RESULTS FOR Q4 2016 ANALYST TELECONFERENCE

02 Operation

03Financials

01Market

01Market

4

2016 Fourth Quarter Market Conditions

Postponed Maintenances

Started to take place

High Agricultural

Demand

Normalized Seasonal

Demand with El Nino fading

away

Industrially Driven Asian Growth and

Stronger European Demand

OPEC & Non OPEC Supply

Cut

• FED Rate Hikes

• Emerging Markets Slow

Down

• Brexit

Stock levels were still

higher

Global Terrorism

Fluctuation in currency &

prices

High Production of

OPEC & Russia before cut / Increase in rig counts

in USA

Product Market Crude Oil

Key Highlights in Q4

5

Diesel Sales

Capacity Utilization*

100% Capacity

Utilization Target has

been achieved

862

803

876

956913

951

700

800

900

1000

Oct Nov Dec

15 16Thousand

tons

Diesel sales

increased by 11%

6,4 6,2

2,9

10,1 10,2 9,9

0

4

8

12

Oct Nov Dec

15 16

Strong net refinery

margins

$/bbl

Net Refinery Margin

*Nameplate capacity calculated by standard 330 days of operations.

109,7

108

113,9

114,7

108,1

112

104 106 108 110 112 114 116

Oct

Nov

Dec

15 16

11 Months 2016 - Turkish Consumption (Million tons)

18,74

20,38

10 12 14 16 18 20 22

2015

2016

Diesel

1,23

1,24

0,0 0,4 0,8 1,2 1,6

2015

2016

Domestic Jet Fuel

Decline in bunker sales -5,6%

1,92

2,06

0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2

2015

2016

Gasoline

0,52

0,51

0,10 0,20 0,30 0,40 0,50 0,60

2015

2016

Fuel Oil*

Source: EMRA*bunker excluded.

+8.7 %

-1.6 %+7.1%

+1.3 %

6

Crude Price Differentials ($/bbl)

7

-12

-8

-4

0

Price Differentials, $/bbl

Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy Siberian Light CPC

-1,41

-0,53

-1,17

-0,54 -0,73

-0,21

-0,61 -0,94

-0,66

-1,20

-2,04

-1,30

-1,59 -1,66 -1,64 -1,60 -1,78 -1,68

-1,30

-1,76

-2,20

-1,60

-1,40

-1,30

-4

-3

-2

-1

0

1

-4

-3

-2

-1

0

1

1 2 3 4 5 6 7 8 9 10 11 12

2011-2014 Min/Max 2015 2016

Ural Differentials, $/bbl

Quarterly Product Crack Margins ($/bbl)

8

15,214,5

10,913,0

19,418,9

13,8

Q1 Q4Q3Q2

Q1 Q4Q3Q2

7,3 7,77,9

9,4

11,210,7

14,4

Q1 Q4Q3Q2

12,8

10,20

15,7

15,214,6

10,18,99,2

7,9

Q1 Q4Q3Q2

11,20

-13,2

-15,0

-10,6

-13,1

-12,0-11,6

-5,7

2015 20162011-2014

13,5

10,8

-12,5

02 Operations

4,55 4,635,41

5,515,60

6,93

7,32 7,42

6,59

6,757,23

7,36

0

2

4

6

8

1Q 2Q 3Q 4Q

Min / Max 2007/2014 2014 2015 2016

Capacity Utilisation* (%)7

6,8

71

,3

98

,1

10

0,9

2,4

3,6

4,44,4

79,174,9

102,5105,3

40

60

80

100

120

2013 2014 2015 2016

Crude Oil Other

Quarterly Production Volume (Mn Tons)

Production

10

+2,8%

*Nameplate capacity calculated by standard 330 days of operations.

