Investor Presentation Table of Contents 1. Turcas: A Sustainable - PowerPoint PPT Presentation

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 c) Power Generation (Geothermal Power Plant): Turcas Kuyucak Geothermal..18-20 d) Project Pipeline / Projects Under Development ………………………………….. 21 3. Financial Overview…………………………………………………………………. 22 -23 4. Recent Developments…………………………………………………………….. 24 -26 1

Turcas: A Sustainable Investment Platform At a Glance  Oil & Energy focused Investment Company  Extensive industrial know-how in Turkish Energy Business  Turcas Active in Fuel Distribution-Lubricants and Power Generation  Carved-in Business Partnership culture  Targeting to Further Diversify its portfolio  54% owned by Aksoy Holding and traded on Borsa Istanbul since 1992  A history full of strong partnerships with global major players Corporate Profile  Rated by Kobirate for Corporate Governance (Latest Rating: 9.58 out of 10)  Among energy companies listed in BIST Corporate Governance Index #1 Joint Venture with Joint Venture with Joint Venture with Existing Operations Holding 30% shares of Holding 30% shares of Holding 13.1% (1) shares of Holding 100% shares of ATAŞ Oil Terminal Shell & Turcas JV RWE & Turcas JV Turcas Kuyucak Geothermal since 2006 since 2009 since 1970 COD: Jan’18  Shell & Turcas: Market leader in Gasoline & Lubricant sales, #1 in Throughput ratio (sales per station);  RWE & Turcas : One of the most sizeable (800 MW) and efficient (58%) CCPPs in the Turkish Power market;  Turcas Kuyucak Geothermal: 18 MW Geothermal Power Plant – Operational as of January 2018 Market Position  ATAŞ: 3rd largest Oil Terminal in Turkey with a total capacity of 570K m3;  Renewables: Well positioned existing pipeline/projects under development.  Turcas is the only listed Company in Turkey that provides exposure to local operations of global energy giants like Shell and RWE Key Investment  Sustainable dividend distribution driven by strong cash inflows from Shell & Turcas and solid operational results of Turcas Kuyucak Geothermal PP Highlights  Portfolio Hedge via exposure in different fields of energy (fuel distribution, conventional power generation and renewable power generation – which is benefitting from USD based feed-in tariff) (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% 2

Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 28% 30% 30% 100% 1,024 Nationwide Shell 800 MW 18 MW Branded Fuel Stations Gas Fired Geothermal Power Plant Power Plant Lubricants Plant in Derince * ATAŞ appears twice on the Group Structure due to both direct and indirect shareholdings which in total make Turcas owner shi p at ATAŞ 13.1%. Equity Pick Up Consolidation under IFRS Full Consolidation under IFRS 3

Turcas: A Sustainable Investment Platform Corporate Milestones 1931 1953 1962 1996 2005 2006 2006  Foundation of  Lubricants  Start of  Acquisition by  Acquisition of  Merger with  Foundation of Türkpetrol Ltd. Conoco’s sales operations at Conoco, Royal Dutch Socar & Ataş Refinery partnership Aksoy and shares in Shell in fuel Turcas JV with Burmah Partners Turcas by retail under Castrol Aksoy Holding Shell & Turcas JV 2007 2008 2009 2011 2013 2014 2016 2018  Partnership  Acquisition  Acquisition of  Divestment  Start of  Acquisition of  Start of  Divestment with E.ON of 51% E.ON shares from operations at 46% shares of operations at from STAR AG under shares of by RWE AG & Petkim Denizli Turcas Turcas refinery E.ON & Petkim by Establishment Power Plant Kuyucak Kuyucak Turcas JV Socar & of RWE & Geothermal Geothermal Turcas Turcas JV PP from BM PP Engineering 4

Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Petrol Shareholding Structure of Aksoy Holding Aksoy Holding A.Ş. 1.7% 17.53% 22.4% Erdal Aksoy Free Float S. Batu Aksoy 54.45% Banu Aksoy Tarakçıoğlu 53.5% 28.02% 22.4% Other Individual & Corporate Local Investors Turcas Corporate Governance Rating – 9.58/10 Rating Scores by Section (out of 100) Stock Information 97.34 96.99 BIST Ticker TRCAS 94.98 94.73 Bloomberg Ticker TRCAS TI Reuters Ticker TRCAS IS IPO Date 06/04/1992 Borsa İstanbul (BIST) Listed Exchanges Listed Indices BIST CORPORATE GOVERNANCE, BIST HOLDING AND INVESTMENT, BIST ISTANBUL, BIST MAIN, BIST ALL-100 Shareholders Public Disclosure and Transparency Share Price (15/11/2019) 2.17 TL Stakeholders Board of Directors Market Cap. (15/11/2019) 555 MM TL 5

