Remuneration Policy

CORPORATE GOVERNANCE

Remuneration Policy for Board Members

This policy document establishes remuneration systems and practices for Board Members and executives with administrative authority according to Capital Markets Board legislation.

Remuneration of Board Members shall be determined each year at the annual ordinary General Assembly.

The following policies with detailed explanations shall be applicable to the payment of executive Board Members.

Payment plans based on company performance shall not be used for the remuneration of Independent Board Members.

Board Members shall receive payments on a pro-rata basis according to the amount of time they have served and the dates of their appointment and leaving the office. The company may reimburse Board Members the expenses they have incurred during their term of office, such as transportation, telephone, insurance and other similar costs.

Remuneration of executives consists of two components: fixed and performance-based.

The Company remuneration policy is established and applied in line with the remuneration and benefits management and according to fair, objective, competitive and motivating criteria that rewards high performance.

The main objectives of the remuneration policy are to build the payment structure by putting emphasis on the size of the job, performance, contribution to the job, knowledge, skills and abilities; to motivate personnel and increase loyalty by establishing a balanced payment pattern internally and between companies and by creating competitiveness in the market, and to acquire a workforce equipped to help the company achieve its targets.

The Work Family Model of the company identifies organization roles, examples of main responsibilities, a performance indicator, and knowledge, skills, experience and abilities. The company's remuneration policy is based on this Work Family Model.

The reason for the company having a Flexible Remuneration policy is to reward success by encouraging personnel to display outstanding performance as well as to build a target-oriented performance culture in the company, help employees achieve budgetary targets and realize business results that exceed company objectives.