HACI ÖMER SABANCI HOLDİNG
ANONİM ŞİRKETİ
ARTICLES OF ASSOCIATION
PART I
GENERAL PROVISIONS

FORMATION AND FOUNDERS
Article 1: Founders have, among themselves, drawn up the present Articles of Association in accordance with the provisions of the Turkish Commercial Code which govern instant establishment of joint-stock companies.

TRADE NAME
Article 2: The Trade Name of the Company is "HACI ÖMER SABANCI HOLDİNG ANONİM ŞİRKETİ". The Joint-Stock Company with above-mentioned trade name shall hereinafter be referred to as "SA".

FOUNDERS
Article 3: Founders of HOLDING COMPANY:

OBJECTS & BUSINESS LINE
Article 4: The essential object of "SA" is to ensure that affiliated and associated companies are administered and managed in a more efficient, rational and profitable way in observance of the same managerial and behavioural principles and in line with current circumstances and in such a way to respond to their requirements and to create favourable competitive conditions; and to ensure that they are doing business using advanced techniques in fields of planning, production, marketing, finance, financing, personnel and fund management; and to make "SA" principles and image established at companies, as well as at its domestic and foreign partnerships, and to develop such principles and image further.
In order to achieve the foregoing goals, "SA" may carry out and handle the following fields of activity by acquiring stake in capital and management of existing and future domestic and foreign companies established to deal with and engage in any kind of business activity, including but not limited to all kinds of commercial, industrial, agricultural, mining, tourism, construction and financial activities, or by getting involved otherwise:

1. It may make all kinds of dispositions on various securities provided that this activity shall not take the character of portfolio management and intermediary service.
2. It may act as intermediary for subscription transactions in capital increases or various securities issue of Holding affiliates provided that this activity shall not take the character of intermediary and portfolio management service; and may enter into those transactions which would ensure sales and value protection thereof, such as giving warranty/guarantee to the issuing companies or their buyers for results of such issues and giving dividend guarantee or repurchase commitment.
3. It may acquire various securities of companies or may finance the same otherwise.
4. It may give all kinds of guarantees, warranties and sureties as security for loans made available to its affiliated and associated companies by banks or other finance institutions, as well as for undertakings and risks which they shall assume towards such institutions and other third parties, and may take all kinds of guarantees as security for undertakings it shall assume in their favour.
5. It may undertake accounting and fiscal and financial controls of its affiliated and associated companies and may conduct, or cause to be conducted, organizational inspections designed to ensure that operations are managed in a more rational and efficient way.
6. It may take over administration of any affiliated and associated companies consenting to such takeover within the framework of agreements made with them with respect thereto and may, if and when necessary, guarantee dividends pertaining to such period provided that this shall not take the character of intermediary activity.
7. It may take necessary actions to organize import and export transactions of affiliates and associated companies, as well as of their entities and enterprises; and may carry out and handle joint services such as customs, storage, insurance, transport, collections, fiscal and legal consultations, provided that it shall not act as a customs broker.
8. It may take over notes and accounts receivable of affiliated and associated companies, as well as of their entities and enterprises, arising from their respective sales, and may transfer and endorse the same to other enterprises. It may procure credits extended by such businesses to their dealers or customers and may take necessary guarantees and warranties required with respect thereto.
9. It may pass "SA"s funds provided by debt or equity to affiliated and associated companies in order to enable them to develop and keep up their operations and to finance their investments.
10. It may procure various supplies and materials required by affiliated and associated companies for transferring the same to them in order to enable them to develop and keep on their operations and to speed up their investments; and may act as trustee for import transactions; and may organize collective marketing of their products, and, to this end, may purchase such goods and materials for selling them at domestic and foreign markets.
11. It may establish cooperations and subsidiaries with foreign and domestic companies and may enter into agreements based on distribution of financial responsibility.
12. It may borrow and lend money, with and without guarantee, in favour of Holding Company and its affiliated and associated companies, and may make peaces, arbitration, waivers, acknowledgements and releases with respect thereto.
13. It may make dispositions on all kinds of movable assets and may carry out necessary transactions for lien on movable assets with an eye to securing its receivables.
14. It may acquire, rent and sell motor vehicles and may make all kinds of legal dispositions thereon.
15. It may enter into agency agreements with insurance companies and may carry out insurance activities in its capacity as agent.

