#1Energy To the future Tüpras Koc December 2023 Investor Presentation#2Disclaimer This presentation contains forward-looking statements that reflect the Company management's current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tüpraş nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation. Dec-23 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 15 yr range 130 118.8 113.3 104.4 5 yr ave 123.7 112.7 -2022 2023 110 98.2 87.2 90 100.0 89.9 93.3 91.7 94.0 91.1 86.2 81.1 84.9 82.8 82.5 83.3 80.1 78.6 75.6 70 74.7 0 50 30 10 2 + Russian-Ukraine war + Impact of sanctions + Post-pandemic demand recovery Recession fears Zero Covid Policy and its impact on Chinese demand SPR releases Year Average Brent Prices ($/bbl) 2018 71.0 2019 64.3 2020 41.7 2021 70.7 4 5 6 7 8 9 10 11 12 2022 101.2 data as 30 November, 5 year range shows 2018-2022 Dec-23 Investor Presentation Refining Market www.tupras.com.tr 4#5Global Refinery Capacity Changes Expectations until 2025: ⚫ In the 2019-2025 period, 67% of the net capacity increase comes from Asia and 39% from the Middle East Region. • 67% of the closures intensified after the pandemic come from the OECD region. mn bbl/d 2019-2025 Net Capacity Additions Closures Openings Capacity Additions by Region 2.0 1.0 1.6 1.7 1.7 2.4 Asia Middle East 1.3 bub -0.3 Africa -0.5 -0.7 -0.6 -0.9 -1.2 -1.7 2019 2020 2021 2022 2023 2024 2025 Dec-23 Investor Presentation Refining Market www.tupras.com.tr Other -17% 11% 39% 67% -40% -20% 0% 20% 40% 60% 80% 5#6Middle Distillate Cracks $/bbl Diesel Jet Fuel 5 yr range 5 yr ave 2022 2023 5 yr range 5 yr ave 2022 2023 50 47.1 60 55 50 45 44.2 40.5 40 35 30 31.6 54.2 46.8 41.6 57.1 43.8 38.4 37.4 35.1 34.8 29.3 27.3 24.6 25 26.3 25.6 20.8 20 15 12.0 15.3 11.8 14.8 10 10 5 45 43.3 40 35 45.2 42.3 30.8 40.7 39.6 39.0 38.4 34.3 32.6 33.7 29.7 29.2 30 35.3 25 26.1 24.0 22.7 20 17.6 19.8 15 12.9 0 1 2 3 4 5 6 7 8 9 10 11 12 data as 30 November, 5 year range shows 2018-2022 Dec-23 Investor Presentation Refining Market 10 11.3 13.5 9.4 5 0 5 -5 1 2 3 4 5 6 7 8 9 10 11 12 www.tupras.com.tr 6#7Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline 5yr range 2023 2022 5 yr ave 5 yr range 50 0 45 40 40 44.0 -5 -10 High Sulphur Fuel Oil 2023 2022 5 yr ave -6.9 -7.6 -10.0 38.0 35 30.6 30 28.5 26.1 25.2 25 24.7 21.7 20.4 19.9 20 21.3 15 12.7 11.6 12.5 10 13.4 16.3 14.4 10.0 -35 11.2 8.0 -20 -11.7 -13.3 -15 -16.0 -18.3 -19.0 -20.2 25.7 -18.2 -19.5 24.5 21.8 -22.2 -25 -27.9 -30.4 -26.5 -26.4 -30 28.8 -34.4 -36.2 -34.0 5 0 1 2 3 4 5 6 7 8 9 10 11 12 data as 30 November, 5 year range shows 2018-2022 Dec-23 Investor Presentation Refining Market -40 -45 www.tupras.com.tr -41.0 -40.1 -43.4 1 2 3 4 5 6 7 8 9 10 11 12 7#8Heavy Crude Price Differentials to Brent ($/bbl) 5 0 S -10 -15 Iran Sanctions OPEC+ Cut Decision OPEC+ Disagreement OPEC+ Cut Decision Russia - Ukraine War Arab Heavy Kirkuk CPC Average* Basrah Heavy OPEC+ Cut Decision -20 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 101112 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 data as 30 November Dec-23 Refining Market Investor Presentation www.tupras.com.tr *Simple average of listed differentials 8#9Turkish Market B Tipras DI Taps BAK V/SCOR#10Turkish Market, 9M 2023 Q1 Q2 Q3 Diesel Million Tons 19.3 19.3 18.2 18.3 18.1 7.4 7.2 7.0 7.4 6.6 Jet Fuel¹ 4.0 4.1 3.5 1.7 1.7 2.4 1.4 6.1 5.3 6.3 6.1 6.5 +7.0% 1.8 +18.9% 1.1 1.3 1.4 0.7 1.2 0.2 0.8 5.2 5.6 5.6 5.4 5.6 1.0 0.9 0.9 1.1 0.6 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Gasoline LPG 3.1 3.4 3.2 2.9 3.0 2.8 2.4 2.1 1.2 1.2 1.2 1.8 1.8 1.2 1.2 1.1 1.0 1.0 0.7 0.8 +26.1% 1.1 +20.1% 1.0 1.1 0.8 0.9 0.8 0.9 0.6 0.5 0.6 0.5 0.5 0.5 0.7 0.8 0.9 0.9 0.8 0.8 1.0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 'Transit flight consumption included Dec-23 Investor Presentation Turkish Market www.tupras.com.tr 10#11Turkey's Net Import / Export Balance Million Tons Import Export Jet Diesel Gasoline LPG -7.3 -8.0 -5.9 -8.8 -13.6 -2.8 -2.9 -2.9 -3.0 -3.2 Market Share of Tüpraş 2022 