#1Tüpras Investor Presentation KOC September 2021#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. Sep-21 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 5yr range - 5 yr ave 2020 2021 90 80 73.0 70 68.7 65.6 63.5 64.7 62.2 60 54.8 50 55.4 75.0 70.8 49.9 + OPEC++ production cut + Impact of Iran & Venezuela sanctions + Escalating regional tension + Covid 19 vaccine discovery - Concerns on global economic development Covid-19 related demand drop Storage capacity fill up 40 40 31.8 30 44.8 43.4 42.7 40.1 40.8 40.2 Year Average Brent Prices ($/bbl) 2016 43.7 29.0 2017 54.3 20 18.5 2018 71.0 2019 64.3 10 2 3 4 5 6 7 8 00 9 10 11 12 2020 41.7 data as of 31 August 2021 Sep-21 Refining Market Investor Presentation www.tupras.com.tr 4#5Global 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 2019-2024 Net Capacity Additions 2.3 Closures Expected Closures Openings 1.2 1.0 0.8 2.3 1.7 -0.3 -0.3 -0.6 -0.4 -1.7 -1.0 -0.4 0.2 2019 2020 2021 2022 2023 2024 2025 Sep-21 Refining Market Investor Presentation Net Capacity Additions by Region Asia Middle East www.tupras.com.tr Africa 13% Other 14% 32% 41% 0% 10% 20% 30% 40% 50% 5#6Middle Distillate Cracks $/bbl Jet Fuel Diesel 5 yr range 5 yr ave 2020 2021 5yr range 5 yr ave 2020 2021 20 20 20 15 15 12.5 11.2 10 9.7 10.1 15 10 10.4 7.9 5.8 4.1 3.0 1.8 1.9 2.3 2.7 2.5 0.9 -0.6 -1.7 -1.6 -2.3 -3.3 -5 -3.9 6.8 6.4 0 5.7 5.4 5.0 4.7 4.8 5 4.3 4.9 4.8 5.0 4.8 5.1 4.1 2.4 3.7 0 -10 1 2 3 4 5 6 7 8 9 10 11 12 5 yr between 2016-2020, data as of 31 August 2021 Sep-21 Investor Presentation Refining Market www.tupras.com.tr 3.1 2.2 0.5 = 1 2 3 4 5 6 7 8 9 10 11 12 6#7Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline 5yr range 2021 2020 5 yr ave 20 15 10 10 7.7 10.2 9.8 11.5 10.4 10.6 7.0 6.2 5 13.7 15.1 5.1 4.3 4.6 3.3 3.1 2.4 7.7 6.4 4.1 3.4 -5 -6.4 5 yr range High Sulphur Fuel Oil 2021 2020 5 yr ave -3.8 -4.4 -4.8 -5.5 -7.8 -8.1 -7.1 -7.5 -7.4 -8.4 -9.7 -10.4 -11.7 -10.7 -12.9 -13.9 -14.5 -15 -15.8 -22.4 -25 -35 0 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 5 yr between 2016-2020, data as of 31 August 2021 Sep-21 Investor Presentation Refining Market www.tupras.com.tr 7#8Heavy Crude Price Differentials to Brent ($/bbl) 2 0 -2 -4 -6 -8 -10 - Iran Sanctions OPEC+ Cut Decision OPEC+ disagreement OPEC+ Cut Decision -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 Sep-21 Investor Presentation Refining Market www.tupras.com.tr Arab Heavy Basrah Heavy Kirkuk • • Ural Average* 8 9 10 11 12 *Simple average of listed differentials 8#9Turkish Market Tüpras#10Turkish Market, 6M 2021 Million Tons 10.9 6M 2020 'Transit flight consumption included Diesel Gasoline 11.9 6M 2021 1.2 1.0 +9.3% 6M 2020 6M 2021 Sep-21 Turkish Market Investor Presentation +15.6% www.tupras.com.tr 1Jet Fuel +20.0% 1.3 1.1 6M 2020 1.7 6M 2021 LPG +0.5% 1.8 6M 2020 6M 2021 10 10#11Turkey's Net Import / Export Balance Million Tons Import Export Jet Diesel -13.6 -13.2 -12.3 Gasoline LPG -16 -12 -5.9 -8.8 -8 2020 2019 2018 2017 Sep-21 Turkish Market Investor Presentation -2.9 -3.0 -3.2 -3.1 -3.4 Tüpraş' Market Share 0.4 0.3 -0.4 0.3 Diesel 41% 0.1 1.9 3.0 