In addition to the transactions described under foregoing articles, should the Company wish in the future to deal with and engage in other fields of activity which would be deemed useful and necessary for "SA", upon proposal of the Board of Directors, the matter shall be referred to the General Assembly for approval and "SA" shall become entitled to deal with and engage in contemplated fields of activity only after a resolution has been passed to that effect.

Since such a resolution would involve an amendment to the Articles of Association, it is essential that prior permission of the competent authorities be obtained before enforcement thereof.

ACQUISITION OF IMMOVABLE PROPERTY
Article 5: "SA" may acquire immovable properties to achieve its business goals as defined in its business line and may transfer and waive immovable properties so acquired and may establish mortgages and other real and personal rights on such immovable properties, as well as on immovable properties of others, and may release the same and may hire out the same in part or in whole.
"SA" may borrow and lend money against mortgage or without any guarantee in order to achieve its business goals as defined in its business line.
"SA" may take all kinds of guarantees, both real and personal, as security for and recovery of its rights and receivables and may give the same in favour of others.

HEAD OFFICE AND BRANCHES
Article 6: Head Office of "SA" shall be located in Istanbul. The Board of Directors may open and establish branches, offices and correspondent offices, both at home and abroad, in accordance with the relevant provisions of legislation, provided that competent authorities are duly informed and that their prior permission is obtained with respect thereto.

EXISTENCE
Article 7: "SA" shall exist perpetually, without any time limit.

ANNOUNCEMENTS
Article 8: Announcements regarding "SA" shall be made through a newspaper circulated in Istanbul provided that the provisions of paragraph 4 of article 37 of the Turkish Commercial Code shall remain reserved.
Announcements calling for a General Assembly shall be made at least two weeks in advance, exclusive of the date of announcement and meeting, in accordance with article 368 of the Turkish Commercial Code.
Any announcements regarding capital decrease and liquidation shall be subject to articles 397 and 438 of the Turkish Commercial Code.
Announcements to be made under the Capital Market Legislation shall be subject to the relevant provisions of legislation.

AMENDMENTS TO ARTICLES OF ASSOCIATION
Article 9: In order that any amendments to Articles of Association of "SA" might be valid and enforceable, it is essential that such amendments be made, registered and announced in accordance with the present Articles of Association and with the provisions of the Turkish Commercial Code in relation to meeting and resolving quorums, as well as with other applicable provisions thereof. However, amendments to

PART II
SHARE CAPITAL

CAPITAL
Article 10: The Company has adopted registered capital system in accordance with the provisions of the Law 2499 and has shifted to this system by virtue of permission No. 667 dated 08.05.1997 of the Capital Market Board. Registered capital of the Company is YTL3.000.000.000 (THREE BILLION NEW TURKISH LIRAS), divided into 300.000.000.000 (THREE HUNDRED BILLION) shares of stock, each with a par value of YKr1 (ONE NEW KURUS), all of which are registered shares.
Company's paid-in issued capital is YTL1.800.000.000 (ONE BILLION EIGHT HUNDRED MILLION NEW TURKISH LIRAS), divided into 180.000.000.000 (ONE HUNDRED AND EIGHTY BILLION) shares of stock, each with a par value of YKr1 (ONE NEW KURUS). Par value of shares formerly being TL1.000 (ONE THOUSAND TURKISH LIRAS) has been converted to YKr1 (ONE NEW KURUS) as a requisite of the Law 5274 on Amendment to the Turkish Commercial Code. Because of such conversion, total number of shares has reduced, and consequently, 1 share of YKr1 (ONE NEW KURUS) shall be given in exchange for 10 shares of TL1.000 (ONE THOUSAND TURKISH LIRAS). Shareholders' rights arising from their shares in connection with such conversion shall remain reserved.
Transactions in relation to capital shares shall be made on-account (in a dematerialized way) within the framework of dematerialization principles. The Board of Directors shall be empowered to increase issued capital by issuing new registered shares up to registered capital ceiling if and when it deems necessary in accordance with the provisions of the Capital Market Law.
The Board of Directors cannot pass any resolution for restriction of preemptive rights (right of first refusal) of shareholders.

