#1martı TURKEY'S LEADING MOBILITY APP Q4 2022 INVESTOR PRESENTATION#2Disclaimers "Business About this Presentation is informational to assist in own evaluation with to an in connection with a transaction Combination") involving Marti Technologies Inc. ("Marti" or the "Company") and Galata Acquisition Corp. ("Galata" or "SPAC"), and for no other purpose. The information contained herein does not purport to be all-inclusive and none of Galata, the Company or their respective representatives or affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. This Presentation and any oral statements made in connection with this Presentation do not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy or a recommendation to purchase any securities. No such offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended (the "Securities Act"), or an exemption therefrom. You should not construe the contents of this Presentation as legal, tax, accounting, investment or other advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. The distribution of this Presentation may also be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. The recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "Exchange Act"), and that the recipient will neither use, nor cause any third party to use, this Presentation or any information contained herein in contravention of the Exchange Act, including, without limitation, Rule 10b-5 thereunder. This Presentation and information contained herein constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without the prior written consent of SPAC and the Company and is intended for the recipient hereof only. By accepting this Presentation, the recipient agrees (a) to maintain the confidentiality of all information that is contained in this Presentation and not already in the public domain and (b) to return or destroy all copies of this Presentation or portions thereof in its possession upon request. This Presentation is being distributed to selected recipients only and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Neither this Presentation nor any part of it may be taken or transmitted into the United States or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the Securities Act, except to a limited number of qualified institutional buyers, as defined in Rule 144A under the Securities Act, or institutional "accredited investors" within the meaning of Regulation D under the Securities Act. Forward Looking Statements Certain statements in this Presentation may be considered forward-looking statements within the meaning of the U.S. federal securities laws with respect to the proposed Business Combination. Forward-looking statements generally relate to future events, such as the benefits of the Business Combination or the anticipated timing of the Business Combination, or SPAC or the Company's future financial or operating performance. For example, statements regarding anticipated growth in the industry in which the Company operates and anticipated growth in demand for the Company's products, projections of the Company's future financial results, possible growth opportunities for the Company and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma," "may," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" and "continue" or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by SPAC, the Company and their respective management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition; the ability of the company to grow and manage growth, maintain relationships with consumers, suppliers and strategic partners and retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business or competitive factors; the Company's estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and continue to innovate its existing products; the ability of the Company to defend its intellectual property; and the impact of the COVID-19 pandemic on the Company's business. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither SPAC nor the Company undertakes any duty to update or revise these forward-looking statements. You should consult the risk factors included in SPAC's public filings with the SEC, including the "Risk Factors" section in the registration statement on Form F-4 and the proxy statement included therein (as amended, the "Registration Statement") that SPAC filed relating to the proposed Business Combination and the "Risk Factors" section of other documents that SPAC files with the SEC from time to time, for additional information regarding risks and uncertainties related to the potential Business Combination and which could cause actual future events to differ materially from the forward-looking statements in this Presentation. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SPAC and Marti assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. 2#3Disclaimers (cont'd) Use of Projections This Presentation contains financial forecasts for the Company with respect to certain financial results for the Company's fiscal year 2023. The Company's independent auditors have not audited, studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections are forward-looking statements and should not be relied upon as being necessarily indicative of future results. In this Presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future. performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The performance projections and estimates are subject to the ongoing COVID-19 pandemic, and have the potential to be revised to take into account further adverse effects of the COVID-19 pandemic on the future performance of SPAC and Marti. Projected financial results and estimates are based on an assumption that public health, economic, market and other conditions will improve; however, there can be no assurance that such conditions will improve within the time period or to the extent estimated by SPAC or Marti. The full impact of the COVID-19 pandemic on future performance is particularly uncertain and