12M -0.2 -0.2 0.4 0.3 Diesel 48% -0.4 2.0 1.6 1.9 3.0 2.4 -4 0 4 -16 -12 -8 2022 2021 2020 2019 2018 Dec-23 Turkish Market Investor Presentation www.tupras.com.tr Jet Gasoline 85% 98% Fuel Choice of Passenger Cars 2022 EV/Hybrid 1% Diesel 37% LPG 35% Gasoline 27% 11#12Company Overview#13Tüpraş Shareholder Structure Tüpraş is Turkey's biggest industrial company and leading refiner. Koç Holding 77% D DITAŞ Eppet 79.98% 41.7% Aygaz 20% Energy Investments Inc. (SPV) 46.4% Opet 3% Koç Holding and Other Koç 6.82% 100% Körfez Ulaştırma Tüpras Trading Tüpras Free Float² 46.78% 100% →ENTEK 99.23% Tüpras Ventures Dec-23 Investor Presentation 100% Company Overview www.tupras.com.tr Domestic Ownership 57% Foreign Ownership 43%¹ 1 As of December 31st, 2022 2 Includes %1.11 shares of Liquid Petroleum Co. 13#14Tüpraş' Refining Assets & Distribution Network 96 ENTEK Süloğlu WPP OPET Marmara Terminal İSTANBUL • İZMİT İzmit Capacity: 11.3 mn t Nelson Compl.: 14.5 Storage: 3.0 mn m³ OPET Marmara Terminal ENTEK Kocaeli CCGT ENTEK Kumköy HPP ENTEK Kınık ◆KIRIKKALE İzmir ANKARA WPP Capacity: 11.9 mn t Nelson Compl.: 7.66 Storage: 2.5 mn m³ İZMİR ENTEK ENTEK Kepezkaya Damlapinar HPP HPP OPET Antalya Terminal Total Refining Capacity Total Storage Capacity Nelson Complexity Total Installed Capacity Dec-23 Investor Presentation 30 million tons 8.2 million m³ 9.5 893 MW Company Overview Kırıkkale Capacity: 5.4 mn t Nelson Compl.: 6.32 OPET Giresun Terminal Storage: 1.3 mn m³ BAKÜ-TİFLİS-CEYHAN Crude Pipeline 飲 ENTEK ENTEK Menzelet Kılavuzlu HPP 空 HPP BATMAN MERSİN ENTEK Azmak HPP CEYHAN OPET Mersin Terminal Batman Capacity: 1.4 mn t Nelson Compl.: 1.8 Storage: 0.3 mn m³ IRAK-TÜRKİYE Crude Pipeline Railway Crude Pipline Terminal Refinery HPP WPP CCGT PV www.tupras.com.tr#15Nelson Complexity of Refining Companies Dec-23 Investor Presentation F9.7 CANADA 8.9 NWE 8.2 RUSSIA EAST 9.7 EUROPE İzmit 11.6 USA Refinery 14.5 TÜPRAŞ 9.5 10.4 7.7 EAST 9.9 JAPAN 8.9 MED ASIA CHINA 7.2 MIDDLE EAST 9.0 SOUTH ASIA F7.1 LATIN AMERICA 5.0 AFRICA Company Overview www.tupras.com.tr 7.9 AUSTRALLIA 15#16Tüpraş Subsidiaries 990 OYA Dpet 309 OPET - Distribution • • Tüpraş Share: 41.7% 1,866 stations as of 30 September 2023. As of September 2023 Market share: 19.25% in white products; 27.65% in black products Tupras Trading Tüpraş Trading UK - Trading Tüpraş Share: 100% Over 8 million tons of product trade More than 10 million tons of spot crude oil connections Trading Office in London is important for wider integration with the global energy landscape by allowing to: ■ Closely monitor international market opportunities ☐ Support import and export operations ■ Create additional value from supply chain and sales activities Dec-23 Investor Presentation Company Overview www.tupras.com.tr 16#17Tüpraş Subsidiaries TGONUL DİTAŞ - Marine Transport Tüpraş Share: 79.98% • 4 Crude Oil Tanker: 470,067 DWT • 7 Product Tanker: 116,533 DWT 4 Bitumen Tanker: 61,450 DWT Dec-23 Investor Presentation KUDE 0003 Körfez Ulaştırma - Railway Transport Tüpraş Share: 100% ~5% share in Turkish rail freight market • ~2.5 mn ton of product and semi-product carried in 2022 • Operates with 12 locomotives (7 of them are hybrid) and 519 cistern wagons Company Overview www.tupras.com.tr 17#18Tüpraş Subsidiaries Entek Electricity A Tüpraş's Share: %99.23 Entek's installed power: 492 MW 2 WPP with 116 MW capacity, 1 CCGT with 112 MW capacity, 8 Hydro Power Plants with total capacity of 264 MW. Entek's sales from production was 1.2 GWh, increased by 22% year on year in 2022 EBITDA figure was TL 1.4 bn, nearly quadrupled Tüpraş Ventures Tüpras Ventures emerald Technology Ventures Energy KOC GROUP COMPANIES' iongenics FIRST PRIVATE VENTURE CAPITAL INVESTMENT FUND Sustainability Transformation Dec-23 Investor Presentation Operational Excellence www.tupras.com.tr Tüpraş's Share: %100 Aiminig to establish strategic partnerships in new growth areas for energy transformation. In 2022, 10 investments were undertaken through Emerald Industrial Innovation