Investor Meeting

February 2008
Tüpraş Key Messages

• Significant upside • Expansion to new

• High margin from on-going & activities
environment new refinery • trading
upgrades • retailing

Global
Tüpraş New
Refining
Upgrades Opportunities
Environment

• Restructuring and
• Strong financial
efficiency • No Significant
performance and
improvement Liabilities
high dividend yield
potential

Restructuring Environmental Financial

2
3
 Macro Outlook

(%) GDP Growth Forex Trend

12
11
10
9
8
7
6 USA China
5 India Global
4
3
2
1
0
2002 2003 2004 2005 2006 2007 2008

Slowdown or Recession (%)

6,0 Quarterly Growth Global
EU
Slowdown G7
•David McCormick - US Treasury USA
4,0
•John Snow – Ex US Treasury Jap
•Joseph Stiglitz – Ex World Bank
•Martin Wolf - FT Editor 2,0

Recession 0,0
•Kenneth Rogoff – Lehman Bros
•George Soros - Investor
•Sergio Ermotti – Unicredit CEO -2,0
•Nouriel Roubini - Economist 2007 -1Q 2007 -2Q 2007 -3Q 2007 -4Q 2008 -1Q 2008 -2Q
 Crude Oil

Terrorism
Rising Low War Risk /
(Nigeria, OPEC Resource High
Demand Dollar Embargo
from EM Iraq, Quotas Nationalism Prices
Value (Iran)
Angola)

5
Margin Environment

Changing Environment  Margin Drivers

10,0  Growing Global Demand
• Sustainable demand, driven by global
9,0 economic growth

8,0  Regional product shortages supports

strong margins
7,0 • Gasoline in USA & Diesel in Europe
6,0 • Margins supported by FOB / CIF
difference
5,0  Refineries became more complex & more
4,0 interdependent
• Shutdown in one unit impact whole
3,0 refinery

2,0  Specifications reduce flexibility

 Refinery Capacity Investments
1,0
 Refinery projects taking longer and
0,0 costing more
• Increases in supply capacity are lagging
demand

2003-2005 1999-2002  Credit crunch will hit projects hard

2006 2007

6
Rising Refinery Costs

7
 Global Product Consumption & Refining Capacity

110
Product Consumption
Product Consumption With Low Growth
100 Actual Refining Capacity
Estimated Refining Capacity

90

80
Million bbl/day

70

60

50

40
1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015

Source: OGJ, Reuters, Tüpraş

8
Turkish Oil Products Demand Projection
Base Case (Million Ton)

45 LPG Naphtha Gasoline

Jet Gas Oil / Diesel Fuel Oil 39.3
40 Asphalt Others Production
Incld. Ataş 35.4
35
2006 2007T ∆
30.5 31.1 +2,3 %

0.2%
30 3.5
3.5

-3%
25 2.5
2.6 7%
2.2 2.4
20

15
12.2 13.2 8%

10
4.0 3.4 -17%
5
2.2 2.3 5%
1.9 2.1
0
93 95 99 '00 '06 '07 '10 '15 2020

9
 Turkey’s Imports

Gasoline 2006
Million ton 2005 2006 2007E

Israel 6% 13%
Gasoline 0,7 0,8 0,6 22%
Greece
Jet Fuel - 0,2 0,2 59%
Romania

Gas Oil 4,4 6,0 6,7 Other

Fuel Oil 0,9 0,4 0,6

Total Import 6,0 7,4 8,1
Gasoil / Diesel 2006
Import Share, %
FSU Countries 9% 7%
4% 2%
Russia 6%
Turkey 25.3 31.8 34.4 Greece
Romania
Excluding Tüpraş 24.1 26.1 25.6 Italy
72%
Other

Distributors Share 95% 82% 74%

>90% from the Black Sea
Note: Excluding LPG
Source: TÜPRAŞ, GDPA & EMRA

10
Legislation - Petroleum Market Law

• Market Supervised by Energy Markets Regulatory Authority

Regulator (EMRA)