CAPITAL INCREASE AND DECREASE
Article 11: In order that registered capital of "SA" might be increased and decreased, it is essential that shareholders representing at least 25% of "SA" share capital, or their proxies, have cast affirmative vote with respect thereto.

TRANSFER AND WAIVER
Article 12: Provisions of the Turkish Commercial Code and of the Capital Market legislation shall be applicable for transfer of "SA" share certificates.

FOUNDERS SHARES
Article 13: This article is repealed.

ISSUE OF VARIOUS SECURITIES
Article 14: "SA" may issue all kinds of bonds, commercial papers, profit and loss sharing certificates, as well as other securities or negotiable instruments acceptable to the Capital Market Board, for selling them to real persons and legal entities, both at home and abroad, in accordance with the provisions of the Turkish Commercial Code and of the Capital Market Law, as well as of other applicable legislation.

Securities, referred to in this article, whose issue is subject to a resolution of the Board of Directors passed to that effect, can only be issued by virtue of such Resolution of the Board of Directors under the Capital Market Board legislation.

PART III
BOARD OF DIRECTORS

FORMATION
Article 15: "SA" shall be administered and represented by a Board of Directors consisting of minimum 7 and maximum 15 members to be elected at General Assembly in accordance with the provisions of the Turkish Commercial Code and of the present Articles of Association.
Candidates agreed upon by majority of shareholders or their proxies present at Shareholders' Meeting, shall be compiled in a single list and such list shall be put out to vote by council chairman of General Assembly and, thus, members shall be elected in a single list.
Members of the Board of Directors shall serve in that capacity for a period of three years at most.
Any member whose term has expired may be re-elected.
In the event of a vacancy in membership for any reason, a new member shall be elected by the Board of Directors to fill such vacancy and such election shall be presented to the next General Assembly for approval. Such member shall serve until the expiration of the office term of the outgoing member s/he replaces.
For members of the Board of Directors being a representative of legal entities, if it is made known by legal entity that they have severed their relationship with such representative(s), then such person(s) shall be regarded to have resigned as member of the Board of Directors. 

MEETINGS
Article 16: The Board of Directors shall elect every year, among its members, a Chairman and two Deputy Chairmen to take the chair in his/her absence.
Meeting dates and agenda shall be set by Chairman or one of Deputy Chairmen and the Board of Directors shall convene whenever required by businesses upon invitation of the Chairman or one of Deputy Chairmen. Invitation as accompanied by items of agenda shall be made by registered mail or a signed fax message at least 7 days in advance of the meeting date. This ceremony shall not be observed in the emergencies. However, in order that a Board of Meeting might be opened in such case, it is essential that two/thirds of the exact number of members of the Board of Directors be present at the meeting. Meeting date may also be set by virtue of a resolution of the Board of Directors. If Chairman or one of Deputy Chairmen fails to make an invitation for meeting upon written request of a member, members shall have the right to make an ex'officio invitation. 
The Board of Directors shall convene whenever required, provided that it shall convene for at least four times a year.
Unless a member asks for a discussion, resolutions of the Board of Directors may also be passed by getting a proposal of a member with respect to a particular matter approved by other members in writing.
Quorum for holding a Board of Directors meeting and for passing a resolution thereat shall be subject to the provisions of the Turkish Commercial Code. However, resolutions with respect to acquisition of a company stake or sale of existing shares or to purchase of further shares of an associated or affiliated company or to changeover with other shares or to offering of "SA" immovable properties as in-kind capital contribution and to sale or changeover thereof and to dispositions thereon or to establishment of real or personal rights thereon and to acquisition and construction of immovable properties, it is essential that at least two/thirds of the exact number of shareholders be present at the meeting and that at least two/thirds of the present members cast an affirmative vote.

