MANAGEMENT

Dear Valued Stakeholders of Asmira;

With our group of stakeholders that’s growing every day, staying in communication with you is a great honor for us. Sharing with you what we have achieved and the dreams we plan to realize, is a privilege. Asmira, which’s foundations were laid in 1977 with the initiation of our founder and honorary chairman, Mr. Ayhan Aslan, who started the 'ship refueling' trade. Afterwards the structure took on the name 'Asmira Group' after the corporate group structuring in 2017, and has been managed with a holding structure that exceeded its then commercial scale. This approach and the dedicated, determined, visionary, and diligent efforts of all our colleagues, along with the management at that time, have taken Asmira Group to an outstanding point. Your trust and our confidence due to your trust, dear stakeholders, were essential for this success. With your trust in us, we swiftly overcame many obstacles and crossed the finish line in many races with you by our side in the picture. In this sense, this success is all of ours!

We are glad and proud to serve as a great example of how everything begins with a dream. In 2017, as Asmira Group, we quickly decided on our vision of 'To be Local on Every European Coast' and began running towards it. However, we embarked on this journey knowing how important mind, intelligence, and exceptional effort are for dreams to be turned into reality. What we have achieved couldn't have been achieved by any other way. We managed our processes and company with the awareness that execution is just as important as strategy. We focused on our each step to see what we step on, but also looked ahead enough to see where we were going. Sometimes, we even dreamed of things that we couldn't have seen yet.

We have seen how important and necessary it is to have constructive and high-quality competition on this journey once again. We realized that the real competition is for individuals and organizations to question themselves, compete with themselves, and continuously strive for improvement. We witnessed the elimination of those who engaged in competition with ruthless ambition with sadness. We tried to learn from these unfortunate incidents because we knew that life, whether in trade or elsewhere, is a continuous learning process. While we improved our skills, we always strived to remain apprentices in our work.

Asmira Group, began its journey in 1977 with ship bunkering trade, diversified into yacht bunkering in the 2000s, pioneered the concept of operating marine fuel stations in the 2010s, and thus became the first to establish its first physical presence abroad. In the 2020s, it ventured into yachting activities and international ship fuel supply brokerage, diversified its locations abroad, and diversified its business areas with an 'ancillary services' approach both in Turkiye and abroad. Today, Asmira Group continues its activities as a highly significant player in all the industries it operates in, including marine fuels and yachting, with over 100 high-quality employees in Turkiye and the other countries where we are physically operational, with 15 physical management and operation centers. Asmira Group, after its new structure in 2017, managed to increase its annual turnover in terms of USD in 2022 (within five years) by a significant multiplier of "14 times". In this growth process, which we achieved with reasonable profitability and EBITDA, through the commercial activities we managed with the awareness of making this financial growth healthy and sustainable, we had the opportunity to increase our EBITDA by 13 times annually in terms of USD within five years, and our capital by 15 times in terms of USD. With the opportunity of this brilliant financial and commercial performance, we were able to realize the necessary investments and achieve many accomplishments in various fields in Turkiye and other countries, as listed above. As any "Merchant running the cash and money wise" should have, we have managed our financial management with great precision down to the smallest detail.

Our logo, the kingfisher, is a figure that beautifully represents us. The kingfisher is a bird specific to the Aegean region. It is very colorful and beautiful. But it is also agile and a skilled hunter! Another wonderful characteristic is that, despite being able to fly long distances, it doesn't migrate; it always returns to its nest, just like us, just like Asmira stays true to being Aegeans…

Now we are opening a new chapter in our communication with our valuable stakeholders and 'Welcoming to the New Asmira!'

As the accomplishments we achieved within these five years began to bear fruit, new brands emerged. Every business area we succeeded in was so precious to us, and we had created separate “kingfisher” logos with different colors for each of these business areas. Each logo had become a different-colored kingfisher. Our kingfishers had become a rainbow of colors. These kingfishers representing the business areas that are all very precious to us started to create visual clutter in our communication. It was essential for us to adopt a clearer approach in our communication. So, we combined these beautiful, colorful kingfishers. By uniting our yacht maintenance, marine fuel station operation, yacht charter, commercial bunker fuel operations, yacht fuel supplies, maritime fuel brokerage services, and other maritime/yachting activities in Turkiye and other countries under the brand of “Asmira Marine” with a single logo. In the same manner, we brought together our domestic fuel retail/wholesale business, domestic fuel transportation, and similar land fuel activities under “Asmira Energy”. To fill the spaces left by the united kingfishers, we established Miraka, our broker firm based abroad, and Tacklog, which we started to develop 'non-fuel logistics activities' domestically. Thus, we decided to communicate our activities in a clearer way with a total of four brands, two of which bear the name Asmira, and the other two are entirely new names. For the new activities that we will start in new areas with different formations, new establishments and brands will be created. We will, of course, continue to share them with you with a great pleasure and pride.

As we look back on the path we've taken since 2017, we take the pride in how far we've come. However, now we can see even further, and as we look ahead, we also can realize just how long the road ahead is. Even we cannot foresee where the road ends. We have many new dreams now. We envision new areas of new activities in construction, food logistics, and maritime logistics. For these, we will work with all our might and come before you with “pockets full of new stories”; because we know how valuable it is “to have a story to tell”. Just like 'the wheat bends its head as it grows,' as we grow, we will mature, strive for further self-improvement, compete with ourselves, and as we become masters, we will continue to be apprentices in our work.

On behalf of the Asmira Board of Directors, I would like to share our kindest regards with you all, with the best wishes to share our future developments and accomplishments shortly.

Mustafa Aslan

Chairman