#1Energy To the future Tüpras Koc Aug 2022 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-22 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 5yr range 130 5 yr ave 2021 123.7 118.8 113.3 112.7 110 104.4 98.2 2022 + OPEC++ production cuts + Impact of Iran & Venezuela sanctions + Improved mobility following vaccine deployments + Russia-Ukraine war 90 87.2 83.7 81.4 75.0 74.6 74.1 73.0 70.8 68.7 70 65.6 64.7 62.2 54.8 50 30 10 10 2 Concerns on global economic development Uncertainties on new variants Year Average Brent Prices ($/bbl) 2017 54.3 2018 71.0 2019 64.3 2020 41.7 4 5 6 7 8 9 10 11 12 2021 70.7 data as of 31 July 2022, 5 year range shows 2017-2021 Aug-22 Investor Presentation Refining Market www.tupras.com.tr 4#5Global Refinery Capacity Changes Expectations until 2025: • 73% of net capacity additions will come from Asia & Middle East • Net capacity and demand in Europe will remain roughly unchanged 2019-2025 Net Capacity Additions Capacity Additions by Region Closures Openings 2.3 1.0 1.6 1.5 2.6 ||||| -0.3 -1.1 -1.2 -1.7 -0.5 0.7 1.0 2019 2020 2021 2022 2023 2024 2025 Aug-22 Investor Presentation Refining Market Asia Middle East www.tupras.com.tr Africa 10% Other 17% 29% 44% 0% 10% 20% 30% 40% 50% 5#6Middle Distillate Cracks $/bbl Diesel Jet Fuel 5 yr range 5 yr ave 2021 2022 5yr range 5 yr ave 2021 2022 50 47.1 54.2 45.2 55 50 44.2 45 40 40 35 31.6 30 25 20 15 12.0 11.8 10 4.9 5 37.4 38.4 6.8 5.0 5.1 3.7 5.7 4.8 45 40 35 30 24.0 25 20 15 12.9 12.6 10 10.4 10.8 9.4 5 42.3 30.8 9.3 10.0 8.0 6.6 4.1 0 3.0 1.8 0.9 1.9 2.3 2.7 2.5 0 -5 1 2 3 4 5 6 7 8 9 10 11 12 data as of 31 July 2022, 5 year range shows 2017-2021 Aug-22 Investor Presentation Refining Market www.tupras.com.tr 1 2 3 4 5 6 7 8 9 10 11 12 6#7Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline 5yr range 2022 2021 5 yr ave 5 yr range 50 0 45 40 40 44.0 38.0 35 30 25 20 25.7 24.7 High Sulphur Fuel Oil 2022 2021 5 yr ave -5 -6.4 -10.7-10.4 -10 -9.7 -12.9 -11.7-11.0 -12.6 -13.9-14.5 -13.6 -16.0 -15 17.3 -20.2 -20 -22.2 -25 -26.5 -26.4 -30 15 12.7 11.6 12.5 15.1 15.7 10 13.7 14.1 7.0 11.5 12.7 -35 6.2 10.4 10.6 10.8 10.6 5 -40 0 -45 1 2 3 4 5 6 7 8 9 10 11 12 data as of 31 July 2022, 5 year range shows 2017-2021 Aug-22 Refining Market Investor Presentation www.tupras.com.tr -40.1 -41.0 1 2 3 4 5 6 7 8 9 10 11 12 7#8Heavy Crude Price Differentials to Brent ($/bbl) 5 0 -5 -10 -15 -20 -25 -30 -35 -40 Iran Sanctions OPEC+ Cut Decision OPEC+ disagreement OPEC+ Cut Decision Arab Heavy Basrah Heavy Kirkuk Ural 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 2018 data as of 31 July 2022 Aug-22 Refining Market Investor Presentation 2019 2020 www.tupras.com.tr 2021 2022 *Simple average of listed differentials 8#9Turkish Market B Tipras DI Taps BAK V/SCOR#10Turkish Market, 5M 2022 January February March April May Diesel Million 9.6 9.3 9.5 Jet 1 Tons 8.7 1.9 1.8 2.1 2.1 1.6 1.6 -1.1% + 58.3% 0.4 2.2 0.4 2.0 1.5 2.0 0.4 1.0 1.0 0.1 0.4 2.0 2.2 1.9 1.9 0.0 0.2 0.4 0.2 0.2 0.3 1.8 1.7 1.7 1.8 0.3 0.3 0.2 0.3 0.2 0.4 0.3 1.6 1.8 0.3 1.7 1.7 0.2 2019 2020 2021 2022 2019 2020 2021 2022 Gasoline 1.2 LPG 0.9 0.9 0.3 1.6 0.8 1.4 1.4 1.4 0.2 0.2 0.3 0.3 0.1 0.3 0.3 0.3 0.2 0.1 0.2 0.2 0.3 + 34.5% 0.2 0.3 -0.5% 0.3 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.2 2019 2020 2021 2022 2019 2020 2021 2022 ¹Transit flight consumption included Aug-22 Investor Presentation Turkish Market www.tupras.com.tr 