Q3 2016 INVESTOR PRESENTATION

1

01REFINING INDUSTRY

02COMPANY OVERVIEW

03KEY FINANCIALS

04INVESTMENTS

CONTENTS

01 Refining Industry

102,8

61,4

50,4

26,0

50,7

44,9

46,6

0

10

20

30

40

50

60

70

80

90

100

110

Brent Crude Oil Prices

$/Bbl

CONS

Already existing excess crude

supply

Decreasing outages in Nigeria

and Libya

Cooling of Chinese economy

High production from the OPEC

producers

Increase in the prices

encouraged swing producers

PROS

OPEC meeting in 30th November

Disruptions in Venezuela

End of refinery maintenance season

High consumption due to the lower

price environment

Upcoming increase in farming

consumption and normal weather

4

Refinery Capacity Change

810 640

160 195 52-255

-543 -486

334

150

340 13540

-145

-109 -266

160

250

181

84180

-240

65

-421

530

526

0 302

-5

-775

-546

520

400

120

390

-140

305

-352

270

510

0

198

-443

63

-189

200

880

0

309

-100

20

-218

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

China India Middle East Other Asia Other Japan North America Europe

Tho

usa

nd

Bar

rels

/Day

2009 2010 2011 2012 2013 2014 2015

Source: Tüpraş, Reuters, Reports

1.6781.790

1.0411.110

799885

1.000

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2012 2013 2014 2015 2016 2017 2018

5

Turkish Economy Strengths

79

80

81

81

82

77

78

78

79

79

80

80

81

81

82

82

83

2016 2017 2018 2019 2020

Population (mn)

0-40 yrs >65%

9,2 8,80

2,10

4,20

3,004,00

3,2

1

2

3

4

5

6

7

8

9

10

2010 2011 2012 2013 2014 2015 2016 (f)

GDP Forecast (Million USD)

20,99

21,72

22,48

23,27

24,08

20

21

22

23

24

25

2016 2017 2018 2019 2020

Diesel Consumption% 14,72

127 134

176

213

0

50

100

150

200

250

2014 2015 2020 2030

Passenger car ownership per thousand people

%67

6Source: EMRA, TSI

Tüpraş, Competitive Advantage

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

8

8,22 7,64 8,115,00

7,00

9,00

11,00

13,00

15,00

17,00

19,00

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

Jet Fuel

2014 2015 2016 T

8,89 8,659,38

12,00

5,00

7,00

9,00

11,00

13,00

15,00

17,00

19,00

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

Diesel

2014 2015 2016 T

Note: 2009-March 2016 Platts Data 6October , 2016 (November-December) estimation

PIRA-JBC

Product Crack ($/bbl)

9

Product Crack ($/bbl)

-4,09

-5,92

-14,00

-12,00

-10,00

-8,00

-6,00

-4,00

-2,00

0,00

2,00

4,00

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

Naphta

2014 2015 2016 T

9,1511,37 12,35

13,37

0,00

5,00

10,00

15,00

20,00

25,00

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

Gasoline

2014 2015 2016 T

-18,04 -18,94

-50,00

-45,00

-40,00

-35,00

-30,00

-25,00

-20,00

-15,00

-10,00

-5,00

0,00

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

LPG

2014 2015 2016 T

Note: 2009-March 2016 Platts Data 6 October, 2016 (November-December) estimation

PIRA-JBC

Quarterly Product Crack Margins ($/bbl)

102015 20162011-2014

15,214,5

10,913,0

19,418,9

13,8

Q1 Q4Q3Q2

-13,2

-15,0

-10,6

-15,7

-13,1-12,0

-11,6

Q1 Q4Q3Q2

7,3 7,7 7,99,4

11,210,7

14,4

Q1 Q4Q3Q2

15,7

15,214,6

10,18,9

9,27,9

Q1 Q4Q3Q2

Crude Price Differentials ($/bbl)

11

-12

-8

-4

0

Price Differentials, $/bbl

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

-4

-3

-2

-1

0

1

-4

-3

-2

-1

0

1

1 2 3 4 5 6 7 8 9 10 11 12

2011-2014 Min/Max 2015 2016

Ural Differentials, $/bbl

Med Complex Refining Margins

-2

-1

0

1

2

3

4

5

6

7

8

9

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

Gro

ss M

argi

n $

/bb

l

Max-Min 2004-2009 Average 2011 2012 2013 2014 2015 2016

12

Turkish Sector Outlook

One of the primary driver of demand is growing vehicle park

Auto sales continue to massively outstrip removals

Very high gasoline tax has led to LPG & Diesel substitution

In October, car and light commercial vehicle market grew by 29,2%

35,8 41,2 50,6 58,3 64,5 76,1 85,4 97,573,5 77,8

43,6 44,352,2 59,4 65,4

73,480,3

83,9

66,7 55,479,4 85,5102,8

117,6130,0

149,5165,7

181,4

140,2 133,2

0

50

100

150

200

250

300

2008 2009 2010 2011 2012 2013 2014 2015 20159M

20169M

Air Passengers - Million

Domestic

International

Jet Fuel demand will continue to grow Highly competitive liberalised market

Big infrastructure investments (3rd airport, 3rd bridge…)

