Annual Report 2024

CONVENIENCE TRANSLATION INTO ENGLISH OF THE ACTIVITY REPORT FOR THE FISCAL YEAR 2024 ORIGINALLY ISSUED IN TURKISH.

Please note that in case of a dispute arises between the English and the Turkish versions, the Turkish version prevails.

CONTENTS

Verusa Holding at a Glance 4

Verusa Holding Shareholding Structure 6

Verusa Holding Subsidiaries & Affliates 7

Geographical Distribution of Our Investments 8

Consolidated Financial Statements 9

Board of Directors 10

Compensation Policy 12

Investor Relations 13

Dividend Distribution Policy 14

Human Resources 15

Key Milestones of Verusa Group 17

Verusa Holding Investments 20

Renewable Energy 21

Mining 29

Chemicals - CMC Production 39

Steel Product Manufacturing 42

Venture Capital Investments 47

Compliance with Corporate Governance Principles 61

Statements of Independent Board Members 80

Sustainability 82

This Activity Report ('Report') is prepared in accordance with the provisions of Article 516 of the Turkish Commercial Code, the provisions of the 'Regulation on the Minimum Content of Annual Activity Reports of Companies' published in the Official Gazette dated 28.08.2012 and numbered 28395 by the Ministry of Trade of the Republic of Turkey, the provisions of Article 8 of the Capital Markets Board's (II-14.1) numbered 'Regulation on the Principles of Financial Reporting in the Capital Markets' and the relevant provisions of the (II-17.1) numbered 'Corporate Governance Regulation', This report aims to evaluate the Company's business activities as of January 1, 2024, to December 31, 2024, and to provide information to our investors.

Date of Incorporation Commercial Registry Number MERSIS Number

Tax Office Tax Number

Issued Capital: Registered Capital Limit

Stock Exchange Where Traded Market traded

: 2006 - Istanbul

: ISTANBUL - 602793

: 0925038958000010

: Maslak

: 9250389850

: 70,000,000 TL

: 1,000,000,000 TL

: Istanbul Stock Exchange (BIST)

: STAR MARKET

Date Trading Began : November 19, 2013

Indices Verusa Listed In

BIST ALL / BIST STAR / BIST HOLDING AND

: INVESTMENT / BIST FINANCIAL / BIST ALL-100 / BIST DIVIDEND / BIST ISTANBUL / BIST 500

TICKER Symbol Address

Phone Fax

: VERUS

Maslak Mah. Saat Sk. Spine Tower No:5/91

:

Sarıyer/Istanbul

: 0 (212) 290 74 90

: 0 (212) 290 74 91

Email address : info@verusa.com.tryatirimciiliskileri@verusa.com.tr

Web site : https://www.verusa.com.tr

Business Activity : Holding Company Activities

Verusa Holding's main areas of activity are renewable energy, mining, technology-software, chemicals, steel product manufacturing, venture capital investments, and the food sector.

Verusa Holding actively participates in the boards of directors of companies in which it holds direct or indirect stakes, shaping future strategies around growth and sustainable profitability for stakeholders.

The Group focuses on absolute commitment to human, societal, environmental, ethical, and corporate values in all its activities, aiming to further strengthen its leading position in the sector through innovative initiatives.

Verusa Holding's three subsidiaries are also publicly traded on the Istanbul Stock Exchange (BIST).

Verusa Holding A.Ş.

Capital and Partnership Structure

Verusa Holding's issued capital consists of 70,000,000 shares, each with a nominal value of 1 TL. The company's shares have been traded on the Istanbul Stock Exchange (BIST) since November 19, 2013.

The Company has transitioned to the registered capital system in accordance with the approval of the Capital Markets Board dated October 17, 2012, No. 10201, and the General Assembly resolution dated October 19, 2012.

The Company's registered capital ceiling is 1,000,000,000 TL.

Verusa Holding's ownership structure as of December 31, 2024, is set out in the table below.

Explanations Regarding Preferred Shares and Voting Rights of Shares

As stated in Article 6 of the Company's Articles of Association; the entire issued capital of 70,000,000 TL: 14,000,000 TL of capital

represented by 14,000,000 shares of Class A registered shares, and 56,000,000 TL of capital represented by 56,000,000 shares of Class B bearer shares.

A shares have been granted preferential rights in the election of board members and at general meetings.

Pursuant to Article 7 of the Articles of Association titled "Board of Directors," half of the members of the Board of Directors shall be elected from among the shareholders of Group A or their nominees.

