Public Disclosure | 27/02/2013

27.02.2013

About Profit Distribution Policy

It was resolved at the meeting of the Board of Directors of our Bank held on 27.02.2013 the Profit Distribution Policy of our Bank shall be updated as indicated below and submitted to the approval of the General Assembly. The Profit Distribution Policy shall come into force after the amendment of the Main Articles of Association of our Bank is approved by the related authorities and the General Assembly.

“It was suggested that, as the profit distribution policy, first dividends that shall be calculated up to 30% of the distributable profit shall be distributed in cash provided that the world’s and Turkey’s economy are not under any distress and that the financial status and capital are at expected levels.

The principles regarding profit distribution of our Bank have been set out in Article 47 of the Main Articles of Association of our Bank and accordingly;

The net profit remaining after all costs and expenses plus the premiums, bonuses and similar amounts, possible depreciation amounts and the required reserves are deducted from the total of revenues and income of the Bank for a year shall be reserved and distributed according to the manner and ratios and order indicated below:

How the profit of the Bank shall be distributed shall be determined by the General Assembly upon the opinions and suggestions of the Board of Directors by considering the relevant provisions of the Turkish Commercial Code, the Capital Market Code and other various codes and regulations applicable to the Bank.

a) Therefore, 5% of the annual net profit can be reserved as a legal reserve fund up to 20% of the issued capital and after reaching this legal limit, the amounts indicated in items a and b of the 2nd paragraph of Article 519 of the Turkish Commercial Code may be added to the reserve fund.

b) First dividends are distributed from the remaining amount in conformity with the capital market code.

c) If the Bank has acquired its own shares, a reserve fund equal to the acquisition rate as indicated in Article 520 of the Turkish Commercial Code shall be reserved.

d) Of the net profit remaining after the above-mentioned reserve funds and the first dividends are deserved;

5% shall be reserved for the founder shares (limited to 200 thousand Turkish Lira of the subscribed capital),

Up to 0.5% shall be reserved for the members of the Board of Directors,

Up to 3% shall be reserved for the employees, provided not to exceed the total of 3 salaries,

Upon the proposal of the Board of Directors and approval of the General Assembly.

e) The General Assembly shall be authorized to decide whether the amount remaining from the net profit after the reservations and payments indicated in (a), (b), (c) paragraphs shall be completely or partially distributed or shall be reserved as a reserve fund.

f) In accordance with item c of the 2nd paragraph of Article 519 of the Turkish Commercial Code, 10% of the total amount to be distributed to shareholders from the profit shall be added to the general legal reserve fund.

Dividends to be distributed cannot be determined until the optional reserve funds indicated in the Laws and the Main Articles of Association are reserved.

The dividends shall be distributed to all current shares as of the date of the distribution equally, without considering the issuance and acquittal date of such shares.

The decision to distribute dividends passed by the General Assembly cannot be withdrawn according to the Main Articles of Association.

Provided that the procedures and provisions as set in the Capital Market Code are reserved, advance dividends may also be distributed.”

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