#1Energy To the future Tüpras KOC August 2023 Investor Presentation#2Disclaimer 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. Aug-23 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 15 yr range 130 118.8 110 104.4 98.2 87.2 90 5 yr ave 123.7 113.3 112.7 84.9 82.8 82.5 78.6 75.6 80.1 70 74.7 0 50 30 10 10 -2022 2023 100.0 93.3 89.9 91.7 + Russian-Ukraine war + Impact of sanctions + Post-pandemic demand recovery 81.1 Recession fears Zero Covid Policy and its impact on Chinese demand SPR releases Year Average Brent Prices ($/bbl) 2018 71.0 2019 64.3 2020 41.7 2021 70.7 2 3 4 5 6 7 8 9 10 11 12 2022 101.2 data as 31 July, 5 year range shows 2018-2022 Aug-23 Investor Presentation Refining Market www.tupras.com.tr 4#5Global Refinery Capacity Changes Expectations until 2025: ⚫ In the 2019-2025 period, 67% of the net capacity increase comes from Asia and 39% from the Middle East Region. • 67% of the closures intensified after the pandemic come from the OECD region. 2019-2025 Net Capacity Additions mn bbl/d Closures Openings 1.7 1.7 1.6 1.0 2.0 והו -0.3 -1.2 -1.7 2.4 Capacity Additions by Region Asia Middle East 1.3 Africa -0.5 -0.7 -0.6 -0.9 2019 2020 2021 2022 2023 2024 2025 Aug-23 Investor Presentation Refining Market www.tupras.com.tr Other -17% 11% 39% 67% -40% -20% 0% 20% 40% 60% 80% 5#6Middle Distillate Cracks $/bbl Diesel Jet Fuel 5 yr range 5 yr ave 2022 2023 5 yr range 5 yr ave 2022 2023 50 60 47.1 50 6554 44.2 40.5 40 54.2 57.1 45 43.3 40 40 46.8 35 43.8 41.6 38.4 37.4 35 31.6 30 24.6 25 26.3 25.6 20.8 20 20 15 12.0 14.8 15.3 11.8 10 5 45.2 42.3 30 35.3 25 26.1 24.0 20 17.6 19.8 15 12.9 10 11.3 13.5 9.4 5 0 0 -5 1 2 3 4 5 6 7 8 9 10 11 12 data as 31 July, 5 year range shows 2018-2022 Aug-23 Investor Presentation Refining Market www.tupras.com.tr 30.8 22.7 40.7 39.6 39.0 38.4 1 2 3 4 5 6 7 8 9 10 33.7 11 12 6#7Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline 5yr range 2023 2022 5 yr ave 5 yr range 50 0 45 44.0 -5 High Sulphur Fuel Oil 2023 2022 5 yr ave 40 40 -6.9 -10 38.0 35 -13.3 -11.7 -15 -18.3 28.5 26.1 30 25.2 25 24.7 21.7 20.4 19.9 20 21.3 15 12.7 12.5 11.6 10 13.4 16.3 10.0 -35 11.2 -16.0 -19.0 25.7 -20 -20.2 21.8 -22.2 -25 -30.4 -26.5 -26.4 -30 -28.8 5 -40 34.4 -34.0 -36.2 27.9 -40.1 -41.0 0 -45 -43.4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 data as 31 July, 5 year range shows 2018-2022 Aug-23 Investor Presentation Refining Market www.tupras.com.tr 7#8Heavy Crude Price Differentials to Brent ($/bbl) 5 0 S -10 -15 Arab Heavy Basrah Heavy Kirkuk -20 Iran Sanctions OPEC+ Cut Decision OPEC+ Disagreement OPEC+ Cut Decision Russia - Ukraine War CPC • Average* 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 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 2018 2019 2020 2021 2022 2023 data as 31 July Aug-23 Refining Market Investor Presentation www.tupras.com.tr *Simple average of listed differentials 8#9Turkish Market B Tipras DI Taps BAK V/SCOR#10Turkish Market, 5M 2023 Diesel Q1 Apr May Jet¹ Million 9.9 Tons 9.3 9.6 9.5 8.7 1.8 2.4 2.1 2.1 1.6 2.0 1.9 2.2 2.0 1.5 2.0 1.9 1.6 0.5 0.4 +5.0% 0.4 +23.0% 0.4 1.0 1.0 0.4 0.1 0.4 5.2 5.6 5.6 5.4 5.6 0.0 0.2 0.2 1.0 0.9 1.1 0.9 0.6 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Gasoline LPG 1.8 1.6 1.5 1.4 1.4 1.4 0.4 1.2 0.3 1.0 0.4 0.3 0.3 0.3 0.4 0.9 0.8 0.3 0.3 0.3 0.2 0.3 0.3 0.3 0.2 0.3 +24.2% +28.2% 0.2 0.1 0.2 0.8 0.9 0.9 1.0 0.8 0.8 0.5 0.5 0.7 0.5 2019 2020 2021 2022 2023 ¹Transit flight consumption included Aug-23 Investor Presentation Turkish Market www.tupras.com.tr 2019 2020 2021 2022 2023 10#11Turkey's Net Import / Export Balance Million Tons Import Export Jet Diesel Gasoline LPG -7.3 -8.0 -5.9 -8.8 -13.6 -2.8 -2.9 -2.9 -3.0 -3.2 Market Share of Tüpraş 2022 12M -0.2 -0.2 0.4 0.3 Diesel 48% -0.4 2.0 1.6 1.9 3.0 2.4 -4 0 4 -16 -12 -8 2022 2021 2020 2019 2018 Aug-23 Turkish Market Investor Presentation www.tupras.com.tr Jet Gasoline 85% 98% Fuel Choice of Passenger Cars 2022 Diesel; 37% EV/Hybrid 1% ' LPG; 35% Gasoline; 27% 11#12Company Overview#13Tüpraş Shareholder Structure Tüpraş is Turkey's biggest industrial company and leading refiner. Koç Holding 77% D DITAŞ Eppet 79.98% 41.7% Aygaz 20% Energy