Investor Presentation - FX Exposure Management

Crude Price Differentials to Brent OPEC+ agreement on supply cuts in May and extension of initial cut target to the end of July led to sizeable narrowing in differentials in Q3. 2 0 -2 -4 -6 -8 10 -10 -12 Q1 10 Q2 Q3 33 2017 Iran Sanctions OPEC+ Cut Decision OPEC+ disagreement OPEC+ Cut Decision 60 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov Dec-20 Refining Market Investor Presentation 2018 2019 www.tupras.com.tr 2020 Arab Heavy Basrah Heavy Kirkuk - . .Ural - -Average* *Simple average of listed differentials 00 8

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