2.4 Jet 2020 12M 87% Gasoline 97% 3.2 Fuel Choice of Passenger Cars 2.8 -4 0 4 2016 www.tupras.com.tr Diesel; 40% LPG; 40% Gasoline; 20% 11#12Company Overview SAWA WATAA#13Tüpraş Shareholder Structure Tüpraş is Turkey's biggest industrial company and leading refiner. Koç Holding 77% Ditaş 79.98% Opet 40% Körfez Ulaştırma 100% Tüpraş Trading Ltd. 100% Aygaz 20% Energy Investments Inc. (SPV) 51% Opet 3% Tüpras Free Float 49% Sep-21 Investor Presentation Company Overview www.tupras.com.tr Domestic Ownership 52% Foreign Ownership¹ 48% 'As of December 31st, 2020 13#14Tüpraş' Refining Assets & Distribution Network İzmit İzmir Kırıkkale Batman Total Capacity (mn tons) 11.3 11.9 5.4 1.4 30 Turkey's petroleum product needs 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 OPET Marmara Terminal. 721,000 m³ İzmir İstanbul Izmit Kırıkkale Ankara OPET Antalya Terminal OPET Mersin 19,392 m³ Mersin Terminal 240,000 m³ Ceyhan Integrated system optimization with high complexity, procurement & logistics flexibility Sep-21 Investor Presentation Company Overview Baku Others; 45% Tüpraş; 55% OPET Baku-Tbilisi-Ceyhan Oil Pipeline Giresun Terminal 43,130 m³ Batman Iraq-Turkey Oil Pipeline Kirkuk Railway Crude Pipeline Terminal Refinery www.tupras.com.tr Turkey's Storage Capacity Others; 43% Tüpraş & Opet; 57% 14#15Nelson Complexity of Refining Companies Sep-21 Investor Presentation FL9.7 CANADA 8.9 NWE 8.2 RUSSIA EAST 11.6 USA 9.7 EUROPE İzmit Refinery 14.5 TÜPRAŞ 9.5 10.4 8.9 MED 7.7 EAST ASIA 9.9 JAPAN CHINA 7.2 MIDDLE EAST F9.0 SOUTH ASIA FL7.1 LATIN AMERICA 5.0 AFRICA Company Overview www.tupras.com.tr 7.9 AUSTRALLIA 15#16Tüpraş Subsidiaries OPET, Distribution, Tüpraş Share: 40% Dpet DİTAŞ, Marine Transport, Tüpraş Share: 79.98% T.GONUL 1,779 stations as of 30 June 2021 • 3 Crude Oil Tanker: 479,765 DWT • As of May 2021 Market share: 17.3% in white products; 9.5% in black products • Körfez Ulaştırma, Railway Transport, Tüpraş Share: 100% 1 Crude Oil - Product Tanker: 51,532 DWT 10 Product Tanker: 171,453 DWT" Tüpraş Trading UK, Trading, 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 Sep-21 Investor Presentation Company Overview www.tupras.com.tr Tupras Trading Trading Office in London will be an important step into 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 16#17Operations 11#18Crude Suppliers of Tüpraş In 2020, Tüpraş purchased 18 different types of crude from 11 countries with gravities ranging between 20-47 API. Main Crude Suppliers in 2020 Crude Oil Imports by Region (%) Middle East ■CIS Europe Africa America 3 3 10 10 10 12 12 10 10 14 3 14 7 13 14 34 21 21 11 79 81 76 71 63 55 64 59 2014 2015 2016 2017 2018 2019 2020 Sep-21 Operations www.tupras.com.tr Investor Presentation 18#19Annual Product Yields 2019 Bitumen Othe LPG 4% 8% 2% Coke Gasoline 3% Other 20% Fuel Oil white Light 9% 2% Black Prod. Distil. 20% 25% Naphtha 1% Diesel 36% Mid. Distil. 53% Jet 17% White Product Yield (%) Production API Sep-21 Investor Presentation Operations 79.0% 28.1 mn tons 32.0 www.tupras.com.tr 2020 Other LPG 3% Bitumen 1% 12% Coke Other 3% Gasoline 21% White Fuel Oil 2% Black Prod.1% 17% Light Distil. 