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Dividend Distribution Policy


The general company expenses, various depreciations and similar mandatory expenses of the company are deducted from the income determined at the end of a business period of the Company, and after deducting the retained losses, if any, the remaining profit for the period as indicated in the annual balance sheet is distributed as follows:

Legal Reserves
a) 5% is reserved as the legal reserve.

First Dividend
b)
The first dividend is reserved from the remaining balance, after adding the amount of donations if any, in accordance with the Turkish Commercial Code and the Capital Markets Board Regulation.

c) After the discounts mentioned above are made, the General Assembly is entitled to decide to distribute the dividend to the board members and officers, clerks and workers as well as foundations established for various purposes and similar persons and organizations.

Second Dividend
d)
The General Assembly is entitled to allocate the amount of net profit for the period after deducting the amounts specified in items (a), (b) and (c) as second dividend or the optional reserve in accordance with the Article 521 of the Turkish Commercial Code.

Legal Reserves
e) 5% dividend is deducted from the amount agreed to be distributed to the shareholders and other income participants, and one in tenth of the balance is included in the legal reserves as per the paragraph 2 in Article 519 of the Turkish Commercial Code.

Unless the legally required reserves are reserved and the dividends determined for the shareholders in the articles of association are paid in cash and/or in shares, the General Assembly may not decide to allocate further reserves, to transfer profit to the next year or to distribute dividen to the board members and officers, clerks and workers, the foundations established for various purposes and similar individuals or organizations.

The dividends will be allocated to each and every existing share at the time of distribution, regardless of their dates of issuance and acquisition.

The time and manner of distributing the dividends will be set by the general assembly upon proposal of the board of directors.

Dividends distributed by the general assembly in accordance with the provisions of the articles of association may not be reclaimed.

The company may allocate advances on dividends to the shareholders as per the Turkish Commercial Code and the Capital Market Board Regulations. The authorization granted by the General Assembly to the Board of Directors is limited to the respective year. Additional dividend advances and/or dividend distribution may not be applied unless the dividend advances of the previous year are deducted.