Istanbul has become a hub for Turkish Airlines

Fuel Oil demand is declining Natural gas substitution

Switching is dependent on price

Long Term Asphalt Demand Growth Infrastructure investments

¹By the end of April

3,88 3,19 2,86 2,93 2,95

1,26 2,90 4,08 3,35 3,500,39

1,38

2,88 4,27 4,325,8

7,5

9,910,6 10,8

0

4

8

12

16

2005 2010 2014 2015 2016(1)

Mill

ion

un

it

Gasoline LPG Diesel Unknown

13

8 Months 2016 - Turkish Consumption (Million tons)

13,30

14,44

10 11 12 13 14 15

2015

2016

Diesel

0,89

0,93

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

2015

2016

Domestic Jet Fuel

1,39

1,49

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

2015

2016

Gasoline

0,36

0,37

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

2015

2016

Fuel Oil*

Source: EMRA

*bunker excluded.

+8.6 %

+1.5 %+6.9 %

+4,7 %

Note: Bunker Sales’ decrease -2.0%

14

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

-14

-12

-10

-8

-6

-4

-2

0

2

4

LPG Gasoline Diesel Fuel

2011 2012 2013 2014 2015

Export

Import

15

02 Company Overview

Tüpraş Refining Assets & Distribution Network

17

Batman Ref.

Capacity 1.1 mton/yNelson Comp. 1.83Storage Cap. 253,165 m3

Capacity 5 mton/yNelson Comp. 6.5Storage Cap. 1,378,223 m3

Capacity 11 mton/yNelson Comp. 14.5Storage Cap. 3,023,650 m3

Capacity 11.1 mton/yNelson Comp. 7.66Storage Cap. 3,023,650 m3

Giresun Opet Term.

Mersin Opet Term.

Antalya Opet Term.

Marmara Opet Term. Körfez Opet Term.

DİTAŞ

İzmit Ref.

Kırıkkale Ref.

İzmir Ref.

1 Crude Oil Tanker164,859 DWT1 Crude Oil/Prod.Tanker51,532 DWT5 Prod. Tankers68,089 DWT

Stroge Capacity45,450 m3

Stroge Capacity721,000 m3

Stroge Capacity19,392 m3

Stroge Capacity240,000 m3

Stroge Capacity43,130 m3

Tüpraş Total Production Capacity: 28.1

Million Ton

Nelson Complexity: 9.5

Tüpraş Storage Capacity: 7.2 million mᶟ

OPET Total Storage Capacity: 1.1 million mᶟ

OPET Tüpraş Share 40.0 %

1.457 Stations

1.024 Opet Brand

433 Sunpet Brand

1.1 Million M3 Storage

• Major Terminals in Marmara, Aegean, Black Sea & Mediterranean

International Trading

• London

Jet Fuel Sales

• Turkish Airlines JV

Lubricants

• Fuchs JV

2nd Biggest Distribution Company by Volume

• # 1 Brand Royalty Award

18

Hizmete Özel / Confidential

DİTAŞ - Marine Transportation - (Tüpraş Share 79.98%)

19,314,8

6,4 4,8 6,6 5,2

2,6

3,1

3,13,5

5,24,3

18,0

9,6

9,6 8,411,8

9,5

0

5

10

15

20

25

2011 2012 2013 2014 2015 2016

Mill

ion

To

ns

Crude Products

Cumhuriyet

Crude

•2001

•164,9 K DWT

Sevgi

Products

•2008

•10,98 K DWT

Gönül

Products

•2009

•10,87 K DWT

Suna

Products

•2012•51,5 K DWT

Leyla

Products

•2011

•6,3 K DWT

Esra & Aylin

Bitumen

•2x20 K DWT

•Esra 2014

•Aylin 2015

Caroline

Products

•2009

•10,9 K DWT

Nevbahar

Products

•2009

•11,5 K DWThar

19

13 Tugboats10 Mooring boats

2 Service boats1 Pilot boats

Million $ 2011 2012 2013 2014 20152016 (9M)

Net Sales 146,4 159,0 103,7 101,7 113,6 90,0

Op. Profit 17,9 22,8 25,2 27,3 36,8 28,6

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

0

2

4

6

8

10

12

IRAN RUSSİA S.ARABİA TURKEY IRAQ K AZ AK STAN ITAL Y L İBYA OTHER

2011 2012 2013 2014 2015

In 2015, Tüpraş purchased 21 different types of crude oil from 11

countries, with gravities ranging between 19-47 API

63%

30%7%

Crude Type - 2015

Heavy / Sour

Medium Heavy / Sour

Light & Sweet

20

Margin Environment

Tüpraş Refining Margins ($/bbl)

