Page 23 - Code Of Governance

Committee of Ethics and Discipline

1. Committee of Ethics and Discipline was founded in order to execute the management
and development of the dignity and ethics of NUROL by adopting, disciplining and
applying Code of Governance.

2. Committee of Ethics and Discipline (“CED”) is composed of 5 persons: Coordinator
of Human Resources, Holding’s Chief Legal Consultant, Holding’s Human Resources
Manager and two persons from Internal Audit Department.

3. Working and meeting principles and procedures of CED are defined in the procedure of
Nurol Holding’s Committee of Ethics and Discipline.

Execution, Authority and Liability

1. Nurol Holding’s Board of Directors is responsible from the execution of these rules while
Nurol Holding’s Committee of Ethics and Discipline is responsible for the implementation
of these rules.

2. Holding’s Board of Directors and Committee of Ethics and Discipline shall revise Code
of Governance at least once in a year for developing and updating of the policies, if
necessary. They submit their opinions and suggestions to the Board of Directors, if any.

3. All the employees of NUROL are obliged to be in compliance with the principles and
rules specified in this Code of Governance hereby.

4. In case of an absence of legal clauses in this Code of Governance hereby, general
provisions shall apply.

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