MANAGING DIRECTOR AND DELEGATED MEMBER (EXECUTIVE DIRECTOR)
Article 17: The Board of Directors may delegate all or part of their managerial or representational powers/authorities to managing directors and delegated members by virtue of a resolution of the Board of Directors to that effect.
Remuneration payable to such persons shall be decided by the Board of Directors.

LIMITS OF MANAGERIAL RIGHT AND REPRESENTATIONAL POWER
Article 18: The Board of Directors shall be empowered to carry out and handle all kinds of Ordinary and Extraordinary transactions and dispositions, for and on behalf of the Company, with an eye to achieving business goals of the Company, within the framework of business line, and may appoint commercial agents and commercial representatives and may dismiss them if and when necessary. It may open branches, agencies, representative offices, bureaus and correspondent offices and may acquire and construct immovable assets (real estate) and may acquire various movable assets; and may transfer and waive immovables, movables and negotiable instruments and other proprietary rights acquired or may encumber the same with a real right or may make dispositions thereon otherwise or may take any real and personal guarantees and may give guarantees in favour of the Holding Company as well as of affiliated and associated companies.
The Board of Directors shall also be empowered to borrow and lend, with and without guarantee, in favour of Holding Company and its affiliated and associated companies, and may make peaces, arbitration, waivers, acknowledgements and releases with respect thereto. The Board of Directors may carry out and handle all such duties in person and may delegate all or part thereof to a committee or commission whose members shall be elected by itself.

ATTENDANCE FEE AND REMUNERATION OF MEMBERS
Article 19: Attendance fee and remuneration payable to members of the Board of Directors shall be set and decided at Shareholders' Meeting.

APPOINTMENT OF MANAGER
Article 20: The Board of Directors may appoint manager(s) for a period of time longer than its own term, for phase of execution of "SA" businesses, if and when it deems necessary, under article 342 of the Turkish Commercial Code.

AUTHORIZED SIGNATORIES
Article 21: "SA" shall be managed and represented towards outsiders by the Board of Directors.
In order that any documents to be issued by "SA" and any contracts to be executed on its behalf might be valid and enforceable, it is essential that such documents and contracts be signed jointly by two authorized signatories of "SA", all affixed under "SA" trade name.
Authorized signatories and their signatory powers shall be set under a resolution of the Board of Directors, which shall then be duly registered and announced.

PROVISIONS AS TO THE BOARD OF DIRECTORS
Article 22: Provisions of the Turkish Commercial Code shall be applicable for any matters not covered by the present Articles of Association, and for rights, debts and obligations of members of the Board of Directors and for their withdrawal, death or incapacity to serve, as well as for other matters in relation to Chairman and members of the Board of Directors.

PART IV
PLANNING AND GUIDANCE COUNCIL

Article 23: This article is repealed.

PART V
AUDIT

ELECTION OF AUDITORS
Article 24: Two or three auditors shall be elected at General Assembly among shareholders or outsiders for a period of maximum three years.

REMUNERATION PAYABLE TO AUDITORS
Article 25: Remuneration payable to Auditors shall be set at the General Assembly.

DUTIES AND POWERS OF AUDITORS AND APPLICABLE PROVISIONS
Article 26: Articles 347-359 of the Turkish Commercial Code shall be applicable for duties, powers and responsibilities of auditors, as well as for other auditor-related matters.
Auditors may attend the General Assembly on condition that they would not participate in discussion or vote and may import any proposal which they deem right into agendas of extraordinary meetings of the Board of Directors and of the General Assembly.
Auditors shall have joint and several responsibility for losses/damages arisen from non-performance or improper performance of duties assigned to them under the Code or the Articles of Association unless they are proved to be faultless. Provisions of articles 309 and 341 of the Turkish Commercial Code shall be applicable for such responsibility.