Premium to the benchmark Mediterranean peers’ refining

margin due to:

► Refined products deficit characteristic to the Turkish

market (for diesel, jet fuel, LPG and specialist products

such as lube oil and extract)

► 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

5,305,32 5,54

1,952,89

1,17

4,21

1,671,95

4,83

3,77

-2

2

6

10

J-0

6J-

06

N-0

6A

-07

S-0

7F-

08

J-0

8D

-08

M-0

9O

-09

M-1

0A

-10

J-1

1J-

11

N-1

1A

-12

S-1

2F-

13

J-1

3D

-13

M-1

4O

-14

M-1

5A

-15

J-1

6J-

16

Series1 Series5Month Annual

Med Complex

9,6210,55

11,86

9,89

2,453,21

6,47

4,6

1,67 1,95

4,833,62

0

4

8

12

16

2013 2014 2015 2016

Tüpraş Gross Margin Tupras Net Margin Med Margin

21

Gross Refinery Margins ($/bbl)

22

-5

0

5

10

15

20

25

30

35

J-9

9A

-99

J-9

9O

-99

J-0

0A

-00

J-0

0O

-00

J-0

1A

-01

J-0

1O

-01

J-0

2A

-02

J-0

2O

-02

J-0

3A

-03

J-0

3O

-03

J-0

4A

-04

J-0

4O

-04

J-0

5A

-05

J-0

5O

-05

J-0

6A

-06

J-0

6O

-06

J-0

7A

-07

J-0

7O

-07

J-0

8A

-08

J-0

8O

-08

J-0

9A

-09

J-0

9O

-09

J-1

0A

-10

J-1

0O

-10

J-1

1A

-11

J-1

1O

-11

J-1

2A

-12

J-1

2O

-12

J-1

3A

-13

J-1

3O

-13

J-1

4A

-14

J-1

4O

-14

J-1

5A

-15

J-1

5O

-15

J-1

6A

-16

J-1

6O

-16

Mediterranean Tüpraş USA WTI Singapore

22

Capacity Utilisation (%)7

6,8

71

,3

98

,1

95

,3 98

,72,4

3,6

4,44,2

4,9

79,174,9

102,599,5

40

60

80

100

120

2013 2014 2015 2015 / 9M 2016 / 9M

Crude Oil Other

103,6

Quarterly Production Volume (Mn Tons)

4,55 4,63 5,41

5,515,60

6,93

7,32 7,42

6,59

6,757,23

0

2

4

6

8

Q1 Q2 Q3 Q4

Min / Max 2007/2014 2014 2015 2016

Production

23

+4,1%

3rd Quarter Product Yields

White Product 77.98%

Production 7.3 mn ton

API:30.25

White Product 77.32%

Production 7.2 mn ton

API:30.48

Gasoline21,2%

Naphtha0,4%

Jet17,5%

Diesel34,1%

Other1,7%

LPG3,5%

Coke2,5%

Fuel Oil4,7%

Bitumen14,3%

Light Distil.21,6%

Mid. Distil.51,6%

Other5,2%

Black Prod.21,6%

2015 2016

24

Gasoline20,4%

Naphtha1,0%

Jet21,4%

Diesel31,6%

Other1,2%

LPG3,5%

Coke3,1%

Fuel Oil4,7%

Bitumen13,0%

Light Distil.21,4%

Mid. Distil.53,0%

Other4,7%

Black Prod.20,9%

Sales By Customer (9M 2016)

Distributors45%

THY Opet10%

Jet 5%

LPG 4%Petkim

1%

Other4%

Export19%

Bitumen11%

Military1%

Customer Groups Sales to Distributors

Total: 22.6 million tons Distributors: 10.2 million tons

OMV POAŞ28%

OPET21%

Shell18%

BP2%

TP3%

TOTAL4%

Other24%

24

Tüpraş Sales

26

3.580 3.9175.068 4.102

5.3746.403

4.9116.756 6.927

4.2676.199

0

1.1281.726

1.807

925

1.9251.252

1.459

1.179 1.173

1.822

1.6634.708

5.6436.875

5.027

7.298 7.6556.370

7.935 8.100

6.089

7.862

0

4.000

8.000

12.000

14 15 16 14 15 16 14 15 16 14 15 16

Domestic Export (Thousand tons)

Q1 Q2 Q3 Q4

0,76 0,86 1,00 0,981,26 1,23 1,18 1,50 1,27

0,91 1,130,23 0,27 0,43 0,42

0,63 0,91 0,791,08 1,16

0,51

0,900,39

0,43 0,45 0,46

0,520,55

0,54

0,60 0,64

0,44

0,501,481,73

2,271,66

2,23

2,75

1,83

2,62 2,94

1,73

2,59

0

1

2

3

4

5

6

14 15 16 14 15 16 14 15 16 14 15 16

Diesel

Gasoline

Asphalt

Jet Fuel12%

7%

7%

Q1 Q2 Q3 Q4

(Million tons)