• Pricing set by the market for both refinery gate and pump price
Freedoms • No limit on imports
• Refining companies may own distributors

• All market participants needs a licence from EMRA

• Refiners should give priority to indigenous crude oil
• National inventory requirement of 90 days worth of domestic
Obligations sales, with 20 days product stock held by both refiners and
distributors – Draft Law
• Maintain continuous production and supply of refined oil products
as required by the Turkish Armed Forces

• The market share of each distributor in the domestic market shall

Limits be limited to 45%

11
Storage Capacity and Compulsory Stock Requirement

Product Storage Capacity in Turkey Storage Capacity of Tüpraş (000’ton)

Enerji Delta Aktaş
Bölünmez 4,1% 0,7% Crude Oil Product Total
0,4%
0,5%
Shell Aytemiz 1,700 2,600 4,300
5,8% 3,0%
Siyam
1,6% Current Compulsory Stock of TÜPRAŞ
(20days)
920 kton
Tuta
2,4%
TÜPRAŞ
41,1% POAŞ
11,2% Tüpraş owns 4 times more storage
capacity than its 20 day compulsory
stock requirement.
Altınbaş
2,5% Tüpraş owns 65% of combined crude oil
Others & product stock capacity
Opet 2,9%
11,3%
BP
6,3% Balpet
Tüpraş+ Opet own more than half of
0,8% total product storage capacity (52.4%) in
Turkuaz Turkey.
Petline Total
0,6%
0,4% 4,3%

Source: EMRA

12
 Developments in Turkish Petroleum Sector

Change in Fuel Regulations & Standards: EU and Turkey

2005 2007 2008 2009

• EU • Turkey • Turkey • EU
• EURO IV • National • EURO IV • EURO V
Marker • 1000 ppm • Turkey
Process • National • EURO V
Compulsory Expected
Stock

 1000 ppm: From Jan 1st 2008, all gasoil sold in Turkey will have at maximum 1000 ppm sulphur content
 EURO IV: 50 ppm S for gasoline & diesel, aromatics (35%) for gasoline
 EURO V: 10 ppm S
 10 ppm Diesel already in the market ahead of regulations
 National Marker Process introduced in order to prevent illegal trade.
 National Compulsory Stock may become an issue in 2008.

13
14
 TÜPRAŞ Assets

Black Sea Baku

İstanbul
İzmit
Marmara 11.0 mt
NC: 7.78
Ankara
Körfez Kırıkkale
5.0 mt
NC: 5.32 (6.32)
İzmir
11.0 mt
NC: 7.66 Batman
1,1 mt
NC:1.83

Mersin
Ceyhan
Kirkuk
Total Capacity: 28.1 Million Tons
Current Nelson Complexity(NC): 7.08 (7.25)

Opet

Retailing
Shipping
chemicals

Körfez Ditaş 40% Share

100% Share 79.98% Share 1,280 Retail Sites
Petro-

Capacity: 50 kt 165 kDWT Crude Tanker 850 kM3 Storage

Product: Carbon Black 15 kDWT Product Tanker Trading, Lubricants &
Bunkering activities

15
Koç Energy Group Storage Capacities

453
36.5
43.7

65.6

249.1

Unmatched
Logistics
Strength
Aygaz Opet Tüpraş
150.000 M3 850.000 M3 5.100.000 M3 100% Coverage
of Turkey
16
 Crude Suppliers of TÜPRAŞ (million ton)

Kazakhstan
9,1
7,1 6,7
5,8 0,5
0,1
2004 2005 2006 2007

2004 2005 2006 2007

Italy Russia
0,1 0,1
0,4
0,1
2004 2005 2006 2007 2004 2005 2006 2007
Domestic Crude

2,3 2,2 2,2 2,1 Azerbaijan

2004 2005 2006 2007

Algeria 8,9 8,9

7
0,4
0,4 0,3 0,2 Syria Iraq 5,8
2004 2005 2006 2007
2004 2005 2006 2007 1,2 0,9 0,5 0,9
2004 2005 2006 2007
2004 2005 2006 2007

