Massage from The Chairman

We left behind our 51st year being the first and leading company of the insulation sector in Turkey. As we move forward,and in order to maintain our leadership position in the sector, we are going to continue devoting our best efforts and exercising due diligence together with all of our employees through the generating of differentiatorsacross all our activities, and fulfilling our responsibilities in line with our vision.

2016 was ayear where we were subject to the negative effects of global economic developments, as well as theregional sociopolitical conditions. Despite these economic risks and uncertainties, we at Izocampersevered and achieved our objectives in 2016. In the past year, our sales revenue reached 385.8 million TL,indicating an increase of 4.2% compared to the previous reporting period. Meanwhile, 63 million TL of our sales in 2016 have come from export markets.

We aim to continue our success and try to generate more value to our country, our environment and our stakeholders in 2017.

In addition to the positive results of our activities, Izocam maintained its performance in the Corporate Governance Rating Index, annually organized by the Corporate Governance Association of Turkey, in 2016 and increased its corporate governance rating to 9.28. This success is an indicator that we worked diligently and undauntedly throughout a challenging year. In an environment where corporate governance becomes more important in the global arena and plays a significant role in the sustainability of a business, we as Izocamwill continue undertaking necessary actions to further improve our compliance with corporate governance and fulfill all requirements with due diligence in the upcoming period. Additionally, we will continue to strengthen our corporate governance by complying with legislations and regulations, increasing our operational productivity, and sustaining our reliability among our stakeholders.

Our aim for 2017 and onwardsis perpetuating sustainable growth that we have successfully maintained to this day, and improving our financial and operational results with new projects and investments. I would like to extend my endless thanks to all of our stakeholders who contributed to the realization of our dreams, and who have made Izocam the leading company of its sector.

Samir Mamdouh Kasem
Yönetim Kurulu Başkanı