INVESTOR PRESENTATION

01REFINING INDUSTRY

02COMPANY OVERVIEW

03KEY FINANCIALS

04INVESTMENTS

CONTENTS

01 Refining Industry

26,0

50,7

40,3

56,3

49,2

47,5

53,4

52,6

25

30

35

40

45

50

55

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-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)

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 stabilised yet

Increase in Libya, Brazil, Nigeria & Canada prod.

High crude exports of OPEC

4

-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 Change

5

Tho

usa

nd

Bar

rels

/Day

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

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

2,93,5

0

2

4

6

8

10

2010 2011 2012 2013 2014 2015 2016 2017ACT

GDP Forecast (Million USD)

127

134 176

213

0

50

100

150

200

250

2014 2015 2020 2030

Car ownership per thousand people

67%

6Source: EMRA, TSI

1.4% growth in last 5 yrs

2002-2014 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

2,5

Competitive Advantages of Tüpraş

7

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

8Kaynak: Platts*As of 24th May,2017

Middle Distilatte Cracks ($/bbl)

7,67,27,8 8,6

7,3

10,0

10,4 11,110,0

11,210,6

0

4

8

12

16

20

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

Diesel2014 2015 2016 2017

8,0

6,67,6 7,7

6,7

9,1

9,5 10,18,9

10,29,5

0

4

8

12

16

20

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

Jet Fuel

9

Light Distilatte Cracks ($/bbl)

-7,9

-11,7

-7,3

-7,3

2,4

-4,0

-0,5

-0,7

-2,2 -2,0

-2,9

-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

-19,7

-50

-40

-30

-20

-10

0

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

LPG

15,718,6

12,811,9

13,514,1

12,2

15,913,6

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 24th May,2017

Quarterly Product Crack Margins ($/bbl)

10

14,4

11,210,7

9,4

7,3 7,7 7,9

10,29,5

6

8

10

12

14

16

Q1 Q2 Q3 Q4

Jet Fuel

2015 2016 2017

15,715,2

14,6

10,8

7,9

9,2 8,9

11,210,5

6

8

10

12

14

16

Q1 Q2 Q3 Q4

Diesel2015 2016 2017

13,0

19,418,9

13,5

15,2

14,5

10,9

12,8

13,3

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

-16

-14

-12

-10

-8

-6

-4

Q1 Q2 Q3 Q4

Fuel Oil2015 2016 2017

Crude Price Differentials ($/bbl)

11

-12

-8

-4

0

Price Differentials

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

Brent

-1,2-1,5

-1,7

-1,1-1,4

-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

*As of 24th May,2017

4,10

4,58

4,40

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

2014

2015

2016

Jet Fuel

Turkish Consumption (Million tons)

17,43

20,56

22,31

10 12 14 16 18 20 22 24

2014

2015

2016

Diesel

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

0,54

0,60

0,58

0,10 0,20 0,30 0,40 0,50 0,60

2014

2015

2016

Fuel Oil*

Source: EMRA*bunker excluded.

+8.5 %

12

+15.8 %

+9.1 %

+6.5 %

-18.5%

-3.5%

+12 %

-4%

0,93

0,83

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

2016

2017

Jet Fuel

3 Months 2017 - Turkish Consumption (Million tons)

4,69

4,94

1,0 2,0 3,0 4,0 5,0 6,0

2016

2017

Diesel

0,47

0,48

0,10 0,15 0,20 0,25 0,30 0,35 0,40 0,45 0,50

2016

2017

Gasoline

0,21

0,19

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

2016

2017

Fuel Oil*

Source: EMRA*bunker excluded.

13

+5.5 % -10.2%

+2.1% -10.8%

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

16

Tüpraş Refining Assets & Distribution Network

İzmir

İzmit

Ankara

İstanbul

Kırıkkale

Batman

Kirkuk

Baku

MARMARA

Black Sea

Terminal Refinery

OPET

Giresun

Terminal

OPET

Mersin

Terminal

OPET

Antalya

Terminal

OPET

Marmara

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

Kırıkkale

• 5.0 MT Capacity

• NC: 6.32

• Storage Capacity: 1.4 mn m3

İzmit

• 11.0 MT Capacity

• NC: 14.5

• Storage Capacity: 3.0 mn m3

İzmir

• 11.0 MT Capacity

• NC: 7.66

• Storage Capacity:2.5 mn m3

• Base oil 400 k tons

Batman

• 1.1 MT Capacity

• NC: 1.83

• Storage Capacity:0.25 mn m3

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

18

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

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

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>

19

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

5,13

-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

MonthAnnual

Med Complex

20

9,6210,55

11,8611,22

13,26

2,453,21

6,47 6,03

8,65

1,67 1,95

4,833,97

5,01

0

4

8

12

16

2013 2014 2015 2016 2017Q1

Tüpraş Gross Margin Tüpraş Net Margin Med Margin

5,6

6,97,3 7,4

6,6 6,77,2 7,4

7,1

0

2

4

6

8

Q1 Q2 Q3 Q4

Min / Max 2007/2015

2015

2016

2017

Capacity Utilisation* (%)6

5,1

80

,7

94

,5 99

,9

2,9

5,2

5,2

6,5

68,0

85,9

99,7

106,4

40

60

80

100

120

2014 Q1 2015 Q1 2016 Q1 2017 Q1

Crude Oil Other

Quarterly Production Volume (Mn Tons)

Production

21

+6.7%

*Nameplate capacity calculated by standard 330 days of operations.

