Page 12 - Code Of Governance

of creating deceptive or counterfeit documents or transaction records. Any information
which deliberately hides the real content of any transaction shall not be recorded in
NUROL’s accounts and books.

f. Conflicts of Interest

1. NUROL primarily works and contributes for the company’s interests in all its activities.

2. Any case which may be regarded as a potential conflict of interests shall be shared with
the executive officers. Any situation having the possibility of conflict of interests with
themselves, family members or relatives shall consciously and regardfully be prevented.

3. All the business decisions shall be taken in a way that they make the greatest benefit
for NUROL. Activities of an employee may be conflicted with NUROL’s business interests
in many ways in or out of the job. It generally emerges when an employee or one of his/
her relatives try to derive personal benefit against NUROL or its shareholders. NUROL
respects to all its employees in the execution of their personal transactions in privacy.
However; NUROL policies put forward that none of its employees can conduct activities
which may actually or probably be conflicted with NUROL’s interests and which bring
personal or monetary interests in and out of the job. Based on this rule, all the employees
must avoid such kind of activities or take written permission from their managers prior
to such an activity. Any permission given by managers must be notified to their executive
officers.

4. Employees

a. must avoid executing their jobs in parallel with the interests of themselves, their
family members, friends or relatives as well as using or disposing of NUROL’s assets in
an unfair manner,

b. must avoid dealing with another task or consulting on behalf of another company
or person within office hours including carrying out personal transactions by using
NUROL’s assets or working in self-employment and working in another job which
affects the business performance and time allocated for NUROL’s works, except for
the cases where special permission is taken,

c. can not have a relationship of crucial financial interest with any company which are
NUROL’s competitors, NUROL’s customers, NUROL’s seller companies or NUROL’s
suppliers,