INVESTOR PRESENTATION February 2017 CONTENTS

01 02 03 04 REFINING INDUSTRY COMPANY OVERVIEW KEY FINANCIALS INVESTMENTS 01 Refining Industry Brent Crude Oil Prices

$/Bbl

PROS 60 . OPEC & Non OPEC Supply Cut . Normal winter conditions 55.8 . Expectation of global demand growth rate 55 revised upwards 54.4 . Economic measures taken by emerging 51.6 countries against prospective policies of Trump 50.6 50 . Inventory levels

45

40 41.9 40.3 36.5

35 CONS . Increase in number of rigs in US 30 . Concerns regarding the reliability of production cuts . Supply is still in line with demand, inventory drawbacks has not stabilised yet 25 26.0 . Potential extra production from Libya and Nigeria . US independent shale producers revised up their CAPEX guidance 20 4-Jan 4-Mar 4-May 4-Jul 4-Sep 4-Nov 4-Jan

4 Refinery Capacity Change

3,000 2009 2010 2011 2012 2013 2014 2015 200 270

2,000 520 880

530 510 309 160 526 1,000 334 198 250 400 150 390 181 120 302 20 810 640 340 84 135 180 305 160 195 40 63

Thousand Barrels/Day Thousand 0 52 65 -255 -145 -543 -486 Total of New Refinery Expansion Projects -240 -109 -266 -140-5 2,000 1,790 1,678 -421 -1,000 -443 -775 1,600 -100 1,110 -546 1,200 1,041 1,000 885 799 -2,000 800 -352 -189 400 -218

0 2012 2013 2014 2015 2016 2017 2018 -3,000 China India Middle East Other Asia Other Japan North America Europe

5 Source: Tüpraş, Reuters, Reports Turkish Economy Strengths

Population (mn) GDP Forecast (Million USD) 10 9.2 84 1.4% growth in last 5 yrs 8.8 82 8 2002-2014 4.9% 0-40 yrs >65% 82 81 2010-2014 5.4 % 81 6

80 80 4.20 4.00 79 4 3.00 3.2

78 2.5 2 2.10

76 0 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 (f)

Diesel Consumption Car ownership per thousand people % 14.72 25 7.5% growth in last 5 yrs 67% 24.08 250 24 213 23.27 200 176 23 22.48 150 127 134 22 21.72 100 20.99 21 50

20 0 2016 2017 2018 2019 2020 2014 2015 2020 2030

6 Source: EMRA, TSI Competitive Advantages of Tüpraş

Added Value Local Market Cost Base of Created by Tüpraş Dynamics Tüpraş

Best Fit for the Market High Growth Energy Efficient with high diesel yield

Crude Oil & Feedstock High Complexity of Short on Diesel Tüpraş Cost Advantage

Presence in all over Import Parity Pricing Turkey through (Freight advantage of Economies of Scale refineries and terminals Tüpraş)

7 Product Cracks ($/bbl)

Diesel

2014 2015 2016 2017

20

16 11.2 12 10.4 10.0 8 10.8 7.2 7.6 4

0 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec

Jet Fuel

20

16

12 9.5 9.8 9.1 8 9.1 8.0 6.6 4

0 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec

Kaynak: Platts 8 Product Cracks ($/bbl)

Gasoline 2014 2015 2016 2017 28

24

20 18.6 16 14.5 15.7 13.5 12 11.9 12.8 8

4

0 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec

Naphta LPG 0 4 -4.7 -2.2 -10 -12.2 2.4 -0.1 0 -17.1 -21.9 -0.5 -20

-4 -31.0 -4.0 -30 -7.3 -8 -7.3 -40 -7.9 -11.7 -46.0 -12 -50 Jan Feb Mar Apr May Jun Jul Agu Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Agu Sep Oct Nov Dec

Kaynak: Platts 9 Quarterly Product Crack Margins ($/bbl)

2011-2014 2015 2016

19,4 18,9

15,2 14,5 13,813,5 13,0 10,9 12.8 15,7

15,2 14,6 11.20 9,2 8,9 7,9 10,110,8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

-5,7 14,4 -10,6 -11,6 -12,0 -13,1 11,2 -13,2 10,7 10.20 -12,5 -15,0 7,9 9,4 7,3 7,7

Q1 Q2 Q3 Q4 10 Crude Price Differentials ($/bbl)

Ural Differentials, $/bbl 1 1

-0.21 0 0 -0.53 -0.54 -0.73 -0.61 -0.66 -0.94 -1.17 -1.20 -1 -1.41 -1.30 -1 -1.40 -1.30 -1.30 -2 -1.59 -1.60 -1.60 -1.66 -1.64 -1.68 -1.76 -2 -1.78 -2.04 -2.20 -3 -3

2011-2014 Min/Max 2015 2016 -4 -4 1 2 3 4 5 6 7 8 9 10 11 12

Price Differentials, $/bbl

0

-4

-8

-12 Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy Siberian Light CPC

11 11 Months 2016 - Turkish Consumption (Million tons)