Libya Iran

4,8 4,6 4,5

0,1 3,5 3,5 3,5 3,3

2004 2005 2006 2007

2004 2005 2006 2007
S. Arabia

17
Gross Refining Margin

Drivers of Refining Margin:

 Advantageous crude supply
 Strong purchasing power
 Flexible crude slate
 Refineries designed for sour crude
 Favorable transport costs
 A strong position in import infrastructure
 Pipeline links and reduced storage needs
for key customers
 High exporting ability

Gross Margin Average

($ / bbl) Improving Margin Premium
1st Q 6M 9M Year
2006  Investments in yield improvements
Med Complex 4,8 5,9 5,7 5,3  Operational optimisation
TÜPRAŞ 3,7 5,4 6,3 5,9  Bigger domestic market share
Difference -1,1 -0,5 0,6 0,6
2007
 Better export premiums
Med Complex 5,7 6,5 5,6 5,3
TÜPRAŞ 5,0 7,2 7,1 7,2
Difference -0,7 0,8 1,6 1,9

18
Crude Processing and Production 12M 2007/2006

30,0 Production Mix (mn ton) • Crude Volume Optimisation • Processed heavier
• Maximising capacity of Crude Oil API 32.1 vs
-2.5% conversion units 32.5 for 2006
24,6 • 25.6 mn tons of crude oil • White Production
25,0 24,0 were processed and Yield 67.5% from
1,0
1,0 Others decreased 2.5% 67.1% in 2006
2,2
2,3
Asphalt Production
20,0
5,8
Crude
5,4
Fuel Oil
15,0
Gasoil
7,6 7,1 Tüpraş Capacity Utilisation (%)
Jet / Kero 110 Annual
10,0

Gasolines 100 %93,2

2,2 2,6 %88,8
5,0 90 %91,1
3,6
Naphtha
4,0 %92,4
80
1,4 0,9 LPG
0,8 0,8 2004 2005
0,0 70
2006 2007
12M 2006 12M 2007
60
J F M A M J J A S O N D

19
Changing Product Yields

Through investment and Gasoline / Naphtha

6.000
optimisation, yields are becoming
5.000

Volume MT
more profitable 4.000
 Increased Gasoline 3.000 3.612 3.965
 More high priced Jet 2.000
1.000
 Asphalt Maximisation 0
1.410 869
2006 2007
Gasolines Naphtha

Middle Distillate Fuel Oil / Asphalt

12.000 9.771 9.706 10.000
10.000
Volume MT

Volume MT
8.000
8.000 2.220 2.286
6.000
6.000 7.615 7.118
4.000
4.000 5.799
2.000
5.432
2.000
2.156 2.588
0 0
2006 2007 2006 2007
Jet /Kerosene Gasoil Fuel Oil Asphalt

20
Tüpraş Total Product Sales – 12 Months

kton 2006 2007 Difference

Total Sales 26,137 26,328 191
LPG 1,190 968 -222
Naphtha 1,410 869 -541
Gasolines 3,659 4,047 388
Jet Fuel/Kerosene 2,123 2,556 433
Gasoil 50 PPM 2,070 2,215 145
Gasoil 7000 PPM 6,793 6,709 -84
Middle Distillates 10,986 11,480 494
Fuel Oil 5,780 5,691 -89
Asphalt 2,186 2,291 105
Lube Oil 325 308 -17
Other 601 674 73

Record

21
Tüpraş Domestic Product Sales

Kton 2006 2007 Difference

Domestic Sales Total 19,899 19,937 38
LPG 1.173 949 -223
Naphtha 1.010 771 -239
Gasolines 1.814 1.897 83
Jet Fuel / Kerosene 2.033 2.201 168
Gasoil 50 ppm 6.653 6.637 -16
Gasoil 909 1.725 817
Middle Distillates 9.595 10.563 969
Fuel Oil 3.627 2.954 -673
Asphalt 2.179 2.292 112
Lube Oil 502 511 10
Other 1.173 949 -223
White Product 14,021 14,605 584
Black Product 5,878 5,332 -546
White Product (%) 70% 73% 3%

