CELEBİ 2021 ANNUAL REPORT

19 Çelebi Ground Handling Inc. 2022 Annual Report 7. DEVELOPMENTS IN INVESTMENTS; INVESTMENT INCENTIVES USED Tangible fixed asset investments realized by the Group during the year ended on 31 December 2022 amounted to TL 221,466,768 (31 December 2021: TL 86,876,891). 36% of these investments consisted of investments in machinery, equipment and appliances, 31% of investments in progress, 8.7% in investments in leasehold improvements, 7.6% in investments in fixtures and 16.8% in investments in vehicles. Total consolidated investment outlays of the Group in tangible and intangible assets as of 31 December 2022 were worth TL 364,440,342. (2021: TL 90,471,984). Our Company holds the Large Scale Investments incentive certificate obtained from the Ministry of the Economy, the General Directorate of Incentive Implementation and Foreign Investment based on the buildings, facilities, machinery and equipment investments that our Company undertook at the Istanbul Airport. The total amount of investment undertaken by our Company under this incentive certificate until 31 December 2022 stood at TL 247,905,531. Regarding the machinery and equipment investments planned by our Company for the airports in Turkey, our applications for incentive certificates, totaling approximately TL 350 million TL, have been approved by TR Ministry of Industry and Technology General Directorate of Incentive Implementation and Foreign Capital. Investment Incentive Certificates have been issued in order to enable our Company to benefit from investment incentive practices as per the relevant legislation provisions. 8. DIRECT OR INDIRECT ASSOCIATES OF THE COMPANY AND INFORMATION ON SHAREHOLDING THEREIN In 2006, the Company has acquired the shares in Budapest Airport Handling, a company which has been providing ground handling service at Budapest Airport, and the company’s name was changed to Celebi Ground Handling Hungary (“CGHH”). As at 31 December 2022, the paid in capital of CGHH is HUF 200,000,000, while the Company holds 100% of the shares. In order to provide ground handling services for a period of 10 years at the Mumbai Chhatrapati Shivaji International Airport in India, a company with the name “Celebi Nas Airport Services India Private Limited (“Celebi Nas”) and based in the Maharashtra state in Mumbai has been incorporated on 12 December 2008 to provide ground handling services at the said airport. Celebi Nas has a capital of INR 100,000,000, in which the Company controls 57% stake as a founding partner. The paid-in capital of Celebi Nas is INR 552,000,000. Besides, INR 228,000,000 has been paid as advance capital by the shareholders in Celebi Nas. Celebi Nas has been granted the concession rights concerning the rendering of services regarding air conditioners and generators mounted on passenger boarding bridges in the passenger terminal of that airport until May 2036. As per the concession contract between Celebi Nas and the tender authority MIAL, Celebi Nas will continue to provide ground handling services for a period of 10 (ten) years from 1 January 2020 to 31 December 2029 following the expiry of the current concession period on 31 December 2019 at the CSIA airport in Mumbai, India. The additional protocol that concerns Celebi Nas and that came into force upon its registration on 8 February 2021 made various modifications to the “Reserve Matters” articles. These modifications created changes in favor of the Company in the Company’s controlling power in connection with its possessing a power on the company/asset that is being invested in, its being open or entitled to variable returns to be derived on the company/asset being invested in, and its capability to exercise its power so as to have impact on these returns. In this framework, Celebi Nas started to be consolidated in 2021 using the full consolidation method from the date control was handed over to the Company. The Company acquired 65% of Celebi Tanzania Aviation Services Limited (“Celebi Tanzania”), established in Darussalam, Tanzania to participate in the concession auctions for provision of ground handling services. The said company’s share capital is 100 million Tanzanian Shillings (approximately USD 40 thousand). In line with the agreement signed with Tanzania’s Airport Authority, the company has started its operations from 1 February 2021. In 6 May 2019, the Company established Celebi Delhi Cargo Terminal Management India Private Limited (“Celebi Delhi Cargo”) in which it controls a 74% share as a founding partner and which will be engaged in the brownfield development, modernization and financing of the existing cargo terminal in the airport in New Delhi, India, and in its operation for a period of 25 years. The paid-in capital of Celebi Delhi Cargo is INR 1,120,000,000.