Investments Inc. (SPV) 46.4% Opet 3% Koç Holding and Other Koç 6.82% 100% Körfez Ulaştırma Tüpras Trading Tüpras Free Float² 46.78% 100% →ENTEK 99.23% Tüpras Ventures Aug-23 Investor Presentation 100% Company Overview www.tupras.com.tr Domestic Ownership 57% Foreign Ownership 43%¹ 1 As of December 31st, 2022 2 Includes %1.11 shares of Liquid Petroleum Co. 13#14Tüpraş' Refining Assets & Distribution Network 98 ENTEK Süloğlu İzmit Capacity: 11.3 mn t Nelson Compl.: 14.5 Storage: 3.0 mn m³ ENTEK Kumsöy HPP Kırıkkale Capacity: 5.4 mn t OPET Nelson Compl.: 6.32 Storage: 1.3 mn m³ Giresun Terminal WPP İSTANBUL OPET İZMİT Marmara Terminal ENTEK Kocaeli İZMİR OPET CCGT Körfez Terminal İzmir Capacity: 11.9 mn t Nelson Compl.: 7.66 Storage: 2.5 mn m³ ENTEK ENTEK Kepezkaya Damlapinar HPP HPP OPET Antalya Terminal Total Refining Capacity Total Storage Capacity Nelson Complexity Total Installed Capacity Aug-23 Investor Presentation 30 million tons 8.2 million m³ 9.5 830 MW Company Overview ANKARA KIRIKKALE ENTEK ENTEK Menselet Kılavuzlu HPP BATMAN HPP MERSİN CEYHAN ENTEK Azmak OPET HPP Mersin Terminal Railway Crude Pipline www.tupras.com.tr F BAKÜ-TİFLİS-CEYHAN Crude Pipeline Batman Capacity: 1.4 mn t Nelson Compl.: 1.8 Storage: 0.3 mn m³ IRAK-TÜRKİYE Crude Pipeline Terminal Refinery HPP WPP CCGT 14#15Nelson Complexity of Refining Companies Aug-23 Investor Presentation F9.7 CANADA 8.9 NWE 8.2 RUSSIA EAST 9.7 EUROPE İzmit 11.6 USA Refinery 14.5 TÜPRAŞ 9.5 10.4 7.7 EAST 9.9 JAPAN 8.9 MED ASIA CHINA 7.2 MIDDLE EAST 9.0 SOUTH ASIA F7.1 LATIN AMERICA 5.0 AFRICA Company Overview www.tupras.com.tr 7.9 AUSTRALLIA 15#16Tüpraş Subsidiaries 990 OYA Dpet 309 OPET - Distribution • • Tüpraş Share: 41.7% 1,876 stations as of 30 June 2023. As of May 2023 Market share: 19.7% in white products; 22.3% in black products Tupras Trading Tüpraş Trading UK - Trading Tüpraş Share: 100% Over 8 million tons of product trade More than 10 million tons of spot crude oil connections 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 Aug-23 Investor Presentation Company Overview www.tupras.com.tr 16#17Tüpraş Subsidiaries TGONUL DİTAŞ - Marine Transport Tüpraş Share: 79.98% • 4 Crude Oil Tanker: 470,067 DWT • 7 Product Tanker: 116,533 DWT 4 Bitumen Tanker: 61,450 DWT Aug-23 Investor Presentation KUDE 0003 Körfez Ulaştırma - Railway Transport Tüpraş Share: 100% ~5% share in Turkish rail freight market • ~2.5 mn ton of product and semi-product carried in 2022 • Operates with 12 locomotives (7 of them are hybrid) and 519 cistern wagons Company Overview www.tupras.com.tr 17#18Tüpraş Subsidiaries Entek - Electricity (Tüpraş Share: 99.23%) Production (000 MWh) Entek's Installed Capacity 17.5 66 MW 112 MW MW 178 28 MW 16.4 MW MW 24.4 MW Natural Gas Combined Cycle Hydroelectric Power Plants Wind Power Plant Power Plant EBITDA (million TL) 1,542 1,451 1,359 1,341 752 591 2019 2020 2021 2022 H1 2022 H1 2023 Total ZCE Sales Spot Price ($/MWh), 211 204 from Production (GWh) 191.5 187 185 169 1,365 Spot Price, MSP*, Others Feed in Tariff 148.9 115 138 134 125 113 622 103 87 112.2 70.3 84.2 91.8 97.1 434 404 275 422 380 365 218 159 2019 2020 2021 2022 H1 2022 H1 2023 1 2 3 4 5 6 7 8 9 10 11 12 5 yr range 5 yr ave 2022 2023 Aug-23 Investor Presentation Company Overview (*) Maximum Settlement Price www.tupras.com.tr 18#19Operations ONS GIRİLMEZ#20Quarterly Product Yields Q2 2022 Q2 2023 Other Other LPG Bitumen LPG 2% Bitumen 2% 4% Kok 7% 3% 12% 3% Gasoline Gasoline Kok Other Other 20% 22% 4% Fuel Oil white white 9% 2% Light 2% Light Black Prod. Fuel Oil Distil. 19% 4% Black Prod. 18% Distil. 25% 26% Naphtha 1% Naphtha 1% Diesel 39% Mid. Distil. 53% White Product Yield (%) Production ΑΡΙ Jet 14% 79.8% 7.1 mn tons 31.3 Aug-23 Operations www.tupras.com.tr Investor Presentation Diesel 34% Mid. Distil. 55% Jet 19% White Product Yield (%) Production ΑΡΙ 78.4% 5.9 mn tons 30.9 20#21Annual Product Yields 12M 2021 Other Bitumen LPG 2% Kok 8% 3% 4% Gasoline Other 21% Fuel Oil white 6% Black Prod. 2% Light 18% Distil. 25% Naphtha 1% Mid. Distil. 55% Jet 12% Diesel 43% White Product Yield (%) Production ΑΡΙ Aug-23 Investor Presentation Operations 81.4% 25.1 mn tons 31.2 www.tupras.com.tr 12M 2022 Other Bitumen 2% 10% LPG 3% Coke 3% Other Gasoline 21% white Fuel Oil Black Prod. 2% Light 6% Distil. 