#1Tüpras Investor Presentation Koc August 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. Aug-21 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 5yr range - 5 yr ave 2020 2021 90 80 75.0 73.0 70 68.7 65.6 63.5 64.7 62.2 60 54.8 50 55.4 49.9 + OPEC++ production cut + Impact of Iran & Venezuela sanctions + Escalating regional tension + Covid 19 vaccine discovery - Concerns on global economic development Covid-19 related demand drop Storage capacity fill up 40 40 31.8 30 44.8 43.4 42.7 40.1 40.8 40.2 Year Average Brent Prices ($/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 July 2021 Aug-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 Aug-21 Investor Presentation Refining Market 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 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 6.4 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 July 2021 Aug-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 $/bbl Gasoline 5yr range 2021 2020 5 yr ave 20 15 10 10 7.7 9.8 11.5 10.4 10.6 7.0 6.2 5 10. 13.7 5.1 4.3 4.6 3.3 3.1 2.4 7.7 6.4 4.1 3.4 -5 -6.4 5 yr range High Sulphur Fuel Oil 2021 2020 5 yr ave -3.8 -4.4 -4.8 -5.5 -7.8 -8.1 -7.1 -7.5 -7.4 -8.4 -9.7 -10.4 -10.7 -12.9 -13.9 -14.5 -15 -15.8 -22.4 -25 -35 0 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 5 yr between 2016-2020, data as of 31 July 2021 Aug-21 Investor Presentation Refining Market www.tupras.com.tr 7#8Heavy Crude Price Differentials to Brent ($/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 Aug-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, 5M 2021 Million Tons 8.7 5M 2020 'Transit flight consumption included Diesel Gasoline 9.6 5M 2021 0.9 0.8 +9.8% 5M 2020 5M 2021 Aug-21 Turkish Market Investor Presentation +12.0% www.tupras.com.tr ¹Jet Fuel 1.0 1.0 5M 2020 LPG +2.7% 5M 2021 1.4 1.4 -0.5% 5M 2020 5M 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 Aug-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% Aug-21 Company Overview Investor Presentation 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 Aug-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 Aug-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 1,770 stations as of 31 May 2021 • 3 Crude Oil Tanker: 479,765 DWT • As of April 2021 Market share: 17.5% in white products; 9.9% 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 Aug-21 Company Overview Investor Presentation 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 (%) Aug-21 Investor Presentation 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 Operations www.tupras.com.tr 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 Aug-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#20Q1 Product Yields Q1 2020 LPG Bitumen Other 4% Kok 7% 1% 4% Fuel Oil Gasoline Other 2% 21% white Light Black Prod.2% Distil. 13% 25% Naphtha 1% Diesel 43% Mid. Distil. 60% Jet 17% White Product Yield (%) Production ΑΡΙ Aug-21 Operations Investor Presentation 85.7% 6.0 mn tons 32.1 www.tupras.com.tr Q1 2021 Other Bitumen LPG 2% Kok 7% 3% 5% Fuel Oil Other Gasoline 19% white 2% Black Prod. 2% Light 14% Distil. 25% Naphtha 3% Mid. Distil. 59% Diesel 47% White Product Yield (%) Production ΑΡΙ 85.2% 4.6 mn tons 31.9 Jet 12% 20#21Capacity Utilization and Quarterly Production Volume Quarterly Production (Mn tons) Capacity Utilization¹ (%) = 6 7 2017 2018 2019 8 2020 2021 6.4 6.0 5 • 4.6 4.9 10 Q1 182 Q2 Q3 63 'Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Aug-21 Investor Presentation Operations Crude Oil Semi Product Feedstock 108 105 4 7 96 98 7 9 82 56 85 87 ho Q4 2016 2017 2018 2019 www.tupras.com.tr 91 75 6 79 2020 Q1 20 69 85 89 6 64 64 08 80 78 Total 84 26 57 Q2 20 Q3 20 Q4 20 Q1 21 65 ∞ 21 ་#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 Aug-21 Operations Investor Presentation www.tupras.com.tr Bitumen 10% 22#23Sales in Q1 (Million Tons) Tüpraş generated 5 million tons of sales in Q1 2021. Despite resilient domestic demand, total sales decreased due to İzmir maintenance. Total Sales Domestic Sales Exports Domestic Sales of Selected Products Diesel Jet Fuel Gasoline Bitumen 7.2 7.2 6.9 0.3 0.3 6.2 6.2 2.3 2.1 0.5 0.5 0.3 1.8 0.3 1.0 0.2 5.0 1.6 0.4 0.5 0.5 1.0 1.0 0.8 0.8 0.8 0.6 5.1 5.0 5.2 5.2 4.6 4.2 2.5 2.5 2.3 2.3 2.3 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Aug-21 Operations Investor Presentation www.tupras.com.tr 23#24Financials#25Tüpraş and Med Refining Margins Average Margins ITüpraş Net Margin 8.1 9.3 Med Margin 6.0 3.6 5.3 4.6 3.7 1.7 1.3 Average Margins ITüpraş Net Margin Med Margin 1.8 1.2 2.1 1.5 0.9 0.7 -0.2 -1.9 -0.6 -0.1 -0.2 2016 2017 2018 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 ($/bbl) Gross Inventory Margin Effect Clean Clean Gross NET Margin Margin Net Margin Med Margin • Q1 2020 7.1 -2.7 9.8 3.9 1.2 1.8 . 