#1PRO 191 THE VEMENT EHARGED MAVI PRO LORE SEDOM DE mavi INVESTOR PRESENTATION March 2021#2Disclaimer This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company. The information, statements and opinions contained in this presentation do not constitute any advice or recommendation regarding the securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. We have not, however, independently verified the information in industry publications, market research or other publicly available information provided by third parties, although we believe the information contained therein to be from reliable sources. In addition, certain of the industry, market and competitive position data contained in this presentation come from our own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which we operate. Although we believe our internal estimates to be reasonable, these estimates have not been verified by any independent sources. We cannot, therefore, assure you of their accuracy, or that a third party using different methods would obtain the same results. Accordingly, you should not place undue reliance on any of the industry, market or competitive position data contained in this presentation. We do not intend, and do not assume any obligation, to update industry, market or competitive position data set forth in this presentation. As a result, you should be aware that data in this presentation and estimates based on those data may not be reliable indicators of future market performance or our future results. This presentation includes forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. You can identify forward looking statements by their use of words such as "anticipate", "estimate", "believe", "intend", "plan", "predict", "may", "will", "would", "should", "continue", "expect" and similar expressions, although these expressions are not the exclusive means of identifying forward-looking statements. Forward looking statements involve risks, uncertainties and other important factors over which we may have limited or no control. These factors could cause our actual results, performance or achievements to differ materially from any future circumstances, results, performance or achievements expressed or implied by such statements. As a result, you should not place undue reliance on such statements. Changes in customer tastes and spending patterns; changes in customer traffic; ability to accurately predict customer preferences and demands; ability to successfully implement new store rollout and retail strategy; effectiveness of brand awareness and marketing programmes; difficulties that can be observed in retail fashion and fragility that can be observed in customer loyalty; competitive factors in retail fashion; impact of extreme unseasonal weather conditions on retail fashion; ability to retain key management and personnel; circumstances affecting relationships with major suppliers and distributors; currency and interest rate risks and fluctuations and other changes in financial markets and macro economic conditions; changes in tax rates, applicable laws and government policies and operational disruptions, natural disasters, wars, terrorist activities, work stoppages, slowdowns or strikes are, without any limitation of the foregoing, among these risks, uuncertainties and other important factors. You can find further details of the principal risks and uncertainties affecting the Company in the explanatory notes of financial statements and in the "Risk Management and Internal Control System" section of the Annual Report. The forward-looking statements included in this presentation represent the Company's views as of the date of this presentation. These views could change. In consequence, you should not rely on these forward-looking statements as representing the Company's views as of any date after the date of this presentation. The information and opinions contained in this presentation, including the forward-looking statements described