19% 26% Naphtha 1% Diesel 39% Mid. Distil. 53% Jet 15% White Product Yield (%) Production ΑΡΙ 80.0% 26.0 mn tons 31.1 21#22Aug-23 4 Investor Presentation 7 Capacity Utilization and Quarterly Production Volume 8 Quarterly Production (Million Tons) 2021 -2022 -2023 6.9 6.5 6.0 6 5.0 5 4.6 10 Q1 Q2 22 5.9 Capacity Utilization (%) 7.1 7.0 98 96 7.0 92 7 88 9 85 82 8 7 8 7 63 Q3 Q4 *Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Operations 6.0 www.tupras.com.tr 87 91 75 81 Crude Oil Semi Product Feedstock Total 84 76 93 100 98 7 84 91 75 61 6 2018 2019 2020 2021 2022 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 22 83 71 12 10 71#23Sales • Tüpraş generated 29.5 million tons of total sales in 2022. Total Sales mn tons 29.8 29.2 29.5 27.6 4.2 24.5 6.8 6.0 5.9 4.7 Customer Groups 2022 Other 9% International sales 21% Jet 12% Exports 25.6 22.4 23.5 I Domestic Sales 19.8 21.7 Total Sales, 2022 2018 2019 2020 2021 2022 29.5 mn tons Bitumen POAŞ 29% Domestic Sales of Key Products mn tons Distributors 53% OTHER 16% 2.9 1.5 2.2 1.8 1.6 3.2 2.3 2.4 2.9 Bitumen 4.9 2.3 3.6 Sales to BP 4.3 3.0 2.2 12% Gasoline Distributors 2022 Jet Fuel 11.9 10.4 10.6 11.4 12.3 15.7 mn tons Diesel SHELL 19% OPET 2018 2019 2020 2021 2022 24% Aug-23 Operations Investor Presentation www.tupras.com.tr 5% 23#24Quarterly Product Sales (Million Tons) Total Product Sales Domestic Product Sales International Sales Domestic Sales of Selected Products Diesel Jet Fuel Gasoline Bitumen 7.3 7.3 7.1 6.9 1.6 1.4 0.4 0.3 1.6 1.8 5.3 0.4 0.8 0.4 1.1 0.6 0.6 1.2 0.9 0.7 1.0 1.0 0.8 0.5 0.2 5.5 5.7 5.9 5.1 4.1 3.1 2.7 2.6 2.7 2.3 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Aug-23 Investor Presentation Operations www.tupras.com.tr 24#25Financials NSiZ EZ#26Tüpraş and Med Refining Margins Tüpraş Net Margin Med Margin 28.2 ($/bbl) Gross Inventory Margin Effect Clean Clean Gross NET Margin Margin Net Med Processed Margin Margin* bbl (mn) H1 2023 19.0 1.2 17.9 8.4 9.6 28.3 83.2 16.5 12M 2022 23.9 0.7 23.2 15.8 16.5 28.2 198.8 H1 2022 19.3 2.2 17.1 10.9 13.0 27.1 100.2 5.7 3.7 1.7 1.3 1.6 12M 2021 10.5 2.1 8.4 3.6 5.7 1.6 190.2 2019 -0.2 2020 2021 2022 Premium to the benchmark Mediterranean peers' refining margin due to: • Ability to produce a broad range of refined products with higher value added • 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 • Direct pipeline connections with domestic clients Lower cost basis and more efficient energy usage * Weight of Ural crude oil is 100% for crude oil supplies in the theoretical calculation of Med Margin. Aug-23 Investor Presentation Financials www.tupras.com.tr 26#27Income Statement (Million TL) Q2 Q2 H1 H1 Million TL % % 2023 2022** 2023 2022** Net Sales 104,405 137,484 -24% 197,232 COGS -86,931 -119,367 27% -165,761 215,130 -191,317 13% -8% Gross Profit 17,474 18,118 -4% 31,471 23,813 32% Operating Expenses -2,644 -2,080 -27% -4,849 -3,161 -53% Income/Loss from other operations -6,408 -3,538 -81% -7,028 -5,061 -39% Operating Profit 8,422 12,499 -33% 19,593 15,591 26% Inc./Loss from Equity pick ups 272 156 74% 538 367 47% Operating Profit Before Fin. Income/Loss 8,694 12,655 -31% 20,131 15,958 26% Financial Income/Expense -2,156 -1,475 -46% -2,908 -3,446 16% Profit Before Tax 6,538 11,180 -42% 17,224 12,512 38% Net Profit (excluding minority interest) 7,217 10,799 -33% 13,965 11,902 17% EBITDA *(mn. TL) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 15,204 16,431 -7% 27,340 21,455 27% 4,655 2,931 59% 4,633 7,034 -34% 10,550 13,500 -22% 22,707 14,422 57% Aug-23 Financials Investor Presentation *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 in line with international practices. ** These figures are restated to include Entek's financials. www.tupras.com.tr 27#28Income Statement (Million TL) Million TL(**) 2022 2021 % Net Sales 481,765 152,492 216% COGS Gross Profit -418,988 62,777 -136,632 -207% 15,860 296% Operating Expenses -8,235 -3,318 -148% Income/Loss from other operations -8,935 -11,766 24% Operating Profit 45,607 777 5773% Inc./Loss from Equity pick ups 365 