RESULTS FOR Q ANALYST TELECONFERENCE

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1 RESULTS FOR Q2 217 ANALYST TELECONFERENCE

2 Market 1 2 Operation Financials 3 2

3 Market 1 3

4 4 217 Second Quarter Market Conditions Supply Disruptions Increase in middle distillate demand High import requirements of West Africa & Latin America Healthier economic growth rates in developed countries Refining Environment Increase in global capacity utilization rates Abundance in light & sweet crudes Stock levels were still high Political Instabilities

5 Key Highlights from Q2 Beyond targets net refinery margins $/bbl 8,1 4,1 4, ,7 6,7 8,7 Net Refining Margin Apr May Jun % 116,5 Capacity Utilization Rate rose to 116.5% 14, 12, Capacity Utilization 215 Q2 216 Q2 217 Q2 Mil. $ Strong EBITDA generation 237 EBITDA *Nameplate capacity calculated by standard 33 days of operations. 5

6 5 Months Turkish Consumption (Million tons) Diesel Jet Fuel 217 8, ,6 +5.4% -7,5% 216 8, ,73,,5 1, 1,5 2,, 1,5 3, 4,5 6, 7,5 9, Gasoline Fuel Oil* 217,85 217, % -18.3% 216,84 216,29 Source: EMRA *bunker excluded.,,2,4,6,8 1,,,5,1,15,2,25,3,35 6

7 Crude Price Differentials ($/bbl) 1 Brent Differental Range Ural Differentials ,23-1,46-1,73-1,12 -,96-1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Price Differentials Brent Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy 7

8 Quarterly Product Crack Margins ($/bbl) Diesel Jet Fuel 16 15, ,2 14, , ,5 1,7 11,2 1,8 7,9 9,3 8,9 Q1 Q2 Q3 Q ,5 11,2 1,7 9,9 1,2 9,4 7,3 7,8 7,9 Q1 Q2 Q3 Q4 Gasoline Fuel Oil (3.5%) ,4 18,9 15,2 14,3 13,5 13,3 14,4 13, 12,8 1,9 Q1 Q2 Q3 Q Q1 Q2 Q3 Q4-7, -5,7-9,1-11,6-12, -1,6-12,5-13,2-13,1-15, 8

9 2 Operations 9

10 Production Capacity Utilisation* (%) Quarterly Production Volume (Mil. Tons) , 4,1 14, 12, 4,4 5,2 116,5 7,6 18,9 99,6 96,8 64,9 Crude Oil Other Total ,1 6,6 5,6 7,8 6,9 6,7 Min / Max 27/ ,3 7,4 7,2 7,4 214 Q2 215 Q2 216 Q2 217 Q2 1Q 2Q 3Q 4Q *Nameplate capacity calculated by standard 33 days of operations. 1

11 Tüpraş Sales (Million Tons) Jet Fuel Bitümen Gasoline Diesel Domestic sales of selected products 5,44 5,42 4,64 4,15 4,34 3,89 2,62 2,94 2,75 3,29 3,52 2,8 2,86 2,23 1,83 2,27 2,33 1,66,6,64 1,73,55 1,48,52,57,54 1,8,45,46,63,91 1,16,92,79,39,43,23,27,43,44,29,42,76,86 1,,83,98 1,26 1,23 1,13 1,18 1,5 1,27,91 1,13 1,1 Q1 Q2 Q3 Q4 5,8 6,1 3,59 1,73,44,51 5,12 5,27 2,59 2,87,5,52,9, ,7 1,1 Domestic Export 5,6 1,7 3,6 3,9 6,9 7,2 1,8 2,3 5,1 5, 4,7,9 4,1 7,3 1,9 5,4 Total Sales 7,7 8,1 1,3 1,4 6,4 6,6 6,4 1,5 4,9 7,9 1,2 1,2 6,8 6,9 6,1 1,8 4,3 7,9 7,6 1,7 1,3 6,2 6, Q1 Q2 Q3 Q4 11

12 Opet Station Numbers Opet Sunpet Total Q2 Market positions as of May 217: White Product: 17.9% Black Product: 1.8% 12

13 Financials 3 13

14 Med & Tüpraş Net Margins ($/bbl) ,3,1 2 nd Quarter Tüpraş Net Med Complex 7,5 4,9 5,2 3,2 7, ,8 ($/bbl) ,1,2 First Half Tüpraş Net Margin 6,2 5,4 4, 3,5 Med Margin 8,2 5,4 214 H1 215 H1 216 H1 217 H1 $ / bbl Gross Margin TÜPRAŞ Inventory Effect Clean Gross Margin Clean NET Margin Med Margin 216 Q2 1,57,9 9,67 4,31 3,2 217 Q2 12,14 -,52 12,66 8,33 5, H 9,41,37 9,4 3,66 3, H 12,68 -,3 12,71 8,24 5,41 14