Diesel Domestic Jet Fuel

2016 20.38 2016 1.24

+8.7 % +1.3 %

2015 18.74 2015 1.23

10 12 14 16 18 20 22 0.0 0.4 0.8 1.2 1.6 Decline in bunker sales -5,6%

Gasoline Fuel Oil*

2016 2.06 2016 0.51

+7.1% -1.6 %

2015 1.92 2015 0.52

0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 0.10 0.20 0.30 0.40 0.50 0.60

Source: EMRA *bunker excluded. 12 Turkey’s Import / Export Balance (Net) (Million Ton)

4 3.0 Export 2.1 2.5 2.4 2.5 1.5 1.6 1.8 1.6 2 1.0

0

-2

-4 -3.0 -3.0 -3.1 -3.1 -3.0

-6

-8

-10 -10.0 Import -12 -10.8 -12.0 -12.7-12.3 -14 LPG Gasoline Diesel Fuel 2011 2012 2013 2014 2015

13 02 Company Overview Tüpraş Refining Assets & Distribution Network

Black Sea Baku

İstanbul OPET Marmara OPET Terminal MARMARA Giresun 721,000 m3 İzmit Terminal 43,130 m3

Ankara Kırıkkale

İzmir Batman

OPET OPET Antalya Mersin Terminal Terminal 19,392 m3 240,000 m3 Total Capacity: 28.1 mil. ton Nelson Complexity: 9.5 Tüpraş Storage Cap.: 7.2 mil. mᶟ Kirkuk OPET Storage Cap.: 1.1 mil. mᶟ Terminal Refinery

İzmit İzmir Kırıkkale Batman • 11.0 MT Capacity • 11.0 MT Capacity • 5.0 MT Capacity • 1.1 MT Capacity • NC: 14.5 • NC: 7.66 • NC: 6.32 • NC: 1.83 • Storage Capacity: 3.0 • Storage Capacity:2.5 Mn • Storage Capacity: 1.4 Mn • Storage Capacity: 0.25 Mn M3 M3 m3 Mn m3 • Base oil 400 t. tons

15 OPET Tüpraş Share 40.0%

1.1 Million M3 Storage 1.504 Stations 2nd Biggest Distribution  1.073 Opet Brand • Major Terminals in Marmara, Company by Volume Aegean, Black Sea &  431 Sunpet Brand Mediterranean • # 1 Brand Royalty Award

Jet Fuel Sales Lubricants International Trading • Turkish Airlines JV • Fuchs JV • London

16 DİTAŞ, Marine Transport Tüpraş Share 79.98%

Cumhuriyet Sevgi Gönül Suna Leyla Esra & Aylin Caroline Nevbahar

•Crude •Products •Products • Products •Products • Bitumen •Products • Products • 2001 • 2008 • 2009 • 2012 • 2011 • 2x20 K DWT •2009 • 2009 • 164,9 K DWT • 10,98 K DWT • 10,87 K DWT • 51,5 K DWT • 6,3 K DWT • Esra 2014 •10,9 K • 11,5 K • Aylin 2015 DWT DWT

.Turkey’s leading company in marine transportation of crude oil and petroleum products .World’s biggest Asphalt Tankers (2 x 20,000 DWT ) for semi-product transfers btwn refineries

Crude Oil Product 13 tugboats 25 21.9 10 mooring boats 2 service boats 20 2.6 18.0 1 pilot boat 15.2

Tons 3.1 15 11.8 Million 9.6 5.9 10 8.4 19.3 5.2 3.1 DİTAŞ Financials 2016 (mn $) 14.8 3.5 5 9.3 Net Sales 151,3 6.4 4.8 6.6 0 Op. Profit 40,5 2011 2012 2013 2014 2015 2016

17 Crude Suppliers of TÜPRAŞ (Million Tons)

Crude Type - 2016 In 2015, Tüpraş purchased 21 different types of crude oil from 11 countries, with gravities ranging between 19-47 API 6.3% 52 % 41.7%

>34 30-34 30>

12 11.54 9.7

10 9.25 7.2

8 6.1

6.98

5.7

5.3 5.1

6 5.47

3.8

3.1

2.9

2.8

2.6

2.4

2.4

2.4

2.3

3.24

2.1

2.0

3.11 2.0

4 1.9

2.80

1.6

1.5

1.5 1.5

2.58

2.57

2.39

2.26

1.1

1.0

0.7

0.6

0.6

0.6

0.3

1.43

0.3

0.3

0.2

0.1 0.1

2 0.0

0.60

0.59

0.30

0.03

0.00 0.00 0 IRAN RUSSIA S.ARABIA TURKEY IRAQ KAZAKSTAN ITALY LIBYA OTHER 2011 2012 2013 2014 2015 2016 18 Margin Environment ($/bbl)

Med Complex Month 9.5 Annual

7.5

5.54 5.5 4.83 Premium to the benchmark Mediterranean 4.21 peers’ refining margin due to: 3.97

3.5 2.89 ► Refined products deficit characteristic to 1.95 1.95 1.67 1.17 the Turkish market 1.5 ► Access to cheaper sources of crude oil . Ability to use heavier and sour crudes -0.5

