GÖZDE GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş.

Quarterly Report • May 10, 2024

SUMMARY FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 31 MARCH, 2024

(Originally issued in Turkish)

CONTENTS PAGE(S)

	STATEMENTS OF FINANCIAL POSITION	1-2
	STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	3
	STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY	4
	STATEMENTS OF CASH FLOW	5
	NOTES TO THE CONDENSED FINANCIAL STATEMENTS	6-48
NOTE 1	ORGANIZATION AND OPERATIONS OF THE COMPANY	6-7
NOTE 2	BASIS OF PRESENTATION OF FINANCIAL STATEMENTS	7-11
NOTE 3	MERGERS	11
NOTE 4	SEGMENT REPORTING	11
NOTE 5	CASH AND CASH EQUIVALENTS	11
NOTE 6	BALANCES AND TRANSACTIONS WITH RELATED PARTIES	12-17
NOTE 7	TRADE RECEIVABLES AND PAYABLES	17
NOTE 8	OTHER PAYABLES AND RECEIVABLES	17
NOTE 9	TANGIBLE ASSETS	18
NOTE 10	EMPLOYEE BENEFITS	19
NOTE 11	OTHER ASSETS AND LIABILITIES	20
NOTE 12	SHAREHOLDERS' EQUITY	20-21
NOTE 13	REVENUE AND COST OF SALES	22
NOTE 14	GENERAL ADMINISTRATIVE EXPENSES	22
NOTE 15	OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES	23
NOTE 16	FINANCIAL INCOME AND EXPENSES	23
NOTE 17	EARNINGS / (LOSS) PER SHARE	24
NOTE 18	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES …………………………	24
NOTE 19	FINANCIAL INSTRUMENTS	25-29
NOTE 20	FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	30-36
NOTE 21	FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES)	36-40
NOTE 22	EVENTS AFTER THE BALANCE SHEET DATE	41
NOTE 23	CONTROL OF COMPLIANCE WITH PORTFOLIO LIMITATIONS, FINANCIAL DEBT
	AND TOTAL EXPENSE LIMITS………………	41-44

Balance sheets

at 31 March 2024 and 31 December 2023

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

		Unaudited	Audited
		Current Period	Previous Period
		31 March	31 December
	Notes	2024	2023
ASSETS
Current assets:
Cash and cash equivalents	5	46,929	51,081
Trade receivables		89,580	38,213
- Trade receivables from related parties	6,7	89,580	38,213
Other receivables		989,157,781	-
- Other receivables from related parties	6,8	989,157,781	-
Other current assets	1 1	60,590	86,480
Total Current Assets		989,354,880	175,774
Non-Current Assets:
Financial investments	1 9	27,352,677,966	29,000,447,756
Tangible assets	9	153,182	183,196
Other non-current assets	1 1	201,810,576	227,527,245
Total Non-Current Assets		27,554,641,724	29,228,158,197
Total Assets		28,543,996,604	29,228,333,971

The accompanying notes form an integral part of the financial statements.

Balance sheets

at 31 March 2024 and 31 December 2023

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

		Unaudited	Audited
		Current Period	Previous Period
	Notes	31 March	31 December
		2024	2023
LIABILITIES
Current Liabilities
Current portion of long-term financial liabilities		135,225,892	163,971,481
Trade payables	6,7	134,963,506	163,670,939
- Trade payables to related parties	7	262,386	300,542
- Trade payables to non-related parties	1 0	379,131	184,415
Payables related to employee benefits		-	3,083,996,321
Other payables	6,8	-	3,083,996,321
Short-term provisions		816,133	609,889
- Short-term provisions for employee benefits	1 0	816,133	609,889
Other short-term liabilities	1 1	9,854,655	12,155,855
Total Current Liabilities		146,275,811	3,260,917,961
Non-Current Liabilities: Other payables	8	3,255,379,274	287,659,058
- Other payables to related parties	6.8	3,255,379,274	287,659,058
Long-term provisions		657,091	737,602
- Long-term provisions for employment benefits	1 0	657,091	737,602
Total Non-Current Liabilities		3,256,036,365	288,396,660
Total Liabilities		3,402,312,176	3,549,314,621
Shareholders' Equity
Paid-in capital	1 2	385,000,000	385,000,000
Share Capital Adjustment Differences		3,402,926,108	3,402,926,108
Share premiums	1 2	2,260,799,292	2,260,799,292
Restricted reserves	1 2	42,045,916	42,045,916
Retained earnings		19,588,248,034	29,720,584,807
Net loss for the period		(537,334,922)	(10,132,336,773)
Total Equity		25,141,684,428	25,679,019,350
Total Liabilities		28,543,996,604	29,228,333,971

The accompanying notes form an integral part of the financial statements.

Statements of profit or loss

for the period 1 January – 31 March 2024 and 2023

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

		Unaudited Current	Unaudited Previous
		Period	Period
		1 January	1 January
		31 March	31 March
	Notes	2024	2023
Revenue	1 3	1,082,272,250	8,748,376
Cost of sales (-)	1 3	(1,082,272,250)	(8,238,947)
Gross profit		-	509,429
General administrative expenses (-)	1 4	(59,709,554)	(68,619,279)
Other operating income	1 5	124,088	134,119
Other operating expenses (-)	1 5	(402,199,303)	(11,824,610,064)
Operating Loss		(461,784,769)	(11,892,585,795)
Financial income	1 6	36,640,526	119,476
Financial expenses (-)	1 6	(358,733,552)	(192,605,176)
Net Monetary Gain		246,542,873	20,868,362
Loss Before Tax		(537,334,922)	(12,064,203,133)
Tax Expense For The Period		-	-
-Current tax expense (-)		-	-
Net loss for the period		(537,334,922)	(12,064,203,133)
Other comprehensive income		-	-
Total Comprehensive Expense		(537,334,922)	(12,064,203,133)
Loss Per Share	1 7	(1.40)	(31.34)

The accompanying notes form an integral part of the financial statements

Statements of changes in shareholders' equity

for the period 1 January – 31 March 2024 and 2023

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

				Accumulated profit
		Share capital
		adjustment	Share	Restricted	Net income/	Retained
	Paid in capital	differences	premiums	reserves	(loss)	earnings	Total Equity
1 January 2023 balances as of date	385,000,000	3,402,926,108	2,260,799,292	42,045,916	250,913,015	29,469,671,792	35,811,356,123
Transfers	-	-	-	-	(250,913,015)	250,913,015	-
Total comprehensive expense	-	-	-	-	(12,064,203,133)	-	(12,064,203,133)
31 March 2023 balances as of date	385,000,000	3,402,926,108	2,260,799,292	42,045,916	(12,064,203,133)	29,720,584,807	23,747,152,990

1 January 2024 balances as of date	385,000,000	3,402,926,108	2,260,799,292	42,045,916	(10,132,336,773)	29,720,584,807	25,679,019,350
Transfers	-	-	-	-	10,132,336,773	(10,132,336,773)	-
Total comprehensive expense	-	-	-	-	(537,334,922)	-	(537,334,922)
31 March 2024 balances as of date	385,000,000	3,402,926,108	2,260,799,292	42,045,916	(537,334,922)	19,588,248,034	25,141,684,428

The accompanying notes form an integral part of the financial statements.

Statements of cash flows

for the period 1 January – 31 March 2024 and 2023

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

		Unaudited Current Period	Unaudited Previous Period
	Note	31 March 2024	31 March 2023
A. CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period		(537,334,922)	(12,064,203,133)
Adjustments to reconciliation of net profit for the period		3,052,290,813	12,408,847,516
-Amortisman ve itfa payları	9	30,014	48,090
-Çalışanlara sağlanan faydalara ilişkin karşılıklar	10	(125,526)	117,174
-Interest income	16	(36,640,526)	(119,476)
-Dividend income	13	-	(509,429)
-Interest expense	16	60,307,262	187,402,349
-Net fair value (gains)/losses of financial assets	15	2,730,042,040	12,216,731,079
-Adjustments for unrealized foreign currency exchange differences	16	298,426,290	5,202,827
-Adjustments related to monetary (gains)		251,260	(25,098)
Changes in working capital
-Changes in liabilities under employee benefits	10	194,716	848,472
-Changes in other receivables from related parties	6,8	(989,157,781)	(8,199,051)
-(Decrease)/Increase in trade payables to non-related parties	7	(38,156)	(561,999)
-Increase in trade payables to related parties	6	(28,707,433)	(19,387,409)
- Increase in other short-term liabilities	11	(2,301,200)	819,813
-Other increase/(decrease) in working capital		25,691,192	5,270,140
Cash flows from operating activities		1,520,637,229	323,434,349
B. CASH FLOWS FROM INVESTING ACTIVITIES
-Dividend income	13	-	509,429
-Interest income	16	36,640,526	119,476
-Cash inflow and outflow due to share sale/purchase of affiliates and/or business	19	(1,082,272,250)	8,238,947
-Cash outflows from the purchase of tangible and intangible assets	9	-	(27,226)
Cash flows from investing activities		(1,045,631,724)	8,840,626
C. CASH FLOWS FROM FINANCING ACTIVITIES
-Decrease in other payables to related parties	19	(116,276,105)	(139,669,800)
-Interest paid	16	(358,733,552)	(192,605,176)
Cash flows from financing activities		(475,009,657)	(332,274,976)
Net increase/(decrease) in cash and cash equivalents before the effect of
currency exchange differences (A+B+C)		(4,152)	-
D.THE EFFECT OF FOREIGN CURRENCY CONVERSION DIFFERENCES ON CASH AND CASH EQUIVALENTS		-	-
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE		(4,152)	-
PERIOD		51,081	-
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
(A+B+C+D+E)		46,929	-

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

1. ORGANIZATION AND OPERATIONS OF THE COMPANY

Gözde Girişim Sermayesi has been founded by the shareholders of the FFK Fon Finansal Kiralama A.Ş. (FFK) on 22 January 2010 through the partial spin-off of Türkiye Finans Katılım Bankası A.Ş (TFKB) shares that are presented as assets held for sale in the financial statements of FFK as of 31 December 2009 and Kaynak Finansal Kiralama A.Ş. (Kaynak Finansal) shares that are among the subsidiaries of FFK and as capital in kind. The foundation of the company was registered by the Trade Registry Office and announced in the Trade Registry Gazette on 28 January 2010 numbered 7789.

