Aygaz : Interim Report for the period of 01.01.2021-30.06.2021

AYGAZ A.Ş.

1 January - 30 June 2021

INTERIM REPORT

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CONVENIENCE TRANSLATION INTO ENGLISH OF

INDEPENDENT AUDITOR'S REVIEW REPORT ON SEMI-ANNUAL REPORT

ORIGINALLY ISSUED IN TURKISH

To the General Assembly of Aygaz Anonim Şirketi

We have been assigned to the review whether the financial information in the review report of Aygaz Anonim Şirketi (the "Company") and its subsidiaries (collectively referred as the "Group") prepared as at 30 June 2021 is consistent with the reviewed interim condensed consolidated financial information. Management is responsible for the preparation of the semi-annual report. Our responsibility is to express a conclusion on whether the financial information provided in the semi-annual report is consistent with the reviewed interim condensed consolidated financial information on which we have expressed our conclusion dated 11 August 2021.

We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410 "Review on Interim Financial Information Performed by the Independent Auditor of the Entity". Our review includes the assessment as to whether the financial information included in the semi-annual report is consistent with the reviewed interim condensed consolidated financial statements and other explanatory notes. A review is substantially less in scope than an audit conducted in accordance with Independent Auditing Standards, the objective of which is to express an opinion on the financial statements. Consequently, a review on the semi-annual financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to conclude that the accompanying financial information included in the review report is not consistent, in all material respects, with the interim financial information and the information presented in the explanatory notes to interim condensed consolidated financial statements.

PwC Bağımsız Denetim ve

Serbest Muhasebeci Mali Müşavirlik A.Ş.

Ediz Günsel, SMMM

Partner

Istanbul, 11 August 2021

PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.

BJK Plaza, Süleyman Seba Caddesi No:48 B Blok Kat:9 Akaretler Beşiktaş 34357 İstanbul-Turkey

T: [phone], F: [phone], www.pwc.com.tr

Mersis Numaramız: 0-1460-0224-0500015

AYGAZ A.Ş. 1 January - 30 June 2021 INTERIM REPORT

BUSINESS AREA

The main activity of the Company is purchasing liquefied petroleum gas (LPG) from domestic refineries and overseas market, stocking, filling and delivery to retailers for distribution to customers as cylinder, autogas and bulk gas. Aygaz has a facility that produces cylinders, valves, small bulk gas tanks, pressure regulators and similar items besides five marine terminals, six filling plants and seven distribution centers operated by the most modern technology which comply with international standards. As of the end of June 2021, Aygaz Group serve to customers with 2,285 cylinder dealers and 1,742 autogas stations.

Production and distribution of LPG equipments are also included in the activities as well as manufacture, purchase, sales and after sales of LPG cylinders, LPG tanks, LPG stoves and other supplementary materials which support the Company's main business and which are necessary equipment for the end-user.

The company is registered to Istanbul Trade Registry with number 80651 (Mersis No: 0-1190-0510-2700141) and contact information of its headquarters and branches appear on its website, www.aygaz.com.tr.

CAPITAL AND SHAREHOLDING STRUCTURE

The issued capital of our company is 300.000.000 TL and the recent increase transaction was registered with the Capital Markets Board's decision dated June 6, 2008 and was published in the Turkish Trade Registry Gazette on June 23, 2008.

Company's
Issued capital	:	300,000,000.00 TL
Upper limit of registered capital	:	500,000,000.00 TL
The shareholding structure
as of June 30, 2021		TL	%
Koç Holding A.Ş.		122,053,514.26	40.68
Temel Ticaret ve Yatırım A.Ş.		17,324,090.53	5.77
Koç Family		14,264,964.78	4.76
Liquid Petroleum Gas Dev. Co.		73,545,660.24	24.52
Free Float*		72,811,770.18	24.27
Total		300,000,000.00	100.00

• The free floating shares in the amount of TL 2,725,041.31 (ratio to capital 0.91%) belong to Hilal Madeni Eşya Ticaret Sanayi ve Yatırım A.Ş., of which Liquid Petroleum Gas Dev. Co. is a 100% shareholder.