15 Product Price Effect on Tüpraş in Q2 (FOB Italy Prices) Product Price, $/ton Tüpraş Crack Margin, $/bbl Q Product Yield % LPG 356,7 293,6 3,7% -18,1-19,4 Gasoline 52,76 486,65 19,7% 14,3 14,4 Naptha 417,26 379,49 1,8% -2,7-2,7 Jet Fuel 469,95 419,55 18,1% 9,9 7,8 Diesel 45,79 48,16 29,2% 1,7 9,3 Diesel 1 437, ,8% 9, 8, Fuel Oil 1% 297,69 213,86,5% -3,9-12,6 Fuel Oil 3,5% 277,98 198,42 6,% -7, -15, Diğer 26,2 198,76 16,3% -6,7-12,6 Total Crack Margin,$/bbl 97,% 5,67 3,31 Dated Brent Avg. $/Bbl 49,8 45,6 Margin Differences, $/bbl 2,35 Total Raw Materials Charge, mn Barrel 51,9 Total Effect of Product Price, mn $ 122,3 Total Effect of Price Ratio, mn TL 437,7 15

16 Income Statement (In TL) 2Q 2Q % Diff. Million TL 6 M M 217 % Diff Net Sales Gross Profit Operating Expenses Income/Loss from other operations Operating Profit Operating Profit Before Fin. Income/Loss Financial Income Finance Expenses Profit Before Tax & Minorities Net Profit , ,4 124,1 EBITDA *(mn. TL) 1.23, ,4 24,6 376, ,7 359,3 EBITDA* (mn. TL) CCS 766, ,6 29,4 628,5 1.62, 158 EBITDA (mn.tl)-cmb 1.36,6 3.74,5 196,6 316,6 1.86,3 47,6 EBITDA (mn.tl)-cmb- CCS 779,8 2.95,7 278,4 16

17 Income Statement (In USD) 2Q 2Q % Diff. Million USD 6 M M 217 % Diff Net Sales Gross Profit Operating Expenses Income/Loss from other operations Operating Profit Operating Profit Before Fin. Income/Loss Financial Income Finance Expenses Profit Before Tax & Minorities Net Profit ,8 43,9 82, EBITDA *(mn. $) 35,6 857,6 144,6 119,7 483,3 33,6 EBITDA* (mn. $) CCS 256, 826,9 223, 216,6 451,8 18,6 EBITDA (mn.$)-cmb 355,1 845,8 138,2 99,5 54,2 46,7 EBITDA (mn.$)-cmb- CCS 26,5 815, 212,9 17

18 _R Q H 214 9M Q1 215 Q M Q H 216 9M Q1 217Q2,4,11,16,24,22,26,3 551,32, ,45,55 Financial Highlights (mn $) EBITDA Net Income Net Debt Return on Average Equity 3. 2.,6,5 1.,4, ,2,1, Q H 216 9M Q1217Q2 18

19 Balance Sheet Analysis 3,22 3,1 3,28 3,4 2,46 1,74 1,7 1,59 1,36 1,23 1,69 1,98 2,2 2,62 2, ,72 1,69 1,3 Cash & Equivalents (Billion $) 1,64 1,68 1,21 1,4 1,4,82 1,64 1,59 2,45 2,2 1,72 1,58 1,6 1,2,8,4,,93,71,52,51 Receivables (Billion $),9,2,66 1,7,88,7 1,9 1,15,91,91,75 Financial Loans (Billion $) Payables (Billion $) ,1,5 3,7 3,2 3,2 3,3 3,7 3,9 4, 4,2 3,6 3,6 3,4,9,3,3,3,4,5,6 1, 1,2 1,1 3,45 3,57 3,3,6,56,63 1, ,6 2,8 2,9 2,9 3, 3,3 3,1 3, 2,8 2,9 2,8 3,1 2,892,95 2,1 1 1 LT Loans ST Loans 19

20 Tüpraş Balance Sheet Million USD Difference % Difference Current Assets Cash & C. Equivalents Receivables Derivatives Inventories Pre-paid expenses Other Current Assets Long Term Assets Financial Assets & Subsidiaries Fixed Assets Derivatives Pre-paid expenses Deferred Tax Other Long Term Assets Total Assets Short Term Liabilities Financial Loans Payables Derivatives Deferred Incomes Provisions Other ST Liabilities Long Term Liabilities Financial Loans Payables & Provisions Derivatives Other LT Liabilities 2 2 Equity Minority Interests Total Liabilities

21 FX Risk Exposure (3 June 217) Consolidated Assets Consolidated Liabilities Million $ Cash 541 Receivables & other assets 2 Stock Forward & CFH 2,142 Payables 932 ST Financials 1.75 RUP 35 Eurobond 7 LT Financials: 1,797 RUP Loans: 1,111 Other credits million $ *Cash flow hedge accounting : 1,329 mn $ 21