The process of conversion for Gözde Finansal Hizmetler Anonim Şirketi into a Venture-Capital Trust with the VCT title was finalized upon register of the articles of association amendment to the Trade Registry on 28 July 2011, following the capital increase realized between 11 July - 25 July 2011. The Company continues its operations under the trade name of "Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş.", as of 28 July 2011 with the aim of using its capital, which has been issued as registered capital, for doing business with the purposes and the subjects written in the regulations of the Capital Market Board ("CMB") regarding Venture-Capital Trusts (Communiqué - Serial: III No:48.3) and for doing business with the aim of directing it to long-term investments made to venture capital companies that are essentially established or will be established in Turkey, have the potential to grow and are in need of resources.

The partial spin-off, which was resolved during the Board of Directors meeting of FFK conducted on 10 November 2009 and in accordance with Article 20 and subparagraph "b" of paragraph 3 of Article 19 of the Law on Corporate Income Tax No. 5520 and with provisions of "Communiqué Regarding the Regulation of Procedures and Principles on the Partial Demerger of Incorporated and Limited Liability Companies" published on the Official Gazzette No. 25231 dated 16 September 2003, received approval from the Capital Market Board with the document dated 21 December 2009 and numbered B.02.1.SPK.013-1869. At the Extraordinary General Assembly meeting of FFK held on January 11, 2010, the Partial Spin-off Plan was accepted in accordance with the provisions of the communiqué mentioned above. The shareholders have decided that the said shares will be invested in the newly established Company as capital in kind with the cost value in the records of FFK, and in return, the shares representing the capital of the Company will be given to the shareholders of FFK in proportion to their existing shares in FFK. With the said partial division, the Company went public and prepared its financial statements for the first time on 31 March 2010 and presented it to the CMB and Borsa İstanbul A.Ş.

	31 March 2024		31 December 2023
Shareholders	Share capital (%)	Capital Amount (TRY)	Share capital (%)	Capital Amount (TRY)
Kökler Yatırım Holding A.Ş.	29.73	114,466,300	29.73	114,466,300
Yıldız Holding A.Ş.	22.78	87,719,769	22.78	87,719,769
Şükran Danışmanlık ve Yönetim A.Ş.	5.14	19,803,301	5.14	19,803,301
İhsaniye Danışmanlık ve Yönetim A.Ş.	5.14	19,803,301	5.14	19,803,301
Clarastra Danışmanlık ve Yönetim A.Ş.	5.14	19,803,301	5.14	19,803,301
Franklin Templeton Luxembourg SA	5.00	19,250,000	5.00	19,250,000
Other	27.07	104,154,028	27.07	104,154,028
Nominal Capital	100	385,000,000	100	385,000,000
Share Capital Adjustment Differences		3,402,926,108		3,402,926,108

As of 31 March 2024 and 31 December 2023, the shareholders and partnership shares of the Company are as follows:

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

1. ORGANIZATION AND OPERATIONS OF THE COMPANY (Continued)

According to the data received from the Central Registry Agency, 30,4% of the Company's shares are open to the public as of the reporting date (31 December 2023: 30,40%). While the Central Registry Agency determines the free float rate of companies, it includes all shares of 10% or less in the free float rate. It also determines the final rate by decreasing the blocked amounts. As of 31 March 2024, the capital of the company consists of 385,000,000 shares (31 December 2023: 385,000,000 shares). The nominal value of the shares is TRY 1 per share (31 December 2023: TRY 1 per share).

The headquarters of the company is in Kısıklı Mahallesi, Çeşme Çıkmazı Sokak, Yıldız Holding Apt. No: 6/1 Uskudar Istanbul address. As of 31 March 2024, the total number of personnel of the Company is 4 people. (31 December 2023: 4 people).

Approval of Financial Statements

The financial statements have been approved by the Board of Directors and authorized to be published on 10 May 2024.

Dividends Payable

.

As of the publication date of the financial statements, there is no dividend decision taken by the General Assembly.

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS

2.1. Basis of Presentation

Statement of Compliance with TAS

The Company maintain its books of accounts and prepare its statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts.

The accompanying financial statements are prepared in accordance with Communiqué Serial II, No:14.1, "Principles of Financial Reporting in Capital Markets" ("the Communiqué") published in the Official Gazette numbered 28676 on 13 June 2013. According to Article 5 of the Communiqué, financial statements are prepared in accordance with the Turkish Accounting Standards ("TAS") issued by Public Oversight Accounting and Auditing Standards Authority ("POAASA"). TAS contains Turkish Accounting Standards, Turkish Financial Reporting Standards ("TFRS") and its addendum and interpretations ("IFRIC").

The accompanying financial statements are within the scope of the Capital Markets Board's ("CMB") Communiqué on "Principles of Financial Reporting in the Capital Markets" numbered II-14.1 and Turkish Accounting Standards ("TAS") published by the Public Oversight, Accounting and Auditing Standards Authority ("KGK") and Turkish Financial Reporting Standards ("TFRS"). The presentation principles have been prepared in accordance with the 2022 TFRS Taxonomy, which was developed by the KGK on the basis of subparagraph (b) of the 9th article of the Decree Law No. 660 and determined and announced to the public with the decision of the KGK dated 4 October 2022.

The financial statements are prepared on the historical cost basis, except for the revaluation of financial instruments at fair value.The determination of historical cost is generally based on the fair value of the amount paid for the assets.

The Company's financial statements have been prepared consistent with accounting policies used in preparation of financial statements for the year ending 31 December 2023 except for new accounting standards applicable as of 1 January 2024. New accounting standards are disclosed at Note 2.2 and Note 2.3.

Notes to the financial statements for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.1. Basis of Presentation (Continued)

Functional and Presentation Currency

Financial statements of the Company are presented in the currency of the primary economic environment in which the entities operate (its functional currency). The results and financial position of the Company is expressed in Turkish Lira, which is the functional and presentation currency of the Company.

Disclosure on Financial Investments

Accounting policy amendments are applied retrospectively and the previous year financial statements are rearranged.

According to TFRS 10, the Company did not present a financial statement by measuring its investments at fair value through profit or loss and benefiting from exclusion related to financial statement presentation. Besides, the Company is an investment entity as per the definition of investment entity in TFRS 10. The aspects indicating the Company's nature as investment entity are that: the Company gets funds from one or more investors in order to provide investment management services; undertakes its investor or investors that its business purpose is to invest the funds for only acquiring capital gain or investment income or both; and measures and appraises the performance of its all investment based on the fair value principle. Furthermore, the Company has investors without related parties as it is open to multiple investments and investors and to public.

The subsidiaries that the Company controls but does not consolidate are as follows:

	Place of
	(%)	Establishment	Field of Operation
Polinas Plastik Sanayii ve Tic. A.Ş.	99.00	Turkey	Packaging
Azmüsebat Çelik Sanayii A.Ş. ve Ticaret A.Ş.	97.61	Turkey	FMCG
Gözde Tech Ventures Teknoloji Yatırımları A.Ş.	100.00	Turkey	Technology Investments

Checking the compliance with the portfolio restrictions and the limit of financial liability and total expenses

Information on Checking the Compliance with Portfolio Restrictions and the Limit of Financial Liability and Total Expenses given in Supplementary Footnote has the feature of summary information generated from financial statements as per "Communiqué on the Principles of Financial Reporting in Capital Markets" and is prepared within the framework of the provisions of "Communiqué on Principles of Venture Capital and Private Equity Investment Companies" with number III-48.3, published in the in the Official Gazette edition 28790 on 9 October 2013, regarding checking the compliance with portfolio restrictions and the limit of financial liability and total expenses.

Comparative Information and Adjustment of Prior Period Financial Statements

The financial statements of the Company are prepared comparatively with the previous period in order to enable the determination of the financial situation and performance trends. In order to comply with the presentation of the current period financial statements, comparative information is reclassified when deemed necessary and significant differences are disclosed. As of 31 March 2024, the Company does not have any classification.

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.2. New and revised standards and interpretations

The accounting policies used in the preparation of the financial statements for the accounting period ending as of 31 March 2024 have been applied consistently with those used in the previous year, except for the new and amended TFRS standards and TFRYK interpretations valid as of 1 January 2023, which are summarized below. The effects of these standards and interpretations on the financial position and performance of the Company are explained in the relevant paragraphs.

a) Standards, amendments, and interpretations applicable as of 31 March 2024:

• Amendment to IAS 1 – Non-current liabilities with covenants; effective from annual periods beginning on or after 1 January 2024. These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions.
• Amendment to IFRS 16 – Leases on sale and leaseback; effective from annual periods beginning on or after 1 January 2024. These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted.
• Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements; effective from annual periods beginning on or after 1 January 2024. These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company's liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB's response to investors' concerns that some companies' supplier finance arrangements are not sufficiently visible, hindering investors' analysis.
• IFRS S1, 'General requirements for disclosure of sustainability-related financial information; effective from annual periods beginning on or after 1 January 2024. This standard includes the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity's value chain.
• IFRS S2, 'Climate-related disclosures'; effective from annual periods beginning on or after 1 January 2024. This is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.
• b) Standards, amendments, and interpretations that are issued but not effective as of 31 March 2024:
  • IFRS 17, 'Insurance Contracts', is effective for annual reporting periods beginning on or after January 1, 2023. This standard replaces IFRS 4, which currently allows for a variety of practices. IFRS 17 will fundamentally change the accounting for insurance contracts and investment contracts with discretionary participation features for all entities.
  • Amendments to IAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.