2020 6.4 0.0 6.4 1.2 1.3 -0.2 • • Q1 2021 7.7 2.5 5.2 -1.0 1.5 -0.2 Lower cost basis and more efficient energy usage • 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 Close proximity to major suppliers reduces transport costs Ability to produce a broad range of refined products with higher value added Aug-21 Investor Presentation Financials • Direct pipeline connections with domestic clients www.tupras.com.tr 25#26Income Statement EBITDA realized as 1.2 bn TL in Q1 2021. Q1 Q1 12M 12M Million TL Net Sales % % 2021 2020 2020 2019 19,821 16,940 17% 63,244 89,601 -29% COGS -18,294 -17,849 -2% -61,480 -84,716 27% Gross Profit 1,527 -909 1,764 4,884 -64% Operating Expenses -557 -458 -22% -2,012 -1,783 -13% Income/Loss from other operations -1,584 -349 -353% -371 -871 57% Operating Profit -614 -1,716 64% -619 2,230 Income/Loss from equity investment 10 -168 -28 197 Operating Profit Before Fin. Income/Loss -604 -1,885 68% -647 2,427 -127% Financial Income/Expense -356 -913 61% -3,149 -2,739 -15% Profit Before Tax -960 -2,798 66% -3,795 -311 -1,119% Net Profit (excluding minority interest) -760 -2,265 66% -2,494 526 EBITDA* Inventory Gain/Loss EBITDA * CCS 1,170 -1,291 1,512 -2,016 -342 725 545 4,039 -86% -457 194 1.003 3,845 -74% *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. Aug-21 Investor Presentation Financials www.tupras.com.tr 26#27Financial Highlights EBITDA (mn TL) Q4 Net Income (mn TL) Q4 Q3 8,908 3,812 Q3 3,713 Q2 493 Q2 1,887 Q1 992 1,766 Q1 5,882 1,237 3,778 4,039 1,528 738 956 1,542 2,210 545 1,170 1,457 542 526 186 1,027 869 870 378 -2,494 376 -760 -375 -155 -760 -2,265 1,495 383 1,575 977 1,033 851 1,170 477 -185 -420 -1,291 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Current Ratio & Net Debt / Adj. EBITDA² -Current Ratio -Net Debt / Adjusted R. EBITDA Return on Average Equity2 2.4 1.9 41% 2.2 37% 1.9 1.2 1.2 1.3 1.0 1.1 1.0 2017 2018 2019 2020 Q1 2021 Aug-21 Financials Investor Presentation 2017 2018 (1) Excluding minority interest www.tupras.com.tr (2) 1% 14% 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. 27#28Balance Sheet Analysis Net Debt In Billion $ 17.8 bn TL 20 In Billion TL 15 10 10 12.0 12.2 11.0 8.4 12.5 9.4 6.2 5 2.3 2.3 1.9 1.7 1.6 1.4 1.5 1.3 0 Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Working Capital Requirement (Billion TL) 4.7 2.1 -2.0 -3.0 -3.6 2.6 654321 0 -4.7 -5.4 Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Aug-21 Financials Investor Presentation 13.9 Redemption Schedule (Billion TL) TL 11.0 Hard Currency 2.3 6.2 0.1 0.2 1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years www.tupras.com.tr Financial Management • Effective receivable risk assessment • and fully collateralized receivables resulting in better collection period. Extended payment terms to our suppliers, especially for spot cargoes improves payables. 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 Aug-21 Financials Investor Presentation www.tupras.com.tr 29#30Q1 Profit Before Tax Bridge (2021-2020) Despite the worsening crack margins compared to the previous year, Q1 2021 PBT has recovered with the positive impact of higher Brent Crude Oil prices. Million TL -2,798 -159 149 -728 -1,088 Q1 2020 PBT Differential Crack Margin Interest Aug-21 Financials Investor Presentation www.tupras.com.tr 135 3,528 -960 FX Inventory Impact Other Q1 2021 PBT 30#312021 Expectations Med Complex Refining Margin 0.0 - 0.5 $/bbl Tüpraş Net Refining Margin 2.5 - 3.5 $/bbl • 26-27 mt production, 26-27 mt sales and 90 - 95% capacity utilization Consolidated Capex ~200 million $ • ~40% of capex for sustainability focused energy efficiency and environmental projects Aug-21 Investor Presentation www.tupras.com.tr 31#32Q1 2021 Results Q1 2021 -0.2 Refining Margins ($/bbl) Med Margin Tüpraş Net Margin Med FY Exp 1 1.5 Tüpraş FY Target -1.0 0.0 1.0 2.0 3.0 4.0 1.5 $/bbl net refining margin in Q1 2021 Aug-21 Financials