Ladies and gentlemen, thank you for standing by. I am , your Chorus Call Operator. Welcome and thank you for joining the Hepsiburada Conference Call and live webcast to present and discuss the First Quarter 2022 Financial Results. All participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session. At this time, I would like to turn the conference over to Ms. Helin Celikbilek, Investor Relations Director. Ms. Celikbilek, you may now proceed.

Thanks . Thank you for joining us today for Hepsiburada's first quarter 2022 earnings call. I'm pleased to be joined on the call today by our CEO, Murat Emirdağ, and our CFO, Korhan Öz. The following discussion, including responses to your questions reflect management's views as of today's date only. We do not undertake any obligation to update or revise this information except as required by law. Certain statements made on today's call are forward-looking statements. Actual results may differ materially from these forward-looking statements. Please refer to today's earnings release, as well as the risk factors described in the Safe Harbor slide of today's presentation, today's press release, the 6-K, our Form 20-F filed with the SEC on May 2, 2021, and other SEC filings for information about factors which could cause our results to differ materially from these forward-looking statements. Also, we will reference certain non-IFRS measures during today's call. Please refer to the appendix of our supplemental slide deck, as well as today's earnings release for a presentation of the most directly comparable IFRS measures, as well as the relevant IFRS to non-IFRS reconciliations. As a reminder, a replay of this call will be available on the Investor Relations page of Hepsiburada's website. With that, I will hand it over to our CEO, Murat. Mehmet Murat Emirdağ: Thank you, Helin. Welcome, everyone and thank you for joining us today. Before diving into the first quarter dynamics and our actions in more detail, let me quickly replace our memory on the operating environment in Q1 2022. Challenging macroeconomic continues to shape the operating environment, including the rising inflation in Turkey and global markets, continued devaluation of Turkish Lira, ongoing challenges on the global supply chain, and headwinds from the tragic war in Ukraine. , our solid performance underlying…

The first question comes from the line of Hanzade Kilickiran with JPMorgan. Please go ahead.

Hello. Thanks for the presentation. I have two quick questions. One is regarding the consumption trends in Turkey. We have observed generally very strong reporting in majority of the Turkish companies under high inflation in this quarter and companies claimed a strong pull forward demand in their sector, do you also see the Q1 consumption trend as pull-forward demands? And how do you experience the demand in Q2 so far? Because you still keep your 50% GMV growth guidance underwriting inflationary environment, I try to understand the current ? And second question is related to your cash flow management, I mean, Korhan has already explained about the increase in trade payables, which is the main cause, I mean, majority of the working capital need is arising from this. What is the reason of this cost in the trade payables? And do you expect to follow a different policy in working capital management in a way to create some inflow by the end of the year rather than outflow because you now have a cash in hand and I'm trying to understand the cash burn for the full-year? Thank you very much. Mehmet Murat Emirdağ: Thanks so much for the questions, Hanzade. I really appreciate. Maybe I can take the first question and Korhan can take the second one. In the first question, I guess, we – you are asking the correlation between our GMV regarding inflation, as well as the consumer trends in Turkey, right? So, in high level, I guess, it's fair to say, it is still very limited visibility on inflation trajectory and its impact on consumer behavior for the rest of the year. And also with respect to our approach, I guess at this point, I can maybe break it down in a couple of facts. One…

Thank you, Korhan.

The next question comes from the line of Cem Ünal with Goldman Sachs. Please go ahead. Cem Ünal: Hi. Thank you very much for the presentation, Murat and Korhan. My question is related to the Fintech arm and the Hepsipay. Could you please elaborate further on the monetization of the Fintech arm going forward? And after 2022, like what are the plans on that point? And also related to Buy Now Pay Later segment, could you please explain how do you plan to manage very high inflation given that there's at least one month of the period that the customers buy and pay after one month? So that would be helpful. Thank you very much. Mehmet Murat Emirdağ: Thanks so much, Cem, for the question. And in terms of like our overall approach in Fintech and how we also see and manage the Buy Now Pay Later in this environment, let me quickly address those questions. First of all, I guess, we believe the financial solutions play an integral role in our mission of commerce. So, it's a very significant part of our strategy as well. And as you know, we always offer a wide range of services and solutions, which I already mentioned in my previous answer, ranging from hidden customer loans, installment multi-credit card payments, now Buy Now Pay Later and ability to charge the billing. And also, as you know, we recently acquired a license and company to be able to offer consumer financing, so basically a large spectrum of solutions and services. And that's why we believe we are unique license with the operational and functional capabilities are well-positioned to evolve into a leading Fintech player in this market, spanning across online and offline. So, this is our ultimate approach in our Fintech arm. With that…

Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Murat Emirdağ for any closing comments. Thank you. Mehmet Murat Emirdağ: Thanks so much for listening and being with us. I just want to leave you guys with three key takeaways from this call. First one actually is, we believe Turkish market offers a sizable opportunity given the fact that e-commerce has an inflection point and expect to exceed 20% penetration between total retail by 2025. The second one actually is, yes, there are many uncertainties in the macro level in terms of dynamic in the global and local markets. However, the third one, actually, we have very well-defined and clear strategy in place to overcome those challenges and we continue to execute this prudently and it's very core principle, guiding principle of disciplined cost and cash management. And we are very committed to progress towards path to profitability. That's basically what I wanted to highlight one more time. Appreciate your time, and thanks for listening.

Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for calling and have a good afternoon.