ISE Corporate Governance Index has been started to be computed on August 31, 2007 with the beginning value of 48,082.17 (previous work day closing value of ISE National-100 index).

Index is composed to measure the price and return performances of the companies traded on the ISE markets (excluding the Watch List Companies Market) having corporate governance rating grades determined according to the "Corporate Governance Principles" (can be obtained from www.cmb.gov.tr) issued by the Capital Markets Board.

Corporate governance rating grade implies the rating grade that shows compliance with corporate governance principles as a whole and should be given by the rating agencies which are in the rating agencies list of Capital Markets Board. In order to be eligible for corporate governance index, corporate governance rating grade of a company should be granted upon the request of that company and revised or confirmed annually by the rating agency.

In the "Communiqué on Principles Regarding Ratings and Rating Agencies" (can be obtained from www.cmb.gov.tr) "rating of compliance with corporate governance principles" is defined as below:

"A rating of compliance with corporate governance principles is an independent, unbiased and fair evaluation and classification of corporations' and capital market institutions' compliance with the corporate governance principles issued by the Capital Markets Board.

In the rating of compliance with corporate governance principles, rating grades ranging between 1 and 10 shall be assigned on the compliance with corporate governance principles as a whole and individually with respect to the headings: shareholders, public disclosure and transparency, stakeholders, board of directors."

Stocks of a company, which is traded on ISE markets excluding Watch List Companies Market, are included into the index on the following work day of the company's disclosure of its corporate governance rating grade, on the condition that this grade (determined according to compliance with all corporate governance principles as a whole) being at least six .

The stocks of a company are excluded from the index if:

1. It is transferred to Watch List Companies Market,
2. It is excluded from the market permanently,
3. Its trading is suspended for more than five consecutive trading days (re-included in index when it begins to be traded again),
4. Its latest disclosed corporate governance rating grade is below six (re-included in index whenever the rating grade, being at least six, is disclosed),
5. Its corporate governance rating grade is not revised or confirmed within one year period (re-included in index when its revised or confirmed grade, being at least six, is disclosed),
6. Its contract with rating agency is terminated due to any reason (re-included in index when the rating grade, being at least six, granted by another rating agency is disclosed),
7. The rating agency is delisted from the rating agencies list of Capital Markets Board (re-included in index when the rating grade, being at least six, granted by another rating agency is disclosed),
8. The independence of the rating agency is impaired.

For 4, 6-8, stocks of the company are excluded from the index on the following day of the disclosure.

For 5, stocks of the company are excluded from the index on the following day of the last day of one year period.

For 1 and 2, stocks of the company are excluded from the index on the following day of the ISE Executive Council's related decision.

For 3, stocks of the company are excluded from the index on the 6th day of the trading suspension.

If the number of constituent company falls to 2, the calculation of index is ended after 2 months from the related announcement.

The methodology of calculation and maintenance of ISE Corporate Governance Index is same with the other ISE Stock Market Indices.

Constituent companies