Spread

2 $/v

Ural Crude Spreads

Widened

Weakened

Diesel Cracks

Appreciation

in TL

WeakenedDemand due to

El-Nino

Extra Chineseproduction

from TeapotRefineries

Excess CrudeSupply

Lowered

Low price environment

Support forGasoline

Growing Turkish Petroleum Market

Descending Refining Market

3

Excluding Q1 of 2015, which was unusually strong, first quarters are generally weak because of seasonality and 2016 was not an exception. Although Light distillates, including gasoline, LPG and naphtha, helped total refining margins, 2016 Q1 was still weaker for the refineries with higher middle distillates yields like Tupras. Moreover with the planned and unplanned maintenance, the negative effect of Q1 on profitability was stronger. Ural Spread and WTI/Brent spreads were supporting the margins, The winter of 2016 was very mild in US because of El-Nino, one of the strongest

in the recorded history. Eventually its impact was heavily felt on diesel demand in US and some European countries. While the low price environment was supportive for gasoline demand, lower than expected diesel demand was a limiting factor for our refining margin.

Moreover, while demand being low, more pressure on diesel cracks came from the Supply side. Extra production in the Chinese independent refineries (teapots) increased the market imbalance on diesel.

As a result we have seen ultra low diesel cracks in Q1, decreasing the Med Refining margin in general and severely effecting Tupras refining margin.

On the other hand, the negative effects of excess Crude Supply has been decreased at the end of first quarter, giving a boost to the oil prices. As a result, while we have seen 26 dolars per barrel levels in January 2016 the quarter ended with 39 dollars per barrel levels similar to the 37 dollars per barrel levels of January,the beginning of the year. However the fluctuation of prices throghout the period caused a negative inventory effect in Q1.

2 Month 2016 - Turkish Consumption (Million ton)

2,75 2,96

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

2015 2016

Diesel

0,190,23

0,0

0,1

0,1

0,2

0,2

0,3

2015 2016

Jet Fuel*

0,29 0,30

0,0

0,1

0,1

0,2

0,2

0,3

0,3

0,4

2015 2016

Gasoline

0,15 0,16

0,00

0,10

0,20

2015 2016

Fuel Oil*

Source: EMRA

*bunker excluded.

+6.6%

+7.8% +17.6%

+1,2%

4

o Even after the extremely high growth of 2015, Turkish Market has continued its growth pattern.

o According to the 2 month data from EMRA, diesel and Jet Fuel consumption has risen 7,8 % and 17,6% compared to the first quarter of 2015 reaching to volumes of 2,75 million tonnes and 0,23 million tonnes respectively.

o Also gasoline demand was quite strong with 6,6% growth.

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 2016

-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

5

• After the re-entry of the Iranian barrels to the Med market, number of

available heavy cargoes increased in the Mediterranean, deepening the differential between the Urals and Brent. The differentials were steady throughout the first three months of the year at minus 1,6 dollars per barrel levels.

• Moreover the increase in the Iranian barrels have also helped heavier crude differentials to sustain around - 5 to -6,5 spread.