Fund. 18#19Tüpraş Subsidiaries 50 MW Entek - Electricity (Tüpraş Share: 99.23%) Production (000 MWh) Entek's Installed Capacity 17.5 MW 66 MW 112 MW 178 28 MW 16.4 MW MW 24.4 MW Natural Gas Combined Cycle Hydroelectric Power Plants Wind Power Power Plant Plant 1,542 1,451 1,359 1,341 1,190 1,038 2019 2020 2021 2022 9M 2022 9M 2023 EBITDA (million TL) Total ZCE Sales Spot Price ($/MWh) 211 from Production (GWh) 204 183.0 187 185 169 1,365 Spot Price, MSP*, Others Feed in Tariff 148.9 115 138 134 125 113 103 969 87 799 70.3 112.2 83.6 74.6 81.0 72.4 97.1 91.8 640 528 75.0 422 380 365 329 271 2019 2020 2021 2022 9M 2022 9M 2023 1 2 3 4 5 6 7 8 9 10 11 12 5 yr range 5 yr ave 2022 2023 Dec-23 Investor Presentation Company Overview (*) Maximum Settlement Price www.tupras.com.tr 19#20Operations ONS GIRİLMEZ#21Quarterly Product Yields Q3 2022 Other LPG 2% Bitumen 3% 14% Gasoline Kok Other 22% 3% white 2% Light Black Prod. Fuel Oil Distil. 22% 6% 25% Naphtha 0% Diesel 35% Mid. Distil. 51% Jet 15% White Product Yield (%) Production ΑΡΙ 76.4% 7.0 mn tons 30.9 Dec-23 Operations www.tupras.com.tr Investor Presentation Q3 2023 Other LPG Bitumen 2% 4% 12% Kok Gasoline Other 3% 21% white Fuel Oil 2% Light 5% Black Prod. 20% Distil. 25% Naphtha 0% Diesel 34% Mid. Distil. 53% Jet 19% White Product Yield (%) Production ΑΡΙ 79.1% 7.1 mn tons 31.6 21#22Annual Product Yields 12M 2021 Other Bitumen LPG 2% Kok 8% 3% 4% Gasoline Other 21% Fuel Oil white 6% Black Prod. 2% Light 18% Distil. 25% Naphtha 1% Mid. Distil. 55% Jet 12% Diesel 43% White Product Yield (%) Production ΑΡΙ Dec-23 Operations Investor Presentation 81.4% 25.1 mn tons 31.2 www.tupras.com.tr 12M 2022 Other Bitumen 2% 10% LPG 3% Coke 3% Other Gasoline 21% white Fuel Oil Black Prod. 2% Light 6% Distil. 19% 26% Naphtha 1% Diesel 39% Mid. Distil. 53% Jet 15% White Product Yield (%) Production ΑΡΙ 80.0% 26.0 mn tons 31.1 22#23Capacity Utilization and Quarterly Production Volume Quarterly Production (Million Tons) Capacity Utilization (%) 8 7 -2021 -2022 7.1 7.1 6.9 6.5 6.0 6 5.0 5 4 4.6 5.9 2023 7.0 7.0 6.0 98 Crude Oil Semi Product Feedstock Total 100 98 92 88 7 7 85 84 82 8 7 80 7 9 1 32 99 10 83 71 71 12 10 91 93 91 89 81 84 75 76 75 71 61 10 Q1 Q2 Q3 Q4 2019 2020 2021 2022 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 *Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Dec-23 Operations Investor Presentation www.tupras.com.tr 23#24Sales • Tüpraş generated 29.5 million tons of total sales in 2022. Total Sales mn tons 29.8 29.2 29.5 27.6 4.2 24.5 6.8 6.0 5.9 4.7 Customer Groups 2022 Other 9% International sales 21% Jet 12% Exports 25.6 22.4 23.5 I Domestic Sales 19.8 21.7 Total Sales 2022 2018 2019 2020 2021 2022 29.5 mn tons Domestic Sales of Key Products mn tons 2.9 Distributors 53% OTHER 16% 1.5 2.2 1.8 1.6 3.2 2.3 2.4 2.9 Bitumen 4.9 2.3 3.6 Sales to BP 4.3 3.0 2.2 12% Gasoline Distributors 2022 Jet Fuel 11.9 10.4 10.6 11.4 12.3 15.7 mn tons Diesel SHELL 19% 2018 2019 2020 2021 2022 OPET 24% Dec-23 Operations Investor Presentation www.tupras.com.tr Bitumen 5% POAŞ 29% 24#25Quarterly Product Sales (Million Tons) Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel Jet Fuel Gasoline Bitumen 8.5 8.4 7.8 8.0 2.0 1.7 0.5 1.4 6.7 0.6 1.6 0.6 0.7 0.8 0.7 0.9 1.2 0.9 0.7 0.8 1.0 0.8 1.2 1.4 0.6 6.4 6.4 6.6 6.7 6.0 3.2 3.3 3.3 3.1 2.8 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Dec-23 Investor Presentation Operations www.tupras.com.tr 25#26Financials NSiZ EZ#27Tüpraş and Med Refining Margins Tüpraş Net Margin Med Margin 28.2 ($/bbl) Gross Inventory Margin Effect Clean Clean Gross NET Margin Margin Net Med Processed Margin Margin* bbl (mn) 9M 2023 21.1 1.1 20.0 12.2 13.3 28.7 137.6 16.5 12M 2022 23.9 0.7 23.2 15.8 16.5 28.2 198.8 9M 2022 21.2 0.9 20.3 14.0 14.9 28.0 153.3 5.7 3.7 1.7 1.3 -0.2 2019 2020 2021 1.6 12M 2021 10.5 2.1 8.4 3.6 5.7 1.6 190.2 2022 Operational advantages supporting the Tüpraş Refinery Margin compared to the benchmark Mediterranean Peers: . 