2023 Annual Report

OUR SHARED DREAM OUR SHARED LEGACY THE REPUBLIC

Doğan Holding

2023 Annual Report

HIGHLIGHTS

OF 2023

Galata Wind's capacity reaches 291 MW

Galata Wind, one of the leading renewable energy producers in Türkiye, continued its investments towards achieving its goal of reaching an installed capacity of 550 MW by 2025. Galata Wind's capacity increased from 269 MW at the beginning of 2022 to 291 MW, resulting from projects at the Taşpınar Hybrid Solar Power Plant and the Taşpınar Wind Power Plant. Galata Wind

is taking firm steps towards achieving its goal of reaching a capacity of 550 MW by the end of 2025 with its pre-license for 350 MW warehoused power generation, initiatives abroad, and ongoing investments in Türkiye.

Aytemiz Fuel Oil shares sold for USD 168 million

As part of our efforts to simplify our portfolio, the sale of our Aytemiz shares to Tatneft for USD 168 million was completed on April 26, 2023. This sale significantly simplified our portfolio and further strengthened our cash position.

82.3% of Milpa sold for USD 55 million

As with the sale of Aytemiz, 82.3% of Milpa Ticari ve Sınai Ürünler Pazarlama Sanayi ve Ticaret A.Ş. was sold to the Re-Pie Portföy Yönetimi A.Ş. Secondary Venture Capital Investment Fund, founded by Re-Pie Portfolio Management Inc, for USD 55 million as part of our ongoing efforts to simplify our portfolio.

Doğan Holding distributed a dividend of

TL 675 million in 2023

Regarding the 2022 profit, in addition to the advance dividend payment of TL 291 million at the end of 2022, another dividend payment of TL 190 million from the profit of the same year was completed in May 2023, and an additional dividend payment of TL 485 million was made in June to share the amount raised from the sale of Aytemiz with investors, bringing the total dividend payments made to shareholders in 2023 to TL 675 million.

Hepiyi Insurance performed excellently in its first year

Commencing operations in the second half of 2022 and completing its first year in 2023, Hepiyi Insurance achieved strong operational and financial performances thanks to the innovative, customer-focused approach it brought to the sector. Hepiyi Insurance had a 1.9% market share in the automobile insurance segment in 2023, managing TL 6 billion in funds and making TL 515 million net profit.

Doğan Trend Automotive revenues reached TL 20.1 billion, recording 212% growth

With its diversified business model and solid brand range, Doğan Trend Automotive revenues reached TL 20.1 billion, with growth of 212% in 2023 thanks to increased interest in the MG brand in particular, while reaching a pre-tax profit of TL 807 million for the same period, making a significant contribution to Doğan Holding's financials.

MESSAGE FROM THE CHAIRWOMAN

Dear Shareholders, Business Partners and Colleagues,

We are proud to be part of an historical turning point - the 100th year of our Republic, but we also understand our common responsibility. The 100th year of the Republic of Türkiye presents us with the opportunity to reshape our hopes and goals for the future. A century ago, our Great Leader Mustafa Kemal Atatürk built the Republic based on the ideals of democracy, equality, and freedom. Today, we are working to lead our country into a more prosperous, fairer, and livable future by uniting around these values. In the second century of our Republic, it is essential that we unite around these fundamental principles and march into the future, inspired by our history. We will continue to fulfil our responsibilities to promote peace, stability, and prosperity in our region and in the world, and to endeavor to achieve our sustainable development goals.

The year 2023 will be remembered not only for the 100th anniversary of our Republic, but also for the challenges and the obstacles, we overcame. The earthquakes, centered in Kahramanmaraş in February, caused great pain throughout our country. Faced with a disaster that directly affected 15 million people, the whole of Türkiye acted with one heart, joining forces to heal the wounds.

Doğan Holding employees assumed responsibility in the earthquake zone starting from day one, mobilizing to heal the wounds and contribute to the recovery of the region. We allocated 150 million TL in resources, some of which we quickly provided to AFAD to meet urgent needs in the region, and another portion went to projects to improve living conditions.

In addition, we built a container city for the Hatay Metropolitan Municipality. As part of the Aydın Doğan Foundation's project "Powerful Girls, Powerful Future" we launched an Education Mobilization campaign, providing scholarships to 1,000 students in the first

At Doğan Holding, we see the start of a

new century for our Republic as a renewed commitment to a greener, fairer, and more inclusive future.

phase, which will continue throughout their education. We will continue our efforts to heal the wounds and develop the region, and I believe that together we will build a powerful future there.

Another development marking the year 2023 were the high tensions in Gaza. The war between Hamas and Israel resulted in the death of tens of thousands of people, mostly civilians and even children.

This situation is unacceptable for humanity, and we hope that it will end with lasting peace as soon as possible, along with all the other conflicts in different parts of the world. In fact, we should all realize that what we really need to fight is the global climate crisis that threatens all of humanity, and we should all unite and focus on this struggle.

Despite global developments, the Turkish economy grew 5.9% in the third quarter of 2023, exceeding expectations, and the OECD raised its expectations for 2023 to 4.5% at the end of November, which was one of the positive results of the changed economic management approach following the elections.

