INVESTOR PRESENTATION

1

01REFINING INDUSTRY

02COMPANY OVERVIEW

03KEY FINANCIALS

04INVESTMENTS

CONTENTS

2

01 REFINING INDUSTRY

3

26,0

50,7

40,3

56,3

49,2

47,5

53,4

44,3

52,4

25

30

35

40

45

50

55

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

PROS

OPEC & Non OPEC Supply Cut

Healthy PMI data in US, Europe and China

Expectation of high global GDP

Protests in Venezuela

Inventory levels

Brent Crude Oil Prices ($/bbl)

4

CONS

Increase in number of rigs & production in US

Concerns about the impact of OPEC & Non

OPEC production cuts

Supply is still in line with demand, inventory

drawbacks has not stabilized yet

Increase in Libya, Brazil, Nigeria & Canada prod.

High crude exports of OPEC

-3.000

-2.000

-1.000

0

1.000

2.000

3.000China India Middle East Other Asia Other Japan North America Europe

810 640

160 195 52-255

-543 -486

334

150

340 135

-145

-109 -266

160

250

18184

180

-240

65

-421

530

526

302

-775

-546

520

400

120

390

-140

305

-352

270

510

198

-443

63

-189

244

300 417

150

40

-130

364

-57

70

156

-220

76

-143

105

-268

Th

ou

san

ds

2009 2010 2011 2012

2013 2014 2015 2016

Refinery Capacity ChangeTh

ou

san

dB

arre

ls/D

ay

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2012 2013 2014 2015 2016 2017 2018 2019 2020

1.678 1.790

1.041

1.685

407

1.335

679

1.082 1.080

Source: Tüpraş, Reuters, Reports

Gross Capacity Additions

5

Turkish Economy Strengths

7980

8181

82

76

78

80

82

84

2016 2017 2018 2019 2020

Population (mn)

0-40 yrs >65%

9,28,8

2,1

4,2

3,0

4,0

2,9

5,0

0

2

4

6

8

10

2010 2011 2012 2013 2014 2015 2016 2017Q1

GDP Forecast (Million USD)

127

134 176

213

0

50

100

150

200

250

2014 2015 2020 2030

Car ownership per thousand people

67%

Source: EMRA, TSI

1.4% growth in last 5 yrs2002-2014 4.9%2010-2014 5.4%

22

23

24

25

26

20

21

22

23

24

25

26

27

2016 2017 2018 2019 2020

Diesel Consumption 3.5%

annual

growth8.7% average growth in last 5 yrs

6

Competitive Advantages of Tüpraş

Added Value

Created by Tüpraş

Best Fit for the Market with high diesel yield

High Complexity of Tüpraş

Presence in all overTurkey through

refineries and terminals

Local Market Dynamics

High Growth

Short on Diesel

Import Parity Pricing(Freight advantage of

Tüpraş)

Cost Base of Tüpraş

Energy Efficient

Crude Oil & FeedstockCost Advantage

Economies of Scale

7

8

Middle Distillate Cracks ($/bbl)

Kaynak: Platts*As of 10th Aug,2017

14,8

7,67,27,8 8,6

7,3

10,010,4

11,110,0

11,210,6

10,412,4

13,3

0

4

8

12

16

20

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

Diesel2014 2015 2016 2017

15,1

8,06,6

7,6 7,76,7

9,1

9,5 10,18,9

10,29,5 10,1

11,7

12,6

0

4

8

12

16

20

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

Jet Fuel

Light Distillate Cracks ($/bbl)

-7,9

-11,7

-7,3

-7,3

2,4

-4,0

-0,5

-0,7

-2,2 -2,0-3,2 -3,0

-2,2-1,6

-12

-8

-4

0

4

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

Naphta

-46,0

-31,0

-4,7-2,2

-21,9

-17,2

-12,2-10,2

-19,5

-19,8

-14,9

-20,5

-15,8

-50

-40

-30

-20

-10

0

Jan Feb Mar Apr May Jun July Agu* Sep Oct Nov Dec

LPG

9,8

15,7

18,6

12,811,9

13,514,1

12,2

15,913,7 13,4

14,3

15,3

0

6

12

18

24

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

Gasoline2014 2015 2016 2017

Kaynak: Platts*As of 10th Aug,2017

9

Quarterly Product Crack Margins ($/bbl)