3,6 3,95,1 4,1

5,46,4

4,96,8 6,9

4,36,2 6,4

1,11,7

1,8

0,9

1,91,3

1,5

1,2 1,2

1,8

1,7 1,34,7

5,66,9

5

7,3 7,7

6,4

7,9 8,1

6,1

7,9

0

4

8

12

14 15 16 14 15 16 14 15 16 14 15 16

Domestic

Export

(Thousand tons)

7,6

Tüpraş Sales (Million Tons)

11

Q1 Q2 Q3 Q4

Total Sales

Diesel sales increased by %10,8 to 2.87 million tons compared to Q415. In full year, diesel sales soared by 18%

0,76 0,86 1,00 0,98 1,26 1,23 1,181,50 1,27

0,91 1,131,010,23

0,27 0,43 0,420,63 0,91 0,79

1,08 1,16

0,510,90 0,870,39

0,43 0,45 0,46

0,52 0,55 0,540,60 0,64

0,44

0,50 0,521,481,73

2,271,66

2,232,75

1,83

2,62 2,94

1,73

2,59 2,87

0

4

8

14 15 16 14 15 16 14 15 16 14 15 16

Diesel Gasoline Asphalt Jet Fuel

Q1 Q2 Q3 Q4

Domestic sales of selected products

Opet

798 830 885 915938 966 1.009

1.073

526 394 394410 418 427

435431

1.3241.224 1.279

1.325 1.3561.393 1.444

1.504

0

300

600

900

1.200

1.500

1.800

2009 2010 2011 2012 2013 2014 2015 2016

Station NumbersOpet Sunpet

12

Market positions as of 31th of

December:

•White Product: 17,7%

•Black Product: 19,4%

03Financials

Med & Tüpraş Net Margins, $/bbl

2,453,21

6,476,03

1,67 1,95

4,833,97

0

2

4

6

8

10

2013 2014 2015 2016

12 Month

Tüpraş Net Med Complex

14

2,03

4,565,17

10,06

0,30

3,84 3,54

5,05

0

3

6

9

12

2013 2014 2015 2016

4rd Quarter

Tüpraş Net Med Complex

* Hedge Operations not included

$ / bblGross

MarginInventory

Effect

CleanClean Gross

Margin

CleanClean NET Margin

Med Margin

2015 Q4 10,9 -0,8 11,7 5,9 3,5

2016 Q4 15,0 1,2 13,8 8,9 5,1

Product Price Effect on Tüpraş in Q4 (FOB Italy Prices)

Q4

Product Price, $/ton Tüpraş Crack Margin, $/bbl

2016 2015Product Yield %

2016 2015

LPG 362,0 364,0 3,60% -17,2 -11,3

Gasoline 505,0 464,0 20,10% 12,8 13,5

Naptha 421,0 388,7 1,10% -1,9 0,2

Jet Fuel 468,8 417,7 17,50% 10,2 9,4

Diesel 451,2 405,5 32,50% 11,2 10,8

Diesel 1000 442,4 389,7 0,70% 10,0 8,7

Fuel Oil 1% 283,6 202,2 0,20% -5,7 -12,5

Fuel Oil 3,5% 259,7 182,9 18,80% -9,4 -15,5

Total Crack Margin,$/bbl 5,6 4,6

Dated Brent Avg. $/bbl 49,5 43,7 94,50%

Margin Differences, $/bbl 1,0

Total Raw Materials Charge, mn Barrel 55,6

Total Effect of Product Price, mn $ 56,9

Total Effect of Product Cracks, mn TL 186,6

15

Product Price Effect on Tüpraş in 12M (FOB Italy Prices)

12M

Product Price, $/ton Tüpraş Crack Margin, $/bbl

2016 2015Product Yield %

2016 2015

LPG 308,3 360,7 3,60% -16,2 -20,3

Gasoline 462,3 557,5 20,10% 13,3 16,2

Naptha 366,6 432,9 1,10% -2,3 -3,6

Jet Fuel 408,9 501,9 17,50% 8,3 11,4

Diesel 394,6 494,7 32,50% 9,3 14,0

Diesel 1000 384,9 478,1 0,70% 8,0 11,8

Fuel Oil 1% 222,3 269,1 0,20% -9,4 -11,0

Fuel Oil 3,5% 205,2 255,4 18,80% -12,1 -13,1

Total Crack Margin,$/bbl 4,3 6,6

Dated Brent Avg. $/bbl 43,7 52,5 94,50%

Margin Differences, $/bbl -2,3

Total Raw Materials Charge, mn Barrel 213,3

Total Effect of Product Price, mn $ -495,6

Total Effect of Product Cracks, mn TL -1.495,5

16

Income Statement (In TL)

17

Q4 Q4% Diff. Million TL

12 M

2015

12 M

2016% Diff.

