#1Tüpras Investor Presentation KOC February 2022#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. Feb-22 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 5yr range 5 yr ave 2021 2022 100 90 87.2 80 75.0 74.6 73.0 70.8 68.7 70 65.6 64.7 62.2 60 54.8 50 40 30 20 10 10 83.7 81.4 74.1 + OPEC++ production cuts + Impact of Iran & Venezuela sanctions + Improved mobility following vaccine deployments Concerns on global economic development Uncertainties concerning new variants Year Average Brent Prices ($/bbl) 2017 54.3 2018 71.0 2019 64.3 2020 41.7 2 3 4 5 6 7 8 9 10 11 12 2021 70.7 data as 31 January 2022 Feb-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 Closures Expected Closures Openings 2.3 -0.3 1.2 1.0 0.8 2.3 1.7 -0.3 -0.6 -0.4 -1.7 -1.0 -0.4 0.2 2019 2020 2021 2022 2023 2024 2025 Feb-22 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 2021 2022 5yr range 5 yr ave 2021 2022 20 20 20 15 12.0 10 6.8 4.9 5.1 5.0 5 5.7 4.8 12.6 15 12.9 10 10.8 10.4 9.5 5 0 -5 1 2 3 4 5 6 7 89 10 11 12 data as 31 January 2022 and 5 year range refers to :2017-2021 Feb-22 Investor Presentation Refining Market www.tupras.com.tr 4.1 3.0 1.8 1.9 2.3 2.7 2.5 0.9 6.6 10.0 9.3 8.0 1 2 3 4 5 6 7 8 9 10 11 12 6#7Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline 5yr range 2022 2021 5 yr ave 5 yr range 20 0 15 11.6 10 11.5 10.4 10.6 10.8 7.0 5 6.2 High Sulphur Fuel Oil 2022 2021 5 yr ave -5 -6.4 9.7 -10.7-10.4 -11.0 -10 -11.7 -12.9 -12.6 -13.6 -13.9 -14.5 15.7 15.1 13.7 14.1 12.7 -15 -16.0 10.6 -20 -25 -30 17.3 0 -35 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 data as 31 January 2022 and 5 year range refers to :2017-2021 Feb-22 Investor Presentation Refining Market www.tupras.com.tr 7#8Heavy Crude Price Differentials to Brent ($/bbl) 2 0 -2 -4 -6 -8 -10 -12 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 Feb-22 Refining Market Investor Presentation 2019 2020 www.tupras.com.tr 2021 2022 *Simple average of listed differentials 8#9Turkish Market Tüpras#10Turkish Market, 11M 2021 Diesel 24.0 Million 22.8 23.1 Tons 4.7 October-November Q3 Q2 Q1 Jet¹ 4.9 0.9 4.6 4.8 -0.7% 3.1 7.0 7.4 -1.0% 7.4 1.7 + 3.9% 2.2 0.6 + 37.0% +44.3% 0.4 6.1 5.3 +18.4% 6.3 1.3 +59.1% 1.1 0.7 +258.5% 0.8 1.0 0.9 -36.2% 0.6 5.2 5.6 +0.6% 5.6 2019 2020 2021 2019 2020 2021 Gasoline 2.7 LPG 2.2 2.2 0.6 3.8 +42.1% 3.6 3.6 0.4 0.4 0.7 0.7 -1.9% 0.7 0.7 +25.4% 1.0 0.8 1.2 1.2 +4.7% 1.2 + 24.1% + 1.3% 0.6 0.5 +40.4% 0.6 1.1 0.8 +9.6% 0.9 0.5 0.5 0.5 -5.0% 0.9 0.9 -7.9% 0.8 2019 2020 2021 2019 2020 2021 ¹Transit flight consumption included Feb-22 Investor Presentation Turkish Market www.tupras.com.tr#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 Feb-22 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 0.1 41% 1.9 3.0 2.4 3.2 2.8 -4 0 4 2016 www.tupras.com.tr Jet 2020 12M 87% Gasoline 97% Fuel Choice of Passenger Cars 2021 Diesel; 38% EV/Hybrid 1% ' LPG; 36% Gasoline; 25% 11#12® Company Overview AN SANYA AYAW#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% Feb-22 Company Overview www.tupras.com.tr Investor Presentation Foreign Ownership¹ 57% 0 Domestic Ownership 43% '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 Feb-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 Feb-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 OPET, Distribution, Tüpraş Share: 40% DDEX opet DİTAŞ, Marine Transport, Tüpraş Share: 79.98% T.GONUL 1,802 stations