Haci Ömer Sabanci : Convenience Translation Into English Of Condensed Consolidated Financial Statements For The Interim Period 1 January - 31 March 2024

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 31 MARCH 2024

(ORIGINALLY ISSUED IN TURKISH)

CONTENTS	PAGE
CONDENSED CONSOLIDATED BALANCE SHEETS	1-2
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS	3
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE
INCOME	4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY	5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW	6
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7-57
NOTE 1 - ORGANISATION AND OPERATIONS OF THE GROUP	7
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	8
NOTE 3 - SEGMENT REPORTING	16
NOTE 4 - CASH AND CASH EQUIVALENTS	19
NOTE 5 - BALANCES WITH THE CENTRAL BANK OF THE REPUBLIC TURKEY	19
NOTE 6 - FINANCIAL ASSETS	20
NOTE 7 - OTHER RECEIVABLES AND PAYABLES	23
NOTE 8 - RECEIVABLES FROM FINANCE SECTOR OPERATIONS	24
NOTE 9 - DERIVATIVES	26
NOTE 10 - PREPAID EXPENSES AND DEFERRED INCOME	27
NOTE 11 - INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD	27
NOTE 12 - PROPERTY, PLANT AND EQUIPMENT	29
NOTE 13 - INTANGIBLE ASSETS	31
NOTE 14- RIGHT OF USE ASSETS	33
NOTE 15 - GOODWILL	34
NOTE 16 - FINANCIAL LIABILITIES	34
NOTE 18 - PAYABLES FROM FINANCE SECTOR OPERATIONS	37
NOTE 19 - TAX ASSETS AND LIABILITIES	38
NOTE 20 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	41
NOTE 21 - OTHER ASSETS AND LIABILITIES	41
NOTE 22 - ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE AND DISCONTINUED
OPERATION	42
NOTE 23 - EQUITY	42
NOTE 24 - REVENUE AND COST OF SALES	44
NOTE 25 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES	45
NOTE 26 - INCOME AND EXPENSES FROM INVESTING ACTIVITIES	45
NOTE 27 - FINANCE INCOME/EXPENSES	46
NOTE 28 - RELATED PARTY DISCLOSURES	47
NOTE 29 - COMMITMENTS	48
NOTE 30 - NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS	54
NOTE 31 - EVENTS AFTER THE REPORTING PERIOD	57

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED BALANCE SHEET AT 31 MARCH 2024 AND 31 DECEMBER 2023

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

		Unaudited	Audited
		Current	Prior
		Period	Period
	Note	31 March	31 December
	References	2024	2023
ASSETS
Current Assets		1.394.311.686	1.500.491.651
Cash and Cash Equivalents	4	98.321.511	108.140.155
Balances with the Central Bank of the Republic Turkey	5	261.264.396	319.567.613
Financial Assets		116.039.306	117.714.498
- Fair Value Through Profit or Loss	6	36.587.742	30.315.851
- Fair Value Through Other Comprehensive Income	6	42.317.550	51.664.803
- Measured at Amortised Cost	6	35.508.772	34.394.994
- Time Deposits		1.625.242	1.338.850
Trade Receivables		11.187.144	11.008.929
Receivables from Finance Sector Operations	8	775.362.917	819.699.188
Other Receivables	7	15.588.753	15.595.009
Derivative Financial Instruments	9	23.746.138	20.800.498
Inventories		27.859.610	27.249.845
Prepaid Expenses	10	33.021.375	34.236.823
Deferred Commission Expenses		2.749.830	2.428.269
Current Tax Assets		290.807	295.910
Other Current Assets	21	24.974.845	22.976.230
Assets Classified As Held for Sale	22	3.905.054	778.684
Non-current Assets		1.019.170.349	1.022.092.426
Financial Assets		461.736.467	455.478.799
- Fair Value Through Other Comprehensive Income	6	301.215.123	282.293.097
- Measured at Amortised Cost	6	160.208.600	172.472.558
- Time Deposits		312.744	713.144,00
Trade Receivables		51.410	2.970
Receivables From Finance Sector Operations	8	275.758.136	280.642.517
Other Receivables	7	2.251.020	1.897.600
Derivative Financial Instruments	9	51.264.731	56.065.573
Investments Accounted Through Equity Method	11	89.191.655	88.632.449
Investment Property		2.985.249	3.025.198
Property, Plant and Equipment	12	72.935.902	72.995.909
Asset Right on Use	14	11.086.333	10.726.937
Intangible Assets		43.724.855	44.623.479
- Goodwill	15	12.152.306	12.378.113
- Other Non Current Assets	13	31.572.549	32.245.366
Prepaid Expenses	10	207.732	314.263
Deferred Commission Expenses		4.239.743	3.606.658
Deferred Tax Assets	19	1.616.964	1.918.432
Other Non Current Assets	21	2.120.152	2.161.642
Total Assets		2.413.482.035	2.522.584.077