Record 22
Progress in the near term strategy: Increasing Trading Activities

30% Increase in sales from Domestic Gasoil Sales, kton

imported products
2007 6.509 1.853
Focus trading on high margin
products 2006 6.192 1.370

Gasoil import contributed to market - 2.000 4.000 6.000 8.000 10.000

share increase Production Trading

Product 2006 2007 Diff. %

Low Sulphur Fuel oil was imported
to produce heating oil without the LPG 334 101 -70%
need to process more sweet
crudes. Diesel 1.370 1.853 35%

Fuel Oil - 264

Total 1.704 2.218 30%

23
Tüpraş vs The Market – 2007 /2006

Tüpraş increased its market share Gasoline

in automotive products, growing 6
4
sale faster than the market 2 4,6 5,3
Better sales strategy, National 0
-2 -2,9
Marker & targeted discounting all
-4
had an impact
Market Tupraş Share
Growth Growth Increase

Gas Oil Automotive Fuels

12 12
9 9
6 10,6 6
7,9 9,2
3 3 6,1
1,6 2,0
0 0
Market Tupraş Share Market Tupraş Share
Growth Growth Increase Growth Growth Increase

Source: Tüpraş, PetDer Excluding Auto LPG

24
Total Sales By Customers – 12 M 2007

Sales By Customer Group (%) Sales To Petrol Retailers (%)

Asphalt Military Others

8,7% 2,4% (45)
Others 20,2% POAŞ
2,8% 35,7%

Export Petrol OPET

24,3% Retailers 12,0%
54,8%

BP
12,3%
Petkim Shell
3,4% LPG 19,8%
Dist.
3,5%

First 4 Distributor’s Share in Total Sales to

Total Sales: 26,328 kton Distributors = 79.80 %

25
TÜPRAŞ Exports 12M 2007/2006

Export by Product (kton) USA Export by Market

7.000 8%
6.238 6.390
6.500
135 373 Italy Croatia
Other
6.000 S. Arabia
12%
14% 7%
6%
5.500 Malta
6%
5.000 2.152
Other
4.500 2.737 UAE Singapore
15% Europe
4%
South 10%
4.000
405 Africa Greece
3.500 9% 9%
USA & Europe > 54%
3.000 1.301 470
2.500 562 8
2.000 Export By Years
6,2 6,4
1.500 6 Mn Ton Bn $
1.845 2.151 4,6
1.000
500 4 3,0
3,4
400 2,8
0 98 2,0 3,4
12M 2006 12M 2007 2 3,0
1,9
Naphtha Gasoline Gas oil 0,3 0,6 0,7 1,0
HVGO Fuel Oil Other 0
01 02 03 04 05 06 07

26
27
Strategy: Key Parameters

Master Plan Master Plan Investment

Investment  Euro V Specifications
 Product Yield Improvements
Restructuring
Restructuring  HR Improvements
 New Management Techniques
 Trading Focus
Operational Excellence
Operational
Excellence  Expense Reduction & Profitability
 Productivity Improvements

Profitability Focused Investment

Profitability Focused  Asphalt Maximizasion
Investment
 Crude / Product Blending
 Increased Tank Capacity
 Railway Transportation System
“Residium
Upgrading” Residium Upgrading Project
 Fuel Oil  Diesel

28
 Progress in the near term strategy: Investments

On-Going Investment
 May 31st: Izmit CCR onstream
 July 8th : Izmit HDS onstream
 Kırıkkale HDS &CCR 2nd Q 2008

Million $
373
400
350 273
300 123
250 53
200
Other Investments
150
 Wagon loading facilities in Izmit are
220 250 completed
100
50
 Tank investments to add 1 million M3
capacity (+20%)
0
2006 2007  8 MW Wind Turbine investment to be
made in Izmir by 2011
New and Other Inv. Master Plan

