Investor Presentaiton

Crude Price Differentials to Brent -10 -12 -8 -2 -4 -6 о 2 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 1Simple average of listed differentials February 20 Investor Presentation Refining Market Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 - Arab Heavy Basrah Heavy Kirkuk Kuwait Supply Shocks on Heavy Crude Iran Sanctions •Venezuela Sanctions •OPEC+ cut decision and over- compliance •Druzhba contamination •Drone attack to Saudi fields Ural ¹Average www.tupras.com.tr A total of ~4 mbd is missing from heavy crude pool since December 2018, leading to price increases and narrowing differentials 8

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