These consolidated financial statements have been approved for issue by the Board of Directors on 5 June 2024. General Assembly has the right to change these condensed consolidated financial statements.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

1

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED BALANCE SHEET AT 31 MARCH 2024 AND 31 DECEMBER 2023

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

		Unaudited	Audited
		Current	Prior
		Period	Period
	Note	31 March	31 December
	References	2024	2023
Short Term Liabilities		1.784.239.777	1.870.204.354
Short Term Borrowings	16	75.098.509	61.908.750
Short Term Portion of Long-Term Borrowings	16	70.987.792	76.020.725
Liabilities from Leasing Transactions	17	1.561.139	1.328.359
Trade Payables		25.783.884	31.095.459
Payables of Finance Sector Operations	18	1.472.062.678	1.559.324.844
Payables related to Employee Benefits		1.338.178	933.955
Other Payables	7	63.532.006	64.737.517
Derivative Financial Instruments	9	6.759.891	7.507.521
Government Incentives		6.321	6.731
Deferred Income	10	2.857.622	2.634.917
Current Tax Liabilities		10.794.094	10.973.101
Short Term Provisions		45.252.385	44.866.848
- Short Term Provisions for Employee		4.521.381	4.883.547
- Insurance Technical Provisions	20	37.962.481	36.884.227
- Other Short-Term Provisions	20	2.768.523	3.099.074
Other Short Term Liabilities	21	8.194.610	8.831.607
Liabilities Related to Asset Group Held for Sale	22	10.668	34.020
Long Term Liabilities		211.624.800	209.204.635
Long Term Borrowings	16	102.622.812	105.249.047
Liabilities from Leasing Transactions	17	5.847.516	5.627.832
Trade Payables		-	69.426
Payables of Finance Sector Operations	18	23.082.551	25.371.690
Other Payables	7	24.394.038	22.614.504
Derivative Financial Instruments	9	9.873.098	9.800.202
Government Incentives		29.436	31.343
Deferred Income	10	2.083.767	1.509.506
Long Term Provisions		31.163.954	28.732.041
- Long Term Provisions for Employee Benefits		3.776.142	5.365.910
- Insurance Technical Provisions	20	24.169.396	21.072.311
- Other Long-Term Provisions	20	3.218.416	2.293.820
Taxes and Funds Payable		8.474	-
Deferred Tax Liabilities	19	10.358.889	9.140.617
Other Long Term Liabilities	21	2.160.265	1.058.427
EQUITY		417.617.458	443.175.088
Equity Attributable to the Parent		249.217.688	253.937.347
Share Capital	23	2.100.376	2.040.404
Adjustment to Share Capital	23	98.140.822	98.136.123
Share Premium	23	407.194	407.194
Treasury shares (-)		(1.541.761)	(364.401)
r Expenses That
Profit or Loss
- Actuarial Gain/Loss		(2.428.406)	(2.395.476)
r Expenses
t or Loss
- Currency Translation Reserve		(3.895.904)	(1.292.458)
- Gains/Losses on Hedge		(12.151.187)	(12.193.993)
- Revaluation Reserve		(1.253.715)	14.324
Restricted Reserves		13.100.263	12.448.590
Retained Earnings		162.106.167	139.385.749
Net Income/(Loss) for the Period		(5.366.161)	17.751.291
Non-controlling Interests		168.399.770	189.237.741
TOTAL EQUITY AND LIABILITIES		2.413.482.035	2.522.584.077

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

2

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE INTERIM PERIOD ENDED 31 MARCH 2024 AND 2023

