Global Yatirim : Forward Looking Evaluations

Global Investment Holdings Group Companies

• 2021 Performance versus Guidance
• 2022 Guidance

February 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.

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2021 Performance versus Guidance

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

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GIH Group Companies

2021 Performance vs Guidance (1/2)

			2021G
Port Infrastructure	2020E*	(as presented in	2021E
		February 2021)
Revenue (mn TL) (exc. IFRIC 12, mn TL)	396,1	25-90%	Growth	288,2
Adjusted EBITDA (mn TL)	131,7	50-200%	Growth	12,5
Passengers (consolidated and managed ports, mn PAX)	1,3	2x-6x Growth	1,6m
# of Cruise Ports	19		19-25	21

Gas	2020E*	2021G	2021E
Revenue (mn TL)			696,3
Operating EBITDA (mn TL)	Capital markets activity restricted	94,5
Volume (mn Sm3)			202,9

Power	2020E*		2021G	2021E
Revenue (mn TL)	261,8	18-28% Growth	371,2
Operating EBITDA (mn TL)	96,9	30-45% Growth	140,0
Co/Tri-Generation
Revenue (mn TL)	71,8	12-22% Growth	107,0
Electricity Generation (Kwh)	307.532	-5%-+5% Growth	327.772
Biomass
Revenue (mn TL)	159,0	20-30%	Growth	218,9
Electricity Generation (mw)	171.378	-5%-+5%	Growth	174.055
Solar
Revenue (mn TL)	18,9	11-21%	Growth	25,8
Electricity Generation (mwp)	20.098	-5%-+5%	Growth	22.099

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

Performance

versus

Guidance

below guidance

no guidance

given

beat

expectations

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GIH Group Companies

2021 Performance vs Guidance (2/2)

						Performance
Mining	2020E*	2021G		2021E		versus
						Guidance
Revenue (mn TL)	88,7	50-65% Growth	182,6
Operating EBITDA (mn TL)	26,9	68-83% Growth		70,0		beat
Exports sales volume (tons)	348.721	10-25% Growth		485.663		expectations
Domestic sales volume (tons)	17.790	5-15% Growth		45.012
Real Estate	2020E*	2021G		2021E
Revenue (mn TL)	29,6	13-33% Growth	32,8
Operating EBITDA (mn TL)	10,8	60-90% Growth		13,9		in line with
# of Shopping Mall Visitors (mn)	4,9	8.0-9.5		5,5		guidance
Commercial and Residentials Real Estate Sales (m2)	1.728	1.400-1.850		386
Finance	2020E*	2021G		2021E
Revenue (mn TL)	101,0	40-60% Growth	181,8
Operating EBITDA (mn TL)	31,0	50-70% Growth		79,6
Asset Management
Revenue (mn TL)	4,8	9x-10x Growth	87,6
Operating EBITDA (mn TL)	0,6	16x-17x Growth	22,1		beat
Asset Under Management (bn TL)	6,4	8-10		23,9		expectations
Brokerage
Revenue (mn TL)	96,3	0-30% Growth		138,6
Operating EBITDA (mn TL)	30,4	30-50% Growth		65,3
Trading Volume (bn TL)	225	200-400		248,0

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

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