Including Related Interest Costs

29
Upside Potential

2005 Actual Production After Investment (Max.) Difference Maximum

(2) (1) (1)-(2) Net EBIT
Products Margin
Kton % Kton % Kton $/ton Million USD

LPG 764 3.2 1,120 4.5 356 63 22.2

Naptha 1,388 5.8 419 1.7 -969

Gasoline 3,548 14.9 5,837 23.7 2,289 40 91.6

Jet Fuel 2,013 8.4 2,683 10.9 670 50 33.5

Gas Oil 7,566 31.7 7,847 31.8 281 30 235.4

Black Products 8,127 34.0 6,303 25.6 -1,824

Others 484 2.0 457 1.9

Total 23,889 100.0 24,666 100.0 803.2 382.7

Crude Processed 25,494 26,500

Note: Based on Optimal Crude Slate

30
TÜPRAŞ’s Major Investment Study-Residium Upgrading

• Jet-Gasoil demand growth • Converts low-value black

Why Residium Upgrade?

Profitability
• Contraction in Fuel Oil product to high-value
market white products
• Alternative to new refinery • Increases Tüpraş’s margin
projects premium over its
• Matching Production to competitors
demand • Improves long term cash
• Local trends are flow & income
mirrored in global
markets • Note: Makes no
assumption about
refinery margins going
forward.

31
32
Profitability Indicators - 2006 /2007 (Tax Purpose)

Difference
2006 2007
Amount (%)

Dtd.Brent Price, ($/bbl) 65.1 72.5 7,4 11,4%

Brent vs Tupras Crude Cost, ($/bbl) -4.5 -3.8 0,7 -15,6%

Processed Crude API 32,5 32,1

White Product Yield, (%) 67,1 67,5 0,4%

Med. Complex Margin,($/bbl) 5,30 5,32 0,4%

Tupras Margin,($/bbl) 5,86 7,22 23,2%

Operating Profit, (mn. $) 501 652 151 30%

EBITDA, (mn. $) 722 881 159 22%

33
Income Statement :2006/2007 (Tax Purpose)

4Q 4Q
% Diff. Million USD 2006 % Diff.
2006 2007 2007

3.429 4.793 40 Net Sales 14.115 15.838 12

106 243 129 Gross Profit 768 1.081 41

(56) (128) 128 Operating Expenses (267) (429) 61

50 115 130 Operating Profit 501 652 30

25 49 93 Income From Others, (Net) 129 243 88

15 (2) (112) Finance Expenses (11) (15) 37

91 163 79 Profit Before Tax 619 880 42

74 131 76 Net Profit 507 708 40

34
FX Risk (2007 Tax Purpose)

Consolidated Consolidated
Assets Liabilities

Cash:
Payables: 1.909
244

Short Term
Recievables:267
Loans:74

Financial Loans:
Stock:1.798
322

+4

35
Financial Highlights

EBITDA (USD Million) Revenue (USD Billion)

New

14,1 15,8
11,1 12,1
One Off 8,6
5,2 5,2 6,1

2007/9M
2001

2002

2003

2004

2005

2006

2007 Tax
Natural Gas

881
768 769 769
711 Net Income (USD Million)

429
356
279 725 708
491 508 575
291
154 116
2007 Tax

2007 Tax
2001

2002

2003

2004

2005

2006
2001

2002

2003

2004

2005

2006

2007/9M
2007/9M

2007 Tax = Results for Tax Purposes

36
Dividends

Tüpraş is a cash generating Earnings & Dividends

company, with a good ability to 3,5 YTL/Share
generate dividends, in addition to
investing. 3,0
2,5
In 2006 the dividend yield was
around %8.5 2,0
1,5
Tüpraş plans to continue to pay out
100% of distributable income 1,0
0,5
0,0
2002 2003 2004 2005 2006

Earnings Per Share Dividend

37
 Ratings & Corporate Governance

Fitch Rating Comparison Corporate Governance Rating

FOREIGN
CURRENCY LOCAL CURRENCY
As of January
28, 2008 Overall 79,12
Long-term Long-term National