as of 31 December 2021 As of November 2021 Market share: 17.7% in white products; 19.6% in black products Körfez Ulaştırma, Railway Transport, Tüpraş Share: 100% • 3 Crude Oil Tanker: 479,765 DWT • 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 Feb-22 Investor Presentation Company Overview www.tupras.com.tr Tupras Trading 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 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 12 10 10 10 14 23 12 14 7 13 14 34 21 21 11 81 79 76 71 63 55 64 49 2014 2015 2016 2017 2018 2019 2020 Feb-22 Operations www.tupras.com.tr Investor Presentation 18#19Annual Product Yields 2019 LPG Bitumen Othe 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 ΑΡΙ Feb-22 Operations Investor Presentation 79.0% 28.1 mn tons 32.0 www.tupras.com.tr 2020 Bitumen 1% 12% Other LPG 3% Coke Other 3% Gasoline 21% White Fuel Oil Black Prod.1% Light 2% 17% Distil. 25% Naphtha 1% Mid. Distil. 57% Jet 12% Diesel 45% White Product Yield (%) Production ΑΡΙ 81.5% 23.4 mn tons 31.5 19#209M Product Yields 9M 2020 9M 2021 LPG Other 3% Other 5% LPG Bitumen Bitumen 3% 3% 8% 12% Kok Other Gasoline 20% Kok 4% Other Gasoline 21% 3% white white Fuel Oil Light 1% Black Prod? 2% Fuel Oil Black Prod. 2% Light Distil. 3% 14% Distil. 13% 25% Naphtha 1% 25% Naphtha 1% Mid. Distil. 60% Jet 12% Mid. Distil. 59% Jet 12% Diesel 45% Diesel 43% White Product Yield (%) Production ΑΡΙ 81.4% 17.3 mn tons 31.3 White Product Yield (%) Production ΑΡΙ Feb-22 Operations Investor Presentation www.tupras.com.tr 85.2% 18.1 mn tons 31.4 20#214 5 10 Q1 6 7 -2017 2018 2019 -2020 2021 8 Capacity Utilization and Quarterly Production Volume Quarterly Production (Mn tons) Capacity Utilization 1 (%) 6.0 4.9 4.6 Q2 82 108 105 6.9 4 7 96 98 97 91 6.5 7 89 6.4 6 26 84 82 9 86 4 Q3 333 ¹Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Feb-22 Investor Presentation Operations www.tupras.com.tr 101 101 87 91 75 Crude Oil Semi Product Feedstock Total 08 78 6 65 == Q4 2016 2017 2018 2019 2020 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 57 21 86 93#22Sales • Tüpraş generated 24.5 million tons of total sales in 2020. Customer Groups 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 Jet 8% Exports 24.8 25.7 25.6 I Domestic Sales 22.4 19.8 Total Sales, 2020 2016 2017 2018 2019 2020 24.5 mn tons Other 12% Export 18% Domestic Sales of Key Products Distributors 52% mn tons OTHER 2.9 9% POAŞ 3.4 3.5 2.2 1.8 2.2 2.2 BP 14% 27% 2.3 2.4 Bitumen 4.9 4.5 4.5 2.3 4.3 Sales to 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 Feb-22 Operations Investor Presentation www.tupras.com.tr Bitumen 10% 22#23Product Sales in Q3 (Million Tons) Tüpraş generated 8 million tons of sales in Q3 2021. Jet fuel and gasoline sales were strong with improved domestic demand. Total product sales increased 19% y-o-y, 2% higher than same quarter 2019 levels. Total Product Sales Domestic Sales of Selected Products Domestic Product Sales 8.9 8.7 1.2 7.8 1.0 International Sales Diesel Jet Fuel Gasoline Bitumen 8.0 1.3 1.1 1.4 6.7 1.6 0.6 0.6 0.7 0.7 0.8 0.7 0.9 0.7 1.5 0.8 1.5 0.8 1.4 0.6 7.7 7.7 6.4 6.4 6.0 3.4 3.2 3.2 3.3 2.8 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Feb-22 Operations Investor Presentation www.tupras.com.tr 23#24Financials 41#25Tüpraş and Med Refining Margins Average Margins Tüpraş Net Margin 8.1 9.3 6.0 3.6 Average Margins Med Margin I Tüpraş Net Margin