► Proximity to major suppliers

J-08 J-08 J-09 J-09 J-10 J-10 J-11 J-11 J-12 J-12 J-13 J-13 J-14 J-14 J-15 J-15 J-16 J-16

A-08 A-09 A-10 A-11 A-12 A-13 A-14 A-15 A-16

O-09 O-10 O-11 O-12 O-13 O-14 O-15 O-16 O-08 .Reduces transport costs ► Implemented cost reduction measures Tüpraş Gross Margin Tupras Net Margin Med Margin .Energy efficiency programs 16 ► Capacity to produce higher value added range of refined products 11.86 11.22 12 10.55 ► Direct pipeline connections with 9.62 domestic clients 8 ► High export capability 6.47 6.03 4.83 3.97 4 3.21 2.45 1.67 1.95

0 2013 2014 2015 2016 19 Production

Capacity Utilisation* (%) Quarterly Production Volume (Mn Tons)

120 +2,8% 8 7.32 7.42 6.93 7.36 105.3 6.59 102.5 7.23 4.4 6.75 100 4.4 6 5.60

5.51 100.9 98.1 5.41 4.55 4.63 79.1 80 2.4 74.9 4

3.6

76.8 71.3 60 2

Crude Oil Other Min / Max 2007/2014 2014 2015 2016

40 0 2013 2014 2015 2016 1Q 2Q 3Q 4Q 20 *Nameplate capacity calculated by standard 330 days of operations. 4rd Quarter Product Yields

2015 2016

Bitumen Bitumen 11.5% Gasoline 13.1% Gasoline 20.9% 20.3% Fuel Oil Fuel Oil Black Light Black Light 7.0% 5.0% Prod. Distil. Prod. Distil. Coke 21.5% Coke 21.2% 21.5% 21.4% Naphtha Naphtha 2.9% 3.1% 0.6% 1.2% LPG LPG Other Other 3.3% 3.4% 4.8% Other 4.5% Other 1.2% 1.4% Jet Mid. Jet Mid. 14.3% Distil. 17.6% Distil. 52.3% 52.8%

Diesel Diesel 34.6% 38.5%

White Product 77.49% White Product 77.57% Production 7.33 mn ton Production 7.31 mn ton API:30.27 API:30.10

21 Product Yields

2015 2016

Bitumen Bitumen 10.7% 12.4% ASRFO+Vac Gasoline Gasoline 0.4% 20.6% ASRFO+Vac 20.9% 0.3% Fuel Oil Black Light Fuel Oil Black Light 10.8% Prod. Distil. 7.2% Prod. Distil. 21.6% 22.3% 22.0% 23.6% Naphtha Coke Naphtha 1.0% 2.5% 1.1% Coke 1.8% Other Other Other 5.2% 5.3% Other 5.3% 5.2% Jet Mid. Mid. Jet 16.5% Distil. 19.0% Distil. 49.6% 50.4%

Diesel Diesel 30.5% 33.9%

White Product 75,43% White Product 76,57% Production 27,27 mn ton Production 27,93 mn ton API:31,35 API:30,62

22 Sales By Customer (2016)

Customer Groups Sales to Distributors

Bitumen Military 11% 1% TOTAL Other 4% 24% TP 3%

BP 2% Export Distributors 18% 46% OMV POAŞ 28% Shell 18%

Other 5% OPET 21% LPG 4% Petkim Jet THY Opet 1% 4% 10%

Total: 30.3 mn tons Distributors: 13.9 mn tons 23 Tüpraş Sales (Million Tons)

8 Domestic sales of selected products Diesel Gasoline Asphalt Jet Fuel

2.62 2.94 4 2.75 2.59 2.87 2.23 1.83 2.27 1.73 1.66 0.60 1.73 0.55 0.64 1.48 0.52 0.54 0.50 0.52 1.08 0.43 0.45 0.46 1.16 0.44 0.39 0.63 0.91 0.79 0.90 0.87 0.27 0.43 0.42 0.51 0.23 1.18 1.50 1.27 1.01 0.76 0.86 1.00 0.98 1.26 1.23 0.91 1.13 0 14 15 16 14 15 16 14 15 16 14 15 16 Q1 Q2 Q3 Q4 Diesel sales increased by %10,8 to 2.87 million tons compared to Q415. In full year, diesel sales soared by 18% (Thousand tons) Total Sales 12 Domestic Export 7.94 8.10 7.86 7.30 7.66 7,63 8 6.88 6.37 1.17 1.25 1.18 6.09 1.66 1.26 5.64 1.93 4.71 1.81 5 1.46 1.82 1.73 0.93 4 1.13 6.40 6.76 6.93 6.20 6.37 5.07 5.37 4.91 3.58 3.92 4.10 4.27

0 14 15 16 14 15 16 14 15 16 14 15 16 Q1 Q2 Q3 Q4 24 Investments (mn $)

• 9.5 Nelson complexity • High white product yield • Process more heavier and sour crudes • Run all refineries with 100% capacity utilization