22 217 Expectations vs First Half Results ,7 55,1 51,6 Crude Oil Price 52,53 5,42 46,52 17'1 17'2 17'3 17'4 17'5 17'6 17'7 17'8 17'9 17'1 17'11 17' ,7 81,9 84,1 74,9 CDU 14 11,3 111,6 99, ,5 11,516,4 12,5 15,3 111,5 14'Q1 14'Q2 14'Q3 14'Q4 15'Q1 15'Q2 15'Q3 15'Q4 16'Q1 16'Q2 16'Q3 16'Q4 17'Q1 17'Q The average Brent price in 217 is expected to be 55 $/bbl In H1, the average was 49,8 $/bbl Expected Capacity Utilisation in above 1 % In H1, 111,5% capacity utilisation was achieved. Tupras Net Refinery Margin Med Margin Mil. $ 4 Tüpraş Ditaş 1, 8, 8,7 8,2 3 6, 4, 2,, 5, 5,4 17 Q1 17 Q2 17 Q3 17 Q , ,8 76, H1 Net Tüpraş refinery margin for H1: 8,2 $/bbl (Target is $/bbl) Planned investments for Million dollars

23 23 Future Expectations Brent Price Estimation Med Complex Margin Tüpraş Net Margin Capacity Utilisation Investment The average Brent price in 217 is expected to be 5-55 dollars per barrel. We expect Med Complex margins to be between dollars per barrel band in 217. Net Tüpraş refinery margin is expected to be in the region of dollars per barrel Expectations for 217; 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: 3.6 million tons Refining investments is expected to be 225 Million dollars. Additionally, 125 million dollars investment is planned for increasing the marine tanker fleet capacity.

24 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. 24

25 Extras 25

26 2Q Product Yields Coke 3% Other 5% Fuel Oil 5% Other 5,4% Bitumen 13% Black Prod. 2,7% Light Distil. 22,5% Gasoline 21% Naphtha 2% ASRFO+Vac % Bitumen 12% Coke 3% Other 6% Fuel Oil 7% Other 6,2% Black Prod. 21,4% Light Distil. 21,3% Gasoline 2% Naphtha 1% Mid. Distil. 51,4% Jet 19% Mid. Distil. 51,1% Jet 17% ULSD 32% ULSD 34% White Product %78,2 Production : 6,7 mn tons API: 3,83 % -,86 White Product %77,34 Production : 7,8 mn tons API: 3,37 26

27 6M Product Yields Coke 2% ASRFO+Vac 1% Other 6% Fuel Oil 1% Other 5,7% Bitumen 11% Black Prod. 23,4% Mid. Distil. 48,4% Light Distil. 22,5% Gasoline 21% Naphtha 1% Jet 17%,1-2,2 Coke 3% Other 6% ASRFO+Vac % Fuel Oil 9% Other 5,8% Bitumen 9% Black Prod. 21,2% Mid. Distil. 51,4% Light Distil. 21,6% Gasoline 21% -,9 Naphtha 1% Jet 16% ULSD 31% White Product %75,59 Production : 13,34 mn tons API: 3,99 % +3 ULSD 35% 3 White Product %77,64 Production : 14,88 mn tons API: 3,71 27

28 Production (million tons) ,5 1,6 1, 3,1 1,8 1,3 3,8 3,8 2,3 2,5 1,6 1,3 Middle Distillate Jet Diesel 3, 2, 3,4 3,7 3,9 2,1 3,6 2,4 2,8 2,5 4, 2,7 1, 1,3 1,3 1, 1,1 1,3 2, 1,5 1,,5 1,3 1,2 1,4 1,6 1,6 1,3 Light Distillate Gasoline Naphtha 1,5 1,5 1,5 1,5 1,6 1,6 1,5 1,4 1,4 1,7 1,5 1,5 1,5 1,5 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17, Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2, 1,5 1,,5, 1,4,4 1, 1,9,7 1,1 Black Product Fuel Oil Bitumen Coke 1,5,2,9,3 1,6,2,8,5 1,7,1,6 1, 1,4 1,5 1,6 1,5,2,2,2,2,8 1, 1,,4,3,4,4,9 1,7 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17,2,9,5 34,5 33,5 32,5 31,5 3,5 29,5 28,5 27,5 Crude Oil API ,1 32,2 31,1 31,1 3,8 3,4 3,3 3,5 3,3 3,1 Q 1 Q 2 Q 3 Q 4 28