Furthermore, pursuant to Article 12 of the Articles of Association titled "General Meeting," at General Meeting meetings, A Group shareholders shall be entitled to 15 (fifteen) votes per share, while other shareholders shall be entitled to 1 (one) vote per share.

Traded;

31,61%

Shares; 4,72%

Publicly

Repurchased

Investco Holding Inc.; 63,67%

Mustafa ÜNAL

Chairman of the Board

Mustafa Ünal completed his undergraduate education in Electrical and Electronics Engineering at Boğaziçi University and obtained his master's degree (MBA) from Bilkent University. Mr. Ünal began his professional career in the banking and finance sector and served as a senior executive at Garanti Bank.

Reha ÇIRAK

Vice Chairman of the Board

Reha Çırak completed his secondary and high school education at İzmir American High School and İzmir Atatürk High School, and earned his bachelor's degree from Bilkent University's Faculty of Business Administration.

After starting his professional career at a financial company in New York, he worked in the finance sector for various multinational companies in Istanbul.

In 2003, he earned a master's degree in Accounting and Finance from Marmara University. After obtaining his Certified Public Accountant (CPA) license in 2004, Reha Çırak participated in various finance programs at UPENN Wharton, NYU Stern, and Columbia Business School.

Dr. Mustafa Necip ULUDAĞ

Board Member

Necip Uludağ, a graduate of ITU Mechanical Engineering, received his master's degree from Harvard and Istanbul University's joint international business program and his doctorate from Milan and Istanbul University's joint program. Necip Uludağ began his career at Boyner Group, serving as Benetton Group Coordinator in 2001 and then General Manager of Nafnaf and Chevignon in 2003. He served as a board member of Azerbaijan Alfa Investment and IPF International & Canam Investment Funds based in Texas, USA, as Vice President of GYİAD for two consecutive terms between 2004 and 2007, and as a board member of TEDMER in 2006 and 2007.

Ömer ÖZBAY (CEO)

Board Member

Ömer ÖZBAY, who serves as the CEO of our company, graduated from the Sociology Department of Middle East Technical University (ODTÜ). Between 2003 and 2011, he served as advisor to the president of the Istanbul Stock Exchange (IMKB) and advisor to the Board of Directors of Takasbank.

From 2011 to 2017, he served as Advisor to the Prime Minister of the Republic of Turkey.

Prof. Dr. A. Gültekin KARAŞİN

Independent Board Member

Prof. Dr. Ahmet Gültekin Karaşin, who graduated from the Department of Business Administration at METU in 1977, completed his MBA program at the University of Bradford in 1980, and obtained his doctorate from Ankara University in 1987, began his professional career in 1978. served as an expert at the Turkish Development Bank, an expert at the Capital Markets Board of Turkey, Director of Securities at Garanti Bank, founder, partner, and Chairman of the Board of Directors at Standart Gayrimenkul Menkul Değerleme A.Ş., Advisor to the Board of Directors at Ata Holding A.Ş., and Independent Member of the Board of Directors at Mutlu Akü A.Ş.

Yasemin ÖZCAN KELEŞ

Independent Board Member

Yasemin Özcan Keleş graduated from Marmara University Faculty of Law in 1997. After completing her education, she worked at various law firms for three years before joining the Public Debt Collection Directorate of the Legal Department at TMSF, where she served from 2003 to 2020. Since 2020, she has been providing legal consulting services to both domestic and international organizations.

Yasemin Özcan Keleş is fluent in English.

Verusa Holding's Compensation Policy defines the compensation system and practices for our Board of Directors members and senior executives.

In accordance with the corporate governance principles and regulations of the Capital Markets Board (SPK), a fixed remuneration is determined annually for all members of the Board of Directors at the ordinary General Assembly meeting.

Board members are paid based on the duration of their service, taking into account their appointment and resignation dates.

Expenses incurred by Board of Directors members in connection with their contributions to the Company (business-related expenses) may be reimbursed by the Company.

Remuneration for senior executives is determined in accordance with the established policy.

Fixed salaries are regular and continuous cash payments made in fixed amounts at specific times of the year, regardless of performance.

Such salaries are determined in accordance with legal obligations, taking into account current macroeconomic data, prevailing salary policies in the market, the Company's financial condition, size, and objectives, as well as the individual's length of service, title, and the nature of the work performed,

and are primarily paid to all employees.