Ongoing Projects Avg 943 mn $ •New Power Plant •Revamp of Crude Unit •FCC Modernization •New Sulphur Units

974 1,213 959 •Energy Saving Projects 628 Avg. 279 mn $ Avg 278 mn $ •Optimization of 200-250 355 400 344 274 213 conversion units 186 177 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Future CAPEX 25 03 Key Financials

26 Financial Highlights (mn $)

EBITDA* Profit Before Tax 1,191 1000 819 1100 960 753 800 481 644 900 81 715 600 375 354 700 379 287 106 560 400 7 257 178 188 500 89 251 200 94 84 361 338 224 60 278 200 105 137 300 315 0 26 -12 33 226 381 217 -68 -4536 153 -175 100 78 139 -200 95 79 150 72 -1127 -100 -400 2012R 2013 2014 2015 2016 2012 2013 2014 2015 2016

* According to CMB

Net Debt Return on Average Equity

0.40 0.35

3,000 2,748 2,577

0.35 0.32

2,452

2,391 2,370

2,500 2,258

0.30

0.26

1,994

1,869

0.24 1,751

2,000 1,729

0.25 0.22

1,663 1,598

1,340 0.20

1,500 0.16 0.15

1,000 0.11

551 0.10 500 0.05 0.04 0 0.00 2012 2013 2014 2015 2016 Q1 2016 1H 2016 9M 2016

27 Balance Sheet Analysis

Cash & Equivalents (Billion $) Receivables (Billion $) 4 2.0

1.6 3 1.33 2.45 2.16 1.2 1.07 0.93 0.91 0.91 2 1.721.69 1.641.68 1.64 1.72 0.88 1.59 0.71 0.70 0.75 1.30 1.21 0.8 0.66 1.04 1.04 0.520.51 1 0.82 0.4 0.20 0.09 0 0.0

Financial Loans (Billion $) Payables (Billion $) 5 4.2 3.9 4.0 5 3.7 3.7 4 3.4 3.6 3.6 3.4 3.4 3.2 3.2 3.3 3.1 0.4 1.1 4 1.0 1.2 3.46 0.9 0.3 0.5 0.6 0.6

3 1.0 0.3 0.3 0.6 3.10 3.22 0.5 3.04

3

3.28

2.46 2.02

2 1.98 1.70 2 1.69

3.3 1.74 2.8 2.9 2.9 3.0 3.1 3.0 2.8 2.9 2.8 3.1 2.9 1.59 2.6 1.23 1 2.4 1.36 1 0 0

LT Loans ST Loans

28 Profit Bridge On Tüpraş 12M

Mil. TL 5,000

4,500 383.4 4,000 905.1

3,500 1,495.5 823.5 3,000

2,500 487.9 667.4 48.5 2,000

1,500

2225.4 1,000 1,944.0

500

0 Profit Before Yield Crude Oil Inventory Total Crack Margin Pricing , Others Profit Before Tax in 2015 Difference Differentials Effect Expenditures Differences FOB_CIF Diff & Tax in 2016 FX 29 FX Risk Exposure (31 December 2016)

Consolidated Consolidated Assets Liabilities Million $

Cash Payables 1.161 1.092

Receivables & other ST Financials 426 assets • RUP 296 117 Stock LT Financials: 2,627 988 RUP Loans: 1,260 Forward & CFH Eurobond: 700 Other credits 667 1,830

-49 million $

*Cash flow hedge accounting : 1,426 mn $ 30 Dividends (TRY)

12 Earnings per Share Gross Dividend Total Payout 1,800 1,628 1,600 10 10.18 1,400

8 1,200

7.16 1,000 985 964 6 6.50 5.83 800 746 4.96 626 4.78 4 579 600 TL) (Million Payout Total 3.93 3.85 3.24 2.94 2.98 396 400 2 2.31 2.50 1.73 1.58 200 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016

2012/2013 EPS includes the tax incentive 31 2017 Expectations vs 2016 Results

Crude Oil Price CDU 60 120 110.3 111.6 109 111 120 104 102 55 99.7 49.8 100 100 48.3 53.6 80.7 50 46.8 46.7 45.1 45.7 45.1 80 68 84.1 80 45 105,3 60 69 60 38.5 102,5 40 41.5 40 40 32.5 74,9 35 20 20

30 0 0 16'2 16'3 16'4 16'5 16'6 16'7 16'8 16'9 16'10 16'11 16'12 14'Q1 14'Q2 14'Q3 14'Q4 15'Q1 15'Q2 15'Q3 15'Q4 16'Q1 16'Q2 16'Q3 16'Q4 The average Brent price in 2017 is expected to Expected Capacity Utilisation in 2017 will be around

be 55 dollars per barrel band 100 %

Target Target

1,600 Med Margin Tüpraş Net Refinery Margin Min. Ditaş 3,97 6,03 1,213 New Investments (M$) 1,200 2016 Q4 5.05 207 10.06 959 RUP and Supplementary 3.81 Projects (M$) 258 2016 Q3 5.68 800 3.20 2016 Q2 5.21 1,006 344 400 350 3.84 701 213 153 125 2016 Q1 2.81 190 213 225 0 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5 11.5 2013 2014 2015 2016 2017P 2017 Net Tüpraş refinery margin is expected to be Refining investments for 2017 will be approx. 225 Mln $.

