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As per our Company's Board of Directors' resolution dated April 5, 2024; in order to improve the working capital of our company, a loan amounting to TRY 500.000.000 with a maturity for six months is to be borrowed on April 5, 2024, from the group company named Goodyear SA, established in Luxembourg, which is the controlling shareholder of our company, and the interest rate to be applied in the related loan transaction is in accordance with the evaluation report dated April 4, 2024 prepared by Kuzey Yeminli Mali Müşavirlik ve Bağımsız Denetim A.Ş.
The summary of the findings in the evaluation report, which includes the assumptions used in the evaluation and the evaluation results, is presented to the attention of our shareholders below :
The information on the interest rates applied by the banks to the commercial loans in TRY with similar conditions, are collected separately, the following comparable price range has been reached as a result of the evaluation with the interquartile range method:
Minimum: 37,94%
Lower Quartile: 49,45%
Median: 52,62%
Upper Quartile: 53,88%
Maximum: 62,72%
In this context, it is determined that as long as the interest rate to be applied for the TRY loan to be granted by Goodyear S.A, the group company established in Luxembourg to Goodyear Lastikleri T.A.Ş. is in a range expanding from (49,45% - 53,88%), this transaction will be considered as performed in line with the arm's length principle in terms of transfer pricing practices, unless there is a significant change in market conditions. Furthermore, the latest weighted average interest rate announced by the Central Bank of the Republic of Turkey falls within the range mentioned above.
This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.