The fixed salaries paid to the Company's Board of Directors, Senior Management, and employees must be consistent with the Company's ethical values, internal balances, and strategic objectives and must not be linked to short-term performance.

Performance-based payment plans cannot be used for the remuneration of independent members of the Board of Directors.

The final authority and responsibility for ensuring that the Company's remuneration practices are effectively implemented and managed in accordance with applicable legislation and this Policy rests with the Company's Board of Directors.

The Board of Directors ensures the effectiveness of this Policy by reviewing it at least once a year.

The Company's senior management is responsible to the Board of Directors for the effective implementation and management of the Company's compensation practices in accordance with applicable laws and this Policy.

The Compensation Policy applies to all managers and employees at all levels within the Company.

During the relevant period, no loans have been granted to any member of the Board of Directors or managers, either directly or through a third party under the guise of personal credit, nor have any guarantees or other forms of security been provided in their favor.

Additionally, there are no allowances, travel, accommodation, or representation expenses, insurance, or other benefits provided to the Board of Directors.

Verusa Holding is a publicly traded company, and its shares are listed on the Istanbul Stock Exchange (BIST) under the ticker symbol "VERUS."

The relationships between the four companies (Verusaturk Girişim Sermayesi Yatırım Ortaklığı A.Ş., Acıselsan Acıpayam Selüloz Sanayi ve Ticaret A.Ş., and Pamel Yenilenebilir Elektrik Üretim A.Ş.) and their current investors and shareholders are managed by the Investor Relations Unit established within the Holding, are managed by the "Investor Relations Unit" established within the Holding, in accordance with the Corporate Governance Principles published by the Capital Markets Board (SPK).

The primary focus of investor relations activities is to establish transparent and close communication with existing stakeholders and potential investors, ensuring the timely provision of accurate and upto-date information.

To this end, information regarding investments and developments is shared with all stakeholders in a timely and transparent manner in accordance with corporate governance principles and applicable regulations.

In line with its corporate principles, Verusa Holding's Board of Directors includes two independent members.

In 2024, questions from investors and company analysts communicated by telephone and e-mail were answered, and proactive contact was made with them following the announcement of quarterly results and during new developments.

Records related to investor relations activities were kept in a healthy, secure, and up-to-date manner, and all obligations arising from capital market legislation, including corporate governance and public disclosure, were fulfilled.

Documents required to be submitted to shareholders for information and review in connection with the 2023 General Assembly Meetings have been prepared, and the meetings have been conducted in accordance with applicable legislation, the articles of association, and other internal regulations.

Reports on the activities and financial status of the companies for each three-month period have been prepared and made available to investors.

All matters related to public disclosure legislation have been taken into consideration, and in this context, special situation disclosures required to be made on the Public Disclosure Platform (KAP) have been submitted in full and on time, and the contents of the "Investor Relations" section on the companies' websites have been regularly updated.

4

Publicly Traded Company

Additionally, updates have been made to the websites of the Holding's subsidiaries, and new websites have been launched.

DIVIDEND DISTRIBUTION POLICY

Profit Distribution Policy

Verusa Holding A.Ş.'s profit distribution policy is

determined in accordance with the Turkish Commercial Code, Capital Markets Legislation, and the provisions of the Articles of Association, based on the income identified at the end of the accounting period, After deducting the Company's general expenses, various amortization amounts that must be paid or set aside by the Company, and taxes that must be paid by the Company as a legal entity, the remaining net profit shown in the annual balance sheet, after deducting any losses from previous years, is distributed in the following manner:

First Category Legal Reserve:

1. 5% is allocated to the statutory reserve fund. First Dividend:

2. The first dividend is allocated from the remaining amount, after adding any donations made during the year.

3. After the above deductions are made, the General Assembly has the right to decide on the distribution of the profit share among the members of the Board of Directors, employees, and workers, as well as to foundations established for various purposes and similar individuals and institutions.

   Second Dividend:

4. From the net profit, after deducting the amounts specified in paragraphs (a), (b), and (c), the General Assembly is authorized to distribute the remaining portion as a second dividend or to set it aside as an extraordinary reserve fund, either in full or in part. Unless the statutory reserves required by law are set aside, and unless the profit share determined for shareholders in the articles of association is distributed in cash and/or in the form of shares, no decision may be made to set aside additional reserves, transfer profits to the next year, or distribute profit shares to members of the board of directors, employees, or such persons and/or institutions in the distribution of

2023 Dividend Distribution

Verusa Holding A.Ş.'s profit shares are distributed equally to all existing shares, regardless of their issuance and acquisition dates, within the legal time limits, following the approval of the General Assembly, on the date determined by the General Assembly.