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

		Unaudited	Unaudited
		Current	Prior
		Period	Period
	Note	1 January-	1 January-
	References	31 March 2024	31 March 2023
CONTINUING OPERATIONS
Sales (net)	24	39.077.761	37.304.720
Cost of Sales (-)	24	(32.965.615)	(31.757.916)
Gross Profit From Non-Financial Operations		6.112.146	5.546.804
Interest, Premium, Commission and Other Income	24	132.689.617	96.962.030
Interest, Premium, Commission and Other Expense (-)	24	(93.196.608)	(52.149.514)
Gross Profit From Financial Operations		39.493.009	44.812.516
GROSS PROFIT		45.605.155	50.359.320
General Administrative Expenses (-)		(24.487.247)	(21.373.256)
Marketing, Selling and Distribution Expenses (-)		(4.694.288)	(4.127.015)
Research and Development Expenses (-)		(67.703)	(67.843)
Other operating Income	25	5.744.776	3.439.916
Other operating Expenses	25	(3.446.258)	(2.409.565)
Share of profit/loss of investments
accounted for using the equity method	11	93.125	1.142.662
OPERATING PROFIT		18.747.560	26.964.219
Gains From Investment Activities	26	241.969	192.600
Losses From Investment Activities (-)	26	(3.128)	(10.403)
OPERATING PROFIT BEFORE
FINANCIAL INCOME / (EXPENSES)		18.986.401	27.146.416
Financial Income	27	944.593	523.850
Financial Expenses (-)	27	(2.578.879)	(1.627.641)
Monetary Gain/(Loss)		(22.370.435)	(27.151.588)
NET INCOME/(LOSS) BEFORE TAX
FROM CONTINUING OPERATIONS		(5.018.320)	(1.108.963)
Tax Income / (Expense) from Continuing Operations
Current Tax Expense		(2.069.770)	(7.748.949)
Deferred Tax Income/(Expense)		(3.600.020)	3.641.491
PROFIT/(LOSS) FOR THE PERIOD
FROM CONTINUING OPERATIONS		(10.688.110)	(5.216.421)
DISCONTINUED OPERATIONS
Income After Tax from Discontinued Operations		-	(80)
PROFIT/(LOSS) FOR THE PERIOD		(10.688.110)	(5.216.501)
ALLOCATION OF PROFIT/(LOSS)
- Non-controlling Interests		(5.321.949)	(2.859.947)
- Owner of the Company		(5.366.161)	(2.356.554)
Earnings/(Losses) per share
- hundreds of ordinary shares (TRY)		(2,60)	(1,16)
Earnings/(Losses) per share from continuing operations
- hundreds of ordinary shares (TRY)		(2,60)	(1,16)

The accompanying notes form an integral part of these condensed consolidated financial statements.

3

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE INTERIM PERIOD ENDED 31 MARCH 2024 AND 2023

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

	Unaudited	Unaudited
	Current	Prior
	Period	Period
	1 January-	1 January-
	31 March 2024	31 March 2023
INCOME/(LOSS) FOR THE PERIOD	(10.688.110)	(5.216.501)
Other Comprehensive Income / (Loss):
Items that will not be Reclassified
To Profit or Loss	(71.413)	(297.501)
Actuarial (losses) / gains	(68.665)	(295.689)
Other comprehensive income/(expense)
shares of investments accounted
by equity method, after tax	(2.748)	(1.812)
Items that will be Reclassified
To Profit or Loss	(8.760.723)	(12.015.803)
Fair value gains/(losses) from
financial assets through other
comprehensive income, after tax	(3.371.212)	(5.383.646)
Currency translation differences	(4.734.312)	(5.547.459)
Cash flow hedges, after tax	342.092	(291.324)
Loss from the derivative
financial assets related to the hedging
of net investment in a foreign operation, after tax	(1.459.862)	(919.846)
Other comprehensive income/(expense) shares of
investments accounted by equity method, after tax	462.571	126.472
OTHER COMPREHENSIVE
INCOME/(LOSS) (AFTER TAX)	(8.832.136)	(12.313.304)
TOTAL COMPREHENSIVE INCOME/(LOSS)	(19.520.246)	(17.529.805)
ALLOCATION OF TOTAL
COMPREHENSIVE INCOME
- Non-controlling Interests	(10.328.477)	(9.229.331)
- Equity Holders of the Parent	(9.191.769)	(8.300.474)

The accompanying notes form an integral part of these interim condensed consolidated financial statement.