above, are provided as at the date of this presentation. They are subject to change without notice. The Company expressly disclaims any obligation to update any such information or opinions except any obligation arising from applicable capital markets regulations. By reading this presentation or attending or listening to any relevant meeting, conference call or podcast organized by the Company, you represent and warrant that you are a person to whom this presentation may lawfully be distributed, and you agree to be bound by the provisions above. mavi#3JE 1661 33N1 ** MAVI BUSINESS OVERVIEW#4Why We Believe Mavi is Exciting Aspirational denim-centric lifestyle brand positioning, inspiring the customer, employees and business partners. AV INDICAT R CENTRAL PARK IN CITY Grand Ares Tum St. S⭑ PULS 255 MAPAY ATEST WL GENERATION SH AND DOW E RIDER HA AND B NOWN AD TER Crel NE R WAVE 大大 Managing the quality and efficiency strategy with a focus on sustainability and innovation as a priority. Effective supply chain and flexible product planning, leveraging proximity to local manufacturers. Strong retail network in Turkey, international presence, and global e- commerce and omnichannel sales operations. Online experience in Turkey and international markets, digital strategy to drive growth. Effective and leading communication strategy and best-in-class loyalty card management enhancing brand awareness. Experienced management team, fast and result-oriented organizational structure. Corporate culture, focused on reaching common goals, embracing diversity, and responding to change while earning the trust of the customers and business partners. Strong and sustainable financial performance. Mavi's All Blue strategy, built on 'sustainable growth through quality' and incorporated into the global brand culture, product structure and company goals.#5mavi Highly Successful Lifestyle Brand... Business Overview ■Started operations in Istanbul in 1991, Mavi today is globally recognized as a highly successful casual lifestyle brand With strong denim roots, Mavi has evolved into an international apparel and accessories brand, building its success on products of superior quality and perfect fit, with 9.8m denim items sold globally in 2019 via c.5,500 POS In Turkey, Mavi started its retailization in 2008 and recorded an exceptional growth track record since then, reaching 384 mono-brand stores within Turkey ■Internationally, Mavi has built a world class reputation for quality denim, leveraging an international distribution platform of 55 mono-brand stores¹ and strong wholesale and online partners. ■Extensive, best-in-class loyalty program (Kartus) with c.5.1m active loyalty cardholders ■4,060 talented and dedicated employees with Mavi regarded as employer of choice Key Metrics (2020) (inc.IFRS16) Brand & Product (2020) TRY 2,402m TRY #1 392m Revenue (16% Decline) (11%) Turkey Retail Same Stores Growth* 439 Monobrand Stores¹ EBITDA (39% Decline) 110% Online Sales Growth 0.2x Net Debt/ EBITDA Brand Awareness with Top of Mind 60+%2 33% 67% kartus mavi c.58% Lifestyle c.42% Denim All 80% Local Sourcing 5.1 M Active Loyalty Card Members¹ Note: (*) Throughout the presentation, LFL represents directly operated retail stores in Turkey that have been opened for at least 12 months excluding revenues attributable to stores that were closed during any period within 12 months. Same stores sales growth in 2020 include only open days. Points of Sales (POS) include the retail, franchise and wholesale channels. Gender and c.ategory mix Turkey retail only 'Includes retail stores and franchised stores as of 31 January 2021. 