KARSAN 2019 ANNUAL REPORT

Contents 2 Kıraça Holding 3 Karsan Overview 4 Karsan’s Timeline 8 Chairman’s Message 10 Board of Directors 14 CEO’s Message 16 Senior Management 18 Vision, Mission, Our Values 19 The Karsan Business Model 20 Karsan Brands 22 The Automotives Industry and Position of Karsan in the Sector 28 2019 Activities 44 Sustainability 52 Independent Auditor’s Report on the Board of Directors’ Annual Report 54 Board of Directors’ Annual Report for the Year 2019 76 Consolidated Financial Statements for the Year Ended 31 December 2019 and Independent Auditor’s Report 1 KARSAN Annual Report 2019