4

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2024 AND 2023

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

					Accumulated Other Comprehensive Income or Loss That Will
					Not be reclassified		Be reclassified
					Profit or Loss		Profit or Loss
		Adjustment			Acturial	Currency						Equity	Non-
		to share	Treasury	Share	gains /	translation	Hedge	Revaluation	Restricted	Retained	Net income	attributable	controlling
	Share capital	capital	shares (-)	premium	losses	reserve	reserve	funds	reserve	earnings	for the period	to the parent	interest	Total
Balance at 1 January 2023	2.040.404	98.136.123	(1.952.981)	407.194	(1.927.791)	(716.768)	(9.617.178)	6.837.664	12.125.673	100.021.099	45.359.944	250.713.383	210.240.027	460.953.410
Transfers	-	-	-	-	-	-	-	-	687.235	44.672.709	(45.359.944)	-	-	-
Dividends	-	-	-	-	-	-	-	-	-	(6.016.463)	-	(6.016.463)	(9.577.450)	(15.593.913)
Subsidiary acquisition or disposal	-	-	(954.548)	-	-	-	-	-	-	-	-	(954.548)	-	(954.548)
Other changes	-	-	-	-	-	-	-	-	-	1.940	-	1.940	(3.121)	(1.181)
Total comprehensive income	-	-	-	-	(185.715)	(3.254.229)	(336.706)	(2.167.270)	-	-	(2.356.554)	(8.300.474)	(9.229.331)	(17.529.805)
Balances at 31 March 2023	2.040.404	98.136.123	(2.907.529)	407.194	(2.113.506) (3.970.997)	(9.953.884)	4.670.394	12.812.908	138.679.285	(2.356.554)	235.443.838	191.430.125	426.873.963
Balance at 1 January 2024	2.040.404	98.136.123	(364.401)	407.194	(2.395.476) (1.292.458)	(12.193.993)	14.324	12.448.590	139.385.749	17.751.291	253.937.347	189.237.741	443.175.088
Transfers	-	-	-	-	-	-	-	-	651.673	17.099.618	(17.751.291)	-	-	-
Dividends	-	-	-	-	-	-	-	-	-	-	-	-	(6.087.818)	(6.087.818)
Increase / (decrease) ownership interests in subsidiaries	59.972	4.699	(1.172.399)	-	-	(36.001)	-	-	-	5.620.800	-	4.477.071	(4.414.235)	62.836
That do not result in a loss of control (*)
Increase / (decrease) due to share buy back transactions (*)	-	-	(4.961)	-	-	-	-	-	-	-	-	(4.961)	(7.441)	(12.402)
Total comprehensive income	-	-	-	-	(32.930)	(2.567.445)	42.806	(1.268.039)	-	-	(5.366.161)	(9.191.769)	(10.328.477)	(19.520.246)
Balances at 31 March 2024	2.100.376	98.140.822	(1.541.761)	407.194	(2.428.406) (3.895.904)	(12.151.187)	(1.253.715)	13.100.263	162.106.167	(5.366.161)	249.217.688	168.399.770	417.617.458

1. As a result of the merger transaction completed with the registration dated January 15, 2024, the financial assets of Exsa along with 50% of shares in Temsa Skoda Sabancı Ulaşım Araçları A.Ş., 100% of shares in Temsa Motorlu Araçlar Pazarlama ve Dağıtım A.Ş. and 100% of shares in Exsa Gayrimenkul Proje Geliştirme A.Ş. have been transferred to Grup's possession. As a result of the merger, a capital increase of TRY 59.972 nominal value has been made by Sabancı Holding, and the respective shares issued will be allocated to the other shareholders of Exsa except for Sabancı Holding upon completion of the necessary legal procedures before the Capital Markets Board.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

5

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE INTERIM PERIOD ENDED 31 MARCH 2024 AND 2023