PART VI  
GENERAL ASSEMBLY

PLACE OF MEETING
Article 27: General Assembly of "SA" may meet ordinarily and extraordinarily. Ordinary General Assembly shall take place within three (3) months after closure of every accounting period at least once a year. General Assembly shall be held at "SA" head office or at any other place of the city, where its head office is located, deemed fit and proper by the Board of Directors.

NOTIFICATION OF MEETINGS TO COMPETENT AUTHORITIES AND PRESENCE OF MINISTERIAL SUPERINTENDENT AT MEETINGS
Article 28: Both Ordinary and Extraordinary General Assembly shall be notified to competent authorities. Copy each of the agenda and other related information must be submitted to competent authorities.
It is essential that Ministerial Superintendent be present at all meetings.
Any resolutions passed at a meeting held in the absence of Superintendent shall be void and null.

VOTING RIGHT
Article 29: Each share grants its holder one (1) vote. Shareholders may attend General Assembly in person and may get themselves represented by their proxies in accordance with regulations of the Capital Market Board with respect to voting by proxy.

SUBMISSION OF THE BOARD OF DIRECTORS' AND AUDITORS' REPORTS AND ANNUAL BALANCE SHEET AND PROFIT/LOSS STATEMENT TO COMPETENT AUTHORITIES
Article 30 : An adequate number of copies of the Board of Directors' and Auditors' reports and annual balance sheet, profit/loss statement, minutes of shareholders' meeting and roster indicative of the names and holdings of shareholders present at the meeting shall be submitted to competent authorities within periods of time set by applicable legislation.
Financial statements and reports required to be issued by the Capital Market Board, as well as independent audit report, if bound by independent audit, shall be submitted to the Capital Market Board and disclosed to the public in accordance with procedures and principles set by the Capital Market Board.

MEETING COUNCIL
Article 31: General Assembly shall be chaired by the Chairman of the Board of Directors. Meetings shall be chaired by the oldest deputy chairman in the absence of Chairman and by other deputy chairman in the absence of such oldest deputy chairman. In the absence of all such three persons, General Assembly shall be chaired by a person to be decided by the Board of Directors to that effect.
Two shareholders who are present at General Assembly and who hold biggest share shall be given the task of serving as vote collector at the meeting. If such shareholders refuse to perform such task, it shall then be given to other shareholders under the same principles.
General Assembly shall be managed by a meeting council consisting of Chairman and vote collectors, as well as of an adequate number of clerks elected by them.

VOTING METHOD
Article 32: Votes shall be cast openly by show of hands at General Assembly. However, voting by ballot will have to be exercised upon request of the shareholders holding at least one/fourth of the share capital.

APPLICABLE PROVISIONS
Article 33: Articles 360-398 of the Turkish Commercial Code shall be applicable for General Assembly and discussing and resolving quorums, as well as for other pertinent matters, to the extent that no otherwise provision is laid down in the present Articles of Association.

PART VII
ANNUAL ACCOUNTS

ACCOUNTING PERIOD
Article 34: The accounting period of "SA" shall begin on first day of January and shall end on last day of December.
The Board of Directors may change commencement of accounting period to a more favourable date under the provisions of laws provided that prior permission of competent authorities is obtained with respect thereto.

DISTRIBUTION OF NET PROFIT
Article 35: From net profit calculated and determined according to Balance Sheet drawn up pursuant to article 457 et seq of the Turkish Commercial Code and to other applicable legislation, as well as to the present Articles of Association;

I-As first distribution;

1. Corporation tax payable and other fiscal liabilities shall be deducted.
2. 5% legal reserve fund shall be set aside.
3. First dividend shall be set aside at such rate and under such principles as to be set by the Capital Market Board.