Investments (mn $)

RUP with Supplementary Projects

Others

397

761

1.006

701

190150

231

213

207

258

153

268

177

628

974

1.213

959

344268

0

200

400

600

800

1.000

1.200

1.400

2010 2011 2012 2013 2014 2015 2016

27

Project Aims

•Improving Energy Efficiency at Kırıkkale with a combined heat & power plant

•The other refineries are already equipped

•Expected completion: 2016

What the Project Entails

•A new gas turbine

•New steam turbines

•New boilers

•One existing steam turbine will be utilized

•Total power: 60 MW

Investment

•84 Million USD

•IRR: >30%

Kır

ıkka

le P

ow

erP

lan

t

Other Major Projects

Project Aims

•To reduce the need for fresh water

What the Project Entails

•A water treatment plant to process municipal & refinery waste water

•Two temporary systems were built to serve until the main system was completed

•Project completed in 2015

Investment

•22 Million USD

28

İzm

it W

aste

Wat

er

Tre

atm

en

t

Project Aims

•Eliminating low energy efficiency in the furnaces

•Enables sustainable full capacity utilization

What the Project Entails

•Configuration Changes

•De-salter & Pre-flash column

•Heat recycling – Heat Exchanger

•Replace column internals

•New pre-flash drum

Expectations

•Investment: 31.9 Million USD

•IRR > 40%

İzm

ir C

rud

e O

il R

eva

mp

ing

03 Key Financials

Hizmete Özel / Confidential

Profitability Indicators (2015-2016 9 Month & 3Q-2015-2016)

* In our EBITDA calculation, FX related items are not included, whereas CMB calculation method includes these in operationg profit 30

3rd Q(%)

9M(%)

2015 2016 2015 2016

50,26 45,85 -9 Dtd.Brent Price, ($/bbl) 55,39 41,77 -24,59

30,25 30,48 0,8 Processed Crude API 31,75 30,81 -2,96

77,98 77,32 -0,7 White Product Yield, (%) 74,66 76,20 1,54

4,92 3,81 -22,5 Med. Complex Margin,($/bbl) 5,26 3,62 -31,2

8,32 5,68 -31,7 Tüpraş Net Margin,($/bbl) 6,89 4,60 -33,2

209,96 204,6 -3 Operating Profit, (mn. $) 590,2 467,3 -21

363,6 248,1 -31,8 Operating Profit for EBITDA, (mn. $) 856,2 506,2 -41

256,8 250,7 -2 EBITDA (mn.$)-CMB 709,6 605,8 -15

358,4 235,5 -34,3 EBITDA (mn.$)-CMB- CCS 814,3 496,0 -39

410,5 294,1 -28,4 EBITDA *(mn. $) 975,6 644,7 -34

512,1 278,9 -45,5 EBITDA* (mn. $) CCS 1.080,3 534,9 -50

31

95 79 150 72139

15378

-27

381 217

361

315226

257251

106

89

-11

481

715

560

338

1.191

606

-100

100

300

500

700

900

1100

2012R 2013 2014 2015 2016

EBITDA*

20026 105

-12 33

94

-68 -36

278 137

379

224 60

178188

81

-175-45

375

753

7

84

819

357

-400

-200

0

200

400

600

800

1000

2012 2013 2014 2015 2016

Profit Before Tax

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

0

500

1.000

1.500

2.000

2.500

3.000

Net Debt

0,3

2

0,2

4

0,2

6

0,3

5

0,0

4

0,1

1

0,1

6

0,00

0,05

0,10

0,15

0,20

0,25

0,30

0,35

0,40

2012 2013 2014 2015 2016 Q1 2016 1H 2016 9M

Return on Average Equity

* According to CMB

Financial Highlights (mn $)

Balance Sheet Analysis

32

2,161,721,69

1,301,641,68

1,211,04

0,821,04

1,641,59

2,45

0

1

2

3

4Cash & Equivalents (Billion $)

1,33

0,930,71

0,520,51

0,090,20

0,66

1,070,88

0,700,91

0,75

0,0

0,4

0,8

1,2

1,6

2,0

Receivables (Billion $)

2,4 2,6 2,8 2,9 2,9 3,0 3,3 3,1 3,0 2,8 2,9 2,8 3,1

1,0 0,50,9 0,3 0,3 0,3

0,4 0,5 0,6 0,61,0 1,2

1,13,4

3,1

3,73,2 3,2 3,3

3,7 3,6 3,6 3,43,9 4,0 4,2

0

1

2

3

4

5

Financial Loans (Billion $)

LT Loans ST Loans

3,463,223,10

3,283,04

2,46

1,741,701,591,361,23

1,691,98

0

1

2

3

4

5

Payables (Billion $)

