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Heavy Crude Price Differentials to Brent ($/bbl) 5 0 S -10 -15 Arab Heavy Basrah Heavy Kirkuk CPC Average* -20 Iran Sanctions OPEC+ Cut Decision OPEC+ Disagreement OPEC+ Cut Decision Russia Ukraine War OPEC+ Cut Decision 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 2018 2019 2020 2021 2022 2023 data as 31 August Sep-23 Refining Market Investor Presentation www.tupras.com.tr *Simple average of listed differentials 8

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