25% Naphtha 1% Jet Mid. Distil. 57% 12% Diesel 45% White Product Yield (%) Production ΑΡΙ 81.5% 23.4 mn tons 31.5 19#20H1 Product Yields H1 2020 H1 2021 LPG Other 3% Other Bitumen 4% 10% Bitumen 5% 7% LPG 3% Gasoline Kok Kok Other 19% 4% Other Gasoline 20% 4% white white Fuel Oil Light Fuel Oil 1% Black Prod.2% Black Prod. 2% Light Distil. 3% 14% Distil. 13% 25% Naphtha 1% 25% Naphtha 2% Mid. Distil. 60% Jet 14% Mid. Distil. 59% Jet 12% Diesel 44% Diesel 44% White Product Yield (%) Production ΑΡΙ 82.0% 10.9 mn tons 31.3 White Product Yield (%) Production ΑΡΙ Sep-21 Operations Investor Presentation www.tupras.com.tr 83.0% 11.4 mn tons 31.6 20#21Capacity Utilization and Quarterly Production Volume Quarterly Production (Mn tons) Capacity Utilization¹ (%) 7 2017 2018 2019 8 2020 2021 6 6.0 5 4.6 Q1 10 4.9 6.5 6.4 82 Q2 Q3 63 'Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Sep-21 Investor Presentation Operations Crude Oil Semi Product Feedstock Total 108 7 96 99 98 7 82 85 69 101 87 60 Q4 2017 2018 2019 www.tupras.com.tr 91 75 64 08 89 84 8 78 57 65 66 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 98 21 91 6#22Sales • Tüpraş generated 24.5 million tons of total sales in 2020. Total Sales mn tons 31.5 30.3 29.8 29.2 5.8 5.5 4.2 24.5 6.8 4.7 Exports 24.8 25.7 25.6 22.4 Domestic Sales 19.8 2016 2017 2018 2019 2020 Customer Groups 2020 Jet 8% Total Sales, 2020 24.5 mn tons Other 12% Export 18% Distributors Domestic Sales of Key Products 52% mn tons OTHER 9% POAŞ 2.9 3.5 3.4 2.2 1.8 BP 14% 27% 2.2 2.2 2.3 2.4 Bitumen 4.9 2.3 4.5 4.5 Sales to 4.3 2.2 Gasoline Distributors 2020 Jet Fuel 10.8 11.3 11.9 10.4 10.6 12.7 mn tons SHELL Diesel 20% OPET 30% 2016 2017 2018 2019 2020 Sep-21 Operations Investor Presentation www.tupras.com.tr Bitumen 10% 22#23Product 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. Total Product Sales Domestic Product Sales International Sales Domestic Sales of Selected Products Bitumen Diesel Jet Fuel Gasoline 0.9 8.1 0.9 7.4 0.6 7.1 1.4 6.9 0.4 0.6 0.7 0.4 0.6 1.6 1.3 0.6 1.8 5.3 1.2 0.7 1.0 0.8 1.2 0.5 0.2 6.6 6.7 5.5 5.1 3.1 2.9 2.7 2.6 4.1 2.3 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Sep-21 Operations Investor Presentation www.tupras.com.tr 23#24Financials#25Tüpraş and Med Refining Margins Average Margins ITüpraş Net Margin 8.1 9.3 Average Margins Med Margin ITüpraş Net Margin Med Margin 6.0 3.6 5.3 4.6 3.7 1.7 1.3 4.6 2.1 0.9 0.7 0.3 -0.2 -0.6 -1.9 -0.1 2016 2017 2018 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q2 2021 ($/bbl) Gross Inventory Margin Effect Clean Clean Gross NET Margin Margin Net Margin Med Margin • Premium to the benchmark Mediterranean peers' refining margin due to: Ability to use heavier and sour crudes with higher complexity Q2 2020 6.3 -1.3 7.5 2.2 0.9 -0.6 . Access to a wide range of cheaper sources of crude oil 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 Lower cost basis and more efficient energy usage Q2 2021 8.8 1.8 7.0 2.8 4.6 0.3 Close proximity to major suppliers reduces transport costs Ability to produce a broad range of refined products with higher value added • H1 2021 8.3 2.1 6.2 1.2 3.3 0.0 Direct pipeline connections with domestic clients Sep-21 Financials Investor Presentation www.tupras.com.tr 25#26Income Statement (Million TL) EBITDA realized as 2,512 mn TL in Q2 2021. Q2 Q2 H1 H1 Million TL % % 2021 2020 2021 2020 Net 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) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 2,512 477 427% 3,681 -814 1,407 -8 2,919 -2,024 1,105 484 128% 763 1,210 -37% *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. Sep-21 Investor Presentation Financials www.tupras.com.tr 26#27Financial Highlights 3,116 EBITDA (mn TL) Q4 Net Income (mn TL) Q4 Q3 Q3 3,242 3,812 3,713 Q2 Q2 493 1,887 Q1 992 1,766 Q1 939 1,457 542 526 186 1,027 3,681 -2,494 1,700 869 870 378 376 -375 -155 -760 -2,265 1,237 3,778 2,345 1,528 738 956 545 1,542 2,512 2,210 1,495 383 1,575 977 1,033 851 1,170 477 -1,291 2017 2018 2019 2020 -185 -420 2017 2018 2019 2020 2021 2021 Current Ratio & Net Debt / Adj. EBITDA² Current Ratio Net Debt/ Adjusted R. EBITDA --Net Debt/R.EBITDA Sep-21 17.1 2.4 2.2 1.9 2.12.2 1.2 b 1.3 1.1 1.2 2017 1.3 1.3 2018 1.0 1.1 1.0 2019 2020 Q2 2021 Investor Presentation Financials Return on Average Equity2 41% 37% 2017 2018 (1) Excluding minority interest www.tupras.com.tr (2) 28% 1% 5% 2019 2020 2021 Adjustments to 2020 and 2021 Q1 EBITDA are based on İzmir shutdown in Q2'20 and historically low crack adjustments in 2H'20 and Q1'21.#28Balance Sheet Analysis bn TL 20 Net Debt In Billion TL -In Billion $ 17.8 15 12.0 12.2 12.5 11.0 10 10 9.4 8.4 11.3 bn $ in ол 5 4 3 6.2 2 5 2.3 2.3 1.9 1.7 1.6 1 1.4 1.5 1.3 1.3 0 0 Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Working Capital Requirement (Billion TL) 4.7 2.1 -2.0 -3.0 -3.6 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 Sep-21 Financials Investor Presentation 12.3 Redemption Schedule (Billion TL) TL Hard Currency 9.8 6.5 1.7 0.1 0.3 1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years www.tupras.com.tr • Financial Management Ongoing strict working capital management continues to lower funding needs Improved operational profitability generation further helps delevering 28#29Annual Profit Before Tax Bridge (2019-2020) 2020 PBT was adversely affected from historically low crack margins, lower production and inventory losses due to Covid19 -311 -88 -2,170 -789 -17 204 -624 -3,795 2019 PBT Differential Crack Margin Production FX and Interest Inventory Impact Other 2020 PBT Sep-21 Financials Investor Presentation www.tupras.com.tr 29#30Q2 Profit Before Tax Bridge (2021-2020) 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. Million TL -329 1,415 633 113 497 -481 -770 219 1,297 Q2 2020 PBT Inventory Impact Increase in total sales volume Crack Margin Interest Expense FX Crude Oil Differantial Other Q2 2021 PBT Sep-21 Financials Investor Presentation www.tupras.com.tr 30#312021 Expectations Med Complex Refining Margin 0.0 - 0.5 $/bbl Tüpraş Net Refining Margin 2.5 - 3.5 $/bbl 25-26 mt production, 26-27 mt sales and 85 - 90% capacity utilization Consolidated Capex ~200 million $ • ~40% of capex for sustainability focused energy