Global Yatirim : Forward Looking Evaluations

Global Investment Holdings Group Companies

• 2021 Guidance vs Realization
• 2022 Guidance

January 2022

Disclaimer

The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this document. This document may also contain certain forward-looking statements concerning the future performance of Global Investment Holdings ("GIH" or "the Group") and should be considered as good faith estimates. These forward-looking statements reflect management expectations and are based upon current data. Actual results are subject to future events and uncertainties, which could materially impact GIH's actual performance.

GIH, and its respective affiliates, advisors or representatives, shall have no liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. GIH undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Therefore you should not place undue reliance upon such statements.

2

GIH Group Companies

2021 Guidance vs Realization (1/2)

Port Infrastructure	2019A	2020E*		2021G
Revenue (mn TL) (exc. IFRIC 12, mn TL)	668,5	396,1	25-90%	Growth
Adjusted EBITDA (mn TL)	437,1	131,7	50-200%	Growth
Passengers (consolidated and managed ports, mn PAX)	5,3	1,3	2x-6x Growth
# of Cruise Ports	18	19		19-25

Gas	2019A	2020E*		2021G
Revenue (mn TL)
Operating EBITDA (mn TL)	Capital markets activity restricted due to the IPO
3
Volume (mn Sm )
Power	2019A	2020E*		2021G
Revenue (mn TL)	148,5	261,8	18-28% Growth
Operating EBITDA (mn TL)	18,3	96,9	30-45% Growth
Co/Tri-Generation
Revenue (mn TL)	41,5	71,8	12-22% Growth
Electricity Generation (Kwh)	262.285	307.532	-5%-+5% Growth
Biomass
Revenue (mn TL)	91,0	159,0	20-30%	Growth
Electricity Generation (mw)	122.207	171.378	-5%-+5%	Growth
Solar
Revenue (mn TL)	n.a.	18,9	11-21%	Growth
Electricity Generation (mwp)	n.a.	20.098	-5%-+5%	Growth

* 2020 and 2021 figures are based on MIS numbers, which may differ from IFRS financials.

2021 Realization

	2022G
200-500% Growth
15-45x Growth
3x-6x Growth
	23-27
70-140% Growth
50-115% Growth
8-18% Growth
40-75% Growth
50-85% Growth
15-35% Growth
-5%-+10%	Growth
60-75%	Growth
0-10%	Growth
50-60%	Growth
5-10% Decline

Realization lower than guidance

Realization in line with guidance

Realization higher than guidance

3

GIH Group Companies

2021 Guidance vs Realization (1/2)

Mining	2019A	2020E*		2021G	2021		2022G
	Realization
Revenue (mn TL)	96,0	88,7	50-65%	Growth		80-100%	Growth
Operating EBITDA (mn TL)	32,7	26,9	68-83%	Growth		90-125%	Growth
Exports sales volume (tons)	463.123	348.721	10-25%	Growth		6-10%	Growth
Domestic sales volume (tons)	20.331	17.790	5-15%	Growth		50-100% Decline

Real Estate	2019A	2020E*	2021G
Revenue (mn TL)	42,5	29,6	13-33% Growth	50-80%	Growth
Operating EBITDA (mn TL)	21,1	10,8	60-90% Growth	100-145%	Growth
# of Shopping Mall Visitors (mn)	10,6	4,9	8.0-9.5	30-50%	Growth
Commercial and Residentials Real Estate Sales (m )	1.401	1.728	1.400-1.850	150-250%	Growth
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Finance	2019A	2020E*		2021G
Revenue (mn TL)	53,5	101,0	40-60%	Growth	15-30% Growth
Operating EBITDA (mn TL)	2,7	31,0	50-70%	Growth	10-20% Decline
Asset Management
Revenue (mn TL)	6,4	4,8	9x-10x Growth	50-100% Growth
Operating EBITDA (mn TL)	0,7	0,6	16x-17x Growth	40-50% Decline
Asset Under Management (bn TL)	1,0	6,4		8-10	25-50% Growth
Brokerage
Revenue (mn TL)	47,1	96,3	0-30%	Growth	5-10% Growth
Operating EBITDA (mn TL)	1,9	30,4	30-50%	Growth	5-10% Decline
Trading Volume (bn TL)	80	225	200-400	200-350
* 2020 and 2021 figures are based on MIS numbers; which may differ from IFRS financials
Realization lower than guidance	Realization in line with guidance		Realization higher than guidance

4

Disclaimer

The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this document. This document may also contain certain forward-looking statements concerning the future performance of Global Investment Holdings ("GIH" or "the Group") and should be considered as good faith estimates. These forward-looking statements reflect management expectations and are based upon current data. Actual results are subject to future events and uncertainties, which could materially impact

GIH's actual performance.

GIH, and its respective affiliates, advisors or representatives, shall have no liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. GIH undertakes no obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise. Therefore you should not place undue reliance upon such statements.

For further information, please contact:

Investor Relations

Global Yatırım Holding A.Ş.

Büyükdere Cad. No: 193 Şişli İstanbul TURKEY

Phone: [phone]

Email: [e-mail]

Website: www.globalyatirim.com.trfacebook.com/GLYHOIRtwitter.com/GLYHOIR