Document:

Shareholders'  Agreement

 Exhibit 10.3 
 ***Text Omitted and Filed Separately 
 with the Securities and Exchange Commission.

 Confidential Treatment Requested 
 Under 17 C.F.R. Sections 200.80(b)(4) 
 and 230.406 

SHAREHOLDERS’ AGREEMENT 
 This SHAREHOLDERS’ AGREEMENT, dated as of November 1, 2010, by and between (1) Banco Bilbao Vizcaya Argentaria, S.A. a company organized under the laws of the Kingdom of Spain (the “BBVA
Shareholder”) and (2) Dogus Holding A.S. (“Dogus Holding”), Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S., each a joint stock company organized under the laws of the
Republic of Turkey (Dogus Holding A.S., Dogus Nakliyat ve Ticaret A.S., and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S, are collectively referred to as “Dogus Shareholders”); 

WITNESSETH THAT: 
 WHEREAS, pursuant to a share sale and purchase agreement dated November 1, 2010 by and between the BBVA Shareholder and Dogus Holding (the “Dogus Share Purchase Agreement”), the BBVA
Shareholder has agreed to acquire 26,418,840,000 shares representing 6.2902% of the total issued share capital of Turkiye Garanti Bankasi A.S., a listed joint stock corporation organized under the laws of Turkey (the “Company”) on
the terms and conditions respectively stated therein; 
 WHEREAS, pursuant to a share sale and purchase agreement dated
November 1, 2010 by and between the BBVA Shareholder, GE Capital Corporation and GE Arastirma ve Musavirlik Limited Sirketi (the “GE Share Purchase Agreement”; the Dogus Share Purchase Agreement and the GE Share Purchase
Agreement shall be collectively referred to as the “Share Purchase Agreements”), the BBVA Shareholder has agreed to acquire 78,120,000,000 shares representing 18.60% of the total issued share capital of the Company on the terms and
conditions respectively stated therein (BBVA Shareholder’s acquisitions under the Dogus Share Purchase Agreement and the GE Share Purchase Agreement shall be collectively referred to as the “Acquisition”); 

WHEREAS, the Dogus Shareholders, following completion of the Acquisition, will continue to hold shares representing 24.8902% of the
total issued share capital of the Company; and 
 WHEREAS, the BBVA Shareholder and Dogus Shareholders wish to set forth
the terms and conditions for their cooperation as shareholders in the Company, including the terms governing the composition of the Board of Directors (as defined below) and certain other rights and obligations to each other. 

  
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 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties (as defined below) and the Company, intending to be bound hereby, agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.01 Definitions. In this Agreement, each of the following terms shall have the meaning set forth below:

 “Affiliate” an Affiliate of a Person shall mean (i) any Person which (a) is directly or
indirectly controlled by such Person, (b) directly or indirectly controls such Person, or (c) is under common control with such Person. For the purposes of this definition, “control” shall mean the absolute power (not on a shared
basis), whether held directly or indirectly, to direct or cause direction of management and policies through ownership of voting securities, by contract or otherwise. 

“Agreement” shall mean this Shareholders’ Agreement, as amended, supplemented, restated or otherwise modified
from time to time. 
 “Articles” shall mean the articles of association of the Company in effect from
time to time. 
 “Auditors” shall mean the statutory auditors of the Company elected to serve on the
Board of Auditors pursuant to the terms of this Agreement. 
 “Bankruptcy” shall mean the institution of
any proceedings under the law applicable to such Party which might result in the adjudication of such Party as bankrupt, whether voluntary or involuntary, which, if, involuntary, are not dismissed or suspended within 45 Business Days after the
filing thereof. 
 “BBVA Shareholder(s)” shall have the meaning assigned to such term in the preamble to
this Agreement (including its Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of this Agreement). 
 “BBVA Shares” shall mean the Shares owned from time to time by BBVA Shareholders. 
 “Board of Auditors” shall mean the board of auditors of the Company. 

“Board of Directors” shall mean the board of directors of the Company. 

“Business Day” shall mean a day other than Saturday, Sunday or any other day on which commercial banks located in
Istanbul (Turkey) and Madrid (Spain) are not open for general business. 
 “Call Option Completion Date”
shall have the meaning given to it in Section 9.04(C). 
 “Call Option Shares” shall mean that
number of Original Shares representing 1% of the Shares as at the date of the Call Option Notice. 
 “Change of
Control” shall mean, with respect to any Party, that the shares or other ownership interests of such Party shall have been directly or indirectly transferred (either in one transaction or on a cumulative basis) and, after giving effect to
such transfer, the direct or indirect ownership of 50% of 
  

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the shares or other ownership interests of such Party no longer belongs to the shareholders who directly or indirectly owned such shares or other ownership interests at the date of this Agreement
(provided that, for the purposes of this definition, the BBVA Shareholders’ ultimate direct or indirect owner shall be deemed to be Banco Bilbao Vizcaya Argentaria, S.A.; and that of the Dogus Shareholders shall be deemed to be the Sahenk
Family). 
 “CMB” shall mean the Capital Markets Board (Sermaye Piyasasi Kurulu) of
Turkey. 
 “Company” shall have the meaning assigned to such term in the recitals. 

“Completion Date” shall have the meaning given to such term in the Share Purchase Agreements. 

“Compliance Policies” shall mean, collectively, the Company’s policies or business practices in relation to
regulatory compliance, risk management, anti-money laundering and environmental, health and safety matters. 

“Deed of Adherence” means a deed of adherence in the form set out in Schedule I. 

“Deed of Undertaking” means a deed of undertaking in the form set out in Schedule II. 

“Directors” shall mean the members elected to serve on the Board of Directors pursuant to the terms of this
Agreement. 
 “Dogus Shareholders” shall have the meaning assigned to such term in the preamble to this
Agreement (including their Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of this Agreement). 
 “Dogus Shares” shall mean the Shares owned from time to time by Dogus Shareholders including, for the avoidance of doubt, the Ferit Sahenk Shares. 

“Dollars” and the “USD” symbol shall mean the lawful currency of the United States of America.

 “Event of Material Breach” shall mean: 

 

	 	(i)	 any Sale of Shares or creation of any Lien on any Garanti Shares which is in breach of any of the terms of this Agreement or any failure to procure that a
third party to whom its Shares have been Sold becomes bound by the terms of this Agreement in accordance with Section 3.06 by a Dogus Shareholder or BBVA Shareholder (as applicable); 

 

	 	(ii)	 any failure by a Dogus Shareholder to comply with any of its material obligations in relation to the Call Option in accordance with the provisions of Article
IX (Call Option) following the exercise of a valid Call Option, other than where such failure is due to material non-compliance of the BBVA Shareholder with the provisions of such Article; 

 

	 	(iii)	 any decision of the Shareholders Committee, Reserved Matters Committee, the Board of Directors or General Assembly of the Company or its Subsidiaries that is
passed or approved in breach of this Agreement where such decision relates to the matters set out in (a) Sections 5.03 (a) and (b) (i), (ii), (iii) or (iv) (Board and Management), or (b) 6.03 (Board and Management); or

  

	 	(iv)	 any decision of the General Assembly of the Company taken in breach of this Agreement to amend the Articles as a result of which the Articles are
amended to limit the voting rights of any of the Parties, should Turkish law permit such change in the future, 

  

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 and in each of the above cases where such breach is not remedied or capable of being remedied within
20 Business Days of receipt by the defaulting Shareholder of written notice from the non-defaulting Shareholder requiring such remedy. 
 “Ferit Sahenk Shares” shall have the meaning given to such term in Section 11.01. 
 “Further Funding Obligation” shall mean any binding decision by the Banking Regulatory and Supervisory Authority (Turkey) or other applicable regulatory authority requiring the Company or any of
its subsidiaries to increase its capital reserves. 
 “Garanti Shares” shall mean the Dogus Shares and
BBVA Shares collectively. 
 “General Assembly” shall mean any ordinary or extraordinary general assembly
meetings of the Company or a Subsidiary, as the case may be. 
 “Governmental Authority” means any
government or political subdivision thereof, including without limitation, any government ministry, regulatory authority, commission, board, bureau, agency, judicial or administrative body. 

“Group” shall mean, collectively, the Company and its subsidiaries. 

“Involuntary Transfer” shall mean any proposed or actual involuntary transfer, sale or other disposition of any
Garanti Shares (or the exercise of rights attached to such Shares), whether by operation of law, pursuant to court order, foreclosure of a security interest, execution of a judgment or other legal process, or otherwise, and including but not limited
to, a transfer of rights to the Savings Deposit Insurance Fund, a transfer to a trustee or person appointed to manage a bankrupt estate, receiver or assignee for the benefit of creditors. 

“Lien” and “Liens” shall mean any mortgage, pledge, option, security interest, usufruct right,
easement, conditional sale or other title retention agreement, attachment (whether preliminary, ordinary or an execution of a judgment), lien, charge of any kind, including any agreement to exercise voting rights, any agreement or derivatives
transaction to give effect to any of the foregoing or other similar restriction or third-party rights, as the context may require. 
 “Lock-up Period” shall mean the period commencing as of the Completion Date and ending on the earlier of (i) the end of the Phase I Period and (ii) the third anniversary of the Completion
Date. 
 “MTO” shall mean a mandatory tender offer. 

“Material Subsidiaries” shall mean, collectively, Garanti Bank Moscow, Garanti Bank International, Garanti Romania
Bank S.A., Garanti Bilisim Teknolojisi ve Ticaret A.S., Garanti Odeme Sistemleri A.S., Garanti Finansal Kiralama A.S., Garanti Faktoring Hizmetleri A.S., Garanti Emeklilik ve Hayat A.S., Garanti Yatirim Menkul Degerler A.S. and Garanti Portfoy
Yonetimi A.S. Any other Subsidiary whose (i) Net Asset Value exceeds the amount of 10% of the Net Asset Value of the Group or EBITDA exceeds the amount of 10% of the EBITDA of the Group, by reference to the consolidated audited accounts of the
Subsidiary and the Company respectively for the immediately preceding full financial year; or (ii) operations or business are agreed between the Parties to be material to the Company in the future shall be deemed to be a Material Subsidiary.

 “Nominee” shall have the meaning given to such term in Section 5.05(iv). 

“Non-Delegable Matters” shall mean those non-delegable matters identified in Section 5.05. 

 
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 “Original BBVA Shares” shall mean and shall be limited to, following
the Acquisition, the Shares owned by the BBVA Shareholder, as at the Completion Date, representing 24.8902% of the Shares and in addition including (i) any Original Shares purchased from time to time by the BBVA Shareholder from the Dogus
Shareholders or its Affiliates and (ii) any new Shares issued by the Company to the holders of the Original BBVA Shares as a result of a rights (including, without limitation, due to a capital increase) or bonus issue or other capital
reorganization or sub-division of the Original BBVA Shares. 
 “Original Dogus Shares” shall mean and
shall be limited to, following the Acquisition, the Shares owned by the Dogus Shareholders including, for the avoidance of doubt, the Ferit Sahenk Shares, as at the Completion Date, representing 24.8902% of the Shares and in addition including
(i) any Original Shares purchased from time to time by Dogus Shareholders from the BBVA Shareholders or its Affiliates and (ii) any new Shares issued by the Company to the holders of the Original Dogus Shares as a result of a rights
(including, without limitation, due to a capital increase) or bonus issue or other capital reorganization or sub-division of the Original Dogus Shares. 
 “Original Shares” shall mean collectively the Original Dogus Shares and the Original BBVA Shares. 
 “Party” shall mean the Dogus Shareholders, or the BBVA Shareholders, individually and “Parties” shall mean the Dogus Shareholders and BBVA Shareholder(s) collectively. 

“Person” shall mean an individual, partnership, joint venture, company, trust, unincorporated organization,
government or other entity. 
 “Phase I Period” shall have the meaning given to such term in
Section 5.01. 
 “Phase II Period” shall have the meaning given to such term in Section 6.01.

 “Private Placement” shall mean the sale of any or all of the Shares, without
being a Public Offer, by means of an allocated sale offer process (tahsisli satis), for which an application to the CMB is made, whether to Turkish or foreign residents or by means of a block trade sale, which is currently regulated by the
Communiqué on Principles Regarding the Registration of Shares to the CMB and the Sale of Shares numbered as Series: I, No: 40 (published in the Trade Registry Gazette No. 27541 on April 3, 2010) (as may be
amended, varied or replaced from time to time). 
 “Pro Rata Proportion” shall mean, in respect of each
Party, the percentage of the Shares that their respective holding of Shares represents. 
 “Public Offer”
shall mean the sale of any or all of the Shares by means of an offer to the public, other than by way of a Private Placement. 
 “Sahenk Family” shall mean Mr. Ferit Sahenk’s relatives by blood or affinity, up to and including the third degree as defined under Turkish law. 

“Shares” shall mean the entire issued and outstanding shares in the capital of the Company from time to time.

 “Shareholder Reserved Matters” shall mean those shareholder reserved matters identified in
Section 6.05 as applicable at the relevant time indicated in such Section. 
 “Shareholders” shall
mean the owners of the Shares from time to time. 
  

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 “Subsidiary” shall mean a legal entity which is either owned as to
51% or more of the voting rights or whose management and policies are controlled directly or indirectly by the Company. 

“TCC” shall mean the Turkish Commercial Code. 

“Tender Offer” shall have the meaning given to such term in the Section 5.06(B). 

1.02 Principles of Construction. 
 (i) References to sections and articles are to Sections and Articles in this Agreement unless otherwise specified. The words “hereof”, “herein” and “hereunder” and words of similar
impact when used in this Agreement shall refer to this Agreement as a whole and not to any particular provisions of this Agreement. 
 (ii) Any notices required to be sent by, or to, any Dogus Shareholder pursuant to the terms of this Agreement including the notices relating to the exercise of certain rights under Sections 3.04 and 3.05 shall be
deemed to have been duly sent or received by all Dogus Shareholders, if sent to or received merely by, Dogus Holding. 

(iii) Dogus Holding is hereby authorised by all the other Dogus Shareholders to act on their behalf with full capacity and
authority in exercising all rights expressed to be exercisable by any Dogus Shareholder under this Agreement. 
 ARTICLE II

 CONDITIONALITY 
 2.01 Condition. Other than in respect of Section 2.02, this Agreement is conditional, and shall come into full force and effect immediately and automatically, upon completion of the Acquisition, and the
transfer of the Original BBVA Shares to the BBVA Shareholder, in accordance with the terms of the Share Purchase Agreements (the “Completion Date”). 

2.02 Share sale restriction prior to Completion Date. With effect from the date of this Agreement and until the Completion
Date, the Dogus Shareholders shall not, and shall not enter into or perform any arrangement or contract to, sell or transfer (including, without limitation, pursuant to a tender offer) or create a Lien over any Dogus Shares, other than to the BBVA
Shareholder under the Dogus Share Purchase Agreement or otherwise or pursuant to Section 3.07. The Dogus Shareholders warrant that there are no such arrangements or contracts already in place as at the date of this Agreement. 

2.03 Termination upon condition not being met. In the event that the Acquisition is not completed as contemplated under any
of the Share Purchase Agreements and by reason of such non-completion, any of the Share Purchase Agreements are terminated or deemed terminated in accordance with their terms, this Agreement shall automatically and immediately terminate on the date
of such termination and no Party shall have any rights, obligations or claims under this Agreement save in respect of Article I (Definitions) and Sections 2.02, 10.02, 11.01, 11.04, 11.05, 11.09, 11.10, 11.11 and 11.12. 

 
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 ARTICLE III 
 SHARE TRANSFERS 
 3.01 Restrictions on Share Transfers.

 (A) Subject to Section 3.01(B), Garanti Shares may only be transferred (including, without limitation, pursuant to
a tender offer) in accordance with the provisions of this Agreement, and, where applicable, the Articles (any such transaction being referred to as the “Sale”. The words “Sell”, “Sold” and “Selling” shall have
similar meaning as the context requires). 
 (B) The provisions of this Article III (Share Transfers) and
Section 5.06 (Further Acquisitions of Shares) shall not apply to the Sale, acquisition or creation of a Lien over Shares by either a BBVA Shareholder, a Dogus Shareholder or any of either of its Affiliates (as applicable) that is: (i) a
manager of the BBVA or Dogus pension fund acting in accordance with the independent mandate of the pension fund solely; (ii) an investment or asset manager of client funds acting solely in accordance with independent third party client
mandates; or (iii) otherwise executes any such Sale, acquisition or Lien in order to solely fulfill independent third party client mandates (such as through BBVA’s or Dogus’ Treasury function). Furthermore, such persons shall not,
solely in respect of such Shares, be deemed to be BBVA Shareholders or Dogus Shareholders or (for the purposes of the rest of this Agreement) Affiliates. 
 3.02 Lock-up Period. Except as provided in Section 3.03 and Article VIII: (i) the BBVA Shareholder shall not be allowed to Sell any or all of its BBVA Shares during the Lock-up Period; and
(ii) the Dogus Shareholders shall not be allowed to Sell any or all of its Dogus Shares during the Lock-up Period. 

3.03 Share Transfers. 
 (A) Permitted Share Transfers. Subject to Section 3.03(B), (i) Dogus Shareholders are free to Sell the Dogus Shares between Dogus Shareholders; and (ii) BBVA Shareholders are free to Sell BBVA
Shares between BBVA Shareholders. 
 (B) Conditional Share Transfers. Any Sale of Dogus Shares between any Dogus
Shareholder and any of its Affiliates or any Sale of BBVA Shares between the BBVA Shareholder and any of its Affiliates may only be made upon (a) delivery of a notification in writing from the Party effecting the Sale to the other Party
together with evidence reasonably satisfactory to the other Party demonstrating that such transferee is an Affiliate of that Party and (b) such Affiliate in writing becoming a Party to this Agreement. An Affiliate having become a Shareholder
shall have all rights and assume all obligations expressed in this Agreement as belonging to the Party from whom it purchased any Garanti Shares provided that the Party Selling such Garanti Shares shall continue to be jointly and severally liable
with such Affiliate in respect of the punctual and exact performance by the latter of all obligations arising from this Agreement. 
 Any Sale pursuant to this Section 3.03 shall not be subject to the provisions of Section 3.04 
 3.04(A). Right of First Offer of BBVA Shareholder. 
 (i) If at any time after the end of the
Lock-up Period, any Dogus Shareholder wishes to Sell any part of the Dogus Shares it then owns, it undertakes to provide a right of first offer to the BBVA Shareholder, provided the BBVA Shareholder at the time owns at least 10% of the Shares. Such
Dogus Shareholder shall provide the BBVA Shareholder with a written notice (the “Offer Notice”) of such intended Sale 
  

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stating the number of the Dogus Shares to be Sold (the “Offered Shares”), its price expectations per Dogus Share (the “Offer Price”) (including such documents as
are reasonably necessary to support its price expectations) and the other terms of the intended Sale. Within 10 Business Days of receipt of the Offer Notice, the BBVA Shareholder shall have the right to inform such Dogus Shareholder in writing if it
wishes to engage in negotiations to buy all of the Offered Shares (but not less than all). If the BBVA Shareholder so informs the Dogus Shareholder, the BBVA Shareholder and the Dogus Shareholder shall have a maximum of 45 Business Days (starting
from the next Business Day following the BBVA Shareholder’s notification to the Dogus Shareholder that it wishes to engage in negotiations and such period being referred to as the “Negotiation Period”) to reach agreement on the
terms of the Sale. No later than the end of the Negotiation Period, the Dogus Shareholder shall inform the BBVA Shareholder in writing of the final terms of the Sale it would be willing to proceed with (such notice being referred to as the Notice of
Final Terms of Sale). Within 10 Business Days of receipt of the Notice of Final Terms of Sale from the Dogus Shareholder, the BBVA Shareholder shall inform the Dogus Shareholder in writing if it wishes to buy all of the Offered Shares (but not less
than all) on such terms (the “Acceptance Notice”). Upon receipt of the Acceptance Notice, such Dogus Shareholder shall Sell all of the Offered Shares to the BBVA Shareholder on such terms within 120 Business Days from the date of
the Acceptance Notice (this period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals). If the BBVA Shareholder fails to respond to the Offer Notice or the Notice of Final Terms of
Sale, as the case may be, within the relevant periods stipulated above or, at any time during this process, it informs such Dogus Shareholder that it elects not to exercise its right of first offer with respect to the Offered Shares (any such event
being referred to as a “No Action Event”), then, subject to the BBVA Shareholders’ tag-along right as set out in Section 3.04(A)(iv), within 120 Business Days (this period only being subject to extension as may be
reasonably necessary to obtain required governmental or regulatory approvals) from (i) the end of the applicable response period to (A) the Offer Notice or (B) the Notice of Final Terms of Sale or (ii) the receipt of notice from
the BBVA Shareholder stating that it does not wish to exercise its right of first offer, as applicable, such Dogus Shareholder will be permitted to Sell all (but not less than all) of the Offered Shares to any third person at any consideration not
less than (a) the Offer Price or, if the process has proceeded to negotiations, (b) the price stated in the Final Terms of Sale and on other terms not more favourable to the purchaser than those specified in the Offer Notice or the Notice
of Final Terms of Sale, as applicable. [***] 
 (ii) If at the relevant time that a right of first offer would otherwise be required to be
made to the BBVA Shareholder under this Section 3.04(A), the Dogus Shareholders wishing to sell any or all of their Shares own equal to or more than 50% of the Shares, the BBVA Shareholders shall not be entitled to a right of first offer
hereunder in respect of such Sale and the Dogus Shareholders shall be free to Sell to a third party in such circumstances subject to the BBVA Shareholder’s tag along rights as described in Section 3.04(A)(iv) below. 