2015 2016

8.898,5 10.759,4 21 Net Sales 36.893 34.855 -6

1.289,5 1.599,4 24 Gross Profit 4.126,4 3.649,2 -12

-282,5 -294,0 4 Operating Expenses -877,1 -995,4 13

177,2 -318,6 -280 Income/Loss from other operations -497,5 -296,5 -40

1.184,1 986,8 -17 Operating Profit 2.751,8 2.357,3 -14

30,6 28,9 -6Income/Loss from equity

investment 72,6 158,9 119

1.214,7 1.015,6 -16Operating Profit Before Fin.

Income/Loss2.824 2.516 -11

-139,5 845,2 -706 Financial Income 862,7 1.173,9 36

-28,2 -965,1 3.319 Finance Expenses -1.461,8 -1.746,1 19

1.047,0 895,7 -14 Profit Before Tax & Minorities 2.225,4 1.944,0 -13

814,9 803,0 -1 Net Profit 2.550,2 1.793,3 -30

1.353,0 1.121,5 -17 EBITDA (mn.TL)-CMB 3.237,8 2.898,3 -10,5

1.181,2 954,1 -19,2 EBITDA (mn.TL)-CMB- CCS 3.373,3 2.486,3 -26,3

1.207,6 1.505,4 24,7 EBITDA *(mn.TL) 3.798,9 3.396,3 -10,6

1.035,7 1.337,9 29,2 EBITDA* (mn. TL) CCS 3.934,5 2.984,3 -24,1

Income Statement (In USD)

18

Q4 Q4% Diff. Million USD

12 M

2015

12 M

2016% Diff.

2015 2016

3.031 3.332 10 Net Sales 13.571 11.547 -15

450 510 13 Gross Profit 1.517,8 1.208,9 -20

-99 -91 -8 Operating Expenses -322,6 -329,8 2

71 -106 -249Income/Loss from other

operations -183,0 -98,2 -46

422 314 -26 Operating Profit 1.012,2 780,9 -23

11 8 -24Income/Loss from equity

investment 26,7 52,6 97

433 322 -26Operating Profit Before Fin.

Income/Loss1.039 834 -20

-60 277 -561 Financial Income 317,3 388,9 23

2 -312 -15.676 Finance Expenses -537,7 -578,4 8

375 287 -24 Profit Before Tax & Minorities 818,6 644,0 -21

285 256 -10 Net Profit 938,0 594,1 -37

421,8 480,4 13,9 EBITDA *(mn. $) 1.397,4 1.125,1 -19,5352,2 408,6 16,0 EBITDA* (mn. $) CCS 1.432,4 962,0 -32,8

481,4 354,4 -26 EBITDA (mn.$)-CMB 1.191,0 960,1 -19,4

411,8 282,6 -31,4 EBITDA (mn.$)-CMB- CCS 1.226,0 797,0 -35,0

Profit Bridge On Tüpraş 12M

19

2225,41.944,0

487,9

823,5

905,1

48,5

383,4

1.495,5

667,4

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

Profit BeforeTax in 2015

YieldDifference

Crude OilDifferentials

InventoryEffect

TotalExpenditures

Crack MarginDifferences

Pricing ,FOB_CIF Diff &

FX

Others Profit BeforeTax in 2016

Mil. TL

20

Financial Highlights (mn $)

95 79 150 150 114153 78

-27

415237

361315 226

410

294106

89

-11

422

480715560

338

1.397

1.125

-200

200

600

1000

1400

2012 2013 2014 2015 2016

EBITDA

16172

231112

27

7575

171273

113

309 435

175 268

197

27147 91

285

256

817

629 667

938

594

0

100

200

300

400

500

600

700

800

900

1000

2012 2013 2014 2015 2016

Net Income-1

.95

5

57

8

55

1

1.3

40 1.9

94

1.8

69

1.5

98

1.6

63 2.4

52

2.5

77

2.7

48

2.3

70

2.2

58

2.3

91

1.7

51

1.7

29

-3.000

-2.000

-1.000

0

1.000

2.000

3.000

Net Debt

0,1

9

0,3

0

0,3

2

0,2

4

0,2

6

0,3

5

0,0

4 0,1

1 0,1

6 0,2

2

0,00

0,05

0,10

0,15

0,20

0,25

0,30

0,35

0,40

2010 2011 2012 2013 2014 2015 2016Q1

20161H

20169M

2016

Return on Average Equity

Balance Sheet Analysis

21

2,16

1,721,691,30

1,641,68

1,211,04

0,821,04

1,641,59

2,45

1,72

0

1

2

3

4Cash & Equivalents (Billion $)

