#1Energy To the future Tüpras Koc Sep 2022 Investor Presentation#2Disclaimer This presentation contains forward-looking statements that reflect the Company management's current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by variables and changes in underlying assumptions that could cause actual results to differ materially. 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. Sep-22 Investor Presentation Disclaimer www.tupras.com.tr 2#3Refining Market#4Brent Crude Prices $/bbl 5yr range - 5 yr ave 130 110 118.8 113.3 104.4 98.2 123.7 112.7 2021 100.0 2022 + OPEC++ production cuts + Impact of Iran & Venezuela sanctions + Improved mobility following vaccine deployments + Russia-Ukraine war 90 90 87.2 83.7 81.4 75.0 74.6 74.1 73.0 70.8 68.7 70 65.6 64.7 62.2 54.8 - Concerns on global economic development Uncertainties on new variants Year Average Brent Prices ($/bbl) 50 2017 54.3 2018 71.0 30 2019 64.3 2020 41.7 10 2 3 4 5 6 7 8 9 10 11 12 2021 70.7 data as of 31 August 2022, 5 year range shows 2017-2021 Sep-22 Investor Presentation Refining Market www.tupras.com.tr 4#5Global Refinery Capacity Changes Expectations until 2025: • 73% of net capacity additions will come from Asia & Middle East • Net capacity and demand in Europe will remain roughly unchanged 2019-2025 Net Capacity Additions Capacity Additions by Region 2.3 1.0 Closures 1.6 1.5 Openings 2.6 -0.3 -0.5 -1.2 -1.1 -1.7 0.7 1.0 .. 2019 2020 2021 2022 2023 2024 2025 Sep-22 Investor Presentation Refining Market Asia Middle East www.tupras.com.tr Africa 10% Other 17% 29% 44% 0% 10% 20% 30% 40% 50% 5#6Middle Distillate Cracks $/bbl Diesel 5 yr range 5yr range 5 yr ave 2021 2022 50 54.2 45.2 55 50 44.2 45 45 40 40 35 31.6 30 25 20 41.6 37.4 38.4 45 45 40 40 35 30 24.0 25 20 15 12.9 Jet Fuel 5 yr ave 47.1 2021 2022 39.0 42.3 30.8 15 12.0 11.8 10 4.9 5 12.6 10 95 10.4 10.8 9.4 6.8 5 10.0 8.0 9.3 5.0 5.1 6.6 3.7 4.1 5.7 0 3.0 4.8 1.8 0.9 1.9 2.3 2.7 2.5 0 -5 1 2 3 4 5 6 7 8 9 10 11 12 data as of 31 August 2022, 5 year range shows 2017-2021 Sep-22 Investor Presentation Refining Market www.tupras.com.tr 1 2 3 4 5 6 7 8 9 10 11 12 6#7Gasoline and High Sulphur Fuel Oil Cracks $/bbl Gasoline 5yr range 2022 2021 5 yr ave 5 yr range 50 0 45 40 40 44.0 38.0 35 30 25 20 25.7 24.7 High Sulphur Fuel Oil 2022 2021 5 yr ave -5 -6.4 -10.7-10.4 -11.0 -10 -11.7 -9.7 -12.9 -12.6 -13.9-14.5 -13.6 -16.0 -15 17.3 -20.2 -20 -22.2 -25 -26.5 -26.4 -30 13.4 15 12.7 11.6 12.5 15.1 15.7 13.7 14.1 10 7.0 12.7 -35 11.5 6.2 10.4 10.6 10.8 10.6 5 -40 0 1 2 3 4 5 6 7 8 9 10 10 data as of 31 August 2022, 5 year range shows 2017-2021 Sep-22 Investor Presentation Refining Market -45 11 12 www.tupras.com.tr -40.1 -41.0 -34.4 1 2 3 4 5 6 7 8 9 10 11 12 7#8Heavy Crude Price Differentials to Brent ($/bbl) -10 10 -15 -20 20 -5 0 5 Arab Heavy Basrah Heavy Iran Sanctions OPEC+ Cut Decision OPEC+ disagreement OPEC+ Cut Decision Russia - Ukraine War CPC Average* 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 2018 data as of 31 August 2022 Sep-22 Refining Market Investor Presentation 2019 2020 www.tupras.com.tr 2021 2022 Kirkuk *Simple average of listed differentials 8#9A Turkish Market DI#10Turkish Market, 6M 2022 Diesel Million Tons 11.9 11.3 11.4 10.9 Jet¹ 2.3 2.1 6.3 6.1 5.3 6.1 + 60.1% - 4.3% 1.3 1.3 1.2 1.1 0.2 0.7 5.2 5.6 5.6 5.4 1.0 0.9 0.9 0.6 2019 2020 2021 2022 2019 2020 2021 2022 1.4 LPG Gasoline 1.1 1.2 1.0 0.8 0.6 0.6 0.5 2.0 1.7 1.8 1.7 1.1 0.8 0.9 0.9 + 24.6% -3.4% 0.7 0.5 0.5 0.5 0.9 0.9 0.8 0.8 2019 2020 2021 2022 'Transit flight consumption included Sep-22 Investor Presentation| Turkish Market 2019 2020 2021 2022 www.tupras.com.tr Q1 Q2 10#11Turkey's Net Import / Export Balance Million Tons Import Export Jet Diesel -13.6 -13.2 -12.3 Gasoline LPG -16 -12 -5.9 -8.8 -8 2020 2019 2018 2017 Sep-22 Turkish Market Investor Presentation -2.9 -3.0 -3.2 -3.1 -3.4 Tüpraş' Market Share 2021 12M 0.4 0.3 -0.4 0.3 Diesel 44% 0.1 -4 0 2016 1.9 3.0 2.4 3.2 2.8 www.tupras.com.tr Jet 86% Gasoline 97% Fuel Choice of Passenger Cars 2021 EV/Hybrid ,1% Diesel; 38% LPG; 36% Gasoline; 25% 11#12MO Company Overview#13Tüpraş Shareholder Structure Tüpraş is Turkey's biggest industrial company and leading refiner. Koç Holding 77% D DİTAŞ 79.98% Eppet 40% Körfez