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

		Unaudited	Unaudited
		Current	Prior
		Period	Period
	Note	1 January -	1 January -
	References	31 March 2024	31 March 2023
Net income from continuning operations		(10.688.110)	(5.216.421)
Net income from discontinued operations		-	(80)
Adjustments to reconcile income before taxation to net cash provided
by operation activities:
Tax expense/income		5.669.790	4.107.458
Depreciation and amortization expenses	3	4.036.996	3.533.470
Expected Credit Loss Provision for Receivables from Finance Sector Activities	8	3.636.623	5.095.681
Changes in the fair value of derivative instruments		(4.844.290)	(2.579.765)
Interest Income/expense adjustments of non finance sector		1.233.294	888.380
Interest Income/expense adjustments of finance sector		97.304	(270.912)
Provision for employment termination benefits		245.424	370.381
Impairment an assets held for sale		26.920	-
Income from sale of property, plant and equipment,intangible assets and investment property		(410)	1.224
Adjustments for Retained Earnings of Investments Valued by Equity Method	11	(93.125)	(1.142.662)
Provision for /(reversal of) inventory impairment		(7.503)	123.852
Provision for /(reversal of) doubtful receivables		140.489	194.467
Unrealized Foreign Currency Conversion Differences		(7.485.988)	(6.775.114)
Monetargy Gain/(Loss)		(15.672.365)	(18.064.929)
Net cash provided by operation activities before changes
in operating assets and liabilities
Changes in trade receivables		(367.144)	524.302
Changes in inventories		(583.494)	(930.497)
Changes in other receivables		(347.164)	(4.708.507)
Changes in prepaid expenses		1.321.979	(627.938)
Changes in derivative financial instruments		4.906.988	7.197.958
Changes in other assets		(8.917.864)	(4.615.774)
Changes in trade payables		(5.381.001)	(3.417.288)
Changes in other liabilities and other payables		6.775.588	7.188.764
Changes in assets and liabilities in finance segment:
Changes in financial investments		(6.858.155)	2.822.997
Changes in receivables from finance sector operations		50.022.444	20.289.808
Changes in payables from finance sector operations		(91.893.299)	15.708.498
Changes in Central Bank of the Republic of Turkey account		58.303.217	21.315.768
Income taxes paid		(2.248.777)	(3.849.815)
Employment termination benefits paid		(236.431)	(584.135)
Net cash provided from operating activities		(19.208.064)	36.579.171
Cash flow from investing activities;
Sale / (Proceed) of fair value through other comprehensive
income or amortized cost at financial asset		(784.933)	(12.424.863)
Cash outflow from purchasing of property, plant, equipment and intangible assets	12,13	(5.383.998)	(4.714.597)
Proceeds from sales of property, plant, equipment and intangible assets	12,13	1.106.385	1.278.830
Proceeds from investment property		813	(253.417)
Dividends received		-	3.119.476
Net cash provided from / (used in) investing activities		(5.061.733)	(12.994.571)
Cash flow from financing activities:
Cash inflows from financial liabilities	16	41.776.007	19.516.984
Cash outflows from repayments of borrowings		(8.282.869)	(13.114.863)
Cash outflows from payments of lease liabilities		(812.256)	(744.853)
Cash inflow/(outflow) from sale shares		(12.402)	(954.548)
Interest received from non finance sector		(1.117.564)	(680.653)
Dividends paid		(6.087.818)	(15.593.913)
Net cash provided from financing activities		25.463.098	(11.571.846)
Effect of change in foreign currency rateson cash and cash equivalents		5.508.372	2.251.638
Monetary gain/(loss) on cash and cash equivalents		(14.316.251)	(13.989.618)
Net increase / (decrease) in cash and cash equivalents		(7.614.578)	274.774
Cash and cash equivalents in the beginning of the period (*)		96.519.958	102.457.399
Cash and cash equivalents at the end of the period		88.905.380	102.732.173

1. Cash and cash equivalents at the end of the period comprise interest accruals of TRY 64.479 (31 March 2023: TRY 70.129). At the beginning and at the end of the current period, restricted deposit is TRY 11.620.197 and TRY 9.351.652, respectively (31 March 2023: TRY 20.485.750 and TRY 18.114.008 respectively).

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

6

CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 31 MARCH 2024

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

NOTE 1 - ORGANISATION AND OPERATIONS OF THE GROUP

Hacı Ömer Sabancı Holding A.Ş. (the "Holding") was established in 1967 to coordinate and perform

liaison services regarding the activities of companies operating in various fields including mainly finance, manufacturing and trade. The Holding is registered in Turkey. The number of employees as of 31 March

2024 is 62.786 (31 December 2023: 64.061). Holding's registered address is as follows:

Sabancı Center, 4. Levent, İstanbul, Türkiye.

The Holding is registered with the Capital Markets Board ("CMB") and its shares have been quoted on Borsa Istanbul ("BIST") (previously known as the Istanbul Stock Exchange ("ISE")) since 1997. As of 31 March 2024, the principal shareholders and their respective shareholding rates in the Holding are as follows (Note 23):

	(%)
Sakıp Sabancı Holding A.Ş.	13,90
Serra Sabancı	7,02
Suzan Sabancı Dinçer	6,84
Çiğdem Sabancı Bilen	6,84
Other	65,40
	100

The Holding, its subsidiaries, associates and joint ventures are together referred as the "Group". The Holding is managed by Sabancı Family.

