CODE OF ETHICS

Vestel Elektronik Sanayi ve Ticaret AŞ and Vestel Beyaz Eşya Sanayi ve Ticaret AŞ carry out their activities within the framework of the Ethical Principles of Zorlu Holding AŞ which was prepared by the Board of Directors of Zorlu Holding AŞ, the main shareholder of both companies. The Ethical Principles of Zorlu Holding AŞ applies to both Zorlu Holding and Zorlu Group companies. The Ethical Principles is a set of essential rules which has been formulated to govern company-wide relationships, the relationships between the Company and its employees, and the relationships of employees and the Company with the customers, suppliers, and other stakeholders in order to improve the quality of service, achieve the most effective use of resources and to prevent unfair competition.