Notes to the financial statements for the period 1 January – 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.2. New and revised standards and interpretations (continued)

Financial Reporting in economies with high inflation

According to the announcement made by the Public Oversight Accounting and Auditing Standards Authority (KGK) on November 23, 2023, and the "Application Guide on Financial Reporting in High Inflationary Economies" published, the company prepared its financial statements for the year ending December 31, 2023, in accordance with the TMS 29 "Financial Reporting in High Inflationary Economies" Standard. According to this standard, financial statements prepared in the currency of a high inflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date, and comparative information for previous periods is also expressed in the current measurement unit currency at the end of the reporting period for comparison purposes. Therefore, the company also presented its financial statements dated December 31, 2023, based on the purchasing power as of March 31, 2024.

In accordance with the decision of the Capital Markets Board (SPK) dated December 28, 2023, and numbered 81/1820, it has been decided to apply inflation accounting by applying the provisions of TMS 29 starting from the annual financial reports of issuers subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards and capital market institutions for the financial year ending December 31, 2023.

Reclassifications made in accordance with TMS 29 were made using the correction coefficient obtained from the Consumer Price Index ("CPI") published by the Turkish Statistical Institute ("TÜİK"). As of March 31, 2024, the indices and correction coefficients used in the adjustment of financial statements are as follows:

Date Index		Adjustment coefficient	Three-year cumulative inflation rates
31 March 2024	2,139.47	1.00000	211%
31 December 2023	1,859.38	1.15063	268%
31 March 2023	1,269.75	1.68495	152%

The main elements of the adjustment process made by the company for financial reporting in high inflationary economies are as follows :

• Current period financial statements prepared in Turkish Lira (TRY) are expressed in terms of the purchasing power at the balance sheet date, and amounts for previous reporting periods are also adjusted to reflect the purchasing power at the end of the reporting period.

• Monetary assets and liabilities are not adjusted since they are already expressed in terms of the current purchasing power at the balance sheet date. If the inflation-adjusted values of non-monetary items exceed their recoverable amount or net realizable value, the provisions of TMS 36 and TMS 2 are applied accordingly.

• Non-monetary assets and liabilities, as well as equity items not expressed in terms of the current purchasing power at the balance sheet date, are adjusted using the respective correction coefficients.

• Except for items affecting the comprehensive income statement in the balance sheet, all items in the comprehensive income statement are indexed using coefficients calculated based on the periods when income and expense accounts were initially reflected in the financial statements.

• The impact of inflation on the net monetary asset position in the current period is recorded in the income statement as a loss on net monetary position.

Notes to the financial statements for the period 1 January – 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)

2.3. Summary of Significant Accounting Policies

The financial statements for the period ending on 31 March 2024 have been prepared in accordance with TAS 34 standard for the preparation of financial statements of TFRS. In addition, the financial statements for the year ended 31 March 2024 have been prepared by applying the accounting policies consistent with the accounting policies applied during the preparation of the financial statements for the year ended 31 December 2023. Therefore, these financial statements should be evaluated together with the financial statements for the year ended 31 December 2023.

3. MERGERS

None (31 December 2023 : None).

4. SEGMENT REPORTING

The company operates in only one area, venture capital investments. Since the company operates in only one area and only in Turkey, no segment reporting has been made in the accompanying financial statements. In addition, apart from the information detailed in Notes 13, 19, 21 and 23, no segment reporting is made to the senior management.

5. CASH AND CASH EQUIVALENTS

	31 March 2024	31 December 2023
Demand deposits	46,929	51,081
Total	46,929	51,081

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

6. RELATED PARTY DISCLOSURES

a) Balances with Related Parties

31 March 2024	Receivables Short-term		Payables
Balance with Related Parties			Short-term	Long-term
	Trade	Non-trade	Trade	Non-trade
Azmüsebat Çelik San. ve Tic. A.Ş.	15,960	-	-	-
Yıldız Holding A.Ş.(*)	-	989,157,781	-	3,255,379,274
Polinas Plastik Sanayii ve Tic.A.Ş.	36,810	-	-	-
Sağlam İnş.Taah.Tic.A.Ş.	-	-	1,046	-
Franklin Templeton Danışmanlık Hizmetleri A.Ş.(**)	-	-	134,845,817	-
İzsal Bilgi Sistemleri ve Gayrimenkul Geliştirme A.Ş.	-	-	116,643	-
Gözde Tech Ventures Teknoloji Yatırımları A.Ş.	36,810	-	-	-
Total	89,580	989,157,781	134,963,506	3,255,379,274

The Company's non-trade payable balances to related parties and non-trade receivable balances from related parties originate from the use/financing of funds within the scope of the Company's field of activity, and the interest rates applied to these balances in reporting period are in the range of 45.67%-50.09% in Turkish Lira, 6.80% in US Dollars.

(*) The company has converted its current debt to Yıldız Holding A.Ş. into a long-term structure by taking over the American dollar loan held within the company under the same terms without providing any collateral, mortgage, or guarantee.

Notes to the financial statements for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

6. RELATED PARTY DISCLOSURES (Continued)

a) Balances with Related Parties (Continued)

(**) The services provided to the Company within the scope of the 'Consultancy Agreement' (Agreement) signed on 29 October 2017 (with an option to extend for 5+2 years) with Franklin Templeton Danışmanlık Hizmetleri A.Ş., an indirect subsidiary of Franklin Resources, Inc. in Turkey, to provide consultancy services on strategic issues related to the Company's operations are as follows. At the end of the 5th year, the option to extend for 2 years has been used.

• Advising the Board of Directors: Maintaining a specialized team dedicated to Gözde Girişim Sermayesi for the purpose of increasing the net asset value of the Company,
• Advising portfolio companies: Providing consulting services to portfolio companies for improvements in the operational context,
• Improving corporate governance: Creating strategies to improve corporate governance in portfolio companies.
• Finding investments in line with the Company's strategy: Identifying and evaluating potential non-public investment opportunities,
• Building better communication to create value: Strengthening communication strategies with investors and banks and other potential stakeholders to create value,
• Determining exit strategies: Providing the Company with exit strategies for existing investments and guiding and/or advising on sales processes,
• Providing consultancy services in the preparation of the Company's annual budget and long-term business plan,
• Sharing information about market developments with the Company's Board of Directors.

The amount of 'Retainer Fee' accrued quarterly for consultancy services is invoiced to the Company at an amount corresponding to 2% of the 'Market Value of the Company' calculated based on the average share price for the relevant reporting period quarter.

In accordance with the relevant clauses of the agreement regarding the sale of assets and dividend payments to the Company, the fee payments to be made to Franklin Templeton Danışmanlık Hizmetleri; 'CCCF' (Capital Contribution to Capital Fee), which is payable at 10% or 15% of the difference between the entry price (fair values in the Company's financial statements as of 30 September 2017) and the sale price, after deducting the transaction costs related to the purchase and sale; and the 'CCIF' (Consultancy Contribution to Income Fee) to be paid over 3% of gross dividend income payments, have been arranged.

Prior to 29 October 2017, the date of signature of the 'Consultancy Agreement', whilst the CCCF amount incurred during the sale of portfolio companies that were already in the Company's portfolio was calculated over 10% of the difference between the entry and sale amounts of the portfolio companies in the Company's portfolio, after deducting the transaction costs related to the purchase and sale processes; the CCCF amount incurred during the sale of the portfolio companies included in the Company's portfolio after the signature date of this "Advisory Agreement" is calculated as 15% of the difference between the entry and sale amounts of the portfolio companies, after deducting the transaction costs related to the purchase and sale processes.

The ratio of the total amounts related to the services received from Franklin Templeton Consulting to the total assets for the periods 31 March 2024 and 31 December 2023 is within the ratio permitted by Article 26 titled Total Expense Ratio of the Communiqué on Venture Capital Investment Trusts numbered III-48.3.

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

6. RELATED PARTY DISCLOSURES (Continued)

a) Balances with Related Parties (Continued)

31 December 2023	Receivables		Payables
	Short-term	Short-term		Long-term
Balance with Related Parties	Trade	Trade	Non-trade	Non-trade
Azmüsebat Çelik San. ve Tic. A.Ş.	12,738	-	-	-
Yıldız Holding A.Ş.(*)	-	-	3,083,996,321	287,659,058
Polinas Plastik Sanayii ve Tic.A.Ş.	12,738	-	-	-
Sağlam İnş.Taah.Tic.A.Ş.	-	12,815	-	-
Franklin Templeton Danışmanlık Hizmetleri A.Ş.(**)	-	163,567,162	-	-
İzsal Bilgi Sistemleri ve Gayrimenkul Geliştirme A.Ş.	-	90,962	-	-
Gözde Tech Ventures Teknoloji Yatırımları A.Ş.	12,737	-	-	-
Total	38,213	163,670,939	3,083,996,321	287,659,058

The Company's non-trade payable balances to related parties originate from the use of financing within the scope of the Company's field of activity, and the interest rates applied to these balances in reporting period are in the range of 24.35%-53.43% in Turkish Lira, 8.88%- 11.38% in US Dollars and 7.77%-10.12% in Euro.

(*) See page 12.

(**) Consists of consultancy expenses. See page 13.