The Board of Directors has decided to submit to the General Assembly for approval the matter of distributing a total cash dividend of 17,500,000 TL (gross) from the net profit as of December 31, 2023, as reflected in the financial statements and legal records prepared in accordance with capital markets legislation.

The dividend distribution process was completed on November 22, 2024, in accordance with the General Assembly's decision at its meeting on October 31, 2024, to approve the Board of Directors' proposal regarding the dividend distribution, resulting in the distribution of a total cash dividend of 17,500,000 TL (gross).

Verusa Holding Since 2014

has been distributing dividends.

dividends.

Our Human Resources Management Principles Verusa Holding's human resources management and practices are based on the belief that human resources are the most important factor in sustainable growth. We aim to ensure that our employees' rights are fully and correctly exercised, and that they work in a fair, non-discriminatory, safe, and healthy environment with equal opportunities. We also aim to maintain respectful communication with all our stakeholders.

We do not discriminate on the basis of age, gender, race, religion, language, ethnic origin, belief, civil, social or economic status, disability, political opinion, participation in or membership of trade unions, pregnancy or military service in the recruitment, remuneration, performance and job active processes, and we integrate mechanisms that prevent discrimination into our processes. It rewards success through fair and competitive compensation policies, as well as effective and objective performance evaluation systems and practices.

It develops practices aimed at maintaining high levels of employee loyalty and motivation and provides equal educational opportunities for both professional and personal development without discrimination. It supports the continuous development and improvement of human resources policies.

Increasing women's participation in the workforce is one of the core objectives of the Human Resources Policy.

We view equal opportunity and diversity as the fundamental driving force behind creating a fair corporate culture, in addition to contributing to economic development.

It ensures and protects the safety of its employees, recognizing their right to work in conditions that respect human dignity and in a healthy and safe environment. In line with fundamental human rights principles, it acts in accordance with legal regulations regarding the employment of workers in accordance with the age limits defined in the legislation, the prevention of forced labor and abuse, working hours, overtime and wages, social benefits and legal holiday rights, and the provision of a healthy and safe working environment, and expects its suppliers to act in accordance with the same principles.

Performance Measurement

Verusa Holding derives its sectoral strength from its competent human resources, which are able to quickly adapt to change and innovation. It aims to create long-term career plans with all employees joining the group and to create a work environment where new talents are employed.

The company places great importance on evaluating employee performance based on concrete and measurable criteria. Performance management, which plays a significant role in career development and is a determining factor in job changes and salary increases, is implemented once a year.

The performance management process consists of five stages: goal setting, distribution of goals to employees, follow-up, mid-term evaluations, and year-end evaluations.

Goal-setting meetings are held annually between managers and employees, during which annual goals are established for employees, and progress toward these goals is tracked throughout the year.

Occupational Health and Safety Practices

Verusa Holding and all its group companies are committed to minimizing occupational health and safety risks through a socially responsible approach toward society, employees, stakeholders, and the environment. We implement necessary regulations and ensure active employee participation through training programs.

In all our activities, potential risks are analyzed in advance and proactive approaches are adopted to prevent these risks. Occupational health and safety risks vary according to sectors and are analyzed according to the requirements of each sector. Mining, energy, and manufacturing companies are considered high-risk companies, while financial companies are considered low-risk companies.

In high-risk companies, in accordance with the Occupational Health and Safety Law No. 6331, the Labor Law No. 4857, and the regulations associated with these laws,

• Risk assessment analysis,

• Emergency action plan,

• Basic occupational health and safety training,

• Occupational Health and Safety Specialist,

• Occupational Health Physician and Other Healthcare Personnel are maintained. Effective policies and practices in occupational health and safety have been implemented, and the necessary care has been taken to document systems and ensure regular reporting.

Verusa Holding strives to keep its Human Resources and Ethics Rules, OHS policies, and rules up to date. The Board of Directors and relevant committees are responsible for ensuring that all policies are implemented and that sanctions are determined in cases of violations of rules and regulations.

During the period, no complaints were received from employees regarding working conditions or personnel policies. Additionally, no lawsuits or final court decisions have been filed against the Company due to alleged violations of employee rights or workplace accidents.

VERUSA HOLDING INVESTMENTS

Verusa Holding A.Ş. manages its subsidiaries and investments with a strategic management approach, working to establish the best policies and promote best practices in line with its objectives.