10

14,4

11,210,7

9,4

7,3 7,7 7,9

10,29,5 9,9

6

8

10

12

14

16

Q1 Q2 Q3 Q4

Jet Fuel

2015 2016 2017

13,0

19,418,9

13,5

15,214,5

10,9

12,8

13,314,3

10

12

14

16

18

20

Q1 Q2 Q3 Q4

Gasoline2015 2016 2017

-11,6 -12,0

-13,1

-12,5

-13,2

-15,0

-10,6

-5,7

-9,1

-7,0

-16

-14

-12

-10

-8

-6

-4

Q1 Q2 Q3 Q4

Fuel Oil2015 2016 2017

15,715,2

14,6

10,8

7,99,2 8,9

11,210,5 10,7

6

8

10

12

14

16

Q1 Q2 Q3 Q4

Diesel

2015 2016 2017

Crude Price Differentials ($/bbl)

11

-12

-8

-4

0

Price Differentials

Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy

Brent

-1,23 -1,46

-1,73

-1,12 -1,37

-0,96

-4

-3

-2

-1

0

1

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2012-2017 Differental Range 2015 2016 2017

Ural DifferentialsBrent

Turkish Consumption (Million tons)

17,43

20,56

22,31

10 12 14 16 18 20 22 24

2014

2015

2016

Diesel

4,10

4,58

4,40

0,0 1,0 2,0 3,0 4,0 5,0

2014

2015

2016

Jet Fuel

1,92

2,10

2,23

0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2

2014

2015

2016

Gasoline

0,71

0,60

0,58

0,0 0,2 0,4 0,6 0,8

2014

2015

2016

Fuel Oil*

12Source: EMRA*bunker excluded.

+8.5 %

+15.8 %

+9.1 %

+6.5 %

-14.6%

-3.5%

+12 %

-4%

1,73

1,60

0,0 0,5 1,0 1,5 2,0

2016

2017

Jet Fuel

-7,5%

5 Months 2017 - Turkish Consumption (Million tons)

8,46

8,91

0,0 1,5 3,0 4,5 6,0 7,5 9,0

2016

2017

Diesel

0,84

0,85

0,0 0,2 0,4 0,6 0,8 1,0

2016

2017

Gasoline

+2.1%

0,29

0,24

0,00 0,05 0,10 0,15 0,20 0,25 0,30 0,35

2016

2017

Fuel Oil*

Source: EMRA*bunker excluded.

13

+5.4%

-18.3%

Turkey’s Import / Export Balance (Net) (Million Ton)

-3,0

2,1

-10,0

1,5

-3,0

2,5

-10,8

1,6

-3,1

2,4

-12,0

1,0

-3,1

2,5

-12,7

1,8

-3,0

3,0

-12,3

1,6

-3,4

2,8

-13,0

0,3

-14

-12

-10

-8

-6

-4

-2

0

2

4

LPG Gasoline Diesel Fuel

2011 2012 2013 2014 2015 2016

Export

Import

14

02 COMPANY OVERVIEW

Kırıkkale

• 5.0 MT Capacity

• NC: 6.32

• Storage Capacity: 1.41

mn m3

Tüpraş Refining Assets & Distribution Network

İzmir

İzmit

Ankara

İstanbul

Kırıkkale

Batman

Kirkuk

Baku

Terminal Refinery

OPETGiresun Terminal

OPETMersin Terminal

OPETAntalya Terminal

OPETMarmara Terminal

Total Capacity: 28.1 mn. tonNelson Complexity: 9.5Tüpraş Storage Cap.: 7.2 mn. mᶟOPET Storage Cap.: 1.1 mn. mᶟ