Notes to the financial statements for the period 1 January – 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

6. RELATED PARTY DISCLOSURES (Continued)

b) Related Party Transactions

	1 January - 31 March 2024
	Service		Financing	Financing
Related party transactions	Procurement	Other Income	Income	Expenses	Rent Expense
Azmüsebat Çelik San. ve Tic. A.Ş.	-	41,363	-	-	-
Franklin Templeton Danışmanlık Hizmetleri A.Ş.(*)	48,471,084	-	-	-	-
Yıldız Holding A.Ş.	6,226,542	-	36,640,526	60,307,262	66,449
İzsal Bilgi Sistemleri ve Gayrimenkul Geliştirme A.Ş.	358,591	-	-	-	-
Sağlam İnş.Taah.Tic.A.Ş.	53,389	-	-	-	-
Polinas Plastik Sanayii ve Tic.A.Ş.	-	41,363	-	-	-
Gözde Tech Ventures Teknoloji Yatırımları A.Ş.	-	41,363	-	-	-
Total	55,109,606	124,088	36,640,526	60,307,262	66,449

(*) Consists of consultancy expenses. See page 13.

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

6. RELATED PARTY DISCLOSURES (Continued)

b) Related Party Transactions (Continued)

	1 January - 31 March 2023
	Service		Financing	Financing
Related party transactions	Procurement	Other Income	Income	Expenses	Rent Expense
Azmüsebat Çelik San. ve Tic. A.Ş.	-	38,860	-	-	-
Franklin Templeton Danışmanlık Hizmetleri A.Ş.(*)	58,257,282	-	-	-	-
Yıldız Holding A.Ş.	4,317,035	-	-	187,402,349	69,804
Polinas Plastik Sanayii ve Tic.A.Ş.	-	38,860	119,476	-	-
İzsal Gayrimenkul Geliştirme A.Ş.	292,591	-	-	-	-
Sağlam İnş.Taah.Tic.A.Ş.	40,575	-	-	-	-
Gözde Tech Ventures Teknoloji Yatırımları A.Ş.	-	38,860	-	-	-
Total	62,907,483	116,580	119,476	187,402,349	69,804

(*) Consists of consultancy expenses. See page 13.

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

6. RELATED PARTY DISCLOSURES (Continued)

c) Benefits for senior management:

	1 January- 31 March 2024	1 January 31 March 2023
Salaries and other benefits	377,769	199,104
Total	377,769	199,104

7. TRADE RECEIVABLES AND PAYABLES

The details of trade receivables and payables as of 31 March 2024 and 31 December 2023 are as follows;

Trade receivables :

	31 March 2024	31 December 2023
Trade receivables from related parties (Note 6)	89,580	38,213
Total	89,580	38,213

Trade payables :

	31 March 2024	31 December 2023
Trade payables to related parties (Note 6)	134,963,506	163,670,939
Trade payables to non-related parties (Note 6)	262,386	300,542
Total	135,225,892	163,971,481

Financial risk disclosures related to trade payables are in Note 20.

8. OTHER PAYABLES AND RECEIVABLES

The details of the other payables as of 31 March 2024 and 31 December 2023 are as follows ;

Other payables:

	31 March 2024	31 December 2023
Other receivables from related parties (Note 6)	989,157,781	-
Total	989,157,781	-
	31 March 2024	31 December 2023
Other short-term payables to related parties (Note 6)	-	3,083,996,321
Total	-	3,083,996,321
Other long-term payables to related parties (Note 6)	3,255,379,274	287,659,058
Total	3,255,379,274	287,659,058

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

9. TANGIBLE ASSETS

		Leasehold
		Fixturesimprovements	Other	Total
Cost
Opening balance as of 1 January 2024 Purchases	4,645,708 -	9,204,216 -	174,831 -	14,024,755 -
Closing balance as of 31 March 2024	4,645,708	9,204,216	174,831	14,024,755
Accumulated depreciation
Opening balance as of 1 January 2024 Expense for the period	(4,547,450) (11,050)	(9,204,216) -	(89,893) (18,964)	(13,841,559) (30,014)
Closing balance as of 31 March 2024	(4,558,500)	(9,204,216)	(108,857)	(13,871,573)
Net book value as of 31 March 2024	87,208	-	65,974	153,182
		Leasehold
		Fixturesimprovements	Other	Total
Cost
Opening balance as of 1 January 2023 Purchases	4,555,703 29,267	9,204,216 -	- 148,443	13,759,919 177,710
Closing balance as of 31 March 2023	4,584,970	9,204,216	148,443	13,937,629
Accumulated depreciation
Opening balance as of 1 January 2023 Expense for the period	(4,480,450) (27,473)	(9,204,216) -	- (20,617)	(13,684,666) (48,090)
Closing balance as of 31 March 2023	(4,507,923)	(9,204,216)	(20,617)	(13,732,756)
Net book value as of 31 March 2023	77,047	-	127,826	204,873

Depreciation expenses of tangible assets are recognized under general administrative expenses in the profit or loss statement. There is no pledge or mortgage on tangible assets (31 December 2023: None). There are no tangible assets acquired via financial leasing (31 December 2023: None).

10. EMPLOYEE BENEFITS

Payables within the scope of employee benefits:

	31 March 2024	31 December 2023
Payables to personnel	379,131	184,415
Total	379,131	184,415

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

10. EMPLOYEE BENEFITS (Continued)

Short-term provisions for employee benefits:

	31 March 2024	31 December 2023
Provisions for unused vacations	816,133	609,889
Total	816,133	609,889

Long-term provisions for employee benefits:

Provision for severance pay

Pursuant to the provisions of the Labor Law in force, employees whose employment contracts are terminated to qualify for severance pay are obliged to pay the legal severance pay to which they are entitled. In addition, in accordance with the provisions of the Social Security Law No. 506, dated March 6, 1981, numbered 2422, and dated August 25, 1999, numbered 4447 and the Amended Article 60 of the Social Security Law, which is still in effect, there is an obligation to pay the legal severance indemnity to those who are entitled to leave the job by receiving severance pay. Some transitional provisions related to pre-retirement service conditions were removed from the Law with the amendment of the relevant law on 23 May 2002. As of 31 March 2024, severance pay to be paid is subject to a monthly ceiling of TRY 35,058.58.(31 December 2023: TRY 23,489.83).

Severance pay liability is not legally subject to any funding. The severance pay provision is calculated by estimating the present value of the future probable obligation of the company arising from the retirement of its employees. IAS 19 ("Employee Benefits") requires the company's liabilities to be developed using actuarial valuation methods within the scope of defined benefit plans. Accordingly, the actuarial assumptions used in the calculation of total liabilities are as follows:

The main assumption is that the maximum liability amount for each year of service will increase in line with inflation. Therefore, the discount rate applied represents the expected real rate after adjusting for the effects of future inflation. Therefore, the provisions in the accompanying financial statements as of 31 March 2024 are calculated by estimating the present value of the future probable obligation arising from the retirement of the employees. As of 31 March 2024, the provision for severance pay is calculated using the real discount rate, which is approximately 1.50% based on annual inflation of 17.64% and discount rate of 19.4% (31 December 2022: 1.50%).

The maximum amount of TRY 35,058.58 effective as of 1 April 2024 has been taken into account in calculating the severance pay provision of the company (31 December 2023: TRY 35,058.58 effective as of 1 January 2024). Actuarial losses and gains are recognized in profit or loss as the effect on the financial statements is immaterial.

Movements in the provision for employment termination benefits during the period are as follows:

	2024	2023
Opening balance	737,601	886,313
Severance pay paid	-	-
Service cost	14,243	34,619
Interest cost	2,400	(17,751)
Inflation effect	(97,153)	(98,630)
As of March 31	657,091	804,551

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

11. OTHER ASSETS AND LIABILITIES

a. Other current assets

	31 March 2024	31 December 2023
Prepaid expenses for the following months	60,590	86,480
Total	60,590	86,480
b. Other fixed assets
	31 March 2024	31 December 2023
Deferred Value Added Tax	201,810,576	227,527,245
Total	201,810,576	227,527,245
c. Other current liabilities
	31 March 2024	31 December 2023
Other taxes and funds	9,854,655	12,155,855
Total	9,854,655	12,155,855

12. CAPITAL, RESERVES AND OTHER ITEMS OF EQUITY

Capital

The paid-in capital structure of the Company is as follows as of 31 March 2024 and 31 December 2023:

	31 March 2024		31 December 2023
	Share	Capital	Share	Capital
Shareholders	capital (%)	Amount (TRY)	capital (%)	Amount (TRY)
Kökler Yatırım Holding A.Ş.	29.73	114,466,300	29.73	114,466,300
Yıldız Holding A.Ş.	22.78	87,719,769	22.78	87,719,769
Şükran Danışmanlık ve Yönetim A.Ş.	5.14	19,803,301	5.14	19,803,301
İhsaniye Danışmanlık ve Yönetim A.Ş.	5.14	19,803,301	5.14	19,803,301
Clarastra Danışmanlık ve Yönetim A.Ş.	5.14	19,803,301	5.14	19,803,301
Franklin Templeton Luxembourg SA	5.00	19,250,000	5.00	19,250,000
Other	27.07	104,154,028	27.07	104,154,028
Nominal Capital	100	385,000,000	100	385,000,000

According to data from the Central Securities Depository (MKK), 30.4% of the shares of Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş. are public as of the reporting date (31 December 2023: 30.4%). The Central Securities Depository determines the free float rate of companies and includes all shares that are 10% or below to the free float rate. Furthermore, it deducts blocked amounts to determine the final rate.

12. CAPITAL, RESERVES AND OTHER ITEMS OF EQUITY (Continued)

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

The capital of the company as of 31 March 2024 consists of 385,000,000 shares. (31 December 2023: 385,000,000 shares). The nominal value of shares is TRY 1 per share (31 December 2023: TRY 1 per share).