BOARD OF DIRECTORS

Division of duties among the Board of Directors which are elected in the Ordinary General Assembly dated March 31, 2021 are determined by the Board Resolution dated April 1, 2021 as below;

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AYGAZ A.Ş. 1 January - 30 June 2021 INTERIM REPORT

Board of Directors
Rahmi M.Koç	Chairman of the Board of Directors
Ömer M. Koç	Deputy Chairman of the Board of Directors
Alexandre F.J. Picciotto	Member
Dr. Bülent Bulgurlu	Member
Levent Çakıroğlu	Member
Yağız Eyüboğlu	Member
Kutsan Çelebican	Independent Member
Kemal Ege Cansen	Independent Member
Dr. Şadan Kaptanoğlu Dikici	Independent Member
Executive Committee
Rahmi M.Koç	Chairman
Ömer M. Koç	Member
Ali Y. Koç	Member
Alexandre F.J. Picciotto	Member
Caroline N. Koç	Member
Audit Committee
Kutsan Çelebican	Chairman
Dr. Şadan Kaptanoğlu Dikici	Member
Corporate Governance Committee
Kutsan Çelebican	Chairman
Yağız Eyüboğlu	Member
Gökhan Dizemen	Member
Risk Management Committee
Dr. Şadan Kaptanoğlu Dikici	Chairman
Dr. Bülent Bulgurlu	Member

EXECUTIVE MANAGEMENT

Gökhan Tezel	General Manager
Gökhan Dizemen	Assistant General Manager (Finance)
Ayşe Abamor Bilgin	Assistant General Manager (Technical Affairs and Investments)
Fikret Coşar	Assistant General Manager (Sales)
Rıdvan Uçar	Assistant General Manager (Marketing and Innovation)
Nurettin Demirtaş	Director (Affiliates and Accounting)
Şenol Zafer Polat	Director (Cylinder Gas Sales)
Hakan Öntürk	Director (Autogas Sales)
Elifcan Yazgan	Director (Supply Chain)

Detailed profiles of the Board of Directors and Executive Managers and the principles of the Committees which are established by the Board of Directors are available at the website of Aygaz. (www.aygaz.com.tr)

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AYGAZ A.Ş. 1 January - 30 June 2021 INTERIM REPORT

SUBSIDIARIES and AFFILIATES

The details of the subsidiaries and affiliates included in the consolidation are as below:

		Place of
		incorporation
	Subsidiaries	and Operation	Principal Activity
	Anadoluhisarı Tankercilik A.Ş.	Turkey	Shipping
	Kandilli Tankercilik A.Ş.	Turkey	Shipping
	Kuleli Tankercilik A.Ş.	Turkey	Shipping
	Kuzguncuk Tankercilik A.Ş.	Turkey	Shipping
	Akpa Day. Tük. Lpg ve Akar. Ürün. Paz. A.Ş.	Turkey	Marketing
	Aygaz Doğal Gaz Toptan Satış A.Ş.	Turkey	Natural gas
	Aygaz Doğal Gaz İletim A.Ş.	Turkey	Natural gas
	Aygaz Aykargo Dağıtım Hizmetleri A.Ş.	Turkey	Cargo Transport/Distribution
	Bal Kaynak Su İthalat İhracat Sanayi ve Ticaret A.Ş Turkey	Water distribution
		Place of
		incorporation	Principal
	Investments in associates and Joint ventures	and Operation	Activity
	Enerji Yatırımları A.Ş.	Turkey	Energy
	Entek Elektrik Üretimi A.Ş.	Turkey	Electricity
	Opet Aygaz Gayrimenkul A.Ş.	Turkey	Real Estate
			LPG supply,
			filling and
	United LPG Ltd. (*)	Bangladesh	distribution
		Place of
		incorporation	Principal
	Financial Assets	and Operation	Activity
	Koç Finansal Hizmetler A.Ş.	Turkey	Finance
	Ram Dış Ticaret A.Ş.	Turkey	Trade
	Tanı Pazarlama ve İletişim Hizmetleri A.Ş.	Turkey	Marketing
	Tat Gıda Sanayi A.Ş.	Turkey	Food

1. It is resolved to name the Joint Venture Company as United Aygaz LPG Ltd. with the protocol signed on January 20, 2021. The title change will be realized with an application following the completion of the necessary permit procedures by the related Ministry.

In July 2010, the Company has restructured its shipping operations under new legal entities, and established Anadoluhisarı Tankercilik A.Ş., Kandilli Tankercilik A.Ş., Kuleli Tankercilik A.Ş. and Kuzguncuk Tankercilik A.Ş. with an effective ownership interest of 100%. The main activities of these companies are to purchase, build or rent vessels and to operate them in domestic and/or overseas transportation of crude oil, petroleum products, liquid petroleum gas, natural gas and solid, liquid and liquefied products. The vessel named "Kuleli", included in Company assets and used in liquid petroleum gas transportation, is sold in cash on October 13, 2017. Kuleli Tankercilik A.Ş has purchased 100% shares of Bal Kaynak Su İthalat İhracat Sanayi ve Ticaret A.Ş. on March 14, 2019. Expansion of water distribution business and sustainable production is aimed through this acquisition.

Akpa Dayanıklı Tüketim LPG ve Akaryakıt Ürünleri Pazarlama A.Ş ("Akpa") reached to its current structure with the merger of four subsidiaries of Koç Holding Energy Group at the

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