29 Product Yields 8% Middle Distillate 6% 4% 27% 34% 2% 17% 17% % Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jet Diesel 3% 25% 2% 1% 26% 27% 7% 1% Black Product 26% 21% 21% 1% 21% 22% 21% 21% 21% 3% 3% 9% 3% 3% 3% 3% 3% 3% 25% 2% Light Distillate 23% 21% 21% 22% 22% 23% 22% 21% 22% 21% 15% 1% 5% % 5% 13% 11% 13% 14% 13% 12% 18% 17% 15% 12% 5% 7% 5% 5% 5% 7% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q % 1% 5% % 22% 2% 2% 21% 22% 21% 21% 2% 21% 2% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Fuel Oil Asphalt Coke Gasoline Naphtha 29

30 Product Yields 6% 5% 46% 46% Middle Distillate 53% 52% 51% 52% 53% 52% 51% 45% 25% 2% 23% Light Distillate 21% 21% 22% 23% 22% 22% 22% 22% 2% 4% 3% 2% 28% 27% 31% 35% 3% 32% 34% 39% 36% 34% 15% 1% 22% 2% 2% 21% 22% 21% 21% 2% 21% 2% 1% 18% 19% 21% 18% 16% 19% 18% 14% 16% 17% 5% % Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jet Diesel % Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Gasoline Naphtha 3% 25% 2% 27% 26% 1% 7% 1% Black Product 26% 1% 21% 21% 21% 22% 21% 21% 21% 3% 3% 9% 3% 3% 3% 3% 3% 34,5 33,5 32,5 33,1 32,2 Crude Oil API % 1% 5% % 5% 13% 11% 13% 14% 13% 12% 18% 17% 15% 12% 5% 7% 5% 5% 5% 7% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Fuel Oil Asphalt Coke 31,5 3,5 29,5 28,5 27,5 31,1 31,1 3,8 3,4 3,5 3,3 3,3 3,1 Q 1 Q 2 Q 3 Q 4 3

31 Inventory Effect* Analysis $ million Crude Product Total Crude Product Total 1st Quarter -9-13,4-22,4 26,9 56,2 83,2 2nd Quarter 46,9 7,1 117, -3,5-21,9-52,4 Apr 7,2 16,6 23,8 1,4 4,8 6,1 May 26,3 43,3 69,6-9,8-7,4-17,2 June 13,4 1,2 23,6-22,1-19,3-41,4 6 Months 37,9 56,7 94,6-3,6 34,3 3,8 *FX effect Included, hedging excluded 31

32 32 Oil Price & Exchange Rate for Q2 6 Brent Crude Price ($/bbl) USD/TL 3, Q2 USD/TL: 2,89 Brent: 45,6 $/bbl 3,82 3,77 3,72 3,67 3,62 3,57 3,52 3, Q2 USD/TRY: 3,58 Brent: 49,6 $/bbl 3,42 3,37 3,32 3,27 3,22 3,17 3,12 3,7 3,2 2,97 2,92 2,87 2,82 2,77

33 Financial Highlights Million TL Cash Cash Equivalent 3.663, ,4 3.27,5 6.5,7 4.6,3 5.54, Total Financial Debt 6.522, 7.755, 9.919, , , ,7 Net Debt 2.858, , ,9 6.83, , ,6 EBITDA(Rolling) 1.66,1 739, , , ,6 5.49,2 Net Debt /EBITDA. 2,68 5,22 1,81 1,79 2,5 1,7 33

34 Profitability Indicators, nd Q 6M (%) (%) 45,57 49,83 9 Dtd.Brent Price, ($/bbl) 39,73 51,81 3,4 3,83 3,37-1,5 Processed Crude API 3,98 3,71 -,87 78,2 77,34 -,9 White Product Yield, (%) 75,59 77,64 2,5 3,2 5,81 81,6 Med. Complex Margin,($/bbl) 3,52 5,41 53,7 5,21 7,8 49,7 Tüpraş Net Margin,($/bbl) 4,3 8,21 13,7 169,7 412, 143 Operating Profit, (mn. $) 262,6 767,5 192,2 189,9 391,2 15,9 Operating Profit for EBITDA, (mn. $) 258,1 779,3 21,9 216,6 451,8 18,6 EBITDA (mn.$)-cmb 355,1 845,8 138,2 99,5 54,2 46,7 EBITDA (mn.$)-cmb- CCS 26,5 815, 212,9 236,8 43,9 82, EBITDA *(mn. $) 35,6 857,6 144,6 119,7 483,3 33,6 EBITDA* (mn. $) CCS 256, 826,9 223, * In our EBITDA calculation, FX related items are not included, whereas CMB calculation method includes these in operationg profit 34

35 1H Trading Activities Finished Products High Sulfur Diesel import was increased, and ULSD imports were decreased due to RUP working with fully capacity. Intermediates HVGO + LCGO imports increased for the conversion units. Product Imports, Ton* Intermediate Imports, Ton* H 216 1H HVGO + LCGO 1H 216 1H 217 ASR F.Oil 35

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