Warrants without Quotes

The issuer/market maker is responsible for providing buy and/or sell quotes. However, due to extraordinary market conditions, the issuer/market maker may only provide either buy or sell quotes. As part of market maker’s responsibility, when the issuer approaches the upper limit of the Warrant issuance limit set by the Capital Markets Board and/or due to unusual volatility in the underlying assets, the issuer/market maker may not be able to enter sell quotes for Warrants. In such cases, transaction prices may exceed the theoretical value of the warrant, which is the issuer/market maker's buy quote. The price levels on the issuer/market maker's quotes are determined by the investors themselves within the framework of Borsa Istanbul rules, and these prices set by investors may not reflect the movements of the underlying asset. Additionally, if there is no price available for the underlying asset (for example, if the underlying asset hits circuit breaker, limit down or limit up), the issuer/market maker may not provide buy/sell quotes. Investors should take this into consideration while trading.

Furthermore, in Warrants where the issuer/market maker cannot provide sell quotes, investors should refrain from making purchase transactions or, if they do, they should treat the buy quote with caution. It is crucial for investors to check the issuer/market maker's buy and sell quotes before making any transactions.

Summary:

• Due to unusual volatility in the underlying assets, the issuer/market maker may not provide sell quotes.

• If the Warrant approaches the upper limit of the Warrant issuance limit set by the Capital Markets Board, the issuer may not provide sell quotes.

• If there is no price available for the underlying asset (for example, if the underlying asset hits circuit breaker, limit down or limit up), the issuer/market maker may not provide buy/sell quotes. Investors should take this into consideration while trading.