Med Margin 5.3 4.6 3.7 1.7 1.3 -0.2 2016 2017 2018 2019 2020 5.9 4.6 2.8 1.21.8 2.1 1.5 0.9 0.7 0.3 -0.6 -0.1 -0.2 -1.9 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 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 Q3 2020 6.8 3.0 3.8 -0.8 2.1 -2.0 • Access to a wide range of cheaper sources of crude oil 9M 2020 6.7 -0.3 7.0 1.7 1.5 -0.2 • • Lower cost basis and more efficient energy usage 2020 6.4 0.0 6.4 1.2 1.3 -0.2 . Q3 2021 10.4 0.5 9.8 5.4 5.9 2.8 Close proximity to major suppliers reduces transport costs Ability to produce a broad range of refined products with higher value added • 9M 2021 9.1 1.5 7.6 2.8 4.3 1.0 Direct pipeline connections with domestic clients Feb-22 Financials Investor Presentation www.tupras.com.tr 25#26Income Statement (Million TL) EBITDA realized as 2,739 mn TL in Q3 2021. 03 Q3 9M 9M Million TL % % 2021 2020 2021 2020 Net Sales 40,993 17,035 141% 94,502 43,254 118% COGS -37,935 -15,845 -139% -86,952 -42,083 -107% Gross Profit 3,058 1,190 157% 7,549 1,171 545% Operating Expenses -782 -500 -57% -2,030 -1,477 -37% Income/Loss from other operations -100 -492 80% -2,009 -933 -115% Operating Profit 2,176 199 994% 3,510 -1,239 383% Income/Loss from equity investment 246 78 214% 306 -147 Operating Profit Before Fin. Income/Loss 2,422 277 774% 3,816 -1,386 375% Financial Income/Expense -1,266 -833 -52% -2,324 -2,297 -1% Profit Before Tax 1,155 -556 308% 1,492 -3,683 Net Profit (excluding minority interest) 988 -420 335% 1,927 -2,870 EBITDA *(mn. TL) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 2,739 977 180% 6,421 163 3851% 511 1,439 -65% 3,430 -585 2,229 -463 -582% 2,991 747 300% *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. Feb-22 Investor Presentation Financials www.tupras.com.tr 26#27Financial Highlights 7,021 EBITDA (mn TL) 4,645 1,887 Q1 Q2 Q3 Net Income (mn TL) 10 Q4 IQ1 IQ2 Q3 Q4 3,812 3,713 493 1,927 6,421 992 1,766 988 526 2,739 1,457 542 186 -2,494 1,027 1,700 869 870 378 376 -375 -760 -155 -2,265 1,237 3,778 3,301 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 17.1 1.2 1.9 2.1 2.2 2.4 1942 2.2 1.4 1.1 0.9 1.2 1.3 1.3 1.0 1.1 1.0 1.0 1.0 2017 2018 2019 2020 Q1 2021 Q2 2021 Q3 2021 Feb-22 Financials Investor Presentation Return on Average Equity² 41% 37% 2017 37% 1% 5% 2018 2019 2020 2021 (1) Excluding minority interest www.tupras.com.tr (2) Adjustments to 2020 and 9M'2021 EBITDA are based on historically low crack adjustments in 2H'20 and 1H'21.#28Balance Sheet Analysis Net Debt In Billion TL In Billion $ Redemption Schedule (Billion TL) | TL Hard Currency 10 20 17.8 15 12.5 12.0 12.2 11.3 11.0 9.4 8.4 65 12.4 9.4 6.2 5 2.3 1.9 1.7 1.6 1.4 0 9.3 H Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 6.3 3 2 2.3 1.6 1 1.5 0.0 0.3 1.3 1.3 1.0 0 1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years Working Capital Requirement (Billion TL) 4.7 2.1 -2.0 -3.0 -3.6 2.6 -4.7 -5.4 -5.6 -7.0 Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Feb-22 Financials Investor Presentation www.tupras.com.tr • • Financial Management Ongoing strict working capital management continues to lower funding needs Improved operational profitability generation further helps. deleveraging 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 Feb-22 Financials Investor Presentation www.tupras.com.tr 29#30Q3 Profit Before Tax Bridge (2021-2020) In spite of devaluated TL, Q3 2021 PBT performed