Mining and venture capital investments are at the forefront of the group's main areas of activity. Companies in all sectors where investments are made aim to create sustainable value with their high growth potential and structures open to development and innovation.

Verusa Holding's activities are carried out by the Board of Directors, the CEO reporting to the Board of Directors, Sector GMs, Corporate Governance, Early Risk Detection, and Audit Committees.

The Holding is responsible for coordinating and supporting the financial, strategic, and business development management functions in accordance with corporate governance principles, as well as enhancing the value provided to stakeholders through new partnerships.

Annual revenue, operational profitability, net profit, market share, cash flow, working capital, and efficiency are key performance indicators.

Additionally, long-term initiatives aligned with sustainable development goals, including environmental management and a commitment to value for society and employees, are integrated into business plans.

In addition to the Audit, Corporate Governance, and Early Risk Detection Committees reporting to the Board of Directors, a Sustainability Committee and Working Group have been established with the aim of leaving a more livable world. The committees met in 2024 in accordance with the SPK corporate governance principles and submitted their evaluations to the Board of Directors. Verusa Holding prioritizes sustainable investment projects that align with its current management approach and real growth targets when evaluating strategic investment and business development projects.

2024 developments

renewable energy production

Ankara, Bala

VERUSA HOLDING IN RENEWABLE ENERGY

Ankara

Erzurum

Adıyaman

Pamel HES, Erzurum

7.49 MW

PAMEL Solar Power

Plant, Ankara (4) 4.018 MW

Pamel HES, Adıyaman

6.946 MW

2 Hydroelectric

4 Solar

Power Plant

18,454 MW

installed capacity

VERUSA HOLDING IN RENEWABLE ENERGY

PAMUKOVA ELEKTRİK ÜRETİM A.Ş.

Field of activity

Renewable energy production

Country of operation

Turkey

Number of provinces where it operates

4, Head office in Istanbul

Current investments and ownership stakes

Total installed capacity in which it participates

18,454 MW

Renewable energy production portfolio it participates in

2 hydroelectric power plants (HES) 4 solar power plants (SPP)

Company capital

1,150,000,000 TL

Verusa Holding's ownership stake

49

Website

https://www.pamukovaelektrik.com.tr

Capital and ownership structure

Founded in 2015 by the Verusa Group to operate in the renewable energy sector, Pamukova Electricity invests in power plants utilizing renewable energy sources.

Verusaturk holds a 51% stake in Pamukova Elektrik Üretim A.Ş., which has a capital of 1,150,000,000 TL, while Verusa Holding holds the remaining 49%.

Pamukova Elektrik is a company operating in the electricity market in the fields of establishing, commissioning, and operating production facilities subject to licensing, as well as electricity production. It owns two hydroelectric power plants with a total installed capacity of 6,946 MW located in Adıyaman Province and 7.49 MW located in Tortum District of Erzurum Province. Pamel Yenilenebilir Enerji Üretim A.Ş, with a capital of 331 TL, holds a 76.07% stake in the company.

Pamel is the sole owner of Sun Yenilenebilir Enerji Üretim A.Ş., established in 2021 with a capital of 80,000,000 TL. Sun Yenilenebilir Enerji Üretim A.Ş. operates two solar power plants under Ortaköy Enerji A.Ş. and four solar power plants under Şişli Enerji A.Ş. Located in Bala, Ankara, these power plants have a total installed capacity of 4,018 MW and are among the most efficient solar power plants in Turkey.

Pamel Renewable Electricity, as part of its strategic investments in the renewable energy sector, contributes to the Verusa Group's principles of institutionalization, transparency, and accountability through its status as a publicly traded company.

As of December 31, 2024, Pamukova Electricity's renewable energy production portfolio, which includes 2 hydroelectric power plants (HES) and 4 solar power plants (GES), has reached a total installed capacity of 18,454 MW.

PAMEL YENİLENEBİLİR ENERJİ ÜRETİM A.Ş.

Field of activity

Renewable energy production

Country of operation

Turkey

Number of provinces where it operates Adıyaman, Erzurum, Ankara, and Head Office in Istanbul

Total installed capacity

18,454 MW

Renewable energy production portfolio

2 hydroelectric power plants 4 Solar Power Plants

2024 energy production

20,326,861 kWh

Sales contract

YEKDEM

Company capital

31,095,331 TL

Affiliated Companies

100% ownership stake in Sun Yenilenebilir Enerji Üretim A.Ş. with a capital of 80,000,000 TL

BIST company code

PAMEL

Website

https://www.pamel.com.tr

Capital and ownership structure (%)

23.93

Pamukova Elektrik

Üretim A.Ş.