Ulaştırma Aygaz 20% Energy Investments Inc. (SPV) 46.4% Opet 3% Koç Holding and Other Koç 6.82% 100% Tüpras Free Float² 46.78% Tüpras Trading 100% → ENTEK Sep-22 Investor Presentation 99.24% Company Overview www.tupras.com.tr Domestic Ownership 43% Foreign Ownership 57% 1 As of December 31st, 2021 2 Includes %1.11 shares of Liquid Petroleum Co. 13#14Tüpraş' Refining Assets & Distribution Network İzmit İzmir Kırıkkale Batman Total Turkey's petroleum Capacity (mn tons) 11.3 11.9 5.4 1.4 30 product needs Nelson Complexity 14.5 7.66 6.32 1.83 9.5 Storage Capacity (mn m³) 3.0 2.5 1.3 0.3 7.0 OPET Marmara Terminal 721,000 m³ İzmir İstanbul Izmit Kırıkkale Ankara OPET Antalya Terminal OPET Mersin 19,392 m³ Mersin Terminal 240,000 m³ Ceyhan Integrated system optimization with high complexity, procurement & logistics flexibility Sep-22 Investor Presentation Company Overview Baku Others; 45% Tüpraş; 55% OPET Baku-Tbilisi-Ceyhan Oil Pipeline Giresun Terminal 43,130 m³ Batman Iraq-Turkey Oil Pipeline Kirkuk Railway Crude Pipeline Terminal Refinery www.tupras.com.tr Turkey's Storage Capacity Others; 43% Tüpraş & Opet; 57% 14#15Nelson Complexity of Refining Companies Sep-22 Investor Presentation 9.7 CANADA 8.9 NWE 8.2 RUSSIA EAST 11.6 USA 9.7 EUROPE İzmit 8.9 MED Refinery 14.5 TÜPRAŞ 9.5 7.7 EAST F9.9 10.4 JAPAN ASIA CHINA 7.2 MIDDLE EAST 9.0 SOUTH ASIA FL7.1 LATIN AMERICA L 5.0 AFRICA Company Overview www.tupras.com.tr 7.9 AUSTRALLIA 15#16Tüpraş Subsidiaries σ 990 DYA MONIC Formorant Tupras Trading Sep-22 Investor Presentation Dpet 309 OPET - Distribution • Tüpraş Share: 40% 1,827 stations as of 30 June 2022 As of May 2022 Market share: 18.8% in white products; 24.2% in black products Tüpraş Trading UK - Trading Tüpraş Share: 100% Over 7 million tons of product trade • More than 3 million tons of spot crude oil connections Trading Office in London is important for wider integration with the global energy landscape by allowing to: ■ Closely monitor international market opportunities ☐ Support import and export operations ■ Create additional value from supply chain and sales activities Company Overview www.tupras.com.tr 16#17Tüpraş Subsidiaries TGONUL DİTAŞ - Marine Transport ● Tüpraş Share: 79.98% 2 Crude Oil Tanker: 314,906 DWT • 1 Crude Oil - Product Tanker: 49,990 DWT • 10 Product Tanker: 171,383 DWT Sep-22 Investor Presentation KUDE 0003 120 AT Körfez Ulaştırma - Railway Transport Tüpraş Share: 100% ~7% share in Turkish rail freight market • ~1.7 mn ton of product and semi-product carried in 2021 • Operates with 12 locomotives (7 of them are hybrid) and 555 cistern wagons Company Overview www.tupras.com.tr 17#18Tüpraş Subsidiaries Entek- Electricity (Tüpraş Share: 99.24%) 442 MW total installed capacity 66 MW 112 MW 17.5 MW EBITDA (million TL)* 422 178 380 365 28 MW MW 16.4 MW 24.4 MW 2019 2020 2021 PTF Price ($/MWh) 171 722 6M 2021 6M 2022 CCGT Power Plant Hydroelectric Power Plant Wind Power Plant 5yr range - 5 yr ave 2021 2022 169.2 Production (000 MWh) 138.0 134.2 124.7 114.7 112.9 103.2 87.3 1,542 1,359 1,341 752 654 2019 2020 2021 6M 2021 6M 2022 Sep-22 Company Overview Investor Presentation 40.3 40.5 41.1 38.2 43.3 46.8 www.tupras.com.tr 80.3 73.1 74.9 65.8 60.3 61.3 1 2 3 4 567 8 6 10 11 12 18#19Operations ONS GIRİLMEZ#20Crude Suppliers of Tüpraş In 2021, Tüpraş purchased 21 different types of crude from 11 countries with gravities ranging between 20-47 API. Main Crude Suppliers in 2021 Crude Oil Imports by Region (%) ■Middle East ■CIS Europe Africa America 10 12 12 11 10 10 10 14 3 7 14 7 13 14 34 21 21 23 21 11 79 81 76 71 63 64 61 55 2014 2015 2016 2017 2018 2019 2020 2021 Sep-22 Operations www.tupras.com.tr Investor Presentation 20#21Q2 2022 Product Yields Q2 2021 Othe Bitumen 3% LPG Kok 6% 3% 4% Gasoline Other 21% Fuel Oil white 7% Black Prod. 2% 17% Light Distil. 26% Naphtha 1% Mid. Distil. 55% Jet 12% Diesel 43% White Product Yield (%) Production API Sep-22 Operations Investor Presentation 82.0% 6.5 mn tons 31.4 www.tupras.com.tr Q2 2022 Other Bitumen LPG 2% Kok 7% 3% 3% Other Gasoline 22% Fuel Oil white 9% 2% Light Black Prod. Distil. 19% 26% Naphtha 1% Diesel 39% Mid. Distil. 