1,33

0,93

0,710,520,51

0,090,20

0,66

1,070,88

0,70

0,910,75

0,91

0,0

0,4

0,8

1,2

1,6

2,0

Receivables (Billion $)

2,4 2,6 2,82,9 2,9 3,0 3,3 3,1 3,0 2,8 2,9 2,8 3,1 2,9

1,0 0,50,9 0,3 0,3 0,3

0,4 0,5 0,6 0,61,0 1,2

1,10,6

3,43,1

3,73,2 3,2 3,3

3,7 3,6 3,6 3,43,9 4,0

4,2

3,4

0

1

2

3

4

5

Financial Loans (Billion $)

LT Loans ST Loans

3,4

6

3,2

2

3,1

0

3,2

8 3,0

4

2,4

6

1,7

4

1,7

0

1,5

9

1,3

6

1,2

3 1,6

9

1,9

8

2,0

2

0

1

2

3

4

5

Payables (Billion $)

Tüpraş Balance Sheet

22

Million USD 31.12.2016 31.12.2015 Difference % Difference

Current Assets 3.884 3.007 877 29

Cash & C. Equivalents 1.719 1.041 678 65

Receivables 911 882 29 3

Derivatives 10 6 3 52

Inventories 1.025 723 302 42

Pre-paid expenses 28 37 -9 -25

Other Current Assets 190 317 -126 -40

Long Term Assets 4.987 5.753 -766 -13

Financial Assets & Subsidiaries 264 264 0 0

Fixed Assets 3.338 3.950 -612 -15

Derivatives 105 86 19 22

Pre-paid expenses 68 62 6 10

Deferred Tax 917 1.101 -184 -17

Other Long Term Assets 296 291 6 2

Total Assets 8.871 8.760 111 1

Short Term Liabilities 3.597 3.036 561 18

Financial Loans 556 644 -87 -14

Payables 2.020 1.363 657 48

Derivatives 8 14 -6 -40

Deferred Incomes 4 8 -4 -45

Provisions 18 24 -6 -24

Other ST Liabilities 990 984 6 1

Long Term Liabilities 2.953 2.845 107 4

Financial Loans 2.892 2.768 124 4

Payables & Provisions 59 67 -8 -12

Derivatives 1 9 -9 -95

Other LT Liabilities 2 1 0 7

Equity 2.298 2.856 -558 -20

Minority Interests 22 22 1 3

Total Liabilities 8.871 8.760 111 1

FX Risk Exposure (31 December 2016)

23*Cash flow hedge accounting : 1,426 mn $

ConsolidatedAssets

ConsolidatedLiabilities

LT Financials: 2,627

RUP Loans: 1,260

Eurobond: 700

Other credits 667

ST Financials 426

• RUP 296

Payables

1.092

Forward & CFH

1,830

Stock

988

Receivables & otherassets

117

Cash

1.161

Million $

-49 million $

Future Expectations

Brent PriceEstimation

• The average Brent price in 2017 is expected to be 55 dollars per barrel on average.

Med Complex Margin

• We expect Med Complex margins to be between 4.0 –4,5 dollars per barrel band in 2017.

TüpraşNet Margin

• Net Tüpraş refinery margin is expected to be in the region of 5.75 – 6.25 dollars per barrel

Capacity Utilisation

Expectations for 2017;

• Full Capacity Utilization

• Production: approximately 29,2 million tons

• Imports of finished products will be minimal, as we focus on selling increased volumes of production

• Total sales: 30.6 million tons

Investment • Refining investments is expected to be 225 Million dollars. Additionally, 125 million USD investment is planned for increasing the marine tanker fleet capacity.

24

Disclaimer

This presentation contains forward-looking statements that reflect the Company

management’s current views with respect to certain future events. Although it is

believed that the expectations reflected in these statements are reasonable, they may

be affected by a variety of variables and changes in underlying assumptions that could

cause actual results to differ materially.

Neither Tüpraş nor any of its directors, managers or employees nor any other person

shall have any liability whatsoever for any loss arising from use of this presentation.

