Koç Holding Investor Presentation

-0,58 0 Crude Price Differentials ($/bbl) 1 Brent -2 -2,06 -2,41 -3 Ural Differentials 0 -0,35 -3 -1,30 -6 -4 +12 Jan Feb *Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012-2017 Differential Range - 2016 - 2017 ► 2018 *As of March 26th Investor Presentation www.tupras.com.tr REFINING INDUSTRY -9 11Q1 11Q2 11Q3 11Q4 Brent 12Q4 12Q2 12Q3 12Q4 13Q1 - Iran Heavy — Price Differentials 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 Kirkuk - Kuwait - Basra Heavy - Arab Heavy Ural 9

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