difficult to predict; therefore actual results may vary materially and adversely from the projections included herein. Financial Information; Non-GAAP Measures The financial information for the three months ended December 31, 2021 and 2022 and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act. Such information and data may not be included in, may be adjusted in or may be presented differently in, the registration statement on Form F-4 filed by Galata relating to the Business Combination and the proxy statement/prospectus contained therein. This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles of the United States ("GAAP") including, but not limited to, Adjusted EBITDA and certain ratios and other metrics derived therefrom. The Company defines Adjusted EBITDA as depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, plus net income (loss). These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information for management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. This Presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. Industry and Market Data In this Presentation, SPAC and the Company rely on and refer to certain information and statistics obtained from third-party sources which SPAC and the Company believe to be reliable. While SPAC and the Company believe such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information, and the Company has not independently verified the accuracy or completeness of any such information. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. The Company's use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SMⒸ or Ⓡ symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners to these trademarks, service marks, trade names and copyrights. There is no guarantee that either SPAC or the Company will work, or continue to work, with any of the firms or businesses whose logos are included herein in the future. 3#42022 Marti performance overview Key figures #1 travel app in Turkey (iOS/Android)¹ 4M+ All-time unique riders³ 28M+ Total Rides 4 60% YOY Growth 58% Market share² $25M Net Revenue 47% YoY Growth D Good 710 Source: Company information. Note: 1. Travel app with the highest number of #1 ranking in Turkey iOS/Android app stores for last 12 months as of December 31, 2022. Ranking figures based on data.ai (fka AppAnnie). 2. Total app downloads as of December 31, 2022 as per data.ai (fka app.annie) as compared to five competitors. Only micromobility operators included in analysis. Market share figures reflect Marti's performance across the aggregate of its existing three service modalities: e-scooters, e-bikes, and e-mopeds. Individual market shares by modality are different. 3. Internal company data as of December 31, 2022. 4. Internal company data; total number of rides in 2022. 4#5Q4 2021 vs. Q4 2022 results Average Daily Vehicles Deployed Average Daily Rides per Vehicle Average Net Revenue per Ride (USD) Net Revenue (USD, thousands) Cost of Revenues, excl. Fleet Depreciation (USD, thousands) % of Net Revenue G&A (USD, thousands) % of Net Revenue Adj. EBITDA (USD, thousands) ¹ 1 Adj. EBITDA Margin Q4 2021 18,742 2.84 0.70 3,399 (2,795) 82% (3,149) 93% (1,173) (35)% Q4 2022 38,137 1.95 0.91 6,254 (6,086) 97% (4,883) 78% (3,874) (62)% A 103% (31)% 31% 84% 118% 55% (230)% Comments ↑ ~2X growth in fleet size, including new modalities. ✓ Lower daily rides per vehicle in sub-scale launches of new smaller cities. ↑ Continued Turkish Lira price increases in excess of currency depreciation against USD. Sub-scale operations in smaller cities with fixed minimum viable scale costs, and yet to be consolidated operating teams serving distinct modalities. ↑ Economies of scale in fixed cost. Increase in team and marketing expenses together with introduction of new car-pooling service pilot, and pre-listing additions to senior management team. Source: Company information. Note: The interim financials presented are GAAP reporting financials and have not been audited or reviewed by the Company's independent auditors. 1. Adjusted EBITDA is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one- time charges and non-cash adjustments, to net income (loss). 5#6Price increases well in excess of currency devaluation 2 Currency devaluation ¹ of ~40% and price increase ² of ~121% in 2022... USD / TRY Index (Q4'21 = 100) Price of 10 min. scooter ride (TRY) 220 180 140 100 100 Q4'21 113 110 Q1'22 134 125 Q2'22 -FX Rate-Price 147 139 Q3'22 221 140 Q4'22 ...produced only an 18% drop in average daily rides per vehicle Average daily rides per vehicle 3 2 1 2.88 2021 2021 2022 2.36 2022 Source: Company information; 1. Central Bank of the Republic of Turkey forex selling exchange rates for the last business day of the specified month: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Statistics/Exchange+Rates/Indicative+Exchange+Rates. 2. Istanbul scooter prices 6#72021 vs. 2022 results Average Daily Vehicles Deployed Average Daily Rides per Vehicle Average Net Revenue per Ride (USD) Net Revenue (USD, thousands) Cost of Revenues, excl. Fleet Depreciation (USD, thousands) % of Net Revenue G&A (USD, thousands) ¹ % of Net Revenue Adj. EBITDA (USD, thousands) ² Adj. EBITDA Margin 2021 16,899 2.88 0.96 16,999 (11,752) 69% (9,097) 54% (1,645) (10)% 2022 33,004 2.37 0.88 24,998 (18,636) 75% (12,777) 51% (3,873) (15)% A 95% (18)% (8)% 47% 59% 40% (135)% Comments ↑~2X growth in fleet size, including new modalities. ✓ Lower daily rides per vehicle in sub-scale launches of new smaller cities. Shorter ride durations under per minute pricing model. Sub-scale operations in newly launched smaller cities with fixed minimum viable scale costs, and yet to be consolidated operating teams serving distinct modalities. ↑ Economies of scale in fixed cost. Increase in team and marketing expenses together with introduction of new car-pooling service pilot, and pre-listing advisory expenses. 7 Source: Based on audited GAAP results for the years ended December 31, 2021 and 2022. 