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 Aug-22 Turkish Market Investor Presentation -2.9 -3.0 -3.2 -3.1 -3.4 Tüpraş' Market Share 2021 12M 0.4 0.3 -0.4 0.3 Diesel 44% 0.1 1.9 3.0 2.4 3.2 2.8 -4 0 4 2016 www.tupras.com.tr Jet 86% Gasoline 97% Fuel Choice of Passenger Cars 2021 Diesel; 38% EV/Hybrid 1% ' LPG; 36% Gasoline; 25% 11#12Company Overview#13Tüpraş Shareholder Structure Tüpraş is Turkey's biggest industrial company and leading refiner. Koç Holding 77% Aygaz 20% Energy Investments Inc. (SPV) 51% Opet 3% D DİTAŞ 79.98% ppet 40% Tüpras Free Float 49% Körfez Ulaştırma Tüpras Trading 100% 100% Aug-22 Investor Presentation Company Overview www.tupras.com.tr Domestic Ownership 43% Foreign Ownership¹ 57% 'As of December 31st, 2021 13#14Tüpraş' Refining Assets & Distribution Network İzmit İzmir Kırıkkale Batman Total Turkey's petroleum Capacity (mn tons) 11.3 11.9 5.4 1.4 30 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 Aug-22 Investor Presentation Company Overview OPET Giresun Terminal 43,130 m³ Batman Baku Others; 45% Tüpraş; 55% Baku-Tbilisi-Ceyhan Oil Pipeline Kirkuk Iraq-Turkey Oil Pipeline Railway Crude Pipeline Terminal Refinery www.tupras.com.tr Turkey's Storage Capacity Others; 43% Tüpraş & Opet; 57% 14#15Nelson Complexity of Refining Companies Aug-22 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: 40% 1,812 stations as of 31 March 2022 As of February 2022 Market share: 19.5% in white products; 22.9% in black products Tupras Trading Tüpraş Trading UK - Trading Tüpraş Share: 100% Over 7 million tons of product trade More than 3 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-22 Investor Presentation Company Overview www.tupras.com.tr 16#17Tüpraş Subsidiaries TGONUL DİTAŞ - Marine Transport Tüpraş Share: 79.98% 2 Crude Oil Tanker: 314,906 DWT • 1 Crude Oil - Product Tanker: 49,990 DWT 10 Product Tanker: 171,383 DWT Aug-22 Investor Presentation KUDE 0003 120 Körfez Ulaştırma - Railway Transport Tüpraş Share: 100% ~7% share in Turkish rail freight market • ~1.7 mn ton of product and semi-product carried in 2021 • Operates with 12 locomotives (7 of them are hybrid) and 555 cistern wagons Company Overview www.tupras.com.tr 17#18Operations TW NZ GİRİLMEZ#19Crude Suppliers of Tüpraş In 2021, Tüpraş purchased 21 different types of crude from 11 countries with gravities ranging between 20-47 API. Main Crude Suppliers in 2021 Crude Oil Imports by Region (%) Middle East ■CIS Europe Africa America 3 10 12 12 10 10 10 14 23 11 7 14 7 13 14 34 27 21 21 11 76 79 81 71 63 55 42 64 61 2014 2015 2016 2017 2018 2019 2020 2021 Aug-22 Operations www.tupras.com.tr Investor Presentation 19#20Q1 2022 Product Yields Q1 2021 Othe Bitumen LPG 2% Kok 7% 3% 5% Gasoline Fuel Oil Other 19% white 2% Black Prod. 2% Light 14% Distil. 25% Naphtha 3% Diesel 47% Mid. Distil. 59% White Product Yield (%) Production API Aug-22 Investor Presentation Operations 85.2% 4.6 mn tons 31.9 Jet 12% www.tupras.com.tr Q1 2022 Other Bitumen LPG Kok 2% 5% 4% 4% Fuel Oil Other Gasoline 20% 8% white Black Prod. 2% Light 17% Distil. 26% Naphtha 2% Diesel 42% Mid. Distil. 55% White Product Yield (%) Production ΑΡΙ Jet 13% 82.1% 6.0 mn tons 31.3 20#21Annual Product Yields 2020 Other LPG 1% Bitumen 3% 12% Kok Gasoline Other 3% 21% white Fuel Oil Black Prod. 1% Light 2% Distil. 17% 25% Naphtha 1% Jet Diesel 45% Mid. Distil. 