(iii) In the event of a voluntary tender offer or MTO by a third party in respect of the Company’s shares made pursuant to the
Communiqué on the Principles of Collecting Company Shares through Tender Offers dated 2 September 2009 (as such Communiqué may be amended, varied or replaced from time to time), which the Dogus Shareholders wish to accept, the
Offer Notice for the purposes of Section 3.04(A) shall apply to those Dogus Shares in relation to which it wishes to accept the tender offer (being the Offered Shares), the Offer Price shall be the price referred to in such tender offer and the
other terms of the tender offer shall constitute the other terms of the Offer Notice. The BBVA Shareholder shall have 10 Business Days to accept the terms of sale of such Offer Notice by way of delivery of an Acceptance Notice as referred to in
Section 3.04(A) and no Negotiation Period as referred to in Section 3.04(A) shall apply. If the BBVA Shareholder fails to respond to such Offer Notice, (i) the Dogus Shareholder may only Sell into such tender offer such Offered Shares
at the 
  
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tender offer price and on the other terms of the tender offer and provided that the tender offeror becomes a Party to and becomes bound by this Agreement on the terms of Section 3.06(i) upon
completion of the Sale, and (ii) the BBVA Shareholders’ tag-along right as set out in Section 3.04 (A)(iv) shall not apply to such Sale. Any revision(s) of the terms of the tender offer by the third party which the Dogus Shareholders
intend to accept shall trigger an obligation to issue a further Offer Notice on the terms of this paragraph. 
 (iv) BBVA
Shareholder’s Tag-Along Right. If at any time a No Action Event occurs and the Dogus Shareholders wish to Sell the Offered Shares to a third party, they shall send a notice to the BBVA Shareholders which notice shall include the price and
the other terms of the intended Sale (the “BBVA Tag Along Trigger Notice”) before legally binding document to effect such Sale to third party is entered into. The BBVA Shareholder may require such Dogus Shareholder, upon written
notice given to such Dogus Shareholder within 10 Business Days following the date on which the BBVA Shareholder has received the BBVA Tag Along Trigger Notice, to procure the third person who has agreed to purchase the Offered Shares from such Dogus
Shareholder to purchase all (but not less than all) BBVA Shares it then owns on the terms and conditions (including, without limitation, the price) at which the third person has purchased the Offered Shares. If the BBVA Shareholder so requires such
Dogus Shareholder to procure such third person to purchase the BBVA Shares, no Sale of the Offered Shares may be completed by such Dogus Shareholder unless and until such third person purchases the BBVA Shares on terms on which the Offered Shares
are being purchased. The Dogus Shareholder shall have the right but not the obligation to purchase such BBVA Shares on the same terms and conditions in lieu of procuring the purchase by such third person. The tag-along right of the BBVA Shareholder
shall be exercisable in the manner and upon the terms stated in the BBVA Shareholder’s Tag-Along Agreement, duly executed on the date hereof by and among the Dogus Shareholders and the BBVA Shareholder. 

3.04(B) Right of First Offer of Dogus Shareholders. 

(i) If at any time after the end of the Lock-Up Period, the BBVA Shareholder wishes to Sell any part of the BBVA Shares it then owns, it undertakes
to provide a right of first offer to Dogus Holding (acting on its own behalf and on behalf of the other Dogus Shareholders), provided the Dogus Shareholders at the time own at least 10% of the Shares. The BBVA Shareholder shall provide this right by
delivering to Dogus Holding an Offer Notice (as defined in Section 3.04(A)) of such intended Sale stating the number of BBVA Shares to be Sold (the “Offered Shares”), its price expectations per BBVA Share (the “Offer
Price”) (including such documents as are reasonably necessary to support its price expectations) and the other terms of the intended Sale. Within 10 Business Days of receipt of the Offer Notice, Dogus Holding shall have the right to inform
the BBVA Shareholder in writing if it wishes to engage in negotiations to buy all of the Offered Shares (but not less than all).If Dogus Holding so informs the BBVA Shareholder, Dogus Holding and the BBVA Shareholder shall attempt to reach agreement
on the terms of the Sale during the Negotiation Period (such term shall have the same meaning ascribed to it in Section 3.04(A)). No later than the end of the Negotiation Period, the BBVA Shareholder shall inform the Dogus Shareholder in
writing of the final terms of the Sale it would be willing to proceed with (such notice being the Notice of the Final Terms of Sale). Within 10 Business Days of receipt of the Notice of Final Terms of Sale from the BBVA Shareholder, the Dogus
Shareholder shall inform the BBVA Shareholder in writing if it wishes to buy all of the Offered Shares (but not less than all) on such terms (such notice being referred to as the “Acceptance Notice”). Upon receipt of the Acceptance
Notice, the BBVA Shareholder shall Sell all of the Offered Shares to Dogus Holding on such terms within 120 Business Days from the date of the Acceptance Notice (this period only being subject to extension as may be reasonably necessary to obtain
required governmental or regulatory approvals). If Dogus Holding fails to respond to the Offer Notice or the Notice of Final Terms 
  

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of Sale, as the case may be, within the relevant periods stipulated above or, at any time of this process, it informs the BBVA Shareholder that it elects not to exercise its right of first offer
with respect to the Offered Shares (any such event being referred to as a “No Action Event”), then, subject to the Dogus Shareholders’ tag-along right as set out in Section 3.04 (B)(iv), within 120 Business Days (this
period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals) from (i) the end of the applicable response period to (A) the Offer Notice or (B) the Notice of Final terms
of Sale or (ii) the receipt of notice from Dogus Holding (acting on its own behalf and on behalf of the other Dogus Shareholders) stating that it does not wish to exercise its right of first offer, as applicable, the BBVA Shareholder will be
permitted to Sell all (but not less than all) of the Offered Shares to any third person at any consideration not less than (a) the Offer Price or, if the process has proceeded to negotiations, (b) the price stated in the Final Terms of
Sale and on other terms not more favourable to the purchaser than those specified in the Offer Notice or the Notice of Final Terms of Sale, as applicable. [***] 
 (ii) If at the relevant time that a right of first offer would otherwise be required to be made to the Dogus Shareholders under this Section 3.04(B), the BBVA Shareholders wishing to sell any or all of their
Shares own equal to or more than 50% of the Shares the Dogus Shareholders shall not be entitled to a right of first offer hereunder in respect of such Sale and the BBVA Shareholders shall be free to Sell to a third party in such circumstances
subject to the Dogus Shareholders’ tag along rights as described below. 
 (iii) In the event of a voluntary tender offer or MTO by a
third party in respect of the Company’s shares made pursuant to the Communiqué on the Principles of Collecting Company Shares through Tender Offers dated 2 September 2009 (as such Communiqué may be amended, varied or replaced
from time to time), which the BBVA Shareholder wishes to accept, the Offer Notice for the purposes of Section 3.04(B) shall apply to those BBVA Shares in relation to which it wishes to accept the tender offer (being the Offered Shares), the
Offer Price shall be the price referred to in such tender offer and the other terms of the tender offer shall constitute the other terms of the Offer Notice. The Dogus Shareholders shall have 10 Business Days to accept the terms of sale of such
Offer Notice by way of delivery of an Acceptance Notice as referred to in Section 3.04 (B), and no Negotiation Period as referred to in Section 3.04(B) shall apply. If the Dogus Shareholder fails to respond to such Offer Notice,
(i) the BBVA Shareholder may only Sell into such tender offer such Offered Shares at the tender offer price and on the other terms of the tender offer and provided that the tender offeror becomes a Party to and becomes bound by this Agreement
on the terms of Section 3.06(i) upon completion of the Sale, and (ii) the Dogus Shareholders’ tag-along right as set out in Section 3.04(B)(iv) shall not apply to such Sale. Any revision(s) of the terms of the tender offer by the
third party which the BBVA Shareholder intends to accept shall trigger an obligation to issue a further Offer Notice on the terms of this paragraph. 
 (iv) Dogus’ Tag-Along Right. If at any time a No Action Event occurs and the BBVA Shareholders wish to Sell the Offered Shares to a third party, they shall send a notice to the Dogus Shareholders
which notice shall include the price and the other terms of the intended Sale (the “Dogus Tag Along Trigger Notice”) before legally binding document to effect such Sale to third party is entered into, the Dogus Shareholders (through
Dogus Holding) may require the BBVA Shareholder, upon written notice given to the BBVA Shareholder within 10 Business Days following the date on which the Dogus Shareholders have received the Dogus Tag Along Trigger Notice, to procure the third
person who has agreed to purchase the Offered Shares from the BBVA Shareholder to purchase all (but not less than all) Dogus Shares the Dogus Shareholders then own on the terms and conditions (including, without limitation, the price) at which the
third person has purchased the Offered Shares. If the Dogus Shareholders so require the BBVA Shareholder to procure such third person to purchase the Dogus Shares, no Sale of 

 
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the Offered Shares may be completed by the BBVA Shareholder unless and until such third person purchases the Dogus Shares on terms on which the Offered Shares are being purchased. The BBVA
Shareholder shall have the right but not the obligation to purchase such Dogus Shares on the same terms and conditions in lieu of procuring the purchase by such third person. The tag-along right of Dogus Shareholders shall be exercisable in the
manner and upon the terms stated in Dogus’ Tag-Along Agreement, duly executed on the date hereof by and among the Dogus Shareholders and the BBVA Shareholder. 

3.05 Public Offers or Private Placements. If, at any time after the end of the Lock- up Period, either of the Parties wishes
to Sell any or part of the Shares it then owns in a Public Offer or Private Placement (the “Selling Party”), it undertakes to provide a right of first offer to that other Party (the “Recipient Party”) (provided that
such Recipient Party at the time owns at least 10% of the Shares) by way of sending an Offer Notice. The Offer Price for the purposes of the Offer Notice in Section 3.04(A) and 3.04(B) shall be the price notified by the Selling Party. The
Recipient Party shall have 10 Business Days to accept the terms of sale stated in the Offer Notice by way of delivery of an Acceptance Notice as referred to in Section 3.04, and no Negotiation Period as referred to in Section 3.04 shall
apply. Accordingly: 
 (i) If the Recipient Party accepts the terms stated in the Offer Notice, the Sale shall be completed between the
Parties within the time period stipulated above in Section 3.04(A) and 3.04(B). 
 (ii) If the Recipient Party does not respond to
the Offer Notice within 10 Business Days of delivery of the Offer Notice, then, notwithstanding anything to the contrary in Sections 3.04(A) and 3.04(B), such Party shall be free to complete the Sale of the Offered Shares (in part or in whole) in a
Public Offer or Private Placement within, but not later than, 45 Business Days of delivery of the Offer Notice (this period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals) for
any consideration (whether higher or lower than the Offered Price). 
 (iii) If the Recipient Party does not accept the Offer Price, but
otherwise by way of an Acceptance Notice accepts the other terms of sale and quotes a price which is lower than the Offer Price (the “Counter Offer Price”) as being the price at which it will be willing to purchase the Offered Shares (the
“Counter Offer Notice”), then the Selling Party shall have a further 5 Business Days upon delivery of the Counter Offer Notice to accept or reject the Counter Offer Notice by notice to the Recipient Party (the “Counter Offer
Response Notice”): 
  

	a.	 If the Selling Party accepts the terms of the Counter Offer Notice the Sale shall be completed between the Parties within the time period stipulated above in
Section 3.04(A) and 3.04(B). 

  

	b.	 If the Selling Party rejects the terms of the Counter Offer Notice then (subject to sub-paragraph (iv) below) the Selling Party shall only be permitted
to complete the Sale of the Offered Shares (in part or in whole) by way of a Public Offer or Private Placement at a price for any consideration (whether higher or lower than the Counter Offer Price or Offered Price) and otherwise on the other terms
of sale in the Offer Notice; and such completion must occur within 45 Business Days of delivery of the Counter Offer Response Notice (this period only being subject to extension as may be necessary to obtain required governmental or regulatory
consents). 

 (iv) Where the Selling Party is to Sell the Offered Shares under sub-paragraph (ii) or (iii)(b) above,
then the Selling Party agrees that: 
  

	a.	 it shall invite the Recipient Party (or any of its Affiliates) to submit offers for the Offered Shares as part of the bookbuilding process for the Public
Offer or Private Placement and to prioritize the offer made by the Recipient Party as between potential transferees submitting offers in the bookbuilding 

 
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 11 

	 	 
process such that the Shares requested by the Recipient Party in its offer are allocated to the Recipient Party first provided that it does not prejudice the pricing of the Public Offer or the
Private Placement, as the case may be, and only then shall the rest of the Offered Shares be allocated to the other potential transferees; 

  

	b.	 it shall, in any event, permit the Recipient Party to approve jointly with the Selling Party the allocation basis for the Offered Shares amongst potential
transferees (in cases where the bookbuilding demand of potential transferees exceeds the amount of Offered Shares available for allocation), provided that the Recipient Party may not act in a manner which prejudices the pricing for the Public Offer
or Private Placement (as applicable); 

  

	c.	 if, as a result of the Public Offer or Private Placement process, a transferee’s shareholding in the Company (alone or together with its Affiliates)
exceeds 3% of the Shares the Selling Party shall procure (by way of including this in the offering terms and all other means as may be necessary) that the third party transferee shall become by execution of the Deed of Adherence a Party to this
Agreement and become bound by it as if it were the Selling Party. 

 3.06 New Shareholders.

 (i) In the event of the Sale of all or a part of a Party’s Shares pursuant to Section 3.04(A), 3.04 (B), or 3.05 (iv) c)
(in the case of 3.05.(iv) c), if applicable), the Party selling the Shares shall procure that the third party purchaser shall become by execution of the Deed of Adherence a Party to this Agreement and become bound by it as if it were the Shareholder
Selling the Shares to it. The Selling Shareholder does not guarantee the third party purchaser’s compliance with the terms of this Agreement; 
 (ii) Furthermore, in any partial Sale of Shares to a third party pursuant to Section 3.04(A), 3.04(B) or 3.05(iv)(c) (in the case of 3.05(iv) c) if applicable), for the purposes of this Agreement, such Selling
Party and the third party purchaser shall be treated as a single Party in terms of their rights and obligations against the non-Selling Party; and 
 (iii) When a Sale of Shares occurs pursuant to Sections 3.04(A), 3.04(B) or 3.05(iv)(c) (in the case of 3.05.(iv) c) if applicable): 
  

	 	a)	 Where the BBVA Shareholder owns less than 50% of the Shares at the time that such Sale occurs, the rights that the third party purchaser and the Selling
Shareholder will jointly be entitled to exercise under this Agreement (including, without limitation, those under Section 6.03(a)), will be determined based on the percentage of the Shares that they own in the aggregate;

  

	 	b)	 Where the BBVA Shareholder owns equal to or more than 50% of the Shares at the time that such Sale occurs: 

 

	 	a.	 The rights that the third party purchaser and the Selling Shareholder will jointly be entitled to exercise under this Agreement (including, without
limitation, those under Section 6.03(a)), will be determined based on the percentage of the Shares that the Selling Shareholder owns only and not the Shares that the Selling Shareholder and the third party purchaser own in aggregate.

  

	 	b.	 If the Selling Party is a third party which is neither a Dogus Shareholder nor a BBVA Shareholder, the third party purchaser will not execute a Deed of
Adherence and will not become a party to this Agreement. 

 3.07 No Lien. 

(i) Save for any grant of voting usufruct rights in accordance with Section 5.06 (Further Acquisitions of Shares), no Party shall enter into
any transaction involving the creation of a Lien on any Garanti 
  

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 12 

 
Shares including, without limitation, any derivatives transactions, voting arrangements, grant of usufruct rights having an effect similar to the creation of a pledge without the prior written
consent of the other Party. 
 (ii) Notwithstanding the foregoing paragraph (i), a Party may pledge its Shares comprising up to 10% of the
Shares in favor of any reputable banks, either international banks or which are in the top 5 Turkish private banks by market share, in order to procure financing provided, always, that the Party creating the pledge shall, prior to creating the
pledge, deliver to the other Party a Deed of Undertaking executed by the pledgee bank.  
 ARTICLE IV 

GOVERNANCE AND MANAGEMENT OF THE COMPANY: GENERAL PROVISIONS 

4.01 Application. The provisions of this Article IV shall apply both in the Phase I Period and Phase II Period. 

4.02 Public Listing. The Parties agree and undertake to vote all Garanti Shares they then own to maintain the Company’s
listing on the Istanbul Stock Exchange for as long as the Garanti Shares owned by any one of them represent at least 1% of the Shares. 
 4.03 Dividend Policy. For as long as each Party owns Garanti Shares representing at least 9.95% of the Shares, each Party agrees to vote all Garanti Shares it then owns to cause the Company to distribute at
least 25% of the distributable profits based on the Company’s financial statements prepared in accordance with the accounting principles promulgated by the Banking Regulatory and Supervisory Authority in Turkey subject to, after the proposed
distribution, having a capital adequacy ratio of not less than the higher of [***]% and such ratio required by law or regulation at the relevant time, calculated pursuant to the regulations regarding the capital adequacy of banks in force in the
Republic of Turkey at the date of any such distribution. 
 4.04 [***] 

4.05 Company Conduct  
 (a) Subject to the decisions permitted to be taken by the Shareholder Committee and the Reserved Matters Decision Committee, each Party undertakes to procure that all decisions made by or on behalf of the Company
or any of its subsidiaries which are material to the Group as a whole are approved either (i) at a properly convened meeting of the Board of Directors or (ii) in the absence of a meeting, by a resolution in writing signed by or otherwise
approved in writing by all of the Directors (or as otherwise permitted by applicable law at the relevant time), and shall ensure that the delegation of any material matter to any committee of the Board shall only be approved with the prior consent
of the requisite majority of a quorate meeting of the Board of Directors. 
 (b) Each Party further covenants with each
other (and shall cause the members of the Board of Directors, subject to their fiduciary duties to ensure that) that so long as this Agreement remains in force and effect, the Company will: 

 

	(i)	 promptly notify the others of any matters of which it becomes aware which may materially affect the Group; 

 
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	(ii)	 take all steps reasonably available to it to ensure that any meeting of the Board of Directors or any Shareholder meeting has the necessary quorum; and

  

	(iii)	 save for matters where time is of the essence (other than at all times subject to matters relating to Non-Delegable Matters or Shareholders Reserved Matters),
ensure that all matters to be raised at meetings of the Board of Directors shall be communicated to and discussed by the Shareholders’ Committee prior to such meeting of the Board of Directors; 

 

	(iv)	 procure the Company and its subsidiaries to keep proper and up to date accounting and financial, tax and legal books and records in relation to its business
and affairs and shall further procure that, to the extent permitted under the applicable legislation: (A) the BBVA Shareholder be provided with information, documents and records of a standard to enable the BBVA Group to comply with its legal,
accounting and regulatory obligations (including to comply with SEC reporting obligations or Spanish regulatory reporting requirements) and (B) such information, documents and records (during normal business hours) be available for inspection
by the BBVA Shareholder and/or Dogus Shareholders (or by any Person authorized by them); and 

  

	(v)	 procure the Company and its subsidiaries to operate its business and affairs so as to comply with all applicable laws, including, where applicable and to the
extent that such compliance obligation would not violate applicable Turkish law, any laws applying to the BBVA Group that it is required to comply with in respect of its interests in the Group (where such laws have been notified in writing to the
Company by the BBVA Shareholder). 

 4.06 Parties’ Consultation Rights and Nominee Directors
 
 (a) Each Party hereby agrees to authorize the Company to disclose information, relating to the Group to
(i) the Parties; (ii) each other; (iii) their Affiliates; (iv) their professional advisers; and (v) the Auditors and the auditors of the respective Party. Such authority shall also extend to any disclosures of information
which any of the Parties is required to make by applicable law or any regulatory authority to which the relevant Party is subject. 
 (b) Each Party hereby agrees and acknowledges that any Nominee shall be entitled to report to such Party upon the affairs of the Company and its subsidiaries and to disclose such information as he or she shall
reasonably consider appropriate. 
 Notwithstanding any other provisions of this Agreement, no Nominee shall be obliged to act or omit to
act in any way that would or is likely to lead to such Nominee incurring personal loss or liability. To the extent that any Nominee does incur any such personal loss or liability as a result of any act or omission of the Company and/or its
subsidiaries, such Nominee shall be entitled to seek the recovery of its losses and liabilities from the Company. 
 ARTICLE V

 GOVERNANCE AND MANAGEMENT OF THE COMPANY: DURING THE PHASE I PERIOD 

5.01 Phase I duration. Until the earlier occurrence of: (i) the Sale of any Original Shares from the Dogus Shareholders
to the BBVA Shareholders; (ii) the Call Option Completion Date; (iii) the circumstances described in Section 5.06(B)(ii) applying; and (iv) the difference between the percentage ownership of the BBVA Original Shares held by the
BBVA Shareholders and the percentage ownership of the Dogus Original Shares held by the Dogus Shareholders being in excess of 15% of the Shares in favour of the BBVA Shareholder as a result of a capital increase (the “Phase I
Period”), the provisions of this Article V shall apply. 
  
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 14 

 5.02 [***] 

5.03 Board and Management. 
 Each Party agrees: 
 (a) to jointly select and appoint the Chief Executive Officer of
the Company from among candidates proposed by a Dogus Shareholder, and 
 (b) to vote all its Garanti Shares it then owns
to cause (or procure the Company to cause): 
  

	(i)	 the Board of Directors to be composed of 9 Directors, 4 of which are to be elected as designated by Dogus Shareholders and 4 of which to be elected as
designated by BBVA Shareholders with the final Director to be the Chief Executive Officer (and the Chairman to be designated among the Dogus Shareholders designated Directors). So long as the Dogus Shareholders own at least 15% of the Shares, the
boards of directors of the Material Subsidiaries shall be composed under the same principles and in the same proportion as the Board of Directors (therefore, each of the Parties will have the right to appoint half of the members of the board of
directors of the Material Subsidiaries). This right is a personal right which may only be exercised by the Dogus Shareholders and may not be assigned to a third party regardless of the assignment of any other rights under this Agreement or adherence
by a third party to this Agreement., 

  

	(ii)	 the Board of Auditors to be composed of 2 Auditors, 1 of whom to be elected as designated by Dogus Shareholders and 1 of whom to be elected as designated by
the BBVA Shareholder, 

  

	(iii)	 the credit committee to be composed of four members (in addition to the Chief Executive Officer) with two members appointed by the Dogus Shareholders and two
members appointed by the BBVA Shareholders, 

  

	(iv)	 the audit committee to be composed of two members with one member from each Party, 

 

	(v)	 a human resources committee to be established and composing of (in addition to the Chief Executive Officer) two members with one member from each Party to
meet with reasonable regularity in order: (i) to determine the strategy and execution for the appointment of a number of members (approximately 15) of the middle management team of the Company and/or Material Subsidiaries from candidates
selected by the BBVA Shareholders in the key business, risk and compliance units of the Company and/or Material Subsidiaries and determine their job descriptions; and (ii) to discuss the appointment and/or dismissal of senior non-Board
Executives, and 

  

	(vi)	 the appointment of senior non-Board executives upon a decision of the Board of Directors based on the proposal of the Chief Executive Officer.

 5.04 Quorum requirements. 

(A) A meeting quorum shall exist at any meeting of the Board of Directors if at least six Directors are present (with at least two Directors
representing Dogus Shareholders and at least two Directors representing BBVA Shareholders); and only resolutions of the Directors at quorate meetings of the Board of Directors decided by the favorable votes of at least 6 Directors shall be capable
of being a valid resolution which can be validly implemented. The Parties agree to vote all Garanti Shares they then own and take all such steps as they are able to cause the quorum requirements in this Section 5.04 to be observed and
implemented by them and undertake to amend the Articles as soon as possible but in any event within fifteen (15) Business Days after the Completion Date to reflect such quorum requirements (subject to compliance with any necessary regulatory
approvals in respect thereof). 
  
