In our announcement dated 12th July 2012, we informed of the decision by the Competition Authority; 12-36/1040-M(2), of 4th July 2012, to investigate our company and Opet Petrolculuk for possible breaches of articles 4 & 6 of Law 4054, The Protection of Competition Act.

The announcement made on the website of the Competition Authority, on 17th of January 2014, in summary said that the Ankara Administrative Court had been of its decision for judicial review, numbered14-03/60-24, on the same date that:

- By majority decision that our company has abused its market dominant position, in breech of article 6 of Law 4054, The Protection of Competition Act, through its pricing and contractual arrangements, and that for this reason as made provision for in article 16, paragraph 3, for competition inhibiting contracts, concerned action and abuse of market position, the monetary penalty is calculated based on the company's revenues for the year 2013 as given in Regulations Concerning Penalties, article 5, paragraph 1, and a penalty of 1% of the revenues of the given year was decided by majority vote, totalling 412,015,081.24 TL.

- In accordance with Article 27 of law 4054 the competition authority decided by unanimous vote inform the company that pricing should be in the consumers interests and efforts should be made with the relevant authorities to ensure this, and that the above mention breach of the provisions of article 9 of Law 4054, or any action that leads to or may lead to a similar outcome, should be avoided

- On the subject of our company together with Opet Petrolculuk behaving in breach of article 4 of Law number 4054, there was insufficient evidence of such action and therefore it was decided by unanimous vote not to impose any penalty.

These decisions have been made public but as yet we have not recieved any offical notification of them.

Whilst the legal arguments that led to this decision have yet to be released, and we cannot be sure of the reasons of the decision, our initial comments on the decision based on what information we possess can be found in our press release published on the company website.

In the matter of the monetary penalty, in accordance with Law numbered 5326, article 17, we intend to pay three quarters of the amount, totalling 309.011.310,93 whilst taking all necessary legal actions to challenge the decision to penalise us in this way.

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