Stock exchange prices, dated December 31, 2021, of bonds and bills and lease certificates, which are traded on Borsa Istanbul (BIST).

In accordance with article 279 of Tax Procedure Law, mutual fund participation certificates consisting of shares and shares of companies, established in Turkey and of which 51% fund portfolio of such companies is held in Turkey, should be valued with purchase price while all types of securities apart from above certificate should be valued based on stock exchange prices.

Weighted average prices (clearing price), emerging as of December 31, 2021 and announced on daily bulletin of BIST, of bonds and bills and lease certificates traded on Borrowing Instruments Market of Borsa Istanbul (BIST) on December 31, 2021 are demonstrated on the table attached to our circular.

Such securities should utilize stock exchange prices included on table attached in terms of their valuation transactions to be made as of December 31, 2021 in scope of article 279 of Tax Procedure Law.