57% White Product Yield (%) Production ΑΡΙ Aug-22 Investor Presentation Operations 12% 81.5% 23.4 mn tons 31.5 www.tupras.com.tr 2021 Other Bitumen LPG 2% Kok 8% 3% 4% Other Gasoline 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 81.4% 25.1 mn tons 31.2 21#222019 -2020 2021 -2022 8 Capacity Utilization and Quarterly Production Volume Quarterly Production (Million Tons) Capacity Utilization (%) 7 6.5 6.0 6 5 4.6 Q1 Q2 Crude Oil Semi Product Feedstock -Total 108 105 7.0 7 96 98 98 96 6.9 91 7 88 8 9 22 85 82 5 *Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Aug-22 Operations Investor Presentation Q3 101 101 87 91 75 7 65 81 56 Q4 2016 2017 2018 2019 2020 2021 Q1 21 Q2 21 www.tupras.com.tr 6 98 93 91 Q3 21 Q4 21 Q1 22 22 76 8#23Sales • Tüpraş generated 27.6 million tons of total sales in 2021. Total Sales mn tons 31.5 29.8 29.2 27.6 5.8 4.2 24.5 6.8 5.9 4.7 Customer Groups 2021 Other 10% International sales 21% Jet 11% Exports 25.7 25.6 I Domestic Sales 22.4 21.7 19.8 Total Sales, 2021 2017 2018 2019 2020 2021 27.6 mn tons Distributors Domestic Sales of Key Products 52% mn tons OTHER 7% 2.9 3.5 BP 2.2 1.8 1.6 14% 2.2 2.3 2.4 2.9 Bitumen 4.9 4.5 2.3 Sales to 4.3 3.0 2.2 Gasoline Distributors 2021 Jet Fuel 11.3 11.9 10.4 10.6 11.4 SHELL 14.3 mn tons 21% Diesel OPET 2017 2018 2019 2020 2021 29% Aug-22 Operations Investor Presentation www.tupras.com.tr Bitumen 6% OMV POAŞ 29% 23#24Product Sales in Q1 2022 (Million Tons) Tüpraş generated 6.5 million tons of sales in Q1 2022, 29% higher y-o-y. Y-o-y growth in domestic jet fuel, gasoline, and diesel sales were strong with increasing domestic demand. Total Product Sales Domestic Product Sales International Sales Domestic Sales of Selected Products Diesel Jet Fuel Gasoline Bitumen 7.2 6.5 6.2 6.2 2.1 1.0 1.5 5.0 0.3 1.6 0.3 0.1 0.5 0.5 0.3 0.7 0.8 0.5 0.2 0.5 1.0 1.0 0.8 0.8 0.6 5.2 5.2 5.0 4.6 4.2 2.5 2.5 2.6 2.3 2.3 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Aug-22 Operations Investor Presentation www.tupras.com.tr Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 24#25Financials NSiZ EZ#26Tüpraş and Med Refining Margins 8.1 Tüpraş Net Margin Med Margin 9.3 ($/bbl) Gross Inventory Margin Effect Clean Clean Gross NET Margin Margin Net Med Margin Margin 5.7 Q1 2022* 11.8 4.7 7.1 0.5 5.2 9.5 5.3 4.6 3.7 2021 10.5 2.1 8.4 3.6 5.7 1.6 1.7 1.6 1.3 Q1 2021 7.7 2.5 5.2 -1.0 1.5 -0.2 2022G 8-9 -0.2 2017 2018 2019 2020 2021 Premium to the benchmark Mediterranean peers' refining margin due to: • Ability to use heavier and sour crudes with higher complexity • • Access to a wide range of cheaper sources of crude oil Ability to produce a broad range of refined products with higher value added • Close proximity to major suppliers reduces transport costs Lower cost basis and more efficient energy usage • Direct pipeline connections with domestic clients * Med Margin is higher than Tüpraş's Net Margin in Q1 2022 after the significant widening in Urals due to Russia-Ukraine war. Weight of Ural crude oil is 100% for crude oil supplies in the theoretical calculation of Med Margin. Aug-22 Investor Presentation Financials www.tupras.com.tr 26#27Income Statement (Million TL) Q1 Q1 Million TL Net Sales COGS % 2022 2021 76,541 19,821 286% -71,237 -18,294 289% Gross Profit 5,304 1,527 247% Key Highlights of Income Statement Operating Expenses -1,050 -557 89% Income/Loss from other operations -1,498 -1,584 -5% Operating Profit 2,756 -614 Inc./Loss from Eq. Pick ups & Inv. activities 210 10 2055% Operating Profit Before Fin. Income/Loss 2,967 -604 Financial Income/Expense -1,904 -356 435% Profit Before Tax 1,062 -960 Net Profit (excluding minority interest) 896 -760 Y-o-y increase in Opex is mainly driven by higher logistics expenses due to higher sales, inflation and TL depreciation in Q1'22. Opet's contribution to net income was 208 MTL, recorded under income from equity-pickup. Sharp depreciation in TL has resulted in elevated FX losses in Q1'22. EBITDA *(mn. TL) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 4,668 1,170 299% 4,102 1,512 171% 565 -342 Aug-22 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. www.tupras.com.tr 27#28Income Statement (Million TL) 12M 12M Million TL Net Sales % 2021 2020 150,972 63,244 139% COGS Gross Profit -135,521 -61,480 -120% 15,451 1,764 776% Operating Expenses -3,242 -2,012 -61% Income/Loss from other operations -11,744 -371 -3065% Operating Profit 465 -619 Inc./Loss from Eq. Pick ups & Inv. activities 701 -28 Operating Profit Before Fin. Income/Loss 1,166 -647 Financial Income/Expense 996 -3,149 Profit Before Tax 2,161 -3,795 Net Profit (excluding minority interest) 3,319 -2,494 EBITDA *(mn. TL) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 13,688 545 2410% 8,659 -457 5,029 1,003 402% Aug-22 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. www.tupras.com.tr 28#29Financial Highlights EBITDA (mn TL) Q1 Q2 Q3 Q4 13,688 3,713 Net Income (mn TL) Q1 Q2 Q3 Q4 3,319 1,392 8,908 1,766 7,267 988 526 542 1,887 -2,494 186 1,027 1,700 4,039 4,668 870 896 378 376 3,778 2,739 -375 -760 738 -155 545 956 -2,265 2,512 2,210 4,668 1,495 383 977 1,033 851 477 1,170 -1,291 2018 2019 2020 2021 -185 -420 2018 2019 2020 2021 2022 2022 Current Ratio & Net Debt / EBITDA 17.1 Current Ratio --Net Debt/EBITDA Aug-22 0.8 0.7 1.3 1.0 1.1 1.0 1.0 2.1- 1.3 2018 2019 2020 2021 Q1 2022 Investor Presentation Financials 37% 2018 Return on Average Equity (%) 5% 19% 38% -16% 2019 2020 2021 2022 (1) Excluding minority interest www.tupras.com.tr#30Dec-18 Dec-19 -3.6 4.7 Balance Sheet Analysis bn TL 20 Net Debt In Billion TL 17.8 In Billion $ Working Capital Requirement (Billion TL) bn $ 9 10 12.8 15 12.0 12.2 12.5 12.7 11.0 11.3 11.2 4 9.4 9.3 7.6 10 8.4 5 2.3 2.3 1.9 1.6 1.5 1.4 1.3 1.3 1.0 0.8 0.9 0 3 2 10 0.6 0 0.2 0.0 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years Mar-20 -2.0 -3.0 Jun-20 Aug-22 Investor Presentation Financials Sep-20 Dec-20 2.6 -4.7 -5.4 -5.6 -7.0 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 -3.6 www.tupras.com.tr Redemption Schedule (Billion TL) TL 10.9 Hard Currency Financial Management • Sharp rise in Brent prices reduced • working capital buffer Steady collections and intact payable calendar supports liquidity 30#31Profit Before Tax Bridge (Q1 2021 - Q1 2022) Despite elevated energy expenses and TL devaluation; strong crack margins, inventory gains and wider differentials were supportive for PBT. Million TL -960 2,590 -1,723 3,364 545 1,062 -2,531 -224 Q1 2021 PBT Inventory Impact FX and Interest Crack Margin Crude Oil Diff NG Price Other Q1 2022 PBT Aug-22 Financials Investor Presentation www.tupras.com.tr 31#32Annual Profit Before Tax Bridge (2020-2021) PBT performance was strong in 2021 with better operational performance and lower interest expenses as net FX impact mostly matched with inventory gains Million TL -3795.0 +9,118 Inventory FX -8,530 588.0 452.0 3521.0 -1335.0 741.0 1990.0 2161.0 2020 PBT FX & Inventory Crack Margin Crude Oil Diff NG Price