53% Jet 14% White Product Yield (%) Production API 79.8% 7.1 mn tons 31.3 21#22Annual Product Yields 2020 Other LPG 1% Bitumen 3% 12% Kok Gasoline Other 3% 21% white Fuel Oil Black Prod. 1% Light 2% 17% Distil. 25% Naphtha 1% Jet Diesel 45% Mid. Distil. 57% White Product Yield (%) Production ΑΡΙ Sep-22 Operations Investor Presentation 12% 81.5% 23.4 mn tons 31.5 www.tupras.com.tr 2021 Bitumen 2% Kok 8% Other LPG 3% 4% Other Gasoline 21% Fuel Oil white 6% Black Prod. 2% Light 18% Distil. 25% Naphtha 1% Mid. Distil. 55% Jet 12% Diesel 43% White Product Yield (%) Production API 81.4% 25.1 mn tons 31.2 22#23Capacity Utilization and Quarterly Production Volume Quarterly Production (Million Tons) 2019 .-2020 2021 -2022 8 7 6.5 6.0 6 5 4.6 4 Q1 7] 7.0 7.1 6.9 Q2 Q3 96 96 98 6 Capacity Utilization (%) Crude Oil Semi Product Feedstock Total 98 96 91 7 88 82 5 7 65 6 All 87 91 75 81 56 86 93 91 100 7 85 76 93 Q4 2018 2019 2020 2021 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 *Capacity utilization calculation is based on 30 mn tons for Q1 2019 and onwards. Sep-22 Operations Investor Presentation| www.tupras.com.tr 23#24Sales Tüpraş generated 27.6 million tons of total sales in 2021. Total Sales mn tons 31.5 29.8 29.2 27.6 5.8 4.2 24.5 6.8 5.9 4.7 Customer Groups 2021 Other 10% International sales 21% Jet 11% Exports 25.7 25.6 Domestic Sales 22.4 21.7 19.8 Total Sales, 2021 2017 2018 2019 2020 2021 27.6 mn tons Distributors Domestic Sales of Key Products 52% mn tons OTHER 7% 2.9 3.5 BP 2.2 1.8 1.6 14% 2.2 2.3 2.4 2.9 Bitumen 4.9 4.5 2.3 Sales to 4.3 3.0 2.2 Gasoline Distributors 2021 Jet Fuel 11.3 11.9 10.4 10.6 11.4 SHELL 14.3 mn tons 21% Diesel OPET 2017 2018 2019 2020 2021 29% Sep-22 Operations Investor Presentation| www.tupras.com.tr Bitumen OMV POAŞ 29% 6% 24#25Product Sales in Q2 2022 (Million Tons) Tüpraş generated 7.3 million tons of sales in Q2 2022, 6% higher y-o-y. Y-o-y growth in domestic jet fuel, gasoline, and diesel sales were strong with robust demand. Total Product Sales Domestic Sales of Selected Products Domestic Product Sales International Sales Diesel Jet Fuel Gasoline Bitumen 7.4 7.3 7.1 6.9 0.7 0.9 1.6 1.6 0.3 0.6 1.8 5.3 0.4 0.8 0.4 0.6 1.3 1.2 0.6 0.9 0.7 1.0 0.8 0.5 0.2 6.7 5.5 5.7 5.1 4.1 3.1 3.1 2.7 2.6 2.3 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Sep-22 Operations Investor Presentation www.tupras.com.tr 25#26Financials NSIZ EZ#27Tüpraş and Med Refining Margins Tüpraş Net Margin Med Margin 9.3 ($/bbl) 8.1 Gross Inventory Margin Effect Clean Clean Gross NET Margin Margin Net Med Margin Margin 5.7 Q2 2022* 25.6 0.0 25.6 19.8 19.8 44.7 5.3 4.6 3.7 2021 10.5 2.1 8.4 3.6 5.7 1.6 1.7 1.6 1.3 Q2 2021 8.8 1.8 7.0 2.8 4.6 0.3 2022G 13-14 -0.2 2017 2018 2019 2020 2021 Premium to the benchmark Mediterranean peers' refining margin due to: • Ability to use heavier and sour crudes with higher complexity • • Access to a wide range of cheaper sources of crude oil Ability to produce a broad range of refined products with higher value added • Close proximity to major suppliers reduces transport costs • Direct pipeline connections with domestic clients • Lower cost basis and more efficient energy usage * Med Margin is higher than Tüpraş's Net Margin in Q2 2022 after the significant widening in Urals due to Russia-Ukraine war. Weight of Ural crude oil is 100% for crude oil supplies in the theoretical calculation of Med Margin. Sep-22 Investor Presentation Financials www.tupras.com.tr 27#28Income Statement (Million TL) Q2 Q2 H1 H1 Million TL % % 2022 2021 2022 2021 • Net Sales COGS Gross Profit 17,737 Operating Expenses -2,047 135,785 33,688 303% -118,048 -30,724 284% 498% 196% 2,964 -691 212,326 53,509 -189,285 -49,018 23,041 4,491 413% -3,097 -1,248 148% 297% 286% Loss from other operations are Income/Loss from other operations -3,531 -325 986% -5,029 Operating Profit 12,159 1,948 524% 14,915 1,334 -1,910 163% 1018% Inc./Loss from Equity pick ups 126 50 149% 335 60 457% Details of Income Statement Y-o-y increase in Opex is mainly driven by logistics expenses increasing to 1 bn TL due to higher sales and TL depreciation in Q2'22. mainly due to FX losses from trade payables, offset by reciprocal inventory gains in gross profit. Operating Profit Before Fin. Income/Loss 12,285 1,999 515% 15,251 1,394 994% . Financial Income/Expense -1,332 -702 90% -3,236 -1,058 206% Opet's contribution is recorded under income from equity- Profit Before Tax 10,953 1,297 745% 12,015 337 3469% Net Profit (excluding minority interest) 10,611 1,700 524% 11,507 939 1125% EBITDA *(mn. TL) 16,066 2,512 540% Inventory Gain/Loss (mn. TL) 2,931 1,407 108% EBITDA* (mn. TL) CCS 13,134 1,105 1089% 20,733 7,034 13,700 3,681 463% 2,919 141% 763 1696% of which are offset by pickup. Financial Income and Expenses consist of hard currency balance sheet items' FX gains/losses and related FX derivative gains/losses, balance reciprocal inventory gains. Sep-22 Financials Investor Presentation *On CMB reports. EBIT includes extra items such as FX impacts of trade receivables and payables. In our EBITDA calculation. FX related items are excluded from EBIT in line with international practices. www.tupras.com.tr 28#29Income Statement (Million TL) 12M 12M Million TL Net Sales COGS % 2021 2020 150,972 63,244 139% -135,521 -61,480 -120% Gross Profit 15,451 1,764 776% Operating Expenses -3,242 -2,012 -61% Income/Loss from other operations -11,744 -371 -3065% Operating Profit 465 -619 Inc./Loss from Eq. Pick ups & Inv. activities 701 -28 Operating Profit Before Fin. Income/Loss 1,166 -647 Financial Income/Expense 996 -3,149 Profit Before Tax 2,161 -3,795 Net Profit (excluding minority interest) 3,319 -2,494 EBITDA *(mn. TL) Inventory Gain/Loss (mn. TL) EBITDA* (mn. TL) CCS 13,688 8,659 545 -457 2410% 5,029 1,003 402% Sep-22 Financials Investor Presentation *On CMB reports. EBIT includes extra items such as FX impacts of trade receivables and payables. In our EBITDA calculation. FX related items are excluded from EBIT in line with international practices. www.tupras.com.tr 29#30Financial Highlights EBITDA (mn TL) 00 Q1 Q2 Q3 Q4 20,734 Net Income (mn TL) Q1 Q2 Q3 Q4 11,507 8,908 13,688 7,267 16,066 10,611 3,319 3,713 1,887 1,392 1,766 4,039 526 -2,494 988 542 3,778 545 2,739 1,027 186 738 378 870 376 956 375 2,210 2,512 1,700 -760 896 4,668 1,495 393 -155 -2,265 1,033 851 477 1,170 185 -1,291 -420 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Current Ratio & Net Debt / EBITDA 17.1 Current Ratio Net Debt/EBITDA Return on Average Equity (%) 69% 0.8 37% 1.3 23% 1.0 1.1 1.0 1.3 2:1- 1.1 -0.2 5% -20% 2018 2019 2020 2021 Q2 2022 2018 2019 2020 2021 2022 Sep-22 Investor Presentation| Financials (1) Excluding minority interest www.tupras.com.tr#31Balance Sheet Analysis Net Debt In Billion TL bn TL In Billion $ bn $ 12.7 12.0 11.2 9.4 8.4 Redemption Schedule (Billion TL) -0.3 20 2.3 1.4 0.8 0.9 10 30 40 2.2 TL Hard Currency $ equivalent 40 37.5 30 0.8 0.8 0.3 0.0 0.0 0.0 12.9 13.8 4.6 -5.4 0.2 0.1 0.6 Dec-18 Dec-19 Dec-20 Dec-21 Mar-22 Jun-22 0 Cash & Cash Eq. 1 year 1-2 years 2-3 years 3-4 years 4-5 years Over 5 years Working Capital Requirement (Billion TL) 4.7 -3.6 -3.6 -4.7 -6.4 Dec-18 Dec-19 Dec-20 Dec-21 Mar-22 -9.6 Jun-22 Sep-22 Financials Investor Presentation www.tupras.com.tr • • Financial Management Working capital buffer expanded with better collection performance and higher inventory turnover Strong operating cash flow and working capital management has led to net cash position 31#32Profit Before Tax Bridge (Q2 2021 - Q2 2022) Strong crack margins and wider differentials boosted PBT despite elevated energy expenses and TL devaluation. Million TL 1,297 1,563 1,529 15,163 -4,086 28 10,953 -4,541 Q2 2021 PBT Crack Margin Crude Oil Differentials Inventory Impact Natural Gas Impact FX and Interest Other Q2 2022 PBT Sep-22 Financials Investor Presentation www.tupras.com.tr 32#33Annual Profit Before Tax Bridge (2020-2021) PBT performance was strong in 2021 with better operational performance and lower interest expenses as net FX impact mostly matched with inventory gains Million TL -3795.0 +9,118, Inventory FX -8,530 588.0 452.0 3521.0 -1335.0 741.0 1990.0 2161.0 2020 PBT FX & Inventory Crack Margin Crude Oil Diff NG Price Increase in Sales Other 2021 PBT Sep-22 Financials Investor Presentation www.tupras.com.tr 33#342022 Expectations Med Complex Refining Margin Expectation Withdrawn Tüpraş Net Refining Margin 13 - 14 $/bbl • 26-27 mt production, 28-29 mt sales and 90-95% capacity utilization Consolidated Capex ~200 million $ • ~45% of capex for sustainability focused