II-  Out of the amount outstanding after deduction of the sums set out in paragraph (I) above from net profit;

1. up to 4% shall be set aside to Members of the Board of Directors. However, dividends payable to each of Chairman, Deputy Chairmen, Managing Directors and Executive Directors shall be found by way of calculation at 3-fold of the amount payable to each of other members.
2. 3% shall be set aside to Sabanci Foundation.

TIME OF DISTRIBUTION OF ANNUAL PROFIT
Article 36: Profit decided to be distributed under article 35 of the present Articles of Association shall be distributed to shareholders, as well as to other profit-sharing persons, on such date to be set at the General Assembly in accordance with the relevant regulations of the Capital Market Board.

PART VIII
TERMINATION AND LIQUIDATION (WINDING-UP)

TERMINATION
Article 37: "SA" shall cease to exist for reasons set out in the Turkish Commercial Code.

LIQIUDATION (WINDING-UP)
Article 38: In the event of termination or dissolution for a reason other than bankruptcy, liquidation shall be handled by liquidators to be elected at Shareholders' Meeting.
Liquidation proceedings shall be carried out in accordance with the relevant provisions of the Turkish Commercial Code.

PART IX
MISCELLANEOUS PROVISIONS

JURISDICTION
Article 39: Courts and execution offices practising in the city, where "SA" head office is located, shall have jurisdiction over any disputes which might arise out between "SA" and its shareholders, both during the course of activities and during liquidation process. In the event of such disputes, shareholders going to court shall be obliged to designate a domicile address in the area where "SA" is located, to which legal notices could be given.

STATUTORY PROVISIONS
Article 40: Provisions of the Turkish Commercial Code and of the Capital Market Law, as well as other relevant legislation, shall be applicable for any matters not regulated by the present Articles of Association.

SHARE AND SERIES UNIFICATION
Provisional Article 1: This article is repealed.

