Communiqué on the Squeeze-Out and Sell-Out Rights was published in the O­fficial Gazette on 12 November 2014 and entered into force as of such date.

Communiqué sets out the principles for the use of squeeze-out and sell-out rights in public companies, including voting rights threshold that triggers these rights, calculation of the voting rights, determination of the purchase price and public disclosure requirements in case of a squeeze-out or a sell-out.

According to the Communiqué, in the event that a majority shareholder’s voting rights in a public company reaches 98% of the total voting rights in such public company, majority stakeholder shall have a right to purchase the minority shareholders’ shares (squeeze out) and similarly in such an event, a minority shareholder shall have a right to sell its shares (sell out) to the majority shareholder. The sale or purchase price will be determined in accordance with the Communiqué.

Threshold of voting rights, which triggers the squeeze-out or sell-out rights (98%), shall be applied as 95% for the rights which arise until 31 December 2014 and the same shall be applied as 97% for the rights which arise until 31 December 2017.

The Turkish language text of the Communiqué can be found at following link: http://www.resmigazete.gov.tr/eskiler/2014/11/20141112-7.htm