Subsidiaries

As of 31 March 2024, the type of activity of subsidiaries and their respective business segments in these condensed consolidated financial statements for the interim period are as follows:

Subsidiaries	Trade Stock			Number of	Registere
Market
Type of Activity	Business Segment	Employees	d Country
Agesa Hayat ve Emeklilik A.Ş. ("Agesa")	BİST	Individual Pension	Financial Services	1.901	Turkey
Akbank T.A.Ş. ("Akbank")	BİST	Banking	Banking	15.114	Turkey
Aksigorta A.Ş. ("Aksigorta")	BİST	Insurance	Financial Services	816	Turkey
Ankara Enternasyonel Otelcilik A.Ş. ("AEO")	-	Tourism	Other	2	Turkey
Carrefoursa Carrefour Sabancı Ticaret Merkezi A.Ş.
("Carrefoursa")	BİST	Trade	Retail	11.104	Turkey
Çimsa Çimento Sanayi ve Ticaret A.Ş. ("Çimsa")	BİST	Cement	Building Materials	2.447	Turkey
Dx Technology Services and Investment BV
("Dx BV")	-	Information Technology	Other	548	Holland
Exsa Gayrimenkul Proje Geliştirme A.Ş.
("Exsa")	-	Trade	Other	4	Turkey
Sabancı Building Solutions ("SBS")	-	Cement	Building Materials	192	Holland
Sabancı İklim Teknolojileri A.Ş. ("İklim Teknolojileri")	-	Energy	Energy	11	Turkey
Kordsa Teknik Tekstil Anonim Şirketi ("Kordsa")	BİST	Tire reinforcement	Industry	4.563	Turkey
Teknosa İç ve Dış Ticaret A.Ş. ("Teknosa")	BİST	Trade	Retail	3.082	Turkey
Tursa Sabancı Turizm ve Yatırım İşletmeleri A.Ş.
("Tursa")	-	Tourism	Other	2	Turkey
Temsa Motorlu Araçlar Pazarlama ve Dağıtım A.Ş.	-	Ticaret	Sanayi	57	Türkiye

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CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

HACI ÖMER SABANCI HOLDİNG A.Ş.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 31 MARCH 2024

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2024 unless otherwise indicated.)

NOTE 1 - ORGANISATION AND NATURE OF OPERATIONS (Continued)

Subsidiaries (Continued)

In addition, A.R.T.S., which was established as a "Structured Entity" in November 1999 to provide long- term financing from abroad, which the Bank has 100% controlling power even though it is not a subsidiary, has been included in the consolidation by full consolidation method.

For the purposes of segment information, Holding's stand-alone financial statements have been included within the "Other" business segment in Note 3.

.

Joint Ventures

As of 31 March 2024, the nature of business and operating segments of the Joint Ventures which are accounted through equity method in the consolidated financial statements are as follows:

	Trade
	Stock	Type of Business		Number of
Joint Ventures	Market	Activity	Segment	Ventures	Employees
Akçansa Çimento Sanayi ve Ticaret A.Ş.
("Akçansa")	BİST	Cement	Building	Heidelberg	2.380
Brisa Bridgestone Sabancı Lastik Sanayi ve
Ticaret A.Ş. ("Brisa")	BİST	Tire	Industry	Bridgestone	3.927
Enerjisa Enerji A.Ş. ("Enerjisa Enerji")	BİST	Energy	Energy	E.ON SE	12.663
Enerjisa Üretim Santralleri A.Ş.
("Enerjisa Üretim")	-	Energy	Energy	E.ON SE	2.079
Temsa Skoda Sabancı Ulaşım Araçları A.Ş.				PPF Industry
("Temsa Ulaşım Araçları")	-	Automotive	Other	CO. B.V.	1.894

All the Joint Ventures are registered in Turkey.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1 Basis of Presentation

2.1.1 Statement of Compliance with TFRS

The consolidated financial statements of the Group have been prepared in accordance with Turkish Financial Reporting Standards ("TFRS") promulgated by the Public Oversight Accounting and Auditing Standards Authority ("POA") that are set out in the 5th article of the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board ("CMB") on 13 June 2013 and published in Official Gazette numbered 28676.

The accompanying consolidated financial statements are presented in accordance with the "Announcement regarding to TAS Taxonomy" by POA and the format and mandatory information recommended by CMB.

Sabancı Holding, its Subsidiaries and Joint Ventures registered in Turkey maintain their books of account and prepare their statutory financial statements in TL in accordance with the Turkish Commercial Code ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Treasury and Finance, banking law, accounting principles and instructions promulgated by the Banking Regulation and the Supervision Agency ("BRSA") and TFRS together with notes and explanations related to the accounting and financial reporting standards issued by POA in case of no specific regulations have been introduced by these institutions.

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