AMENDMENTS

1. Article 14 under the Articles of Association has been amended and registered with Trade Registry on 16.07.1970 and announced in Issue No. 4005 dated 20.07.1970 of the Turkish Trade Registry Gazette.
2. Article 2 under the Articles of Association has been amended and registered with Trade Registry on 02.03.1973 and announced in Issue No. 4792 dated 10.03.1973 of the Turkish Trade Registry Gazette.
3. Articles 8, 11, 15, 28 and 31 under the Articles of Association have been amended and Provisional Article 1 has been added and such amendments have been registered with Trade Registry on 08.05.1973 and announced in Issue No. 4845 dated 14.05.1973 of the Turkish Trade Registry Gazette.
4. Article 6 under the Articles of Association has been amended and registered with Trade Registry on 11.02.1974 and announced in Issue No. 5074 dated 15.02.1974 of the Turkish Trade Registry Gazette.
5. Articles 15 and 29 under the Articles of Association have been amended and registered with Trade Registry on 06.04.1976 and announced in Issue No. 366 dated 20.04.1976 of the Turkish Trade Registry Gazette.
6. Articles 5, 8, 11, 12, 14, 15, 16, 19, 22, 23 and 32 under the Articles of Association have been amended and registered with Trade Registry on 17.12.1979 and announced in Issue No. 299 dated 25.12.1979 of the Turkish Trade Registry Gazette.
7. Articles 5 and 8 under the Articles of Association have been amended and registered with Trade Registry on 27.11.1984 and announced in Issue No. 1148 dated 30.11.1984 of the Turkish Trade Registry Gazette.
8. Articles 8, 11, 12, 23, 28 and 31 under the Articles of Association have been amended and registered with Trade Registry on 26.03.1985 and announced in Issue No. 1237 dated 05.04.1985 of the Turkish Trade Registry Gazette.
9. Article 8 under the Articles of Association has been amended and registered with Trade Registry on 19.12.1986 and announced in Issue No. 1667 dated 24.12.1986 of the Turkish Trade Registry Gazette.
10. Article 14 under the Articles of Association has been amended and registered with Trade Registry on 27.03.1987 and announced in Issue No. 1757 dated 01.05.1987 of the Turkish Trade Registry Gazette.
11. Article 8 under the Articles of Association has been amended and registered with Trade Registry on 30.12.1987 and announced in Issue No. 1932 dated 12.01.1988 of the Turkish Trade Registry Gazette.
12. Article 8 under the Articles of Association has been amended and registered with Trade Registry on 05.12.1988 and announced in Issue No. 2162 dated 08.12.1988 of the Turkish Trade Registry Gazette.
13. Articles 8 and 28 under the Articles of Association have been amended and registered with Trade Registry on 12.12.1989 and announced in Issue No. 2423 dated 15.12.1989 of the Turkish Trade Registry Gazette.
14. Article 8 under the Articles of Association has been amended and registered with Trade Registry on 20.08.1990 and announced in Issue No. 2595 dated 24.08.1990 of the Turkish Trade Registry Gazette.
15. Article 8 under the Articles of Association has been amended and registered with Trade Registry on 03.12.1991 and announced in Issue No. 2918 dated 06.12.1991 of the Turkish Trade Registry Gazette.
16. Articles 2, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 and 36 under the Articles of Association have been amended and provisional articles 1 and 2 have been repealed and newly drafted articles 37, 38, 39 and 40 have been added and such facts have been registered with Trade Registry on 02.06.1992 and announced in Issue No. 3051 dated 18.06.1992 of the Turkish Trade Registry Gazette.
17. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 02.12.1992 and announced in Issue No. 3172 dated 07.12.1992 of the Turkish Trade Registry Gazette.
18. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 04.11.1993 and announced in Issue No. 3401 dated 09.11.1993 of the Turkish Trade Registry Gazette.
19. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 12.07.1994 and announced in Issue No. 3574 dated 15.07.1994 of the Turkish Trade Registry Gazette.
20. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 15.06.1995 and announced in Issue No. 3810 dated 20.06.1995 of the Turkish Trade Registry Gazette.
21. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 06.06.1996 and announced in Issue No. 4058 dated 13.06.1996 of the Turkish Trade Registry Gazette.
22. Articles 9, 11 and 35 under the Articles of Association have been amended and registered with Trade Registry on 01.10.1996 and announced in Issue No. 4138 dated 04.10.1996 of the Turkish Trade Registry Gazette.
23. Articles 4, 8, 10, 11, 12, 14, 18, 30, 35, 36 and 40 under the Articles of Association have been amended and registered with Trade Registry on 09.06.1997 and announced in Issue No. 4309 dated 12.06.1997 of the Turkish Trade Registry Gazette.
24. Articles 10, 23 and 29 under the Articles of Association have been amended and registered with Trade Registry on 30.06.1998 and announced in Issue No. 4575 dated 03.07.1998 of the Turkish Trade Registry Gazette.
25. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 10.12.1999 and announced in Issue No. 4941 dated 15.12.1999 of the Turkish Trade Registry Gazette.
26. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 21.12.2001 and announced in Issue No. 5452 dated 26.12.2001 of the Turkish Trade Registry Gazette.
27. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 30.09.2003 and announced in Issue No. 5899 dated 03.10.2003 of the Turkish Trade Registry Gazette.
28. Article 10 under the Articles of Association has been amended and registered with Trade Registry on 13.05.2005 and announced in Issue No. 6306 dated 18.05.2005 of the Turkish Trade Registry Gazette.
29. Articles 10 and 35 under the Articles of Association have been amended and article 13 and provisional article 1 have been repealed and such facts have been registered with Trade Registry on 22.05.2006 and announced in Issue No. 6563 dated 25.05.2006 of the Turkish Trade Registry Gazette.