in the region of 5,75 – 6,25 dollars per barrel Additionally, 125 Mln $ investment for the marine tanker fleet

Target Target 32 04 Supplements Profitability Indicators , 2015-2016 12 Month & 4Q-2015-2016

4th Q 12M (%) (%) 2015 2016 2015 2016 43,69 49,46 13 Dtd.Brent Price, ($/bbl) 52,46 43,69 -16,72 30,27 30,10 -0,6 Processed Crude API 31,35 30,62 -2,33 77,49 77,53 0,0 White Product Yield, (%) 75,43 76,56 1,13 3,54 5,05 42,8 Med. Complex Margin,($/bbl) 4,83 3,97 -17,7 5,17 10,06 94,6 Tüpraş Net Margin,($/bbl) 6,47 6,03 -6,8 422,02 313,7 -26 Operating Profit, (mn. $) 1.012,2 780,9 -22,8 362,4 439,7 21,3 Operating Profit for EBITDA, (mn. $) 1.218,6 945,9 -22,4 481,4 354,4 -26 EBITDA (mn.$)-CMB 1.191,0 960,1 -19,4 411,8 282,6 -31,4 EBITDA (mn.$)-CMB- CCS 1.226,0 797,0 -35,0 421,8 480,4 13,9 EBITDA *(mn. $) 1.397,4 1.125,1 -19,5 352,2 408,6 16,0 EBITDA* (mn. $) CCS 1.432,4 962,0 -32,8

* In our EBITDA calculation, FX related items are not included, whereas CMB calculation method includes these in operationg profit

34 Income Statement (In USD)

Q4 Q4 12 M 12 M % Diff. Million USD % Diff. 2015 2016 2015 2016 3.031 3.332 10 Net Sales 13.571 11.547 -15 450 510 13 Gross Profit 1.517,8 1.208,9 -20 -99 -91 -8 Operating Expenses -322,6 -329,8 2 Income/Loss from other 71 -106 -249 -183,0 -98,2 -46 operations 422 314 -26 Operating Profit 1.012,2 780,9 -23 Income/Loss from equity 11 8 -24 26,7 52,6 97 investment Operating Profit Before Fin. 433 322 -26 1.039 834 -20 Income/Loss -60 277 -561 Financial Income 317,3 388,9 23 2 -312 -15.676 Finance Expenses -537,7 -578,4 8 375 287 -24 Profit Before Tax & Minorities 818,6 644,0 -21 285 256 -10 Net Profit 938,0 594,1 -37

421,8 480,4 13,9 EBITDA *(mn. $) 1.397,4 1.125,1 -19,5 352,2 408,6 16,0 EBITDA* (mn. $) CCS 1.432,4 962,0 -32,8

481,4 354,4 -26 EBITDA (mn.$)-CMB 1.191,0 960,1 -19,4 411,8 282,6 -31,4 EBITDA (mn.$)-CMB- CCS 1.226,0 797,0 -35,0

35 * In our EBITDA calculation, FX related items are not included, whereas in CMB rules these are included in operationg profit Tüpraş Balance Sheet

Million USD 31.12.2016 31.12.2015 Difference % Difference Current Assets 3.884 3.007 877 29 Cash & C. Equivalents 1.719 1.041 678 65 Receivables 911 882 29 3 Derivatives 10 6 3 52 Inventories 1.025 723 302 42 Pre-paid expenses 28 37 -9 -25 Other Current Assets 190 317 -126 -40 Long Term Assets 4.987 5.753 -766 -13 Financial Assets & Subsidiaries 264 264 0 0 Fixed Assets 3.338 3.950 -612 -15 Derivatives 105 86 19 22 Pre-paid expenses 68 62 6 10 Deferred Tax 917 1.101 -184 -17 Other Long Term Assets 296 291 6 2 Total Assets 8.871 8.760 111 1 Short Term Liabilities 3.597 3.036 561 18 Financial Loans 556 644 -87 -14 Payables 2.020 1.363 657 48 Derivatives 8 14 -6 -40 Deferred Incomes 4 8 -4 -45 Provisions 18 24 -6 -24 Other ST Liabilities 990 984 6 1 Long Term Liabilities 2.953 2.845 107 4 Financial Loans 2.892 2.768 124 4 Payables & Provisions 59 67 -8 -12 Derivatives 1 9 -9 -95 Other LT Liabilities 2 1 0 7 Equity 2.298 2.856 -558 -20 Minority Interests 22 22 1 3 Total Liabilities 8.871 8.760 111 1