701 -48% Operating Profit Before Fin. Income/Loss 45,972 1,477 3012% Financial Income/Expense -6,096 881 -792% Profit Before Tax 39,876 2,358 1591% Net Profit (excluding minority interest) 41,045 3,495 1074% EBITDA* (mn. TL) 55,587 14,067 295% Inventory Gain/Loss (mn. TL) 7,274 8,659 -16% EBITDA* (mn. TL) CCS 48,313 5,409 793% Aug-23 Financials Investor Presentation *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 in line with international practices. ** These figures are restated to include Entek's financials. www.tupras.com.tr 28#29Financial Highlights EBITDA (mn TL) 55,587 4,039 545 2019 2020 5,024 16,431 27,340 14,067 17,766 12,136 526 16,366 15,204 Net Income¹ (mn TL) 41,045 1,103 10,799 11,554 3,495 13,965 17,589 6,748 7,217 2019 -2,494 2020 2021* 2021* 2022* 2023 2022* 2023 Total ■ Q1 ■Q2 ■Q3 ■Q4 ■Total ■ Q1 Q2 ■ 03 Q4 Current Ratio & Net Debt / EBITDA 17.1 Net Debt/EBITDA Current Ratio Return on Average Equity (%) 0.9 22% 1.0 1.1 1.0 1.5 1.5 2.1 5% -0.3 -0.2 2019 2020 2021* 2022* -20% 2023 2019 2020 2021* Aug-23 Investor Presentation Financials www.tupras.com.tr 96% 89% 2022* 2023 (1) Excluding minority interest * These figures are restated to include Entek's financials. 29#30Balance Sheet Analysis Net Debt/Cash Cash Currency bn TL In Billion TL -In Billion $ bn $ bn TL Breakdown Redemption Schedule TL Hard Currency 50 46.4 12.0 9.4 8.4 bn TL 40 40 23.6 25 -0.9 -0.5 -0.4 30 30 20 1.3 0.9 1.4 20 20 15 10.2 10 -8.6 -10.1 10 5 2.1 0.5 Dec-19 Dec-20 Dec-21* -16.5 Dec-22* 0 0 Mar-23 Jun-23 Hard Currency TL 1 year 1-2 years 2-3 years Over 3 years Working Capital Requirement (Billion TL) 4.8 11.9 11.0 -3.6 -4.7 -6.3 Dec-19 Dec-20 Dec-21* Dec-22* Mar-23 Jun-23 Financial Management Working Capital Requirement remained almost flat with volatility in Brent prices, USD/TL and trend in sales volume • Net cash position continued with strong operating cashflow generation. L Aug-23 Financials * These figures are restated to include Entek's financials. www.tupras.com.tr Investor Presentation 30#31Quarterly Profit Before Tax Bridge Favorable differentials, lower energy costs, higher inventory gain and net interest income partially offset the negative impact coming from weaker cracks that were lowered from high base of last year Million TL 11,180 -7,125 962 2,250 1,723 -3,915 1,321 142 6,538 Q2 2022 PBT Crack Margin Differential Energy Cost Inventory Impact FX Interest Other Q2 2023 PBT Aug-23 Financials Investor Presentation www.tupras.com.tr 31#32- Profit Before Tax Bridge (2021 – 2022) 2022 PBT was positively impacted by stronger cracks and wider differential spreads. Million TL 2,358 998 4,076 3,977 9,141 44,758 -17,831 39,876 -5,389 -2,011 -201 Crack Margin Inventory Impact Income from Electricity FX Other 2021 PBT Crude Oil Diff Higher Sales Impact NG Price RUP Malfunction 2022 PBT Aug-23 Investor Presentation Financials www.tupras.com.tr 32#332023 Expectations Aug-23 Tüpraş Net Refining Margin 10$/bbl -11$/bbl • 24-25 mn tons production, 29-30 mn tons sales and 85 - 90% capacity utilization Consolidated Capex ~350 million $ • ~60% of capex for sustainability focused energy efficiency and environmental projects Investor Presentation Financials www.tupras.com.tr 33#34H1 2023 Results 18.0 Refining Margins ($/bbl) Tüpraş Net Refining Margin 16.0 14.0 12.0 10.0 8.0 6.0 9.6 4.0 2.0 0.0 H1 2023 Tüpraş FY Target 100 60 10 888852022° Capacity Utilization (%) 76.7 Tüpraş FY Target H1 2023 Operationals H1 2023 FY Target 400 Total Capex (mn $)(*) 350 300 30 25 200 156 29 24 10.9 13.5 100 Other ESG focused 60% Total 43% 0 H1 2023 FY Target Production (mn ton) Sales (mn ton) Aug-23 Financials Investor Presentation (*) Investments in Sustainable Refining under the areas of Process Improvement, Energy Efficiency, HSE and Environmental projects are considered as ESG focused investments. Investments in Sustainable Aviation Fuel, Zero Carbon Electricity and Green Hydrogen fields are considered as ESG focused investments. Investments for electrical train cars and HSFO scrubbers for ships are considered as ESG focused investments. www.tupras.com.tr#35Investments (Million $) Achievements & Ongoing Projects c6.9 bn USD investments