Quarterly Crack

9,54

14,1216,49

6,82

13,60

12,06 9,72

4,53

7,99

13,01

15,13

10,06

13,03

19,43 18,86

13,8015,205

1,003,005,007,009,00

11,0013,0015,0017,0019,0021,00

1Q 2Q 3Q 4Q

Gasoline

2012 2013 2014 2015 2016

16,7317,96 20,94

18,8816,97

15,83 16,39

16,36

15,3113,59

16,12 16,29

15,67

15,22 14,58

10,71

7,90

0,00

5,00

10,00

15,00

20,00

25,00

1Q 2Q 3Q 4Q

Diesel

2012 2013 2014 2015 2016

13,4415,69

18,27 17,0315,9712,96

13,1914,68

12,5711,16

15,0115,80

14,43

11,28 10,709,46

7,333

0,00

5,00

10,00

15,00

20,00

1Q 2Q 3Q 4Q

Jet Fuel

2012 2013 2014 2015 2016

-14,42-11,81 -14,27

-20,24-18,76 -13,90 -18,92

-20,39-20,06-20,91

-15,72

-15,01

-11,64-12,10 -13,18

-15,73-0.013

-25,00

-20,00

-15,00

-10,00

-5,00

0,001Q 2Q 3Q 4Q

Fuel Oil2012 2013 2014 2015 2016

6

As it has been the case in the last couple of quarters, Gasoline cracks continued their record high levels with low price environment and the increased consumption. The strength on gasoline is mainly due to the increase in the car park which creates extra demand helping the margins to stay at their high levels.

• However squeezed by the unusual low demand and unexpected high supply, both the Diesel and jet fuel crack margins were at their weakest levels in Q1.

• Although decreased diesel consumption in the winter months was expected to some extent, the consumption in Q1 of 2016 was lower than seasonal normals. In addition to, one of the strongest El-Nino, the slowdown of the increase in economic growth and the switch from gasoil driven electricty production to a more balanced slate with coal and natural gas decreased Chinese consumption. Economical concerns in the South American countries, especially Brasil was also an important factor in the declined consumption.

• Gasoline led increased production levels in Q1 has also created a pressure on the middle distillates. Capacity utilisation rates of the refineries have increaesed

globally bringing extra middle distillates barrels to the market. Moreover after the

import quotas given to the Chinese independent refineries (teapots) their production levels have increased substantially making China a net exporter and transforming the market conditions in the Far East. All of these factors added with the introduction of the products of new refineries in Middle East, there was a glut of middle distillates in the markets...

• The current weakness in middle distillates is mainly related with temporary market conditions and especially by the increase in transportation and Trade with the upcoming summer season we expect the diesel cracks will be straightened up.

• With high gasoline cracks, Tupras’s strategy in the first quarter was increasing gasoline yields. Moreover, thanks to the healthy bitumen demand in the Turkish market and low Fuel Oil cracks, bitumen sales have increased.

Med Product / Crude Price Ratio Effect on Tupras in 1Q

Impact of Med FOB Price Ratios on Tupras Operations was - 480,4 million TL

1Q

Product Ratio, bbl/bbl

Tüpraş Crack Margin

2015 2016Product Yield %

2015 2016

LPG 0,64 0,76 3,6% -0,7 -0,3

Gasoline 1,24 1,45 20,1% 2,6 3,1

Naptha 0,91 1,00 1,1% -0,1 0,0

Jet Fuel 1,27 1,22 17,5% 2,5 1,3

Diesel 1,29 1,23 32,5% 5,1 2,6

Diesel 1000 1,24 1,19 0,7% 0,1 0,0

Fuel Oil 1% 0,83 0,66 0,2% 0,0 0,0

Fuel Oil 3,5% 0,78 0,61 18,8% -2,2 -2,5

Dated Brent Avg. $/Bbl 54,0 33,9 94,5% 7,4 4,2

Margin Differences, $/bbl -3,2

Total Charge, mn varil 50,94

Total Effect of Price Ratio, mn $ -163,33

Total Effect of Price Ratio, mn TL -480,4

29

Especially the jet fuel and diesel crack margins were much lower

compared to the first quarter of 2015 therefore the crack margin was 3,20 dollars per barrel less.

50,4 million barrels were processed and total negative impact was 163 million US dollars yoy.

As it has been explained in details in the previous slide the negative move in middle distillates cracks created an effect in our financial results in Q1. However such an effect is expected to be vanishing in the upcoming months.