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 15 

 (B) Where required by law or regulation for one or more independent directors and/or representatives
of minority shareholders (other than the Parties) to be appointed to the Board of Directors, the Parties agree that the quorum requirements in Section 5.04(A) shall be revised and shall take all such steps as they are able to cause the quorum
requirements of the Board to be such that neither Party may approve or implement a matter without the consent of the designated Directors of the other Party. 
 5.05 Non-Delegable Matters. Each Party shall vote all of the Garanti Shares it then owns to ensure that the following matters listed below (whether such matters are decided by the Company or a Material
Subsidiary (as the case may be) in a meeting of the Board of Directors, annual or extra-ordinary meeting of shareholders or otherwise) shall only be implemented or approved with all the Parties’ consent or as per decision of the
Shareholders’ Committee meeting. 
  

	(i)	 to adversely affect the voting, dividends and other rights attached to any Garanti Shares that each Party owns or shares in the Material Subsidiaries, whether
by amendment to the Articles, the articles of association of such Subsidiaries or otherwise, 

  

	(ii)	 to allow any change in the number of the Directors or the Auditors to serve on the Board of Directors or the Board of Auditors or any committees of the
Company and any Material Subsidiary from that agreed between the Parties in this Agreement (unless required by applicable law and/or regulation), 

  

	(iii)	 to allow any change in the meeting or decision quorum for meetings of the Board of Directors and the Shareholders Committee from that agreed between the
Parties in this Agreement (unless required by applicable law and/or regulation), 

  

	(iv)	 subject to the rights and obligations of the Parties in Section 5.03, to appoint or dismiss any Director (“Nominee”) elected to the
Board of Directors or any Auditor elected to the Board of Auditors as designee of either Party, 

  

	(v)	 to approve any senior executive compensation plan and any amendments thereto, 

 

	(vi)	 to appoint or dismiss senior non-Board executives, 

  

	(vii)	 to liquidate, or enter into any insolvency proceedings, in relation to the Company or a Material Subsidiary, 

 

	(viii)	 to appoint or dismiss the independent (external) audit firm of the Company (unless required by the governmental bodies authorized by applicable law and/or
regulation), 

  

	(ix)	 to participate in the subscription for, acquisition or disposal of shares or other securities in a business entity or any existing Subsidiary,

  

	(x)	 the disposal or discontinuance of, or material changes to, any line of business or business entity within the Group, 

 

	(xi)	 the disposal of any material assets (including any material IT assets or material intellectual property whether by way of licence or otherwise) or any
substantial part of the Company or a Material Subsidiary, 

  

	(xii)	 the acquisition or introduction of any new line of business or the acquisition of a business entity or company or the acquisition of the assets of a business
entity or company, 

  

	(xiii)	 to approve the annual budget and the business plan and any amendments thereto of the Company or a Material Subsidiary, 

 

	(xiv)	 to enter into any contract or arrangement with a Shareholder or any Affiliate of a Shareholder or any shareholder of a Material Subsidiary (or Affiliate of
such shareholder), 

  
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Treatment Requested 

  
 16 

	(xv)	 to purchase or dispose of any real property, the purchase or disposal value of which exceeds USD [***], 

 

	(xvi)	 to make any change to the constitutional documents of the Company or the Material Subsidiaries, 

 

	(xvii)	 to make any change to the treasury and accounting policies of the Company or the Material Subsidiaries unless such change is required by applicable law and/or
regulation, 

  

	(xviii)	 to incur any indebtedness or create a Lien over material assets or property other than in the ordinary course of its trading activities or in accordance with
the approved annual budget, 

  

	(xix)	 to provide any guarantee or indemnity other than in the ordinary course of trading, 

 

	(xx)	 any capital increase and/or the grant of any option or other right to subscribe for or issue any shares in the Company or a Material
Subsidiary, whether for cash or by conversion or exchange of instruments into shares in the share capital of the Company or a Material Subsidiary or otherwise or any restriction of pre-emption rights over such shares except where:
(i) this matter has already been agreed upon in the business plan or (ii) in respect of the Company, where the Company maintains, immediately prior to any such proposed capital increase, a capital adequacy ratio of less than either [***]%
or, if higher, such ratio required by law or regulation at the relevant time, calculated pursuant to the regulations regarding the capital adequacy of banks in force in the Republic of Turkey. For the avoidance of doubt, the capitalization of any
dividends, reserves or any other accounting surplus the capitalization of which is permitted under the applicable legislation does not constitute a Non-Delegable Matter; 

 

	(xxi)	 to enter into any transaction out of the ordinary course of business of the Company or on a non-arm’s length basis, 

 

	(xxii)	 to adopt or amend any policies relating to underwriting for all lending activities or any of the Compliance Policies, including relating to mix of business,
asset growth or diversification, counterparty exposure, risk and compliance management, 

  

	(xxiii)	 to enter into any partnership, alliance, joint venture or co-operation agreement of any kind with any other financial services group or organization,

  

	(xxiv)	 the commencement or settlement of legal or arbitration proceedings which involves or might involve an amount (including related costs) in excess of USD [***];

  

	(xxv)	 to approve or dismiss any director elected to the board of directors of any Material Subsidiary; and 

 

	(xxvi)	 to approve any other matter required by law or powers delegated to it, or that is agreed by the Board Directors or Parties, to be decided upon (as applicable)
at a General Assembly or a Board meeting. 

 5.06 Further Acquisitions of Shares. 

(A) In the event either Party acquires Shares, other than in respect of (i) the sale and acquisition of Original Shares
between the BBVA Shareholders and Dogus Shareholders; (ii) any subscription for new share issuances arising from a share capital increase or otherwise in accordance with the terms of this Agreement, whether directly or indirectly; or
(iii) the sale and acquisition of Shares between BBVA or Dogus Shareholders and any of their Affiliates, it undertakes, subject to Sections 5.06(B) and 5.06(C), to: 

 

	(i)	 offer, or procure such entity acquiring such Shares to offer, 50% of the Shares so acquired to the other Party within five (5) Business Days following
the date of acquisition of such Shares (the 

  

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 17 

	 	 
“Acquired Shares”), such offer to be delivered to the other Party in writing on the same terms and price as such Shares are acquired, and to be open for acceptance by the other
Party for a period of at least ten (10) Business Days, whereupon that other Party shall have a right (but not obligation) to acquire all (but not less than all of) such Shares. The delivery of any Shares for which that other Party has exercised
its right to purchase and the payment of the purchase price shall take place, subject to any extension period reasonably required to comply with any governmental or regulatory approvals, within 30 Business Days following the last day that the offer
is open for acceptance by the other Party; and 

  

	(ii)	 grant, or procure such entity acquiring such Shares to grant, a voting usufruct right, free of charge, valid until the end of the Phase I Period, to the other
Party in relation to 50% of those Acquired Shares that are not acquired by the other Party under Section 5.06(i) above, by way of entering into a voting usufruct agreement within five (5) Business Days following the date of acquisition of
such Shares in the form attached hereto as Schedule III. 

 (B) In the event of: (i) a voluntary
tender offer (“VTO”) or (ii) the acquisition of any Shares by a Party that results in an obligation to make an MTO pursuant to the Communiqué on the Principles of Collecting Company Shares through Tender Offers dated
2 September 2009 (as such Communiqué may be amended, varied or replaced from time to time) (the “MTO Communiqué”) (“Tender Offer”), then: 

 

	(i)	 the provisions of Section 5.06(A)(i) shall not apply in respect of any acquisitions of Shares carried out pursuant to a Tender Offer. Instead, in such
cases: 

  

	 	a)	 subject to c) below, the Party making the VTO or triggering the MTO obligation (the “Tendering Party”) is required to notify (the
“Tender Notice”) the other Party (the “Recipient Party”), as soon as possible but no later than ten (10) Business Days prior to (i) filing the Tender Offer application with the CMB in the event of a VTO;
or (ii) acquisition of Shares triggering the obligation to make an MTO, of the proposed terms (including as to the price) on which the Tender Offer is to be carried out (for the avoidance of doubt, subject always to the approval of the CMB)
(the “Tender Offer Terms”); 

  

	 	b)	 the Recipient Party shall have the right (but not the obligation) for a period of ten (10) Business Days from receipt of the Tender Notice (and in any
event prior to the filing of such Tender Offer application with the CMB) to notify the Tendering Party (i) whether it wishes to join the Tender Offer on the Tender Offer Terms, and (ii) if it does, on what (up to 50:50) basis it wishes to
join the Tender Offer (the “Accepted Tender Offer Terms”). If the Recipient Party notifies the Tendering Party of the Accepted Tender Offer Terms then the Tendering Party must accept such Accepted Tender Offer Terms, and on that
basis each Party shall (i) acquire the Shares tendered pursuant to and on the terms of such Tender Offer on the Accepted Tender Offer Terms; and (ii) assume between themselves the risk, liabilities, costs and expenses of such Tender Offer
on the Accepted Tender Offer Terms; 

  

	 	c)	 if the Recipient Party fails to respond to the Tender Notice in accordance with b) above, then it shall be deemed to have rejected to make a joint Tender
Offer with the Tendering Party on the Terms of the Tender Notice; 

  

	 	d)	 if the Tendering Party wishes to change the Tender Offer Terms due to the existence of a competing Tender Offer or for any other reason, it shall notify the
Recipient Party of the new terms of the Tender Offer (the “Revised Tender Offer Notice”) as soon as possible but in any event no later than ten (10) Business Days before it files such new terms of the Tender Offer with the CMB
in which event the Recipient Party shall have the right (but not the obligation) for a period of five (5) Business Days from receipt of the Revised Tender Notice (and in any 

 
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 18 

	 	 
event prior to the filing of such Revised Tender Offer Terms with the CMB) to notify the Tendering Party (i) whether it wishes to maintain its position in the Accepted Tender Offer; or
(ii) increase (up to 50:50 basis) or reduce (down to a zero participation basis) its commitment in the Accepted Tender Offer Terms (the “Accepted Revised Tender Offer Terms”). If the Recipient Party notifies the Tendering Party
of the Accepted Revised Tender Offer Terms then the Tendering Party must accept such Accepted Revised Tender Offer Terms, and on that basis each Party shall (i) acquire the Shares tendered pursuant to and on the terms of such Tender Offer on
the Accepted Revised Tender Offer Terms; and (ii) assume between themselves the risk, liabilities, costs and expenses of such Tender Offer on the Accepted Revised Tender Offer Terms; 

 

	 	e)	 if the Recipient Party fails to respond to the Revised Tender Notice in accordance with d) above, then it shall be deemed to maintain its position in the
Accepted Tender Offer Terms; 

  

	 	f)	 In the event that the Tender Offer is an MTO: 

 (1) the Tendering Party shall indemnify and hold harmless the Recipient Party in respect of any and all risks, liabilities, costs and expenses suffered or incurred (as applicable) either (i) on a full
indemnity basis in relation to the MTO if the Recipient Party specifies a zero participation basis in the Accepted Tender Offer Terms or the Accepted Revised Tender Offer Terms; or (ii) in excess of the percentage risk allocation basis
specified in the Accepted Tender Offer Terms or the Accepted Revised Tender Offer Terms, as the case may be; 
 (2) in any
event, where the Recipient Party’s Accepted Tender Offer Terms or Accepted Tender Offer Terms, as the case may be, are on a zero participation basis or in any event on a less than 50:50 basis, the Tendering Party shall, at the written request
of the Recipient Party, use all reasonable endeavours to make all applications, submissions and defences on a timely basis as are reasonably required to obtain a waiver or exemption from the CMB from any joint liability that is imposed on the
Recipient Party to make an MTO jointly with the Tendering Party; and 
 (3) during the period between the receipt of the
Tender Offer Notice by the Recipient and the end of the purchasing period of the Tender Offer, neither of the Tendering Party or the Recipient Party shall purchase any Shares unless they mutually agree in writing otherwise. 

 

	(ii)	 the provisions of Section 5.06(A)(ii), by contrast, shall continue to apply in respect of any acquisitions of Shares carried out pursuant to a Tender
Offer save for the following exception: in the event that the Recipient Party either does not join in the Tender Offer or joins in on the Accepted Tender Offer Terms or the Accepted Revised Tender Offer Terms that are on a less than 50:50 basis, and
following the acquisition of the tendered Shares the percentage of ownership of Shares by a Party compared to the other Party exceeds 15% of the Shares, the provisions of Section 5.06(A)(ii) shall not apply in such circumstances to any Shares
so acquired pursuant to the Tender Offer and the Phase II Period shall thereby be deemed to have commenced. 

 (C) Section 5.06(A)(i) shall not apply to the Shares to be acquired by the BBVA Shareholder in an amount up to 0.1198% of the Shares (representing at the date of this Agreement, 503,160,000 Shares). For the
avoidance of doubt, Section 5.06(A)(ii) shall continue to apply to such Shares. 
  
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 ARTICLE VI 
 GOVERNANCE AND MANAGEMENT OF THE COMPANY: 
 DURING THE PHASE II PERIOD 

6.01 Phase II Period. The provisions of this Article VI shall automatically apply with effect from the end of the Phase I
Period (the “Phase II Period”). Nevertheless, notwithstanding the preceding sentence, the BBVA Shareholder may in its sole and absolute discretion elect at any time by notice in writing to the Dogus Shareholders that the provisions
of Article V shall instead apply, in which event the provisions of Article V shall accordingly apply until such time as the BBVA Shareholder by delivery of a further notice in writing to the Dogus Shareholders elects to terminate such election and
accordingly the provisions of this Article VI shall then automatically apply. 
 6.02 [***] 

6.03 Board and Management. Each Party agrees to vote all Garanti Shares they then own to cause (or procure the Company to
cause) the following: 
 (a) the formation of the Board of Directors to be on the following basis: 

 

					
	 Dogus Shareholders Shares
	  	 Board Composition
	  	Number of Directors on the Board of
Directors
	 Where Dogus Shareholders own 15% or more of the Shares
	  	 6 of the Directors to be elected shall be designated by BBVA Shareholder

 
 3 of the Directors to be elected shall be designated by Dogus Shareholders
	  	9 Directors
			
	 Where Dogus Shareholders own in excess of 9.95% of the Shares and less than 15% of the Shares
	  	 7 of the Directors to be elected shall be designated by BBVA Shareholder

 
 2 of the Directors to be elected shall be designated by Dogus Shareholders
	  	9 Directors
			
	 Where Dogus Shareholders own 9.95% of the Shares
	  	 8 of the Directors to be elected shall be designated by BBVA Shareholder

 
 1 of the Directors to be elected shall be designated by Dogus Shareholders
	  	9 Directors
			
	 Where Dogus Shareholders owns less than 9.95% of the Shares
	  	All of the Directors to be elected shall be designated by BBVA Shareholder	  	BBVA Shareholder may
determine number of
Directors on the Board
of Directors

 and, in the event that Dogus Shareholders drops below one of the thresholds above where it holds less than 15% of
the Shares, then the provisions applicable to such threshold shall continue to apply to it notwithstanding any future increase in its ownership of Shares, 
 (b) the Chief Executive Officer to be jointly selected by the BBVA Shareholder and Dogus Shareholders from among candidates selected by the BBVA Shareholder and to be designated a 

 
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representative of the BBVA Shareholder (and the Chairman to be designated by BBVA Shareholder). If the Dogus Shareholders own less than 15% of the Shares, BBVA Shareholder shall determine and
approve the person appointed to the post of Chief Executive Officer, 
 (c) so long as Dogus Shareholders own at least 15%
of the Shares, the Board of Auditors to be composed of 2 Auditors, 1 of whom to be elected as designated by BBVA Shareholder and 1 of whom to be elected as designated by Dogus Shareholders. If the Dogus Shareholders owns less than 15% of the Shares,
the composition of the Board of Auditors shall be determined by BBVA Shareholder, 
 (d) so long as the Dogus Shareholders
own at least 15% of the Shares, the credit committee to be composed of three members (in addition to the Chief Executive Officer) with two members appointed by the BBVA Shareholder and one member appointed by the Dogus Shareholders, 

(e) so long as the Dogus Shareholders own at least 15% of the Shares, the Audit Committee shall include at least one of its
designated Board members as a member. 
 (f) so long as the Dogus Shareholders own at least 15% of the Shares, the boards
of directors of the Material Subsidiaries shall be composed under the same principles and with the same proportion as the Board of Directors (therefore, Dogus Shareholders will have the right to appoint a number of directors equal to half of the
number of directors appointed by BBVA Shareholder in each of the Material Subsidiaries). This right is a personal right which may only be exercised by the Dogus Shareholders and can not be assigned to a third party regardless of assignment of any
other rights under this Agreement or adherence by a third party to this Agreement. 
 6.04 Quorum requirements.

 (A) In respect of any matters that do not constitute Shareholder Reserved Matters at the applicable time, the meeting quorum in respect
of such matters shall be six Directors and the decision quorum shall be formed by the favourable vote of at least six Directors present at a quorate meeting. 
 (B) Each Party agrees, solely in respect of each Shareholder Reserved Matter described in Section 6.05, (a) the meeting quorum referred to in Section 6.04(A) shall include at least one Director
representing Dogus Shareholders; and (b) the decision quorum at such quorate meeting of the Board of Directors shall be a majority of the votes cast at such meeting which must include the affirmative vote of at least one Director representing
Dogus Shareholders. 
 (C) Where required by law or regulation for one or more independent directors and/or representatives of minority
shareholders (other than the Parties) to be appointed to the Board, the Parties agree that the quorum requirements in Section 6.04(A) shall be revised and shall take all such steps as they are able to cause the quorum requirements of the Board
to be such that (i) the veto rights of the Dogus Shareholders designated Directors on the Board are maintained in respect of the Shareholder Reserved Matters applicable to it and (ii) otherwise the intentions of the Parties in agreeing the
Board composition set out in Sections 6.03 and 6.04 are appropriately reflected in any such Board. 
 (D) The Parties agree to vote all
Garanti Shares they then own and take all such steps as they are able to cause the quorum requirements in this Section 6.04 to be observed and implemented by them. 

6.05 Shareholder Reserved Matters. 
 (A) For as long as each Party owns Garanti Shares representing 15% or more of the Shares, (i) each Party shall vote all of the Garanti Shares it then owns to ensure that the matters listed below (whether such
matters are decided by the Company or a Material Subsidiary (as the case may be) in a 
  
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 21 

 
meeting of the Board of Directors, annual or extra-ordinary meeting of shareholders or otherwise) shall only be implemented or approved with all the Parties’ consent or as decided at the
Reserved Matters Decision Committee meeting and (ii) Dogus Shareholders otherwise undertakes not to vote against or challenge any other matter not listed below proposed to be implemented or approved by BBVA Shareholder (save where such matter
conflicts with an express right granted to it under this Agreement during the Phase II Period). 
  

	(i)	 to adversely affect the voting, dividends and other rights attached to any Garanti Shares that each Party owns or shares in the Material Subsidiaries, whether
by amendment to the Articles, the articles of association of such Subsidiaries or otherwise, 

  

	(ii)	 any capital increase and/or the grant of any option or other right to subscribe for or issue any shares in the Company or a Material
Subsidiary, whether for cash or by conversion, exchange of instruments into shares in the share capital of the Company or a Material Subsidiary or otherwise or any restriction of pre-emption rights over such shares except where:
(i) this matter has already been agreed upon in the business plan or (ii) in respect of the Company, where the Company maintains, immediately prior to any such proposed capital increase, a capital adequacy ratio of less than either [***]%
or, if higher, such ratio required by law or regulation at the relevant time, calculated pursuant to the regulations regarding the capital adequacy of banks in force in the Republic of Turkey. For the avoidance of doubt, the capitalization of any
dividends, reserves or any other accounting surplus the capitalization of which is permitted under the applicable legislation does not constitute a Shareholder Reserve Matter, 

 

	(iii)	 to allow any change in the number of the Directors, the Auditors or the committee members to serve on the Board of Directors or the Board of Auditors or any
committees of the Company or any Material Subsidiary from that agreed between the Parties in this Agreement (unless required by applicable law and/or regulation), 

 

	(iv)	 to allow any change in the meeting or decision quorum for meetings of the Board of Directors and the Reserved Matters Decision Committee from that agreed
between the Parties in this Agreement (unless required by applicable law and/or regulation), 

  

	(v)	 to approve any Board compensation plan and any amendments thereto, 

 

	(vi)	 to liquidate, or enter into any insolvency proceedings, in relation to the Company or a Material Subsidiary, 

 

	(vii)	 to participate in the disposal of, in one or a series of related transactions in one financial year, any existing Material Subsidiary,

  

	(viii)	 to participate in the subscription for, acquisition or disposal of, in one or a series of related transactions in one financial year, any shares or other
securities of any business entity or any business(es), or any line of businesses or assets with a value in excess of 10% of the Group’s total net assets based on the latest consolidated audited accounts of the Company;

  

	(ix)	 to approve the annual budget and the business plan and any amendments thereto of the Company or a Material Subsidiary; 

 

	(x)	 to provide any loans or approve credit lines to a Party or its Affiliates; 

 

	(xi)	 to enter into any contract or arrangement with a Party or its Affiliates other than on an arm’s length basis; 

 

	(xii)	 to make any changes to the constitutional documents of the Company or a Material Subsidiary that conflict with the rights of the Shareholders holding 15% or
more of the Shares in the Phase II Period; and 

  
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	(xiii)	 to appoint senior non-Board executives of the Company or a Material Subsidiary. This right shall be valid only so long as (i) the BBVA Shareholder owns
less than 50% of the Shares; and (ii) the difference between the percentage of Shares owned by the BBVA Shareholder and the Dogus Shareholders is less than 20% of the Shares. This right provided by this Section 6.05(A)(xiii) can only be
exercised by the Dogus Shareholders and cannot be assigned to a third party regardless of assignment any other rights under this Agreement or adherence by a third party to this Agreement. 

(B) Once Dogus Shareholders owns Garanti Shares representing over 9.95% but less than 15% of the Shares, (i) each Party shall
vote all Garanti Shares it then owns to ensure that the matters listed below (whether such matters are decided by the Company or a Material Subsidiary (as the case may be) in a meeting of the Board of Directors, annual or extra-ordinary meeting of
shareholders or otherwise) shall only be implemented or approved with each Parties’ consent or as decided at the Reserved Matters Decision Committee meeting; and (ii) Dogus Shareholders otherwise undertakes not to vote against or challenge
any other matter not listed below proposed to be implemented or approved by BBVA Shareholder (save where such matter conflicts with an express right granted to it under this Agreement during the Phase II Period): 

 

	(i)	 to adversely affect the voting and other rights attached to any Garanti Shares that Dogus Shareholders owns, whether by amendment to the Articles, the
articles of association of such Subsidiaries or otherwise; 

  

	(ii)	 to make any changes to the constitutional documents of the Company or a Material Subsidiary that conflict with the rights of the Dogus Shareholders holding
9.95% or more of the Shares in the Phase II Period. 