36 Product Price Effect on Tüpraş in Q4 (FOB Italy Prices)

Product Price, $/ton Tüpraş Crack Margin, $/bbl Q4 Product 2016 2015 2016 2015 Yield % LPG 362,0 364,0 3,60% -17,2 -11,3 Gasoline 505,0 464,0 20,10% 12,8 13,5 Naptha 421,0 388,7 1,10% -1,9 0,2 Jet Fuel 468,8 417,7 17,50% 10,2 9,4 Diesel 451,2 405,5 32,50% 11,2 10,8 Diesel 1000 442,4 389,7 0,70% 10,0 8,7 Fuel Oil 1% 283,6 202,2 0,20% -5,7 -12,5 Fuel Oil 3,5% 259,7 182,9 18,80% -9,4 -15,5 Total Crack Margin,$/bbl 5,6 4,6

Dated Brent Avg. $/bbl 49,5 43,7 94,50% Margin Differences, $/bbl 1,0 Total Raw Materials Charge, mn Barrel 55,6 Total Effect of Product Price, mn $ 56,9 Total Effect of Product Cracks, mn TL 186,6

37 Product Price Effect on Tüpraş in 12M (FOB Italy Prices)

Product Price, $/ton Tüpraş Crack Margin, $/bbl 12M Product 2016 2015 2016 2015 Yield % LPG 308,3 360,7 3,60% -16,2 -20,3 Gasoline 462,3 557,5 20,10% 13,3 16,2 Naptha 366,6 432,9 1,10% -2,3 -3,6 Jet Fuel 408,9 501,9 17,50% 8,3 11,4 Diesel 394,6 494,7 32,50% 9,3 14,0 Diesel 1000 384,9 478,1 0,70% 8,0 11,8 Fuel Oil 1% 222,3 269,1 0,20% -9,4 -11,0 Fuel Oil 3,5% 205,2 255,4 18,80% -12,1 -13,1 Total Crack Margin,$/bbl 4,3 6,6

Dated Brent Avg. $/bbl 43,7 52,5 94,50% Margin Differences, $/bbl -2,3 Total Raw Materials Charge, mn Barrel 213,3 Total Effect of Product Price, mn $ -495,6 Total Effect of Product Cracks, mn TL -1.495,5

38 Inventory Effect* Analysis

2015 2016

$ million Crude Product Total Crude Product Total

1st Quarter -35,1 -35,1 -70,2 -9,0 -13,4 -22,4

2nd Quarter 28,1 38,9 67,1 46,9 70,1 117,0

3rd Quarter -45,9 -55,7 -101,6 2,3 12,8 15,2

4rth Quarter -42,8 -40,7 -83,5 64,8 58,5 123,4

Sep -5,2 0,9 -4,3 20,4 11,7 32,1

Nov -10,6 -17,4 -28,1 8,3 4,9 13,2

Dec -27,0 -24,2 -51,1 36,2 41,9 78,1

12 Months -95,6 -92,5 -188,1 105,1 128,0 233,1

*FX effect Included, hedging excluded 39 11 Months 2016 - Turkish Consumption (Million tons)

Diesel Domestic Jet Fuel

2016 20.38 2016 1.24

+8.7 % +1.3 %

2015 18.74 2015 1.23

10 12 14 16 18 20 22 0.0 0.4 0.8 1.2 1.6 Decline in bunker sales -5,6%

Gasoline Fuel Oil*

2016 2.06 2016 0.51

+7.1% -1.6 %

2015 1.92 2015 0.52

0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 0.10 0.20 0.30 0.40 0.50 0.60

Source: EMRA *bunker excluded. 40 Turkish Consumption (Million tons) (2016 10M)

Diesel Domestic Jet Fuel

2016 18.40 2016 1.15

+8.7 % +2,7 % 2015 16.93 2015 1.12

10 11 12 13 14 15 16 17 18 19 20 0.0 0.4 0.8 1.2 1.6

Gasoline Fuel Oil*

2016 1.88 2016 0.46

+6.9 % -0.6 %

2015 1.76 2015 0.46

0.8 1.0 1.2 1.4 1.6 1.8 2.0 0.10 0.20 0.30 0.40 0.50 0.60

Source: EMRA 41 *bunker excluded. High Complexity #1 (Nelson Complexity of Refinining Companies)

İzmit After16 RUP 14.5

14 13.0 12.6 Tüpraş 11.8 After RUP 12 11.6 11.5 11.0 10.4 Tüpraş 9.9 9.8 Before RUP 10 9.6 9.5 9.4 9.2 9.2 9.0 8.8 8.7 8.4 8.0 8 7.3 7.1 7.1 7.1 7.1 6.8 6.5 5.9 5.8 5.8 6

4

2

0

42 High Complexity # 2 (Resid Upgrading Units Production-(Thousand Tons))

Raw Materials Products (kton) (kton)

Natural Gas 246 Diesel Gasoline LPG Vacuum Resid 2.883 522 69 1,214

Atm. Straight Run Fuel Oil 3,036 PetroCoke Sulphur 690 86

Total Feed 4,496 Total Production 4,250

43 High Complexity # 3 (Tüpraş Total Production Change After RUP)

Before RUP After Bitumen 2.9 RUP production + 4 Refineries Capacities increase 9,1 mn tons, Coke 0.7 instead of 4,2 mn ton

