Strategic Transition Plan – 2025 Update

Disclaimer

This presentation includes forward-looking statements reflecting the management's current views on certain future events. Statements may include terms like 'will', 'aim', 'expects', 'progress', 'estimate', 'anticipates', 'intends', 'believes', 'vision', 'ambition', 'target', 'seek', 'goal', 'plan', 'potential', 'try', 'need to', 'work towards', 'future', 'become', 'introduce', 'transform', 'outcome', 'project', 'projections', 'deliver', 'evolve', 'develop', 'forwards', 'pioneer', 'going to', 'long-term', 'may', 'milestone', 'objectives', 'outlook', 'probably', 'continue', 'projected', 'achieve', or the negative of these terms or similar expressions to identify such statements. These are based on current expectations, plans, and assumptions considering the company's experience and perceptions of historical trends, current conditions, expected future developments, and other factors believed appropriate at the time. Although these statements are thought to be reasonable, they may change due to variables and underlying assumptions, potentially causing actual results to differ significantly. Readers should not place undue reliance on forward-looking statements.

IAS 29 inflation accounting provisions apply only to historical financial data in this presentation. Forward-looking statements, projections or estimates presented here do not consider IAS 29 adjustments.

Tupras does not commit to updating any statements, information, or data. Neither Tüpraş nor any director, manager, employee, or other person will be liable for any cost or loss arising from the use of this presentation.

Global Energy Outlook: What Has Changed Since 2021?

Since Paris Agreement in 2014, 7% increase in global carbon emissions…

…CO² budget for meeting 1.5^oC target depleted

EV demand growth weakened.

Türkiye's Transportation Energy Demand – 2025 Update

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Sustainable Refining

Sustainable Refining - Tüpraş

2021 STP Targets (Cumulative)

2022-35 Capex: ~2.3 bn \$
2022-35 EBITDA: ~13 bn \$

**2025 STP Targets* (Cumulative)**

2025-35 Capex: ~3.9 bn \$
2025-35 EBITDA: ~13 bn \$

Refining to remain as a major EBITDA contributor.

ENERGY EFFICIENCY PROJECTS

ENERGY INTENSITY TARGET OF 88.7 BY 2030 (2021 STP: 91.2)
2024 ENERGY INTENSITY ACHIEVED AT : 92.3 – 10 POINTS IMPROVEMENT SINCE BASE YEAR OF 2017.
OUR CAPEX INCLUDES TRANSFORMATION IN FLEET MODERNIZATION ACROSS OUR LOGISTICS SUBSIDIARIES FOR ENERGY EFFICIENCY.

CO2 DECARBONIZATION AND MODERNIZATION PROJECTS

A REDUCTION OF 1.1 MILLION TONS OF CO² ANNUALLY COMPARED TO 2017 BY 2024.
TECHNICAL AND FINANCIAL EVALUATION OF ELECTRIFICATION PROJECTS CONTINUE.

ENSURE EXISTING ASSETS OPERATE AT MAXIMUM POTENTIAL.
BROADEN OUR PORTFOLIO WITH LIGHTER CHEMICAL PRODUCTS.
NO NEW REFINING OR CONVERSION CAPACITY INVESTMENTS.

Sustainable Refining – Improving Energy Efficiency and Sustainability Scores

Tüpraş Energy Intensity Index Evolution

Progress in Our Sustainability Ratings

	2020	Current	Improvement compared to 2020 (%)	Sector Average
	17	55	224	35
	2.2	3.9	77	2.9
	40	55	38	42
	37.3	24.9	33	-
	3.9	4.8	23	5.6
	67.6	77	14	-
Climate Change	-	B		B
Water Security	-	B		C

With higher emphasis on efficiency, we increase out 2030 EII target from 91.2 to 88.7.
1 point improvement in EII results in a current annual cost saving of ~10 m\$*

Zero Carbon Electricity

Zero Carbon Electricity – Market Outlook

Installed Capacity of Türkiye (GW)

Coal Natural Gas Nuclear HEPP WPP SPP Other

Renewable energy installed capacity in Türkiye has reached to 63 GW, accounting 57% of the total installed capacity.
Türkiye ranks 11th in the world and 5th in Europe in terms of installed renewable power capacity.
According to National Energy Plan, nuclear energy installed capacity will reach 2.4GW in 2025, 4.8GW in 2030, and 7.2GW in 2035.

