Certificate Types

BIST-30 Index Certificate is expected to show a price performance close to the BIST-30 Index. Since these certificates are priced instantaneously, they are affected by the price movements of the index during the day. In addition to the index value, three parameters are used in the price calculation of the certificate:

Conversion Ratio (Multiplier): The value indicating how many BIST-30 Indices the certificate represents. The conversion ratio of the BIST-30 Index Certificate is 0.01.

Accumulated Dividend: Dividend payments made by the shares within the scope of the BIST-30 Index, which is a price index, reduce the value of the BIST-30 Index in proportion to the index weight of the share. In BIST-30 Index certificate, dividend payments equivalent to BIST-30 Index points are added to the certificate value. Total dividend payments throughout the certificate's maturity constitute the accumulated dividend value. Thus, investors indirectly benefit from the dividends paid by thirty different stocks in the index. In addition, the dividend yield is reflected in the certificate as gross dividends.

Management Expenses: In order to cover various expenses arising from the issuance of certificates, Ak Investment applies a management fee by deducting it from the certificate value during the certificate's maturity. This value, which is 1% annually, is calculated on the first business day of each week by multiplying it by the closing value of the underlying asset/indicator on the previous trading day. The calculated weekly value is deducted from the value of the certificate.

Certificates have an expiry date and are subject to cash settlement at maturity.

While the closing value of the BIST-30 Index at the expiry date is used in the settlement calculation, the resulting value is rounded to the nearest two decimal places (Turkish Cent).

For Example:

• Conversion Rate: 0.01

• Value at Maturity: 4000

• Accumulated Dividends to Maturity*: 30 index points

• Total Management Fee: 20 Index Points

Index Certificate Payout: (4000+30-20)* 0.01

DAX® Index Certificates are expected to perform close to the price performance of the DAX® Index. Since these certificates are priced instantaneously, they are affected by the price movement of the index and the EUR/TRY spot rate during the day. In addition to the index value, three parameters are used in the price calculation of the certificate:

Conversion Ratio (Multiplier): The value indicating how many DAX® Indices the certificate represents. The conversion ratio of the DAX® Index Certificate is 0.0001.

Management Expense: In order to cover various expenses arising from the issuance of certificates, Ak Investment applies a management fee by deducting it from the certificate value during the term of the certificate. This value, which is 1% annually, is calculated on the first business day of each week by multiplying it by the closing value of the underlying asset/indicator on the previous trading day. The calculated weekly value is deducted from the value of the certificate.

EUR/TRY Exchange Rate: The instantaneous EUR/TRY spot rate is used to convert the certificate into Turkish Lira. Thus, investors can invest in the DAX® Index, which is traded in Euro, from their Turkish Lira account without making any foreign exchange transactions. Investors should keep in mind that they will be affected one-to-one by the change in the value of the EUR/TRY exchange rate. For example, if the EUR/TRY exchange rate appreciates by 10%, the DAX® Index Certificate is expected to appreciate by 10% and if the exchange rate depreciates by 10%, the certificate is expected to depreciate by 10%. At the maturity date, the EUR/TRY buying rate announced by the Central Bank of the Republic of Turkey on the maturity date will be used as the exchange rate settlement value.

Since the dividend payments paid by the shares within the DAX® Index, which is a performance index, are invested in the index, dividend payments in the DAX® Index have no effect on the DAX® Index level. Therefore, dividend payments are not added to the certificate value.

Certificates have an expiry date and are subject to cash settlement at maturity.

The value found in this settlement calculation is rounded to the nearest two decimal places (Turkish Cent) in Turkish Lira.

Example:

• Conversion Rate: 0.0001

• Value at Maturity: EUR 15.000

• Exchange Rate Settlement Value: EURTRY- 14 TRY

• Total Management Fee: 10 Index Points

Payment Provided by the Index Certificate: ((( 15,000*14)-10)* 0.0001

The BIST Spot Gold Index Certificate tracks the value of its underlying asset, the Borsa Istanbul Spot Gold Index (ALTSPT). This index is calculated by converting USD/Ounce spot gold prices in international markets into TL/Gram prices, and is therefore simultaneously affected by spot gold and USDTRY exchange rate movements.

The BIST Spot Gold Index Certificate issued by Ak Investment is expected to show a price performance close to the BIST Spot Gold Index and these certificates are priced instantaneously.

In addition to the index value, 2 parameters are used in the price calculation:

Conversion Ratio (Multiplier): The value indicating how many BIST Spot Gold Indexes an index certificate represents. The conversion rate of BIST Spot Gold Index Certificate is 0.01.

Management Expense: Ak Yatırım deducts a management fee from the value of the certificate throughout the term of the certificate in order to cover various expenses arising from the issuance of the certificate. This value, which is 1% per annum, is distributed equally to each week (approximately 0.02% per week). On the first business day of the week, the “weekly management fee” is calculated by multiplying the weekly rate by the closing value of the underlying asset/indicator on the previous trading day, and this weekly value is deducted from the certificate value.

Certificates are issued with an expiry date and are subject to cash settlement at maturity.

Settlement Value at maturity,

“(BIST Spot Gold Index Settlement Price - Total Management Expense) * Certificate Conversion Rate” is calculated as follows.

Example Expiry settlement calculation:

• Conversion Rate: 0.01

• Value at Maturity: 4000

• Total Management Fee (2 years) : 80 Index Points

• Index Certificate Payout: ((4000-80)* 0.01) = 39,20

Investors who have certificates in their accounts at maturity will liquidate these certificates at the calculated settlement value at maturity.

For more detailed information, you can review the Prospectus of these products under the Legal Documents title.