H1 2019 Results

Balance Sheet Analysis Tight balance sheet management improved working capital. Net Debt (Billion TL) 12.0 10.6 10.1 Redemption Schedule (Billion TL) Loan Eurobond 7.5 TL bond Investor Presentation www.tupras.com.tr 6.9 6.1 6.2 4.0 1.6 1.5 1.0 4.4 Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years 0.8 Working Capital Requirements (Billion TL) 4.7 -0.2 2.1 1.6 -0.7 • Proactive Financial Management Ensured diverse funding base with favorable rates • Working Capital continues to improve with better payable terms Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 29

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