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 . Lower cost basis and more efficient energy usage * Weight of Ural crude oil is 100% for crude oil supplies in the theoretical calculation of Med Margin. Dec-23 Investor Presentation Financials Ability to produce a broad range of refined products with higher value added Direct pipeline connections with domestic clients www.tupras.com.tr 27#28Income Statement (Million TL) Q3 Q3 9M 9M Million TL % % Net Sales COGS 2023 185,137 -152,334 2022 2023 2022 150,609 -131,111 -16% 23% 382,369 365,739 5% -318,095 -322,428 1% Gross Profit 32,803 19,498 68% 64,274 43,311 48% Operating Expenses -3,752 -1,989 -89% -8,601 -5,150 -67% Income/Loss from other operations -2,161 -3,775 43% -9,190 -8,836 -4% Operating Profit 26,890 13,734 96% 46,483 29,325 59% Inc./Loss from Equity pick ups 1,007 310 225% 1,545 677 128% Operating Profit Before Fin. Income/Loss 27,897 14,043 99% 48,028 30,001 60% Financial Income/Expense -756 -796 5% -3,664 -4,242 14% Profit Before Tax 27,141 13,247 105% 44,365 25,759 72% Net Profit (excluding minority interest) 21,306 11,554 84% 35,272 23,456 50% EBITDA *(mn. TL) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 30,096 17,766 69% 57,436 39,221 46% 3,342 416 703% 7,975 7,450 7% 26,753 17,350 54% 49,460 31,771 56% * 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. Dec-23 Financials www.tupras.com.tr Investor Presentation ** These figures are restated to include Entek's financials. 28#29Income Statement (Million TL) Million TL(**) 2022 2021 % Net Sales 481,765 152,492 216% COGS Gross Profit -418,988 62,777 -136,632 -207% 15,860 296% Operating Expenses -8,235 -3,318 -148% Income/Loss from other operations -8,935 -11,766 24% Operating Profit 45,607 777 5773% Inc./Loss from Equity pick ups 365 701 -48% Operating Profit Before Fin. Income/Loss 45,972 1,477 3012% Financial Income/Expense -6,096 881 -792% Profit Before Tax 39,876 2,358 1591% Net Profit (excluding minority interest) 41,045 3,495 1074% EBITDA* (mn. TL) 55,587 14,067 295% Inventory Gain/Loss (mn. TL) 7,274 8,659 -16% EBITDA* (mn. TL) CCS 48,313 5,409 793% Dec-23 Financials www.tupras.com.tr 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. Investor Presentation ** These figures are restated to include Entek's financials. 29#30Financial Highlights EBITDA (mn TL) 4,039 545 2019 2020 Net Income¹ (mn TL) 55,587 57,436 41,045 35,272 16,366 30,096 17,589 21,306 14,067 17,766 11,554 15,204 3,495 7,217 526 16,431 10,799 6,748 12,136 5.024 -2,494 1,103 2019 2020 2021* 2022* 2023 2022* 2023 2021* Total ■Q4 ■Q3 Q2 ■ Q1 Current Ratio & Net Debt / EBITDA Net Debt/EBITDA 17.1 0.9 Current Ratio 1.0 1.1 2.1 1.0 1.5 1.3 5% -0.3 -0.7 2019 2020 2021* 2022* 2023 Dec-23 Investor Presentation Financials www.tupras.com.tr ■Total ■Q4 Q3 Q2 ■Q1 Return on Average Equity (%) 22% -20% 2019 2020 2021* (1) Excluding minority interest 96% 90% 2022* 2023 * These figures are restated to include Entek's financials.. 30#31Balance Sheet Analysis Net Debt/Cash Cash Currency Breakdown Redemption Schedule ■TL Hard Currency bn TL In Billion TL In Billion $ bn $ bn TL 100 90 86.6 bn TL 80 25 21.5 1.4 1.3 0.9 8.4 9.4 12.0 -0.5 -0.4 -0.9 -8.6 -10.1 -16.5 -1.9 70 60 20 50 15 40 9.5 10 30 20 5 2.0 0.5 10 0 0 -53.5 1 year 1-2 years 2-3 years Over 3 years Dec-19 Dec-20 Dec-21* Dec-22* Mar.23 Haz.23 Eyl.23 Hard Currency TL Working Capital Requirement (Billion TL) 4.8 11.9 11.0 Financial Management Working Capital Requirement turned into negative with less volatility in prices and better inventory turnover • Net cash position continued with strong operating cashflow generation. -3.6 -4.7 -6.3 Dec-19 Dec-20 Dec-21* Dec-22* Mar.23 Haz.23 -6.9 Eyl.23 L Dec-23 Financials * These figures are restated to include Entek's financials. www.tupras.com.tr Investor Presentation 31#32Quarterly Profit Before Tax Bridge Strong cracks, higher inventory and positive net fx & interest impact boosted PBT, while differentials were relatively weak Million TL Dec-23 13,247 8,260 -1,336 2,620 27,141 2,926 116 -191 1,498 Q3 2022 