1. G&A includes selling and marketing; other income/expense, R&D expenses. 2. Adjusted EBITDA is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to net income (loss).#8Business plan projections vs Actual 2022 Average Daily Vehicles Deployed Average Daily Rides per Vehicle Average Net Revenue per Ride (USD) Net Revenue (USD, thousands) Cost of Revenues, excl. Fleet Depreciation (USD, thousands) % of Net Revenue G&A (USD, thousands) % of Net Revenue 1 Adj. EBITDA (USD, thousands) ² Adj. EBITDA Margin 2022 E 32,434 2.38 0.88 24,683 (16,444) 67% (9,441) 38% (804) (3)% 2022 A 33,004 2.37 0.88 24,998 (18,636) 75% (12,777) 51% (3,873) (15)% A 2% 1% 13% 35% (382)% Comments ↑ Higher share of vehicles available for rent in the field due to lower incidence of repair and maintenance, and more efficient battery swapping. Parallel to forecast. Parallel to forecast. Sub-scale operations in newly launched smaller cities with fixed minimum viable scale costs, and yet to be consolidated operating teams serving distinct modalities. Increase in team and marketing expenses together with introduction of new car-pooling service pilot. Pre- listing additions to senior management team and advisory expenses. Source: Business plan projections are non-GAAP management reporting financials and have not been audited or reviewed by the Company's independent auditors. 2022 actual results are based on audited GAAP results for the year ended December 31, 2022. 1. G&A includes selling and marketing; other income/expense and R&D exppenses. 2 Adjusted EBITDA is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to net income (loss). 8#9Guidance REVENUE ADJUSTED EBITDA Source: Company information. 2022 Actual $25.0 m $ (3.9) m 2023 Guidance $ 28.1 m ( 12% growth YoY) $ (2.0) m 2023 guidance is revised with the assumption of listing and cash infusion in July 2023. 9#10Marti is scaling with the goal of becoming Turkey's mobility superapp Rider preference Single country focus Source: Company information. Greater vehicle availability Lower price Faster vehicle expansion Lower depreciation Better vehicles with longer useful life Increased demand / volumes Better margins and cash position Lower operating cost Vertical integration 10#11We grew our operations and continued to hire key team members in Q4 2022 Average # of vehicles deployed (thousands) 17 2021 33 2022 Source: Company information. 19 38 2021 Q4 2022 Q4 ● Operational developments Increase in average daily vehicles deployed due to lower incidence of repair and maintenance, and more efficient battery swapping. Operations paused in lower performing cities and vehicles reallocated to improve efficiency. Monthly theft and vandalism rate remains below 0.1% of fleet. Launched car-pooling service pilot, connecting riders with drivers traveling in the same direction to share rides. This complements Marti's existing e-scooter, e-bike, and e-moped services as the company's fourth modality and first four-wheeled vehicle service. Human capital developments ● 213 professional personnel in HQ team and 863 field team members, as of end of Q4 2022. Hired 47 new employees at HQ, including department heads for our Operations, Government Relations and Marketing teams. ● 11#12Commute ridership increases as modalities gain longevity and availability in the field Commute rides account for ~93% of rides Daily commute 60% First and last mile commute 33% Leisure 7% % of leisure was ~7% in 2022¹ 60 50 40 30 20 10 0 Customer retention continues to increase with increased availability 2.8 3.3 3.2 3.5 3.5 7.7 3.2 8.8 3.1 4.0 12.2 18.7 4.2 17.9 3.7 18.7 3.2 28.4 4.0 4.7 36.2 29.3 4.7 38.1 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 -Avg. daily vehicles deployed (thousands) Avg. monthly rides per unique rider Source: Company information. 1. Analysis conducted for 2022 full year for Istanbul rides. Definition of journeys: (i) first and last mile: rides that start or end within a 100m radius of metro, metrobus, marmaray or ferry stops; (ii) leisure: rides with more than 10 times difference between the total ride distance and the air distance (bird's eye view) from start to end points of ride; (iii) daily commute: all remaining rides; (iv) commute rides is the sum of daily commute and first and last mile commute rides. 5 4 3 2 1 0 12#13New modalities drive multi-modal ridership, increasing spending per rider E-bike rider behavior (1 year into operation) 74% % of E-bike riders that have previously used another Marti modality 44% 89% % of E-moped riders that have previously used another Marti modality % of E-bike riders that have used 2+ modalities E-moped rider behavior (18 months into operation) 64% % of E-moped riders that have used 2+ modalities Source: Company information. Note: 1. Customers with more than 1 ride included in analysis, 2022 full year rides and revenues are analyzed. Car-pooling service is included. Multimodal riders ride and spend significantly more than single modality riders¹ 4.5x Rides per rider Single modality riders 4.5x Revenue per rider 2+ modality riders 13#14Adjusted EBITDA reconciliations (USD, thousands) Net loss Depreciation and Amortization Income tax expense Financial income Financial expense EBITDA One-off adjustments Customs tax provision expense Founders' salary adjustment Other Non-cash adjustments Stock based compensation expense accrual Lawsuit provision expense Adj. EBITDA Q4 2021 (8,512) 1,538 888 (80) 3,832 (2,344) 456 218 238 716 680 35 (1,173) Q4 2022 (4,947) 2,258 (2,404) 579 (4,513) 263 263 376 403 (27) (3,874) 2021 (14,472) 5,743 888 (180) 4,712 (3,580) 1,048 592 218 238 887 852 35 (1,645) 2022 (14,426) 9,097 (2,567) 1,932 (5,784) 78 78 1,833 1,658 175 (3,873) Source: Company information. Note: The interim financials presented are GAAP management reporting financials and have not been audited or reviewed by the Company's independent auditors. 2021 and 2022 full year financials are based on audited GAAP. 14#15marti द MARTI INVESTOR RELATIONS [email protected] martı