Turcas: A Sustainable Investment Platform Dividends & Management Fees & Preferred Dividends Received from Shell & Turcas MM TL 148 MM TL dividends received in 3Q19. Out of that 62 amount, 73 MM TL transferred to Shell & Turcas in the form of shareholder loan 57 148 10 5 16 14 13 16 23 53 50 51 45 45 40 36 31 27 24 18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dividends Received from Shell & Turcas Management Fees and Preferred Dividends Received from Shell & Turcas 6

Turcas: A Sustainable Investment Platform Dividends Paid by Turcas MM TL 31 26 Last 5 yr avg dividend yield: 2.5% 18 14 14 mln TL capital 14 14 13 gain created for 11 11 shareholders as a proxy for dividends via share cancellation 8 8 in Jun’18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 7

Fuel Distribution: Shell & Turcas JV  In 2005, Royal Dutch Shell (‘ Shell ’) and Turcas Petrol A. Ş . have merged their fuel retail operations in Turkey under the name of Shell & Turcas Petrol A. Ş . (‘STAŞ’) . Newly established company, Royal Turcas STAŞ , started its operations in July 2006 Petrol A.Ş. Dutch Shell  Shell holds 70% of the shares while Turcas Petrol holds remaining 70% 30% 30% in the JV  After the successful merger in 2006, 650 T ü rkpetrol branded fuel Shell & Turcas Petrol stations owned by Turcas and 650 Shell branded fuel stations of Shell Turkey, along with both companies’ logistics centers, storage and filling facilities and a lubricant oil production plant in Derince – İzmit and marketing activities were merged under STAŞ and all stations started to operate under Shell brand  Today, STAŞ operates through 1,024 nationwide Shell branded fuel stations as of September 2019  STAŞ is the market leader in Gasoline and Lubricant sales as well as throughput ratio (white product sales / station), one of the most important profitability KPIs in the business 8

Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m 3 MM m 3 28.0 27.4 -6% y/y 25.7 24.0 23.6 22.1 21.3 2% y/y 3.1 3.1 3.0 2.8 2.6 2.43 2.40 2014 2015 2016 2017 2018 9M18 9M19 2014 2015 2016 2017 2018 9M18 9M19 White Product Sales (Sector) Lubricants Sales (Sector) K tons MM m 3 31.1 30.5 -6% y/y 342.9 339.9 28.7 320.0 -17% y/y 26.9 300.7 26.0 296.5 24.6 23.9 268.5 221.6 2014 2015 2016 2017 2018 9M18 9M19 2014 2015 2016 2017 2018 9M18 9M19 Source: PETDER 9

Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m 3 ths m 3 4,282 4,170 4,126 775 -5% y/y 757 3,790 744 1% y/y 3,616 679 3,269 3,109 618 605 597 2014 2015 2016 2017 2018 9M18 9M19 2014 2015 2016 2017 2018 9M18 9M19 White Product Sales (STAŞ) Lubricants Sales (STAŞ) ths m 3 tons 89 88 5,058 4,928 4,870 -14% y/y - 4% y/y 79 77 76 4,470 4,235 68 3,866 3,714 59 2014 2015 2016 2017 2018 9M18 9M19 2014 2015 2016 2017 2018 9M18 9M19 Source: PETDER 10

Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares Total-Demirören Shell & Turcas Vitol Opet BP Total-Demirören Shell & Turcas Vitol Opet BP 24.9% #1 24.0% 21.0% 18.1% 16.3% 14.0% 11.2% 7.8% 5.3% 4.9% 9M18 YE18 1Q19 1H19 9M19 9M18 YE18 1Q19 1H19 9M19 Onsite White Oil Market Shares (8M19) Lubricants Market Share Total-Demirören Shell & Turcas Vitol Opet BP #1 26.4% #1 Others Shell 25.7% 19.4% 19.4% Akpet 2.9% TP 16.6% 3.4% Opet Aytemiz 17.5% 9.2% 4.4% Total 7.4% BP 5.1% PO 9.3% 18.6% 9M18 YE18 1Q19 1H19 9M19 Source: PETDER data used for gasoline, diesel and lubricants market shares. EMRA data used for onsite market shares 11