strongly with increase in total sales volume, better crack margins, widening differentials and lower interest expenses. Million TL -556 -923 -249 1,322 754 100 1,155 707 Q3 2020 PBT Inventory Impact FX & Interest Crack Margin Crude Oil Diff Increase in Sales Other Q3 2021 PBT Feb-22 Financials Investor Presentation www.tupras.com.tr 30#312021 Expectations Med Complex Refining Margin 1.5-2.0 $/bbl Tüpraş Net Refining Margin 4.5-5.0 $/bbl • 25-26 mt production, 26-27 mt sales and 85 - 90% capacity utilization Consolidated Capex ~175 million $ • ~50% of capex for sustainability focused energy efficiency and environmental projects Feb-22 Investor Presentation www.tupras.com.tr 31#329M 2021 Results 9M 2021 Refining Margins ($/bbl) Med Margin Tüpraş Net Margin 9M 2021 1.0 0 Capacity Utilization (%) 84.1 84% total capacity utilization in 9M 2021 10 20 30 40 40 50 60 70 80 90 100 70 Operationals 9M 2021 FY Target 27 26 4.3 18.1 19.6 25 26 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 4.3 $/bbl net refining margin in 9M 2021 Feb-22 Financials Investor Presentation www.tupras.com.tr 19.6 mn tons of sales and 18.1 mn tons of production in 9M 2021 Production Sales Total Capex (mn $) 109 mn $ total CAPEX in 9M 2021 109 175 9M 2021 FY Target 32#33Investments (Million $) • c6.9 bn USD investments since privatization Reached 9.5 Nelson Complexity Capability to process heavier and more sour crude Avg. 980 Mn$ 1,246 1,061 979 Avg. 296 Mn$ 633 484 343 274 Avg. 250 Mn$ 357 291 301 219 162 236 165 153 109 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9M 2021 Feb-22 Financials Investor Presentation www.tupras.com.tr • Ongoing Projects Revamp of FCC • Periodic Maintenance of Vacuum & Lube Complex in Izmir is postponed to 2022 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 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 • Feb-22 Financials Investor Presentation www.tupras.com.tr 34#35FX Exposure Management (30 September 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 506 Receivables & Other Assets 79 Stock 1,869 Forward 2,365 CFH* 436 Consolidated Hard Currency Liabilities Million $ -12mn $ Payables & Other Liabilities 3,425 ST Financial Loans 660 • RUP: 198 • Other: 462 LT Financial Loans 1,181 • RUP: 288 • • Eurobond: 700 Other Loans: 193 Feb-22 Investor Presentation Financials www.tupras.com.tr 35#36Tüpras Tüpras Tüpraş Tüpras Tüpraş Tüp Tüpraş as Appendix#37Tüpraş Balance Sheet (Million TL) 30.09.2021 31.12.2020 Diff. Diff. (%) Current Assets 49,497 30,663 18,834 61 Cash & C. Equivalents 20,797 19,825 972 Trade Receivables 7,941 1,736 6,205 358 Derivatives 736 380 356 94 Inventories 16,260 7,701 8,559 111 Pre-paid expenses 272 234 38 16 Other Current Assets 3,492 788 2,704 343 Long Term Assets 31,572 30,505 1,066 3 Financial Assets & Subsidiaries 1,569 1,330 239 18 Tangible & Intangible Fixed Assets 22,485 22,137 347 2 Derivatives 82 88 -6 -6 Pre-paid expenses 102 135 -33 -24 Deferred Tax 5,538 5,002 535 11 Other Longterm Assets 1,796 1,813 -17 -1 Total Assets 81,069 61,169 19,900 33 Short Term Liabilities 49,222 28,341 20,882 74 Financial Loans 12,421 8,502 3,920 46 Trade Payables 31,221 14,137 17,083 121 Derivatives Provisions 610 763 -152 -20 304 142 162 114 Other ST Liabilities 4,666 4,796 -131 -3 Long Term Liabilities 18,046 21,155 -3,109 -15 Financial Loans 17,642 20,743 -3,102 -15 Payables & Provisions 356 356 0 0 