19,392 m3 240,000 m3

721,000 m343,130 m3

İzmit

• 11.0 MT Capacity

• NC: 14.5

• Storage Capacity: 3.03

mn m3

İzmir

• 11.0 MT Capacity

• NC: 7.66

• Storage Capacity:2.51 mn m3

• Base oil 400 k tons

Batman

• 1.1 MT Capacity

• NC: 1.83

• Storage Capacity:0.25

mn m3

Crude Pipeline

Tüpraş; 7.228; 58%

Distribution Companies; 5.241;

42%

TurkeyStorage Capacity

16

OPET

1.524 Stations

Market positions: 18.9% in White product; 10.5% in black product

1.1 Million M3 Storage

• Marmara, Aegean, Black Sea & Mediterranean

International Trading

• London

Jet Fuel Sales

• Turkish Airlines JV

• 66% Market Share

Lubricants

• Fuchs JV

2nd Biggest Distribution Companyby Volume

• # 1 Brand Royalty Award

17

Tüpraş Share 40.0%

DİTAŞ, Marine Transport

•Crude• 2001

• 164,9 K DWT

Cumhuriyet

•Products• 2008

• 10,98 K DWT

Sevgi

•Products• 2009

• 10,87 K DWT

Gönül

• Products• 2012• 51,5 K DWT

Suna

•Products• 2011

• 6,3 K DWT

Leyla

• Bitumen

• 2x20 K DWT

• Esra 2014

• Aylin 2015

Esra & Aylin

•Products

•2009

•10,9 K DWT

Caroline

• Products

• 2009

• 11,5 K DWT

Nevbahar

DİTAŞ Financials 2016 (mn $)

Net Sales 151,3

Op. Profit 40,5

13 tugboats

10 mooring boats

2 service boats

1 pilot boat

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

19,314,8

6,4 4,8 6,69,3

2,6

3,1

3,13,5

5,2

5,9

21,9

18,0

9,68,4

11,8

15,2

0

5

10

15

20

25

2011 2012 2013 2014 2015 2016

Mill

ion

Ton

s

Crude Oil Product

18

Tüpraş Share 79.98%

Crude Suppliers of TÜPRAŞ (Million Tons)

9,7

2,1

2,0

2,4

3,1

1,1 0

,1

0,0

0,3

7,2

2,0

2,8 2

,3

3,8

1,5

0,3

1,0 0

,6

5,1

1,5

2,9 2

,4

6,1

1,5

0,3

0,7

0,6

5,3

0,6

1,9

2,4

5,7

1,6

0,2

0,1

2,6

5,4

7

3,1

1

2,3

9

2,5

7

11

,54

0,5

9

0,3

0

0,0

0 1,4

3

6,9

8

3,2

4

2,2

6

2,5

8

9,2

5

0,6

0

0,0

3

0,0

0

2,8

0

0

2

4

6

8

10

12

I RAN RUSSI A S. ARABI A TURK EY I RAQ K A Z A K STA N I TAL Y L İ BYA OTHER

2011 2012 2013 2014 2015 2016 19

In 2016, Tüpraş purchased 18 different types of crude oil from 10

countries, with gravities ranging between 19-48 API

6,3%

41,7%

52,0%

Crude Type - 2016

>34 30-34 30>

Margin Environment ($/bbl)

Premium to the benchmark Mediterranean

peers’ refining margin due to:

► Refined products deficit characteristic to

the Turkish market

► Access to cheaper sources of crude oil

Ability to use heavier and sour crudes

► Proximity to major suppliers

Reduces transport costs

► Implemented cost reduction measures

Energy efficiency programs

► Capacity to produce higher value

added range of refined products

► Direct pipeline connections with

domestic clients

► High export capability

5,54

1,95

2,89

1,17

4,21

1,671,95

4,83

3,97

5,52

-0,5

1,5

3,5

5,5

7,5

9,5

J-08

A-0

8

J-08

O-0

8

J-09

A-0

9

J-09

O-0

9

J-10

A-1

0

J-10

O-1

0

J-11

A-1

1

J-11

O-1

1

J-12

A-1

2

J-12

O-1

2

J-13

A-1

3

J-13

O-1

3

J-14

A-1

4

J-14

O-1

4

J-15

A-1

5

J-15

O-1

5

J-16

A-1

6

J-16

O-1

6

J-17

A-1

7

J-17

MonthAnnual

Med Complex

20

9,610,6

11,911,2

12,7

2,453,21

6,47 6,03

8,20

1,67 1,95

4,833,97

5,41

0

4

8

12

16

2013 2014 2015 2016 2017H1

Tüpraş Gross Margin Tüpraş Net Margin Med Margin

5,6

6,97,3 7,4

6,6 6,77,2 7,4

7,17,8

0

2

4

6

8

10

1Q 2Q 3Q 4Q

Min / Max 2007/2015

2015

2016

2017

Capacity Utilisation* (%)

Production

21*Nameplate capacity calculated by standard 330 days of operations.

64,9

99,6 96,8108,9

4,1

4,4 5,2

7,6

69,0

104,0 102,0

116,5

0

20

40

60

80

100

120

2014 Q2 2015 Q2 2016 Q2 2017 Q2

Crude Oil Other Total

Quarterly Production Volume (Mil. Tons)

Gasoline21%

Naphtha1%

Jet16%

ULSD35%

Other6%

Coke3%

Fuel Oil9%

ASRFO+Vac0%

Bitumen9%

Gasoline21%

Naphtha1%

Jet17%

ULSD31%

Other6%

Coke2%

Fuel Oil10%

ASRFO+Vac1%

Bitumen11%

1st Half Product Yields

22

Light Distil.22,5%

Mid. Distil.48,4%

Other 5,7%

Black Prod.23,4%

White Product %77,64Production : 14,88 mn tons

API: 30,71

White Product %75,59Production : 13,34 mn tons

API: 30,99

% +3

20172016

3

0,1

Light Distil.21,6%

Mid. Distil.51,4%

Other 5,8%

Black Prod.21,2%

-2,2 -0,9

Tüpraş Sales (Million Tons)

23

Q1 Q2 Q3 Q4

3,6 3,95,1 5,0

4,15,4

6,4 6,64,9

6,8 6,9

4,3

6,2 6,4

1,11,7

1,8 2,3

0,9

1,91,3 1,4

1,5

1,2 1,2

1,8

1,7 1,3

4,75,6

6,9 7,2

4,7

7,37,7

8,1

6,4

7,9

6,1

7,9 7,6

0

2

4

6

8

10

14 15 16 17 14 15 16 17 14 15 16 14 15 16

Total Sales

Domestic

Export

Q1 Q2 Q3 Q4

0,76 0,86 1,00 0,83 0,98 1,26 1,23 1,13 1,18 1,50 1,27 0,91 1,13 1,010,23 0,27 0,43

0,29 0,420,63 0,91 0,92 0,79

1,08 1,16

0,510,90 0,87

0,39 0,430,45

0,440,46

0,520,55 0,57 0,54

0,60 0,64

0,44

0,50 0,521,481,73

2,272,33 1,66

2,232,75 2,80

1,83

2,62 2,94

1,73

2,59 2,872,86

3,29

4,153,89

3,52

4,64

5,44 5,42

4,34

5,80 6,01

3,59

5,12 5,27

0

1

2

3

4

5

6

7

14 15 16 17 14 15 16 17 14 15 16 14 15 16

Domestic sales of selected productsJet Fuel

Bitümen

Gasoline

Diesel

274355 400

186 177

628

974

1.213

959

344213

46,6

*125

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1

Investments (mn $)

24

Ongoing Projects

•New Power Plant

•Revamp of Crude Unit

•FCC Modernization

•New Sulphur Units

•Energy Saving Projects

•Optimization of

conversion units

Avg 943 mn $

Avg 278 mn $Avg. 279 mn $

• 9.5 Nelson complexity• High white product yield• Process more heavier and sour

crudes• Run all refineries with 100% capacity utilization RUP

Total Investment: $ 3,2 Billion Total Incentive: TL 3,78 Billion Remaining: TL 3,18 Billion