PBT Crack Margin Crude Oil Diff Energy Cost Inventory Impact Electricity FX & Interest Other Q3 2023 PBT Investor Presentation Financials www.tupras.com.tr 32#33- Profit Before Tax Bridge (2021 – 2022) 2022 PBT was positively impacted by stronger cracks and wider differential spreads. Million TL 2,358 4,076 998 3,977 9,141 44,758 -17,831 39,876 -5,389 -2,011 -201 Crack Margin Inventory Impact Income from Electricity FX Other 2021 PBT Crude Oil Diff Higher Sales Impact NG Price RUP Malfunction 2022 PBT Dec-23 Investor Presentation Financials www.tupras.com.tr 33#342023 Expectations Dec-23 Tüpraş Net Refining Margin 11$/bbl -12$/bbl • 24-25 mn tons production, 29-30 mn tons sales and 85 - 90% capacity utilization Consolidated Capex ~350 million $ • ~60% of capex for sustainability focused energy efficiency and environmental projects Investor Presentation Financials www.tupras.com.tr 34#359M 2023 Results Refining Margins ($/bbl) Tüpraş Net Refining Margin 18,0 16,0 14,0 12,0 10,0 8,0 13.3 6,0 4,0 2,0 0.0 0,0 9M 2023 Tüpraş FY Target 100 80 60 60 10 40 20 Capacity Utilization (%) Tüpraş FY Target 84.1 0 9M 2023 Operationals 9M 2023 FY Target 400 Total Capex (mn $)(*) 350 300 30 210 25 200 21.9 29 18.0 24 100 Other ESG focused 60% Total 50% 0 9M 2023 FY Target Production (mn ton) Sales (mn ton) Dec-23 Financials www.tupras.com.tr Investor Presentation (*) Investments in Sustainable Refining under the areas of Process Improvement, Energy Efficiency, HSE and Environmental projects are considered as ESG focused investments. Investments in Sustainable Aviation Fuel, Zero Carbon Electricity and Green Hydrogen fields are considered as ESG focused investments. 35 Investments for electrical train cars and HSFO scrubbers for ships are considered as ESG focused investments.#36Investments (Million $) 296 Avg. 460 Mn$ Avg. 350 Mn$ 980 400 320 230 300 2006-2010 2011-2014 2015-2022 2022-2030 2031-2035 2035-2050 7 + 1600 After privatization Billion $ invesment CURRENT PROJECTS FCC Modernization in İzmir New Sulphur Recovery Unit in Kırıkkale Solar Power Plant in Kırıkkale Firefighting System Modernization in Kırıkkale Wind Power Plant in İzmir ~50% of total capex ESG related investments in 2022 Dec-23 Financials Investor Presentation www.tupras.com.tr 36#37Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Leverage & Liquidity Liquidity risk management & targets/limits for financial ratios: • Net financial debt/EBITDA . Net financial debt/Equity • Current ratio • Share of long-term debt Counterparty Risk Policy Interest Rate & Fx Deposit is kept within bank-based limits: • Credit rating assessment and strong capital base. • • Cap on the maximum deposit allocated to a single bank. Cap for deposits subject to banks shareholders' equity • The fixed/floating profile of financial debt. Management of FX risk with derivative instruments • Zero FX exposure target on daily basis. Inventory Hedging Policy: • Operational hedge: Optimum stock policy & forward pricing mechanism. Commodity Hedging Policy • Financial hedge: Cargo based hedging to match the pricing period of purchases with sales. Crack Margin Hedging Policy: • Financial hedge: Crack margin (gasoline, diesel, jet fuel, fuel oil) risk mitigation by using derivatives. Hedge ratio between %0-%50 with up to 1 year hedge tenor • Dec-23 Financials Investor Presentation www.tupras.com.tr 37#38Strategy#39Turkey's Transportation Energy Demand Turkey's Transportation Energy Demand in million tonnes of oil equivalent (mtoe) Diesel Jet Fuel LPG Marine Fuel Alternative Marine Fuels SAF, Other Jet Fuel Alternatives Electricity 35 51 52 52 48 2019 2030 2035 2040 2050 Dec-23 Strategy Investor Presentation Gasoline Bitumen Hydrogen 45% www.tupras.com.tr OUR PROJECTIONS 過 Turkey's fossil fuel consumption to peak in 2030 Diesel to be partially replaced by H2, for commercial vehicles existing domestic refining capacity will still be well positioned In passenger cars, EVs to lead new sales starting early 2030s and become the dominant powertrain