Derivatives 37 45 -9 -19 Other LT Liabilities 12 10 2 16 Total equity attributable to equity holders of the parent 13,535 11,446 2,089 18 Minority Interests Total Liabilities & Equity Feb-22 Appendix Investor Presentation 265 81,069 226 39 17 61,169 19,900 33 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 9 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 41 Revamp Done Ongoing Crude Unit Q4 2 Periodic Maintenance Done Kırıkkale (*) This activity started in Q4 2020. Duration figure indicates the portion carried out in 2021 Feb-22 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+ (Stable) B2 (Negative) BB- (Negative) B2 (Negative). B2 (Negative) B+ (Stable) BB- (Stable) Transparency 97.2 Stakeholders Board 0 25 50 50 99.5 94.6 75 100 *data as of 31 January 2022 Source: SAHA Corporate Governance and Rating Services Inc. (October 2021) Feb-22 Investor Presentation Appendix www.tupras.com.tr Analyst Recommendations 0% 23% 77% Buy Hold ■Sell Source: Bloomberg* 39#40Turkish Consumption 2016-2020 Million Tons Diesel 28 -2.4% -4.4% +8.3% 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 Feb-22 Investor Presentation Appendix 8 0 ம 3 4.4 1 O +2.6% 4.5 Jet Fuel* +10.5% 5.0 +6.5% 5.3 -54.4% 2.4 2016 2017 2018 2019 2020 LPG +0.8% -0.6% +1.6% -7.4% 4.1 4.1 4.1 4.2 3.9 www.tupras.com.tr 2016 2017 2018 2019 2020 40#41Competition - 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 Feb-22 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 Tunisia Morocco Algeria Moldova Ukraine Romania Bulgaria Syria Israel Libya Egypt 54 Refineries ~7.8mbd Feb-22 Investor Presentation Appendix www.tupras.com.tr Turkey 17 Refineries ~1.8mbd Russia Georgia 42#43Dividend (TL) 77% 101% EPS 79% 66% DPS Dividend Payout 102% 89% 87% 64% 10.2 5.8 5.8 6.5 7.2 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 Feb-22 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 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% Feb-22 Investor Presentation Appendix www.tupras.com.tr 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. • Feb-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 45#46European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) Diesel (TL/Lt) Refinery Price Dist. Margin Tax Refinery Price Dist. Margin Tax 12 12 10 10 10 8 8 6.64 6.15 6.60 6.21 6.14 5.86 4.49 5.55 5.75 4.55 6 5.69 4.78 6 3.85 4.37 3.45 2.58 0.00 4 0.00 4 0.00 0.00 0.00 0.00 0.76 0.70 0.54 0.96 0.95 0.91 0.92 0.80 0.73 0.87 4.52 2 3.93 3.56 3.72 2 4.10 3.94 2.83 3.02 3.17 2.79 2.73 2.89 3.02 3.05 3.18 2.37 0 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 Feb-22 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 Feb-22 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. Feb-22 Investor Presentation Appendix www.tupras.com.tr 48#49LPG and Naphtha Cracks $/bbl LPG 5yr range 2022 2021 5 yr ave 10 10 5 0 -11.4 -10 17.2-17.7-19.6 -21.4 -20 27.7 -24.0 -29, -30 -13.7 -15.8 -15.7 -8.1 -10.0 Naphtha 5yr range 2022 - -2021 5 yr ave -0.3 0 -2.1 -2.7 -3.2 -4.2 -3,6 -5 -4.1 -10 -40 -15 1 2 3 4 5 6 7 8 9 10 11 12 data as of 31 January 2022 and 5 year range refers to :2017-2021 Feb-22 Investor Presentation Appendix www.tupras.com.tr 0.9 0.2 0.1 -1.0 1 2 3 4 5 6 7 8 9 10 11 12 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) Feb-22 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 Koc Latest Webcast contact us: [email protected] Sustainability Report