energy efficiency and environmental projects Sep-22 Investor Presentation www.tupras.com.tr 34#35H1 2022 Results Refining Margins ($/bbl) I Tüpraş Net Margin 18.0 16.0 14.0 12.0 10.0 8.0 6.0 13.0 4.0 2.0 0.0 H1 2022 Capacity Utilization (%) Tüpraş FY Target 100 90 80 70 60 50 92.0 40 3220 10 H1 2022 92% total capacity utilization in H1 2022 13.8 mn tons of sales and 13.1 mn tons of production in H1 2022 13 $/bbl net refining margin in H1 2022 Operationals (mn Ton) H1 2022 FY Target 300 Total Capex (mn $)(*) 59 mn $ total CAPEX 29 250 27 200 200 Other 150 26 28 13.8 13.8 100 59 in H1 2022, with 40% spent on ESG related ESG focused investments • Total 50 ~45% 40% 0 H1 2022 FY Target Production 08/09/2022 Earnings Presentation Sales (*) Investments in Sustainable Refining under the areas of Process Improvement, Energy Efficiency, HSE and Environmental projects are considered as ESG focused investments. Investments in Sustainable Aviation Fuel, Zero Carbon Electricity and Green Hydrogen fields are considered as ESG focused investments. Investments for electrical train cars and 35 HSFO scrubbers for ships are considered as ESG focused investments.#36Investments (Million $) Achievements & Ongoing Projects • c6.9 bn USD investments since privatization • Reached 9.5 Nelson Complexity Capability to process heavier and more sour crude 20 pps improvement in Energy Intensity since 2008 • 25% decrease in water consumption per crude oil processed since 2008 Revamp of FCC, Periodic Maintenance of Vacuum & Lube Complex in Izmir in 2022 Strategic Transition - Investment Program 27% CO2 emission reduction by 2030 (scope1+2), 100% reduction by 2050 Investment in Zero Carbon Electricity to mainly produce green hydrogen (reaching 2.5GW capacity by 2035) Reaching 1GW electrolyzer capacity to produce green hydrogen by 2035 Installing 400 kton/year biofuel (mainly SAF) production capacity by 2030 as a best alternative fuel for aviation 296 2006-2010 Sep-22 Financials Investor Presentation Avg. 460 Mn$ 980 250 2011-2014 2015-2021 Avg. 350 Mn$ 320 400 300 2022-2030 2031-2035 2035-2050 *Average Investment Amounts - Mn$ www.tupras.com.tr 36#37Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Leverage & Liquidity Proactive in liquidity risk management & targets/limits for financial ratios: • Net financial debt/EBITDA • Net financial debt/Equity • Current ratio • Share of long-term debt Deposit is kept within bank-based limits: Counterparty Risk Policy Interest Rate & Fx • Credit rating assessment and strong capital base. • • Cap on the maximum deposit allocated to a single bank. Threshold for deposits subject to banks shareholders' equity. • The fixed/floating profile of financial debt. Proactive management of FX risk with derivative instruments • Zero FX exposure target. Inventory Hedging Policy: . Commodity Hedging Policy • Operational hedge: Optimum stock policy & forward pricing mechanism. Financial hedge: Expected inventory exposure for the year end is hedged by using derivatives. Hedging ratio increasing throughout the year. Crack Margin Hedging Policy: • Financial hedge: Crack margin (gasoline, diesel, jet fuel, fuel oil) risk mitigation by using derivatives. • Hedge ratio between %0-%50 with up to 1 year hedge tenor Sep-22 Financials Investor Presentation www.tupras.com.tr 37#38FX Exposure Management (30 June 2022) Tüpraş continues to employ strict FX policies to mitigate currency risks stemming from volatility. Consolidated Hard Currency Assets Cash 1,640 Receivables & Other Assets 192 Consolidated Hard Currency Liabilities Million $ Payables & Other Liabilities 5,058 ST Financial Loans 312 • RUP: 194 • Other: 117 *Cash Flow Hedge Sep-22 Investor Presentation www.tupras.com.tr Stock 2,859 Forward 1,411 Cash Flow Hedge 290 LT Financial Loans 959 RUP: 96 Eurobond: 700 Other Loans: 163 +63 mn $ 38#39Strategy MO#40Strategic Transition Plan - Investment Areas SUSTAINABLE REFINING ZERO CARBON ELECTRICITY • Energy Efficiency and Decarbonization Projects Remain as a Major EBITDA Contributor Improve energy efficiency to drive up profitability Diversify product portfolio through lighter chemicals Within 2022-2035; • ~2.3 bn USD capex, ~13 bn USD Cumulative EBITDA Integrating Zero Carbon Electricity to