since privatization Reached 9.5 Nelson Complexity • Capability to process heavier and more sour crude • 20 pps improvement in Energy Intensity since 2008 • 25% decrease in water consumption per crude oil processed since 2008 Revamp of FCC, Periodic Maintenance of Vacuum & Lube Complex in Izmir in 2022 Strategic Transition - Investment Program 27% CO2 emission reduction by 2030 (scope1+2), 100% reduction by 2050 Investment in Zero Carbon Electricity to mainly produce green hydrogen (reaching 2.5GW capacity by 2035) Reaching 1GW electrolyzer capacity to produce green hydrogen by 2035 Installing 400 kton/year biofuel (mainly SAF) production capacity by 2030 as a best alternative fuel for aviation 296 2006-2010 Aug-23 Financials Investor Presentation Avg. 460 Mn$ 980 Avg. 350 Mn$ 400 320 300 250 2011-2014 2015-2021 www.tupras.com.tr 2022-2030 2031-2035 2035-2050 35#36Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Leverage & Liquidity Liquidity risk management & targets/limits for financial ratios: • Net financial debt/EBITDA . Net financial debt/Equity • Current ratio • Share of long-term debt Counterparty Risk Policy Interest Rate & Fx Deposit is kept within bank-based limits: • Credit rating assessment and strong capital base. • • Cap on the maximum deposit allocated to a single bank. Cap for deposits subject to banks shareholders' equity • The fixed/floating profile of financial debt. Management of FX risk with derivative instruments • Zero FX exposure target on daily basis. Inventory Hedging Policy: • Operational hedge: Optimum stock policy & forward pricing mechanism. Commodity Hedging Policy • Financial hedge: Cargo based hedging to match the pricing period of purchases with sales. 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 • Aug-23 Financials Investor Presentation www.tupras.com.tr 36#37Strategy#38Turkey's Transportation Energy Demand Turkey's Transportation Energy Demand in million tonnes of oil equivalent (mtoe) Diesel Jet Fuel LPG Marine Fuel Alternative Marine Fuels SAF, Other Jet Fuel Alternatives Electricity 35 51 52 52 48 2019 2030 2035 2040 2050 Aug-23 Strategy Investor Presentation Gasoline Bitumen Hydrogen 45% www.tupras.com.tr OUR PROJECTIONS 過 Turkey's fossil fuel consumption to peak in 2030 Diesel to be partially replaced by H2, for commercial vehicles existing domestic refining capacity will still be well positioned In passenger cars, EVs to lead new sales starting early 2030s and become the dominant powertrain before 2040 H2 to enter a rapid growth phase from 2030 Sustainable Aviation Fuel to cover ~10% of aviation fuel by 2030 38#39Strategic Transition Plan Sustainable Refining Sustainable Aviation Fuel Zero Carbon Electricity Green Hydrogen Base Year: 2017 Scope 1&2 Emission Reduction 2022-2030 2031-2035 Capex EBITDA Capex EBITDA ~60% ~90% ~30% ~70% ~40% ~10% ~70% ~30% 27% Sustainable & Profitable Tüpraş Average EBITDA Average Capex > $1 Billion / Year ~ $350 Million /Year ROACE > 25% Aug-23 Investor Presentation www.tupras.com.tr %35 2035 Net Debt/ EBITDA Average Pay-Out Ratio ~ 80% <2.0x 39#40Strategic Transition Plan - Investment Areas SUSTAINABLE REFINING +1 1 ZERO CARBON ELECTRICITY • • Energy Efficiency and Decarbonization Projects Remain as a Major EBITDA Contributor Improve energy efficiency to drive up profitability Diversify product portfolio through lighter chemicals Within 2022-2035; ~2.3 bn USD capex, ~13 bn USD Cumulative EBITDA Integrating Zero Carbon Electricity to produce Green H, Ensure affordable green H₂ production, capturing electrification demand Primarily supply zero carbon electricity for H2 production, remaining portion to be sold. Within 2022-2035; ~1.3 bn USD capex, ~400 MUSD Cumulative EBITDA • BIOFUELS Becoming the Lead SAF Supplier in Turkey Capture changing market for liquid fuels, ensure long term profitability in aviation sector. Conversion of existing unit in İzmir to produce Sustainable Aviation Fuel (SAF) Within 2022-2035; ~600 MUSD capex, ~1.1 bn USD Cumulative EBITDA Aug-23 Investor Presentation Strategy H₂ GREEN HYDROGEN Reducing Refining Emissions Capture changing market for land transportation, reduce refining emissions. • Reduce Scope 