Fuel Oil 0.35 2,7 %-87

Others 1.4 0.3 %19

Diesel 5.6 5.5

Jet Fuel 3.6 0.9 %25

Gasoline&Na 1.7 %35 ptha 4.7

0 2 4 6 8 10 12

44 Million ton

44 High Complexity # 4 (Tüpraş Tax Incentive From RUP)

Large Scale • Valued at 30% of project cost Investment Incentive • Realised after completion • Tax rate of 10% on project earnings until total 21.10.2010 incentive is reached

Strategic Investment • Valued at 50% of project cost Incentives • Partly realised during construction • Tax rate of 2% on project earnings until total 19.10.2012 incentive is reached

• is 3,66 billion TL. Total incentive • 471.5 mn TL of Investment incentive income deducted from Strategic Investment Incentive total

45 Tüpraş currently complies with 2020 specs in all products

2016 2020

10–15 ppm 16–50 ppm 51–350 ppm 351–500 ppm 501–2,000 ppm >2,000 ppm No information 10-15 ppm 16-50 ppm 51-350 ppm 51-350 ppm 501-2,000 ppm >2,000 ppm No information

 As of today stringent rules regarding 10 ppm diesel sulfur content are applicable only in Western Europe, US, Japan and Turkey

 Significant CAPEX is going to be required for other countries to move progressively towards these advanced standards.

Sourc ‘Global Fuel Quality Developments’, Stratas Advisors, 11th Global Partners Meeting of e: the Partnership for Clean Fuels and Vehicles (PCFV), 6–7 June 2016, London, UK. 46 Flexibility & Reliability ; Multiple routes to maksimum capacity

Yields Total cap. (%) Key units # units (m3/d) Flow Diagram LPG LPG 3.5% MEROX CRUDE OIL 8 97000

ISOMER. VACUUM 8 42320 GASOLINE 22.0% NAFTA NAPHTHA SPLITTER UNIFINER Benzen HYDROCRACKER 18200 REFORMER Saturation 4 (2) KERO / JET 16.5% ISOMERISATION 3 6400 DIESEL FUELOİL CRUDE OIL HDS UNIFINER 16900 FCC REFORMER 7 Benzin FCC HDS DIESEL 33.9% CUUM VACUMM KERO/DIES A (2) 37300 V

EL (HDS) 10 DİST. 2 C

H HYDROC. FCC 2 4700 M Lube Oil LUBE 0.5% More than one (1) OİL COKER 8200 distillation and COKER 1 production units Bitumen(4) BITUMEN & FUEL OİL 19.9% NAPHTHA 8 SPLITTER OTHER 3.8% LPG MEROX 6 . Increased conversion capacity

. Strong integration among refineries 47 Locational Advantage & Heavier Crudes (Crude Suppliers of TÜPRAŞ (Million Tons)) Crude Type - 2015 In 2015, Tüpraş purchased 21 different types of crude oil from 11 countries, with gravities ranging between 19-47 API 7% 30%

63%

Heavy / Sour Medium Heavy / Sour Light & Sweet

12 11.54 9.7

10 7.2

8 6.1

5.7

5.3 5.1

6 5.47

3.8

3.1

2.9

2.8

2.6

2.4

2.4

2.4

2.3

2.1

2.0

3.11 2.0

4 1.9

1.6

1.5

1.5 1.5

2.57

2.39

1.1

1.0

0.7

0.6

0.6

0.6

0.3

1.43

0.3

0.3

0.2

0.1 0.1

2 0.0

0.59

0.30 0.00 0 IRAN RUSSIA S.ARABIA TURKEY IRAQ KAZAKSTAN ITALY LIBYA OTHER 2011 2012 2013 2014 2015

48 Covering Whole Country

Operations Tüpraş operates the only 4 refineries in Turkey • 3 Large Refineries produce Euro V Diesel & Gasoline, plus jet fuel, fuel oils, asphalt, LPG, naphtha and others Black Sea Baku

İstanbul Marmara

İzmit Ankara İzmit Kırıkkale  11.0 MT Capacity  NC: 14,5 Batman İzmir  Storage Capacity: 2.2 Mn M3  Sales Channels: o Pipeline, Ship, Railway & Truck Mersin

Ceyhan Kirkuk

Batman Kırıkkale İzmir  1.1 MT Capacity  5.0 MT Capacity  11.0 MT Capacity  NC: 1.83  NC: 6.32  NC: 7.66  Storage Capacity: 0.2 Mn M3  Storage Capacity: 1.2 Mn M3  Storage Capacity: 1.9 Mn M3  Asphalt - 70% of product yield  Sales Channels:  Only lubricant, base Oil, producer o Semi-finished products sent for o Pipeline, Railway & Truck  Sales Channels: further processing o Pipeline, Ship, & Truck  Sales Channels: o Pipeline, Railway & Truck

49 49 www.Tüpraş.com.tr COMPETITION # 1 (European Pump Price Comparison)

Gasoline (Krş / Lt) Diesel 10 (Krş / Lt) 600 600 Tax Dist. Margin Pump No Tax Tax Dist.margin Pump No tax 545 495 483 500 500 469 470 440 432 433 440 443 432 403 385 400 400 367 366 370 373 324 342 263

309 317 329 300 288 290 300 287 241 283 299 220 298 183 223 182 215 231

200 200

46 36 222 50 232 30 19 40 43 31 34 19 100 100 184 165 153 154 160 150 114 116 112 114 118 108 107 112 115 122

0 0 Spa Fra. UK Ger. EU19 TR Gre Ita Nor. Spa. Gre Ger Fra. EU19 TR Ita UK Nor.