2 In Turkey; Mavi Brand Perception Report prepared by Future Bright, 2019; All participants were asked to answer the questions: "What is the first brand that comes into your mind for jeans?" mavi#6...With Strong International Presence I⭑I Canada # Retail Stores: 4 # Wholesale Doors: c.1,000 # FTES: 66 # Retail Stores: 1 Europe # Wholesale Doors: c.1,100 # FTES: 59 Russia # Retail Stores: 17 # Franchised Stores: 15 US # Wholesale Doors: c.1,200 # FTES: 65 mavi Note: As of 31 January 2021 # Wholesale Doors: c.139 # FTES: 142 384 Mono-Brand Stores in Turkey 55 International Mono- Brand Stores C✶ Turkey # Retail Stores: 320 # Franchised Stores: 64 # Wholesale Doors: c.500 # FTES: 3,729 Rest of the World # Franchised Stores: 17 # Wholesale Doors: 37 c.4,500 Points of Sale 4,060 Employees 5#7mavi EFSANE JEAN SERİSİ ZIFTL 1 Isze özel hijyen uygulamaları 1019 KVNC EFSANE JEA RETAIL EXPERTISE IN TURKEY mavi#8Multi Pillar Growth Strategy in Turkey Retail • Physical Space Growth New Store Openings 384 Stores in 80 Cities Expansion of store space Average Selling Space 500 sqm New Stores 600-800 sqm LFL Growth* Above 20% (Last 3 years) Online Sales Growth mavi.com & Marketplace mavi (*): Excluding 2020 results impacted significantly by the extraordinary conditions caused by Covid19. • New customer acquisition* 1mn+ every year 7#9Offering a Lifestyle Product Portfolio Across Women and Men... Key Product Categories MEN WOMEN mavi 42% 25% 11% Denim 11% 6% 5% Knits Shirts Jackets Accessories Others MAVI EATEST CONCERT DENIM Minimising Fashion Risk and Seasonality With Various Styles Across Lifestyle Product Offering % of 2020 Turkey Retail Net Sales Others include kids,non-denim bottoms, skirts, dresses. 33% Women 67% Men (share) 42% Denim 58% Lifestyle (share) 8#10...And Growing Significantly in Each Category (disrupted in 2020 by Covid19) Denim Products (TRYm) Lifestyle Products (TRYm) 24% 651 526 806 42% Knits 25% Shirts 30% 413 (18%) 26% 320 338 233 (37%) 235 199 147 (30%) 146 568 2017 2018 2019 2020 2017 2018 2019 2020 Jackets Accessories 11% 33% 172 (16%) 24% 2017 2018 2019 2020 135 144 (26%) 115 97 98 74 85 85 2017 2018 2019 2020 2017 2018 2019 2020 2017-2019 CAGR. % Share in 2020 Turkey Retail Net Sales mavi 11% 6% 9#11Strong Track Record of Retailization in Turkey... # of Retail Stores Evolution in Turkey Turkey Retail Sales Evolution (TRYM) Net New Stores 26 13 14 27% (26%) 1,829 1,471 1,356 1,133 314 320 300 287 2017 2018 2019 2020 Gross Selling Space Evolution in Turkey (Sqm k) Avg. Sqm/ Retail Store 447m² 22 117 57 484m² 139 10% 10 498m² 5 る 149 25 500m² 2017 2018 2019 2020 Significant LFL Upside Potential of Existing Stores¹ Further Potential Upside Potential Revenue Catch-Up From younger LFL Stores and New Stores 16,294 TRY/sqm 12,704 TRY/sqm 13,668 TRY/sqm 156 Sales/ Sqm 7,702 TRY/sqm 9,576 TRY/sqm Age of Stores 1-3 years 3-5 years 5-7 years 7-9 years 10+ years 2016 2017 2018 2019 Expansion of existing stores New store openings CAGR mavi 1 Based on 2019 LfL figures as 2020 data is disrupted by Covid19 Pandemic 10#12Significantly Impacted by Covid19 Pandemic Restrictions in 2020 Turkey Retail Revenue 2020/2019 100% 126% 54% 141% 108% 98% 87% 80% 75% 62% 64% 10% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2020/2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Trading Hours (47%) (53%) (25%) (35%) Traffic on (4%) (33%) (35%) (28%) Trading Days Turkey Retail (48%) (30%) (8%) (25%) Revenue mavi 11#13Like-for-like Growth Figures 22.5% 20.9% 17.3% -11.0% 2018 2019 -27.3% 2020 2020* Q4* 2020 2020* and Q4* 2020 values are same store sales performance including only open days in the given period. On the open days of 2020, overall traffic was down 40% and was largely compensated by high conversion and unit per transaction. mavi Turkey retail only, 'Number of transactions refers to number of issued invoices. Transaction¹ # Growth (%) 12.0% 1.1% -20.8% 2.1% ******** -36.0% 2018 2019 2020 2020* Q4* 2020 19.6% 14.9% 13.6% 12.4% 9.4% Basket Size Growth (%) 2018 2019 2020 2020* Q4* 2020 12#14Diversified and Reliable Sourcing Model Quality Driven Efficient Sourcing Structure with a focus on sustainability • • 42% Denim 58% Non-Denim Turkey Retail Net Sales Split Denim-lifestyle balance of sales c.80% Made in Turkey • Quality textile ecosystem Proximity improving speed and RFT c.20% Imported Mainly outerwear