Investor Presentation

Crude Price Differentials ($/bbl) Heavy Crude differentials narrowed in Q4 with Iran sanctions, OPEC+ cut decision and higher interest for fuel oil. Brent 15Q1 15Q2 15Q3 15Q4 16Q1 1601 Heavy Crude Price Differentials 16Q2 16Q3 16Q4 17Q1 17Q2 T703 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 0 -2 -4 -6 -8 -10 Iran Heavy Kirkuk Kuwait Source: Platts As of february 15th. Investor Presentation www.tupras.com.tr REFINING INDUSTRY Opec Cut Decision Basra Heavy Arab Heavy -- Ural Iran Sanctions Opec Cut Decision 10

View entire presentation