Share Capital Adjustment Differences

As of March 31, 2024, the company has share capital adjustment differences amounting to TRY 3,402,926,108, consisting of inflation accounting adjustment differences (December 31, 2023: TRY 3,402,926,108). Share capital adjustment differences represent the difference between the total amount of cash and cash equivalents additions to equity adjusted for inflation accounting and the amounts before adjustment. There is no use for shre capital adjustment differences other than adding them to equity.

Share premium

Share premium amounting to TRY 2,260,799,292 recognized in accordance with capital increase dated 25 August 2011 (31 December 2023: TRY 2,260,799,292) Share premium amounting to TRY 495,805 recognized in accordance with capital increase dated May 2014.

Legal reserves

	31 March 2024	31 December 2023
Restricted reserves separated from profit	42,045,916	42,045,916
Total	42,045,916	42,045,916

Additional Information Regarding Equity, Reserves, and Other Equity Items

The comparison of the relevant equity items presented in the company's financial statements as adjusted for inflation as of March 31, 2024, with the amounts adjusted for inflation in the financial statements prepared according to the Tax Procedure Law is as follows:

	Inflation adjusted amounts in the financial statements
31 December 2023	prepared in accordance with statutory accounting
Share Capital and Share Capital
Adjustment Differences	5,284,210,163
Share premium	2,647,750,226
Restricted Reserves Appropriated from
Profit	51,095,569
31 March 2024	prepared in accordance with TAS/TFRS
Share Capital and Share Capital
Adjustment Differences	3,787,926,108
Share premium	2,260,799,292
Restricted Reserves Appropriated from
Profit	Inflation adjusted amounts in the financial statements 42,045,916

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

13. REVENUE AND COST OF SALES

	1 January -	1 January -
Revenue	31 March 2024	31 March 2023
Sale of investment	1,082,272,250	8,238,947
Dividend income(*)	-	509,429
Total	1,082,272,250	8,748,376
	1 January -	1 January -
Cost of sales	31 March 2024	31 March 2023
Cost of sales	(1,082,272,250)	(8,238,947)
Total	(1,082,272,250)	(8,238,947)

Sales during the 3-month interim accounting period ending on March 31, 2024:

The Company has sold its fund participation shares in Istanbul Portföy Yıldız Private Fund amounting to TRY 1,082,272,250 on February 19, 2024.

Sales during the 3-month interim accounting period ending on March 31, 2023:

The Company has sold its fund participation shares in Istanbul Portföy Yıldız Private Fund amounting to TRY 8,238,947 on March 16, 2023.

(*) Dividend income amounting to TRY 509,429 has been obtained from Flo Mağazacılık ve Paz.A.Ş. and Kuveyt Türk Katılım Bankası A.Ş within the period.

14. GENERAL ADMINISTRATIVE EXPENSES

	1 January - 31 March 2024	1 January - 31 March 2023
General administrative expenses (-)	(59,709,554)	(68,619,279)
Total	(59,709,554)	(68,619,279)

	1 January -	1 January -
	31 March 2024	31 March 2023
Consultancy and audit expenses	(55,949,524)	(65,653,838)
Personnel salaries and expenses	(3,251,565)	(2,753,278)
Rent expenses	(93,602)	(116,111)
Taxes and other legal dues	(12,214)	(8,649)
Depreciation and amortization expenses	(30,018)	(14,662)
Other	(372,631)	(72,741)
Total	(59,709,554)	(68,619,279)

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

15. OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES

The details of other income and expenses from operating activities for the periods ending on 31 March 2024 and 2023 are as follows:

Other Income from Operating Activities

	1 January -	1 January -
Other operating income	31 March 2024	31 March 2023
Income from fair value increases of financial investments
(Note 19)(*)	-	-
Other income	124,088	134,119
Total	124,088	134,119
Other Expenses from Operating Activities
	1 January -	1 January -
Other operating expenses	31 March 2024	31 March 2023
Loss from fair value decreases of financial investments (Note 19)(*)	(401,957,132)	(11,824,358,973)

Total (402,199,303) (11,824,610,064)

(*) The increases/decreases in fair value of the stocks in the company's portfolio have been adjusted by the amount calculated through index effect since they lagged behind the valuation amount calculated with the index effect. See page 27.

16. FINANCIAL INCOME AND EXPENSES

Financing income

	1 January -	1 January -
	31 March 2024	31 March 2023
Interest income	36,640,526	119,476
Total	36,640,526	119,476

Financing expenses

	1 January -	1 January -
	31 March 2024	31 March 2023
Interest expense	(60,307,262)	(187,402,349)
Foreign exchange losses	(298,426,290)	(5,202,827)
Total	(358,733,552)	(192,605,176)

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

17. EARNINGS/(LOSS) PER SHARE

	1 January -	1 January -
	31 March 2024	31 March 2023
Weighted average number of common stock outstanding	385,000,000	385,000,000
Net loss for shareholders	(537,334,922)	(12,064,203,133)
Loss Per Share	(1.40)	(31.34)

18. PROVISIONS, CONTINGENT ASSETS AND LIABILITIES

There is no pledge, mortgage, collateral (31 December 2023: None)

The Company has one lawsuit for labor receivables filed against it as of the balance sheet date, and the proceedings are continuing in the court of first instance. One receivable lawsuit filed by the Company was rejected by the court of first instance, and as a result of the Company's appeal, the decision was overturned by the Court of Cassation due to incomplete examination. The case is pending in the first instance court.

Notes to the financial statements

for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

19. FINANCIAL INSTRUMENTS

Financial Investments:

The details of the Company's long-term financial assets as of 31 March 2024 and 31 December 2023 are as follows:

	31 March 2024	31 December 2023
Financial investments at fair value through profit or loss	27,352,677,966	29,000,447,756

Financial investments at fair value through profit or loss :

Shares	31 March 2024	(%)	31 December 2023	(%)
Non publicly traded	18,109,634,655		18,313,351,564
Türkiye Finans Katılım Bankası A.Ş.	2,046,059,424	10.57	2,046,059,424	10.57
Flo Mağazacılık ve Paz. A.Ş.	5,078,380,066	11.50	5,078,380,066	11.50
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.(**)	1,988,953,894	27.04	2,202,848,472	27.04
Polinas Plastik Sanayii ve Tic. A.Ş.	5,799,654,508	99.00	5,799,654,508	99.00
Azmüsebat Çelik Sanayi ve Ticaret A.Ş.	3,050,078,568	97.61	3,050,078,568	97.61
Makina Takım Endüstrisi A.Ş.(***)	103,150,368	7.81	92,972,699	7.81
Gözde Tech Ventures Teknoloji Yatırımları
A.Ş.(****)	37,255,198	100.00	37,255,198	100.00
Kuveyt Türk Katılım Bankası A.Ş.	6,102,629	< 1	6,102,629	< 1
Publicly traded	8,753,322,517		9,217,340,044
Şok Marketler Tic. A.Ş. (*)	8,283,619,309	23.66	8,715,606,518	23.66
Makina Takım Endüstrisi A.Ş. (***)	89,628,003	6.79	80,784,561	6.79
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş. (**)	380,075,205	5.17	420,948,965	5.17
Total shares	26,862,957,172		27,530,691,608
Other financial assets that are not traded on the stock exchange / Fund
participation share	31 Mart 2024	(%)	31 Aralık 2023	(%)
İstanbul Portföy Yıldız Fund
Participation Shares (***)	489,720,794	-	1,469,756,148	-
Total	489,720,794		1,469,756,148
Total Financial investments at fair value
through profit or loss	27,352,677,966		29,000,447,756

Notes to the financial statements for the period 1 January – 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

19. FINANCIAL INSTRUMENTS (Continued)

• (*) Şok Marketler Tic. A.Ş. started to be traded on Borsa Istanbul as of May 18, 2018 and is seen as a venture capital investment by the Company. Following the completion of the public offering process, the Company used the "Level 1" valuation method in calculating the fair value of the related financial investment.
• (**) Penta Teknoloji Ürünleri Dağ. Tic. A.Ş. started to be traded on Borsa Istanbul as of May 17, 2021 and is seen as a venture capital investment by the Company, excluding the shares acquired within the framework of price stability transactions. The Company used the "Level 1" valuation method in calculating the fair value of the related financial investment following the completion of the public offering process.
• (***) Considering that the shares of Makina Takım Endüstrisi A.Ş. are valued by the Istanbul Portfolio Yıldız Hedge Fund, which owns approximately 50% of the shares, using the market price method, the "Level 1" valuation method has been used in the fair value calculation of the relevant financial investment, starting from the first quarter financial statement period of 2022. The Company used the "Level 1" valuation method in calculating the fair value of the Fund participation shares. The Company has sold its fund participation shares in Istanbul Portföy Yıldız Private Fund amounting to TRY 1,082,272,250 on February 19, 2024.
• (****) With the resolution of the Company's Board of Directors dated March 1,2022, it has been decided to establish a new company named "Gözde Tech Ventures Teknoloji Yatırımları A.Ş." (Gözde Tech Ventures), in which our Company has 100% shareholding, with a capital of TRY 12,000,000. Gözde Tech Ventures aims to make a profit by investing in technology-based startups at the early growth stage established in Turkey or abroad by evaluating investment opportunities in the fields of innovation, digital and technology, which have gained great momentum in the global arena in recent years, and by exiting startups that have reached the point of exit. Gözde Tech Ventures' portfolio includes Ember Lifesciences Inc., Ember Technologies Inc., Paragon Flavors, Inc. and Kolay Yazılım A.Ş. shares. "Level 3" valuation method is used in calculating the fair value of Gözde Tech Ventures.

