ÇHS AR21-ENG-030622

2 Çelebi Ground Handling Inc. 2021 Annual Report MESSAGE FROM THE BOARD OF DIRECTORS Dear stakeholders, The Covid-19 pandemic remained at the top of the global agenda also in 2021. Having tightly grasped the whole world in 2020, the Covid-19 pandemic led to 3.5% shrinkage of the world economy. In 2021, global economic recovery outperformed the projections during the year owing to the support extended by the fiscal and monetary policies implemented for mitigating the effects of the pandemic that remained high on the world agenda also in 2021, the increasing coverage of vaccination, loosened restrictive measures, and deferred demand. Notwithstanding, deteriorated public finances, increased indebtedness levels and high unemployment rates that accompanied the momentum the pandemic regained with the emergence of the new variant in the second quarter of the reporting period continued to put pressure on economies despite recuperation. While there was not a significant reduction in global growth estimations, forecasts for individual countries were modified remarkably. Global growth projection for 2022 was reduced by 0.1 point in the IMF report released in January 2022, whereas 2021 estimation remained unchanged at 5.9%. Growth rates of emerging countries declined due to the pandemic circumstances, and anticipations took a downfall also in developed countries that failed to display a good enough recovery outlook in the short-term. In its January 2022 report, the IMF revised the US growth downwards by 1.2 points to 4% for 2022, and China’s growth by 0.8 points to 4.8%. The IMF projects that the Euro Zone will grow by 3.9% in 2022, Japan by 3.3% and the UK by 4.7%, while forecasting that India will claim the growth record with 9.0%. The global economy, on the other hand, is anticipated to contract by 0.5 points as compared with the previous IMF report and come down to 4.4%. According to the IMF, the increasing depth of the negative decoupling between developed and developing economies comes at the top of the issues that will affect the economy. The most important risks facing the developing countries are named as tightening financial conditions, inflation that comes unanchored, and financial supports that were withdrawn faster than expected. Although the IMF expressed that it anticipates inflation to return to pre-pandemic levels in many countries in 2022, inflationary pressures take place among the most important risk factors of the coming year. The US and the Euro Zone countries led the global recovery in 2021. Although the US Federal Reserve System (the Fed) initially considered the high inflation levels to be transitory, it later swerved to suggest that inflation might be lengthier and permanent as opposed to past projections with the effect of the assumptions that the supply chain issues would also live on in 2022. The Fed, which kept the policy rate unchanged in the 0-0.25 interval during 2021, maintained its direction until the last quarter that asset purchases initiated in March 2020 would continue until employment and inflation targets have been achieved. Having announced its asset purchase reduction program in November, the Fed accelerated its tapering and projected three rate hikes for 2022 in its December meeting. 2021 growth of the Euro Zone, which is Turkey’s largest export market, displayed a positive performance enabled by vaccination and supportive fiscal and monetary policies. Tightening activity and high commodity prices drove the export growth and workers’ remittance up in 2021, further strengthening the recuperation in the Euro Zone. Growth in global trade volume outdid the forecasts. Macroeconomic indicators rebounded with a speed that matched that of their downfall, benefiting from the incentives introduced and the normalization steps. As the recovery in global trade outdid the forecasts, regional variations were noted. The World Trade Organization (WTO) heightened global goods trade volume growth estimation to 10.8% which it had estimated as 8% in March, and projected 2022 growth at 4.7%.