Profit Bridge On Tüpraş 3Q

33

Mil.TL

498,0553,8

370,3

327,9

9,2

39,568,0

525,7

0

200

400

600

800

1.000

1.200

1.400

Profit BeforeTax in 2015

Crude OilDifferentials

InventoryEffect

CapacityUtilisations

YieldDifference

Others Crack MarginDifferences

Profit BeforeTax in 2016

Profit Bridge On Tüpraş 9M

34

Mil.TL

1.178,4 1.048,3

474,6

614,3

580,0

180,9

1.589,3

390,6

0

500

1.000

1.500

2.000

2.500

3.000

3.500

Profit BeforeTax in 2015

Yield Difference Crude OilDifferentials

Inventory Effect CapacityUtilization

Crack MarginDifferences

Others Profit BeforeTax in 2016

FX Risk Exposure (30 September 2016)

35*Cash flow hedge accounting : 1,495 mn $

ConsolidatedAssets

ConsolidatedLiabilities

LT Financials: 2,812

RUP Loans: 1,407

Eurobond: 700

Other credits 705

ST Financials 413

• RUP 308

Payables

1.145

Forward & CFH*

2,619

Stock

927

Receivables & otherassets

60

Cash

926

Million $

+161 million $

2016 Expectations vs 9 Month Results

36

32,5

38,541,5

46,8 48,345,1 45,7 46,7

49,8

30

35

40

45

50

55

60

16'2 16'3 16'4 16'5 16'6 16'7 16'8 16'9 16'10

Crude Oil Price

68

69

80,784,1

104 110,3111,699,7 102

109

0

20

40

60

80

100

120

0

20

40

60

80

100

120

14'Q1 14'Q2 14'Q3 14'Q4 15'Q1 15'Q2 15'Q3 15'Q4 16'Q1 16'Q2 16'Q3

CDU

74,9

The average Brent price in 2016 is expected to

be 45-55 dollars per barrel band

Expected Capacity Utilisation in 2016 will be around

100 %

2,81

5,21

5,68

3,84

3,20

3,81

2,50 3,00 3,50 4,00 4,50 5,00 5,50 6,00

2016 Q1

2016 Q2

2016 Q3

2016 Q4

Med Margin Tüpraş Net Refinery Margin Min.

Targ

et

Targ

et

103,6102,5

2016 Net Tüpraş refinery margin is expected to be

in the region of 4.5 – 5.0 dollars per barrelTarg

et

1.006701

190

207

258

153268

1.213

959

344268

0

400

800

1.200

1.600

2013 2014 2015 2016

New Investments (M$)RUP

Total refining investments for 2016 will be approx.

270 Million dollars

Targ

et

Income Statement

Q3 Q3% Diff. Million USD 9 M 2015 9 M 2016 % Diff.

2015 2016

3.685,6 3.199,1 -13 Net Sales 10.539,4 8.215,0 -22

433,7 311,0 -28 Gross Profit 1.068,0 698,9 -35

-81,8 -83,4 -2 Operating Expenses -223,8 -239,2 -7

-141,9 -23,0 -84 Income/Loss from other oper. -254,0 7,6 -103

210,0 204,6 -3 Operating Profit 590,2 467,3 -21

12,1 20,9 73 Income/Loss from equity invest. 15,8 44,3 180

222,0 225,5 2 Operating Profit Before Fin. P/L 606,0 511,6 -16

184,4 67,0 -64 Financial Income 377,3 112,1 -70

-228,5 -104,5 -54 Finance Expenses -539,7 -266,3 -51

177,9 188,0 6 Profit Before Tax & Minorities 443,6 357,4 -19

268,5 197,4 -26 Net Profit 653,3 337,6 -48

37

256,8 250,7 -2 EBITDA (mn.$) 709,6 605,8 -15

358,4 235,5 -34 EBITDA (mn.$) CCS 814,3 496,0 -39

Tüpraş Balance Sheet

Million USD 30.09.2016 31.12.2015 Difference % Difference

Current Assets 4.462 2.984 1.478 50

Cash & C. Equivalents 2.446 1.041 1.404 135

Receivables 749 882 -133 -15

Derivatives 6 6 -1 -13

Inventories 974 723 251 35

Pre-paid expenses 45 45 0 0

Other Current Assets 242 285 -43 -15

Long Term Assets 5.725 5.776 -52 -1

Financial Assets & Subsidiaries 285 264 22 8

Fixed Assets 3.865 3.950 -85 -2

Derivatives 73 86

Pre-paid expenses 85 62 23 38

Deferred Tax 1.070 1.101 -31 -3

Other Long Term Assets 346 314 32 10

Total Assets 10.187 8.760 1.427 16Short Term Liabilities 4.419 3.036 1.383 46

Financial Loans 1119 644 475 74

Payables 1979 1363 617 45

Derivatives 61 14 47 338

Deferred Incomes 1 8 -7 -91

Provisions 44 24 20 82

Other ST Liabilities 1216 984 232 24

Long Term Liabilities 3162 2845 317 11

Financial Loans 3078 2768 310 11

Payables & Provisions 66 67 -1 -1

Derivatives 17 9 8 80

Other LT Liabilities 1 1 0 -11

Equity 2580 2856 -276 -10

Minority Interests 25 22 4 16

Total Liabilities 10.187 8.760 1.427 1638

Dividends (TRY)