Inventory Effect* Analysis

*FX effect Included

8

$ million

2015 2016

Crude Product Total Crude Product Total

Jan -41,7 -49,8 -91,4 -25,9 -23,8 -49,7

Feb 10,0 2,5 12,5 -0,7 2,9 2,2

Mar -3,4 12,2 8,7 17,5 7,5 25,0

1st Quarter -35,1 -35,1 -70,2 -9,0 -13,4 -22,4

The sharp decline in the 4th quarter of 2015 has continued in Q1 of 2016 with Crude prices falling to 26 dolars per barrel levels in January 2016, creating an inventory loss at the beginning of the year.

Although crude prices have strenthened later on with the production freeze negotiations of three OPEC countries and Russia, Fed’s decision to cut interest rates increasing targets and the declining US Crude production, the prices have increased only to 39 dollars per barrel levels at the end of Q1, very similar to the 37 dollars per barrel seen at the beginning of the year.

In the first quarter, fluctuating crude and product prices and also currency changes created a inventory effect of 22,4 million dollars.

Med & Tüpraş Net Margins, $/bbl

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

1,5

7

1,7

2

1,3

7

3,8

7

1,9

6 0,9

0

2,4

1

4,6

9

2,8

1

3,7

0

3,4

4

3,5

0

0,4

2

2,9

7

2,8

3

0,4

4

5,9

8

3,8

4

0,0

2,0

4,0

6,0

8,0

2008 2009 2010 2011 2012 2013 2014 2015 2016

1st Quarter

Tupras Net Med Complex

4,5

7

2,2

9

4,5

1

5,2

9

3,3

1 2,4

5

3,2

1

6,4

75,5

4

1,9

5

2,8

9

1,1

7

4,2

1

1,6

7

1,9

5

4,83

0,0

2,0

4,0

6,0

8,0

2008 2009 2010 2011 2012 2013 2014 2015

12 Month

Tupras Net Med Complex

• Med complex margins were 3.84 dollars per barrel, with an increase of 0,30 USD/bbl compared to the 4th quarter of 2015, and 2,14 USD/bbl below the level of 2016 Q1.

• Mainly because of the loosening middle distillate cracks, Tüpraş net margins declined from 5.17 to 2.81 dollars per barrel in this quarter.

• However, with the support of increasing demand and maintenance shut downs (especially in Russian refineries) diesel cracks recently have risen to 8 – 9 dollars per barrel levels. Additionally, thanks to the return of Iranian demand, robust increases in the consumption of India and South Korea and potential increase in the Middle East market due to the hot summer, global demand is expected to improve further more in the high season. Provided that the latest economic conditions in China supports the consumption, high refining margin environment is expected in the upcoming months. Moreover, because of ongoing construction projects in Turkey such as the third bridge and its connection roads, İstanbul-Izmir highway and third airport in İstanbul, domestic demand of diesel and bitumen is expected to be strong in 2016, enabling Tüpraş to catch up with the traditional high margins of summer months.

Margin Comparison & Inventory Effect

10

$ / bblTüpraş Gross / Net

Refining Margin

Inventory

Effect

Tüpraş Clean

Gross / Net Ref. Margin

Med Complex

Margin

2015 1.Q 10.33 / 4.69 (0.81) 11.14 / 5.49 5.98

2016 1.Q 8.23 / 2.81 (0.18)* 8.40 / 2.99 3.84

* Hedge Operations are not considered.

Thanks to the flat crude prices, inventory effect was limited in Q1. Although the decline in the Middle distillates cracks effected our

performance, thanks to the lower inventory losses and the optimisation achieved in our operations, the difference between the Med Complex Margin and Tupras Clean Net Margin was very similar when we compare the 1st quarters of 2015 & 2016. While the Clean Net Refining Margin was 49 cents lower than the Med Complex Margin in 2015, despite the huge changes in middle distillate cracks, it is 85 cents in 2016.