Publicly Traded

76.07

Pamel Yenilenebilir Enerji Üretim A.Ş. was established in 2007, and its primary activity is the construction, installation, and operation of facilities for the production of renewable electricity, as well as the sale of the electricity produced.

Verusa Holding holds a 76.07% stake in PAMEL, which is part of its renewable energy investments.

The Company, which owns the Şifrin Regulator and Hydroelectric Power Plant facility with an installed capacity of 6,946 MW within the boundaries of Çelikhan district of Adıyaman province, pursuant to the provisions of the regulation published in the Official Gazette dated September 4, 1985, No. 18858, which establishes the principles for granting permission to establish and operate electricity generation facilities to entities other than the Turkish Electricity Authority, has been granted a license by the Electricity Market Regulation Authority on March 25, 2010, No. EÜ/2481-24/1609 dated March 25, 2010, and is authorized to produce electricity for a period of 49 years.

Additionally, it owns a hydroelectric power plant consisting of three turbines with a total installed capacity of 7.49 MW located within the borders of Erzurum Province, on the Tortum-Artvin road and the Tortum River. The hydroelectric power plant facility holds a license issued by the Electricity Market Regulation Authority on December 31, 2007, numbered EÜ/1447-1/1042, granting the right to produce electricity for a period of 49 years.

The company is the sole owner of "Sun Yenilenebilir Enerji Üretim A.Ş." with a capital of 80,000,000 TL. Sun Renewable Energy acquired 100% ownership of Ortaköy Enerji and Şişli Enerji A.Ş. in 2022. Ortaköy Energy and Şişli Energy owns four solar power plants with a total installed capacity of 4,018 MW.

PAMEL HES, Adıyaman

Facility Location

Adıyaman / Şifrin

Installed Capacity

6,946 MW

Production Capacity

17,386 GWh

PAMEL HES, Erzurum

Plant Location

Erzurum / Tortum

Installed Capacity

7.49 MW

Production Capacity

22,925 GWh

GES, Ankara

Facility Location

Ankara / Bala

Installed Capacity

4,018 MW

Production Capacity

6.2 GWh

Pamel Yenilenebilir Enerji Üretim A.Ş. Power Plants

ATA ELEKTRİK ENERJİSİ TOPTAN SATIŞ A.Ş.

Field of activity

Electricity trading with a valid supply license

Country of operation

Turkey

Number of provinces where it operates

Headquarters Istanbul

Year of establishment

2008

References

Republic of Turkey Ministry of Environment and Urbanization,

Republic of Turkey Ministry of Health, Republic of Turkey Ministry of Foreign Affairs, Revenue Administration Presidency,

Republic of Turkey Ministry of Family and Social Policies

Current investments and equity shares

• A 4% equity stake in EPİAŞ, Energy Exchange İstanbul, with a capital of 270,000,000 TL

• According to the Fortune 500 Turkey 2023 ranking, which identifies Turkey's largest 500 companies, EPİAŞ ranks first.

Company capital

41,000,000 TL

Verusa Holding's equity stake

100

Website

https://www.ataelektrik.com.tr

Ata Elektrik Enerjisi Toptan Satış A.Ş. was established on September 12, 2008.

The company operates in the electricity market in accordance with relevant legislation, engaging in the wholesale sale of electricity and direct sales to free consumers.

Ata Elektrik Enerjisi Toptan Satış A.Ş. is the third-largest shareholder of EPİAŞ Enerji Piyasaları İşletme A.Ş, which has a capital of 270,000,000 TL and is owned by Istanbul Stock Exchange, holding a 4% stake.

The company's capital is 41,000,000 TL, consisting of 41,000,000 shares, each with a nominal value of 1 TL and all registered in the name of the holder.

Capital and ownership structure (%)

100

1 bauxite mine,

22 bauxite mining sites, 20 gold mining sites,

2 copper mining sites, 1 iron ore deposit,

for a total of 45 mining sites.

CONTENTS

The capital of our 100% subsidiary Galata Altın İşletmeleri A.Ş. has increased its capital from 20,000,000 TL to 50,000,000 TL.

The capital of our 100% subsidiary Standard Boksit İşletmeleri A.Ş.

has been increased from 100,000,000 TL to 250,000,000 TL.