Note: Prices valid on 19 Sept 016 Türkiye prices updated as of 17 September 2016 the latest. 50 Competition # 2 (Regional Competition)

Mediterranean Black Sea

54 17 Refineries Refineries 7,8 mn bpd 1,8 mn bpd

51 Competition # 3 (SOCAR-STAR Refinery)

• Goldman Sachs has acquired a 13 percent stake in SOCAR Turkey for $1.3 billion. • Goldman Sachs has the right to resell 10 percent of its stakes to Socar, and the remaining 3 percent to ‘Sermaye Investments Limited’ owned by SOCAR within 6 year at the same price.

STAR Refinery Production (k ton) . Credit : 3.3 Billion $ Fuels . Equity : 2.4 Billion $ • Diesel 5.000 . Total Investment: 5.7 Billion $ • Jet Fuel 1.700 • Sulphur 158 • Petrocoke 698 Petrochemical feedstock • 3,3 billion dollar credit aggrement. First 4 year grace period total 15-18 year term. • LPG 260 • Project finance is supplied to company (US$ 1.5 • Naptha 1.300 billion) • Mixed xylene 460 • It is planned to be commissioned in 2018. • Reformate 524 10,100 52 Competition # 4 (Turkey consumption balance & the effect of new refinery)

2018 2018*

Million ton Turkey Tüpraş Star Market Balance Demand Production SOCAR Crude Oil 28,1 10,0 Semi product+Other charge 0,8 Total processed 28,9 10,0

Production Products Tüpraş Star LPG 4,3 1,1 0,3 -2,9 Petrochem Feeds 2,9 - 2,6 -0,3 Gasoline 2,4 6,4 4,0 Jet Fuel 5,1 5,3 1,6 1,8 Diesel 24,2 10,2 4,9 -9,1 FO & Bitumens 4,8 4,3 -0,4 Others 1,9 0,5 0,2 -1,2 Total 45,6 28,6 10,3 -7,0 Coke 3,0 0,8 0,7 -1,5

53 *Expected to be completed by the end of 2018 Tüpraş HSEKPI: loss loss 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 severity time Loss Incident incident Time Time 2000

frequency 7.1 Severity freaquency Frequency 2001

rate 7.1 Frequency = rate = rate loss 2002 Contractor 6.9 Tüpraş time*1000000/ Total number 2003 Rate 6.1 of incident (2015 (2015 Loss Loss TimeFrequencyRatios and Severity FrequencyIncident man 2005 4.8 hours *1000000/ Target

2006 5.0  man 30 ) 2007 hours 3.4 2008 105 2008 3.6 116 92 3.5 3.6 İncluding 2009 2.5 2009 101 73

44 1.9

3.2 Tüpraş contractors 2010 1.7 2010 57 81 40 1.7 1.8 2011 2.2 2011 118 83 53 1.9 Contractor 2.6 2012 1.5 2012 289 424 65 1.7 1.4 2013 1.1 2013 26

17 61 2.4 0.8 Total 2014 1.6 2014 308

378 2.8 59 1.3 2015 2.5 2015 315

719 3.4 51 2.0 2019 0.7 2020 20

20 20 1.1 0.5 54 Energy Saving Projects , mn$

450

400 398 407 350 376 300 345

250

200 240

150

100 135 50 73 42 0 2008 2009 2010 2011 2012 2013 2014 2015 Energy Index 119,1 99,2

2008 2009 2010 2011 2012 2013 2014 2015 Total Tüpraş Energy consumption (TJ) 76.653 65.265 67.010 70.792 71.086 69.147 67.034 90.796 577.783 Energy-saving(TJ) 978 10.891 3.155 3.053 5.255 2.841 1.772 1.031 28.976 Energy Efficiency Project 36 52 65 92 97 40 22 21 425 Savings (mn $) 42 32 62 105 106 31 22 10 407

55 The Investor Relations section of our company website has a rich content of updated information for the interested investors

www.tupras.com.tr

DISCLAIMER

Investor Relations and Reporting Department This presentation contains forward-looking statements that reflect the Company management’s current Tel. : 262 316 3269 views with respect to certain future events. Although it is believed that the expectations reflected in Fax : 262 316 30 10-11 these statements are reasonable, they may be affected by a variety of variables and changes in Güney Mah. Petrol Cad. No .25 PK.41790 Körfez-Kocaeli underlying assumptions that could cause actual results to differ materially. www.tupras.com.tr E-mail: [email protected] 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.