before 2040 H2 to enter a rapid growth phase from 2030 Sustainable Aviation Fuel to cover ~10% of aviation fuel by 2030 39#40Strategic Transition Plan Sustainable Refining Sustainable Aviation Fuel Zero Carbon Electricity Green Hydrogen Base Year: 2017 Scope 1&2 Emission Reduction 2022-2030 2031-2035 Capex EBITDA Capex EBITDA ~60% ~90% ~30% ~70% ~40% ~10% ~70% ~30% 27% Sustainable & Profitable Tüpraş Average EBITDA Average Capex > $1 Billion / Year ~ $350 Million /Year ROACE > 25% Dec-23 Investor Presentation www.tupras.com.tr %35 2035 Net Debt/ EBITDA Average Pay-Out Ratio ~ 80% <2.0x 40#41Strategic 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 Dec-23 Investor Presentation Strategy H₂ GREEN HYDROGEN Reducing Refining Emissions Capture changing market for land transportation, reduce refining emissions. • Reduce Scope 1-2 emissions of refineries. Followed by H2 sales, starting from 2030. Within 2022-2035; ~690 MUSD capex, ~640 MUSD Cumulative EBITDA www.tupras.com.tr 41#42Strategic 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 || Dec-23 Investor Presentation Strategy www.tupras.com.tr || 11 || "I || || -27% -35% -49% || -100% 2017 2030 2035 2040 2050 42#43Strategic 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 ~$7bn 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 2 ~$5bn > 25% $7 bn USD <2.0x ~80% TOTAL CAPEX ROACE TOTAL CF NET DEBT/EBITDA AVG. DIVIDEND PAYOUT Dec-23 Strategy www.tupras.com.tr Investor Presentation 43#44Strategic Transition Plan - Financials Cumulative Cash Flow Bridge ($ bn) 15 EBITDA Sound Financial Plan ● · Superior EBITDA generation and disciplined capex plan leads to very low external funding requirement. Strong FCF generation ensures strong dividend potential 80% dividend payout on average according to our new business model Net Debt/EBITDA will remain below 2x -5 7 -3 -1 • ~5 bn $ Dividend • Capex Net Fin. Exp. (*) Other Residual CF (*) Consists of net additional funding and related financial expenses Dec-23 Strategy Investor Presentation www.tupras.com.tr 44#45Digital Transformation Be Agile Design the Future 600 MN LINES OF DAILY DATA FROM 150K SENSORS CONNECTED PEOPLE CONNECTED OPERATIONS Operational Transparency Dec-23 Investor Presentation Autonomous Refinery ||||| DATA ANALYTICS CENTERS IN 2 UNIVERSITIES «E-PERMITS TO WORK» AT ALL LOCATIONS BY 2023 ARTIFICIAL INTELLIGENCE MODELS CONNECTED DIGITAL PROCESSES USE OF ROBOTIC TECHNOLOGIES PROACTIVE CYBER SECURITY VULNERABILITY MANAGEMENT << PIONEER IN DIGITALIZATION» - PLATIN GLOBAL 100 INDEX Digitize Experience <<SMART HARD HAT>> - DIGITALIZATION AWARD BY TISK www.tupras.com.tr 45#46ESG DI Tipras TCM ras#47Tüpraş's Environmental Highlights Energy Intensity Achievements 99.1 98.4 2018 2019 99.1 2020 94.9 93.5 2021 5.6 102.2 Energy Intensity Targets 2.6 2.8 0.1 91.2 2017 2022* Ongoing Energy Efficiency Other Projects Future Energy Future Other Efficiency Projects Projects 2030 Target Projects *Energy Intensity increased in 2022 with higher use of alternative fuels due to the supply problems in natural gas and significant increase in natural gas prices Water Consumption per processed crude oil (m3/ton) Ratio of recovered water to total water consumption (%) Dec-23 Greenhouse Gas Emissions Reductions through Energy Efficiency Projects (tons CO2e) 70% 70% 63% 64% 243,666 58% 0.82 0.74 0.72 0.66 0.64 Environmental Investment and Operational Expenditures (MTL) 106,708 388 73,199 268 238 39,608 150 26,292 1,158 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Investor Presentation ESG www.tupras.com.tr 47#48Board of Directors' Composition Committees under BoD COMPETITION COMPLIANCE Tüpraş's Social & Governance Highlights Strong Policies have been effectively implemented for years HUMAN RIGHTS ANTI-BRIBERY, ANTI-CORRUPTION DONATION & SPONSORSHIP Corporate Governance Rating 9.65 DISCLOSURE Health & Safety and Diversity are the Key Priorities Female Share in Total Employees Female Representation in Senior and Mid-Level Management Female Share in Recruitment