produce Green H₂ Ensure affordable green H₂ production, capturing electrification demand Primarily supply zero carbon electricity for H₂ production, remaining portion to be sold Within 2022-2035; ~1.3 bn USD capex, ~400 MUSD Cumulative EBITDA BIOFUELS Becoming the Lead SAF Supplier in Turkey Capture changing market for liquid fuels, ensure long term profitability in aviation sector. Conversion of existing unit in İzmir to produce Sustainable Aviation Fuel (SAF) Within 2022-2035; ~600 MUSD capex, ~1.1 bn USD Cumulative EBITDA Sep-22 Strategy Investor Presentation H₂ GREEN HYDROGEN Reducing Refining Emissions • Capture changing market for land transportation, reduce refining emissions. • Reduce Scope 1-2 emissions of refineries. Followed by H2 sales, starting from 2030. • Within 2022-2035; • ~690 MUSD capex, ~640 MUSD Cumulative EBITDA www.tupras.com.tr 40#41Strategic Transition Plan - Emission Reduction -BASE YEAR- SCOPE 1+2 7.3 MN TONNES EMISSION REDUCTION SCOPE 1 & 2 || We will invest in energy efficiency & decarbonization Projects, green hydrogen & zero carbon electricity usage in refining to reduce scope 1 & 2 emissions || 11 || || " || || " || "I || Sep-22 Investor Presentation Strategy www.tupras.com.tr -27% -35% -49% || -100% 2017 2030 2035 2040 2050 41#42Strategic Transition Plan - Financials We are sustainable and profitable. Will eliminate our scope 1 & 2 emissions by 2050 while executing our plan and achieving these results. $350mn average CAPEX until 2035, totaling $5 bn. ROACE will remain above 25% creating ~ $9bn total CF until 2035 With ample CF, Net Debt/ EBITDA will be below <2.0x Will remain a high dividend payer, average ~80% dividend pay-out ~$5bn > 25% ~$9 bn USD <1.5x ~80% TOTAL CAPEX ROACE TOTAL CF NET DEBT/EBITDA AVG. DIVIDEND PAYOUT Sep-22 Strategy www.tupras.com.tr Investor Presentation 42#43Strategic Transition Plan - Latest Updates ZERO CARBON ELECTRICITY BIOFUELS Tüpras The takeover process of Entek, our first breakthrough in the field of zero-carbon electricity generation, SENTEK completed. We are in the installation phase to produce sustainable aviation fuel, We will use Honeywell's UOP Ecofining™ technology in our İzmir refinery. 12.6 mw An agreement was signed for the construction and installation of a Solar Power Plant in Kırıkkale Refinery with 12.6 MW capacity. Sep-22 Strategy Investor Presentation www.tupras.com.tr 8,300 b/d With this technology, we plan to convert approximately 8,300 b/d waste into sustainable aviation fuel (SAF), renewable diesel and other products. 43#44ESG DI TCM ras#45Tüpraş's Environmental Highlights Sustainability program was kicked off back in 2008 and achieved many milestones Energy Intensity Achievements 102.2 Energy Intensity Targets 96.1 119.1 103.4 102.22 99.1 98.44 99.1 93.5 93.3 1.8 0.1 1.1 0.1 2008 2016 2017 2018 2019 2020 2021 1.1 Water Consumption per processed crude oil Waste Water Recovery (%) Energy Saving (TJ) 2017 2021 Target Ongoing Other Energy Projects Efficiency Projects Future Energy Efficiency Future Other 2030 Target Projects Projects 82% 3620 70% 70% 63% 64% 64% 50% 0.82 0.74 0.66 0.62 0.64 0.55 978 1054 830 713 473 Environmental Investment (MUSD) 1925 202 390 346 150 268 238 388 2008 2016 2017 2018 2019 2020 2021 2008 2016 2017 2018 2019 2020 2021 2008 2016 2017 2018 2019 2020 2021 Sep-22 ESG Investor Presentation www.tupras.com.tr 45#46Tüpraş's Social & Governance Highlights Strong Policies have been effectively implemented for years HUMAN RIGHTS ANTI-BRIBERY, ANTI-CORRUPTION DONATION & SPONSORSHIP DISCLOSURE Corporate Governance Rating 9.58 Health & Safety and Diversity are the Key Priorities Female Share in Total Employees Female Representation in Senior and Mid-Level Management Female Share in Recruitment Diversity 40% 32% Targets Female Representation in the Board of Directors in the next COMPETITION COMPLIANCE Board of Directors' Composition 12 members One-third of the members are independent Committees under BoD Corporate Governance Risk Management Audit Executive Ethics LTI Severity Targets 2024- 2030 ⚫LTI Frequency 2025 Process Safety Event Frequencies Health & Safety Process Safety Event Freq. 0.30 0.25 five years 36.1 23% 25% 1.49 27.8 14.4% 12% 8.7% 9.2% 17.1% 15% 17.0% 17.5% 17.2% 