1-2 emissions of refineries. Followed by H2 sales, starting from 2030. Within 2022-2035; ~690 MUSD capex, ~640 MUSD Cumulative EBITDA www.tupras.com.tr 40#41Strategic Transition Plan - Emission Reduction -BASE YEAR- SCOPE 1 + 2 7.3 MN TONNES EMISSION REDUCTION SCOPE 1 & 2 We will invest in energy efficiency & decarbonization Projects, green hydrogen & zero carbon electricity usage in refining to reduce scope 1 & 2 emissions "I || II || "I || "I || Aug-23 Investor Presentation Strategy www.tupras.com.tr || 11 || "I || || -27% -35% -49% || -100% 2017 2030 2035 2040 2050 41#42Strategic Transition Plan - Financials We are sustainable and profitable. Will eliminate our scope 1 & 2 emissions by 2050 while executing our plan and achieving these results. $350mn average CAPEX until 2035, totaling $5 bn. ROACE will remain above 25% creating ~$9bn total CF until 2035 With ample CF, Net Debt/ EBITDA will be below <2.0x Will remain a high dividend payer, average ~80% dividend pay-out ~$5bn > 25% ~$9 bn USD <2.0x ~80% TOTAL CAPEX ROACE TOTAL CF NET DEBT/EBITDA AVG. DIVIDEND PAYOUT Aug-23 Strategy www.tupras.com.tr Investor Presentation 42#43Strategic Transition Plan - Financials 15.0 EBITDA -5.0 7.0 -2.50 -.50 Sound Financial Plan ● · • Superior EBITDA generation and disciplined capex plan leads to very low external funding requirement. Strong FCF generation ensures strong dividend potential 80% dividend payout on average according to our new business model Net Debt/EBITDA will remain below 2x ~5 bn $ Dividend • Capex Net Fin. Exp. (*) Other Residual FCF (*) Consists of net additional funding and related financial expenses Aug-23 Strategy Investor Presentation www.tupras.com.tr 43#44Strategic Transition Plan - Latest Updates ZERO CARBON ELECTRICITY BIOFUELS Total Installed Capacity (MW) 66 ■ Hydro 15 Basic engineering studies were completed to produce sustainable aviation fuel, We will use Honeywell's UOP Ecofining™M technology in our İzmir refinery. ■ Wind ■Solar 264 Applications (MW) Tüpraş Entek Total Approved 48 360 408 -Under Construction 22 0 22 -Planning Phase 26 360 386 Application Phase 80 1,157 1,266 400kt Total 128 1,517 1,674 Operational (MW) Online Tüpraş Entek Total biofuel production capacity 15 330 345 Aug-23 Strategy Investor Presentation www.tupras.com.tr With this technology, we plan to produce dominantly sustainable aviation fuel (SAF) and some renewable diesel & other products with 400K ton capacity per year 44#45ESG DI Tipras TCM ras#46Tüpraş's Environmental Highlights Energy Intensity Achievements 99.1 98.44 99.1 94.9 93.5 5.6 102.2 Energy Intensity Targets 2.6 2.8 0.1 91.2 2017 2018 2019 2020 2021 2022* Ongoing Energy Efficiency Other Projects Future Energy Future Other Efficiency Projects Projects 2030 Target Projects Water Consumption per processed crude oil (m3/ton) Ratio of recovered water to total water consumption (%) Aug-23 Greenhouse Gas Emissions Reductions through Energy Efficiency Projects (tons CO2e) Environmental Investment and Operational Expenditures (MTL) 70% 70% 63% 64% 243,666 58% 0.82 0.74 0.72 0.66 0.64 106,708 388 73,199 268 238 39,608 150 26,292 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Investor Presentation ESG www.tupras.com.tr 2018 2019 2020 2021 1,158 2022 *Energy Intensity increased in 2022 with higher use of alternative fuels due to the supply problems in natural gas and significant increase in natural gas prices 46#47Board of Directors' Composition Committees under BoD COMPETITION COMPLIANCE Tüpraş's Social & Governance Highlights Strong Policies have been effectively implemented for years HUMAN RIGHTS ANTI-BRIBERY, ANTI-CORRUPTION DONATION & SPONSORSHIP Corporate Governance Rating 9.65 DISCLOSURE Health & Safety and Diversity are the Key Priorities Female Share in Total Employees Female Representation in Senior and Mid-Level Management Female Share in Recruitment Targets 11 members Four members are independent Health & Safety Corporate Governance Risk Management Audit Executive Ethics Targets 2024- 2030 2025 Diversity 32% Female Representation in the Board of Directors in the next LTI Severity ⚫LTI Frequency Process Safety Event Frequencies five years Process