Article 36 of Capital Markets Authority Law

The Exchange shall be managed by a board of directors composed of a chairman and and a vice-chairman, who shall replace him in his absence, and six members elected and selected by the company's general assembly after the approval of Law Index 1350 Home Page Capital Markets Authority Law Law No. 7 of 2010 concerning the Establishment of the Capital Markets Authority and the Regulation of Securities Activities the Board. The chairman of the Exchange's board of directors or his representative shall notify the Board of the names of candidates for membership of the Exchange's board of directors at least thirty days before the scheduled date of the company's general assembly meeting to elect the members of the board of directors. The Board may, within fifteen days of being notified, object by a reasoned decision to any candidate for failure to meet the required conditions. Such objection shall result in exclusion of the candidate for membership of the board of directors. No candidate of whom the Board has not been notified, or candidate to whom it has objected in accordance with the provisions of this Article, may be presented to the company's general assembly. The Board may request the Exchange's board of directors to remove any member if, during his term of office, he loses any of the conditions stipulated in the preceding Article, or if it considers that this measure preserves the safety of traders' funds or the general interest of the Exchange. If the removal is not effected, the Board may issue a reasoned decision excluding him from his work, and this shall be noted in the Authority's register.