Turcas Petrol : Yatırımcı Sunumu - 3Ç21

Investor Presentation

Table of Contents

1. Turcas: A Sustainable Investment Platform

Page #

1. 1. Turcas at a Glance……………………………………………………………………2
   2. Group Structure & Milestones……………………………………………………..3-4
   3. Shareholding Structure & Stock Information……………………………………….5
   4. Turcas Dividend Stream……………………………………………………………6-7
2. Investments
3. 1. Fuel Distribution : Shell & Turcas JV……………………………………........... 8-13
   2. Power Generation (Natural Gas Power Plant): RWE & Turcas JV………….. 14-17
   3. Power Generation (Geothermal Power Plant): Turcas Kuyucak Geothermal..18-20
4. Financial Overview…………………………………………………………………. 21-23

1

Turcas: A Sustainable Investment Platform

At a Glance

Turcas

Corporate Profile

Existing Operations

• Oil & Energy focused Investment Company
• Extensive industrial know-how in Turkish Energy Business
• Active in Fuel Distribution-Lubricants and Power Generation
• Carved-inBusiness Partnership culture
• Targeting to Further Diversify its portfolio
• 54% owned by Aksoy Girişimcilik Enerji ve Turizm A.Ş. (previous title Aksoy Holding) and traded on Borsa Istanbul since 1992
• A history full of strong partnerships with global major players
• Rated by Kobirate for Corporate Governance (Latest Rating: 9.61 out of 10)

▪	#1	among energy companies listed in BIST Corporate Governance Index
	Joint Venture with	Joint Venture with		Joint Venture with
	Holding 30% shares of	Holding 30% shares of	Holding 100% shares of	Holding 13.1%(1) shares of
	Shell & Turcas JV	RWE & Turcas JV	ATAŞ Oil Terminal
	Turcas Kuyucak Geothermal
	since 2006	since 2009	since 1970
	COD: Jan'18

Market Position

Key Investment

Highlights

• Shell & Turcas: Market leader in under canopy 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
• 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
• Strong cash inflows from Shell & Turcas and positive contribution from Turcas Kuyucak Geothermal PP
• Portfolio Hedge via exposure in different fields of energy (fuel distribution, conventional power generation and renewable power generation -thelatter benefiting from USD based feed-intariff)

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%
1,113 Nationwide Shell	800 MW	18 MW
Branded Fuel Stations**
Gas Fired	Geothermal
Lubricants Plant	Power Plant	Power Plant
in Derince

• 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 September 2021

Equity Pick Up Consolidation under IFRS

Full Consolidation under IFRS

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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.	sales	operations at	Conoco,	Conoco's	Royal Dutch	Socar &
	partnership	Ataş Refinery	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	▪Divestment	▪Acquisition of	▪Start of
with E.ON	of 51%	E.ON shares	from	operations at from STAR	46% shares of	operations at
AG under	shares of	by RWE AG &	Petkim	Denizli	refinery	Turcas	Turcas
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