Koç Holding Investor Presentation

Inventory & Crack Margin Hedge Maintaining minimum amount of stock required for the refining activities Operational Hedge: Inventory Hedging Policy Forward Pricing: Purchasing crude oil through forward-priced contracts Financial Hedge: Proxy Hedging (both crude oil and refined product inventories) • Expected inventory exposure for the year end is hedged • Derivative transactions: Asian swap, Zero Cost Collar Hedging ratio increasing throughout the year Margin Hedging Policy Investor Presentation www.tupras.com.tr KEY FINANCIALS • Crack margins: Gasoline, Diesel and Jet Fuel Cracks. • Derivative transactions: Asian Swaps • Hedging Parameters: Budget figures, historical average prices of the cracks + standard deviations, market expectations • Maximum hedge ratio: 50%, • Tenor: up to next 4 quarters 39

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