With our disclosure on April the 20th 2020, we had announced that our 2020 expectations were revised down due to the negative impact of the global Covid-19 outbreak on petroleum products demand and this was based on the assumption that the negative impact would began to decrease by June and normal economic activity would resume starting from August.

Due to the ongoing negative impact of the Covid-19 outbreak on petroleum products demand globally and significant deterioration in crack margins due to the elevated global product inventories, our 2020 expectations are needed to be revised.

Within this context, we revise our Production expectation for 2020 from ~24 mt to ~22 mt, Sales expectation for 2020 from ~25 mt to ~23 mt. As a result of these changes, our 2020 capacity utilization expectation is revised from 80 – 85% to 75 – 80%.

Med Complex Refining Margin expectation is revised from 1.0 – 2.0$/bbl to ~-0.5 $/bbl. Tüpraş Net Refining Margin expectation is revised from 3.0 – 4.0$/bbl to ~1.0$/bbl.

Refining investments expectation is revised from ~125 Million $ to ~115 Million $.

This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.