03 KEY FINANCIALS

26

Financial Highlights (mn $)

95 79 150 150 114

427153 78

-27

415237

431

361315 226

410

294

10689

-11

422

480715560

338

1.397

1.125

-200

200

600

1.000

1.400

2012 2013 2014 2015 2016 2017

EBITDA

16172

231112

27

23575

75

171273

113

405309 435

175 268

197

27147 91

285

256

817

629 667

938

594

0

250

500

750

1.000

2012 2013 2014 2015 2016 2017

Net Income-1

.95

5

55

1

1.3

40 1.9

94

1.8

69

1.5

98

1.6

63 2.4

52

2.5

77

2.7

48

2.3

70

2.2

58

2.3

91

1.7

51

1.7

29

1.5

55

1.6

80

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

20

10

20

12

_R

20

13

20

14

Q1

20

14

1H

20

14

9M

20

14

20

15

Q1

20

15

Q2

20

15

9M

20

15

20

16

Q1

20

16

1H

20

16

9M

20

16

20

17

Q1

20

17

Q2

Net Debt

0,3

0

0,3

2

0,2

4

0,2

6

0,3

5

0,0

4 0,1

1 0,1

6 0,2

2

0,4

5

0,5

5

0,00

0,10

0,20

0,30

0,40

0,50

0,60

2011 2012 2013 2014 2015 2016Q1

20161H

20169M

2016 2017Q12017Q2

Return on Average Equity

858 640

Balance Sheet Analysis

27

1,72 1,69

1,30

1,64 1,68

1,211,04

0,821,04

1,64 1,59

2,45

1,72

2,02

1,58

0

1

2

3

Cash & Equivalents (Billion $)

0,93

0,71

0,52 0,51

0,090,20

0,66

1,07

0,88

0,70

0,91

0,75

0,91

1,091,15

0,0

0,4

0,8

1,2

1,6

Receivables (Billion $)

2,6 2,8 2,9 2,9 3,0 3,3 3,1 3,0 2,8 2,9 2,8 3,1 2,892,95

2,1

0,5

0,90,3 0,3 0,3

0,4 0,5 0,60,6

1,0 1,21,1

0,56 0,63

1,1

3,1

3,7

3,2 3,2 3,33,7 3,6 3,6 3,4

3,9 4,04,2

3,45 3,573,3

0

1

1

2

2

3

3

4

4

5

Financial Loans (Billion $)

LT Loans ST Loans

3,2

2

3,1

0 3,2

8

3,0

4

2,4

6

1,7

4

1,7

0

1,5

9

1,3

6

1,2

3

1,6

9 1,9

8

2,0

2

2,6

2

2,1

9

0

1

2

3

4

Payables (Billion $)