Investor Presentation Capacity Utilization (%) Q1 65.0 2021 65% total capacity utilization in Q1 2021 0 10 20 30 20 40 40 www.tupras.com.tr 50 60 70 80 90 100 Operationals Q1 2021 IFY Target 26 26 4.6 5.0 5.0 mn tons of sales and 4.6 mn tons of production in Q1 2021 Production Sales Total Capex (mn $) 34 mn $ total CAPEX in Q1 2021 200 34 Q1 2021 FY Target 32#33Investments (Million $) • c6.9 bn USD investments since privatization Reached 9.5 Nelson Complexity Capability to process heavier and more sour crude Avg. 296 Mn$ 633 484 343 274 219 162 Avg. 980 Mn$ 1,246 1,061 979 Avg. 250 Mn$ 357 291 301 236 165 153 34 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Aug-21 Financials Investor Presentation www.tupras.com.tr 2021 • Ongoing Projects Revamp of Crude Units • FCC Modernization • New Sulphur Units • • Energy Saving Projects Optimization of conversion units 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 Aug-21 Commodity Hedging Policy Deposit is kept within bank-based limits: 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 (31 March 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 336 Receivables & Other Assets 128 Stock 1,478 Forward 2,324 CFH* 540 Consolidated Hard Currency Liabilities Million $ Payables & Other Liabilities 2,373 ST Financial Loans 1,052 • RUP: 198 • Other: 853 +81 mn $ LT Financial Loans 1,301 RUP: 385 Eurobond: 700 Other Loans: 216 Aug-21 Investor Presentation Financials www.tupras.com.tr 35#36Tüpras Tüpras Tüpras Tüpraş Tüpraş Tüp Tüpraş as Appendix#37Tüpraş Balance Sheet (Million TL) 31.03.2021 31.12.2020 Diff. Diff. (%) Current Assets 39,091 30,663 8,428 27 Cash & C. Equivalents 21,145 19,825 1,319 27 Trade Receivables 3,758 1,736 2,022 117 Derivatives 1,617 380 1,237 325 Inventories 11,385 7,701 3,684 48 Pre-paid expenses 124 234 -109 Other Current Assets 1,062 788 274 Long Term Assets 30,696 30,505 191 Financial Assets & Subsidiaries 1,261 1,330 -69 Fixed Assets 22,234 22,137 97 Derivatives 113 88 25 Pre-paid expenses 108 135 -27 Deferred Tax 5,272 5,002 269 Other Longterm Assets 1,708 1,813 -105 Total Assets 69,787 61,169 8,619 Short Term Liabilities 38,870 28,341 10,529 Financial Loans 13,884 8,502 5,383 Trade Payables 20,522 14,137 6,385 Derivatives Provisions 159 763 -604 -79 194 142 52 Other ST Liabilities 4,110 4,796 -687 Long Term Liabilities 20,190 21,155 -966 Financial Loans 19,774 20,743 -969 Payables & Provisions 342 356 -14 Derivatives 62 45 -17 Other LT Liabilities 12 10 1 Total equity attributable to equity holders of the parent 10,513 11,446 -934 215 69,787 226 -11 61,169 8,619 2515022562367237454305± -5 28 -6 -5 -5 -4 -8 -5 Minority Interests Total Liabilities & Equity Aug-21 Appendix Investor Presentation www.tupras.com.tr 37#382021 Refinery Maintenance Schedule Starting Refinery Unit Duration (weeks) Purpose Status Quarter Batman Crude Oil & Vacuum Q1 7* Seasonal Done Crude Unit Q1 9 Done CCR Q1 10 10 Done Revamp Opportunity FCC Q1 9 Done Maintenance İzmir Isomerization Q1 10 10 Done Desulphurizer Q1 11 Done Vacuum Q4 6 Periodic Maintenance Planned Lube Complex Q4 6 Periodic Maintenance Planned İzmit Desulphurizer FCC Q1 4 Periodic Maintenance Q1 30 Revamp Done Ongoing Kırıkkale (*) This activity started in Q4 2020. Duration figure indicates the portion carried out in 2021 Aug-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 30 July 2021 Source: SAHA Corporate Governance and Rating Services Inc. (October 2020) Aug-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 Aug-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 Aug-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 Aug-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 Aug-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 Aug-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 Aug-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 Aug-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 Aug-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. Aug-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 -1.0 -7.5 -8.1 -2.1 -2.0 11.2 -11.4 13.7 3.2-4.1 -4.2 -3.6 -1.8 -2.4 -15.2 31 -2.8 -3.6 -3.5 -5 -6.4 -6.4 -7.6 15.9 -19.6 -20 -17.2 -21.4 -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 July 2021 Aug-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) Aug-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