Increase in Sales Other 2021 PBT Aug-22 Financials Investor Presentation www.tupras.com.tr 32#332022 Expectations Med Complex Refining Margin Expectation Withdrawn Tüpraş Net Refining Margin 8 - 9 $/bbl • Elevated cracks to normalize towards the end of Q2 • 26-27 mt production, 28-29 mt sales and 90 - 95% capacity utilization Consolidated Capex ~300 million $ ~45% of capex for sustainability focused energy efficiency and environmental projects ~80 mn USD of capex is for logistics investments Aug-22 Investor Presentation www.tupras.com.tr 33#34Q1 2022 Results Q1 2022 Refining Margins ($/bbl) Tüpraş Net Margin 5.2 Tüpraş FY Target | Q1 2022 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 300 5.2 $/bbl net refining margin in Q1 2022 01/08/2022 Earnings Presentation Capacity Utilization (%) 84.5 85% total capacity utilization in Q1 2022 0 10 20 30 40 50 60 70 80 90 100 Operationals (mn Ton) Q1 2022 FY Target 29 27 26 28 6.0 6.5 Production Sales 6.5 mn tons of sales and 6.0 mn tons of production in Q1 2022 Total Capex (mn $)(*) 300 18 mn $ total CAPEX in Q1 2022, with 45% spent on ESG related investments 200 Other ESG focused 100 18 ~45% Total 45% Q1 2022 FY Target (*) 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. 34#35Investments (Million $) Achievements & Ongoing Projects c6.9 bn USD investments since privatization Reached 9.5 Nelson Complexity • Capability to process heavier and more sour crude • 20 pps improvement in Energy Intensity since 2008 • 25% decrease in water consumption per crude oil processed since 2008 Revamp of FCC, Periodic Maintenance of Vacuum & Lube Complex in Izmir in 2022 Strategic Transition - Investment Program 27% CO2 emission reduction by 2030 (scope1+2), 100% reduction by 2050 Investment in Zero Carbon Electricity to mainly produce green hydrogen (reaching 2.5GW capacity by 2035) Reaching 1GW electrolyzer capacity to produce green hydrogen by 2035 Installing 400 kton/year biofuel (mainly SAF) production capacity by 2030 as a best alternative fuel for aviation 296 2006-2010 Aug-22 Financials Investor Presentation Avg. 460 Mn$ 980 250 2011-2014 2015-2021 Avg. 350 Mn$ 320 400 300 2022-2030 2031-2035 2035-2050 *Average Investment Amounts - Mn$ www.tupras.com.tr 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 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 Deposit is kept within bank-based limits: • Credit rating assessment and strong capital base. . • • Interest Rate & Fx • 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: • Commodity 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 • Aug-22 Financials Investor Presentation www.tupras.com.tr 36#37FX Exposure Management (31 March 2022) Tüpraş continues to employ strict FX policies to mitigate currency risks stemming from volatility. Consolidated Hard Currency Assets Cash 1,003 Receivables & Other Assets 540 Million $ Consolidated Hard Currency Liabilities Payables & Other Liabilities 4,098 ST Financial Loans 323 • RUP: 196 • Other: 126 *Cash Flow Hedge Aug-22 Investor Presentation www.tupras.com.tr Stock 2,387 LT Financial Loans 1,065 Forward 1,240 • RUP: 193 • CFH*336 +20 mn $ • Eurobond: 700 Other Loans: 172 37#38Strategy#39Strategic 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-22 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 39#40Strategic 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-22 Investor Presentation Strategy www.tupras.com.tr || 11 || "I || || -27% -35% -49% || -100% 2017 2030 2035 2040 2050 40#41Strategic 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 <1.5x ~80% TOTAL CAPEX ROACE TOTAL CF NET DEBT/EBITDA AVG. DIVIDEND PAYOUT Aug-22 Strategy www.tupras.com.tr Investor Presentation 41#42- Strategic Transition Plan – Latest Updates SUSTAINABLE AVIATION FUEL SUSTAINABLE REFINING Value Added Products Signed basic engineering design agreement for alkylation project in İzmir Refinery. Finalizing basic engineering design for polymer-grade propylene production in İzmir & İzmit Refinery Energy Efficiency Energy Intensity decreased from 99.1 to 93.5 y-o-y in 2021. ZERO CARBON ELECTRICITY Aug-22 Strategy Investor Presentation Solar PV & Wind Power • Applications for license amendment has been made in our Izmir, Kirikkale and Batman refineries. Following our PV installation in Batman in 2021, we are planning to initiate installation of Solar PVs in Kirikkale, Izmir and Izmit in 2022 Feedstock & Basic Engineering . In talks with feedstock suppliers for potential collaboration. • Identifying bio-feedstock alternatives. • Finalizing basic engineering design agreement with selected licensor for 400kton bioprocessing facility. GREEN HYDROGEN Test site & Equipment • Test site selection for 20 MW electrolyzer for Green H2 projects. • In contact with main manufacturers for the www.tupras.com.tr configuration and equipment DROGEN TR selection. H₂ 42#43- Strategic Transition Plan – Latest Updates Transfer of Entek Shares Entek's Installed Capacity 60 MW 112 MW 17.5 MW Roadmap of Transaction Expert valuation report completed Conversion rates disclosed at Public Disclosure Platform on 25 April 2022 subject to approval by the Capital Markets Board (CMB) Formal application to CMB completed Entek's Shareholding Structure 178 16.4 MW 28 MW MW Pre-Transaction Κος Holding 49.62% 24.4 MW Natural Gas Combined Cycle Power Plant Hydroelectric Power Plants Wind Power Plant Other 0.76% Aygaz 49.62% Other 0.76% Post-Transaction Tüpraş 99.24% Tüpraş ZCE Investments Tüpraş Installed Capacity & ZCE Licence Applications Tüpras Installed Capacity (MW) İzmit Refinery 205 İzmir Refinery 92 Kırıkkale Refinery 84 Batman Refinery Total 5 SO 386 Licences Received for (MW) 2.5 (S) 1.2 (S), 12.6 (W) 16.3 Solar & Wind Power New Applications (March) (MW) 12.5 (S) 12.6 (S) 5 (S) 25.1 Aug-22 Investor Presentation Strategy www.tupras.com.tr 43#44ESG DI Tipras TCM ras#45Tüpraş's Environmental Highlights Sustainability program was kicked off back in 2008 and achieved many milestones Energy Intensity Achievements 102.2 Energy Intensity Targets 96.1 119.1 103.4 102.22 99.1 98.44 99.1 93.5 93.3 1.8 0.1 1.1 0.1 2008 2016 2017 2018 2019 2020 2021 Water Consumption per processed crude oil Waste Water Recovery (%) Energy Saving (TJ) 2017 2021 Target Ongoing Energy Efficiency Projects Other Projects Future Energy Efficiency Future Other 2030 Target Projects Projects 82% 3620 70% 70% 1.1 63% 64% 64% 50% 0.82 0.74 0.62 0.66 0.64 0.55 978 1054 830 713 473 Environmental Investment (MUSD) 1925 202 390 346 150 268 238 388 2008 2016 2017 2018 2019 2020 2021 2008 2016 2017 2018 2019 2020 2021 2008 2016 2017 2018 2019 2020 2021 Aug-22 ESG Investor Presentation www.tupras.com.tr 45#46Tüpraş's Social & Governance Highlights Strong Policies have been effectively implemented for years HUMAN RIGHTS ANTI-BRIBERY, ANTI-CORRUPTION DONATION & SPONSORSHIP Corporate Governance Rating 9.58 