Targets 11 members Four members are independent Health & Safety Corporate Governance Risk Management Audit Executive Ethics Targets 2024- 2030 2025 Diversity 32% Female Representation in the Board of Directors in the next LTI Severity ⚫LTI Frequency Process Safety Event Frequencies five years Process Safety Event Freq. 0.30 0.25 17,7% 17,7% 17% 19% 16,8% 19% 17,0% 19,4% 25% 27.8 25.8 1.02 0.87 18.9 18.2 17.7 13% Targeted Rate of 16.4 LTI Frequency 0.30 0.15 8,6% 8,8% 8,9% 9,0% 9,8% Women in New Recruitments 0.59 0.7 0.7 0.42 0.38 0.5 0.4 0.27 0.4 LTI Severity 10.0 5.0 50% 0.3 2018 2019 2020 2021 2022 2023T 2018 2019 2020 2021 2022 Tüpraş is taking place in these sustainability indices Dec-23 BORSA İSTANBUL Investor Presentation V.E ESG MSCI TCFD TASK FORCE ON Bloomberg CLIMATE-RELATED FINANCIAL DISCLOSURES Gender-Equality Index 2022 FTSE4Good SUSTAINALYTICS www.tupras.com.tr 48#49Appendix 40 3589 sti LC 10 HOWIC 0 Tupras#502023 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Planned Crude Oil & Vacuum Q1 7 Completed Batman Seasonal Crude Oil & Vacuum Q4 9 Planned FCC Q1 7 Completed Crude Oil, Vacuum, CCR, İsom. Q1 İzmir Lube Complex Q1 6 6 Revamp Completed Completed Crude Oil, Vacuum Q4 5 Postponed Periodic Maintenance HYC Q4 6 Postponed Crude Oil & Vacuum Q1 7 Completed Desulphurizer Q1 18 Periodic Maintenance Completed İzmit CCR Q1 9 Completed Opportunity FCC Q2 11 Completed Maintenance Kırıkkale Battery Shut Down Q1 7 Periodic Maintenance Completed Dec-23 Appendix Investor Presentation www.tupras.com.tr 50#51Turkish Market Fuel Consumption 2017-2022 Million Tons 28 24.2 14 -2.4% 23.6 -4.4% Diesel 22.5 +0.5% +10.1% -1.6% 24.9 24.5 22.7 IIIIII 8 4 4.5 Jet Fuel* +6.5% 5.3 +10.5 5.0 +38.0% 4.7 % -54.4% +39.4% 3.4 2.4 0 0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Gasoline 4 UT +1.2% +3.0% 2.3 2.3 2 2.4 0 +9.2% 3.3 3.0 +29.2% 2.3 -2.5% וה 4.1 LPG +1.6% +0.8% -7.4% 4.1 4.2 +1.2%. 3.9 3.9 -1.0% 3.9 3 2 1 0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Dec-23 Investor Presentation Appendix Source: Tüpraş and EMRA www.tupras.com.tr * Transit flight consumption included 51#52Competition - 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 3.9 -2.5 Petchem F. 0.2 2.6 2.8 Gasoline 6.1 6.1 3.3 2.8 Feasibility studies began in 2010 and construction kicked off in 2011 Jet Fuel 5.2 1.6 6.8 4.7 2.1 Diesel 10.7 4.8 15.2 24.5 -9.3 Goldman Sachs has acquired a 13% stake in SOCAR Turkey for $1.3 billion. Fuel Oil 1.8 1.8 0.3 1.5 . Total investment size 6.3 bn USD, with 3.3 bn USD credit agreement. Bitumen 3.1 3.1 • Following the completion of construction Pet coke 0.8 0.7 1.5 late 2018, reached full capacity utilization in August 2019 • Investments continue to reach to 13 mn tons of capacity Total ~30 ~10 ~40 * Source: EMRA Dec-23 Investor Presentation Appendix www.tupras.com.tr 22 52#53Competition - 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 Dec-23 Investor Presentation Appendix www.tupras.com.tr Turkey 17 Refineries ~1.8mbd Russia Georgia 53#54European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) 655423322525 Tax 60 Without Tax Pump Price 56.6 56.6 55.1 54.9 60 52.3 49.7 55 Diesel (TL/Lt) Without Tax Tax Pump Price 55.8 55.2 53.6 53.5 51.9 48.9 50 50 45 38.9 40 30.0 31.6 32.0 28.2 27.1 29.5 24.6 22.8 40 23.5 34.5 22.5 27.3 19.6 35 13.6 30 13.3 30 25 20 20 15 15 29.3 27.6 28.4 28.1 29.0 30.7 27.2 25.0 25.1 25.0 24.6 25.4 25.4 10 10 21.2 5 0 TR Spa. EU-27 Ger. Ita. Gre Fra. Prices of Europe and Turkey, as of October 31, 2023 Dec-23 Investor Presentation Appendix TR Spa. Ita EU-27 Fra. Ger. Gre. www.tupras.com.tr 54#55Tüpraş Balance Sheet (Million TL) 30.09.2023 31.12.2022* Diff. Diff. (%) Current Assets 196,666 119,711 76.955 64 Cash&C. Equivalents 86,621 49,770 36,850 74 Trade Receivables 42,096 21,418 20,679 97 Derivatives 1,958 3,597 -1,639 -46 Inventories 52,182 36,046 16,136 445 Pre-paid expenses 1,513 749 764 102 Other Current Assets 12,295 8,131 4,164 51 Long Term Assets 54,433 49,182 5,252 11 Financial Assets & Subsidiaries 