25

Extras

4rd Quarter Product Yields

White Product 77.49%

Production 7.33 mn ton

API:30.27

White Product 77.57%

Production 7.31 mn ton

API:30.10

Gasoline20,3%

Naphtha1,2%

Jet14,3%

Diesel38,5%

Other1,2%

LPG3,3%

Coke3,1%

Fuel Oil5,0%

Bitumen13,1%

Light Distil.21,5%

Mid. Distil.52,8%

Other4,5%

Black Prod.21,2%

2015 2016

27

Gasoline20,9%

Naphtha0,6%

Jet17,6%

Diesel34,6%

Other1,4%

LPG3,4%

Coke2,9%

Fuel Oil7,0%

Bitumen11,5%

Light Distil.21,5%

Mid. Distil.52,3%

Other4,8%

Black Prod.21,4%

Product Yields

White Product 75,43%

Production 27,27 mn ton

API:31,35

White Product 76,57%

Production 27,93 mn ton

API:30,62

Gasoline20,9%

Naphtha1,1%

Jet16,5%

Diesel33,9%

Other5,3%

Coke2,5%

Fuel Oil7,2%

ASRFO+Vac0,3%

Bitumen12,4%

Light Distil.22,0%

Mid. Distil.50,4%

Other5,3%

Black Prod.22,3%

2015 2016

28

Gasoline20,6%

Naphtha1,0%

Jet19,0%

Diesel30,5%

Other5,2%

Coke1,8%

Fuel Oil10,8%

ASRFO+Vac0,4%

Bitumen10,7%

Light Distil.21,6%

Mid. Distil.49,6%

Other5,2%

Black Prod.23,6%

52,0%

41,7%

42,4%

41,0%

Crude Oil (12M)

29

2015 2016

We are dealing with 65 trading crude oil in Med

37,7%

41,7%

2014

APIAPI>30

API>34 20,6%

16,6% 6,3%

Increased heavy crude

supply by 14,2 % after RUP

Production (million tons)