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 Diversity 40% Targets Female Representation in the Board of Directors in the next 32% five years 23% 25% 17.1% 15% 17.0% 17.5% 17.2% Targeted Rate of 9.4% 9.6% 9.5% Women in New 14.4% 12% 8.7% 9.2% 2017 2018 2019 2020 2021 COMPETITION COMPLIANCE Board of Directors' Composition 12 members One-third of the members are independent Committees under BoD Corporate Governance Risk Management Audit Executive Ethics ■LTI Severity Targets ⚫LTI Frequency 2024- 2025 2030 Process Safety Event Frequencies Health & Safety Process Safety Event Freq. 0.30 0.25 36.1 1.49 27.8 25.8 1.02 18.9 18.2 LTI Frequency 0.30 0.15 0.87 16.4 0.59 Recruitments 0.7 0.7 0.42 0.38 0.5 0.4 LTI Severity 10.0 5.0 50% 0.4 2017 2018 2019 2020 2021 2022T Tüpraş is taking place in these sustainability indices Aug-22 BORSA İSTANBUL Investor Presentation V.E ESG MSCI TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Bloomberg Gender-Equality Index 2022 FTSE4Good SUSTAINALYTICS www.tupras.com.tr 46#47Appendix 40 3589 sti LC 10 HOWIC 0 Tupras#482022 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Status Crude Oil & Vacuum Q1 15 Done Batman Seasonal Crude Oil & Vacuum Q4 4 Planned Vacuum Q1 6 Done Periodic Maintenance Lube Complex Q1 7 Done İzmir Crude Oil Q4 9 Planned CCR & Isomerization Q4 9 Revamp Planned Desulphurizer Q4 9 Planned HYC Q4 4 Planned Isomerization Q1 UT 5 Done Vacuum Q1 3 Done Periodic İzmit Desulphurizer Q1 3 Done Maintenance Crude Oil & Vacuum End of Q3 6 Planned HYC End of Q3 6 Planned Aug-22 Appendix Investor Presentation www.tupras.com.tr 48#49Turkish Market Fuel Consumption 2017-2021 Million Tons Diesel 28 -2.4% -4.4% +0.5% +10.1% 24.9 8 24.2 23.6 22.5 22.7 14 4 Jet Fuel* +10.5% +6.5% 5.3 5.0 -54.4% 4.5 +41.2% 3.4 2.4 0 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Gasoline 3.0 +1.2% +3.0% -2.5% +29.2% 2.3 2.3 2.4 2.3 2 2017 2018 2019 2020 2021 Source: Tüpraş and EMRA * Transit flight consumption included Aug-22 Investor Presentation Appendix S 3 1 о www.tupras.com.tr LPG +1.6% +0.8% -7.4% +1.2% 4.1 4.1 4.2 3.9 3.9 2017 2018 2019 2020 2021 49#50Competition - 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-22 Investor Presentation Appendix www.tupras.com.tr 50#51Competition - 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 Tunisia Morocco Algeria Moldova Ukraine Romania Bulgaria Syria Israel Libya Egypt 54 Refineries ~7.8mbd Aug-22 Investor Presentation Appendix www.tupras.com.tr Turkey 17 Refineries ~1.8mbd Russia Georgia 51#52European 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 20 22 25 Refinery Price Tax 40 35 30 16.9 19.5 15.8 13.7 13.8 16.2 17.2 25 22 16.6 13.4 11.9 11.8 13.3 13.2 15.5 6.0 20 5.4 15 15 10 10 10 16.8 17.9 19.1 18.8 19.5 17.3 18.8 19.0 19.7 16.1 16.6 18.3 18.9 20.6 19.6 15.8 5 5 0 TR Ita. Spa. Fra. UK EU-19 Ger. Gre Prices of Europe and Turkey, as of May 23rd, 2022 Aug-22 Investor Presentation Appendix TR Ita Fra. Spa. Gre. EU-19 Ger. UK www.tupras.com.tr 22 52#53Tüpraş Balance Sheet (Million TL) 01/08/2022 31.03.2022 31.12.2021 Diff. Diff. (%) Current Assets 78,451 65,429 13,022 20 Cash & C. Equivalents 19,579 20,400 -821 -4 Trade Receivables 19,191 13,517 5,674 42 Derivatives 550 3,818 -3,268 -86 Inventories 34,126 23,756 10,370 44 Pre-paid expenses 420 186 233 125 Other Current Assets 4,586 3,751 834 22 Long Term Assets 38,201 37,106 1,095 Financial Assets & Subsidiaries 2,163 2,156 7 30 Tangible & Intangible