1,73

3,242,94

4,96

5,83

4,78

0

10,18

2,31 2,502,98

3,93 3,85

1,58

6,50

579626

746

985 964

396

1.628

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

Tota

l Pay

ou

t (M

illio

n T

L)

Earnings per Share Gross Dividend Total Payout

2012/2013 EPS includes the tax incentive 39

04 Supplements

Product Price Effect on Tüpraş in Q3 (FOB Italy Prices)

Impact of Med FOB Prices on Tüpraş Operations was – 523,0 million TL

Q3

Product Price,

$/tonTüpraş

Crack Margin,

$/bbl

2016 2015Product

Yield %2016 2015

LPG 291,5 305,7 3,6% -19,9 -23,0

Gasoline 461 561,5 20,1% 11,0 18,9

Naptha 366,1 401,4 1,1% -4,5 -4,9

Jet Fuel 423,3 477,7 17,5% 8,0 10,5

Diesel 408,1 480,9 32,5% 9,0 14,3

Diesel 1000 397,8 461,9 0,7% 7,6 11,8

Fuel Oil 1% 246,9 248,3 0,2% -7,8 -12,0

Fuel Oil 3,5% 228,5 241 18,8% -10,6 -13,1

Total Crack Margin,$/bbl 3,8 7,0

Dated Brent Avg. $/Bbl 45,8 50,3 94,5%

Margin Differences, $/bbl -3,2

Total Raw Materials Charge, mn Barrel 54,8

Total Effect of Product Price, mn $ -176,7

Total Effect of Product Prices, mn TL -525,7

41

Product Price Effect on Tüpraş in 9M (FOB Italy Prices)

Impact of Med FOB Prices on Tüpraş Operations was –1.589,3 million TL

9M

Product Price,

$/tonTüpraş

Crack Margin,

$/bbl

2016 2015Product

Yield %2016 2015

LPG 290,3 359,6 3,6% -15,9 -23,4

Gasoline 448,1 588,7 20,1% 13,4 17,2

Naptha 348,4 447,7 1,1% -2,4 -4,9

Jet Fuel 388,9 530,0 17,5% 7,7 12,0

Diesel 375,7 524,4 32,5% 8,7 15,1

Diesel 1000 365,7 507,6 0,7% 7,4 12,8

Fuel Oil 1% 201,9 291,4 0,2% -10,6 -10,4

Fuel Oil 3,5% 187,0 279,6 18,8% -12,9 -12,3

Total Crack Margin,$/bbl 3,8 7,3

Dated Brent Avg. $/Bbl 41,8 55,4 94,5%

Margin Differences, $/bbl -3,44

Total Raw Materials Charge, mn Barrel 157,68

Total Effect of Product Price, mn $ -541,8

Total Effect of Product Prices, mn TL -1.589,3

42

Inventory Effect* Analysis

43*FX effect Included, hedging excluded

2015 2016

$ million Crude Product Total Crude Product Total

1st Quarter -35,1 -35,1 -70,2 -9,0 -13,4 -22,4

2nd Quarter 28,1 38,9 67,1 46,9 70,1 117,0

Jul -17,0 -22,5 -39,4 -9,7 0,1 -9,6

Aug -31,9 -29,8 -61,7 11,8 12,8 24,6

Sep 3,0 -3,4 -0,4 0,3 -0,1 0,2

3rd Quarter -45,9 -55,7 -101,6 2,3 12,8 15,2

9 Months -52,8 -51,8 -104,7 40,3 69,5 109,8

High Demand in 2015 - Turkish Consumption (Million tons)

17,43

20,18

0 5 10 15 20 25

2014

2015

Diesel

4,10

4,64

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

2014

2015

Jet Fuel*

1,92

2,09

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

2014

2015

Gasoline

0,54

0,44

0,00 0,10 0,20 0,30 0,40 0,50 0,60

2014

2015

Fuel Oil

* Tüpraş sales + Distributor’s Imports

-18,5%

+15.8 % +13.1 %

+9.1 %

44

8 Months 2016 - Turkish Consumption (Million tons)

13,30

14,44

10 11 12 13 14 15

2015

2016

Diesel

0,89

0,93

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

2015

2016

Domestic Jet Fuel

1,39

1,49

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

2015

2016

Gasoline

0,36

0,37

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

2015

2016

Fuel Oil*

Source: EMRA

*bunker excluded.