efficiency and environmental projects Sep-21 Investor Presentation www.tupras.com.tr 31#32H1 2021 Results H1 2021 0.0 Refining Margins ($/bbl) Med Margin Tüpraş Net Margin Med FY Exp | Tüpraş FY Target 3.3 -1.0 0.0 1.0 2.0 3.0 4.0 3.3 $/bbl net refining margin in H1 2021 Sep-21 Financials Investor Presentation Capacity Utilization (%) H1 2021 77.8 78% total capacity utilization in H1 2021 www.tupras.com.tr 0 10 20 30 40 50 60 70 80 90 100 Operationals H1 2021 FY Target 26 26 6.9 mn tons of sales and 6.5 mn tons of 25 25 11.1 11.8 production in Q2 2021 Production Sales Total Capex (mn $) 74 mn $ total CAPEX in H1 2021 200 74 H1 2021 FY Target 32#33Investments (Million $) • c6.9 bn USD investments since privatization Reached 9.5 Nelson Complexity Capability to process heavier and more sour crude Avg. 296 Mn$ 484 343 274 219 162 633 Avg. 980 Mn$ 1,246 1,061 979 Avg. 250 Mn$ 357 291 301 236 165 153 74 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 Sep-21 Financials Investor Presentation www.tupras.com.tr 2021 • 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 33#34Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Leverage & Liquidity Proactive in 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 Commodity Hedging Policy Deposit is kept within bank-based limits: Sep-21 Financials Investor Presentation • 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. The fixed/floating profile of financial debt. Proactive management of FX risk with derivative instruments • Zero FX exposure target. 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 www.tupras.com.tr 34#35FX Exposure Management (30 June 2021) Tüpraş continues to employ strict FX policies to mitigate currency risks stemming from volatility. 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. *Cash Flow Hedge Consolidated Hard Currency Assets Cash 192 Receivables & Other Assets 147 Stock 1,737 Forward 2,327 CFH* 490 Sep-21 Investor Presentation Financials www.tupras.com.tr Consolidated Hard Currency Liabilities Million $ Payables & Other -7mn $ Liabilities 2,980 ST Financial Loans 715 • RUP: 190 • Other: 526 LT Financial Loans 1,204 RUP: 368 Eurobond: 670 Other Loans: 166 35#36Tüpras Tüpras Tüpras Tüpraş Tüpraş Tüp Tüpraş as Appendix#37Tüpraş Balance Sheet (Million TL) 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 Derivatives 92 88 4 114 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 Provisions 310 763 -453 -59 242 142 100 70 Other ST Liabilities Long Term Liabilities 4,299 4,796 -497 -10 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 11,446 836 238 75,039 226 12 75 61,169 13,870 23 Minority Interests Total Liabilities & Equity Sep-21 Appendix Investor Presentation www.tupras.com.tr 37#382021 Refinery Maintenance Schedule Refinery Unit Batman Crude Oil & Vacuum Starting Quarter Duration (weeks) Purpose Status Q1 7* Seasonal Done Crude Unit Q1 6 Done CCR Q1 10 Done Revamp Opportunity FCC Q1 9 Done Maintenance İzmir Isomerization Q1 10 Done Desulphurizer Q1 11 Done Vacuum Q4 6 Periodic Maintenance Postponed (2022) Lube Complex Q4 6 Desulphurizer Q1 4 Periodic Maintenance Periodic