0,7 0,9 1,0 0,9 1,01,3 1,6 1,3 1,0 1,3 1,3 1,0

1,2 1,31,4 1,4 1,6

1,82,3 2,5

2,02,1 2,4 2,81,9

2,22,5 2,3 2,5

3,1

3,8 3,8

3,03,4

3,7 3,9

0,0

1,0

2,0

3,0

4,0

5,0

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Middle Distillate

Jet Diesel

0,9 1,01,2 1,3 1,2 1,3

1,5 1,5 1,4 1,4 1,5 1,5

1,0 1,01,2 1,3 1,3

1,41,6 1,6 1,5 1,5 1,6

1,6

0,0

0,5

1,0

1,5

2,0

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Light Distillate

Gasoline Naphtha

0,8 0,8 0,81,1 1,0 1,1

0,3 0,5

1,0

0,4 0,3 0,4

0,4 0,40,6

0,50,4

0,7

0,90,8

0,6

0,8 1,0 1,0

1,3 1,21,4

1,61,4

1,9

1,5 1,61,7

1,41,5

1,6

0,0

0,5

1,0

1,5

2,0

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Black Product

Fuel Oil Bitumen Coke

32,532,9

31,8 31,9

33,1

32,2

30,3 30,3

31,130,8

30,530,1

27,5

28,5

29,5

30,5

31,5

32,5

33,5

34,5

Q 1 Q 2 Q 3 Q 4

Crude Oil API

2014 2015 2016

30

Product Yields

17% 20% 19% 17% 18% 19%21%

18% 16%19% 18% 14%

27%27% 27%

26%28% 27%

31%35%

30%

32% 34% 39%

43%47% 46%

43%46% 46%

53% 52%

45%

51% 52% 53%

0%

10%

20%

30%

40%

50%

60%

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Middle Distillate

Jet Diesel

21% 21%22% 23% 22%

20% 20%21% 22% 21% 21% 20%

22% 21%22%

23% 23%

21% 21% 22%22% 23% 22% 22%

0%

5%

10%

15%

20%

25%

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Light Distillate

Gasoline Naphtha

19% 17%14%

20% 18% 17%

5%7%

15%

5% 5% 5%

9%9%

12%

8%7% 10%

13%11%

9%

13% 14% 13%

1%

3% 3%

1%

3% 3% 3%

28%26% 26%

29%

26%27%

21% 21%

26%

21% 22% 21%

0%

5%

10%

15%

20%

25%

30%

35%

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Black Product

Fuel Oil Asphalt Coke

32,532,9

31,8 31,9

33,1

32,2

30,3 30,3

31,130,8

30,530,1

27,5

28,5

29,5

30,5

31,5

32,5

33,5

34,5

Q 1 Q 2 Q 3 Q 4

Crude Oil API

2014 2015 2016

31

Domestic Sales1

.03

1

246

2.0

43

4.9

88

10

8

9.1

50

1.1

91

2.8

71

420

19

7

1.1

26

21

9

2.1

55

5.0

07

78

10

.81

2

1.3

43

3.3

67

47

7

18

0

0

2.000

4.000

6.000

8.000

10.000

12.000

2015 2016

Export Volumes

3.137

349

2.551

456

2.888

262

1.493

848

0

500

1.000

1.500

2.000

2.500

3.000

3.500

Gasoline MiddleDist.

Fuel Oil Other

2015 2016

Sales (Thousand Tons)

32

2015 : 22.2 mn tons

2016 : 24.8 mn tons

2015 : 6.4 mn tons

2016 : 5.5 mn tons

Fluctuation in Oil Price & Exchange Rate for 2016

26,0

39,9

36,2

50,6

40,3

49,8

51,6

41,9

55,4

3,06

2,80

3,08

3,07

3,54 3,54

2,77

2,82

2,87

2,92

2,97

3,02

3,07

3,12

3,17

3,22

3,27

3,32

3,37

3,42

3,47

3,52

3,57

24

28

32

36

40

44

48

52

56

60 Brent Crude Price

TL/Dollar

33

Trading Activities

93

637

804

49

588

61 30112

465

1.097

0

1.240

203

00

200

400

600

800

1.000

1.200

1.400

Product Imports, Ton*000

2015

2016

671

67

628

50

100

200

300

400

500

600

700

800

HVGO LCGO+CO

Intermediate Imports, Ton*000

2015 2016

Finished Products

Because of low desulfurisation

margin in High Sulfur Diesel imports,

ULSD imports were increased in

paralel to the sales volume rise.

Intermediates

We have purchased HVGO + LCGO

for the conversion units after RUP.

34

Quarterly Price Ratios (product $/bbl/Crude $/bbl)

1,071,12

1,15 1,13

1,24

1,31

1,38

1,32

1,45

1,32

1,24 1,26

1,00

1,10

1,20

1,30

1,40

1,50

Q1 Q2 Q3 Q4

Gasoline

2013 2014 2015 2016

1,141,12

1,16

1,21

1,29

1,25

1,29

1,251,231,20 1,20

1,23

1,00

1,05

1,10

1,15

1,20

1,25

1,30

1,35

Q1 Q2 Q3 Q4

Diesel

2013 2014 2015 2016

1,121,10

1,15

1,21

1,27

1,18

1,21 1,221,22

1,17 1,17

1,21

1,00

1,05

1,10

1,15

1,20

1,25

1,30

Q1 Q2 Q3 Q4

Jet Fuel

2013 2014 2015 2016

0,81 0,810,85 0,800,78 0,80

0,740,640,61

0,67 0,770,80

0,00

0,30

0,60

0,90

1,20

1,50

Q1 Q2 Q3 Q4

Fuel Oil

2013 2014 2015 2016

35

Inventory Effect* Analysis

*FX effect Included, hedging excluded1

2015 2016

$ million Crude Product Total Crude Product Total

1st Quarter -35,1 -35,1 -70,2 -9,0 -13,4 -22,4

2nd Quarter 28,1 38,9 67,1 46,9 70,1 117,0

3rd Quarter -45,9 -55,7 -101,6 2,3 12,8 15,2

4rth Quarter -42,8 -40,7 -83,5 64,8 58,5 123,4

Sep -5,2 0,9 -4,3 20,4 11,7 32,1

Nov -10,6 -17,4 -28,1 8,3 4,9 13,2

Dec -27,0 -24,2 -51,1 36,2 41,9 78,1

12 Months -95,6 -92,5 -188,1 105,1 128,0 233,1