European Pump Price Comparison

Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Leverage & Liquidity Proactive in liquidity risk management & targets/limits for financial ratios: • Net financial debt/EBITDA • Net financial debt/Equity • Current ratio • Share of long-term debt Deposit is kept within bank-based limits: Counterparty Risk Policy Interest Rate & Fx • Credit rating assessment and strong capital base. • • Cap on the maximum deposit allocated to a single bank. Threshold for deposits subject to banks shareholders' equity. • The fixed/floating profile of financial debt. Proactive management of FX risk with derivative instruments • Zero FX exposure target. Inventory Hedging Policy: . Commodity Hedging Policy • Operational hedge: Optimum stock policy & forward pricing mechanism. Financial hedge: Expected inventory exposure for the year end is hedged by using derivatives. Hedging ratio increasing throughout the year. Crack Margin Hedging Policy: • Financial hedge: Crack margin (gasoline, diesel, jet fuel, fuel oil) risk mitigation by using derivatives. • Hedge ratio between %0-%50 with up to 1 year hedge tenor Sep-22 Financials Investor Presentation www.tupras.com.tr 37

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