Maintenance Postponed (2022) İzmit FCC Q1 30 Revamp Crude Unit Q4 2 Periodic Maintenance Done Ongoing Planned Kırıkkale (*) This activity started in Q4 2020. Duration figure indicates the portion carried out in 2021 Sep-21 Appendix Investor Presentation www.tupras.com.tr 38#39Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Overall 95.8 Long Term Foreign Currency Fitch Ratings MOODY'S S&P Global Ratings Shareholders 95.5 Tüpraş Turkey Koç Holding B+ (Negative) B2 (Negative) BB- (Negative) B2 (Negative). B2 (Negative) B+ (Stable) BB- (Stable) Transparency 97.2 Stakeholders Board 0 25 99.5 93.3 50 50 75 100 *data as of 31 August 2021 Source: SAHA Corporate Governance and Rating Services Inc. (October 2020) Sep-21 Investor Presentation Appendix www.tupras.com.tr Analyst Recommendations 35% 0% Buy Hold 65% Sell Source: Bloomberg* 39#40Turkish Consumption 2016-2020 Million Tons Diesel 28 -2.4% -4.4% +8.3% 8 24.2 23.6 +0.5% 22.3 22.5 22.7 14 0 2016 2017 2018 2019 2020 4 Gasoline +3.1% +1.2% +3.0% -2.5% 2.2 2.3 2.3 2.4 2.3 2 2016 2017 2018 2019 2020 Source: Tüpraş and EMRA * Transit flight consumption included Sep-21 Investor Presentation Appendix 4 0 LO 3 2 4.4 +2.6% 4.5 Jet Fuel* +10.5% +6.5% 5.3 5.0 -54.4% 2.4 2016 2017 2018 2019 2020 www.tupras.com.tr LPG +0.8% -0.6% +1.6% -7.4% 4.1 4.1 4.1 4.2 3.9 2016 2017 2018 2019 2020 40#41Competition - STAR Refinery Timeline Turkish Market Structure (mn tons) Turkish Turkey 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 Fuel Oil 1.8 1.8 0.3 1.5 billion. 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 Sep-21 Investor Presentation Appendix www.tupras.com.tr 41#42Competition - 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 Portugal France Croatia Spain Italy Albani Greece Turkey Morocco Algeria Tunisia Libya Egypt 54 Refineries ~7.8mbd Sep-21 Investor Presentation Appendix Moldova Ukraine Romania Bulgaria Syria Israel Turkey www.tupras.com.tr 17 Refineries ~1.8mbd Russia Georgia 42#43Dividend (TL) 77% 101% EPS 79% DPS Dividend Payout 102% 89% 87% 66% 64% 10.2 5.8 6.5 7.2 5.8 6.2 5.0 4.8 3.2 3.9 3.9 2.5 2.9 3.0 1.6 33% 0% 15.2 14.8 15.2 13.6 2.1 0.0 0.0 10.0 0% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sep-21 Appendix Investor Presentation www.tupras.com.tr 43#44Tüpraş Production Flow and Yield Breakdown Tüpraş has 30 million tons of production capacity • Tüpraş operates 4 refineries with an integrated system optimization program Flow Diagram # of Capacity Key Units Units (m³/d) LPG MEROX CRUDE OIL 8 99,420 VACUUM DIST. 8 42,752 HYDROCRACKER 4 18,032 ISOMERATION 3 7,804 TAT કારક 5252 UNIFINER 5 16,225 5252 REFORMER 5252 KERO/DIESEL 55 9 37,265 ស (HDS) 5252 FCC ISOMER. NAPHTHA SPLITTER Benzen Saturation UNIFINER REFORMER KERO/DIESEL (HDS) LPG, 3.5% Gasoline Naphtha, 22.0% Jet Fuel/ Kerosene 16.5% FCC FCC Gasoline HDS Diesel, 33.9% 2 4,650 VACUUM DIST. COKER 1 9000 NAPHTA SPLITTER Multiple distillation and production units HYDROCRACKER Lube Oil LPG MEROX COKER Bitumen Sep-21 Investor Presentation Appendix www.tupras.com.tr Lube Oil, 0.5% Bitumen & Fuel Oil, 19.9% Other, 3.8% 44#45RUP 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. 