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Remuneration Policy

The Remuneration Policy intends to manage and execute the rights of the members of the Board of Directors and the senior management. This is by taking into consideration the long-term targets and performance of the company in accordance with the regulations of the CML and the TCC.

By taking into consideration the opinions of the related committees, the wages of the members of the Board of Directors are determined as gross monthly payments and then presented to the approval of the Ordinary General Assembly. It is essential that the remuneration of the Independent Board Members shall be kept at a level so as to maintain their independence. Stock options or payment plans that are based on company performance may not be used as part of the remuneration of the independent members of the Board of Directors. The policy regarding the remuneration has appropriate structures in place to attract, motivate and retain high caliber executives, CEO, executive directors, non-board executives and other management bodies.

To attract employees, and retain current employees, with the skills and attributes that we need to promote the growth and success of our business we maintain a compensation program for all of our employees that is based upon monthly salaries and performance based bonus and we use the same principles in attracting and retaining our executives. Compensation paid and benefits provided to the members of the Board of Directors are disclosed to the public in the meeting minutes of the general assembly meeting each year.

By taking into consideration their duties, responsibilities, experiences and performance, the wages and the benefits of senior management are determined in a manner that is compatible to equivalent job conditions and the company’s strategies and polices. The wages paid and all other benefits provided are disclosed to the public via the company’s annual report.

In addition to the monthly fixed wages determined according to related policies, it is also possible to give fringe benefits and performance-based premiums to the senior management and the members of the Board of Directors. This is done in a manner which serves the long-term performance of the company.

In Ülker , every year, we pursue a very detailed succession plan within our Talent Management Process for all of our leaders and critical roles in our organisation including senior management team as well. During this process, our SLT team, (CEO's N-1 level) is positioned in various roles as successors according to their potential and future career aspirations.

The policy regarding the remuneration determination principles of the senior management and the members of the Board of Directors, and any amendments thereof, are submitted to the Ordinary General Assembly upon the approval of the Board of Directors and announced to the public on the company’s website.