  

	(iii)	 to liquidate, or enter into any insolvency proceedings, in relation to the Company or a Material Subsidiary; 

 

	(iv)	 to grant any right to any person or persons that restricts the pre-emptive rights of Dogus Shareholders in respect of share capital increases; or

  

	(v)	 the disposal or discontinuance of, or material changes to, in one or a series of related transactions in one financial year any line of business or business
entity within the Group that has a value in excess of 25% of the Group’s total net assets based on the latest consolidated audited accounts of the Company. 

(C) Once Dogus Shareholders owns Garanti Shares representing equal to or under 9.95% of the Shares, Dogus Shareholders’ only
rights and protections as a shareholder shall be those granted to it under Turkish law or under the Articles provided that Dogus Shareholders undertakes not to vote against or challenge any matter proposed to be implemented or approved by BBVA
Shareholder (save where such matter conflicts with an express right granted to it under this Agreement during the Phase II Period). 
 (D) In the event that Dogus Shareholders drops below one of the thresholds above in this Section 6.05(B), (C) and (D), then the provisions applicable to such lower threshold in this Section 6.05
shall continue to apply to it notwithstanding any future increase in its ownership of Shares. 
 6.06 Further
Acquisitions of Shares. 
 (A) Either Party shall be free to acquire Shares during the Phase II Period without being
required to offer for sale or grant voting usufruct rights over such Shares to the other Party. In respect of Shares acquired during the Phase I Period, as stated in Section 5.06, any voting usufruct rights over such Shares shall no longer
apply during the Phase II Period and shall be deemed to have terminated. 
  
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 23 

 (B) Notwithstanding Section 6.06(A) above, in the event of: (i) the
acquisition of any Shares, or a controlling position, that results in an MTO being triggered by a Party and (ii) the CMB requiring in those circumstances that the Parties jointly make an MTO pursuant to the MTO Communiqué
(“Tender Offer”), then: 
  

	 	(i)	 the Party triggering the MTO obligation (the “Tendering Party”) is required to notify (the “Tender Notice”) the other Party
(the “Recipient Party”), as soon as possible but no later than ten (10) Business Days prior to the acquisition of Shares triggering the obligation to make an MTO, of the terms (including as to the price) on which the Tender
Offer is proposed to be carried out (for the avoidance of doubt, subject always to the approval of the CMB) (the “Tender Offer Terms”); 

 

	 	(ii)	 the Recipient Party shall have the right (but not the obligation) for a period of ten (10) Business Days from receipt of the Tender Notice (and in any
event prior to the filing of such Tender Offer application with the CMB) to notify the Tendering Party (i) whether it wishes to join the Tender Offer on the Tender Offer Terms, and (ii) if it does, on what (up to 50:50) basis it wishes to
join the Tender Offer (the “Accepted Tender Offer Terms”). If the Recipient Party notifies the Tendering Party of the Accepted Tender Offer Terms then the Tendering Party must accept such Accepted Tender Offer Terms, and on that
basis each Party shall (i) acquire the Shares tendered pursuant to and on the terms of such Tender Offer on the Accepted Tender Offer Terms; and (ii) assume between themselves the risk, liabilities, costs and expenses of such Tender Offer
on the Accepted Tender Offer Terms; 

  

	 	(iii)	 if the Recipient Party fails to respond to the Tender Notice in accordance with ii) above, then it shall be deemed to have rejected to make a joint Tender
Offer with the Tendering Party on the Terms of the Tender Notice; 

  

	 	(iv)	 if the Tendering Party decides to change the Tender Offer Terms due to the existence of a competing Tender Offer or otherwise, it shall notify the Recipient
Party of the new terms of the Tender Offer (the “Revised Tender Offer Notice”) as soon as possible but in any event no later than ten (10) Business Days before it files such new terms of the Tender Offer with the CMB in which
event the Recipient Party shall have the right (but not the obligation) for a period of ten (10) Business Days from receipt of the Revised Tender Notice (and in any event prior to the filing of such Revised Tender Offer Terms with the CMB) to
notify the Tendering Party (a) whether it wishes to maintain its position in the Accepted Tender Offer; or (b) increase (up to 50:50 basis) or reduce (down to a zero participation basis) its commitment in the Accepted Tender Offer Terms
(the “Accepted Revised Tender Offer Terms”). If the Recipient Party notifies the Tendering Party of the Accepted Revised Tender Offer Terms then the Tendering Party must accept such Accepted Revised Tender Offer Terms, and on that
basis each Party shall (a) acquire the Shares tendered pursuant to and on the terms of such Tender Offer on the Accepted Revised Tender Offer Terms; and (b) assume between themselves the risk, liabilities, costs and expenses of such Tender
Offer on the Accepted Revised Tender Offer Terms; 

  

	 	(v)	 the Tendering Party shall indemnify and hold harmless the Recipient Party in respect of any and all risks, liabilities, costs and expenses suffered or
incurred (as applicable) either (a) on a full indemnity basis in relation to the MTO if the Recipient Party specifies a zero participation basis in the Accepted Tender Offer Terms; or (b) in excess of the percentage risk allocation basis
specified in the Accepted Tender Offer Terms or the Accepted Revised Tender Offer Terms, as the case may be; 

  

	 	(vi)	 in any event, where the Recipient Party’s Accepted Tender Offer Terms or Accepted Revised Tender Offer Terms, as the case may be, are on a zero
participation basis or in any event on 

  

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 24 

	 	 
a less than 50:50 basis, the Tendering Party shall, at the written request of the Recipient Party, use all reasonable endeavours to make all applications, submissions and defences on a timely
basis as are reasonably required to obtain a waiver or exemption from the CMB from any joint liability that is imposed on the Recipient Party to make an MTO jointly with the Tendering Party; and 

 

	 	(vii)	 during the period between the receipt of the Tender Offer Notice by the Recipient and the end of the purchasing period of the Tender Offer, neither the
Tendering Party or Recipient Party shall purchase any Shares unless they mutually agree in writing otherwise. 

ARTICLE VII 
 COMMERCIAL
PROTECTIONS 
 7.01 [***] 

7.02 Brand. The Parties agree to conduct the businesses of the Company and its subsidiaries using the name “Garanti
Bankasi” or names containing “Garanti” as the context requires. Further, where the BBVA Shareholder agrees that it would be in the best interests of the Group, it covenants to seek any necessary BBVA Shareholder group approvals as
shall be necessary to allow the Group to use the BBVA Shareholder name, logo or any other BBVA Shareholder branding or intellectual property as the context shall require. Save for where such approvals have been confirmed in writing in advance, the
Company shall not expressly or impliedly use any such BBVA Shareholder branding either externally or within the Group. 
 ARTICLE VIII

 COMPULSORY TRANSFERS OF SHARES 

8.01 Triggering Events. For the purposes of this Section 8.01, the following events shall be referred to as
“Triggering Events”: 
  

	 	(i)	 Change of Control, 

  

	 	(ii)	 Bankruptcy, 

  

	 	(iii)	 Involuntary Transfer, or 

  

	 	(iv)	 Event of Material Breach. 

 8.01.01 Notice of Triggering Event. Upon the occurrence of a Triggering Event, (A) in respect of the Triggering Events in (i), (ii) or (iii), the affected Party shall forthwith give notice in
writing to the other Party stating when the Triggering Event occurred (and in the event of an Involuntary Transfer the affected Party shall use its best efforts to give notice prior to the actual transfer of Shares), the reason therefore, the number
of Garanti Shares it then owns and the name and the address of the transferee if a transfer has occurred. If no such notice is given, the other Party may institute the put/call proceedings stipulated in Section 8.01.02 by a written notice to
the affected Party and the transferee; and (B) in respect of the Triggering Event in (iv) the non-defaulting Party may institute the put/call proceedings stipulated in Section 8.01.02 by a written notice to the defaulting Party and,
if relevant, the transferee. 
  
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 8.01.02 The Put/Call Right of the Non-Affected/Non-Defaulting
Party. 
 (A) Upon the receipt of the notice referred to in Section 8.01.01 or if no notice is given, upon
becoming aware of the occurrence of the Triggering Event (the “Trigger Date”), the non-affected/non-defaulting Party shall have the right and option by delivery of a written notice to the affected/defaulting Party (the “Acceptance
Delivery Date”) for a period ending 30 Business Days following the Trigger Date, and subject to Section 8.01.02(B), (a) to purchase all Garanti Shares the affected/defaulting Party owns or has transferred to the transferee or
(b) to require the affected/defaulting Party and/or the transferee to purchase all Garanti Shares it then owns, in cash at the price equal to the volume weighted average market price over the last 10 trading days on the Istanbul Stock Exchange
prior to the Acceptance Delivery Date. In the event of the Shares being transferred by the affected/defaulting Party (or by a pledgee bank referred to in Section 3.07(ii)) to a transferee, the affected/defaulting Party shall procure the
compliance of the transferee with such provisions. 
 In the event of a Triggering Event being caused by an Event of Breach, the price for
the (i) purchase of the Garanti Shares by the non-defaulting party shall be at a discount of 10% to the price determination in Section 8.01.02(A) above; and (ii) the sale of the Garanti Shares by the non-defaulting party shall be at a
premium of 10% to the price determination in Section 8.01.02(A) above. 
 (B) In the event that the relevant Shares
subject to the above described put/call proceedings have been transferred and the affected/defaulting Party is unable to procure the transferee’s compliance with such proceedings, the affected/defaulting Party shall compensate the
non-affected/non-defaulting Party for the damages resulting from its inability to exercise such put/call proceedings (such damages to take account of the premium and discount it would have benefited from in such circumstances). 

8.02 Consummation of Sale. The delivery of Garanti Shares and the payment of the purchase price referred to in
Section 8.01.02 shall take place, subject to any extension period reasonably required to comply with any governmental or regulatory approvals, within 30 Business Days following the last day of the option period. 

ARTICLE IX 
 CALL
OPTION 
 9.01 General Terms of Call Option. 

(A) Call Option. The BBVA Shareholder shall have the right (but not the obligation) to require the Dogus Shareholders to sell and transfer
the Call Option Shares and the BBVA Shareholder shall purchase such Call Option Shares at the price equal to the volume weighted average market price over the last 30 trading days on the Istanbul Stock Exchange prior to the date of delivery of the
Call Option Notice (the “Call Option Price”) and otherwise on and subject to the terms set forth in this Article IX (the “Call Option”). 
 (B) Call Option Exercise Period. 
  

	 	(i)	 The Call Option shall be exercisable by the BBVA Shareholder at any time from the earlier of (a) the date of the fifth anniversary of the Completion Date
and (b) the Sale of any Original Dogus Shares to any third party other than the BBVA Shareholders, (the “Call Option Exercise Period”). 

 
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 (C) Single exercise. The BBVA Shareholder may exercise the Call Option at once and in respect
of all the Call Option Shares. 
 (D) Exercise of Call Option. 

 

	 	(i)	 In order to exercise the Call Option, the BBVA Shareholder must serve notice in writing (the “Call Option Notice”)on the Dogus Shareholders:

  

	 	i.	 specifying the number of Call Option Shares to be purchased and requiring the Dogus Shareholders to Sell to the BBVA Shareholder the Call Option Shares at the
Call Option Price; 

  

	 	ii.	 stating whether completion is conditional on any requisite BRSA or other Governmental Authority consent; 

 

	 	iii.	 subject to paragraph (ii) below, stating a date (being a Business Day) on which completion shall take place, which date (as extended by and subject to
any delay due to BRSA or any other necessary Governmental Authority consent) shall be at least 90 days but no more than 120 days as of the date of the delivery of the Call Option Notice (the “Call Option Interim Period”);

  

	 	(ii)	 Following delivery of the Call Option Notice: 

  

	 	i.	 The BBVA Shareholder shall be free to sell such Garanti Shares as are necessary to avoid an obligation to launch an MTO (and the provisions of Sections
3.04(B), 3.05 and, consequently, 3.06 shall not apply in such circumstances); 

  

	 	ii.	 The Dogus Shareholders undertake not to acquire, directly or indirectly, any additional Shares where such acquisition triggers or is reasonably likely to
trigger a requirement for the BBVA Shareholder to launch an MTO; and 

  

	 	iii.	 Both Parties shall co-operate and use all reasonable endeavours to obtain any necessary waivers or exemptions from the CMB from launching an MTO, and (for the
avoidance of doubt) in the absence of such waiver or exemption the Call Option may not be completed. 

  

	 	(iii)	 Once exercised, the Call Option may only be revoked with the consent of the Dogus Shareholders. 

 

	 	(iv)	 In the event that put/call proceedings stipulated in Section 8.01.02 are instituted by the non-affected/non-defaulting Party following the occurrence of
a Triggering Event, the Call Option shall immediately and automatically lapse. 

 9.02 Consideration
for the Option Shares. 
  

	 	(i)	 The consideration for the Call Option Shares shall in all cases be payable in cash in the US Dollar amount of the Call Option Price converted from TL at the
mid exchange rate on the Business Day immediately before the Call Option Notice is delivered. 

  

	 	(ii)	 In the event that completion under the Call Option (as applicable) takes place after 90 days as of delivery of the Option Notice, for reasons other than due
to the delay, default or negligence of the Dogus Shareholders, the BBVA Shareholder shall, in addition to the consideration payable under Section 9.02(i) above, pay to the Dogus Shareholders interest on the unpaid consideration until the date
of actual completion at a rate per annum of the 3-month USD London Interbank Offered Rate plus 75 basis points, such interest to accrue from day to day from the date of delivery of the Call Option Notice until the date of actual completion.

  
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 9.03 Co-operation in relation to BRSA and other consents. 

Where completion of the exercise of the Call Option requires the consent or approval of the BRSA or any other Governmental
Authority, the BBVA Shareholder shall use all reasonable endeavours, and the Dogus Shareholders undertake promptly to provide all such assistance, information and documents and take such steps as are reasonably required, to procure such consents or
approvals as soon as reasonably practicable. Without limitation to the foregoing, the Parties shall co-operate in any dealings with or submissions to the BRSA and any other Governmental Authority the consent of which is required to complete so that:
(i) the transfer of the Call Option Shares is validly and promptly notified to the BRSA and such bodies; (ii) all material submissions and filings to, and requests and enquiries from, the BRSA and any such bodies are made or responded to
promptly by the Parties in consultation with each other (subject to redaction of confidential business information relating to the Parties) and in any event within any relevant time limit; (iii) each Party shall notify the other of any
significant meetings and developments relating to such dealings with the BRSA and any other bodies and, if relevant to the receipt of such consents, request the other Party to attend any such meetings; and (iv) each Party shall keep the other
promptly informed as to the progress in satisfying such consents and approvals. 
 9.04 Completion of the transfer of
the Option Shares 
 (A) Completion of the purchase of the Call Option Shares shall be subject to receipt in form and substance
reasonably satisfactory to the BBVA Shareholder of BRSA and other necessary Governmental Authority consents in respect of such purchase (including any waiver or exemption of the Capital Markets Board confirming that the purchase will not trigger a
MTO). 
 (B) The Call Option Shares shall be transferred with good and marketable title and shall be free and clear of any and all Liens
and any other rights exercisable by or claims of third parties and together with all rights attaching to the Shares with effect from the date of option exercise. 
 (C) Completion of the transfer of the Call Option Shares shall take place at the registered office of the Company (the “Call Option Completion Date”). In connection with the completion of any
transfer of Shares pursuant to the Call Option: 
  

	 	(i)	 The Dogus Shareholders shall duly transfer or shall procure the due transfer to the BBVA Shareholder of the Call Option Shares together with any certificates
therefore or, if such certificates are lost or damaged, indemnity in respect thereof in terms satisfactory to the BBVA Shareholder; 

  

	 	(ii)	 The Dogus Shareholders shall and shall procure that its representatives in the Company shall sign (on behalf of the Company) all such documents and take all
such actions as the BBVA Shareholder may reasonably require to enable it to become the registered and beneficial owner of the Call Option Shares; and 

  

	 	(iii)	 The BBVA Shareholder shall pay the Call Option Price for same day value by wire transfer to an account nominated reasonably in advance of such date by Dogus
Holding (acting on behalf of the Dogus Shareholders) or in such other manner agreed between the Dogus Shareholders and the BBVA Shareholder. 

 9.05 Stamp duties and other taxes. The Shareholder delivering the Call Option Notice (as applicable) shall pay any stamp duty, documentary and other taxes and duties payable in respect of the exercise of the
Call Option and subsequent transfer of the Call Option Shares. 
  

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 ARTICLE X 
 TERM AND TERMINATION 
 10.01 Effectiveness; Termination. This
Agreement shall come into full force and effect as set out in Article II and continue in force indefinitely unless terminated: 
  

	 	(a)	 in accordance with Section 2.03; 

  

	 	(b)	 upon the mutual written agreement of the Parties; or 

  

	 	(c)	 at 18:00 (Istanbul time) on such date when either Party holds less than 1% of the then issued share capital of the Company (provided that such less than 1%
holding has not resulted from a breach of this Agreement by the other Party). 

 10.02 Effect of
Termination. If this Agreement is validly terminated pursuant to Section 10.01(b), this Agreement will forthwith become null and void, but the provisions of Sections 11.01, 11.04, 11.05, 11.09, 11.10, 11.11 and 11.12 shall continue to apply
regardless of such termination. Upon termination of this Agreement, no liability or obligation on the part of any Party(or any of its respective officers, directors, employees, agents or other representatives or Affiliates) shall arise, except for
any breach of this Agreement by any Party prior to such termination. 
 ARTICLE XI 

MISCELLANEOUS 
 11.01 Dogus Shareholders as Guarantors. The Dogus Shareholders represent and warrant that on the date hereof Mr. Ferit Sahenk owns 0.605% of the Shares. For so long as Mr. Ferit Sahenk shall
own any Shares (such shares being the “Ferit Sahenk Shares”), he and such Shares shall be and shall remain in all respects subject to all of the terms and conditions of this Agreement as if he were a Dogus Shareholder hereto,
including, inter alia, that any breach by Mr. Ferit Sahenk of any terms of this Agreement shall be treated as a breach by the Dogus Shareholders of this Agreement. The Dogus Shareholders hereby unconditionally and irrevocably,
and jointly and severally, guarantee Mr. Ferit Sahenk’s performance of and compliance with all of the terms and conditions of this Agreement or any other document referred to in it.

11.02 Damages, remedies. Without limitation to the rights of the non-defaulting Party under Article VIII (Compulsory
Transfer of Shares), the non-defaulting Party reserves its rights to claim damages or any other remedies (including without limitation any remedies of specific performance or injunctive relief) available under law for all damages, losses, costs and
expenses arising from or in connection with any breach or anticipated breach of any of the terms of this Agreement by the defaulting Party. 
 11.03 Entire Agreement. This Agreement and the Share Purchase Agreements and all documents delivered as part of this Agreement or which are incorporated as part of this Agreement by reference constitute and
contain the entire Agreement between the Parties and the Company and, replace in its entirety any and all agreements, arrangements and understandings between the Parties with respect to the subject matter hereof. 

11.04 Notices. All notices, requests and communications hereunder must be in writing and will be deemed duly given only if
delivered by facsimile transmission or sent by recognized international courier to the Parties and/or the Company at the following addresses or facsimile numbers. 

 
 ***Confidential Treatment Requested 

  
 29 

 If to Dogus Holding to: 
 Büyükdere Cad., Oycan Plaza, No. 15, 
 Maslak, Istanbul, Turkey 

Attn: Husnu Akhan, Chief Financial Officer 
 Facsimile No: +90 212 285 4003 
 If to the BBVA Shareholder to: 

Paseo de la Castellana 81, Planta 27, 
 Madrid 28046, Spain 
 Attn: Carlos Torres Vila, Head of Strategy of Corporate Development

 Facsimile No: 34 91 3747257 
 Copy to: Javier Rodriguez-Soler, Head of M & A and Strategy 
 Facsimile No: 34 91 3746038

 Copy to: Eduardo Arbizu Lostao, General Counsel 
 Facsimile No: 34 91 3744471 
 Copy to: María Jesús Arribas de Paz, Head of Corporate
Legal Services 
 Facsimile No: 34 91 3743551 
 If to the Company to: 
 Attn: Aydin Senel 

Copy to: Akin Ekici 
 Facsimile No: +
90 212 318 3854 
 All such notices, requests and other communications will (a) if delivered personally to the
address as provided in this Section 11.04, be deemed given upon delivery, (b) if delivered by facsimile transmission to the facsimile number as provided in this Section 11.04, be deemed given upon receipt, (c) if delivered by
recognized international courier to the address as provided in this Section 11.04, be deemed given upon confirmed receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a
copy of such notice is to be delivered pursuant to this Section 11.04). Any Party from time to time may change its address, facsimile number or the other information for the purpose of notices to that Party by giving written notice specifying
such change to the other Parties hereto. Further, the Call Option Notice shall be delivered through any one of the communication means set forth above and shall also be delivered by registered post. 

11.05 Publicity and Confidentiality. 

(a) Except, as ordered or required by any applicable law or competent judicial, governmental or other authority or in accordance
with the requirements of any securities exchange, no Party shall issue any press release or make any other public statement related to this Agreement or any of the transactions contemplated by this Agreement without obtaining the prior written
approval of the other Party as to the contents and the manner of presentation and publication of such press release or public statement, or use the other Party’s name or tradename or any trademark or other intellectual property right of the
Party without obtaining the prior approval of the other Party as to the manner of such use. 
 (b) Each Party agrees to
keep in strictest confidence all information relating to or acquired from the other Party in connection with the Agreement, the performance of this Agreement or through participation in the ownership or management of the Company. Each Party agrees
that it will not 
  
 ***Confidential Treatment Requested

  
 30 

 
publish, communicate, divulge, disclose or use any information described in the preceding sentence without the prior written consent of the other Party, except as expressly provided herein. The
restriction contained in this Section 11.05 (b) shall not apply with respect to: (i) information which at the time of disclosure was in the public domain unless the same occurs in consequence of the breach hereof by the receiving
Party; (ii) information which can be demonstrated to have been independently developed by the receiving Party or acquired from a third party which did not itself acquire such information with restrictions on further dissemination directly or
indirectly from the disclosing Party; (iii) information which the Parties have agreed is no longer confidential; (iv) information reasonably required to be disclosed to any underwriter or auditor or other person involved in the process of
offering of the Shares held by such Party to the public; and (v) information ordered or required to be disclosed by any applicable law or competent judicial, governmental or other authority or in accordance with the requirements of any stock
exchange or securities regulation. 
 11.06 Assignment; Successors and Assigns.  