4,590 3,029 1,561 52 Tangible & Intangible Fixed Assets 37,270 33,680 3,589 11 Derivatives 62 57 5 8 Pre-paid expenses 1,264 618 646 104 Deferred Tax 7,665 9,196 -1,530 -17 Other Longterm Assets 3,583 2,601 982 38 Total Assets 251,099 168.892 82.207 49 Short Term Liabilities 152,675 78,895 73,780 94 Financial Loans 9,470 11,994 -2,525 -21 Trade Payables 101,225 52,699 48,526 92 Derivatives Provisions 5,228 995 4,233 426 1,816 531 1,286 242 Other ST Liabilities 34,936 12,677 22,259 176 Long Term Liabilities 25859 22,811 3,048 13 Financial Loans Payables & Provisions 23,885 21,274 2,611 12 1,468 1,190 278 23 Derivatives Other LT Liabilities 428 298 130 44 77 48 29 60 60 Total equity attributable to equity holders of the parent 71,854 66,743 5,111 711 251.099 442 168.892 269 82.207 8 61 49 Minority Interests Total Liabilities & Equity Dec-23 Investor Presentation Appendix www.tupras.com.tr * These figures are restated to include Entek's financials. 55#56Dividend (TL) Avg. Payout Ratio: 90%* 77% 101% 79% 66% 33% 64% 16.2 102% 87% 89% 86% 7.5 Strategic Transition Dividend Plan Our new business model enables us to pay ~80% average dividends and we will remain as a high dividend payer 2.2 1.9 2.1 2.2 1.5 0.9 1.8 6.5 0.4 0.5 0.40.4 0.7 0.6 0.80.6 0.7 0.2 0.8 0.9 1.0 0.0 0.3 0.0 0.0 0.0 0% 0% 0% 0% -1.4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 EPS DPS DPS 2 Pay-Out Ratio *2009-2018 dividend payout ratio, which is calculated according to distributable net income based on statutory accounts Dec-23 Appendix Investor Presentation www.tupras.com.tr 56#57Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Average 96.8 Foreign Currency Fitch Ratings MOODY'S S&P Global Long Term Ratings Shareholders 95.9 Tüpraş Turkey B+ (Stable) B3 (Stable) B (Stable) Koç Holding B3 (Stable) B3 (Stable) B (Stable) B+(Stable) Transparency 98.0 Stakeholders Board 0 25 50 50 99.5 95.4 75 100 Source: SAHA Corporate Governance and Rating Services Inc. (November 2023) Dec-23 Investor Presentation Appendix www.tupras.com.tr Analyst Recommendations 24% Buy ■Sell 9% 67% Hold Source: Bloomberg* *data as of Nov'23 57#58Tüpraş 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 Lube Oil 0.5% ΝΑΡΗΤΑ SPLITTER and production units Lube Oil LPG MEROX 6 COKER Bitumen Bitumen & Fuel Oil 19.9% Dec-23 Investor Presentation Appendix www.tupras.com.tr Other 3.8% 58#59RUP 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. Dec-23 Investor Presentation Appendix Natural Gas ~0.3 mt Vacuum Resid ~2.4 mt Atm. Resid ~2.8 mt Total Processing ~5.5 mn tons www.tupras.com.tr 3192 665 184 Diesel Gasoline LPG & Jet PetroCoke Sulphur 909 132 Total Output ~5.1mn tons 59#60LPG and Naphtha Cracks $/bbl LPG 5yr range 2022 5 yr ave 2023 5 -5 -15 -18.5 -23,2 сл 5 Naphta 5yr range 2022 - 5 yr ave 2023 0 -2.7 -5 -4.5 -7.2 -6.4 10.5 -10 -8.9 -9.0 -15 12.4 -14.0 -15.4 -17.8 -17.7 -18.9 -18.7 -20.0 22.3 -23.1 -23.0 -21.5 -22.1 -20 -25 -24.0 -23.4 -28.2 -25 -32.1 -34.6 -35.0 -35 -31.7 -29.5 -30 38.6 -40.6 -42.2 -39.9 -41.7 -39.6 -35 -45 -43.0 -48.5 -45.6-44.7 -44.7 -40 -52.8 -55 -53.5 1 2 3 4 5 6 7 8 9 10 11 data as 30 November, 5 year range shows 2018-2022 Dec-23 Investor Presentation Appendix -40.8 -30.7 -30.8 -45 12 12345678910 www.tupras.com.tr 11 12 60#61Koç Holding • Turkey's Leading Investment Holding Company Koç Holding is Turkey's largest industrial and services group • The only Turkish company in Fortune Global 5002. Pioneer in its Sectors Leading positions with clear competitive advantages in sectors with long-term growth potential such as energy, automotive, consumer durables and finance. ~9% Combined Revenues / GDP1 ~7% Total Exports / Turkey's Exports ~19% Koç Group's Market Cap/ Borsa Istanbul 100 Index Notes Data as of YE22 (1) 2022 Report (based on consolidated revenues) (2) 2022 report (based on consolidated revenues) Dec-23 Investor Presentation Appendix www.tupras.com.tr Koc 61#62Investor Presentation Tüpras Koc Latest Webcast Sustainability Report Strategic Transition Plan [email protected]