and accessories 36 suppliers in 9 countries 120+ Responsible Suppliers Well-established, long term relationships Internal audit team ensuring social compliance Mavi Denim Business 50% of Product Cost Owned by Mavi • Design & Development • Multinational denim design & development team Fit blocks are created and owned by Mavi • Wash recipes and development managed by Mavi mavi • Controlled by Mavi Fabric & Raw Materials Direct relationship with denim fabric mills Working with top-quality mills in Turkey that manufacture for premium global denim brands Fabric R&D, exclusive development and innovation • • Outsourced Manufacturing (CM) Cutting, Sewing & Washing c.70% from ERAK Four manufacturers tendered for best price/quality ERAK Best in-class production facility Sourcing to top global brands. Lead time & capacity Enabling energy & water efficiency 13#155.1M Active Members1 Active Loyalty Card Members per Age Group (%) Best-in-Class Loyalty Program ("Kartuş”) Since 2007 8.1M Loyalty Card Members Strong Appeal to Under 35 Across Both Genders Majority of New Loyalty Card Holders are Under 35 New Loyalty Card Members per Age Group (%) % of Turkey's Total Population (2019) 0-14 23% 15 16 15-24 34 15-24 29 15-24 16% 75% % of Retail Sales with Kartus 33 Female Male 25-34 36 44% 56% 25-34 15% 36 25-34 38 29 35-44 29 35-44 15% 35-44- 22 21 24 45+ 20 45+ 30% 9 45+ 11 kartus Women Men Women Men mavi 1.2Mn New Members in 2019 (370K in 2020) 48-52% of current customers under 35 70-67% of new customers under 35 "Mavi Kartuş, no. 1 in the apparel industry for the Most Successful Loyalty Cards Survey." Note: Data for Kartuş customers as of January 2021 Active means that the member has made a purchase of Mavi product over the last two years mavi (Mediacat, Nov 2019) 14#16mavi W SUCCESSFUL BRAND STRATEGY#17Best-in-Class Communication Aspirational denim centric lifestyle brand with celebrity endorsements. Turkey's Most Loved Brand and #1 in brand awareness. 3,3 M Social Media Followers MAVI BLACK PRO SERENAY X mavi icon MERIH DEMİRAL M28 1128 Global Campaigns Kıvanç Tatlıtuğ Mavi Black Pro Serenay Sarıkaya Mavi Icon Merih Demiral M28 Adriana Lima Lucky Blue Smith Elsa Hosk, Jordan Barrett, Francisco Lachowski Romee Strijd, Jordan Barrett mavi Bronze Effie in the fashion category for the "Mavi Benim" campaign with Serenay Sarıkaya at the prestigious Effie Awards of the advertising world rivet AWARDS BEST SUSTAINABLE COLLECTION The Rivet Awards, which recognize the most innovative and creative denim brands, honored Mavi with the "Best Sustainable Collection" title for the two new lines introduced for the Spring-Summer 2020 season. 16#18Celebrities ❤mavi "Mavi is a brand of superior quality, which is the foremost attribute I look for when I, as an entrepreneur, invest because quality is always appreciated.” Richard Branson (Istanbultalks, 2016) Richard Branson FHAUS A A Katherine Heigl Heidi Klum Kate Hudson Colin Farrell Kendall Jenner Liam Hemsworth Jessica Alba Lady Gaga Matthew McConaughey Fergie mavi 17#19Free Shipping Above 100 TRY! mavi JEAN GUIDE WOMEN MEN OUTLET CAMPAIGNS KARTUS WHITE DENIM TIME 62 NEW NOW! WOMEN MEN» FESTIVAL STYLE WOMEN- MEN H ε search in mavi.com Log In Sign Up EN DENIM JACKETS INTERNATIONAL & E-COM MARKETS SUMMER DRESSES → C D O 4 c S * & , 3 4 56 6 7 - 8 9 backspace O 9 W e ގ x r t y U d 8 h C V b ก m k I r J O P alt gr ctri JACKETS DENIM mavi mavi mavi NUDE WOMEN MEN KO OUTLET CAMPAIGNS KARTUS♡ NEW NOW! WOMEN#20Growing Global Footprint (2020) 25% E-com USA 33% Wholesale 42% Wholesale E-com CANADA 7% E-com 15% Retail 78% Wholesale mavi c.4,500 doors in 33 countries 55 monobrand stores (23 own- opearated, 32 franchise Online channels share in global 44.2% (inc. Wholesale e-com) c.1200 wholesale multi-brand doors Wholesale: Nordstrom, Bloomingdale's, Von Maur, Patrik James Online wholesale partners: Stitchfix, Amazon, Zappos, Nordstrom c.1,000 wholesale multi-brand doors EUROPE 1% Retail 21% E-com 17% US mavi.com, 34heritage.com