Expiration of the Share Buyback Program

Pursuant to Article 7, paragraph 1 of the Communiqué on Repurchased Shares No. II-22.1, the current share buyback program has ended due to reaching the maximum duration stipulated in the Communiqué.

On November 9, 2021, the Board of Directors resolved to launch a share buyback program for SAHOL shares with the objectives of supporting healthy price formation, reducing the discount to net asset value by bringing the shares to a reasonable value and providing long-term value to shareholders. Under this program, it was decided to repurchase shares up to a nominal value of TRY 102 million, corresponding to approximately 5% of the capital, and to allocate a fund of TRY 1,75 billion for the program.

The program was approved by shareholders at the Ordinary General Assembly held on March 30, 2022. As most of the allocated funds were utilized, the Board of Directors resolved on December 16, 2022 to increase the maximum fund amount to TRY 3,25 billion while keeping the maximum repurchase amount unchanged, taking into account the sale transaction executed on December 12, 2022 as a deduction item, and updated the program accordingly. The updated program, with an extended duration was reapproved by shareholders at the Ordinary General Assembly held on March 30, 2023.

Including the shares disposed of, a total of shares with a nominal value of TRY 106.229.265 were repurchased under the program. A significant portion of these shares was sold to institutional investors through block sales. Accordingly, on December 12, 2022, shares with a nominal value of TRY 40.801.463 (with a unit cost of TRY 15,62) were sold at a price of TRY 36,60 per share; and on September 19, 2023, shares with a nominal value of TRY 60.577.802 (with a unit cost of TRY 31.15) were sold at a price of TRY 52,46 per share, totaling shares with a nominal value of TRY 101.379.265 disposed of.

Considering both sales together, the average sale price per lot was TRY 46,07, generating total proceeds of TRY 4.670.957.052 and a profit of TRY 2.146.797.893,79 (excluding transaction costs).

During the buyback program, the average payment per lot was TRY 26,39, with a maximum payment of TRY 59,06. The repurchases corresponded to 5,06% of the capital, with a total payment of TRY 2.802.751.032,91 for shares with a nominal value of TRY 106.229.265.

Following the sales, the Holding currently holds shares with a nominal value of TRY 4.850.000 (representing 0,23% of the capital), with an average buyback cost of TRY 57,44 per share.