SOVEREIGN BB (Stab) BB (Stab) -

TÜPRAŞ BB (Stab) BBB-(Stab) AAA (tur) (Stab)

Shareholders 77,34
Vestel BB- (Neg) BB- (Neg) -

Hürriyet BB (Stab) BB (Stab) AA (tur) (Stab)

Transparency 88,31
Turkcell BB (Stab) BBB-(Stab) -

Stakeholders 88,09

Board 62,65

0% 50% 100%

Rating by Saha Ratings

38
Highlights

Strong Global Oil Demand • Driven by Global Economic Growth

Lagging Refinery Investments • Increasing costs and project timelines

• Sustainable economic growth

Growing & High Potential
• Rapid car park growth
Domestic Market
• Currently low per capita oil consumption

• 4 well located refineries

Domestic Monopoly
• Strategically valuable & profitable affiliates

Improving Operations • Improvements in production mix and efficiency

Investments • Strengthening competitive position & profitability

• Post privatisation management changes

Restructuring Upsides
• HR Restructuring

Further Upgrade Potential • Profitable opportunities for further investment

Profitability • Strong cash generation ability & improving results

Safe Haven • Strong performance under volatile environments

39
 Thank you…

The Investor Relations section of our company website has a wealth of constantly
updated information of interest to investors.

www.tupras.com.tr

40
41
TÜPRAŞ Shareholder Structure

Koc Holding Aygaz Opet Shell O. Invt.

75% 20% 3% B.V
1.9%

Shell
Enerji Yatırımları A.Ş. Turkey
0.1%

51%

79.98%
Ditaş
Free Float
(Foreign
49% Investor’s
Share: ~85%)

40.0%

42
The Distribution Business, Opet

Retail Business
Tüpraş entered the retail market
• Turkey’s 3rd largest
• Purchasing 40% of Opet shares for US$380 • 1.300 Retail sites, 2 Brands
million from Aygaz (Dec 2006)
Storage Capacity
• Second largest in Turkey, with 5 Terminals total
Reasons for investment 850.000 M3

• First Step in diversifying along the value chain

Other Business
• Positive impact on earning going forward
• Petrol Trading, Bunkering & Lubricants

Opet Auto Fuels Market Share

2006 Revenue $4 Billion 20

15

2006 EBITDA $145 Million 10

14,4 15,3
11,5 12,7
5 9,6
Sustainable growth in sales and 0
income 2003 2004 2005 2006 2007

43
Market Share in Retailing 2007/2006

(1000 M3 )

18.624
Share,% 17.580 5.9% Share,%
2.312
11.1 1.945 others 1.225 12.4
6.7 1.173
Total 6.6
14.9 2.611 2.776
14.9
BP
14.3 2.523 2.841
OPET 15.3

20.9 3.677 4.086

Shell 21.9

32.1 5.651
POAŞ 5.385 28.9

2006 2007
Source: PETDER

Motor Fuels sales increased by 5.9% y-o-y in 2007

44
“Operational Excellence Program" with SHELL Global Solutions

Operational Excellence Programme (OEP)

Opportunity Confirmation
Phase Implementation Phase

2006 2007 2008 2009 2010 2011 Total

Net Benefit, Mn$ 10 44 75 115 138 378

The program areas for OEP are:

 Hydrocarbon Margin
 Maintenance and Reliability
 Energy and Loss
 Operating and Maintenance cost
 Health and Safety Environment
 Selective De-bottlenecking

45
 80
90
100
110
120
140
150
160

130
04 Jan
18 Jan
01 Feb
15 Feb
01 Mar
15 Mar
29 Mar
12 Apr
26 Apr
10 May
24 May
ISE Relative Performance 2007

07 Jun

IMKB-100 Relative

P46
21 Jun

46
05 Jul
19 Jul
02 Aug
16 Aug
30 Aug
13 Sep
27 Sep
Tüpraş Relative

11 Oct
25 Oct
08 Nov
22 Nov
06 Dec
20 Dec
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.

47