Wholesale E-com 61% Wholesale -1,100 wholesale multi-brand doors Wholesale: Galeria Kaufhof- Karstadt, Breuninger, Modepark Zöther, Sinn Leffers Online wholesale partners: Amazon, Zalando, About You, Otto Mono-brand retail stores: 1 Germany mavi.com RUSSIA Wholesale: Nordstrom, Mono-brand retail stores: 4 12% E-com 139 Harry Rosen, Simons, Ernest, Mark's, Canada wholesale multi-brand doors Franchise retail stores: 15 18 mavi.com and 34heritage.com 25% Wholesale 63% Retail Mono-brand retail stores: 19#21E-Commerce Platform to Deliver Future Growth Global E-Commerce Revenue % Sales 8.3% 17.2% 412 73.2% 107 238 15% 125 93 201% 42 180 104 74% 2019 mavi.com Marketplace 2020 Wholesale E-com Mavi.com Turkey - Key Statistics 2 Turkey E-Commerce Revenue % Sales 3.8% 10.7% 132.0% 207 (100%) 99 89 270% 7 27 107 94% 55 2019 2020 International E-Commerce Revenue % Sales 29.9% 44.2% 11% of total sales in Turkey 74% Revenue from Mobile 38.0% 206 149 25% 2.6m #pieces sold 15.0% Return Rate¹ 107 75% 86 26 15 50% 73 33% Denim as % of Sales 55m # of Sessions per year 49 2019 2020 mavi 1 Returned transactions/(net transactions+return transactions.) 22020 20 20#22E-Commerce Potential in Turkey Turkey Share of Online Sales Still Below Overall Comparable Markets % Share of E-Commerce in Apparel & Footwear (2019)1 13 27 26 24 20 14 13 9 سترالي 5 mavi UK USA Germany World Canada Russia Turkey mavi Turkey Has a Strong E-Commerce Potential³ E-Commerce Penetration 5.3% E-Commerce penetration in Turkey (China 24%, USA 14%, UK 17%, Germany 11%) Internet Penetration ttp://v 72% Turkey is among the top countries with largest internet penetration, 59 mn internet users (world average 57%) Per Capita Spent Online ✓ Eur 160 Per Capita spent online in Turkey (world average 735 Euros) Mobile Share in E-commerce 75% Mobile share in e-commerce in Turkey. 60 mn people own smartphones. 77% of transactions in Mavi.com Turkey in 2019 is mobile with the introduction of smart phone application 1 Euromonitor (2019), except for Mavi data (2019 vs 2020). 2 Mavi operated e-Commerce, including 3rd Party Platforms Marketplace (2019) 3 Tubisad (2019), Nielsen (2018) 21#23MERİH DEMİRAL MZ8 mavi M28 STRONG FINANCIAL PERFORMANCE#24Operational Results Impacted by Covid-19 Pandemic in 2020 Revenue Evolution (TRYm) 27% Gross Margin (%) 50.9% Gross Profit Evolution (TRYm) 51.3% 49.1% 48.3% (16%) 2,863 2,353 2,402 1,782 2017 2018 2019 2020 EBITDA Evolution (TRYM) EBITDA Margin (%) 14.1% 15.6% 24% 1,208 (17%) 1,405 907 1,160 2017 2018 2019 2020 Net Profit (TRYM) 4.7% 3.8% 0.3% Profit 14.0% 22.5% 16.3% Margin (%) 5.1% 4.3% 22% (93%) 392 134 90 101 108 26% (39%) 644 367 401 252 8 2017 2018 2019 2019 (IFRS16) 2020 (IFRS16) 2017 2018 2019 2019 (IFRS16) 2019 (IFRS16) mavi 2017-2019 CAGR 223#25Effective Working Capital and Inventory Management Cash Conversion¹ (exc. IFRS 16) Main Working Capital Items 111% TRYM 2017 2018 2019 2020 88% 90% 83% Trade & Other Receivables³ 140.2 188.1 251.6 247.9 % Sales 7.9% 8.0% 8.8% 10.3% Inventories 320.4 457.2 496.1 560.1 2017 2018 2019 2020 % COGS 36.6% 39.9% 34.0% 45.1% TRYM 2017 2018 2019 2020 Trade & Other Payables 372.7 516.5 604.1 642.1 EBITDA 252.1 367.1 400.7 210.5 % COGS 42.6% 45.1% 41.4% 51.7% A in NWC 27.9 (48.1) (38.3) (34.8) Main Net Working Capital 87.9 128.8 143.5 165.9 Operating Cash 279.9 319.0 362.4 175.7 % Sales 4.9% 5.5% 5.0% 6.9% Flow² • • Efficient planning and successful sell-through led to healthy inventory levels that is largely flat in number of pieces compared to 2019-year end Year-end inventory includes mainly fresh new season products Positive cash generation resulting with favorable cash conversion level at 83% mavi 1 Defined as Operating Cash Flow / EBITDA. 2 Operating Cash Flow calculated as EBITDA - Change in Working Capital. Working Capital as per the cash flow statement and including main working capital items as well as Deferred revenues and Employee benefits paid among others. 