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Investor Presentation – YE19

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Investor Presentation – YE19 Investor Presentation Table of Contents 1. Turcas: A Sustainable Investment Platform Page # a) Turcas at a Glance……………………………………………………………………2 b) Group Structure & Milestones……………………………………………………..3-4 c) Shareholding Structure & Stock Information……………………………………….5 d) Turcas Dividend Stream……………………………………………………………6-7 2. Investments a) Fuel Distribution : Shell & Turcas JV……………………………………........... 8-13 b) Power Generation (Natural Gas Power Plant): RWE & Turcas JV………….. 14-17 c) Power Generation (Geothermal Power Plant): Turcas Kuyucak Geothermal..18-20 d) Project Pipeline / Projects Under Development………………………………….. 21 3. Financial Overview…………………………………………………………………. 22-23 4. Recent Developments…………………………………………………………….. 24-26 1 Turcas: A Sustainable Investment Platform At a Glance . Oil & Energy focused Investment Company . Extensive industrial know-how in Turkish Energy Business Turcas . Active in Fuel Distribution-Lubricants and Power Generation . Carved-in Business Partnership culture . Targeting to Further Diversify its portfolio . 54% owned by Aksoy Holding and traded on Borsa Istanbul since 1992 . A history full of strong partnerships with global major players Corporate Profile . Rated by Kobirate for Corporate Governance (Latest Rating: 9.58 out of 10) . among energy companies listed in BIST Corporate Governance Index #1 Joint Venture with Joint Venture with Joint Venture with Existing Operations (1) Holding 30% shares of Holding 30% shares of Holding 100% shares of Holding 13.1% shares of Shell & Turcas JV RWE & Turcas JV Turcas Kuyucak Geothermal ATAŞ Oil Terminal since 2006 since 2009 COD: Jan’18 since 1970 . Shell & Turcas: Market leader in under canopy sales, #1 in Throughput ratio (sales per station); . RWE & Turcas: One of the most sizeable (800 MW) and efficient (58%) CCPPs in the Turkish Power market; Market Position . Turcas Kuyucak Geothermal: 18 MW Geothermal Power Plant– Operational as of January 2018 . ATAŞ: 3rd largest Oil Terminal in Turkey with a total capacity of 570K m3; . Renewables: Well positioned existing pipeline/projects under development. Turcas is the only listed Company in Turkey that provides exposure to local operations of global energy Key Investment giants like Shell and RWE . Strong cash inflows from Shell & Turcas and positive contribution from Turcas Kuyucak Geothermal PP Highlights . Portfolio Hedge via exposure in different fields of energy (fuel distribution, conventional power generation and renewable power generation –which is benefitting from USD based feed-in tariff) (1) ATAŞ’ direct ownership is as follows: 68% BP; 27% Shell & Turcas; and 5% Turcas. Since Turcas owns 30% of Shell & Turcas, total of Turcas’ direct and indirect ownership at ATAŞ becomes 13.1% 2 Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 28% 30% 30% 100% 1,027 Nationwide Shell Branded Fuel Stations 800 MW 18 MW Gas Fired Geothermal Lubricants Plant Power Plant Power Plant in Derince * ATAŞ appears twice on the Group Structure due to both direct and indirect shareholdings which in total make Turcas ownership at ATAŞ 13.1%. Equity Pick Up Consolidation under IFRS Full Consolidation under IFRS 3 Turcas: A Sustainable Investment Platform Corporate Milestones 1931 1953 1962 1996 2005 2006 2006 .Foundation of .Lubricants .Start of .Acquisition by .Acquisition of .Merger with .Foundation of Türkpetrol Ltd. sales operations at Conoco, Conoco’s Royal Dutch Socar & partnership Ataş Refinery Aksoy and shares in Shell in fuel Turcas JV with Burmah Partners Turcas by retail under Castrol Aksoy Holding Shell & Turcas JV 2007 2008 2009 2011 2013 2014 2016 2018 .Partnership .Acquisition .Acquisition of .Divestment .Start of .Divestment .Acquisition of .Start of with E.ON of 51% E.ON shares from operations at from STAR 46% shares of operations at AG under shares of by RWE AG & Petkim Denizli refinery Turcas Turcas E.ON & Petkim by Establishment Power Plant Kuyucak Kuyucak Turcas JV Socar & of RWE & Geothermal Geothermal Turcas Turcas JV PP from BM PP Engineering 4 Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Petrol Shareholding Structure of Aksoy Holding Aksoy Holding A.