+8.6 %

+1.5 %+6.9 %

+4,7 %

Note: Bunker Sales’ decrease -2.0%

45

High Complexity #1 (Nelson Complexity of Refinining Companies)

14,5

13,012,6

11,8 11,6 11,511,0

10,49,9 9,8 9,6 9,5 9,4 9,2 9,2 9,0 8,8 8,7

8,48,0

7,3 7,1 7,1 7,1 7,16,8

6,5

5,9 5,8 5,8

0

2

4

6

8

10

12

14

16

Tüpraş Before RUP

Tüpraş After RUP

İzmitAfter RUP

46

High Complexity # 2 (Resid Upgrading Units Production-(Thousand Tons))

Raw Materials

Natural Gas 246

Vacuum Resid1,214

Atm. StraightRun Fuel Oil

3,036

Total Feed 4,496 Total Production 4,250

(kton)

Products(kton)

47

High Complexity # 3 (Tüpraş Total Production Change After RUP)

4,7

3,6

5,6

1,4

2,9

1,7

0,9

5,5

0,3

0,35

0,7

0 2 4 6 8 10 12

Gasoline&Naptha

Jet Fuel

Diesel

Others

Fuel Oil

Coke

Bitumen

Before RUP After

%35

%25

%19

%-87

Million ton48

2,7

RUP production + 4 Refineries Capacities increase 9,1 mn tons,

instead of 4,2 mn ton

48

High Complexity # 4 (Tüpraş Tax Incentive From RUP)

• Valued at 30% of project cost

• Realised after completion

• Tax rate of 10% on project earnings until total incentive is reached

Large ScaleInvestment Incentive

21.10.2010

• Valued at 50% of project cost

• Partly realised during construction

• Tax rate of 2% on project earnings until total incentive is reached

Strategic Investment Incentives 19.10.2012

• is 3,66 billion TL.

• 344 mn TL of Investment incentive income deducted from Strategic Investment Incentive total

Total incentive

49

High Quality (Maximum on-road diesel sulphur limits, January 2014)

2014 2015 2020 2025

US& Canada 15 15 15 10

Latin America 630 450 195 40

Europe 20 18 12 10

Middle east 900 470 125 45

Russia & Caspian 90 70 55 40

Africa 2.800 2.000 850 390

Asia& Pasific 245 185 105 45

Source:Stratas Advisors

Tüpraş and Turkey have the most stringentproduction limits on sulphur content

High Flexibility (Tüpraş Refineries Simple Flow Diagram)

Gasoline + Naphtha

%21.9

Jet Fuel +Kerosene

%19.0

Gas Oil%30.5

Vacuum Dist.(8) Bitumen /

Fuel Oil%21.9

Crude Distillation(8)

Lube Oil%0.5

LPG

%3.4Isomerisation

(3)

Hydrocracker (4)

FCC(2)

Kero / DieselHDS (10)

LPG Merox (6)

NaphthaSplitter

(8)

FCC GasolineHDS(2)

Benzene Saturation

(2)

UnifinerReformer

(7)

Lube Oil (1)

Others %1.3

2015Yield

97,000 m3/bbl

43,000 m3/bbl

6,400 m3/bbl

16,900 m3/bbl

37,300 m3/bbl

4,700 m3/bbl

17,400 m3/bbl

400 thousand ton/year

Coker

Bitumen (4)

8,200 m3/day

51

Locational Advantage & Heavier Crudes (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

0

2

4

6

8

10

12

IRA N RUSS İA S .A RA BİA TURKEY IRA Q KA Z A KSTA N ITA LY L İBYA OTHER

2011 2012 2013 2014 2015

In 2015, Tüpraş purchased 21 different types of crude oil from 11

countries, with gravities ranging between 19-47 API

63%

30%7%

Crude Type - 2015

Heavy / SourMedium Heavy / SourLight & Sweet

52

53www.Tüpraş.com.tr

Baku

Ceyhan

Black Sea

Marmara

Mersin

Ankara

İstanbul

Batman

Kirkuk

İzmir

İzmit

Kırıkkale

Covering Whole Country

Operations

İzmit

11.0 MT Capacity

NC: 14,5

Storage Capacity: 2.2 Mn M3

Sales Channels:

o Pipeline, Ship, Railway & Truck

İzmir

11.0 MT Capacity

NC: 7.66

Storage Capacity: 1.9 Mn M3

Only lubricant, base Oil, producer

Sales Channels:

o Pipeline, Ship, & Truck

Kırıkkale

5.0 MT Capacity

NC: 6.32

Storage Capacity: 1.2 Mn M3

Sales Channels:

o Pipeline, Railway & Truck

Batman

1.1 MT Capacity

NC: 1.83

Storage Capacity: 0.2 Mn M3

Asphalt - 70% of product yield

o Semi-finished products sent for

further processing

Sales Channels:

o Pipeline, Railway & Truck

Tüpraş operates the only 4 refineries in Turkey

• 3 Large Refineries produce Euro V Diesel & Gasoline, plus jet fuel, fuel oils, asphalt, LPG,

naphtha and others

53

160184

108 107150

112 115 122

23243 31

50 34 19

182

183215 231 223

241 283 299

263342367 366 370 373

403

432 440

495

0

100

200

300

400

500

600

Spa. Gre Ger Fra. EU19 TR Ita UK Nor.