Market Operations Financials

11

Capacity Utilisation (%)

91

,1

86

,1

60,4

69

,6 74

,4 78

,7

76

,8

71

,3

98

,1

80

,7

94

,5

8,7

7,55,5

2,9 2,43,6

4,4

3,5

5,2

69,2

77,181,6

79,174,9

102,5

84,1

99,7

0

20

40

60

80

100

120

2007 2008 2009 2010 2011 2012 2013 2014 2015 2015/ 1q

2016/ 1q

Crude Oil Other

Quarterly Production Volume (Mn Tons)

4,554,63 5,41

5,515,60

6,93

7,32 7,42

6,59

0

1

2

3

4

5

6

7

8

1Q 2Q 3Q 4Q

Min / Max 2007/2014 2014 2015 2016

Production

12

+15,6%

• As it has been made public, the production of hydrocracker unit at RUP has been suspended, between February 03rd and March 08th, 2016 after the local damage during the fire on February 03rd 2016, and between March 13th and April 07th, 2016, with the maintenance work carried out in the same unit due to another mechanical failure.

• However, despite the loss in production at RUP during the mentioned period, we have run the other units in all of our refineries at maximum capacity, achieving to reach 99.7 % capacity utilization.

• The quarterly production volume was 6,59 million tonnes in Q1, the highest Q1 volume reached in Tupras history.

Product Yields

17% 20% 19% 17% 18% 19% 21% 18% 16%

27%27% 27%

26%28% 27%

31%35%

30%

43%47% 46%

43%46% 46%

53% 52%

45%

0%

10%

20%

30%

40%

50%

60%

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16

Middle Distillate

Jet Diesel

21% 21%22% 23% 22%

20% 20% 21% 22%

22% 21% 22% 23% 23%21% 21% 22% 22%

0%

5%

10%

15%

20%

25%

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16

Light Distillate

Gasoline Naphtha

19% 17% 14%20% 18% 17%

5% 7%

15%

9%9% 12%

8%7% 10%

13% 11%

9%3% 3%

1%

0%

5%

10%

15%

20%

25%

30%

35%

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16

Black Product

Fuel Oil Asphalt Coke

32,532,9

33,2

31,9

33,1

32,2

30,3 30,3

31,1

27,5

28,5

29,5

30,5

31,5

32,5

33,5

34,5

1st Q 2nd Q 3rd Q 4th Q

Crude Oil API

2014 2015 2016

13

Although the API of the Crude processed in Q1 2016 was 31,1, much lower than the 33,1 of Q1 2015, due to the high gasoline cracks we have achieved to reach light distillate yields of 22% thanks to the optimization done in this quarter.

Lower than expected middle distillate cracks enabled us to complete some maintenance in our hydrocracker in March. Therefore, despite RUP being operational, middle distillate yields in Q1 2016 was around 45%, similar to Q1 of 2015.

Additionally, another factor reducing the yield improvement was the high capacity utilisation in Q1, by which we have achieved a buildup of semi-finished products for processing in RUP in Q2 which is expected to increase our yields in the upcoming months.

After 4th quarter of 2015, high asphalt demand continued in Q1 of this year, enabling us to increase bitumen production around 60%, compared to Q1 of 2015.