Fixed Assets 26,555 26,537 18 0 Derivatives 88 44 44 99 Pre-paid expenses 109 95 15 15 Deferred Tax 7,304 6,378 927 15 Other Longterm Assets 1,981 1,897 85 4 Total Assets 116,652 102,535 14,117 14 Short Term Liabilities 80,726 64,002 16,725 26 Financial Loans 12,792 11,399 1,393 12 Trade Payables 56,954 43,704 13,250 30 Derivatives Provisions 5,033 3,302 1,731 52 348 200 148 74 Other ST Liabilities 5,600 5,396 204 Long Term Liabilities 19,960 20,706 -746 Financial Loans 19,449 20,219 -770 444 -4 -4 Payables & Provisions 490 448 42 9 Derivatives 13 29 -16 -56 Other LT Liabilities 9 11 -2 -15 Total equity attributable to equity holders of the parent 15,657 17,557 -1,901 -11 Minority Interests 308 Total Liabilities & Equity 116,652 270 102,535 38 14 14,118 14 www.tupras.com.tr Earnings Presentation 53#54Dividend (TL) 77% 101% 79% Avg. Payout Ratio: 90%* 102% 87% 89% 66% 64% 10.2 6.5 7.2 6.2 3.2 2.5 2.9 3.0 5.03.9 5.8 5.8 4.8 3.9 1.6 0.0 33% EPS DPS 0% Dividend Payout 15.2 113.6 14.815.2 13.3 2.10.0 0.0 0.0 10.0 0% 0.00 0% Strategic Transition Dividend Plan 80% Our new business model enables us to pay ~80% average dividends and we will remain as a high dividend payer 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2025- 2035 *Years without dividend payments are not taken into account. Dividend payout ratio is calculated according to distributable net income based on statutory accounts Aug-22 Appendix Investor Presentation www.tupras.com.tr 54#55Tüpraş - 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 B+ (Negative) B2 (Negative) B+ (Negative) B2 (Negative) B+ (Negative) Koç Holding B2 (Negative) B+(Negative) Transparency 97.2 Stakeholders Board 0 25 50 50 99.5 94.6 75 100 *data as of May 2022 Source: SAHA Corporate Governance and Rating Services Inc. (October 2021) Aug-22 Investor Presentation Appendix www.tupras.com.tr Analyst Recommendations 27% 73% Buy ■ Hold Sell Source: Bloomberg* 55#56Tüpraş 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 VACUUM DIST. 8 42,752 HYDROCRACKER 4 18,032 Flow Diagram LPG MEROX ISOMER. NAPHTHA SPLITTER Benzen Saturation UNIFINER REFORMER LPG, 3.5% Gasoline Naphtha, 22.0% Jet Fuel / Kerosene 16.5% ISOMERATION 7,804 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-22 Investor Presentation Appendix www.tupras.com.tr 56#57RUP 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-22 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 57#58LPG and Naphtha Cracks $/bbl LPG Naphta 5yr range 2022 2021 5 yr ave 5yr range 2022 - 2021 5 yr ave 5 -0.3 5 0 -2.1 -3.2 0.3 0.9 -4.2 0.2 2.7 0.11.0 -5 4.5 -3.6 -5 -8.1 17.2 -10.0 -11.4 -10 -13.7 -15.8 -10.5 -15.7 -15 17.2 -17.7 -15 -19.6 -21.4 -25 -24.0 -29.5 -35 -23.2 27.7 -29.2 -41.7 -45 -43.0 -20 -25 -30 -35 -40 -18.9 -40.8 -30.8 528 -55 -45 1 2 3 4 5 6 -53.58 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 data as of 31 July 2022 and 5 year range refers to :2017-2021 Aug-22 Investor Presentation Appendix www.tupras.com.tr 58#59Koç 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. ~8 Combined Revenues / GDP1 ~7% Total Exports / Turkey's Exports ~21% Koç Group's Market Cap/ Borsa Istanbul 100 Index Notes Data as of YE21 (1) 2021 Report (based on consolidated revenues) (2) 2021 report (based on consolidated revenues) Aug-22 Investor Presentation Appendix www.tupras.com.tr Koc 59#60Investor Presentation Tüpras Koc Latest Webcast Sustainability Report Strategic Transition Plan [email protected]