14 里 Sep-21 Investor Presentation Appendix Natural Gas ~0.25 mt Vacuum Resid ~1.2 mt Atm. Resid ~3.0 mt Total Processing ~4.50 mn tons www.tupras.com.tr Diesel 2.883 Gasoline 522 LPG 69 PetroCoke 690 Sulphur 86 Total Output ~4.25mn tons 45#46European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) Refinery Price ■Dist. Margin Tax 12 10 10 Diesel (TL/Lt) Refinery Price Dist. Margin Tax 12 10 8 8 6.64 6.60 6.15 6.14 5.86 4.55 6 5.69 3.45 6.21 4.49 5.55 5.75 4.78 3.85 4.37 2.58 0.00 4 0.00 4 0.00 0.00 0.00 0.00 0.76 0.92 0.80 0.73 0.70 0.54 0.96 0.95 0.91 0.87 4.52 2 3.93 3.56 3.72 2 4.10 3.94 2.83 3.02 2.79 2.73 3.17 2.89 3.02 3.05 3.18 2.37 0 TR Spa. Ger UK Eu19 Fra. Gre. Ita. TR Spa. Ger. EU19 Gre. Fra. Ita. UK European and Turkey prices as of February 8th, 2021 Sep-21 Investor Presentation Appendix www.tupras.com.tr 46#47Tüpraş's Sustainability Efforts Over a Decade of Dedication Tüpraş kicked off its sustainability program back in 2008 and achieved many milestones in a decade ~500 energy 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 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. ~209 MTL donations and sponsorships +1.3 points increase in Corporate Governance rating 76.5% increase in female employee numbers ~1.2 mn workhours dedicated to OHS training 17% female representation in senior and mid-level management Sep-21 Investor Presentation Appendix www.tupras.com.tr See our Sustainability Report for details 47#482020 Achievements Environmental Responsibility Social Support Tüpraş ENERJIM Governance Excellence . In the Industrial Energy Efficiency (SENVER) Project Competition, Kırıkkale Refinery 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 Waste Management Award at the "Sustainable Business Awards". • Achieved 63.6% water recycle ratio Achieved 58.8% solid waste recovery 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. • 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. Sep-21 Investor Presentation Appendix www.tupras.com.tr 48#49LPG and Naphtha Cracks $/bbl LPG 5yr range 2021 2020 5 yr ave 10 10 5 0 -11.4 -10 1.6 -5.4 Naphtha 5yr range 2021 - 2020 5 yr ave 0.8 0.3 -0.3 0 -1.0 -7.5 -8.1 -2.1 -2.0 11.2 -11.4 -13.7 13.7 3.2-4.1 -4.2 -3.6 -1.8 -2.4 -15.2 31 -3.6 -2.8 -3.5 -5 -6.4 -6.4 -7.6 15.9 -19.6 -20 -17.2 -214 -17.7 -18.0 -17.9 -21.7 -30 -27.7 -29.2 -7.9 -10 -9.3 -40 -15 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 5 yr between 2016-2020, data as of 31 August 2021 Sep-21 Investor Presentation Appendix www.tupras.com.tr 49#50Koç Holding • Turkey's Leading Investment Holding Company Koç Holding is Turkey's largest industrial and services. group The only Turkish company in Fortune Global 500¹. 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. Notes Data as of YE20 (1) 2020 Report (based on consolidated revenues) Sep-21 Appendix Investor Presentation www.tupras.com.tr 6.4% 6.7% Combined Revenues/ GDP Total Exports/ Turkey's Exports 19.4% Koç Group's Market Cap/ Borsa Istanbul 100 Index Koc 50#51Investor Presentation Tüpras Latest Webcast G Koc contact us: tu [email protected] Sustainability Report