Tüpraş Holds 59th General Assembly Meeting

Tupras held its 59th General Assembly Meeting on 20 March 2019 at the company headquarters in Körfez, Kocaeli. At the General Assembly, Tupras's 2018 financial statements were approved and the Board of Directors was discharged. For the term until the General Assembly to be held in 2020, the following were elected to board membership: Ömer M. Koç, Ali Y. Koç, Rahmi M. Koç, Semahat Sevim Arsel, Levent Çakıroğlu, Yağız Eyüboğlu, Erol Memioğlu; to independent board membership: Muharrem Hilmi Kayhan, Ayşe Canan Ediboğlu, Kamil Ömer Bozer and Zafer Sönmez as Representative of the Privatization Administration / Independent Board Member. The Board of Directors' proposal regarding the distribution and timing of 2018 earnings was accepted. Shareholders will receive a cash dividend from the 2018 current period earnings of TRY 15.15 gross and TRY 12.8775 net per share, subject to their individual tax liability. Koç Holding and Tupras Chairman of the Board Ömer M. Koç remarked to stakeholders at the General Assembly that Tupras's total investment over the past 13 years has exceeded USD 6 billion, and stated: "Tupras, as in every year, conducted its operations in the past year in line with all global and local developments affecting our sector. With its capability to process heavy and high-sulphur crude oil and supported by its continuously expanding crude supply base, crude oil purchases were made from 20 different varieties sourced from 12 countries to create the optimal charge composition. Despite modernization work carried out on the crude oil unit of İzmir Refinery and important planned maintenance shutdowns completed at İzmit Refinery and Kırıkkale Refinery, production in 2018 reached 25.7 million tonnes with 95.9% capacity utilization. As a result of strong continued demand particularly in diesel and jet products and record sales volumes achieved, Tupras's domestic sales reached 25.6 million tonnes and total sales reached 29.8 million tonnes, with total revenue reaching TRY 88.6 billion. In 2018, a year marked by significant operational and financial risks, Tupras successfully managed its operations within strong risk policies, preserving its working capital and strong balance sheet; it achieved a profit of TRY 3.8 billion after tax."