These research reports were prepared by INTEGRAS analysts as explicitly named within and our research reports and recommendations are not to be construed as investment advisory service as per the Capital Markets Board of Turkey (CMB”) communiqué (Series: V, No: 55, 22/4/2002). As per the CMB regulations, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory service is provided in accordance with a contract of engagement on investment advisory concluded between brokerage houses, portfolio management companies, non-deposit banks and clients. Comments and recommendations stated here rely on the individual opinions of the ones providing these comments and recommendations. These opinions may not fit to your financial status, risk and return preferences. For this reason, to make an investment decision by relying solely to this information stated here may not bring about outcomes that fit your expectations.

Our publications are not distributed to, nor intended for use by any person/entity who is a resident/citizen of, or located in, any jurisdiction where such publication, distribution, availability or use would be contrary to regulation or law, or which would subject INTEGRAS to any registration/licensing/authorization within the said jurisdiction.

While sources used in preparation of these research reports are believed to be reliable, INTEGRAS makes no representation that they are accurate or complete. The opinions, forecasts, assumptions and other information contained in these research reports are as of the date indicated and are subject to change at any time without prior notice.

These reports are provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.

Neither INTEGRAS, nor any of its partners, directors, employees, representatives or agents shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including loss of profits arising in any way from the information contained in these reports.

These research reports are for the use of the intended recipients only and their contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without the prior written consent of INTEGRAS.

Research reports or our website may contain the addresses of, or hyperlinks to, third party websites. Such links or addresses are provided for your convenience and the information contained in the referred site does not in any way form part of any of INTEGRAS publications. Accessing such sites or following such links shall be at your own risk.

Policy on independence

All Investment research issued by INTEGRAS is independent, impartial and objective.

INTEGRAS does not conduct any investment business with or for its clients (other than the provision of research) or on its own account. INTEGRAS staff have no responsibilities which could conflict with the interests of our investment research clients. INTEGRAS does not carry out any corporate finance business; does not sell or trade securities; and has no involvement in raising capital for corporate clients.

INTEGRAS has no other regulated or unregulated business activities which conflict with its provision of independent research.

INTEGRAS research is not intended for Private Customers.

Conduct of our Investment Analysts

INTEGRAS investment analysts are supervised by senior partners of the firm.

The remuneration structure for INTEGRAS analysts is not linked in any way to dealing or other activities which our customers carry out as a result of the independent research provided by the firm.

Our analysts are not permitted to be involved in any activities which could be seen as conflicting with our provision of investment research to our clients. No inducements offered by issuers, or others with a material interest in the subject matter of investment research, may be accepted by our investment analysts or senior partners of the firm.

No employee of INTEGRAS may carry out any personal account dealing which could create a conflict of interest which might affect the impartiality of INTEGRAS investment research. Any proposed personal account dealing by employees is subject to pre-approval by a senior partner of INTEGRAS and no dealing which could create a conflict of interest between the employees of INTEGRAS and our customers is permitted. In addition, a prohibited list of securities is maintained. Note that INTEGRAS itself does not hold securities on its own account. All outside business activities of employees are subject to prior approval by a senior partner of the firm. Publication Policy

The timing and manner of publication and distribution of investment research and of the communication of its substance must be approved in advance by a senior partner of INTEGRAS. Before being issued, all research documents must be approved and signed-off by a senior analyst. No one outside INTEGRAS may comment on draft investment research before publication, other than, where necessary, to verify factual information.

Certain disclaimers may be included in our research where appropriate, for example for legal reasons. INTEGRAS policy and procedures require investment research to be distributed in an appropriate manner.

Our investment research is published and distributed either in hard copy or on line. No employee may communicate the substance of any investment research, except in accordance with our policy of independence.

Sponsored Research

From time-to-time, INTEGRAS may agree with a specific issuer that the cost of a research report will be paid for by the issuer to whom the report relates. Where INTEGRAS publishes such sponsored research, it will be clearly and prominently identified as such. In all respects, such a report will be prepared according to INTEGRAS normal, rigorous standards of impartiality and objectivity. Other than for verification of factual information, the sponsoring issuer will not be permitted to comment on the research prior to publication.

The purpose of accepting such sponsorship is primarily to allow INTEGRAS to provide timely research on issuers falling outside the normal scope of our research coverage, for example smaller firms.

Website Privacy Policy

This Privacy Policy sets forth our current policies. Please bear in mind that we may change the content or services found on our website at any time in the future, and consequently, our privacy policy may also be modified.

Please re-visit this page from time to time to familiarize yourself with any changes to the aforementioned Policy. Your continued use of our website following any changes to the Policy will be deemed as acceptance of the changes.

If you register to use the password-protected portions of our site, we will ask you to provide us with certain information about yourself. This personal information is maintained in password protected files, and access is limited to staff who need to have such information to provide services to you. We will never pass on any personal information to any third party.

When you use the our website, we may collect data regarding the portions of the site that you have visited, information you have obtained or any input that you have provided. This may be done using "cookies", which are text files that are stored on your computer. This data may also include your connection metrics, which may include, but is not restricted to, your domain name, internet service provider, access protocol, your browser type, versions and settings, your operating system and other connectivity specifications. In addition, we may disclose information about you if requested or ordered to do so in the course of a legal or regulatory proceeding.

Although we have tried to create a secure and reliable website for you, the confidentiality of any communication or material transmitted via our web site or by e-mail cannot be guaranteed. When submitting any sensitive information, please consider and be mindful of the fact that it is potentially accessible to others and may be collected without your consent. The use of the Internet and our website is solely at your own risk. We accept no responsibility or liability for the security of personal information transmitted via the Internet.