H1 2019 Results

Marine Bunker Specification Changes and Its Effects IMO 2020: the sulphur cap for marine bunkers is reduced from 3.5% to 0.5% (5000ppm) - effective from 1 Jan 2020. HSFO Replacement Expected in 2020, million b/d Gradual Change in Marine Bunker Fuels, thousand b/d 3.5 Chart Title 0.6 0.5 1.1 14 1.3 CO 6 3 0 Current HSFO HSFO HSFO Scrubbers Non-compliance 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ULSFO MGO ■Compliant HSFO ■Non-compliant HSFO ■ULSFO ■ MGO ■LNG Compliance can be met with: • Marine Gasoil (Diesel) Ultra Low Sulphur Fuel Oil (ULSFO) Scrubbers LNG Source Market Reports Investor Presentation www.tupras.com.tr OUTLOOK Expectations 2020 and beyond: MGO (Diesel) is expected to be the no.1 choice in 2020 ULSFO/blend becomes more widespread through the years as availability & compatibility issues get resolved Compliant HSFO use grows as scrubber numbers rise from ~2,000 after Jan 1st, 2020 (some ports started bans on open-loop scrubbers thus this projection might change) 45

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