(a) Without prejudice to Section 3.06, each Party may assign and transfer this Agreement or any of its rights and obligations
under it only to such Party’s Affiliate if that Party’s Shares are transferred to such an Affiliate in compliance with the provisions of Section 3.03(B) (in which case the assigning Party must continue to be jointly and severally
liable with such Affiliate in respect of the punctual and exact performance by the latter of all obligations arising from this Agreement). 
 (b) This Agreement shall be binding upon and inure to the benefit of the Parties, their successors and permitted assignees. 
 11.07 Waiver. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless in a written instrument duly
executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative. 

11.08 Amendment. This Agreement may be amended, supplemented or modified only by a written instrument duly executed by or on
behalf of each Party. 
 11.09 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the Republic of Turkey, without giving effect to any conflicts of laws principles thereof which would result in the application of the laws another jurisdiction. 

11.10 Arbitration. All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules
of Arbitration of the International Chamber of Commerce (“ICC”) by three arbitrators appointed in accordance with the said Rules. The first arbitrator will be appointed by the Party initiating the arbitration proceedings
simultaneously with its demand for arbitration, the second one of which will be appointed by the other Party within 20 (twenty) Business Days of the date on which it has received notice of the demand for arbitration and the third one of which (who
shall act as Chairman of the arbitration panel) will be designated by agreement of the first two within twenty (20) Business Days from the appointment of the second Arbitrator or, failing such agreement, the ICC Court of Arbitration, which will
also designate (A) the second arbitrator if the Party required to make such designation will not have done so within the period indicated above; and (B) the replacement of any arbitrator who is unable or unwilling to serve or to continue
to serve as such, but only in the event 
  
 ***Confidential
Treatment Requested 

  
 31 

 
that such replacement has not been designated by the Party which appointed the arbitrator to be replaced within twenty (20) Business Days from the date on which such arbitrator resigned or
otherwise ceased from office or, in the case of the Chairman, by agreement of the other two Arbitrators. The place of arbitration shall be Paris, France. The language to be used in the arbitral proceedings shall be English. 

The expenses of the arbitration proceedings referred to in this section shall be borne by the Parties in accordance with the applicable
determinations of the Arbitration Tribunal. 
 The Dogus Shareholders and the BBVA Shareholder hereby designate their respective addresses
for the giving of notice, as set forth in Section 11.04 as their respective domiciles at which service of process may be made in any arbitration, legal action or proceeding arising hereunder. The Dogus Shareholders and the BBVA Shareholder may
change such address, except that each such address shall always be, as to the Dogus Shareholders, within the geographical area encompassed (as of the date of this Agreement) by the boundaries of Turkey and, as to the BBVA Shareholder, within the
geographical area encompassed (at the same date) by the boundaries of Spain. 
 11.11 Interpretation. 

(a) If any provision contained in this Agreement or any other document executed in connection herewith is or shall become invalid,
illegal or unenforceable in any jurisdiction, the invalidity, illegality or unenforceability of such provision in such jurisdiction shall not affect or impair the validity, legality or enforceability of (i) any other provision of this Agreement
or any such other document in such jurisdiction or (ii) such provision or any other provision of this Agreement or any such other document in any other jurisdiction. 

(b) The Parties hereby acknowledge and agree that if there shall be at any time a conflict, misinterpretation or discrepancy
between this Agreement and the Articles of Association of the Company, the provisions of this Agreement shall prevail among the Parties. 
 (c) This Agreement has been negotiated and executed in the English language. All certificates, reports, notices and other documents and communications given or delivered pursuant to this Agreement shall be in the
English language or accompanied by an English translation thereof and the English version thereof shall govern for purposes hereof in any conflict with any non-English version. 

(d) No provision of this Agreement shall be interpreted against the interest of a Party merely because that Party drafted the
provision. 
 11.12 Costs. Each of the parties shall pay its own costs and expenses in connection with the
negotiation, preparation and carrying into effect of this Agreement. 
 11.13 No Partnership. Nothing in this
Agreement shall be deemed to constitute a partnership between the Parties. 
 11.14 Further Assurance.

 (a) The Company and each of the Parties shall do and execute and perform all such further deeds, documents, assurances,
acts and things as may reasonably be required to give effect to the terms of this Agreement. 
  
 ***Confidential Treatment Requested 

  
 32 

 (b) The Parties covenant to and agree with each other that so long as this Agreement
is in effect each of them shall vote its Garanti Shares so as to give effect to the provisions of this Agreement and to the rights granted hereunder and under the Articles. 

11.15 Unlawful Fetter. 
 (a) Notwithstanding any other provision of this Agreement, the Company shall not be bound by any provision of this Agreement to the extent that for it to be so bound would constitute a breach of or is not permitted
by the laws of the Republic of Turkey, being the country in which the Company is incorporated, but any such provision shall remain valid and binding as regards all other parties to which it is expressed to apply. 

(b) Notwithstanding any other provision of this Agreement, the Directors shall not be bound by any provision of this Agreement to
the extent that for it to be so bound would constitute a breach of its fiduciary, good faith or other duties to the Company. 
 IN
WITNESS WHEREOF, the Parties have caused this Agreement to be signed in their respective names as of the date first above written; 
  

			
	 [Signed]
	 	 [Signed]

		
	 Dogus Holding A.S.
	 	 Banco Bilbao Vizcaya Argentaria, S.A.

		
	 [Signed]
	 	
		
	 Dogus Nakliyat ve Ticaret A.S.
	 	
		
	 [Signed]
	 	
		
	 Dogus Arastirma Gelistirme Musavirlik Hizmetleri A.S.
	 	

 SCHEDULE I 
 DEED OF ADHERENCE 
 This Deed of Adherence (the “Deed”) is entered into on
[date] 
 BY 
 [—], a company organized under the laws of [—] with its registered offices at [—] (“New Shareholder”). 
 WHEREAS 

 

	(A)	 Banco Bilbao Vizcaya Argentaria, S.A. a company organized under the laws of the Kingdom of Spain; and 

 

	(B)	 Dogus Holding A.S., Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S., each a joint stock company organized under
the laws of the Republic of Turkey entered into a shareholders’ agreement (the “Shareholders’ Agreement”), the BBVA Tag Along Agreement and the Dogus Tag Along Agreement on
[—]. 

 
 ***Confidential Treatment Requested 

  
 33 

 THIS DEED WITNESSES AS FOLLOWS:

  

	1.	 The New Shareholder confirms that it has been given and read a copy of the Shareholders’ Agreement and the [BBVA Tag Along Agreement]/[Dogus Tag Along
Agreement] and hereby adheres to and becomes bound by the provisions of the Shareholders’ Agreement and the [BBVA Tag Along Agreement]/[Dogus Tag Along Agreement], and to perform the obligations imposed by the Shareholders’ Agreement and
the [BBVA Tag Along Agreement]/[Dogus Tag Along Agreement] which are to be performed on or after the date of this Deed, in all respects as if the New Shareholder were a party to the Shareholders’ Agreement and the [BBVA Tag Along
Agreement]/[Dogus Tag Along Agreement] and named therein as a shareholder. 

  

	2.	 This Deed and the Shareholders Agreement and the [BBVA Tag Along Agreement]/[Dogus Tag Along Agreement] is made for the benefit of: (a) the original
parties to the Shareholders’ Agreement; and (b) any other person or persons who after the date of the Shareholders’ Agreement (and whether or not prior to or after the date of this Deed) adheres to the Shareholders’ Agreement.

  

	3.	 Article XI of the Shareholders’ Agreement shall apply mutatis mutandis to this Deed. 

IN WITNESS of which this Deed has been executed and delivered by the New Shareholder on the date which first appears above. 

Executed as a deed by: 
 [—] 
  

					
	 By
	 	 :
	 	  

	 Name
	 	 :
	 	
	 Title
	 	 :
	 	

 Acknowledged and agreed by: 
 [—] 

 

					
	 By
	 	 :
	 	  

	 Name
	 	 :
	 	
	 Title
	 	 :
	 	

 SCHEDULE II 
 DEED OF UNDERTAKING 
 To: [BBVA/Dogus Shareholder(s)] (the
“Beneficiary”) 
 WHEREAS: 
 (A) [BBVA/Dogus Shareholder(s)] (the “Pledgor”) and [—] (the “Bank”) entered into a secured loan agreement on [date] pursuant to which
[—] shares in the share capital of Turkiye Garanti Bankasi A.S. (the
“Company”) were pledged in favour of the Bank (the “Pledged Shares”). 
  

***Confidential Treatment Requested 

  
 34 

 (B) The Pledgor, the Beneficiary and others entered into a shareholders’ agreement (as amended
from time to time) on [date] (the “Shareholders’ Agreement”). 
 IT IS HEREBY AGREED AS FOLLOWS: 

 

	1.	 Definitions 

 “Affiliate” an Affiliate of a Person shall mean (i) any Person which (a) is directly or indirectly controlled by such Person, (b) directly or indirectly controls such Person, or
(c) is under common control with such Person. For the purposes of this definition, “control” shall mean the absolute power (not on a shared basis), whether held directly or indirectly, to direct or cause direction of management and
policies through ownership of voting securities, by contract or otherwise. 
 “BBVA Shares” shall mean
the Shares owned from time to time by BBVA Shareholders. 
 “BBVA Shareholder(s)” Banco Bilbao Vizcaya
Argentaria, S.A. a company organized under the laws of the Kingdom of Spain (including its Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of the Shareholders’ Agreement). 

“Business Day” shall mean a day other than Saturday, Sunday or any other day on which commercial banks located in
Istanbul (Turkey) and Madrid (Spain) are not open for general business. 
 “Deed” shall mean this deed of
undertaking 
 “Dogus Shares” shall mean the Shares owned from time to time by Dogus Shareholders
including, for the avoidance of doubt, the Ferit Sahenk Shares. 
 “Dogus Shareholders” shall mean Dogus
Holding A.S. (“Dogus Holding”), Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S., collectively, each a joint stock company organized under the laws of the Republic of Turkey (including
their Affiliates to the extent any such Affiliate becomes a Shareholder pursuant to the terms of the Shareholders’ Agreement). 
 “Ferit Sahenk Shares” shall mean any Shares owned by Mr. Ferit Sahenk. 
 “Garanti Shares” shall mean the Dogus Shares and BBVA Shares collectively. 
 “Party” shall mean the Beneficiary, or the Bank, individually and “Parties” shall mean the Beneficiary and Bank collectively. 

“Person” shall mean an individual, partnership, joint venture, company, trust, unincorporated organization,
government or other entity. 
 “Sale” shall mean transfer of any Garanti Shares including, without
limitation, pursuant to a tender offer (The words “Sell”, “Sold” and “Selling” shall have similar meaning as the context requires). 

“Shares” shall mean the entire issued and outstanding shares in the capital of the Company from time to time.

 “Shareholders” shall mean the owners of the Shares from time to time. 

 
 ***Confidential Treatment Requested 

  
 35 

	2.	 Right of First Offer 

(A) The Bank hereby irrevocably and unconditionally undertakes to the Beneficiary that in the event that the Bank enforces its pledge over, and
wishes to Sell, any or all of the Pledged Shares, it shall not Sell any such Pledged Shares before giving the Beneficiary, provided the Beneficiary at the time owns at least 10% of the Shares, a right of first offer on the following terms:

 (i) The Bank shall provide the Beneficiary with a written notice (“Offer Notice”) for such intended Sale stating:
(a) the number of the Pledged Shares (“Offered Shares”); and (b) its price expectations per Pledged Share (the “Offer Price”) which shall not be more than the volume weighted average market price over the
last 30 trading days on the Istanbul Stock Exchange prior to the date of delivery of the Offer Notice. Within 15 Business Days of receipt of the Offer Notice from the Bank, the Beneficiary may send a written notice if it wishes to buy all of the
Offered Shares (but not less than all) on such terms (the “Acceptance Notice”) to the Bank. Upon receipt of the Acceptance Notice, the Bank shall Sell all of the Offered Shares to the Beneficiary on such terms within 120 Business
Days from the date of the Acceptance Notice (this period only being subject to extension as may be reasonably necessary to obtain required governmental or regulatory approvals). 

(ii) If the Beneficiary fails to respond to the Offer Notice within the relevant period stipulated above or, at any time during this process, it
informs the Bank that it elects not to exercise its right of first offer with respect to the Offered Shares (any such event being referred to as a “No Action Event”), then the Bank will be permitted to Sell all (but not less than
all) the Offered Shares to any third person at any consideration. 
  

	3.	 Notices 

 All notices,
requests and communications hereunder must be in writing and will be deemed duly given only if delivered by facsimile transmission or sent by recognized international courier to the Parties and/or the Company at the following addresses or facsimile
numbers. 
 If to the Beneficiary: 
 Facsimile No: [—] 

Attn: [—] 
 If to the Bank: 
 Facsimile No: [—] 

Attn: [General Counsel] 
 Copy to:
Corporate Development 
 All such notices, requests and other communications will (a) if delivered personally to the
address as provided in this Section 3, be deemed given upon delivery, (b) if delivered by facsimile transmission to the facsimile number as provided in this Section 3, be deemed given upon receipt, (c) if delivered by recognized
international courier to the address as provided in this Section 3, be deemed given upon confirmed receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such
notice is to be delivered pursuant to this Section 3). Any Party from time to time may change its address, facsimile number or the other information for the purpose of notices to that Party by giving written notice specifying such change to the
other Parties hereto. 
  

	4.	 Publicity and Confidentiality 

 (a) Except, as ordered or required by any applicable law or competent judicial, governmental or other authority or in accordance with the requirements of any securities exchange, the Bank shall not 

 
 ***Confidential Treatment Requested 

  
 36 

 
issue any press release or make any other public statement related to the Shareholders’ Agreement or this Deed or any of the transactions contemplated by the Shareholders’ Agreement or
this Deed without obtaining the prior written approval of the other Party as to the contents and the manner of presentation and publication of such press release or public statement, or use the Beneficiary’s name or tradename or any trademark
or other intellectual property right of the Beneficiary without obtaining the prior approval of the Beneficiary as to the manner of such use. 
 (b) The Bank agrees to keep in strictest confidence all information relating to or acquired from the Beneficiary in connection with the Shareholders’ Agreement or this Deed, the performance of the
Shareholders’ Agreement or this Deed or through financing of the Company. The Bank agrees that it will not publish, communicate, divulge, disclose or use any information described in the preceding sentence without the prior written consent of
the Beneficiary, except as expressly provided herein. The restriction contained in this Section 4 (b) shall not apply with respect to: (i) information which at the time of disclosure was in the public domain unless the same occurs in
consequence of the breach hereof by the Bank; (ii) information which can be demonstrated to have been independently developed by the Bank or acquired from a third party which did not itself acquire such information with restrictions on further
dissemination directly or indirectly from the Beneficiary; (iii) information which the Beneficiary has agreed is no longer confidential; (iv) information reasonably required to be disclosed to any underwriter or auditor or other person
involved in the process of offering of the Pledged Shares to the public; and (v) information ordered or required to be disclosed by any applicable law or competent judicial, governmental or other authority or in accordance with the requirements
of any stock exchange or securities regulation. 
  

	5.	 Miscellaneous 

 (A)
The Bank may not assign or transfer any of its rights or obligations under this Deed. 
 (B) This Deed shall be governed by and construed
in accordance with the laws of the Republic of Turkey. All disputes arising out of or in connection with this Deed shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“ICC”) by three
arbitrators appointed in accordance with the said Rules. The first arbitrator will be appointed by the Party initiating the arbitration proceedings simultaneously with its demand for arbitration, the second one of which will be appointed by the
other Party within 20 (twenty) Business Days of the date on which it has received notice of the demand for arbitration and the third one of which (who shall act as Chairman of the arbitration panel) will be designated by agreement of the first two
within twenty (20) Business Days from the appointment of the second Arbitrator or, failing such agreement, the ICC Court of Arbitration, which will also designate (A) the second arbitrator if the Party required to make such designation
will not have done so within the period indicated above; and (B) the replacement of any arbitrator who is unable or unwilling to serve or to continue to serve as such, but only in the event that such replacement has not been designated by the
Party which appointed the arbitrator to be replaced within twenty (20) Business Days from the date on which such arbitrator resigned or otherwise ceased from office or, in the case of the Chairman, by agreement of the other two Arbitrators. The
place of arbitration shall be Paris, France. The language to be used in the arbitral proceedings shall be English. 
 The expenses of the
arbitration proceedings referred to in this section shall be borne by the Parties in accordance with the applicable determinations of the Arbitration Tribunal. 
 The Parties hereby designate their respective addresses for the giving of notice, as set forth in Section 3 as their respective domiciles at which service of process may be made in any arbitration, legal
action or proceeding arising hereunder. Each Party may change such address, except that each 
  
 ***Confidential Treatment Requested 

  
 37 

 
such address shall always be, as to the Bank, within the geographical area encompassed (as of the date of this Deed) by the boundaries of Turkey and, as to the BBVA Shareholders, within the
geographical area encompassed (at the same date) by the boundaries of Spain. 
 Executed as a deed by: 

[—]

  

					
	 By
	 	 :
	 	  

	 Name
	 	 :
	 	
	 Title
	 	 :
	 	

 Acknowledged and agreed by: 
 [—] 

 

					
	 By
	 	:	 	  

	 Name
	 	:	 	
	 Title
	 	:	 	

 SCHEDULE III 
 USUFRUCT AGREEMENT 
 This Usufruct Agreement (hereinafter referred to as the
“Agreement”) is entered into on [date] by and between 
  

	(1)	
[—] a joint stock company
organized under the laws of — (the “Grantor”); and

  

	(2)	
[—] a joint stock company
organized under the laws of — (the “Grantee”); 

The Grantor and the Grantee shall hereinafter be referred to collectively as the “Parties” and singularly as the “Party”.

 WHEREAS 
  

	 	(A)	 The Parties and [SHA parties other than the Grantor and the Grantee] entered into a Shareholders’ Agreement dated [—, 2010] with respect to their shareholdings in T. Garanti Bankasi A.Ş. (the
“Company”) (the “Shareholders’ Agreement”). 

  

	 	(B)	 The Grantor has acquired [number] Shares on [date] and shall therefore grant voting usufruct rights over 50% of those Shares to the Grantee
pursuant to Section 5.06(A)(ii) of the Shareholders Agreement; and 

  

	 	(C)	 Terms that are not expressly defined in this Agreement shall have the meaning assigned to such term in the Shareholders Agreement.

 NOW THEREFORE IT IS HEREBY AGREED as follows: 

 

	 	1	 Granting of Usufruct 

 The Grantor hereby grants a voting usufruct right (the “Usufruct Right”) for the benefit of the Grantee free of charge on [50% of the Shares acquired] Shares (the “Usufruct
Shares”). The Usufruct Right shall be limited only to the usage of voting rights attached to the Usufruct Shares and the Grantor 
  

***Confidential Treatment Requested 

  
 38 

 
shall continue to exercise any other rights attached to the Usufruct Shares, including, without limitation, the right to receive dividends. In order to permit the Grantee to exercise the voting
rights which it is entitled to exercise pursuant to this Agreement the Grantor, upon written notice from the Grantee, shall execute and deliver special proxies and/or powers of attorney issued in connection with this Agreement. 

 

	 	2	 Termination 

 The Usufruct Right shall terminate with immediate effect: 
 a) automatically and
without the need for any notice, upon commencement of the Phase II period pursuant to the Shareholders’ Agreement; or 

b) upon mutual agreement of the Parties. 
  

	 	3	 Assignment 

 The rights and obligations of the Parties under this Agreement shall automatically be assigned when the rights of such Parties’ is assigned pursuant to the Shareholders’ Agreement. Neither Party shall be
entitled to assign the rights and/or obligations under this Agreement unless such assignment takes place under the Shareholders’ Agreement. 
  

	 	4	 Miscellaneous 

 Article XI of the Shareholders’ Agreement shall apply mutatis mutandis to this Agreement. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date first above written. 

 

									
	 [Grantor]
	 		 	 [Grantee]

					
	 By:
	 	  
	 		 	 By:
	 	  

	 Name:
	 		 		 	 Name:
	 	

  
 ***Confidential Treatment Requested

  
 39Supplemental Management Employees' Retirement Plan of Altria Group, Inc.

