Profit Distribution Policy

Our Company has determined profit distribution policy in scope of Turkish Trade Law, Capital Market Law and relevant notifications of Capital Markets Board and other relevant legislation as well as the articles related to profit distribution of the Articles of Incorporation of Company, upon considering investment and financial planning, financial situation of Company and developments in market.

Profit distributable is determined after setting aside legal reserves to be necessarily separated from profit of period of Company in scope of Turkish Trade Law, Capital Market Law and relevant notifications of Capital Markets Board and Tax Legislation as well as other relevant legislation and the articles related to profit distribution of the Articles of Incorporation of Company.

Distribution of minimum 10% of distributable profit either in cash or as no-par share has been determined by our Company as a basic principle in frame of the resolution to be passed in general assembly upon profit distribution proposal of board of directors to be suggested to general assembly provided however Capital Market Board and Tax Legislation shall be complied with. Policy so determined may be modified upon passing through approval of general assembly in line with the resolution to be passed by Board of Directors in frame of national, international, regional or industrial economic requirements.

Profit distribution will be determined by general assembly upon proposal of board of directors as cash or no-par shares or partially cash and partially no-par share.

Share subject to profit distribution will not hold any privilege.

Profit share is equally distributed to all shares as of distribution date not withstanding issue and acquisition dates thereof.

Profit distribution shall be fixed for a date during a General Assembly Meeting as to be a date that will be up to the end of account period for which general assembly meeting was held.

Profit share may be paid in installments with equal or different amount provided that this matter should be resolved during general assembly meeting. Number of installments shall be determined by general assembly or board of directors, provided however latter should be clearly authorized by general assembly.

Company may distribute advance of profit share under the provisions of Turkish Trade Law, Capital Market Law, Capital Markets Board regulations and resolutions as well as other relevant legislation and the articles related to profit distribution of the Articles of Incorporation of Company, by means of general assembly or by means of board of directors upon clearly authorization by general assembly.