At a time when the global system is growing at 3% and the Germany economy, which has a driving role in Europe, is in recession, Türkiye's financial performance has become even more meaningful. To summarize, the

economic approach adopted in the second half of 2023 helped close the year with cautious optimism. The OECD's projections for Türkiye, anticipating a growth rate of 2.9% in 2024 and 3.2% in 2025, constitute a global sign of cautious optimism for our economy.

Our investments in sustainable business models continued to increase

At Doğan Holding, we see the start of the 100th year of our Republic as a renewed commitment to a greener, fairer, and more inclusive future. On this meaningful anniversary, we are reaffirming our commitment to our founding values and increasing our investments in sustainable business models, innovative technologies, and social benefits.Inspired by our vision to leave a better world for future generations, we are taking firm steps towards a carbon neutral future so as not to exceed the critical threshold for our planet.

We are known as a responsible investment holding that creates sustainable value, and we made significant breakthroughs in 2023, acting by the knowledge that every decision and every step we take has a wide sphere of influence. This understanding always guided us as we exited some sectors in 2023, but also as we made new moves to grow and enter new sectors.

Our transformation according to our "Value Creation Plan" continued even stronger in 2023. After leaving Çelik Halat in 2022, we sold Aytemiz in 2023. On the other hand, we invested in renewable energy and high- tech sectors like Galata Wind, Karel Electronics, and Doğan Trend Automotive that serve sustainability. In addition, Hepiyi Insurance commenced its operations in 2022 and made a difference in its sector in a short period. Doğan Investment Bank and Doğan Factoring increased their regional activities last year. They all contributed significantly to our transformation. In 2023, a reliable property expert in Türkiye, Hepsiemlak, acquired Zingat, the most innovative property website. In addition, we set up our company, 360 Health, to operate in the field of digital health care.

Doğan Holding's goals go beyond protecting our planet and its natural resources. We also seek to further improve them through our "value-focused" investments.

To achieve this goal, we are transforming our range of products, but we are also moving forward to obtain our energy exclusively from renewable sources.

By investing in innovative technologies, we are already shaping a sustainable future. 2030 will be a milestone for us. In the next few years until 2030, Doğan Holding will become carbon neutral to fulfil our responsibility and ensure that we do not exceed the critical threshold for our planet. In addition, we will recover 100% of our water consumption by 2030. Also, we will continue

to increase our sustainability investments and our turnover from sustainable products every year.

We established our Responsible Investment Policy

In 2023, we gave our sustainability practices a corporate identity by creating Doğan Holding Responsible Investment Policy. Covering Doğan Holding and all group companies, this document defines the environmental, social, and governance (ESG) standards that play a determining role in our investment decisions. As part of our Responsible Investment Policy, we transparently share core principles that we are committed to when making such decisions. Our priority is to comply with our Sustainability Policy, which is based on standards that go beyond universal norms, and the principles set out in Doğan Impact Plan.

Our efforts towards responsible investment at Doğan Holding is not limited to preparing and applying this policy. We were among the first holdings in Türkiye to sign the United Nations Principles for Responsible Investment (UNPRI), as drafted by the UN Global Compact and UNEP- Finance Initiative partnership. By signing this initiative, we documented ESG factors that are already integrated into our investment strategies and procedures, and ensured compliance with international standards.

Together with UNICEF, we will deliver the Value Wheel to 5 million children

Another critical step we took in 2023 was our Common Values Movement, which we have been working on for a long time and developing various projects. We started this in 2016 to eliminate society's tendencies towards segregation and polarization by exploring the connection between individual values and universal values, and now our cooperation with UNICEF has brought a new dimension to it. We designed an interactive group game, the "Value Wheel" for two age groups (7-10 and 11-14year-olds). It can be played with friends or family members at school, or in youth or community centers. We signed a protocol to deliver this game to 5 million children over three years. Together with UNICEF, we will work to teach children in Türkiye and abroad the importance of universal values such as love, peace, kindness, freedom, equality, and solidarity, social benefits, and respect. We will contribute to the strengthening of value-oriented societies by helping raise value-oriented individuals.

Dear Shareholders, Business Partners and Colleagues,

We will do all this to be a "good company" rather than "be the best." After all, we know very well that being a "good company" also brings financial success. We move forward with this understanding based on the results we have achieved over the years, which concretely demonstrate this. At the end of 2023, our turnover was TL 52.6 billion. Our operating profit increased 111% compared to 2022, reaching TL 11.5 billion. We will continue our value-oriented investments without slowing down, while prioritizing sustainability.

Everyone at Doğan Holding is working to make our company a good company that benefits the world rather than polluting it, one that creates opportunities and solves problems rather than creating them, that supports kindness, does good, repairs, and heals. All our group companies together will continue to take firm steps on this journey.

2030 will be a milestone for us. In

the next few years until 2030, Doğan Holding will become carbon neutral to fulfil our responsibility and ensure that we do not exceed the critical threshold for our planet.

Our founder, Aydın Doğan, guides us all with his sayings known to all Doğan Holding employees. I would like to end my words by reminding everyone of two of them: "Success requires determination" and "One must embrace his job to the core". We welcome the new century of our Republic with great hopes and higher goals. We will succeed by always embracing our job to the core and working with determination. We will continue to create sustainable values for our country, and our investors, partners, and employees.

Y. Begümhan DOĞAN FARALYALI

Chairwoman