 Exhibit 10.1 
 SUPPLEMENTAL MANAGEMENT EMPLOYEES’ RETIREMENT PLAN 
 Effective October 1,
1987 
 (As amended and in effect as of January 1, 2012) 

 TABLE OF CONTENTS 

 

							
	  	    	 	  	Page	 
	 PREAMBLE
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 (a)
	    	Accredited Service	  	 	2	  
	 (b)
	    	Actuarial Equivalent	  	 	2	  
	 (c)
	    	Administrator	  	 	2	  
	 (d)
	    	Allowances	  	 	2	  
	 (e)
	    	Appointee	  	 	2	  
	 (f)
	    	Beneficiary	  	 	3	  
	 (g)
	    	Benefit Equalization Plan	  	 	4	  
	 (h)
	    	Change in Circumstance	  	 	4	  
	 (i)
	    	Change of Control	  	 	5	  
	 (j)
	    	Chief Executive Officer	  	 	7	  
	 (k)
	    	Company	  	 	7	  
	 (l)
	    	Compensation	  	 	7	  
	 (m)
	    	Deceased Participant	  	 	7	  
	 (n)
	    	Deceased Retired Participant	  	 	8	  
	 (o)
	    	Earned and Vested	  	 	8	  
	 (p)
	    	Employee	  	 	8	  
	 (q)
	    	Exchange Act	  	 	8	  
	 (r)
	    	Grandfathered Deceased Participant	  	 	8	  
	 (s)
	    	Grandfathered Deceased Retired Participant	  	 	8	  
	 (t)
	    	Grandfathered Participant	  	 	8	  
	 (u)
	    	Grandfathered Retired Participant	  	 	9	  
	 (v)
	    	Grandfathered Supplemental Retirement Allowance	  	 	9	  
	 (w)
	    	Grandfathered Supplemental Survivor Allowance	  	 	9	  
	 (x)
	    	Grandfathered Supplemental SIB Allowance	  	 	10	  
	 (y)
	    	Latest Payment Date	  	 	10	  
	 (z)
	    	Optional Payment	  	 	11	  
	 (aa)
	    	Other Plan	  	 	11	  
	 (bb)
	    	Participant	  	 	12	  
	 (cc)
	    	Payment Date	  	 	12	  
	 (dd)
	    	Plan	  	 	12	  
	 (ee)
	    	Profit-Sharing Plan	  	 	12	  
	 (ff)
	    	Retired Participant	  	 	12	  
	 (gg)
	    	Salaried Retirement Plan	  	 	12	  
	 (hh)
	    	Secular Trust Participant	  	 	12	  
	 (ii)
	    	Separation from Service, Separates from Service or Separated from Service	  	 	12	  
	 (jj)
	    	Single Sum Payment	  	 	13	  
	 (kk)
	    	SMERP Benefit Payment Date	  	 	14	  
	 (ll)
	    	Specified Employee	  	 	16	  
	 (mm)
	    	Supplemental Joint and Survivor Allowance	  	 	16	  

							
	 (nn)
	    	Supplemental Optional Payment Allowance	  	 	16	  
	 (oo)
	    	Supplemental Profit-Sharing Allowance or Profit-Sharing Allowance	  	 	16	  
	 (pp)
	    	Supplemental Retirement Allowance	  	 	17	  
	 (qq)
	    	Supplemental SIB Allowance Payment Date	  	 	17	  
	 (rr)
	    	Supplemental Survivor Allowance	  	 	17	  
	 (ss)
	    	Supplemental Survivor Allowance Payment Date	  	 	17	  
	 (tt)
	    	Supplemental SIB Allowance	  	 	17	  
	 (uu)
	    	Survivor Income Benefit Plan	  	 	18	  
	 (vv)
	    	Vested Retirement Allowance	  	 	18	  
		
	 ARTICLE II SUPPLEMENTAL RETIREMENT AND RELATED ALLOWANCES
	  	 	19	  
			
	 A.
	    	Supplemental Retirement Allowances	  	 	19	  
	 B.
	    	Supplemental Survivor Allowances, Supplemental SIB Allowances and Supplemental Optional Payment Allowances	  	 	20	  
	 C.
	    	SMERP Benefit Payment Date and Termination of Supplemental Retirement Allowances, Supplemental Survivor Allowances, Supplemental Survivor Income Benefit Allowances and Allowances
Payable in the Form of an Optional Payment	  	 	21	  
	 D.
	    	Reduction of Benefits	  	 	26	  
	 E.
	    	Application or Notification for Payment of Allowances	  	 	27	  
		
	 ARTICLE III SUPPLEMENTAL PROFIT-SHARING ALLOWANCES
	  	 	28	  
			
	 A.
	    	Supplemental Profit-Sharing Allowances	  	 	28	  
	 B.
	    	Credits to Supplemental Profit-Sharing Allowance; SMERP Benefit Payment Date	  	 	28	  
		
	 ARTICLE IV FUNDS FROM WHICH ALLOWANCES ARE PAYABLE
	  	 	29	  
			
	 A.
	    	Establishment and Maintenance of Individual Accounts; Contributions	  	 	29	  
	 B.
	    	Maintenance of Book Reserves	  	 	29	  
		
	 ARTICLE V ADMINISTRATION
	  	 	30	  
			
	 A.
	    	Duties of the Administrator	  	 	30	  
	 B.
	    	Applicability of Duties of the Administrator under the Salaried Retirement Plan to the Plan	  	 	30	  
		
	 ARTICLE VI AMENDMENT AND DISCONTINUANCE OF THE PLAN
	  	 	31	  
			
	 A.
	    	Amendment of the Plan by the Board of Directors of Altria Group, Inc., the Committee and the Administrator	  	 	31	  
	 B.
	    	Termination of the Plan	  	 	31	  
	 C.
	    	Change of Control Provisions	  	 	31	  
		
	 ARTICLE VII FORMS; COMMUNICATIONS
	  	 	32	  
			
	 A.
	    	Forms; Use of Electronic Media	  	 	32	  
	 B.
	    	Communications Concerning the Plan	  	 	32	  

							
		
	 ARTICLE VIII INTERPRETATION OF PROVISIONS
	  	 	33	  
			
	 A.
	    	Discretionary Authority to Interpret the Plan	  	 	33	  
		
	 ARTICLE IX APPLICABILITY OF PROVISIONS OF SALARIED RETIREMENT PLAN AND SURVIVOR INCOME BENEFIT PLAN
	  	 	34	  
			
	 A.
	    	Applicability of Provisions of Salaried Retirement Plan and Survivor Income Benefit Plan to the Plan	  	 	34	  
		
	 ARTICLE X CERTAIN RIGHTS AND LIMITATIONS
	  	 	35	  
			
	 A.
	    	Nonassignment and Nonalienation	  	 	35	  
	 B.
	    	Benefits Conditioned on Meeting All Requirements under the Plan	  	 	35	  
		
	 EXHIBIT A ACTUARIAL ASSUMPTIONS USED TO CALCULATE A SINGLE SUM PAYMENT
	  	 	36	  
		
	 APPENDIX 1
	  	 	37	  

 SUPPLEMENTAL MANAGEMENT EMPLOYEES’ RETIREMENT PLAN 

PREAMBLE 

The Supplemental Management Employees’ Retirement Plan as hereinafter set forth governs the rights of any Employee designated as a
Participant under the Plan and whose Separation from Service or Date of Retirement is on or after January 1, 2012. It also governs any Employee who is designated as a Participant on or after January 1, 2012. 

Effective as of January 1, 2008, the liabilities allocable to employees, former employees and retired employees of the international
tobacco operations conducted by Philip Morris International Inc. and its subsidiaries were transferred from the Plan to the Philip Morris International Supplemental Management Employees’ Retirement Plan, maintained by PMI Global Services Inc.

 It is intended that Grandfathered Supplemental Retirement Allowances, Grandfathered Supplemental Survivor Allowances,
Grandfathered Supplemental Profit-Sharing Allowances and Grandfathered Supplemental Survivor Income Benefit Allowances with respect to Grandfathered Participants (and their spouses and beneficiaries) not be subject to the requirements of
Section 409A of the Code and that the Plan be interpreted in accordance with this intention. The provisions of the Plan shall not be construed to change the time and form of payment of the Grandfathered Supplemental Retirement Allowance,
Grandfathered Supplemental Survivor Allowance and Grandfathered Supplemental Survivor Income Benefit Allowance considered deferred before January 1, 2005 (within the meaning of Treasury Regulation §1.409A-6(a)(2) and other provisions of
the Treasury Regulations under Section 409A of the Code) of a Grandfathered Participant who is a participant in the executive trust or is a Secular Trust Participant. 
 The rights of a person whose Separation from Service or date of becoming an Inactive Participant is before January 1, 2012 shall be governed by the provisions of the Plan as in effect on his
Separation from Service or date of becoming an Inactive Participant, as the case may be, except to the extent that the Administrator has determined in his sole discretion to administer the Plan in good faith compliance with Section 409A of the
Code and any then published guidance and to not cause any Grandfathered Supplemental Retirement Allowance, Grandfathered Supplemental Survivor Allowance, Grandfathered Supplemental Survivor Income Benefit Allowance and Grandfathered Supplemental
Profit-Sharing Allowance to be subject to Section 409A of the Code. 

  
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 ARTICLE I 
 DEFINITIONS 
 The following terms as used herein and in the Preamble
shall have the meanings set forth below. Any capitalized term used herein or in the Preamble and not defined below shall have the meaning set forth in the Salaried Retirement Plan, the Profit-Sharing Plan or the Survivor Income Benefit Plan, as the
context may require. 
  

	 	(a)	Accredited Service 

Accredited Service shall have the same meaning as in the Salaried Retirement Plan, provided, however, that Accredited Service shall also
include the additional periods of Accredited Service which may be credited to a Participant pursuant to the provisions of Article II, A (1) (a) of the Plan pursuant to the designation of an Employee as a Participant under the Plan in
accordance with Article I (bb) of the Plan. 
  

	 	(b)	Actuarial Equivalent 

Actuarial Equivalent shall mean a benefit which is at least equivalent in value to the benefit otherwise payable pursuant to the terms of
the Plan, based on the actuarial principles and assumptions set forth in Exhibit I to the Salaried Retirement Plan. 
  

	 	(c)	Administrator 

Administrator shall have the same meaning as in the Salaried Retirement Plan, except that the Administrator shall not be a fiduciary
(within the meaning of Section 3(21) of ERISA) with respect to any portion or all of the Plan which is intended to be exempt from the requirements of ERISA pursuant to Section 4(b)(5) thereof. 

 

	 	(d)	Allowances 

 Allowances
shall mean a Supplemental Retirement Allowance determined under Article II, A of the Plan, a Supplemental Profit-Sharing Allowance determined under Article III of the Plan and a Supplemental Survivor Allowance determined under Article II, B of
the Plan and Supplemental Survivor Income Benefit Allowance determined under Article II, B of the Plan. 
  

	 	(e)	Appointee 

 Appointee
shall mean the person or entity who, pursuant to the provisions of the Plan, is empowered, in his or its sole discretion, to designate an Employee as a Participant and grant one or more Allowances under the Plan. 

 

	 	(1)	Appointee of a non-chief executive officer. 

 The Appointee with respect to an Employee who is not a chief executive officer of a Participating Company shall be the chief executive officer of his Participating Company. 

  
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	 	(2)	Appointee of chief executive officer. 

The Appointee with respect to an Employee who is a chief executive officer of a Participating Company other than Altria Group, Inc. shall be the Chief
Executive Officer. 
  

	 	(3)	Appointee of Chief Executive Officer. 

The Appointee of the Chief Executive Officer shall be the Compensation Committee of the Board of Directors of Altria Group, Inc. 

 

	 	(f)	Beneficiary 

 Beneficiary
shall mean: 
 (1) Single Sum Payments. In the case of a Retired Participant whose form of payment of all
or a portion of his Supplemental Retirement Allowance after his Separation from Service is a Single Sum Payment pursuant to Article II, C of the Plan, but who dies after his Separation from Service and before such Single Sum Payment is made:

 (A) if the Retired Participant is married on the date of his death, the Beneficiary of such Single Sum Payment
shall be the Spouse to whom he was married on the date of death; and 
 (B) if the Retired Participant is not
married on the date of his death, the Beneficiary of such Single Sum Payment shall be Retired Participant’s estate. 
 A
Participant or Retired Participant may designate any other person or persons as the Beneficiary who is to receive a Single Sum Payment of all or any portion of his Supplemental Retirement Allowance in the event that he dies after his Separation from
Service and before such Single Sum Payment is made by timely filing a beneficiary designation form with the Administrator (or his delegate), provided, however, that if the Participant or Retired Participant is married on the date of the filing of
such beneficiary designation form, his Spouse must consent, in writing before a notary public to such designation. 
 (2) Optional Payment. In the case of a Grandfathered Participant who has elected pursuant to Article II, C (6) of the Plan to receive after his Separation from Service that portion of his
Supplemental Retirement Allowance equal to the Grandfathered Supplemental Retirement Allowance in the form of an Optional Payment described in Article I, (z) (2) or (3) of the Plan, the Beneficiary of such Grandfathered Supplemental
Retirement Allowance shall be the person or persons designated by the Grandfathered Participant to receive (or who, pursuant to the terms of such Optional Payment, will receive) after his death a benefit according to the option elected by the
Grandfathered Participant. 

  
 -3-

 (3) Supplemental Profit-Sharing Allowance. In the case of a
Participant or Inactive Participant who has been credited with a Supplemental Profit-Sharing Allowance and who dies prior to the payment of such Supplemental Profit-Sharing Allowance: 

(A) if the Participant or Inactive Participant is married on the date of his death, the Beneficiary of such Supplemental
Profit-Sharing Allowance shall be the Spouse to whom he was married on the date of death; and 
 (B) if the
Participant or Inactive Participant is not married on the date of his death, the Beneficiary of such Supplemental Profit-Sharing Allowance shall be the Participant’s or Inactive Participant’s estate. 

A Participant or Inactive Participant may designate any other person or persons (including a trust created by the Participant or Inactive
Participant during his lifetime or by will) as the Beneficiary of his Supplemental Profit-Sharing Allowance in the event of his death by timely filing a beneficiary designation form with the Administrator (or his delegate), provided that if the
Participant or Inactive Participant is married on the date of the filing of such beneficiary designation form, his Spouse must consent, in writing before a notary public to such designation. 

 

	 	(g)	Benefit Equalization Plan 

Benefit Equalization Plan shall mean the Benefit Equalization Plan, effective as of September 2, 1974, and as amended from time to
time, but only to the extent that benefits are payable pursuant to Article II, A thereof. 
  

	 	(h)	Change in Circumstance 

Change in Circumstance shall mean: 
 (1) Marriage. The marriage of the Grandfathered Participant; 

(2) Divorce. The divorce of the Grandfathered Participant from his Spouse (determined in accordance with applicable
state law), provided 
 (A) such Spouse was the Beneficiary who is to receive an Optional Payment, or 

(B) the Grandfathered Participant elected pursuant to Article II, C (6) of the Plan to receive an Optional Payment
pursuant to Article I, (z) (1) of the Plan; 
 (3) Death. The death of the Beneficiary
designated by the Grandfathered Participant to receive an Optional Payment after the death of the Grandfathered Participant; or 
 (4) Medical Condition. A medical condition of the Beneficiary, based on medical evidence satisfactory to the Administrator, which is expected to result in the

  
 -4-

 
death of the Beneficiary within five (5) years of the filing of an application for change in Optional Payment method pursuant to Article II, C (6) of the Plan. 

 

	 	(i)	Change of Control 

 (1) Change of Control shall mean the happening of any of the following events with respect to a Grandfathered Supplemental Retirement Allowance, a Grandfathered Supplemental Survivor Income Benefit
Allowance and Grandfathered Supplemental Profit-Sharing Allowance: 
 (A) The acquisition by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the
then outstanding shares of common stock of Altria Group, Inc. (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of Altria Group, Inc. entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from Altria Group, Inc., (ii) any
acquisition by Altria Group, Inc., (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Altria Group, Inc. or any corporation controlled by Altria Group, Inc. or (iv) any acquisition by any
corporation pursuant to a transaction described in clauses (i), (ii) and (iii) of subparagraph (C) of this Article I, (i) (1) of the Plan; or 

(B) Individuals who, as of the date hereof, constitute the Board of Directors of Altria Group, Inc. (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors of Altria Group, Inc.; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election
by Altria Group, Inc.’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board of Directors of Altria Group, Inc.; or 
 (C) Approval by the
shareholders of Altria Group, Inc. of a reorganization, merger, share exchange or consolidation (a “Business Combination”), in each case, unless, following such Business Combination: 

(i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 80% of, respectively, the then outstanding shares of

  
 -5-

 
common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from
such Business Combination (including, without limitation, a corporation which as a result of such transaction owns Altria Group, Inc. through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to
such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; 
 (ii) no Person (excluding any employee benefit plan (or related trust) of Altria Group, Inc. or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or
more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such
ownership existed prior to the Business Combination; and 
 (iii) at least a majority of the members of the
board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors of Altria Group, Inc., providing for
such Business Combination; or 
 (D) Approval by the shareholders of Altria Group, Inc. of (1) a complete
liquidation or dissolution of Altria Group, Inc. or (2) the sale or other disposition of all or substantially all of the assets of Altria Group, Inc., other than to a corporation, with respect to which following such sale or other disposition:

 (i) more than 80% of, respectively, the then outstanding shares of common stock of such corporation and the
combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership,
immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; 
 (ii) less than 20% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to
vote generally in the election of directors is then beneficially owned, directly or indirectly, by any Person (excluding any employee benefit plan (or related 

  
 -6-

 
trust) of Altria Group, Inc. or such corporation), except to the extent that such Person owned 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities prior
to the sale or disposition; and 
 (iii) at least a majority of the members of the board of directors of such
corporation were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors of Altria Group, Inc., providing for such sale or other disposition of assets of Altria Group, Inc. or
were elected, appointed or nominated by the Board of Directors of Altria Group, Inc.; and 
 (2) Change of
Control shall mean the happening of any of the events specified in Treasury Regulation §1.409A-3(i)(5)(v), (vi) and (vii) with respect to that portion of a Supplemental Retirement Allowance that is not a Grandfathered Supplemental
Retirement Allowance, that portion of a Supplemental Survivor Income Benefit Allowance that is not a Grandfathered Supplemental Survivor Income Benefit Allowance and that portion of a Supplemental Profit-Sharing Allowance that is not a Grandfathered
Supplemental Profit-Sharing Allowance. For purposes of determining if a Change of Control has occurred, the Change of Control event must relate to a corporation identified in Treasury Regulation §1.409A-3(i)(5)(ii), provided, however, that
(i) the spin-off of the shares of Philip Morris International Inc. to the shareholders of Altria Group, Inc. shall not be considered to be a Change of Control, and (ii) any change in the Incumbent Board coincident with such spin-off shall
not be considered to be a Change of Control. 
  

	 	(j)	Chief Executive Officer 

Chief Executive Officer shall mean the chief executive officer of Altria Group, Inc. 

 

	 	(k)	Company 

 Company shall
mean Altria Client Services Inc. Altria Client Services Inc. is the sponsor of the Plan. 
  

	 	(l)	Compensation 

Compensation shall have the same meaning as in the Salaried Retirement Plan, except that in computing the Retirement Allowance and
Supplemental Retirement Allowance of an Employee in salary Band A or B who was not age fifty-five (55) or older at December 31, 2006, Compensation shall mean the lesser of (i) his annual base salary plus annual incentive award, and
(ii) annual base salary plus annual incentive award at a business rating of 100 and individual performance rating of “Exceeds.” 
  

	 	(m)	Deceased Participant 

Deceased Participant shall mean any Participant who died while he was an Employee and who had a nonforfeitable right to any portion of his
Supplemental Retirement Allowance. 

  
 -7-

	 	(n)	Deceased Retired Participant 

 Deceased Retired Participant shall mean any Retired Participant who died after his Date of Retirement but prior to the SMERP Benefit Payment Date of his Supplemental Retirement Allowance. 

 

	 	(o)	Earned and Vested 

 Earned
and Vested shall mean, when referring to an Allowance or any portion of an Allowance, an amount that, as of January 1, 2005, is not subject to a substantial risk of forfeiture (as defined in Treasury Regulation §1.83-3(c)) or a requirement
to perform future services. 
  

	 	(p)	Employee 

 Employee shall
mean any person who (1) is employed on a salaried basis by a Participating Company, (2) is a member of a select group of management or a highly compensated employee, and (3) is a participant in the Salaried Retirement Plan, the
Profit-Sharing Plan, or both such plans. 
  

	 	(q)	Exchange Act 

 Exchange
Act shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 
  

	 	(r)	Grandfathered Deceased Participant 

 Grandfathered Deceased Participant shall mean a Grandfathered Participant who died while he was an Employee and who had a nonforfeitable right to any portion of his Supplemental Retirement Allowance.

  

	 	(s)	Grandfathered Deceased Retired Participant 

 Grandfathered Deceased Retired Participant shall mean a Retired Participant who, at the time of his death, was eligible to receive a Grandfathered Supplemental Retirement Allowance that was Earned and
Vested. 
  

	 	(t)	Grandfathered Participant 

Grandfathered Participant shall mean: 
 (1) a Participant who is eligible for a Grandfathered Supplemental Retirement Allowance that was Earned and Vested; or 

(2) a Participant who is eligible for a Grandfathered Supplemental Profit-Sharing Allowance that was Earned and Vested;

 and who, in each instance, is a participant in the executive trust or is a Secular Trust Participant. 

  
 -8-

	 	(u)	Grandfathered Retired Participant 

 Grandfathered Retired Participant shall mean a Retired Participant who is eligible for a Grandfathered Supplemental Retirement Allowance. 

 

	 	(v)	Grandfathered Supplemental Retirement Allowance 

 Grandfathered Supplemental Retirement Allowance shall mean the present value of that portion (or all) of the Supplemental Retirement Allowance earned to December 31, 2004 to which the Grandfathered
Participant would have been entitled under the Plan if he had voluntarily terminated services without cause on December 31, 2004 and received a payment on the earliest possible date allowed under the Plan to receive payment of a Supplemental
Retirement Allowance following the termination of services and receive the benefits in the form with the maximum value; provided, however, that for any subsequent year such Grandfathered Supplemental Retirement Allowance may increase to equal the
present value of the benefit the Grandfathered Participant actually becomes entitled to, in the form and at the time actually paid, determined in accordance with the terms of the Plan (including applicable Statutory Limitations) as in effect on
October 3, 2004, without regard to any further services rendered by the Grandfathered Participant after December 31, 2004, or any other events affecting the amount of or the entitlement to benefits (other than an election with respect to
the time and form of an available benefit). In computing that portion of the Supplemental Retirement Allowance that is the Grandfathered Supplemental Retirement Allowance of a Grandfathered Participant who is eligible for an Early Retirement
Allowance, whether reduced or unreduced (but is not eligible for a Full or Deferred Retirement Allowance) under the Salaried Retirement Plan as of the Grandfathered Participant’s Separation from Service, or, in the discretion of the
Administrator, the end of the Grandfathered Participant’s policy severance, such Grandfathered Supplemental Retirement Allowance shall be the Actuarial Equivalent of that portion of the Grandfathered Participant’s Supplemental Retirement
Allowance that is the Grandfathered Supplemental Retirement Allowance, computed as though such benefit were payable under the terms of the Salaried Retirement Plan in the form of a Retirement Allowance commencing on the first day of the month
coincident with or next following the Grandfathered Participant’s Separation from Service or, in the discretion of the Administrator, the end of the Grandfathered Participant’s policy severance; provided, however, that solely for purposes
of determining the early retirement factor to be applied in determining the Actuarial Equivalent of such benefit, the earliest date on which the Grandfathered Participant shall be treated as being entitled to an unreduced benefit under the Salaried
Retirement Plan for purposes of Exhibit 1 to the Salaried Retirement Plan shall be the earliest date on which the Grandfathered Participant would have been entitled to an unreduced benefit if the Grandfathered Participant had voluntarily terminated
employment on December 31, 2004. 
  

	 	(w)	Grandfathered Supplemental Survivor Allowance 

 Grandfathered Supplemental Survivor Allowance shall mean the present value of that portion (or all) of the Supplemental Retirement Allowance earned to December 31, 2004 to which the Spouse of the
Grandfathered Participant or Grandfathered Retired Participant would have been entitled under the Plan if he had died on December 31, 2004 and his Spouse had received a payment on the earliest possible date allowed under the Plan to receive
payment of a Supplemental Survivor Allowance following the date of death and receive the benefits in the 

  
 -9-

 
form with the maximum value; provided, however, that for any subsequent year such Grandfathered Supplemental Survivor Allowance may increase to equal the present value of the benefit the Spouse
of the Grandfathered Participant or Grandfathered Retired Participant actually becomes entitled to, in the form and at the time actually paid, determined in accordance with the terms of the Plan (including applicable Statutory Limitations) as in
effect on October 3, 2004, without regard to any further services rendered by the Grandfathered Participant or Grandfathered Retired Participant after December 31, 2004, or any other events affecting the amount of or the entitlement to
benefits (other than an election with respect to the time and form of an available benefit). 
  

