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Quarterly Product Crack Margins ($/bbl) Compared to Q4 2017, healthy mid-distillate environment continued in Q4 (Diesel:+34%, Jet: +33%) supporting cracks, HSFO remained strong (+29%), while Gasoline cracks were weaker (-57%). Diesel -2015 -2016 -2017 2018 Jet Fuel 18 15.9 16 16 14 16 15 13.8 15 16.7 14 13.4 14 12.3 14.5 12 12 O 10 11 13.9 1213.3 12 11 13 11 10 10 77 11 12 11 10 11 10 8 9 9 8 8 6 8 8 7 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Gasoline High Sulphur Fuel Oil 19 20 19 -4 18 -7 -7 -7.1 16 15 15 15 -8-9 -10.0 14 14 13 12.5 13 43 -10 -12 -12 -9 12 13 -12 -11 12.7 10 10.9 11 11 -12.6 -12.4 -13 -16 8 -16-13 -15 6 4.7 4 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Investor Presentation www.tupras.com.tr REFINING INDUSTRY 9

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