INTERIM PAYMENT PROCEDURE INTRODUCED FOR FUNDS IN LIQUIDATION

In its announcement dated October 1, 2026, the Capital Markets Board established an additional liquidation procedure to supplement the general principles governing investment funds currently in the process of liquidation. Under this procedure, an interim payment will be made to unit holders prior to the final liquidation payment.

The regulation covers funds for which liquidation was decided pursuant to the Board’s decisions dated September 17, 2026, and which were established by Tera Portfolio Management Inc., Pusula Portfolio Management Inc., Atlas Portfolio Management Inc., and Hedef Portfolio Management Inc.

Key Points Of The Announcement

• Beneficiaries: The interim payment will be made promptly to all unit holders for whom reconciliation procedures have been completed.

• Nature of the payment: The amount to be paid will be offset against the final amount to be received as a result of the liquidation. Therefore, the interim payment is not an additional payment but an advance payment made against the final receivable.

• Calculation basis: The calculation will be based on the net investment amounts determined by the Central Registry Agency Inc. for each beneficiary in accordance with the reconciliation results.

• Upper limit: The interim payment amount will not exceed 1 million TL per investor per fund. Investors with a net investment amount below 1 million TL will receive the full amount, while those with a net investment amount of 1 million TL or more will receive a maximum of 1 million TL.

• Participation shares: No participation shares will be returned in exchange for the interim payment; participation shares will be returned during the final liquidation payments.

• Order of application: The supplementary liquidation procedure will be applied starting with money market funds.

Important Considerations For Investors

• Settlement procedures must be completed in order to benefit from the interim payment.

• Since the upper limit is applied on a fund-by-fund basis, the limit will be calculated separately for each fund for investors holding shares in multiple funds undergoing liquidation.

• The criterion used in the calculation is the “net investment amount,” but the method for determining this amount and the payment schedule have not been specified in the announcement. It is important to monitor further details regarding the implementation.

• Since the interim payment will be offset against the final claim, the process of determining the amount to be received as a result of the liquidation is ongoing.