[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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English
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Forward Looking Evaluations
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Explanations
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2020 expectations are given below;

Med Complex Margin

Med Complex Refining Margin expectation is 1.5 – 2.5 $/bbl

Tüpraş Net Margin

Tüpraş Net Refining Margin expectation is 4.5 – 5.5 $/bbl

Operational Targets

Capacity utilization: 95-100%

Production: ~28 million tons

Total Sales: ~29 million tons

Investments

Refining investments expectation is ~200 Million $


In case of a discrepancy between the Turkish and the English versions of this disclosure, the Turkish version shall prevail.