	 	(x)	Grandfathered Supplemental SIB Allowance 

 Grandfathered Supplemental SIB Allowance shall mean the present value of that portion (or all) of the Supplemental SIB Allowance earned to December 31, 2004 to which the Spouse of a Grandfathered
Participant or of a Grandfathered Retired Participant would have been entitled under the Plan if he had died on December 31, 2004 and his Spouse had received a payment on the earliest possible date allowed under the Plan to receive payment of a
Supplemental SIB Allowance following the date of death and receive the benefits in the form with the maximum value; provided, however, that for any subsequent year such Grandfathered Supplemental SIB Allowance may increase to equal the present value
of the benefit the Spouse of the Grandfathered Participant or Grandfathered Retired Participant actually becomes entitled to, in the form and at the time actually paid, determined in accordance with the terms of the Plan (including applicable
Statutory Limitations) as in effect on October 3, 2004, without regard to any further services rendered by the Grandfathered Participant or Grandfathered Retired Participant after December 31, 2004, or any other events affecting the amount
of or the entitlement to benefits (other than an election with respect to the time and form of an available benefit). 
  

	 	(y)	Latest Payment Date 

Latest Payment Date shall mean: 
  

	 	(1)	in the case of a Supplemental Retirement Allowance, the later of: 

(A) December 31st of the year in which the Payment Date occurs, and 

(B) the fifteenth day of the third month following the Payment Date; 

 

	 	(2)	in the case of a Supplemental Survivor Allowance, the later of: 

(A) December 31st of the year in which the Supplemental Survivor Allowance Payment Date occurs, and 

(B) the fifteenth day of the third month following the Supplemental Survivor Allowance Payment Date; and 

 

	 	(3)	in the case of a Supplemental SIB Allowance, the later of: 

  
 -10-

 (A) December 31st of the year in which the Supplemental SIB Allowance Payment Date
occurs, and 
 (B) the fifteenth day of the third month following the Supplemental SIB Allowance Payment Date.

  

	 	(4)	in the case of a Supplemental Profit-Sharing Allowance, the later of: 

(A) December 31st of the year in which the Payment Date occurs, and 

(B) the fifteenth day of the third month following the Payment Date. 

 

	 	(z)	Optional Payment 

Optional Payment shall mean the following optional forms in which that portion of a Supplemental Retirement Allowance that is the
Grandfathered Supplemental Retirement Allowance of a Grandfathered Retired Participant may be paid: 
 (1) in
equal monthly payments for the life of the Grandfathered Retired Participant, 
 (2) in the form of a
Grandfathered Supplemental Joint and Survivor Allowance, or 
 (3) in the form of a Grandfathered Supplemental
Optional Payment Allowance. 
 Any election to receive an Optional Payment with respect to any Grandfathered Supplemental Retirement Allowance
under the Plan shall be independent of any election with respect to benefits payable under any Other Plan. 
  

	 	(aa)	Other Plan 

 Other Plan
shall mean: 
 (1) the Salaried Retirement Plan, 

(2) the Benefit Equalization Plan, 

(3) any other plan, except a defined contribution or similar plan, maintained by the Company, or any domestic or foreign
subsidiary or affiliate of Altria Group, Inc., which provides retirement income to one or more employees on or after termination of employment, and 
 (4) any employment contract or other agreement between an Employee and Altria Group, Inc. or any other member of the Controlled Group providing for retirement benefits or benefits in the event of a
termination of employment or upon a Change of Control of Altria Group, Inc. or of any other member of the Controlled Group. 

  
 -11-

	 	(bb)	Participant 

 Participant
shall mean an Employee who has been designated as such by his Appointee pursuant to the terms of the Plan. The designation of an Employee as a Participant by a chief executive officer of a Participating Company shall be communicated in writing to
the Administrator. An Employee shall become a Participant as of the date designated in writing by his Appointee. Except as otherwise specifically provided for in the Plan, a Participant shall cease to be such whenever he ceases to be an Employee.

  

	 	(cc)	Payment Date 

 Payment
Date shall mean the first day of the third calendar month following the month in which the Participant Separates from Service; provided, however, that in all cases of a Separation from Service other than on account of death, the Payment Date in the
case of a Specified Employee shall be the first day of the calendar month following the date that is six (6) months following the date that such Specified Employee Separates from Service. 

 

	 	(dd)	Plan 

 Plan shall mean the
Supplemental Management Employees’ Retirement Plan described herein and in any amendments hereto. 
  

	 	(ee)	Profit-Sharing Plan 

Profit-Sharing Plan shall mean Deferred Profit-Sharing Plan for Salaried Employees, effective January 1, 1956, and as amended from
time to time. 
  

	 	(ff)	Retired Participant 

Retired Participant shall mean a former Participant who is eligible for, or in receipt of, a Supplemental Retirement Allowance from the
Plan. A former Participant shall cease to be a Retired Participant as of the date he receives a Single Sum Payment, or upon full payment of his Allowance or Allowances pursuant to the terms of the Plan as determined in the sole discretion of the
Administrator. 
  

	 	(gg)	Salaried Retirement Plan 

Salaried Retirement Plan shall mean the Retirement Plan for Salaried Employees, effective as of September 1, 1978, and as amended
from time to time. 
  

	 	(hh)	Secular Trust Participant shall mean a Grandfathered Employee who is identified as a Secular Trust Participant in Appendix 1. 

 

	 	(ii)	Separation from Service, Separates from Service or Separated from Service 

Separation from Service, Separates from Service or Separated from Service shall each have the same meaning as the term “separation
from service” in Treasury Regulation §1.409A-1(h)(1). 

  
 -12-

	 	(jj)	Single Sum Payment 

Single Sum Payment shall mean the payment of a benefit or portion of a benefit in a single payment to a Retired Participant or to the
Spouse or other Beneficiary of a Deceased Participant or Deceased Retired Participant. A Single Sum Payment shall be (i) the Actuarial Equivalent of the (or portion of the) Supplemental Retirement Allowance payable in equal monthly payments
during a twelve (12) month period for the life of the Retired Participant, (ii) the Actuarial Equivalent of the (or portion of the) Supplemental Survivor Allowance payable in equal monthly payments during a twelve (12) month period
for the life of the Spouse of the Deceased Participant or Deceased Retired Participant and (iii) the Actuarial Equivalent of the (or portion of the) Supplemental Survivor Income Benefit Allowance payable in equal monthly payments during a
twelve (12) month period for the life of the Spouse of the Deceased Participant or Deceased Retired Participant; provided, however, that if a Grandfathered Participant is a Secular Trust Participant, a Single Sum Payment shall equal the greater
of (i) the amount determined pursuant to the foregoing provisions of this Article I(jj) and (ii) the amount required to purchase a single life annuity (or, for purposes of Appendix 1, a Supplemental Joint and Survivor Allowance) equal to
the benefit otherwise identified under the Plan from a licensed commercial insurance company, as determined in the sole discretion of the Administrator. 
 (i) A Single Sum Payment shall be the exclusive form of distribution of the Supplemental Retirement Allowance, except with respect to 

(A) that portion of the Supplemental Retirement Allowance derived solely from the Grandfathered Supplemental Retirement
Allowance and that is payable to a Grandfathered Retired Participant who is only eligible for a Vested Retirement Allowance at his Separation from Service; and 
 (B) that portion of the Supplemental Retirement Allowance derived solely from the Grandfathered Supplemental Retirement Allowance and that is payable to a Grandfathered Retired Participant who has timely
elected to receive after his Date of Retirement that portion of his Supplemental Retirement Allowance equal to the Grandfathered Supplemental Retirement Allowance in the form of an Optional Payment pursuant to Article II, C (6) of the Plan and
which election does not cease to be of any force and effect pursuant to Article II, C (6) of the Plan. 
 (ii) A Single Sum
Payment shall be the exclusive form of distribution of the Supplemental Survivor Allowance, except with respect to that portion of the Supplemental Survivor Allowance derived solely from that portion of the Supplemental Retirement Allowance that is
the Grandfathered Supplemental Retirement Allowance payable to the Spouse of a Grandfathered Deceased Participant or the Spouse of a deceased Grandfathered Retired Participant. 
 (iii) A Single Sum Payment shall be the exclusive form of distribution of the Supplemental Profit-Sharing Allowance. 

  
 -13-

 (iv) A Single Sum Payment shall be the exclusive Form of Payment of the Supplemental
Survivor Allowance, except with respect to the Grandfathered Supplemental Survivor Allowance. 
 (v) A Single Sum Payment shall
be the exclusive Form of Payment of the Supplemental Survivor Income Benefit Allowance, except with respect to the Grandfathered Supplemental Survivor Income Benefit Allowance. 

 

	 	(kk)	SMERP Benefit Payment Date 

SMERP Benefit Payment Date shall mean the date on which the benefit to which the recipient is entitled is paid (or, solely in the case of
a Grandfathered Supplemental Retirement Allowance, Grandfathered Supplemental Survivor Allowance and Grandfathered Supplemental Survivor Income Benefit Allowance, the date the benefit commences to be paid) pursuant to the application filed in
accordance with Article II, E of the Plan, or if no such application is filed, in accordance with the terms of the Plan as determined by the Administrator. All such Allowances not paid in a Single Sum Payment are paid in arrears so that the actual
date of payment shall be the first day of the calendar month next succeeding the SMERP Benefit Payment Date. 
  

	 	(1)	Supplemental Retirement Allowance. 

 (A) Except as provided in clauses (B), (C) and (D) hereof, the SMERP Benefit Payment Date of the Supplemental Retirement Allowance shall be the Payment Date, but not later than the Latest
Payment Date 
 (B) The SMERP Benefit Payment Date of that portion of a Supplemental Retirement Allowance that is
the Grandfathered Supplemental Retirement Allowance payable in the form of an Optional Payment pursuant to an election under Article II, C (6) of the Plan to a Grandfathered Retired Participant shall be the Benefit Commencement Date of the
Grandfathered Retired Participant’s Full, Deferred or Early Retirement Allowance under the Salaried Retirement Plan. 
 (C) The SMERP Benefit Payment Date of that portion of a Supplemental Retirement Allowance that is the Grandfathered Supplemental Retirement Allowance payable in the form of an Optional Payment with
respect to a Grandfathered Retired Participant who voluntarily retires within the one (1) year period following the date of filing of his application for an Optional Payment with the Administrator pursuant to Article II, C (6) of the Plan
or whose employment is terminated for misconduct (as determined by the Administrator) within such one (1) year period, shall be the first day of the month following the expiration of the one (1) year period following the date of the filing
of his application for an Optional Payment. 
 (D) The SMERP Benefit Payment Date of that portion of a
Supplemental Retirement Allowance that is the Grandfathered Supplemental Retirement Allowance payable to a Grandfathered Retired Participant who is only eligible for a Vested Retirement Allowance at his Separation from Service shall

  
 -14-

 
be the Benefit Commencement Date of the Grandfathered Retired Participant’s Vested Retirement Allowance under the Salaried Retirement Plan. 

 

	 	(2)	Supplemental Survivor Allowance. 

 (A) Except as provided in clause (B), the SMERP Benefit Payment Date of the Supplemental Survivor Allowance payable to the Spouse of a Deceased Participant or Deceased Retired Participant pursuant to
Article II, B of the Plan shall be the Supplemental Survivor Allowance Payment Date, but not later than the Latest Payment Date. 
 (B) The SMERP Benefit Payment Date of that portion of the Supplemental Survivor Allowance that is the Grandfathered Supplemental Survivor Allowance that is payable to the Spouse of a Grandfathered
Deceased Participant, or to the Spouse of a Grandfathered Deceased Retired Participant, shall, in each case, be the Benefit Commencement Date of the Survivor Allowance payable to such Spouse under the Salaried Retirement Plan, provided that the
Spouse may elect in accordance with the provisions of Article II, A 5(c) or (f) of the Salaried Retirement Plan, as applicable to the Spouse, that the SMERP Benefit Payment Date be the first day of any month thereafter, but not later than the
later of: 
 (i) the first day of the second calendar month following the month in which the Grandfathered
Deceased Participant or Grandfathered Deceased Retired Participant died (or if his date of birth was on the first day of a calendar month, the first day of the calendar month next following the calendar month in which the Grandfathered Deceased
Participant or Grandfathered Deceased Retired Participant died), or 
 (ii) the date that would have been the
Grandfathered Deceased Participant’s or Grandfathered Deceased Retired Participant’s Unreduced Early Retirement Benefit Commencement Date. 
 The final payment of that portion of the Supplemental Survivor Allowance that is the Grandfathered Supplemental Survivor Allowance shall be the first day of the month following the death of the Spouse.

  

	 	(3)	Supplemental SIB Allowance. 

 (A) Except as provided in clause (B) hereof, the SMERP Benefit Payment Date of the Supplemental SIB Allowance payable to the Spouse of a Deceased Participant pursuant to Article II, B (1) (b),
or of a Retired Participant pursuant to Article II, B (3) shall be the Supplemental SIB Allowance Payment Date, but not later than the Supplemental SIB Allowance Latest Payment Date. 

(B) The SMERP Benefit Payment Date of that portion of the Supplemental SIB Allowance equal to the Grandfathered
Supplemental SIB Allowance payable to the Spouse of a Grandfathered Deceased Participant 

  
 -15-

 
pursuant to Article II, B (1) (b) of the Plan, or to the Spouse of a Grandfathered Deceased Retired Participant pursuant to Article II, B (3) of the Plan shall be the Benefit
Commencement Date of the Survivor Income Benefit Allowance payable to such Spouse under the Survivor Income Benefit Plan. The last payment of such Supplemental SIB Allowance shall be the same date as the last payment of the Survivor Income Benefit
Allowance under the Survivor Income Benefit Plan. 
 (4) Supplemental Optional Payment Allowance. The
SMERP Benefit Payment Date of the Supplemental Optional Payment Allowance payable to the Beneficiary of a Grandfathered Deceased Retired Participant pursuant to Article II, B(2)(b) of the Plan shall be the first day of the calendar month following
the death of the Grandfathered Deceased Retired Participant. The final payment of the Supplemental Optional Payment Allowance shall be the first day of the month following the death of the Beneficiary. 

 

	 	(ll)	Specified Employee 

Specified Employee shall have the meaning given in Treasury Regulation §1.409A-1(i). 

(mm) Supplemental Joint and Survivor Allowance 

Supplemental Joint and Survivor Allowance shall mean the total amount that would be payable during a twelve (12) month period as a
reduced Supplemental Retirement Allowance to a Retired Participant for life and after his death the amount payable to his Spouse for life equal to one-half of the reduced Supplemental Retirement Allowance payable to the Retired Participant
(regardless of whether such form of benefit was available to such Retired Participant and his Spouse), which together shall be the Actuarial Equivalent of the Supplemental Retirement Allowance of the Retired Participant. 

 

	 	(nn)	Supplemental Optional Payment Allowance 

 Supplemental Optional Payment Allowance shall mean, with respect to that portion of a Grandfathered Retired Participant’s Supplemental Retirement Allowance equal to the Grandfathered Supplemental
Retirement Allowance, the total amount payable during a twelve (12) month period in accordance with one of the payment methods described in Article II, A 4(d) of the Salaried Retirement Plan and designated by the Grandfathered Participant in
his application for an Optional Payment under Article II, C (6) of the Plan, pursuant to which the Grandfathered Participant receives for life after his Date of Retirement a reduced Supplemental Retirement Allowance in equal monthly payments
and after his death after his Date of Retirement his Beneficiary receives for life a benefit in equal monthly payments according to the option elected by the Grandfathered Participant, which together shall be the Actuarial Equivalent of the
Grandfathered Supplemental Retirement Allowance payable in equal monthly payments for the life of the Retired Participant after his Date of Retirement. 
  

	 	(oo)	Supplemental Profit-Sharing Allowance or Profit-Sharing Allowance 

 Supplemental Profit-Sharing Allowance or Profit-Sharing Allowance shall mean the benefit determined under Article III of the Plan and payable on the Payment Date, but not later than the Latest
Payment Date. The Supplemental Profit-Sharing Allowance shall be comprised 

  
 -16-

 
of the Grandfathered Supplemental Profit-Sharing Allowance, if any, and the remaining portion of such Profit-Sharing Allowance. 

 

	 	(pp)	Supplemental Retirement Allowance 

 Supplemental Retirement Allowance shall mean the benefit determined under Article II, A (1) of the Plan. The Supplemental Retirement Allowance shall be comprised of the Grandfathered Supplemental
Retirement Allowance, if any, and the remaining portion of such Allowance. 
  

	 	(qq)	Supplemental SIB Allowance Payment Date 

 Supplemental SIB Allowance Payment Date shall mean the first day of the third calendar month following the month in which the Participant or Retired Participant dies. 

 

	 	(rr)	Supplemental Survivor Allowance 

 Supplemental Survivor Allowance shall mean the benefit payable to: 
  

	 	(1)	the Spouse of a Deceased Participant; and 

  

	 	(2)	the Spouse of a Deceased Retired Participant; 

in an amount equal one-half of the reduced Supplemental Retirement Allowance which would have been payable in the form of a Supplemental Joint and
Survivor Allowance to the Deceased Participant or Deceased Retired Participant (regardless of whether such form of benefit was available to such Deceased Participant or Deceased Retired Participant). 

 

	 	(ss)	Supplemental Survivor Allowance Payment Date 

 Supplemental Survivor Allowance Payment Date shall mean the first day of the third calendar month following the month in which the Deceased Participant or Deceased Retired Participant died. 

 

	 	(tt)	Supplemental SIB Allowance 

 (1) Supplemental SIB Allowance shall mean the total amount payable during a twelve (12) month period in equal monthly payments to the Spouse of a Deceased Participant or to the Spouse of a Deceased
Retired Participant equal to one-half of the reduced Supplemental Retirement Allowance which would have been payable to the Deceased Participant or Deceased Retired Participant had he elected to receive a Supplemental Joint and Survivor Allowance.

 (2) No Supplemental SIB Allowance shall be payable with respect to any Deceased Participant or Deceased
Retired Participant whose request to receive an Optional Payment has been granted by the Administrator. 

  
 -17-

	 	(uu)	Survivor Income Benefit Plan 

 Survivor Income Benefit Plan shall mean the Survivor Income Benefit Plan for Salaried Employees, effective as of February 2, 1974, and as amended from time to time. 

 

	 	(vv)	Vested Retirement Allowance 

 Vested Retirement Allowance shall mean the Retirement Allowance payable pursuant to Article II, A (6) of the Salaried Retirement Plan, provided, however, that a Participant who is only eligible for a
Vested Retirement Allowance may be deemed to be eligible for an Early Retirement Allowance for any and all purposes of this Plan if in accordance with his designation as a Participant in the Plan; provided, however, that no such designation on or
after October 3, 2004 shall change the time and form of payment of a Grandfathered Supplemental Retirement Allowance, the Grandfathered Supplemental Survivor Allowance and the Grandfathered Supplemental Survivor Income Benefit Allowance of a
Grandfathered Participant or Grandfathered Retired Participant. 
 The masculine pronoun shall include the feminine pronoun
unless the context clearly requires otherwise. 

  
 -18-

 ARTICLE II 
 SUPPLEMENTAL RETIREMENT AND RELATED ALLOWANCES 
  

	A.	SUPPLEMENTAL RETIREMENT ALLOWANCES 

(1) Supplemental Retirement Allowances. A Participant may be granted one or more of the following Supplemental Retirement
Allowances under the Plan: 
 (a) A Supplemental Retirement Allowance in an amount determined by using the
formula for calculating the Participant’s Retirement Allowance under the Salaried Retirement Plan, but, subject to the limitations of Article II, A (2) of the Plan, crediting Accredited Service in addition to that credited to the
Participant pursuant to the Salaried Retirement Plan in recognition of previous service by the Participant deemed to be of special value to the Company or his Participating Company; 

(b) A Supplemental Retirement Allowance in an amount equal to: 

(i) a stated dollar amount per year, or 

(ii) a stated percentage of the Participant’s Five-Year Average Compensation, or 

(iii) the Participant’s Retirement Allowance under the Salaried Retirement Plan, which Supplemental Retirement
Allowance accrues at a rate as a percentage of the Participant’s Five-Year Average Compensation which is greater than the rate of accrual under the Salaried Retirement Plan, such Supplemental Retirement Allowance to be calculated in individual
instances on the basis of specific instructions which may depart only for such purpose from the terms, conditions and requirements of the Salaried Retirement Plan; or 

(c) A Supplemental Retirement Allowance in an amount determined by using the formula for calculating the
Participant’s Retirement Allowance under the Salaried Retirement Plan, such Supplemental Retirement Allowance to be payable on and after the Participant’s retirement in an amount which is greater than the Retirement Allowance otherwise
payable to the Participant at such age. 
 (2) Limitation on Accredited Service. If a Supplemental Retirement Allowance
under Article II, A (1) of the Plan is determined pursuant to a formula in the Salaried Retirement Plan using the Participant’s Compensation (including awards under incentive compensation plans of a Participating Company), the aggregate
number of years of Accredited Service used in calculating the amount of the Participant’s Supplemental Retirement Allowance under this Plan shall not exceed thirty-five (35) years. 

(3) Appendix I. The name of each Participant and the Supplemental Retirement Allowance awarded to him pursuant to Article II, A
(1) of the Plan shall be set forth in Appendix I to the Plan. 

  
 -19-

 (4) Payment. Payment of such Supplemental Retirement Allowance shall be made to such
Participant at the time and in the form specified in Article II, C of the Plan. 
  

	B.	SUPPLEMENTAL SURVIVOR ALLOWANCES, SUPPLEMENTAL SIB ALLOWANCES AND
SUPPLEMENTAL OPTIONAL PAYMENT ALLOWANCES 

 (1)
Deceased Participants. 
 (a) The Spouse of a Deceased Participant shall be eligible to receive a
Supplemental Survivor Allowance. 
 (b) If the death of the Deceased Participant occurs prior to his attaining
the age of sixty-one (61) years and he has (or is deemed to have) completed five (5) years or more of Accredited Service as of the date of his death, his Spouse shall be eligible to receive a Supplemental SIB Allowance on the SMERP Benefit
Payment Date specified in Article I, (kk) (3) of the Plan. Such Supplemental SIB Allowance shall be determined by using the formula under the Salaried Retirement Plan and assuming such Deceased Participant had continued in the employ of his
Participating Company until the age of sixty-five (65) years, that his compensation (as defined in the Survivor Income Benefit Plan, or in the designation of the Employee as a Participant in the Plan) for all periods of time subsequent to his
death and until age sixty-five (65) had been his compensation as in effect immediately prior to his death and that the Deceased Participant died the day after attaining the age of sixty-five (65) years. In determining the amount of such
Supplemental SIB Allowance, the Social Security Integration Level shall be the Social Security Integration Level (determined in accordance with the provisions of the Social Security Act in effect on the date of death of the Deceased Participant) as
would be in effect on the date such Deceased Participant would have attained his Social Security Retirement Age. Such Supplemental SIB Allowance shall be reduced by the amount of any Supplemental Survivor Allowance payable pursuant to Article II, B
(1) (a) of the Plan. 
 (2) Deceased Retired Participants. 