Safety Event Freq. 0.30 0.25 17.7% 17.7% 17% 19% 16.8% 19% 17.0% 19.4% 25% 27.8 25.8 1.02 0.87 18.9 18.2 17.7 13% Targeted Rate of 16.4 LTI Frequency 0.30 0.15 9.8% 8.6% 8.8% 8.9% 9.0% Women in New Recruitments 0.59 0.7 0.7 0.42 0.38 0.5 0.4 0.27 0.4 LTI Severity 10.0 5.0 50% 0.3 2018 2019 2020 2021 2022 2023T 2018 2019 2020 2021 2022 Tüpraş is taking place in these sustainability indices Aug-23 BORSA İSTANBUL Investor Presentation V.E ESG MSCI TCFD TASK FORCE ON Bloomberg CLIMATE-RELATED FINANCIAL DISCLOSURES Gender-Equality Index 2022 FTSE4Good SUSTAINALYTICS www.tupras.com.tr 47#48Appendix 40 3589 sti LC 10 HOWIC 0 Tupras#492023 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Planned Crude Oil & Vacuum Q1 7 Completed Batman Seasonal Crude Oil & Vacuum Q4 9 Planned FCC Q1 7 Completed Crude Oil, Vacuum, CCR, İsom. Q1 İzmir Lube Complex Q1 6 6 Revamp Completed Completed Crude Oil, Vacuum Q4 5 Postponed Periodic Maintenance HYC Q4 6 Postponed Crude Oil & Vacuum Q1 7 Completed Desulphurizer Q1 18 Periodic Maintenance Completed İzmit CCR Q1 9 Completed FCC Q2 11 Opportunity Maintenance Ongoing Kırıkkale Battery Shut Down Q1 7 Periodic Maintenance Completed Aug-23 Appendix Investor Presentation www.tupras.com.tr 49#50Turkish Market Fuel Consumption 2017-2022 Million Tons 4 -2.4% 28 24.2 23.6 14 -4.4% Diesel +0.5% 22.5 +10.1% 24.9 -1.6% 24.5 8 22.7 IIIIII Jet Fuel* +6.5% 5.3 +38.0% +10.5% 5.0 4.5 4.7 -54.4% +39.4% 3.4 4 2.4 0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Gasoline +9.2% 3.3 3.0 +1.2% +3.0% -2.5% +29.2% 2.3 2.3 2.4 2.3 2 3 UT 4.1 LPG +1.6% +0.8% -7.4% 4.1 4.2 +1.2%. 3.9 3.9 -1.0% 3.9 2 1 0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Source: Tüpraş and EMRA * Transit flight consumption included Aug-23 Investor Presentation Appendix www.tupras.com.tr 50#51Competition - STAR Refinery Timeline Turkish Market Structure (mn tons) Turkish Turkey 11411 Tüpraş STAR Total Market Balance Demand Demand* 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 • Feasibility studies began in 2010 and Jet Fuel 5.2 1.6 6.8 5.3 1.5 construction kicked off in 2011 Diesel 10.7 4.8 15.2 22.5 -7.3 • Goldman Sachs has acquired a 13% stake in SOCAR Turkey for $1.3 billion. Fuel Oil 1.8 1.8 0.3 1.5 Bitumen 3.1 3.1 • Total investment size 6.3 bn USD, with Pet coke 0.8 0.7 1.5 3.3 bn USD credit agreement. • Following the completion of construction late 2018, reached full Total ~30 ~10 ~40 capacity utilization in August 2019 * Source: EMRA Aug-23 Investor Presentation Appendix www.tupras.com.tr 51#52Competition - 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 Mediterranean Black Sea France Croatia Spain Italy Albani Greece Turkey Portugal Tunisia Morocco Algeria Moldova Ukraine Romania Bulgaria Syria Israel Libya Egypt 54 Refineries ~7.8mbd Aug-23 Investor Presentation Appendix www.tupras.com.tr Turkey 17 Refineries ~1.8mbd Russia Georgia 22 52#53European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) Refinery Price Tax Diesel (TL/Lt) 40 35 30 25 20.4 21.9 20.5 21.5 15.3 18.3 25 35 21 22 Refinery Price Tax 40 30 15.8 15.2 16.6 19.1 18.5 13.2 20 5.7 15 20 5.2 15 10 10 10 17.8 10 18.7 18.2 18.3 19.1 18.3 16.6 14.9 16.4 16.0 16.6 15.5 17.5 18.4 5 5 0 TR Spa. EU-27 Ger. Ita. Gre Fra. Prices of Europe and Turkey, as of March 31, 2023 Aug-23 Investor Presentation Appendix TR Spa. Ita EU-27 Fra. Ger. Gre. www.tupras.com.tr 53#54Tüpraş Balance Sheet (Million TL) Aug-23 30.06.2023 31.12.2022* Diff. Diff. (%) Current Assets 128,564 119,711 8,853 7 Cash & C. Equivalents 46,409 49,770 -3,361 -7 Trade Receivables 30,631 21,418 9,213 43 Derivatives 1,892 3,597 -1,705 -47 Inventories 39,450 36,046 3,404 9 Pre-paid expenses 601 749 -148 -20 Other Current Assets 9,582 8,131 1,451 18 Long Term Assets 53,388 49,182 4,206 9 Financial Assets & Subsidiaries 3,685 3,029 656 22 Tangible & Intangible Fixed Assets 36,211 33,680 2,530 8 Derivatives 45 57 -12 -21 Pre-paid expenses 664 618 46 7 Deferred Tax 9,778 9,196 582 6 Other Longterm Assets 3,005 2,601 403 16 Total Assets 181,952 168,892 13,060 8 Short Term Liabilities 85,488 78,895 6,592 8 Financial Loans 10,154 11,994 -1,841 -15 Trade Payables 59,047 52,699 6,348 12 