Turcas Petrol : Investor Presentation - 1Q23

Investor Presentation

Table of Contents

• 1. Turcas: A Sustainable Investment Platform

  Page #

  • a) Turcas at a Glance ………………………………………………………………… ... 2

  • b) Group Structure & Milestones …………………………………………………… . 3-4

  • c) Shareholding Structure & Stock Information ……………………………………… 5

  • d) Turcas Dividend Stream …………………………………………………………… 6-7

• 2. Investments

  • a) Fuel Distribution : Shell & Turcas JV ……………………………………........... 8-13

  • b) Power Generation (Natural Gas Power Plant): RWE & Turcas JV ………… .. 14-17

• 3. Financial Overview ………………………………………………………………… .. 18-19

• 4. Guidance ............................................................................................................... 20

At a Glance

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Oil & Energy focused Investment Company

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Extensive industrial know-how in Turkish Energy Business Active in Fuel Distribution-Lubricants and Power Generation Carved-in Business Partnership culture

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Targeting to Further Diversify its portfolio

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54% owned by Aksoy Girişimcilik Enerji ve Turizm A.Ş. (previous title Aksoy Holding) and traded on Borsa Istanbul since 1992

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A history full of strong partnerships with global major players

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Rated by Kobirate for Corporate Governance (Latest Rating: 9.60 out of 10)

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among energy companies listed in BIST Corporate Governance Index

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Shell & Turcas: Market leader in under canopy sales, #1 in Throughput ratio (sales per station);

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RWE & Turcas: One of the most sizeable (800 MW) and efficient (57%) CCPPs in the Turkish Power market; ATAŞ: 3rd largest Oil Terminal in Turkey with a total capacity of 577K m3;

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Turcas is the only listed Company in Turkey that provides exposure to local operations of global energy giants like Shell and RWE

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Strong cash inflows from Shell & Turcas and RWE & Turcas thanks to excellent performance Portfolio Hedge via exposure in different fields of energy (fuel distribution and conventional power generation)

(1) ATAŞ' direct ownership is as follows: 68% BP; 27% Shell & Turcas; and 5% Turcas. Since Turcas owns 30% of Shell & Turcas, total of

Turcas' direct and indirect ownership at ATAŞ becomes 13.1%

Group Structure

* ATAŞ appears twice on the Group Structure due to both direct and indirect shareholdings which in total make Turcas ownership at ATAŞ 13.1%.

** As end of December 2022

Equity Pick Up Consolidation under IFRS

Classified under Financial Assets in IFRS

Corporate Milestones

1931

1953

1962

1996

2005

2006

2006

• ▪ Foundation of ▪ LubricantsTürkpetrol Ltd.

sales partnership with Burmah Castrol

• ▪ Start of operations at

  Ataş Refinery

• ▪ Acquisition by Conoco, Aksoy and Partners

• ▪ Acquisition of

  Conoco's shares in Turcas by Aksoy Holding

• ▪ Merger with Royal Dutch Shell in fuel retail under Shell & Turcas JV

• ▪ Foundation of Socar & Turcas JV

2007

2008

2009

2011

2013

2014

2016

2018

2022

• ▪ Partnership▪ Acquisition ▪ Acquisition of ▪ Divestment▪ Start ofwith E.ON AG under E.ON & Turcas JVof 51% shares of Petkim by Socar & TurcasE.ON shares from operationsby RWE AG & Petkim Establishment of RWE & Turcas JV

• ▪ Divestment ▪ Acquisition of ▪ Start ofat Denizli Power Plantfrom STAR 46% shares operations at shares ofrefineryof Turcas Turcas Kuyucak Kuyucak Geothermal Geothermal PP from BM PP Engineering

• ▪ Sale of %100

Turcas Kuyucak Geothermal PP to Albioma SA