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

19. FINANCIAL INSTRUMENTS (Continued)

		Financial	Financial
Shares	Opening balance	invesment value increase	invesment value decrease	Sale of financial investments	Net Monetary Gain/(Loss)	31 March 2024
Non publicly traded	18,313,351,564	10,177,669	(213,894,578)	-	-	18,109,634,655
Türkiye Finans Katılım Bankası A.Ş.	2,046,059,424	-	-	-	-	2,046,059,424
Flo Mağazacılık ve Paz. A.Ş.	5,078,380,066	-	-	-	-	5,078,380,066
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.	2,202,848,472	-	(213,894,578)	-	-	1,988,953,894
Polinas Plastik Sanayii ve Tic. A.Ş.	5,799,654,508	-	-	-	-	5,799,654,508
Azmüsebat Çelik Sanayi ve Ticaret A.Ş.	3,050,078,568		-	-	-	3,050,078,568
Makina Takım Endüstrisi A.Ş.	92,972,699	10,177,669	-	-	-	103,150,368
Gözde Tech Ventures Teknoloji
Yatırımları A.Ş.	37,255,198	-	-	-	-	37,255,198
Kuveyt Türk Katılım Bankası A.Ş.	6,102,629	-	-	-	-	6,102,629
Publicly traded	9,217,340,044	8,843,442	(472,860,969)	-	-	8,753,322,517
Şok Marketler Tic. A.Ş.	8,715,606,518	-	(431,987,209)	-	-	8,283,619,309
Makina Takım Endüstrisi A.Ş.	80,784,561	8,843,442	-	-	-	89,628,003
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.	420,948,965	-	(40,873,760)	-	-	380,075,205
Other financial assets that are not traded on the stock exchange / Fund participation share	1,469,756,148	265,777,304	-	(1,082,272,250)	(163,540,408)	489,720,794
İstanbul Portföy Yıldız Fund Participation
Shares	1,469,756,148	265,777,304	-	(1,082,272,250)	(163,540,408)	489,720,794
Total	29,000,447,756	284,798,415	(686,755,547)	(1,082,272,250)	(163,540,408)	27,352,677,966

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

19. FINANCIAL INSTRUMENTS (Continued)

		Financial	Financial
Shares	Opening balance	invesment value increase	invesment value decrease	Sale of financial investments	Net Monetary Gain/(Loss)	31 March 2023
Non publicly traded	25,831,336,628	-	(7,789,961,810)	-	-	18,041,374,818
Türkiye Finans Katılım Bankası A.Ş.	1,954,949,592	-	-	-	-	1,954,949,592
Flo Mağazacılık ve Paz. A.Ş.	3,967,352,890	-	-	-	-	3,967,352,890
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.	10,733,736,448	-	(7,685,474,280)	-	-	3,048,262,167
Polinas Plastik Sanayii ve Tic. A.Ş.	6,542,185,380	-	-	-	-	6,542,185,380
Azmüsebat Çelik Sanayi ve Ticaret A.Ş.	2,387,591,754	-	-	-	-	2,387,591,754
Makina Takım Endüstrisi A.Ş.	212,456,431	-	(104,487,530)	-	-	107,968,902
Gözde Tech Ventures Teknoloji	27,014,852	-	-	-	-	27,014,852
Kuveyt Türk Katılım Bankası A.Ş.	6,049,281	-	-	-	-	6,049,281
Publicly traded	9,678,423,757	-	(2,146,365,037)	-	-	7,532,058,719
Şok Marketler Tic. A.Ş.	7,442,676,926	-	(586,934,684)	-	-	6,855,742,241
Makina Takım Endüstrisi A.Ş.	184,604,728	-	(90,789,871)	-	-	93,814,857
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.	2,051,142,103	-	(1,468,640,482)	-	-	582,501,621
Other financial assets that are not traded on the stock exchange / Fund participation share	3,957,538,518	-	(1,888,032,126)	(8,238,947)	(392,372,107)	1,668,895,338
İstanbul Portföy Yıldız Fund Participation Shares	3,957,538,518	-	(1,888,032,126)	(8,238,947)	(392,372,107)	1,668,895,338
Total	39,467,298,903	-	(11,824,358,973)	(8,238,947)	(392,372,107)	27,242,328,875

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

19. FINANCIAL INSTRUMENTS (Continued)

Net Financial Debt Distribution

The net financial debt reconciliation as of 31 March 2024 and 31 December 2023 is as follows:

Financial liabilities	31 March 2024	31 December 2023
Cash and cash equivalents	46,929	51,081
Other receivables from related parties	989,157,781	-
Other payables to related parties - payable within one year	-	(3,083,996,321)
Other payables to related parties - payable after one year	(3,255,379,274)	(287,659,058)
Total	(2,266,174,564)	(3,371,604,298)

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS

a) Financial risk factors

a1) Credit risk management

Credit risks by types of financial instruments

	Receivables
	Trade receivables		Other receivables		'Deposits in bank
31 March 2024	Related party	Other	Related party	Other	and repo
Maximum credit risk exposure as of reporting date -The part secured by the maximum guarantee, etc.	89,580 -		- 989,157,781 - -		- 46,929 - -
A. Net book value of financial assets that are not overdue or impaired	89,580		- 989,157,781		- 46,929
B. Book value of financial assets whose terms have been renegotiated and would otherwise be considered overdue or impaired.	-		- -		- -
C. Net book value of overdue but not impaired assets -Part secured by collateral, etc.	- -		- - - -		- - - -
D. Net book value of impaired assets -Overdue (gross book value) -Impairment (-) -The part of the net worth secured by colleteral etc. -Not overdue (gross book value) -Impairment (-) -The part of the net worth secured by colleteral etc.	- - - - - - -		- - - - - - - - - - - - - -		- - - - - - - - - - - - - -
E. Off-balance sheet items with credit risk	-		- -		- -

Notes to the financial statements for the period 1 January - 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Continued)

Credit risks by types of financial instruments

	Receivables
	Trade receivables	Other receivables		'Deposits in bank
31 December 2023	Related party	Other	Related party	Other		and repo
Maximum credit risk exposure as of reporting date -The part secured by the maximum guarantee, etc.	38,213 -	- -	- -		- -	51,081 -
A. Net book value of financial assets that are not overdue or impaired	38,213	-	-		-	51,081
B. Book value of financial assets whose terms have been renegotiated and would otherwise be considered overdue or impaired.	-	-	-		-	-
C. Net book value of overdue but not impaired assets -Part secured by collateral, etc.	- -	- -	- -		- -	- -
D. Net book value of impaired assets -Overdue (gross book value)	- -	- -	- -		- -	- -
-Impairment (-) -The part of the net worth secured by colleteral etc.	- -	- -	- -		- -	- -
-Not overdue (gross book value) -Impairment (-) -The part of the net worth secured by colleteral etc.	- - -	- - -	- - -		- - -	- - -
E. Off-balance sheet items with credit risk	-	-	-		-	-

Notes to the financial statements for the period 1 January - 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Continued)

The Company has no over due receivables as of 31 March 2024 (December 31, 2023: None).

a2) Liquidity risk management

Prudent liquidity risk management refers to holding sufficient cash, availability of sufficient credit transactions and fund resources, and the power to close market positions. The funding risk of current and prospective debt requirements is managed by maintaining the availability of sufficient number of high-quality lenders.

Liquidity risk tables

The table below shows the maturity distribution of the Company's non-derivative financial liabilities. Interests to be paid on liabilities in future periods are also included in the relevant maturities in the table below.

31 March 2024	Book value	Total cash outflows pursuant to the contract	less than 3 months	3-12 months	1-5 years
Trade payables Other payables (*)	135,225,892 3,255,379,274	135,225,892 3,255,379,274	380,075 -	134,845,817 -	- 3,255,379,274
Total	3,390,605,166	3,390,605,166	380,075	134,845,817	3,255,379,274

31 December 2023	Book value	Total cash outflows pursuant to the contract	less than 3 months	3-12 months	1-5 years
Trade payables Other payables	163,971,481 3,371,655,379	163,971,481 3,371,655,379	404,319 -	163,567,162 3,083,996,321	- 287,659,058
Total	3,535,626,860	3,535,626,860	404,319	3,247,563,483	287,659,058

(*) See page 12.

Notes to the financial statements for the period 1 January - 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Continued)

a3) Currency risk management

Transactions in foreign currencies cause exchange rate risk.Currency risk is managed by balancing foreign currency assets and liabilities. In the valuation of the foreign currency balances in the statement of Financial position, the central bank of the Republic of Turkey buying rates for the assets n and the central bank of the Republic of Turkey selling rates for the liabilities are used on the date of the statement of financial position.

The distribution of the Company's foreign currency monetary and non-monetary assets and monetary and nonmonetary liabilities as of the date of the statement of financial position is as follows:

31 March 2024
	TRY
Currency risk management	Equivalent	USD	EUR
1. Trade receivables	-	-	-
2a. Monetary financial assets	-	-	-
2b. Non-monetary financial assets	-	-	-
3. Other	-	-	-
4. Current Assets (1+2+3)	-	-	-
5. Trade receivables	-	-	-
6a. Monetary financial assets	-	-	-
6b. Non-monetary financial assets	-	-	-
7. Other	-	-	-
8. Non-Current Assets(5+6+7)	-	-	-
9. Total Assets (4+8)	-	-	-
10. Trade payables	27,195	-	780
11. Financial liabilities	-	-	-
12a. Other monetary liabilities (*)	3,255,379,274	100,649,874	-
12b. Other non-monetary liabilities	-	-	-
13. Current Liabilities(10+11+12)	3,255,406,469	100,649,874	780
14. Trade payables	-	-	-
15. Financial liabilities	-	-	-
16a. Other monetary liabilities	-	-	-
16b. Other non-monetary liabilities	-	-	-
17. Non-Current Liabilities (14+15+16)	-	-	-
18. Total Liabilities (13+17)	3,255,406,469	100,649,874	780
19. Net foreign currency asset/(liability) position(9-18)	(3,255,406,469)	(100,649,874)	(780)
20. Monetary items net foreign currency
asset/(liability) position (1+2a+3+5+6a-10-11-12a-14-
15-16a)	(3,255,406,469)	(100,649,874)	(780)

(*) See page 12.

