BORSA İSTANBUL A.Ş. Özsermaye Hallerine İlişkin Borsa Duyurusu 15 Eylül 2025

As part of the partial spin-off transaction, in which Polisan Holding A.Ş. (Polisan Holding) transferred its shareholdings in Rohm and Haas Kimyasal Ürünler Üretim Dağıtım ve Ticaret A.Ş. and Polisan Kansai Boya Sanayi ve Ticaret A.Ş. to Marmara Holding A.Ş. (Marmara Holding), a newly established company, under the share transfer model to shareholders; the trading of Polisan Holding shares was suspended temporarily as of September 11, 2025, until the date to be announced by Borsa Istanbul on the Public Disclosure Platform (KAP) following the completion of the distribution of Marmara Holding shares to Polisan Holding shareholders.

The Central Securities Depository and Trade Repository of the Turkish Capital Markets, (Merkezi Kayıt Kuruluşu A.Ş. (MKK)) announced on the Public Disclosure Platform (KAP) at 14:28 on Sunday, September 14, 2025, that the distribution of Marmara Holding shares to Polisan Holding shareholders has been completed.

Borsa İstanbul Management has decided that the reference prices of Polisan Holding (POLHO.E) and Marmara Holding (MARMR.E) shares will be calculated as follows, in accordance with Article 10 of the "Procedure for Theoretical/Reference Price Calculations in Cases of Corporate Actions," taking into account the Market Value (MV) calculated based on Polisan Holding's closing price on September 10, 2025, and the Spin-Off Ratio (24.3509%) stated in the Expert Institution Report:

Market Value of Polisan Holding before the Partial Spin-Off = Market Value of Polisan Holding after the Partial Spin-Off + Market Value of Marmara Holding

Market Value of Polisan Holding before the Partial Spin-Off = 3,774,776,170 * 4.45 = 16,797,753,956.50 TRY

Market Value of Polisan Holding after the Partial Spin-Off = (1 – Spin Off Ratio) * Market Value of Polisan Holding before the Partial Spin-Off

Market Value of Polisan Holding after the Partial Spin-Off = (1 – 0.243509) * 16,797,753,956.50 TRY= 12,707,349,688.31 TRY

Market Value of Marmara Holding = Spin-Off Ratio * Market Value of Polisan Holding before the Partial Spin-Off

Market Value of Marmara Holding = 0.243509 * 16,797,753,956.50 TRY = 4,090,404,268.19 TRY

Reference Price of Polisan Holding = Market Value of Polisan Holding after the Partial Spin-Off / Target Capital of Polisan Holding after the Partial Spin-Off

Reference Price of Polisan Holding = 12,707,349,688.31 / 758,500,000 = 16.753 TRY

Reference Price of Marmara Holding = Market Value of Marmara Holding / Target Capital of Marmara Holding

Reference Price of Marmara Holding = 4,090,404,268.19 / 3,016,276,170 = 1.356 TRY