25.8 Targeted Rate of 1.02 18.9 0.87 18.2 LTI Frequency 0.30 0.15 16.4 9.4% 9.6% 9.5% Women in New Recruitments 0.59 0.7 0.7 0.42 0.5 0.4 50% H 0.38 LTI Severity 10.0 5.0 0.4 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2022T Tüpraş is taking place in these sustainability indices BORSA İSTANBUL Sep-22 Investor Presentation V.E ESG MSCI TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Bloomberg Gender-Equality Index 2022 FTSE4Good SUSTAINALYTICS www.tupras.com.tr 46#47Appendix 40 nst LC 10 HOLIC 0 Tilpras#482022 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Status Crude Oil & Vacuum Q1 15 Done Batman Seasonal Crude Oil & Vacuum Q4 4 Planned Vacuum Q1 6 Done Periodic Maintenance Lube Complex Q1 7 Done İzmir Crude Oil Q4 9 Planned CCR & Isom. & Desulp. Q4 6 Revamp Planned & FCC HYC Q4 4 Planned Isomerization Q1 5 Done Vacuum Q1 3 Done Periodic İzmit Desulphurizer Q1 3 Done Maintenance Crude Oil & Vacuum End of Q3 6 Planned HYC End of Q3 6 Planned Sep-22 Appendix Investor Presentation www.tupras.com.tr 48#49Turkish Market Fuel Consumption 2017-2021 Million Tons Diesel -2.4% 28 -4.4% +0.5% +10.1% 24.9 8 24.2 23.6 22.5 22.7 14 Jet Fuel* +10.5% +6.5% 5.3 -54.4% 5.0 4.5 +41.2% 3.4 4 2.4 0 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 4 Gasoline +1.2% +3.0% -2.5% +29.2% 2.3 2.3 2.4 2.3 2 3.0 ம + 3 2 1 LPG +0.8% -7.4% +1.2% +1.6% 4.1 4.1 4.2 3.9 3.9 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Source: Tüpraş and EMRA * Transit flight consumption included Sep-22 Investor Presentation Appendix www.tupras.com.tr 49#50Competition - STAR Refinery Timeline Turkish Market Structure (mn tons) Turkish Turkey Tüpraş STAR Total Market Balance Demand Demand* LPG 1.1 0.3 1.4 4.2 -2.8 Petchem F. 0.2 2.6 2.8 Gasoline 6.1 6.1 2.4 3.7 · Feasibility studies began in 2010 and construction kicked off in 2011 Jet Fuel 5.2 1.6 6.8 5.3 1.5 Diesel 10.7 4.8 15.2 22.5 -7.3 • Goldman Sachs has acquired a 13% stake in SOCAR Turkey for $1.3 billion. Fuel Oil 1.8 1.8 0.3 1.5 Bitumen 3.1 3.1 • Total investment size 6.3 bn USD, with Pet coke 0.8 0.7 1.5 3.3 bn USD credit agreement. • Following the completion of construction late 2018, reached full Total ~30 ~10 ~40 capacity utilization in August 2019 Source: EMRA Sep-22 Appendix Investor Presentation www.tupras.com.tr 50#51Competition - Regional Competition Tüpraş competes with 71 refineries in the Mediterranean and Black Sea markets. Mediterranean regional product balance is also affected from Middle East, North West Europe and Asia flows Mediterranean Black Sea Portugal France Croatia Spain Italy Albani Greece Turkey Morocco Algeria Tunisia Moldova Ukraine Romania Bulgaria Syria Israel Libya Egypt 54 Refineries ~7.8mbd Sep-22 Investor Presentation Appendix www.tupras.com.tr Turkey 17 Refineries ~1.8mbd Russia Georgia 51#52European Pump Price Comparison Turkish fuel prices are highly competitive with other European countries. Gasoline (TL/Lt) Refinery Price Tax Diesel (TL/Lt) 40 35 30 25 10 20 15 6.0 Refinery Price Tax 40 35 30 16.9 19.5 13.4 16.6 15.8 13.7 16.2 13.8 17.2 25 11.8 11.9 13.3 13.2 15.5 20 20 5.4 15 10 10 10 16.8 17.9 19.1 18.8 19.5 18.8 10 19.0 19.7 20.6 18.3 18.9 19.6 17.3 16.6 16.1 15.8 5 5 0 TR Ita. Spa. Fra. UK EU-19 Ger. Gre Prices of Europe and Turkey, as of May 23rd, 2022 Sep-22 Investor Presentation Appendix TR Ita Fra. Spa. Gre. EU-19 Ger. UK www.tupras.com.tr 52#53Tüpraş Balance Sheet (Million TL) 30.06.2022 31.12.2021 Diff. Diff. (%) Current Assets 120,342 65,429 54,913 84 Cash&C. Equivalents 37,503 20,400 17,103 84 Trade Receivables 26,999 13,517 13,482 100 Derivatives 2,601 3,818 -1,217 -32 Inventories 46,901 23,756 23,145 97 Pre-paid expenses 374 186 187 101 Other Current Assets 5,964 3,751 2,212 59 Long Term Assets 39,693 37,106 2,587 7 Financial Assets & Subsidiaries 2,379 2,156 223 10 Tangible & Intangible Fixed Assets 26,921 26,537 384 1 Derivatives 45 44 1 2 Pre-paid expenses 137 95 43 45 Deferred Tax 8,057 6,378 1679 26 Other Longterm Assets 2,154 1,897 257 14 Total Assets 160,035 102,535 57,500 56 Short Term Liabilities 112,043 64,002 48,042 75 Financial Loans 12,895 11,399 1,496 13 Trade Payables 83,470 43,704 39,766 91 Derivatives 4,310 3,302 1,007 31 Provisions 474 200 273 137 Other ST