3 Trade & Other Receivables includes Current Trade Receivables, Current Other Receivables and Non-Current Other Receivables. 4 Trade & Other Payables includes Current Trade Payables, and Current Payables to Third Parties. 24 24#26Efficient Capex Management and Healthy Leverage Ratios CAPEX Debt Breakdown (31 January 2021) % Sales 4.1% 2.8% 3.1% 4.2% 7% Average Cost of Debt 100.6 101.3 5% 9% EUR TRY 11.5% 7% 72.8 USD 66.1 2% EUR 0.9% ■CAD USD 3.3% TRY RUB 12.5% RUB 2017 2018 2019 2020 77% 93% CAD 3.0% Blended 9.9% ND/LTM EBITDA (exIFRS16) Net Debt/ LTM EBITDA (exc. IFRS 16) 0.02x 9 0.17x 37 31 January 2020 31 January 2021 mavi . • 16% of total consolidated debt is carried by Mavi US, Mavi EU, Mavi CA and Mavi RU - all denominated in their local currencies. Only 7% of total debt is in foreign currency and is naturally hedged • Keeping no FX position is management priority 25#27Hello mavi At Mavi, we believe in the power of unity. We continue to work and produce together. We support the community and healthcare workers and join forces with our manufacturers to make protective masks. At Mavi, we would like to say, "Hi," ask how you are, produce together, express what we feel, and extend our support; in short, we want to stand by you as we always do. Let's keep making each other feel good. Mavi is here for you, #WeStand By You. 2020: A YEAR MARKED BY COVID19 Love, Mavi#282020 Business Overview A Year Marked by Covid19 Pandemic • Throughout 2020, our priority as a leading and responsible brand was to protect the health of our employees, customers, business partners, and the public. As the Mavi management, we would like to thank the entire Mavi team for standing in unity and working with great energy and dynamism in this challenging period Covid 19 related lockdowns were imposed across the countries we operate in. Turkey operations experienced 92 days of store closures, which meant a 40% decline in trading hours. In the face of closures consolidated sales declined only 16% versus 2019 Online sales remained strong with 110% growth globally compared to 2019 (152% growth in Turkey) Through rigorous supply chain management and product planning gross margin levels were preserved With rapid measures opex decreased by 6%. Turkey rent/revenue ratio kept stable at 16% Agile inventory and sell-through management capabilities enabled us to maintain year-end inventory levels flat in pieces (value increasing only 13% versus 2019) We closed the year with a commendable strong balance sheet position with a leverage ratio close to zero mavi 27#29Future Ready Company Towards a more digital future Digitalization and CRM investments on the core of our strategy of winning SAP transformation project continues on-time, planned to go live June 2021 Mavi.com platform globally attracts new customers with world class capabilities Mavi: Love Brand . . Continued product expansion with Mavi Black Pro, Mavi Icon, Sporty, and Sweat categories. Celebrity campaigns and diversified usage of influencers to increase customer engagement Collaborations that create excitement and drive new and young customers Sustainable growth through quality First Turkish apparel brand to disclose carbon footprint transparently to CDP (Carbon Disclosure Project) receiving a score of B in environmental performance Signed UN Global Compact, the world's largest voluntary corporate sustainability initiative • The sustainable collection All Blue (launched in 2019) more than doubled in product offering First eco-store opened in Istanbul Zorlu Shopping Mall mavi 28#30THANK YOU Contact: [email protected] [email protected]#31Financial Statements Income Statement (inc. IFRS 16) TRYM Revenue Cost of Sales Gross Profit Gross Margin Administrative Expenses Selling and Marketing Expenses Q4 2019 Q4 2020 Change (%) 2019 2020 Change (%) 714.6 649.9 (9%) 2,862.9 2,401.8 (16%) (379.1) (349.2) (8%) (1,458.3) (1,241.7) (15%) 335.5 300.7 (10%) 1,404.6 1,160.1 (17%) 47.0% 46.3% 49.1% 48.3% (44.6) (52.2) 17% (162.0) (173.3) 7% (224.1) (232.3) 4% (857.2) (880.1) 3% R&D Expenses (7.6) (9.1) 20% (25.9) (33.7) 30% Other Income/ (Expenses), net 0.1 (2.3) n.m. 2.4 17.6 640% Operating Profit 59.3 4.8 (92%) 362.0 90.6 (75%) Profit/(Loss) from Investment Activities (0.1) (0.2) n.m. (0.8) (1.4) n.m. Operating Profit before Financial Income 59.3 4.6 (92%) 361.2 89.2 (75%) Operating Margin 8.3% 0.7% 12.6% 3.7% Financial Expenses, Net (44.4) (23.5) (47%) (223.7) (76.8) (66%) Profit Before Tax 14.9 (19.0) n.m. 137.5 12.5 (91%) Income Tax Expense (1.9) 1.5 n.m. (29.6) (4.4) (85%) Profit Profit Margin EBITDA EBITDA Margin 12.9 (17.5) n.m. 107.9 8.0 (93%) 1.8% (2.7%) 3.8% 0.3% 134.2 91.7 (32%) 644.4 392.1 (39%) 18.8% 14.1% 22.5% 16.3% mavi 30 30#32Financial Statements Balance Sheet (inc. IFRS 16) 31 January 2020 31 January 2021 Change (%) mavi TRYM Assets Current Assets Cash and Cash Equivalents Trade Receivables Inventories Other Current Assets Total Current Assets Property and Equipment Right of Use Assets Intangible Assets Other Non-Current Assets 310.8 889.9 186% 231.1 231.4 0% 496.1 560.1 13% 80.7 105.4 31% 1,118.7 1,786.7 60% 180.7 197.7 9% 406.7 435.0 7% 222.4 262.7 18% 8.9 25.6 187% Total Non-Current Assets 818.8 921.0 12% Total Assets 1,937.4 2,707.8 40% Short-Term Financial Liabilities 235.7 821.0 248% Short-Term Contractual Lease Liabilities 198.0 218.6 10% Trade Payables 597.3 638.2 7% Other Current Liabilities 92.1 108.3 18% Total Current Liabilities 1,123.0 1,786.0 59% Long-Term Financial Liabilities 84.1 105.6 26% Long-Term Contractual Lease Liabilities 240.8 260.0 8% Other non-current Liabilities 11.9 22.1 86% Total Non-Current Liabilities 336.7 387.7 15% Total Liabilities 1,459.8 2,173.7 49% Total Equity Total Equity & Liabilities 477.7 534.0 12% 1,937.4 2,707.8 40% 31#33Financial Statements Cash Flow Statement (inc. IFRS 16) TRYM 2019 2020 Profit¹ 107.9 8.0 Adjustments Cash Flow from Operating Activities 565.6 441.4 673.5 449.4 A in Net Working Capital² Income Tax Paid (38.3) (34.8) (32.0) (25.2) Net Cash from Operating Activities 603.2 389.4 Capex (100.6) (101.3) Other Investing Cash Flow³ (4.8) 57.1 Net Cash Flow Used in Investing Activities (105.4) (44.3) Debt Issued (Repaid) (47.2) 564.0 Payment of Contractual Lease Liabilities (243.5) (180.6) Other Financial Payments4 (79.1) (66.9) Interest Paid (79.3) (82.6) Net Cash Flows Used in Financing Activities (449.0) 233.9 Net Cash Flow 48.8 579.0 Cash and Cash Equivalents at the Beginning of the Period Cash and Cash Equivalents at the End of the Period 5 ¹Pre non-controlling interest. 2 Working Capital includes main working capital items and employee benefits paid as well as deferred revenues. 3 Other Investing Cash Flow includes proceeds from sale of tangible assets and interest received. 4 Other Financial Payments include proceeds from derivatives, imputed interest and financial commissions. 5Cash and Cash Equivalents in the Cash Flow Statement includes Bank Overdraft as negative cash. Excluding Bank Overdraft, net cash at the end of the period is equal to Cash and Cash Equivalents on the Balance Sheet for the same fiscal year. 262.0 310.8 310.8 889.9 mavi 32 32#34Highly Experienced Board of Directors mavi Ersin Akarlılar Chairperson Ahmet Ashaboglu Independent Non- Executive Director Cüneyt Yavuz CEO With Mavi since 1991 ■ Primarily responsible for Mavi's international strategy ■Chairman of Mavi US CFO of Koc Holding since 2006 Previously worked at McKinsey & Co and UBS Warburg Mavi's Chief Executive Officer since 2008 Previously worked at Procter & Gamble Elif Akarlılar Executive Director Nevzat Aydin Independent Seymur Tari Vice- With Mavi since 1991. Mavi's Global Brand Director since 2008 Previously held various Product and Brand Management positions within Mavi Istanbul and NY. Non-Executive Director Founder and CEO of Yemeksepeti, a pioneering online food delivery business in Turkey Seasoned e-commerce investor Chairperson Non-Executive Director Founder and CEO of Turkish Private Equity Previously worked at McKinsey & Co and Caterpillar Inc. 33 33