Exemption Relating to Examinations

Pursuant to Article 10 of “the Communiqué on Principles Regarding Licensing and Recordkeeping For Those Engaged in Capital Market Activities” (VII-128.7) (“Communiqué”) of the Capital Markets Board (“Board”), there are three different exemptions relating to examinations:

1- Persons holding a certificate received from an internationally accepted institution recognized and designated by the Board in order to be eligible for a license corresponding and equivalent to that certificate must take and be successful in differential examination subjects, if any. Applications in connection therewith must be filed to the Board.

2- Persons having a minimum past service period of 3 years in the Board as professionals, except for informatics personnel, are eligible to receive Capital Market Activities Level 1 License, and persons having a minimum past service period of 5 years therein as specified are eligible to receive Capital Market Activities Level 2 License, Credit Rating License, Corporate Governance Rating License, and Residential Real Estate Appraisal License, and persons having a minimum past service period of 8 years therein as specified are eligible to receive Capital Market Activities Level 3 License, Derivative Instruments License, and Real Estate Appraisal License. Persons who have served as Vice President and Department Head in the Board for at least 2 years will be eligible to receive all of these licenses. For those who are licensed pursuant to this paragraph, no other condition is sought for working with the relevant licenses, and the provisions of the Communiqué pertaining to license renewal trainings are not applicable.

3- If and to the extent postgraduate study programs of universities regarding capital markets cover all of the examination subjects of certain licenses, then and in this case, within the frame of agreements to be signed by our Corporation with said universities, graduates of these programs may, depending on their levels of success therein, be deemed eligible for receipt of the relevant licenses without any examination. However, in these programs, at least half of the courses must be given and lectured by trainers hold Capital Market Activities Level 3 License, and a minimum past experience of 15 years in financial markets. Agreements to be entered into by our Corporation in connection therewith are subject to prior consent and approval of the Board.