H1 2019 Results

0 Jan-17 100 8 N W + g Brent Crude Oil Prices ($/bbl) Feb-17 Mar-17 Apr-17 Source Platts As of September 24th Investor Presentation www.tupras.com.tr REFINING INDUSTRY May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Emery Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 64.0 PROS • OPEC+ supply cut • Political instabilities in Middle East, Africa • and Latin America Impact of sanctions CONS • Increase in shale production in US . Inventory Levels Impact of trade disputes • Weak PMI in Europe and China 50

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