Derivatives Provisions 601 995 -394 -40 1,460 531 930 175 Other ST Liabilities 14,226 12,677 1,549 12 Long Term Liabilities 28,108 22,811 5,297 23 Financial Loans 26,166 21,274 4,892 23 Payables & Provisions 1,453 1,190 262 22 Derivatives 432 298 134 45 Other LT Liabilities 57 48 9 18 Total equity attributable to equity holders of the parent 67,775 66,743 1,032 2 Minority Interests 581 Total Liabilities & Equity 181,952 442 168,892 139 31 13,060 8 * These figures are restated to include Entek's financials. Appendix www.tupras.com.tr Investor Presentation 54#55Dividend (TL) Avg. Payout Ratio: 90%* 77% 101% 79% 66% 64% 33% 87% 89% 102% 149.1 Strategic Transition Dividend Plan 30% 45.4 Our new business model enables us to pay ~80% average dividends and we will remain as a high dividend payer 15.2 14.8 12.7 10.2 3.2 2.5 2.9 3.0 5.0 5.8 4.8 5.8 7.2 3.9 3.9 1.6 0.0 6.5 16.2 13.6 15.2 2.10.0 0.0 0.0 0% -0% 0.00 0% -10.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 EPS DPS Dividend Payout *2009-2018 dividend payout ratio, which is calculated according to distributable net income based on statutory accounts Aug-23 Investor Presentation Appendix www.tupras.com.tr 55#56Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Average 96.5 Long Term Foreign Currency Fitch Ratings MOODY'S S&P Global Ratings Shareholders 95.5 Tüpraş Turkey B (Stable) B3 (Stable) B (Negative) Koç Holding B3 (Stable) B3 (Stable) B+ (Negative) B+(Negative) Transparency 97.3 Stakeholders Board 0 25 50 50 99.5 95.2 75 100 Source: SAHA Corporate Governance and Rating Services Inc. (October 2022) Aug-23 Investor Presentation Appendix www.tupras.com.tr Analyst Recommendations 5% 19% 76% Buy ■Sell Hold Source: Bloomberg* *data as of Mar'23 56#57Tüpraş Production Flow and Yield Breakdown • Tüpraş has 30 million tons of production capacity Tüpraş operates 4 refineries with an integrated system optimization program Key Units # of Units Capacity (m³/d) CRUDE OIL 8 99,420 Flow Diagram LPG MEROX LPG, 3.5% Gasoline Naphtha, 22.0% VACUUM DIST. 8 42,752 HYDROCRACKER 4 18,032 ISOMER. NAPHTHA SPLITTER Benzen Saturation UNIFINER REFORMER ISOMERATION 7,804 Jet Fuel / Kerosene 16.5% UNIFINER 5 16,225 REFORMER 5252 5252 5252 KERO/DIESEL (HDS) پاک کر KERO/DIESEL 9 37,265 ស (HDS) FCC Diesel, FCC Gasoline HDS 33.9% FCC 2 4,650 VACUUM DIST. COKER 1 9000 Multiple distillation HYDROCRACKER ΝΑΡΗΤΑ SPLITTER and production units Lube Oil LPG MEROX 6 COKER Bitumen Lube Oil, 0.5% Bitumen & Fuel Oil, 19.9% Other, 3.8% Aug-23 Investor Presentation Appendix www.tupras.com.tr 57#58RUP 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. Aug-23 Investor Presentation Appendix Natural Gas ~0.3 mt Vacuum Resid ~2.4 mt Atm. Resid ~2.8 mt Total Processing ~5.5 mn tons www.tupras.com.tr 3192 665 184 Diesel Gasoline LPG & Jet PetroCoke Sulphur 909 132 Total Output ~5.1mn tons 58#59LPG and Naphtha Cracks $/bbl LPG 5yr range 2022 5 yr ave 2023 5 -5 -15 -18.5 -13.2A -25 -24.0 -23.4 -29.5 -35 -31.7 -32.T 5 Naphta 5yr range 2022 - 5 yr ave 2023 0 -2.7 -5 -4.5 -7.2 -6.4 -10 10.5 -8.9 -9.05 -15 -12.4 -14.0 -15.4 -18.9 -18.74 23.1-23.0 -22.21.5 -20 -28.2 -25 -30 30.8-30.7 34.6 -38.6 -39 9 -35 -41.7 -42.2 -39.6 -45 -43.0 48.5 -44.7 -40 -40.8 -52.8 -55 -45 1 2 3 4 5 6 -53.5 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 data as of 30 June 2023, 5 year range shows 2018-2022 Aug-23 Investor Presentation Appendix www.tupras.com.tr 59#60Koç Holding • Turkey's Leading Investment Holding Company Koç Holding is Turkey's largest industrial and services group • The only Turkish company in Fortune Global 5002. Pioneer in its Sectors Leading positions with clear competitive advantages in sectors with long-term growth potential such as energy, automotive, consumer durables and finance. ~9% Combined Revenues / GDP1 ~7% Total Exports / Turkey's Exports ~19% Koç Group's Market Cap/ Borsa Istanbul 100 Index Notes Data as of YE22 (1) 2022 Report (based on consolidated revenues) (2) 2022 report (based on consolidated revenues) Aug-23 Investor Presentation Appendix www.tupras.com.tr Koc 60#61Investor Presentation Tüpras Koc Latest Webcast Sustainability Report Strategic Transition Plan [email protected]