January 20 Investor Presentation

Differentials Taking a Look at 2019... Cracks Weak Crack Margin Environment in 1H Diesel +5% Jet -9% Gasoline -36% HSFO -37% Elevated Concerns on Global Slowdown IMO Impact on Cracks IMO Impact on Differentials Sanctions on Iran crude All waivers expired on Iran OPEC Supply Cut <100% Compliance OPEC Supply Cut 100-120% Compliance Venezuela Crude Exports Druzba Pipeline Contamination January February March April May June January 20 Refining Market Investor Presentation OPEC Supply Cut >%120 Compliance Drone Attack to Aramco Oil Fields July August September October November December www.tupras.com.tr 9

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