Domestic Sales, million tons

0,3

6

0,3

9

0,43

0,4

5

0,4

9

0,4

6

0,5

2

0,5

2

0,5

4

0,6

0

0,45

0,4

4

0,5

0

0,0

0,2

0,4

0,6

0,8

Gasoline

1Q-13 1Q-14 1Q-15 1Q-16 2Q-13 2Q-14 2Q-15

3Q-13 3Q-14 3Q-15 4Q-13 4Q-14 4Q-15

0,7

0

0,7

6

0,8

6

1,0

0

0,9

2

0,9

8

1,2

6 1,1

1

1,1

8

1,5

0

0,8

1

0,9

1

1,1

30,00,20,40,60,81,01,21,41,6

Jet Fuel

1Q-13 1Q-14 1Q-15 1Q-16 2Q-13 2Q-14 2Q-15

3Q-13 3Q-14 3Q-15 4Q-13 4Q-14 4Q-15

1,6

7

1,4

8

1,73

2,2

7

2,3

2

1,6

6

2,2

3

2,2

0 1,8

3

2,6

2

1,92

1,7

3

2,5

9

0,00,40,81,21,62,02,42,8

Diesel

1Q-13 1Q-14 1Q-15 1Q-16 2Q-13 2Q-14 2Q-15

3Q-13 3Q-14 3Q-15 4Q-13 4Q-14 4Q-150

,20

0,2

3

0,2

7

0,4

3

0,7

4

0,4

2

0,63

1,2

4

0,7

9

1,0

8

0,7

5 0,5

1

0,9

0

0,0

0,5

1,0

1,5Asphalt

1Q-13 1Q-14 1Q-15 1Q-16 2Q-13 2Q-14 2Q-15

3Q-13 3Q-14 3Q-15 4Q-13 4Q-14 4Q-15

14

Compared with the results of 2015; Domestic sales in all major product groups were considerably

higher which reflects the potential of Turkish market. Diesel sales in Q1 has risen to 2,27 million tonnes, which is

even higher than that of Q2 of 2015. Gasoline sales continue to rise and Q1 of 2016 became one of

the strongest quarter with 450 thousand tonnes of sale. Jet continued its double digit growth with 16%, our sales

reached to a 1 million ton. Asphalt sales in Q1 was one of the highest in our history with

430 thousand tonnes up by 59% over the same quarter last year.

Opet

798 830 885 915 938 966 1009 1024

526 394 394 410 418 427 435 433

1.3241.224 1.279 1.325 1.356 1.393 1.444 1.457

0

300

600

900

1.200

1.500

2009 2010 2011 2012 2013 2014 2015 2016March

Station Numbers

Opet Sunpet

– In February, White Product market share is 17,1 percent. Total market share, including white and black product, was 17,06 percent.

15

Opet • Currently being the 2nd biggest fuel-oil distribution company in

Turkey, • OPET has more than 1400 stations under the brand of OPET &

SUNPET. • White Product market share is 17.72% • High investment 2015 for station replacement. OPET plan to acquire

stations instead of DoDo

Market Operations Financials

16

Profitability Indicators , 2014-2015 Full Year & 1Q-2015-2016

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

operationg profit

17

1st Q(%)

Full Year(%)

2015 2016 2014 2015

53,97 33,89 -37 Dtd.Brent Price, ($/bbl) 98,99 52,46 -47,01

33,14 31,14 -6,0 Processed Crude API 32,29 31,35 -2,91

73,75 72,94 -0,8 White Product Yield, (%) 72,20 75,40 3,20

5,98 3,84 -35,8 Med. Complex Margin,($/bbl) 1,95 4,83 148,2

4,69 2,81 -40,0 Tüpraş Net Margin,($/bbl) 3,21 6,47 101,6

42,3 92,9 120 Operating Profit, (mn. $) 199,3 1.012,2 408

119,7 68,2 -43 Operating Profit for EBITDA, (mn. $) 220,1 1.218,6 454

72,1 138,5 92 EBITDA (mn.$)-CMB 317,3 1.191,0 275

142,3 160,9 13 EBITDA (mn.$)-CMB- CCS 554,1 1.379,1 149

149,5 113,8 -24 EBITDA *(mn. $) 338,2 1.397,4 313

219,7 136,2 -38 EBITDA* (mn. $) CCS 575,0 1.585,5 176

Profitability Indicators ,

• Crude oil prices were 37 % lower than the same quarter of last year. Previous year’s unusual high margin environment was not present this year and Med Complex margins have deteriorated by 36%, especially with declining middle distilate crack margin.

• Thanks to bitumen demand and partial RUP production, crude charge in Tüpraş was 2,0 degrees heavier in 1st Q 2016 than the crude in 1st Q 2015 but the white product yield was only 0,8% lower.