Tax Dist.margin Pump No tax

Gasoline (Krş / Lt) Diesel 10 (Krş / Lt)

165

114 116 112153

114154

118

22230 19 40 46 36

220287 298

288 290309 317 329

324

385

432 433 440 443469 470

483

545

0

100

200

300

400

500

600

Spa Fra. UK Ger. EU19 TR Gre Ita Nor.

Tax Dist. Margin Pump No Tax

54

COMPETITION # 1 (European Pump Price Comparison)

Note: Prices valid on 19 Sept 016 Türkiye prices updated as of 17 September 2016 the latest.

Competition # 2 (Regional Competition)

Mediterranean Black Sea

17 Refineries

1.6 mn bpd

53 Refineries

7.6 mn bpd

55

Competition # 3 (SOCAR-STAR Refinery)

• Goldman Sachs has acquired a 13 percent stake in SOCAR Turkey for $1.3 billion.

• Goldman Sachs has the right to resell 10 percent of its stakes to Socar, and the remaining 3 percent to ‘Sermaye Investments Limited’ owned by SOCAR within 6 year at the same price.

Credit : 3.3 Billion $

Equity : 2.4 Billion $

Total Investment: 5.7 Billion $

STAR Refinery Production (k ton)

• 3,3 billion dollar credit aggrement. First 4 year grace period total 15-18 year term.

• Project finance is supplied to company (US$ 1.5 billion)

• It is planned to be commissioned in 2018.

Fuels

• Diesel 5.000

• Jet Fuel 1.700

• Sulphur 158

• Petrocoke 698

Petrochemical feedstock

• LPG 260

• Naptha 1.300

• Mixed xylene 460

• Reformate 524

10,100 56

Million ton

2018 2018*

TurkeyDemand

TüpraşProduction

Turkey-Tüpraş

StarSOCAR

Deficit/(Excess)

Crude Oil 28,1 10,0Semi product+Other charge 0,8Total processed 28,9 10,0Products

LPG 4,1 1,1 -3,0 0,3 -2,7Petrochem. charge: Naptha, Reformate/xylene 2,8 0,6 -2,2 2,3 0,1Gasoline 2,2 5,7 3,5 3,5Jet fuel/Kerosene 5,4 5,6 0,2 1,7 1,9Diesel 21,9 10,2 -11,7 5,0 -6,7Fuel Oil 1,1 0,9 -0,2 -0,2Asphalt 3,3 2,7 -0,6 -0,6Sulphur & other 1,8 0,5 -1,3 0,2 -1,1Coke 3,0 0,8 -2,2 0,7 -1,5

Total 45,5 28,4 -17,1 10,1 -7,0

Competition # 4 (Turkey consumption balance & the effect of new refinery)

*Expected to be completed by the end of 2018

57

7,1

7,1

6,9

6,1

4,8

5,0

3,4

3,5

1,9

1,7

1,9

1,7

2,4

2,8

3,4

1,1

3,6

3,2

1,8

2,6

1,4

0,8

1,3

2,0

0,5

3,6

2,5

1,72,2

1,51,1

1,6

2,5

0,7

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

2000 2001 2002 2003 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2019

Tüpraş Contractor Total

Tüpraş HSE KPI: Loss Time Incident Frequency and Severity Frequency Ratios

Loss Time Severity Frequency Rate (2015 Target 30) 2008 2009 2010 2011 2012 2013 2014 2015 2020

Tüpraş 92 44 40 53 65 61 59 719 20

Contractor 116 101 81 118 424 17 378 51 20

Total 105 73 57 83 289 26 308 315 20

Incident Frequency

loss time incident freaquency rate =number of incident *1000000/man hours

loss severity frequency rate = loss time*1000000/man hours

İncluding contractors

58

4273

135

240

345376

398 407

0

50

100

150

200

250

300

350

400

450

2008 2009 2010 2011 2012 2013 2014 2015

Energy Index 119,1 99,2

Energy Saving Projects , mn$

2008 2009 2010 2011 2012 2013 2014 2015 Total

Tüpraş Energy consumption (TJ) 76.653 65.265 67.010 70.792 71.086 69.147 67.034 90.796 577.783

Energy-saving(TJ) 978 10.891 3.155 3.053 5.255 2.841 1.772 1.031 28.976

Energy Efficiency Project 36 52 65 92 97 40 22 21 425

Savings (mn $) 42 32 62 105 106 31 22 10 407

59

The Investor Relations section of our company website has a rich content of updated

information for the interested investors

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 60

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.