Gasoline21%

Naphtha1%

Jet16%

ULSD36%

Other5%

Coke3%

Fuel Oil12%

ASRFO+Vac1%

Bitumen5%

Gasoline22%

Naphtha1%

Jet15%

ULSD30%

Other6%

Coke2%

Fuel Oil13%

ASRFO+Vac2%

Bitumen9%

1st Quarter Product Yields

22

Light Distil.22,4%

Mid. Distil.45,4%

Other 6,1%

Black Prod.26,1%

White Product 77,97%Production : 7,1 mn tons

API: 31,08

White Product 72,94%Production : 6,6 mn tons

API: 31,14

% +5,0

20172016

+6,3

-0,7

Light Distil.22,0%

Mid. Distil.51,7%

Other 5,4%

Black Prod.20,9%

-5,2 -0,4

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

0,430,29

0,420,63 0,91 0,79

1,08 1,16

0,510,90 0,87

0,39 0,430,45

0,440,46

0,520,55 0,54

0,60 0,64

0,44

0,50 0,521,481,73

2,272,33 1,66

2,23

2,75

1,83

2,62 2,94

1,73

2,59 2,87

2,93,3

4,1 3,93,5

4,6

5,4

4,3

5,8 6,0

3,6

5,1 5,3

0

1

2

3

4

5

6

7

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

Domestic sales of selected productsJet Fuel

Bitümen

Gasoline

Diesel

Tüpraş Sales (Million Tons)

23

Q1 Q2 Q3 Q4

3,6 3,95,1 5,0

4,15,4

6,4

4,9

6,8 6,9

4,3

6,2 6,4

1,11,7

1,8 2,3

0,9

1,91,3

1,5

1,2 1,2

1,8

1,7 1,3

4,7

5,6

6,97,2

4,7

7,37,7

6,4

7,9 8,1

6,1

7,9 7,6

0

2

4

6

8

10

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

Total SalesDomestic

Export

Q1 Q2 Q3 Q4

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 Q1

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

RUPTotal Investment: 3,1 Billion $Total Incentive: 3,78 Billion TLRemaining : 3,18 Billion TL

03 Key Financials

26

Financial Highlights (mn $)

95 79 150 150 114

427

153 78-27

415237

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

309 435

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

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

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

0,00

0,10

0,20

0,30

0,40

0,50

2011 2012 2013 2014 2015 2016 Q1 2016 1H 20169M

2016 2017Q1

Return on Average Equity

Net Debt /EBITDA 0,77 2,39 4,92 1,70 1,54 1,08

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

0

1

2

3

Cash & Equivalents (Billion $)

0,93

0,71

0,52 0,51

0,09

0,20

0,66

1,07

0,88

0,70

0,91

0,75

0,91

1,09

0,0

0,4

0,8

1,2

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 2,89 2,95

0,50,9

0,3 0,3 0,30,4 0,5 0,6 0,6

1,0 1,21,1

0,56 0,633,1

3,7

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

3,9 4,0 4,2

3,45 3,57

0

1

2

3

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

0

1

2

3

4

Payables (Billion $)

Tüpraş Balance Sheet

28

Million USD 31.03.2017 31.12.2016 Diff. % Diff.

Current Assets 4.529 3.884 645 17Cash & Equivalents 2.017 1.719 298 17

Receivables 1.088 911 177 19Derivatives 10 10 0 5Inventories 1.209 1.025 184 18

Pre-paid expenses 19 28 -9 -33Other Current Assets 186 190 -4 -2

Long Term Assets 4.827 4.987 -160 -3Financial Assets & Subsidiaries 252 264 -12 -4

Fixed Assets 3.224 3.338 -113 -3Derivatives 109 105 4 4

Pre-paid expenses 77 68 9 14Deferred Tax 874 917 -43 -5

Other Long Term Assets 290 296 -6 -2

Total Assets 9.356 8.871 485 5

Short Term Liabilities 4.315 3.597 718 20

Financial Loans 626 556 69 12

Payables 2.619 2.020 599 30

Derivatives 12 8 3 39

Deferred Incomes 1 4 -3 -79

Provisions 31 18 13 70

Other ST Liabilities 1.027 990 37 4

Long Term Liabilities 3.004 2.953 51 2

Financial Loans 2.946 2.892 54 2

Payables & Provisions 56 59 -3 -5

Derivatives 1 1 0 32

Other LT Liabilities 2 2 0 1

Equity 2.013 2.298 -285 -12

Minority Interests 23 22 1 4

Total Liabilities 9.356 8.871 485 5

Dividends (TRY)

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

The policy is to distribute all the “net

distributable profit for the period”

Foreign Currency

Long Term

Tüpraş BBB- (IG) Ba1

Turkey BBB-(IG) Ba1 (-) 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 (31 March 2017)

31*Cash flow hedge(CFH) accounting : 1,403 mn $

ConsolidatedAssets

ConsolidatedLiabilities

LT Financials: 2,610

RUP Loans: 1,260

Eurobond: 700

Other credits 651

ST Financials 522

• RUP 296

Payables

957

Forward & CFH

1,636

Stock

1.166

Receivables & otherassets

26

Cash

1.242

Million $

-20 million $

Future Expectations

Brent PriceEstimation

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

Med Complex Margin

We expect Med Complex margins to be between 4.0 –4.5 dollars per barrel band in 2017.

TüpraşNet Margin

Net Tüpraş refinery margin is expected to be in the region of 5.75 – 6.25 dollars per barrel

Capacity Utilisation

Expectations for 2017;

• Full Capacity Utilization

• Production: ~ 29.2 million tons

• Total sales: 30.6 million tons

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

InvestmentRefining CAPEX is expected to be 225 Million dollars. Additionally, 125 million dollar investment is planned for increasing the marine tanker fleet capacity.

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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.