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Continued)

31 December 2023
	TRY
Currency risk management	Equivalent	USD	EUR
1. Trade receivables	-	-	-
2a. Monetary financial assets	-	-	-
2b. Non-monetary financial assets	-	-	-
3. Other	-	-	-
4. Current Assets (1+2+3)	-	-	-
5. Trade receivables	-	-	-
6a. Monetary financial assets	-	-	-
6b. Non-monetary financial assets	-	-	-
7. Other	-	-	-
8. Non-Current Assets(5+6+7)	-	-	-
9. Total Assets (4+8)	-	-	-
10. Trade payables	58,575	-	1,795
11. Financial liabilities	-	-	-
12a. Other monetary liabilities	205,523,970	5,976,081	897,310
12b. Other non-monetary liabilities
13. Current Liabilities(10+11+12)	205,582,545	5,976,081	899,105
14. Trade payables	-	-	-
15. Financial liabilities	-	-	-
16a. Other monetary liabilities	-	-	-
16b. Other non-monetary liabilities	-	-	-
17. Non-Current Liabilities (14+15+16)	-	-	-
18. Total Liabilities (13+17)	205,582,545	5,976,081	899,105
19. Net foreign currency asset/(liability) position(9-18)	(205,582,545)	(5,976,081)	(899,105)
20. Monetary items net foreign currency
asset/(liability) position (1+2a+3+5+6a-10-11-12a-14-
15-16a)	(205,582,545)	(5,976,081)	(899,105)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Continued)

Sensitivity to currency risk

The Company is exposed to currency risk mainly in US Dollar and Euro.

The table below shows the sensitivity of the Company to 10% increase or decrease in USD and Euro exchange rates, assuming that all other variables remain constant.The 10% rate is the rate used when reporting the exchange rate risk within the Company to the senior managers, and the said rate expresses the possible change expected by the management in the exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items at year-end and shows the effects of 10% change in foreign currency exchange rates at the end of the year. This analysis includes external loans, borrowers and borrowers outside the functional currency.

31 March 2024

	Profit / (Loss)
	Appreciation of foreign currency	Depreciation of foreign currency
In case of 10% appreciation of USD against TRY:
1- USD net asset/liability (*) 2- Amount hedged for the USD risk (-)	(325,537,927) -	325,537,927 -
3- USD net effect (1+2)	(325,537,927)	325,537,927
In case of 10% appreciation of EUR against TRY:
4- EUR net asset/liability 5- Amount hedged for the EUR risk (-)	(2,719) -	2,719 -
6- EUR net effect (4+5)	(2,719)	2,719
Total	(325,540,646)	325,540,646

31 December 2023

	Profit / (Loss)
	Appreciation of	Depreciation of
	foreign currency	foreign currency
In case of 10% appreciation of USD against TRY:
1- USD net asset/liability	(17,624,240)	17,624,240
2- Amount hedged for the USD risk (-)	-	-
3- USD net effect (1+2)	(17,624,240)	17,624,240
In case of 10% appreciation of EUR against TRY:
4- EUR net asset/liability	(2,934,014)	1,643,974
5- Amount hedged for the EUR risk (-)	-	-
6- EUR net effect (4+5)	(2,934,014)	1,643,974
Total	(20,558,254)	19,268,214

(*) See page 12.

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

20. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Continued)

a4) Interest rate risk management

The Company's borrowing at fixed and variable interest rates exposes the Company to interest rate risk. The said risk is managed by the Company by making an appropriate distribution between fixed and variable rate debts through interest rate swap agreements. Hedging strategies are evaluated regularly to ensure that they are consistent with the interest rate expectation and defined risk. It is aimed to establish such an optimal hedging strategy, both to review the position of the balance sheet and to keep interest expenditures under control at different interest rates.

Interest rate sensitivity

Sensitivity analyzes are determined according to the interest rate risk exposed at the reporting date and the anticipated interest rate change at the beginning of the financial year and are kept constant throughout the reporting period.

The interest position table is as follows:

Fixed interest rate financial instruments	31 March 2024	31 December 2023
Other payables to related parties (*)	3,255,379,274	3,371,655,379

(*) See page 12.

21. FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES)

Fair Value of Financial Instruments

The fair value of financial assets and liabilities is determined as follows:

• First level: Financial assets and liabilities are valued at stock prices traded in active markets for identical assets and liabilities.
• Second level: Financial assets and liabilities are valued from the inputs used to find the directly or indirectly observable market price of the related asset or liability other than the market price specified in the first level.
• Third level: Financial assets and liabilities are valued from inputs that are not based on market observable data used to determine the fair value of the asset or liability.

The discounted cash flow method considers the expected cash flows discounted from the risk adjusted discount rate to the present value of the payment. Expected income forecast earnings before interest depreciation tax ("EBITDA") scenarios are determined by taking into account the probability of cash flow to be provided under each scenario.

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

21. FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES) (Continued)

Sensitivity analysis of variables used in valuation of financial investments:

The sensitivity analysis of financial investments valued with the "Level 2" method is as follows:

		31 March 2024			31 December 2023
					Terminal					Terminal
				Discount	Growth				Discount	Growth
			Rate 1% Discount Rate						Rate 1%	Discount Rate
				Change	1% Change				Change	1% Change
			Terminal	Effect +-	Effect +-			Terminal	Effect +-	Effect +-
	Curre	Discount	Growth	(Milllion	(Million	Curre	Discount	Growth	(Milllion	(Million
	ncy	Rate (%)	Rate (%)	TRY)	TRY)	ncy	Rate (%)	Rate (%)	TRY)	TRY)
Flo Mağazacılık ve Paz. A.Ş.	TRY	35,1 - 24,0	10.7	(414)/484	282/(242)	TRY	35,1 - 24,0	10.7	(414)/484	282/(242)
Polinas Plastik Sanayii ve Tic. A.Ş.(*)	TRY	36,1 - 25,0	10.7	(332)/384	255/(222)	TRY	36,1 - 25,0	10.7	(332)/384	255/(222)
Azmüsebat Çelik Sanayi ve Ticaret	TRY	37,0 - 25,4	10.7	(195)/224	143/(124)	TRY	37,0 - 25,4	10.7	(195)/224	143/(124)

• The business plans included in the valuation reports of portfolio companies that are not listed on the stock exchange are followed up every quarter by the Company management, and new valuation reports are prepared by independent valuation companies at the end of the year.

• The sensitivity analysis of the variables used in the valuation of financial investments is calculated based on the Company's shareholding rate in the relevant financial investment.

(*) Polinas Plastik Sanayii ve Tic. A.Ş.'s consolidated value includes the valuations of its subsidiaries, and the data in the sensitivity analysis relates to Polinas Plastik Sanayii ve Tic.A.Ş. which is valued with Level 2 method.

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

21. FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES) (Continued)

			Fair value
Financial Assets	31 March 2024	31 December 2023	level	Valuation method
Non publicly traded	18,109,634,655	18,313,351,564
Türkiye Finans Katılım Bankası A.Ş.	2,046,059,424	2,046,059,424	2	Market Approach, Comparable Banks and Transactions
Flo Mağazacılık ve Paz. A.Ş.	5,078,380,066	5,078,380,066	2	DCF
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.	1,988,953,894	2,202,848,472	1	Market Price
Polinas Plastik Sanayii ve Tic. A.Ş.	5,799,654,508	5,799,654,508	2	DCF
Azmüsebat Çelik Sanayi ve Ticaret A.Ş.	3,050,078,568	3,050,078,568	2	DCF
Makina Takım Endüstrisi A.Ş.	103,150,368	92,972,699	1	Market Price
Gözde Tech Ventures Teknoloji Yatırımları	37,255,198	37,255,198	3	Book Value
Kuveyt Türk Katılım Bankası A.Ş.	6,102,629	6,102,629	2	Market Approach, Comparable Banks and Transactions
Publicly traded	8,753,322,517	9,217,340,044
Şok Marketler Tic. A.Ş.	8,283,619,309	8,715,606,518	1	Market Price
Makina Takım Endüstrisi A.Ş.	89,628,003	80,784,561	1	Market Price
Penta Teknoloji Ürünleri Dağ. Tic. A.Ş.	380,075,205	420,948,965	1	Market Price
Other financial assets that are not traded on the stock exchange / Fund participation share	489,720,794	1,469,756,148
İstanbul Portföy Yıldız Fund Participation
Shares (*)	489,720,794	1,469,756,148	1	Market Price
Total	27,352,677,966	29,000,447,756

(*) The Company has sold its fund participation shares in Istanbul Portföy Yıldız Private Fund amounting to TRY 1,082,272,250 on February 19, 2024.