• In line with CMB methodology, EBITDA was 66,4 mn $ higher than the same quarter of last year and also operating profit was better than last year.

• On a clean cost of sales basis, EBITDA in 2015 was 13% higher than the same quarter in 2015.

Financial Highlights (mn $)

134262

95 79 150 150 114

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

1000

1200

1400

2010 2011 2012R 2013 2014 2015 201667

194 16172

231112 27

145

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

2010 2011 2012 2013 2014 2015 2016

-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

2.2

58

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

0,2

2 0,2

5

0,3

4

0,1

1

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

0,0

4

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

EBITDA Net Income

Net Debt/(Cash) Return on Average Equity

18

Financial Highlights (mn $)

• Weak refining margins and diesel cracks led to a weaker than expected EBITDA with 114 million dollars while the net income for the period was 27 million dollars. The 85 million dollars yoy decline in Net income arises from the RUP related incentives of 2015. In fact, in 2016 Income Before Tax levels were 120 million dollars more than that of 2015

• Net debt has declined 112 mn dollars.

Balance Sheet Analysis

1,81

1,41

2,16

1,721,69

1,30

1,641,68

1,211,04

0,821,04

1,64

0,0

0,5

1,0

1,5

2,0

2,5

Mar.13 Jun 13 Sep13 Dec 13Mar.14 Jun.14 Sep.14 Dec.14Mar.15 Jun.15 Sep.15 Dec.15Mar.16

Cash & Equivalents (Billion $)

1,341,45

1,33

0,930,71

0,520,51

0,090,20

0,66

1,070,88

0,70

0,0

0,5

1,0

1,5

2,0

Receivables (Billion $)

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

0,8 0,81,0 0,5

0,9 0,3 0,3 0,30,4 0,5 0,6 0,6

1,02,9 3,13,4

3,1

3,73,2 3,2 3,3

3,7 3,6 3,6 3,43,9

0,0

1,0

2,0

3,0

4,0

5,0Financial Loans (Billion $)

LT Loans ST Loans

2,972,94

3,463,22 3,103,28

3,04

2,46

1,741,70 1,591,36 1,23

0,0

1,0

2,0

3,0

4,0

Payables (Billion $)

19

Balance Sheet Analysis • The change in working capital requirement and last years profit which

has been distributed on April, has improved our cash levels in first Quarter albeit approximately 50 million USD decline in factoring.

• Both the prices and the sales volume have decreased in the 1st Quarter compared to the 4th Quarter of 2015, decreasing the receivables.

• Higher capacity utilisation and crude intake increased the volume of our crude purchase in Q1 but decreasing price environment resulted in lower payables in the first Quarter.

• In order to exploit the low interest environment a head of time, in line with our liquidity risk management policy to keep the Current Ratio above 1, we have completed a club loan facility in March amounting 450 million dollars.

• Moreover, with the current portion of long term financial liabilities amounting 900 million dollars short term financial loans have increased by 400 million dollars reaching 1 billion dollar.

FX Risk Exposure (31 March 2016)

ConsolidatedAssets

ConsolidatedLiabilities

LT Financials: 2819

RUP Loans: 1,555

Eurobond: 700

Other credits 564

ST Financials 374

• RUP 295

Payables

868

Forward

2430

Stock

724

Receivables

68

Cash

896

Million $

+57 million $

Cash flow hedge accounting : 1,637 mn $20

FX Risk Exposure

• As of the 31st of March the foreign exchange exposure stood at 57 million dollars

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 5.5-6.0 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

21

Although we continue to expect Tupras net margins to be considerably higher than Med Complex margins, especially the low middle distillate cracks makes us to revise our net margin expectations to be 30 cents lower than our previous indication. Therefore we reduced Tupras net refinery margin expectations for 2016 from 5.8-6.3 dollars per barrel levels to 5.5-6.0 dollars per barrel levels. All of our estimations for Brent Price, Med Complex Margin, Capacity Utilisation and Investments are still the same.