Tüpraş Balance Sheet

28

Million USD 30.06.2017 31.12.2016 Difference % Difference

Current Assets 4.317 3.884 434 11

Cash & C. Equivalents 1.580 1.719 -140 -8

Receivables 1.151 911 240 26

Derivatives 96 10 86 872

Inventories 1.194 1.025 169 16

Pre-paid expenses 33 28 6 20

Other Current Assets 264 190 73 39

Long Term Assets 4.983 4.987 -4 0

Financial Assets & Subsidiaries 279 264 15 6

Fixed Assets 3.345 3.338 8 0

Derivatives 23 105 -82 -78

Pre-paid expenses 92 68 24 35

Deferred Tax 944 917 27 3

Other Long Term Assets 300 296 4 1

Total Assets 9.300 8.871 430 5

Short Term Liabilities 4.534 3.597 937 26

Financial Loans 1.142 556 586 105

Payables 2.186 2.020 166 8

Derivatives 16 8 8 92

Deferred Incomes 1 4 -3 -79

Provisions 37 18 18 98

Other ST Liabilities 1.152 990 162 16

Long Term Liabilities 2.182 2.953 -771 -26

Financial Loans 2.117 2.892 -775 -27

Payables & Provisions 62 59 3 6

Derivatives 1 1 0 35

Other LT Liabilities 2 2 0 0

Equity 2.558 2.298 260 11

Minority Interests 27 22 4 19

Total Liabilities 9.300 8.871 430 5

1,73

3,242,94

4,96

5,83

4,78

0

10,18

7,16

2,31 2,502,98

3,93 3,85

1,58

6,506,22

579626

746

985 964

396

1.6281.557

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

2

4

6

8

10

12

2008 2009 2010 2011 2012 2013 2014 2015 2016

Total Payout (Mn. TL)Earnings per Share Gross Dividend Total Payout

2012/2013 EPS includes the tax incentive 29

One of the highest dividend yield in BIST

In principle; as far as the related regulations, investment needs and financial situation allow, the entire amount of the “net distributable profit for the period”, calculated within the frame of the Capital Markets Regulations, is distributed in

cash – taking into consideration the market expectations, long term company strategies, investment and financing policies, profitability and cash position – as long as it is covered from the existing resources in our legal records.

Dividend

Foreign Currency

Long Term

Tüpraş BBB-(IG) Ba1 (Stab.)

Turkey BB+ (stable) Ba1 (Neg.) BB

Koç Holding Baa3- (IG) BBB (IG)

BUY67%

HOLD; 33%

Analyst Recommendations

• Tüpraş has one of the highest

Corporate Governance Ratings

92,80

97,66

92,55

95,51

94,15

B O A R D

S T A K EH O L D ER S

T R A N S P A R EN C Y

S H A R EH O L D ER S

O V ER A L L

CORPORATE GOVERNANCE RATING

30

Creating Competitive & Sustainable Shareholder Value

FX Risk Exposure (30 June 2017)

ConsolidatedAssets

ConsolidatedLiabilities

LT Financials: 1,797

RUP Loans: 1,111

Other credits 687

ST Financials 1.075

• RUP 305

•Eurobond 700

Payables

932

Forward & CFH

2,142

Stock

1.153

Receivables & otherassets

2

Cash

541

Million $

+34 million $

•A significant portion of the Group'scrude oil and refined product purchasesare denominated in US Dollars. Inaddition, the Group finances its capitalexpenditures mostly throughborrowings denominated in US Dollars.

•Natural Hedge: The Group is able tomitigate some of the impact of volatilityin exchange rates through naturalhedges: crude oil and refined productinventories are US Dollar denominatedassets.

•Cash flow Hedge: RUP Facility financingloans designated as hedginginstruments of highly probable exportrevenues.

•As a general Koç Holding financialpolicy, Group companies are allowed tokeep foreign exchange positions withincertain limits.

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Future Expectations

Brent PriceEstimation

• The average Brent price in 2017 is expected to be 50-55 dollars per barrel.

Med Complex Margin

• We expect Med Complex margins to be between

4.75 - 5.25 dollars per barrel band in 2017.

TüpraşNet Margin

• Net Tüpraş refinery margin is expected to be in the region of 7.0 – 7.5 dollars per barrel

Capacity Utilisation

Expectations for 2017;

• Full Capacity Utilization

• Production: approximately 29.2 million tons

• Imports of finished products will be minimal, as we focus on selling increased volumes of production

• Total sales: 30.6 million tons

Investment • Refining investments is expected to be 225 Million dollars. Additionally, 125 million dollars investment is planned for increasing the marine tanker fleet capacity.

32

Updated information can be found in the Investor Relations section of the company website

www.tupras.com.tr

Investor Relations and Reporting DepartmentTel. : 262 316 3269Fax : 262 316 30 10-11Güney Mah. Petrol Cad. No .25 PK.41790 Körfez-Kocaeliwww.tupras.com.trE-mail: info@tupras.com.tr

DISCLAIMER

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 a variety of 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.33