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

21. FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES) (Continued)

31 March 2024	Assets presented at amortized cost	Financial assets at fair value through profit/(loss)	Financial liabilities presented at amortized cost	Book value	Note
Financial Assets
Cash and cash equivalents	46,929	-	-	46,929	5
Other receivables	-	-	989,157,781	989,157,781	8
Other receivables from related parties	-	-	989,157,781	989,157,781	6.8
Assets at fair value through profit or loss	-	27,352,677,966	-	27,352,677,966	1 9
Financial Liabilities
Trade payables	-	-	135,225,892	135,225,892	7
- Trade payables to related parties	-	-	134,963,506	134,963,506	6.7
- Trade payables to non-related parties	-	-	262,386	262,386	7
Other payables	-	-	3,255,379,274	3,255,379,274	6
- Other payables to related parties	-	-	3,255,379,274	3,255,379,274	6

Notes to the financial statements

for the period 1 January - 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

21. FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES) (Continued)

	Assets presented at	Financial assets at fair value through	Financial liabilities presented at amortized
31 Aralık 2023	amortized cost	profit/(loss)	cost	Book value	Note
Financial Assets
Cash and cash equivalents	51,081	-	-	51,081	5
Assets at fair value through profit or loss	-	29,000,447,756	-	29,000,447,756	1 9
Financial Liabilities
Trade payables	-	-	163,971,481	163,971,481	7
- Trade payables to related parties	-	-	163,670,939	163,670,939	6.7
- Trade payables to non-related parties	-	-	300,542	300,542	7
Other payables	-	-	3,371,655,379	3,371,655,379	6
- Other payables to related parties	-	-	3,371,655,379	3,371,655,379	6

Notes to the financial statements for the period 1 January – 31 March 2024 (Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

22. EVENTS AFTER THE BALANCE SHEET DATE

None.

23. ADDITIONAL NOTE: CONTROL OF COMPLIANCE WITH PORTFOLIO LIMITATIONS, FINANCIAL DEBT AND TOTAL EXPENSE LIMITS

The information given in the additional footnote regarding the control of compliance with the portfolio limitations, financial debt and total expense limit is in the nature of summary information derived from the financial statements in accordance with the "Communiqué on Financial Reporting in the Capital Markets" and has been prepared within the framework of the provisions of the "Communiqué on Principles Regarding Venture Capital Investment Companies" numbered III-48.3 published in the Official Gazette dated October 9, 2013 and numbered 28790, regarding the control of compliance with portfolio limitations, financial debt and total expense limit.

Notes to the financial statements for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

23. ADDITIONAL NOTE: CONTROL OF COMPLIANCE WITH PORTFOLIO LIMITATIONS, FINANCIAL DEBT AND TOTAL EXPENSE LIMITS (Continued)

	ADDITIONAL NOTE: PORTFOLIO LIMITATIONS, FINANCIAL DEBT AND TOTAL EXPENSE AMOUNTS
		Relevant Regulation in the	Current Period (TRY)	Previous Period (TRY)
	Solo Financial Statement Main Account Items	Communiqué	31.03.2024	31.12.2023
A	Money and Capital Market Instruments	Art.20/1 – (b)	959,470,931	1,971,540,755
B	Venture Capital Investments(*)	Art.20/1 – (a)	26,359,276,190	26,994,980,308
	Subsidiaries in Portfolio Management Company and Consulting
C	Company	Art.20/1 – (d) and (e )	-	-
D	Other Assets		-	-
E	Total Assets	Art.3/1-(a)	28,543,996,604	29,228,333,971
F	Financial Liabilities	Art.29	3,255,379,274	3,371,655,379
	Provisions, Contingent Assets and Liabilities (Pledging, Collateral
G	and Mortgages)	Art.20/2 – (a)	-	-
H	Shareholders Equity		25,141,684,428	25,679,019,350
I	Other Liabilities		-	-
E	Total Liabilities	Art.3/1-(a)	28,543,996,604	29,228,333,971

(*) At the CMB meeting dated 26.12.2019 and numbered 76/1680, it was resolved that all shares of venture capital investment trusts that remain in the portfolio of the venture capital investment trusts as a result of the public offering of the venture capital companies in the portfolio of the venture capital investment trusts (excluding the shares acquired after the shares of the publicly traded venture capital company started to be traded on the stock exchange) shall be accepted as venture capital investment within the scope of Article 21 of the Communiqué and within this framework, it was decided that these will not to take into account in the calculations regarding the portfolio limitations set out in subparagraphs (c) and (f) of the first paragraph of Article 22 of the Communiqué, and the Resolution on the Principle was published in the CMB Bulletin No. 2019/71 of the same date. Within this framework, Şok Marketler Tic. A.Ş. shares and Penta Teknoloji Ürünleri Dağıtım ve Tic. A.Ş., except for the shares acquired within the framework of price stabilization transactions, are shown as venture capital investment in the calculations regarding portfolio limitations.

Notes to the financial statements for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

23. ADDITIONAL NOTE: CONTROL OF COMPLIANCE WITH PORTFOLIO LIMITATIONS, FINANCIAL DEBT AND TOTAL EXPENSE LIMITS (Continued)

		Relevant Regulation in the	Current Period (TRY)	Previous Period (TRY)
	Solo Financial Statement Other Account Items	Communiqué	31.03.2024	31.12.2023
A1	Investment in Capital Market Instruments and Transactions 1. Makina Takım Endüstrisi A.Ş. 2. İstanbul Portföy Yıldız Fund Participation Shares 3. Penta Teknoloji Ürün.Dağ.Tic.A.Ş.	Art.20/1 – (b)	959,424,002	1,971,489,674
A2	TRY and Foreign Currency Time-Demand Deposits / Special Current Participation Account	Art.20/1 – (b)	46,929	51,081
B1	Collective Investment Institution Established Abroad	Art.21/3 – ( c )	-	-
B1-1	Debt and Capital Financing	Art.21/3 – (f)	33,977,774	33,977,774
B2	Non-Exchange Shares of Publicly Traded Venture Companies	Art.21/3 – ( e )	-	-
B3	Special Purpose Company	Art.21/3 – (g)	103,150,368	92,972,699
B4	Participation in Portfolio Management Company	Art.20/1 – ( e)	-	-
C1	Participation in the Consulting Company	Art.20/1 – (d)	-	-
C2	Short-Term Loans	Art.29/1	-	-
F1	Long-Term Loans	Art.29/1	-	-
F2	Short-Term Borrowing Instruments	Art.29/1	-	-
F3	Long-Term Borrowing Instruments	Art.29/1	-	-
F4	Other Short Term Financial Liabilities	Art.29/1	-	-
F5	Other Long Term Financial Debts	Art.29/1	-	3,083,996,321
F6	Pledges	Art.20/2 – (a)	3,255,379,274	287,659,058
G1	Guarantees	Art.20/2 – (a)	-	-
G2	Mortgages	Art.20/2 – (a)	-	-
G3	Outsourced Expenses	Art.26/1	-	-
I	Dışardan sağlanan hizmet giderleri	Md.26/1	55,949,524	65,653,838

Notes to the financial statements for the period 1 January – 31 March 2024

(Unless otherwise stated, amounts are expressed in Turkish Lira (''TRY'') as of March 31, 2024, based on purchasing power)

23. ADDITIONAL NOTE: CONTROL OF COMPLIANCE WITH PORTFOLIO LIMITATIONS, FINANCIAL DEBT AND TOTAL EXPENSE LIMITS (Continued)

	PORTFOLIO LIMITATIONS, FINANCIAL DEBT AND TOTAL
	EXPENSE LIMIT CONTROL TABLE:
	FOR THE COMPANIES THAT OFFER THEIR SHARES TO THE
	PUBLIC
	Portfolio Limitations	Relevant Regulation in the Communiqué	Formula	Current Period 31.03.2024	Previous Period 31.12.2023	Minimum/ Maximum Ratio
1	Money and capital market instruments	Art.2 2/1 – (b)	A/E	3.36%	6.75%	≤ %4 9
2	Capital market instruments	Art.2 2/1 – ( c)				≤ %1 0
	1. Makina Takım Endüstrisi A.Ş.		A1/E	0.31%	0.28%
	2. İstanbul Portföy Yıldız Fund Participation Shares		A1/E	1.72%	5.03%
	3.Penta Teknoloji Ürün.Dağ.Tic.A.Ş.		A1/E	1.33%	1.44%
3	Venture capital investments(*)	Art.2 2/1 – (b)	B/E	92.35%	92.36%	≥ %5 1
4	Subsidiaries in the portfolio management company and consulting company	Art.2 2/1 – (ç)	C/E	-	-	≤ %1 0
5	Collective investment institution established abroad	Art.22/1-( e)	B1/E	-	-	≤ %4 9
	Companies Residing Abroad and Not Listed On The Stock Exchange and With A Potential For Development (**)		B1-1/E	0.12%	0.12%	≤ %1 0
6	Debt and capital financing	Art.22/1-(h)	B2/E	-	-	≤ %2 5
7	Non-exchange shares of publicly traded venture companies	Art.22/1-(f)	B3/E	0.36%	0.32%	≤ %2 5
8	TRY and foreign currency time-demand deposits / special current participation account	Art.2 2/1-(ı)	A2/E	0.00%	0.00%	≤ %2 0
9	Nominal value of short-term financial liabilities and debt instruments	Art.29	(F1+F3+F5)/H	0.00%	12.01%	≤ %5 0
1 0	Nominal value of long-term financial liabilities and debt instruments	Art.29	(F2+F4+F6)/H	12.95%	1.12%	≤ %200
1 1	Pledge, collateral and mortgages	Art.2 2/1 – (d)	(G1+G2+G3)/E	-	-	≤ %1 0
1 2	Outsourced Expenses	Art.26/1	I/E	0.20%	0.22%	≤ %2,5
	(**) Within the scope of Article 20 of the Communiqué on Principles Regarding Venture Capital Investment Trusts numbered III-48.3, venture capital investment trusts can only invest in companies residing abroad and not listed on the stock exchange and with a potential for development, up to a maximum of 10% of their total assets, within the scope of assets other than venture capital investments and not included in venture capital investment restrictions.The investment made by Gözde Tech Ventures Teknoloji Yatırımları A.Ş. to Ember Technologies Inc. investments within the scope of the above-mentioned provision.			and Paragon Flavors, Inc. are		listed as other than venture capital