January 20 Investor Presentation

IMO 2020: Changes in Bunker Specification and Its Effects Beyond 2020 Current Outlook HSFO replacement expectations -0.6 -0.5 4.0 3.5 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 HSFO w/... VLSFO Current HSFO HSFO Non... MGO 6 5 43 2 1 0 1.3 -1.1 Long term outlook for marine fuels Compliant HSFO Non-compliant HSFO ULSFO MGO LNG Current compliant fuels • Marine Gasoil (Diesel): Easiest solution as it is already available • Very Low Sulphur Fuel Oil (VLSFO): Either through FCC with sweet crudes or by blending • Scrubbers: As of 01/11/19, ~2.8K vessels are either fitted or scheduled to be fitted and ~0.6K vessels are on order book to be delivered with scrubbers • LNG: requires significant investments at ports Demand shift beyond 2020 • MGO is expected to be the initial choice in 2020 . • VLSFO becomes more widespread through the years as availability & compatibility issues get resolved Compliant HSFO use grows as scrubber numbers rise. from 2K after Jan 1st, 2020 (some ports started bans on open-loop scrubbers thus this projection might change) January 20 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Investor Presentation Appendix www.tupras.com.tr Source: Market Reports 44

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