Türkiye Spot Electricity Price (\$/MWh)

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Zero Carbon Electricity – Tüpraş

2021 STP Targets (Cumulative)

2022-35 Capex: ~1.3 bn \$
2022-35 EBITDA: ~400 mn \$

**2025 STP Targets* (Cumulative)**

2025-35 Capex: ~2.8 bn \$
2025-35 EBITDA: ~2.0 bn \$
With regulator offering new licenses for solar and wind; along with international capacity expansion our previous 2030 target will be reached by 2027.
Due to increase in equipment prices as well as brought forward plan, our capex for this business line has more than doubled.
Compared to 2021 STP, due to the increased pace towards electrification, we anticipate that our commercial electricity business will experience significant growth.
Zero Carbon Electricity continues to generate EBITDA via sales to grid and will power green hydrogen electrolyzers once they are installed.
We maintain 50/50 production and PPA model to optimize COGS/Capex balance for H² production.
Continue to evaluate various types of generation technologies such as hydro, solar and wind and nuclear MMR/SMRs.

SAF – Market Outlook

Global SAF Demand & Supply (mton)

Regulations

Global: IATA 2050 net zero target and CORSIA 2021-35 carbon neutral international flights target.
Europe: Blending obligation of 2% in 2025, 6% in 2030 and 70% in 2050 with REDD-II directive.
USA: The Clean Fuel Production Credit is a newly established tax credit for clean fuel production available beginning January 1, 2025.
Türkiye: [Draft] A draft regulation is being worked on to adopt CORSIA/ICAO targets to reduce aviation emissions by 5% by 2030.

	HEFA	Alcohol-to-Jet (AtJ)	Power-to-Liquid (e-kerosene)
Opportunities	Reliable, proven scalable technology	A potential in the mid run	A potential in the long-term based on feasible electricity access
Difficulties	Limited feedstock	Relatively high cost of feedstock	Cheap renewable electricity, water, CO2
Feasibility	Commercial, feasible	Commercial in pilot scale	Under development
Feedstock	Discarded oils, Oils of energy plants	Second generation alcohols	Renewable electricity, water and CO2
GHG emission decrease (relative to the fossil jet fuel)	70-85%	82-94%	85-100%

SAF - Tüpraş

2021 STP Targets (Cumulative)

2022-35 Capex: ~600 mn \$
2022-35 EBITDA: ~1.1 bn \$

**2025 STP Targets* (Cumulative)**

2025-35 Capex: ~800 mn \$
2025-35 EBITDA: ~1.9 bn \$
With the progression of our engineering studies, we are on track to build up a new unit in İzmir, instead of converting an existing one. Studies initiated to build an additional unit in another site.
Improvement in EBITDA projections is a result of stronger SAF prices versus our 2021 price assumptions.
We have a target of SAF production with 400 kton/year capacity with 75% SAF yield. We have also secured feedstock for this SAF capacity with a 10-year agreement.
We will begin supplying blended SAF to the market by 2026, produced via co-processing.
We continue to evaluate SAF production technologies including Alcohol-to-Jet for additional capacity.
Participating in 3 EU projects (Sunfusion, Fuel-Up and ICO2NIC) focused on developing alternative SAF production technologies using various feedstocks.

Green Hydrogen - Market Outlook

• On average, capex amounts increased by 4 times versus our 2021 STP assumptions.

Unit Capex Expectations for H² Production Global Low-Carbon H² Demand, Base Scenario

• Demand for Green H² shows only a limited downfall in the new projections.

Green Hydrogen - Tüpraş

1,000 350 ELECTROLYZER CAPACITY

2030 Capacity 2035 Capacity 2021 Plan 2025 plan

In commercial H² , we continue to advance our investments successfully aligning with our growth targets.
As a result, with Green H2 electrolyzer capex increasing by 4 times, our green hydrogen projects at our refineries have been spread over the long term.
Starting from 2030, we will use Green H² in SAF production in order to capture a potential price premium.
Continue to evaluate electrolyzer types through our venture arm to companies such as Vergady, iongenics, IONOMR.
A new R&D center is formed within Koç University (KUHytech) for H² technologies.