Liabilities 10,895 5,396 5,499 102 Long Term Liabilities 19,842 20,706 -864 -4 Financial Loans 19,207 20,219 -1,012 -5 Payables & Provisions 622 448 174 39 Derivatives Other LT Liabilities 2 29 -27 -94 11 11 0 4 Total equity attributable to equity holders of the parent 27,798 17,557 10,241 58 Minority Interests 352 270 82 30 Total Liabilities & Equity 160,035 102,535 57,500 56 08/09/2022 Earnings Presentation www.tupras.com.tr 53#54Dividend (TL) Avg. Payout Ratio: 90%* 77% 101% 79% 66% 64% 87% 89% 15.2 13.6 102% 14.815.2 13.3 Bubill. I 5.03.9 5.8 4.8 3.9 3.2 2.5 2.9 3.0 33% 1.6 5.8 0.0 10.2 6.5 7.26.2 2.1 0.0 0.0 0.0 EPS DPS 0% Dividend Payout 10. 0% 0.00 0% Strategic Transition Dividend Plan 80% Our new business model enables us to pay ~80% average dividends and we will remain as a high dividend payer 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2025- 2035 *Years without dividend payments are not taken into account. Dividend payout ratio is calculated according to distributable net income based on statutory accounts Sep-22 Appendix Investor Presentation www.tupras.com.tr 54#55Tüpraş - Ratings Tüpraş BIST Corporate Governance Rating Score Credit Rating Scores Overall 95.8 Foreign Currency Fitch Ratings MOODY'S S&P Global Long Term Ratings Tüpraş B (Negative) B3 (Stable) Shareholders 95.5 Turkey B (Negative) B3 (Stable) B+ (Negative) Koç Holding B3 (Stable) B+(Negative) Transparency 97.2 Stakeholders Board 99.5 94.6 0 25 50 75 100 *data as of May 2022 Source: SAHA Corporate Governance and Rating Services Inc. (October 2021) Sep-22 Investor Presentation Appendix www.tupras.com.tr Analyst Recommendations 27% Buy Hold Sell 73% Source: Bloomberg* 55#56Tüpraş Production Flow and Yield Breakdown • Tüpraş has 30 million tons of production capacity Tüpraş operates 4 refineries with an integrated system optimization program Key Units # of Units Capacity (m³/d) CRUDE OIL 8 99,420 Flow Diagram LPG MEROX LPG, 3.5% Gasoline Naphtha, 22.0% VACUUM DIST. 8 42,752 HYDROCRACKER 4 18,032 ISOMER. NAPHTHA SPLITTER Benzen Saturation UNIFINER REFORMER UNIFINER 5 REFORMER ISOMERATION 3 7,804 TUT 5252 5252 5252 5252 Jet Fuel/ Kerosene 16.5% 16,225 KERO/DIESEL (HDS) ہے کا کی KERO/DIESEL 9 37,265 (HDS) 55 2 FCC FCC Gasoline HDS Diesel, 33.9% FCC 2 4,650 VACUUM DIST. COKER 1 9000 Multiple distillation HYDROCRACKER ΝΑΡΗΤΑ 8 SPLITTER and production units Lube Oil LPG MEROX 6 COKER Bitumen Lube Oil, 0.5% Bitumen & Fuel Oil, 19.9% Other, 3.8% Sep-22 Investor Presentation Appendix www.tupras.com.tr 56#57RUP Feedstock and Production · Residuum Upgrade Plant (RUP) was completed in 2015 and it is the main conversion unit of Tüpraş. First periodic maintenance was completed in Q2 2019. Sep-22 Investor Presentation Appendix Natural Gas ~0.25 mt Vacuum Resid ~1.2 mt Atm. Resid ~3.0 mt Total Processing ~4.50 mn tons www.tupras.com.tr ☐ Diesel 2.883 Gasoline 522 LPG 69 PetroCoke 690 Sulphur 86 Total Output ~4.25mntons 57#58LPG and Naphtha Cracks $/bbl LPG Naphta 5yr range 2022 2021. - 5 yr ave 5yr range 2022 2021 5 yr ave 5 -0.3 5 0 -2.1 -3.2 0.3 0.9 -4.2 0.2 -2.7 0.1-1.0 -4.5 -3.6 -5 -8.1 17.2 -5 -10.0 -11.4 -10 -10.5 -13.7 -15.8 -15.7 -15 17.2 -17.7 -19.6 -15 -21.4 -18.9 -20 -23.2 -25 27.7 -29.2 -24.0 -25 -29.5 -30 -35 -35 -41.7 -42.2 -45 -43.0 -40 -30.8 [ -40.8 -30.7 -52.8 -45 -55 1 2 3 4 5 6 7 8 9 10 11 -53.589 12 1 2 3 4 5 6 7 8 9 10 11 12 data as of 31 August 2022 and 5 yearrange refers to :2017-2021 Sep-22 Appendix Investor Presentation www.tupras.com.tr 58#59Koç Holding Turkey's Leading Investment Holding Company Koç Holding is Turkey's largest industrial and services group • ⚫ The only Turkish company in Fortune Global 500². ~8 ~7% Pioneer in its Sectors Leading positions with clear competitive advantages in sectors with long-term growth potential such as energy, automotive, consumer durables and finance. Notes Data as of YE21 (1) 2021 Report (based on consolidated revenues) (2) 2021 report (based on consolidated revenues) Sep-22 Appendix Investor Presentation www.tupras.com.tr Combined Revenues/ GDP1 Total Exports/ Turkey's Exports ~21% Koç Group's Market Cap/ Borsa Istanbul 100 Index Koç 59#60Investor Presentation Tüpras Koç Latest Webcast Sustainability Report Strategic Transition Plan [email protected]