Ş. Erdal Aksoy 17.52% 1.6% 23.0% S. Batu Aksoy Free Float 54.45% 52.5% 28.03% Banu Aksoy Tarakçıoğlu Individual & 23.0% Corporate Local Other Investors Turcas Corporate Governance Rating – 9.58/10 Rating Scores by Section (out of 100) Stock Information 98.00 97.34 BIST Ticker TRCAS 94.98 Bloomberg Ticker TRCAS TI 94.38 Reuters Ticker TRCAS IS IPO Date 06/04/1992 Listed Exchanges Borsa İstanbul (BIST) Listed Indices BIST CORPORATE GOVERNANCE, BIST HOLDING AND INVESTMENT, BIST ISTANBUL, BIST MAIN Share Price (02/04/2020) 2.39 TL Shareholders Public Disclosure and Transparency Market Cap. (02/04/2020) 611 MM TL Stakeholders Board of Directors 5 Turcas: A Sustainable Investment Platform Dividends & Management Fees & Preferred Dividends Received from Shell & Turcas MM TL 148 MM TL dividends received in 3Q19. Out of that amount, 73 MM TL transferred 62 to Shell & Turcas in the form of shareholder loan 8 MM USD of preferred dividends expected to be received in Jun’20 57 148 10 5 16 14 13 7 16 23 50 53 45 45 51 31 36 40 26 27 18 24 21 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Dividends Received from Shell & Turcas Management Fees and Preferred Dividends Received from Shell & Turcas 6 Turcas: A Sustainable Investment Platform Dividends Paid by Turcas MM TL 31 26 Last 5 yr avg dividend yield: 2.5% 18 14 14 14 14 mln TL capital 13 gain created for 11 11 shareholders as a proxy for dividends via share cancellation 8 8 in Jun’18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 7 Fuel Distribution: Shell & Turcas JV . In 2005, Royal Dutch Shell (‘Shell’) and Turcas Petrol A.Ş. have merged their fuel retail operations in Turkey under the name of Shell & Turcas Petrol A.Ş. (‘STAŞ’). Newly established company, Royal Turcas STAŞ, started its operations in July 2006 Dutch Shell Petrol A.Ş. Shell holds 70% of the shares while Turcas Petrol holds remaining 70% 30% 30% in the JV . After the successful merger in 2006, 650 Türkpetrol branded fuel Shell & Turcas Petrol stations owned by Turcas and 650 Shell branded fuel stations of Shell Turkey, along with both companies’ logistics centers, storage and filling facilities and a lubricant oil production plant in Derince – İzmit and marketing activities were merged under STAŞ and all stations started to operate under Shell brand . Today, STAŞ operates through 1,027 nationwide Shell branded fuel stations as December 2019 . STAŞ is the market leader in Gasoline and On-Site White Oil sales as well as throughput ratio (white product sales / station), one of the most important profitability KPIs in the business 8 Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m3 MM m3 - 4% y/y 31.1 30.0 3% y/y 28.0 25.7 24.0 3.2 3.3 3.0 3.1 21.3 2.6 2.8 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 White Product Sales (Sector) Lubricants Sales (Sector) MM m3 K tons -3% y/y -10% y/y 342.9 34.3 33.3 339.8 31.1 28.7 26.9 23.9 320.0 306.2 300.7 296.5 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Source: PETDER 9 Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 - 4% y/y 3% y/y 4,337 4,126 4,170 4,175 805 744 757 780 679 3,790 618 3,616 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 White Product Sales (STAŞ) Lubricants Sales (STAŞ) ths m3 tons - 3% y/y -12% y/y 5,117 88 89 4,870 4,928 4,980 77 76 79 78 4,235 4,470 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Source: PETDER 10 Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares Shell & Turcas Vitol Opet BP Total-Demirören Shell & Turcas Vitol Opet BP Total-Demirören 24.3% #1 20.9% 23.3% 18.4% 15.8% 13.9% 10.8% 7.6% 5.1% 4.9% YE18 1Q19 1H19 9M19 YE19 YE18 1Q19 1H19 9M19 YE19 Onsite White Oil Market Shares (YE19) Lubricants Market Share Shell & Turcas Vitol Opet BP Total-Demirören 27.1% #1 25.6% Others Shell 18.7% Akpet 21.9% 2.5% 16.6% TP 3.8% Opet 9.4% Aytemiz 17.9% 4.5% 7.3% Total BP 4.9% PO YE18 1Q19 1H19 9M19 YE19 8.5% 17.5% Source: PETDER data used for gasoline, diesel and lubricants market shares. EMRA data used for onsite market shares 11 Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE19) Throughput (White Product Sales / Station) x 1.9 m3 #1 #1 1.5 1.5 1.4 All Market Efficiency = 1.0 0.6 3,836 2,668 4,798 5,042 4,849 4,029 3,975 4,414 3,937 3,572 3,617 3,654 3,806 2,415 2,576 Shell & Vitol BP Opet Others Shell & Vitol BP Opet SECTOR Turcas Turcas 2017 2018 2019 # of Stations (as of YE19) 1,770 1,652 1,027 741 561 506 Vitol Opet Shell & BP Aytemiz Total Turcas (Demirören) Source: EMRA and PETDER. Efficiency multiple calculated as throughput / sectoral throughput 12 Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 21% y/y 29% y/y 1,305 39,325 32,566 961 1,014 847 23,975 15,824 15,355 16,795 340 399 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Net Income Shell & Turcas YE19 Highlights MM TL • Solid increase (+21% y/y) in net sales driven by higher 321 prices although white product volume growth is down by 3% y/y, 242 86% y/y 164 • EBITDA up by 29% y/y driven by significantly lower FX 88 losses from product sourcing compared to YE18, 3 • Strong recovery in net income on an annual basis due to i) higher gross profit, and ii) lower FX losses from operations.
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