(a) The Spouse of a Deceased Retired Participant shall be eligible to receive a Supplemental Survivor Allowance on the
SMERP Benefit Payment Date specified in Article I, (kk) (2) of the Plan; provided that in the case of a Grandfathered Deceased Retired Participant, the Administrator has not granted his request to have payment of his Grandfathered Supplemental
Retirement Allowance paid in the form of a Supplemental Optional Payment Allowance. Such Supplemental Survivor Allowance shall be reduced by the amount of any Supplemental Retirement Allowance payable pursuant to Article II, C (1)(a)(ii) of the
Plan. 
 (b) The Beneficiary of a Grandfathered Deceased Retired Participant whose request for an Optional
Payment in the form of a Supplemental Optional Payment Allowance has been granted by the Administrator, but who has died after his Date of Retirement and prior to his SMERP Benefit Payment Date shall be eligible to receive that portion of the
Supplemental Optional Payment Allowance elected by the Retired 

  
 -20-

 
Participant which is payable after the death of the Retired Participant. Payment shall be made on the SMERP Benefit Payment Date specified in Article I (kk) (4) of the Plan. 

(3) Retired Participant Who Was a Grandfathered Participant 

The Spouse of a Grandfathered Retired Participant who elected an Optional Payment described in Article I (z)(1) of the
Plan pursuant to Article II, C (6) of the Plan and who has died after his SMERP Benefit Date shall be eligible to receive a Supplemental SIB Allowance on the SMERP Benefit Payment Date specified in Article I, (kk) (3)(B) of the Plan.

 (4) Objective of Benefit. It is the intention of the provisions of this Paragraph B. to provide a benefit to the
Spouse or other Beneficiary of a Deceased Participant or Deceased Retired Participant in the same instances as such Spouse or other Beneficiary would receive a benefit under the terms of the Salaried Retirement Plan or the Survivor Income Benefit
Plan, as applicable to such Spouse or other Beneficiary, and the provisions of this Article II, B of the Plan shall be construed and interpreted in a manner that is consistent with that objective. 

 

	C.	SMERP BENEFIT PAYMENT DATE AND TERMINATION OF SUPPLEMENTAL
RETIREMENT ALLOWANCES, SUPPLEMENTAL SURVIVOR ALLOWANCES, SUPPLEMENTAL SURVIVOR INCOME BENEFIT
ALLOWANCES AND ALLOWANCES PAYABLE IN THE FORM OF AN OPTIONAL
PAYMENT 

 (1) Supplemental Retirement Allowances. 

(a) For Retired Participants other than Grandfathered Retired Participants: 

(i) The Supplemental Retirement Allowance shall be paid to a Retired Participant in a Single Sum Payment on his SMERP
Benefit Payment Date specified in Article I, (kk) (1) (A) of the Plan. 
 (ii) If a Retired Participant
dies after his Date of Retirement and before payment of his Supplemental Retirement Allowance is paid in a Single Sum Payment, his Beneficiary shall receive a Single Sum Payment on the SMERP Benefit Payment Date specified in Article I, (kk)
(1) (A) of the Plan. 
 (b) For Grandfathered Retired Participants: 

(i) The Supplemental Retirement Allowance of a Retired Participant who is a Grandfathered Retired Participant eligible for
an Early, Full or Deferred Retirement Allowance at his Separation from Service shall be paid in a Single Sum Payment on the SMERP Benefit Payment Date specified in Article I, (kk) (1) (A) of the Plan, unless the Administrator has approved
the Grandfathered Retired Participant’s election to have distribution of that portion of his Supplemental Retirement Allowance that is the Grandfathered Supplemental Retirement Allowance made in the form of an Optional Payment pursuant to
Article II, C (6) of the Plan, in which case his Grandfathered Benefit Equalization Retirement Allowance shall be paid in the form of Optional Payment as specified in Article I, 

  
 -21-

 
(z) of the Plan, as applicable to the Grandfathered Retired Participant on the SMERP Benefit Payment Date set forth in Article I, (kk) (1) (B) or (C) of the Plan. 

(ii) If a Grandfathered Retired Participant who is eligible for an Early, Full or Deferred Retirement Allowance at his
Separation from Service dies after his Separation from Service and before payment of that portion of his Supplemental Retirement Allowance that is to be paid in a Single Sum Payment, his Beneficiary shall receive such Single Sum Payment on the SMERP
Benefit Payment Date specified in Article I, (kk) (1) (A) of the Plan. 
 (iii) 

(A) That portion of the Supplemental Retirement Allowance that is not the Grandfathered Supplemental Retirement Allowance
with respect to a Grandfathered Retired Participant who is only eligible for a Vested Retirement Allowance shall be paid in a Single Sum Payment on the SMERP Benefit Payment Date specified in Article I, (kk) (1) (A) of the Plan.

 (B) That portion of the Supplemental Retirement Allowance that is the Grandfathered Supplemental Retirement
Allowance with respect to a Grandfathered Retired Participant who is only eligible for a Vested Retirement Allowance shall be the same form of Optional Payment which the Grandfathered Retired Participant’s Vested Retirement Allowance is paid
from the Salaried Retirement Plan and shall commence to be paid to the Retired Participant on his SMERP Benefit Payment Date specified in Article I, (kk) (1) (D) of the Plan. 

(c) Payments In Advance of Payment under any Other Plan. In the event the Supplemental Retirement Allowance with
respect to the Retired Participant is paid in a Single Sum Payment prior to: 
 (i) the Retired
Participant’s Benefit Commencement Date, the amount of such Supplemental Retirement Allowance shall equal the amount reasonably estimated by the Administrator to be actually payable under the Plan; or 

(ii) the date the Retired Participant shall have specified on his application for retirement as the Benefit Commencement
Date of his Retirement Allowance under the Salaried Retirement Plan, the Single Sum Payment shall be calculated based on the assumption that the Retired Employee elected to receive a Retirement Allowance at his Unreduced Early Retirement Benefit
Commencement Date. 
 (2) Supplemental Survivor Allowances. 

(a) The Supplemental Survivor Allowance payable pursuant to Article II, B (1) (a) of the Plan to the Spouse of a
Deceased Participant who was not a Grandfathered 

  
 -22-

 
Participant or pursuant to Article II, B (2) (a) to the Spouse of a Deceased Retired Participant who was not a Grandfathered Deceased Retired Participant shall be paid to the Spouse in
a Single Sum Payment on the SMERP Benefit Payment Date specified in Article I, (kk) (2) (A) of the Plan. 
 (b) That portion of the Supplemental Survivor Allowance that: 
 (i)
is not the Grandfathered Supplemental Survivor Allowance payable to the Spouse of a Deceased Participant who is a Grandfathered Participant shall be paid to the Spouse in a Single Sum Payment on the SMERP Benefit Payment Date specified in Article I,
(kk) (2) (A) of the Plan; and 
 (ii) is the Grandfathered Supplemental Survivor Allowance shall be
paid to the Spouse in the same form and at the same time as the Survivor Allowance is paid from the Salaried Retirement Plan commencing on the SMERP Benefit Payment Date as specified in Article I, (kk) (2) (B) of the Plan. 

(3) Supplemental SIB Allowances. 
 (a) The Supplemental SIB Allowance payable pursuant to Article II, B (1) (b) of the Plan to the Spouse of a Deceased Participant who is not a Grandfathered Participant shall be paid to the
Spouse in a Single Sum Payment on the SMERP Benefit Payment Date specified in Article I, (kk) (3) (A) of the Plan. 
 (b) That portion of the Supplemental SIB Allowance that: 
 (i) is
not the Grandfathered Supplemental SIB Allowance payable pursuant to Article II, B (2) (b) of the Plan to the Spouse of a Grandfathered Deceased Retired Participant shall be paid to the Spouse in a Single Sum Payment on the SMERP Benefit
Payment Date specified in Article I, (kk) (3) (A) of the Plan; and 
 (ii) is the Grandfathered
Supplemental SIB Allowance shall be paid to the Spouse in the same form as the Survivor Income Benefit Allowance is paid from the Survivor Income Benefit Plan commencing on the SMERP Benefit Payment Date specified in Article I, (kk)
(3) (B) of the Plan. 
 (4) Supplemental Optional Payment Allowance. 

The Supplemental Optional Payment Allowance payable pursuant to Article II, B (3) of the Plan to the Beneficiary of a
Grandfathered Deceased Retired Participant shall be paid in the form of Optional Payment approved by the Administrator commencing on the SMERP Benefit Payment Date specified in Article I, (kk) (4) of the Plan. 

(5) Termination of Grandfathered Allowances. 

(a) The payment of any Grandfathered Supplemental Retirement Allowance, Grandfathered Supplemental Survivor Allowance and
Grandfathered Optional Payment 

  
 -23-

 
Allowance in any form other than a Single Sum Payment shall terminate on the same date as payment would terminate under the Salaried Retirement Plan. 

(b) The payment of any Grandfathered Supplemental SIB Allowance in any form other than a Single Sum Payment shall
terminate on the same date as payment would terminate under the Survivor Income Benefit Plan. 
 (6) Optional Payment.

 A Grandfathered Participant who is eligible to retire on a Full, Deferred or Early Retirement Allowance may
make application to the Administrator to receive an Optional Payment with respect to his Grandfathered Supplemental Retirement Allowance in lieu of the Single Sum Payment otherwise payable after his Separation from Service. 

(a) The application for an Optional Payment shall specify: 

(i) the form in which such Optional Payment is to be paid, 

(ii) the Beneficiary, if any, who will receive benefits after the death of the Employee, and 

(iii) the SMERP Benefit Payment Date. 

(b) In the case of a Participant who eighteen (18) months prior to attaining the age of sixty-five (65) years
could be compulsorily retired by his Participating Company upon attaining the age of sixty-five (65) years pursuant to Section 12(c) of the Age Discrimination in Employment Act, any application for an Optional Payment must be filed with
the Administrator more than one (1) year preceding the date the Participant attains the age of sixty-five (65) years. 
 (c) The Administrator shall notify the Committee of all applications for an Optional Payment. The Administrator may grant or deny any such application in its sole and absolute discretion. Except as
provided in Subparagraphs (d) and (e) of this Article II, C (6) of the Plan, a Participant shall not receive his Grandfathered Supplemental Retirement Allowance in the form of a Single Sum Payment after the Administrator has granted
the Participant’s application for an Optional Payment. In the event the Participant or Retired Participant incurs a Change in Circumstance on or after the date of the filing of the application for an Optional Payment and prior to his SMERP
Benefit Payment Date, the Participant or Retired Participant may file an application with the Administrator within ninety (90) days of the Change in Circumstance, but in no event later than his SMERP Benefit Payment Date, to change the form of
Optional Payment, or to change the Beneficiary who is to receive a benefit after the death of the Retired Participant in accordance with the Optional Payment method originally filed with the Administrator. 

(d) An application for an Optional Payment with respect to a Grandfathered Participant’s Grandfathered Supplemental
Retirement Allowance in lieu of the Single Sum Payment otherwise payable after his Separation from Service shall be of no force and effect if: 

  
 -24-

 (i) the Participant does not retire on a Full, Deferred or Early Retirement
Allowance, 
 (ii) the Participant incurs a disability at any time before the date his Optional Payment commences
to be made which causes him to be eligible for benefits under the Long-Term Disability Plan for Salaried Employees or any other long-term disability plan of a Participating Company, or 

(iii) the Participant is retired for ill health, disability or hardship under Article II, A 3.(a) of the Salaried
Retirement Plan. 
 (e) In the event the application for an Optional Payment is of no force and effect as a
result of an event described in clauses (ii) or (iii) of Article II, C (6) (d) of the Plan, payment of the Grandfathered Participant’s Supplemental Retirement Allowance shall be made in a Single Sum Payment pursuant to
Article II, C (1) (a) of the Plan on the SMERP Benefit Payment Date specified in Article I, (kk) (1) (A) of the Plan, but otherwise such application for an Optional Payment shall be effective on the Participant’s Date of
Retirement on a Full, Deferred or Early Retirement Allowance and the Grandfathered Participant’s Grandfathered Supplemental Retirement Allowance shall commence on the SMERP Benefit Payment Date specified in Article I, (kk) (1) (B) of
the Plan; provided, however, that if within the one (1) year period following the date of the filing of the application with the Administrator the Grandfathered Participant voluntarily retires or his employment is terminated for misconduct (as
determined by the Administrator) by any member of the Controlled Group, the Optional Payment shall be reduced by one percent (1%) for each month (or portion of a month) by which the month in which the Retired Participant’s termination of
employment precedes the first anniversary of the filing of the application with the Administrator and his benefits shall commence in the SMERP Benefit Payment Date specified in Article I, (kk) (1) (C) of the Plan. 

(7) Exceptions. Notwithstanding the preceding provisions of this Paragraph C, 

(a) the Administrator may cause the distribution of that portion of the Supplemental Retirement Allowance that is the
Grandfathered Supplemental Retirement Allowance to any group of similarly situated Grandfathered Retired Participants (or their Spouses or other Beneficiaries) in a Single Sum Payment or as an Optional Payment; and 

(b) the Administrator shall distribute that portion of a Retired Participant’s Supplemental Retirement Allowance that
is the Grandfathered Supplemental Retirement Allowance in a Single Sum Payment if such portion of the Supplemental Retirement Allowance payable in equal monthly payments is not more than $250 per month. 

(8) Actuarial Equivalents. Any Supplemental Survivor Allowance or Supplemental Optional Payment Allowance payable under this Plan
to any Spouse or other Beneficiary commencing at an age other than the Retired Participant’s Normal Retirement Age shall be the 

  
 -25-

 
Actuarial Equivalent of the benefit payable pursuant to the terms of the Plan in equal monthly payments for life commencing at the Retired Participant’s Normal Retirement Age. 

(9) Delayed Single Sum Payments. If any Single Sum Payment is made later than the date otherwise specified in this Article II, C
of the Plan and such late payment is not due in whole or in part to the fault of the Retired Participant (or his Beneficiary), interest at a rate to be determined by the Administrator shall be added to such Single Sum Payment. 

(10) Conversion to after-tax amount. Any Allowance, Supplemental Survivor Allowance, Supplemental Survivor Income Benefit
Allowance or Supplemental Optional Payment Allowance may, in the sole discretion of the Appointee, be converted from a before-tax amount to an after-tax amount using the same methodology and actuarial assumptions used under the Benefit Equalization
Plan. 
  

	D.	REDUCTION OF BENEFITS 

(1) Supplemental Retirement Allowance. 
 (a) The Supplemental Retirement Allowance payable to a Retired Participant shall be reduced by the greater of: 
 (i) the Actuarial Equivalent of the benefits payable pursuant to any Other Plan to the extent that service used to determine the amount of benefits payable from such Other Plan is also used to calculate
the amount of a Retired Participant’s Supplemental Retirement Allowance under this Plan, or 
 (ii) the
amount set forth in, or determined in accordance with, the Participant’s designation as such pursuant to Article I, (bb) of the Plan, assuming in each case that the Participant elected to receive such benefits in equal monthly payments for his
life; 
 (b) provided, however, that: 

(i) in the event the Supplemental Retirement Allowance is paid to the Retired Participant (or his beneficiary) in a Single
Sum Payment prior to the Retired Participant’s Benefit Commencement Date, such Supplemental Retirement Allowance shall be computed in accordance with the applicable provisions of Article II, A (1) of the Plan, as reasonably estimated by
the Administrator, reduced by the Actuarial Equivalent of the projected annual amount of benefits payable pursuant to any Other Plan assuming that such benefits are payable to the Retired Participant in equal monthly payments for life; and

 (ii) in the event the benefit equalization retirement allowance under the Benefit Equalization Plan is paid to
the Retired Participant (or his Spouse or other beneficiary) in a single sum payment (as defined in the Benefit Equalization Plan) prior to the Retired Participant’s Benefit Commencement Date, the amount of the

  
 -26-

 
reduction to the Participant’s Supplemental Retirement Allowance shall be determined in good faith by the Administrator. 

(2) Supplemental Survivor Allowance or Supplemental Survivor Income Benefit Allowance. Any Supplemental Survivor Allowance or
Supplemental Survivor Income Benefit Allowance payable to the Spouse of a Deceased Participant or of a Deceased Retired Participant pursuant to Article II, B of the Plan shall be reduced by the Actuarial Equivalent of the maximum benefits for which
the Spouse was actually eligible under the Salaried Retirement Plan, the Benefit Equalization Plan and the Survivor Income Benefit Plan assuming that the Participant elected to receive a Retirement Allowance under the Salaried Retirement Plan and a
benefit equalization retirement allowance under the Benefit Equalization Plan in equal monthly payments for the life of the Retired Participant. 
 (3) Supplemental Optional Payment Allowance. Any Supplemental Optional Payment Allowance payable to the Beneficiary of a Grandfathered Deceased Retired Participant pursuant to Article II, B of the
Plan shall be reduced by the Actuarial Equivalent of the benefits payable pursuant to the Salaried Retirement Plan and the Benefit Equalization Plan assuming that the Grandfathered Deceased Retired Participant had elected to receive such benefits in
equal monthly payments for life. 
 (4) Employment Outside of United States. The Supplemental Retirement Allowance of a
Participant, who as a result of employment outside of the United States, has benefits accrued to him under the social security, or similar laws, of a country other than the United States may, in the discretion of the Administrator, be reduced by the
Actuarial Equivalent of such benefits, assuming that such Participant elected to receive such benefits in equal monthly payments for life. 
 (5) Prior Single Sum Payment. No benefits shall be payable to the Spouse or other beneficiary of a Deceased Retired Participant pursuant to Article II, B of the Plan, if prior to his death the
Deceased Retired Participant received a Single Sum Payment from this Plan or the Single Sum Payment is made after his death to his Spouse or a beneficiary. 
  

	E.	APPLICATION OR NOTIFICATION FOR PAYMENT OF
ALLOWANCES 

 (1) Notification of SMERP Benefit Payment Date. An
application for retirement pursuant to Article II, B of the Salaried Retirement Plan shall be deemed notification to the Administrator of the SMERP Benefit Payment Date of a Supplemental Retirement Allowance (or other benefit) in accordance with the
terms of this Plan. 
 (2) Notification of Beneficiary. In the event a Grandfathered Participant shall not have elected
an Optional Payment method with respect to that portion of his Supplemental Retirement Allowance that is Grandfathered Supplemental Retirement Allowance, the Grandfathered Participant may specify the Beneficiary to whom payment of the Single Sum
Payment shall be made in the event the Grandfathered Participant dies after his Separation from Service, but prior to his SMERP Benefit Payment Date. If no Beneficiary is specified, the Beneficiary shall be the Participant’s Spouse, and if
there is no Spouse, the Beneficiary shall be the Grandfathered Participant’s estate. 

  
 -27-

 ARTICLE III 
 SUPPLEMENTAL PROFIT-SHARING ALLOWANCES 
  

	A.	SUPPLEMENTAL PROFIT-SHARING ALLOWANCES 

A Participant may be granted a Supplemental Profit-Sharing Allowance equal to the amount, if any, by which the sum of the Operating
Company Contribution which would have been made to the Profit-Sharing Plan and the amount which would have been credited to his account under the Benefit Equalization Plan had such Participant been eligible to participate in such plans for a plan
year, exceeds the amount, if any, of employer contributions (excluding any contributions which the Participant has elected to have an employer make on his behalf pursuant to a cash or deferred arrangement) actually made or credited for the plan year
on behalf of such Participant under a defined contribution plan qualified under Section 401(a) of the Code, an excess benefit plan (as defined in ERISA) and a plan maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees maintained by any other member of the Controlled Group. In addition, a Participant’s Supplemental Profit-Sharing Allowance may also include the amount of Company Match Contributions
which would have been made to the Profit-Sharing Plan and the amount which would have been credited to his account under the Benefit Equalization Plan had such Participant been eligible to participate in such plans for a plan year (assuming that the
Participant contributed an assumed percentage of his Compensation to the Profit-Sharing Plan for such year), less any offsets determined by the Appointee. 
  

	B.	CREDITS TO SUPPLEMENTAL PROFIT-SHARING ALLOWANCE; SMERP
BENEFIT PAYMENT DATE 

 (1)
Valuation. Any amounts credited to a Participant’s account pursuant to the provisions of this Article III shall be deemed to have been invested in Part C of the Fund (Interest Income Fund) under the Profit-Sharing Plan and shall be
valued in accordance with the provisions of the Profit-Sharing Plan. 
 (2) Payment. A Participant shall receive his
Supplemental Profit-Sharing Allowance in a Single Sum Payment on the Payment Date, but no later than the Latest Payment Date. If a Participant or former Participant dies before receiving such Supplemental Profit-Sharing Allowance, payment shall be
made to his Beneficiary in a Single Sum Payment on the Payment Date, but no later than the Latest Payment Date. 
 (3)
Application. A Participant or former Participant (or Beneficiary) shall make application to the Administrator (or his delegate) for distribution of Supplemental Profit-Sharing Allowance under this Plan. Any such application shall specify the
Beneficiary to whom payment of the Single Sum Payment shall be made in the event the Participant dies after his Separation from Service, but prior to his SMERP Benefit Payment Date. 

  
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 ARTICLE IV 
 FUNDS FROM WHICH ALLOWANCES ARE PAYABLE 
  

	A.	ESTABLISHMENT AND MAINTENANCE OF INDIVIDUAL ACCOUNTS;
CONTRIBUTIONS 

 (1) Establishment of Accounts. Individual accounts
shall be established for the benefit of each Participant (or Beneficiary) under the Plan. Any benefits payable from an individual account shall be payable solely to the Participant (or Beneficiary) for whom such account was established. The Plan
shall be unfunded. All benefits intended to be provided under the Plan shall be paid from time to time from the general assets of the Participant’s Participating Company and paid in accordance with the provisions of the Plan; provided,
however, that the Participating Companies reserve the right to meet the obligations created under the Plan through one or more trusts or other agreements. 
 (2) Contributions. The contributions by each Participating Company on behalf of its Participants to the individual accounts established pursuant to the provisions of the Plan, whether in trust or
otherwise, shall be in an amount which such Participating Company, with the advice of an actuary, determines to be sufficient to provide for the payment of the benefits under the Plan. No Participant, Spouse or Beneficiary shall, unless the Plan
expressly provides otherwise, have any right or claim whatsoever to any specific assets of a Participating Company or of any trust. 
  

	B.	MAINTENANCE OF BOOK RESERVES 

Each Participating Company shall maintain such reserves on its books with respect to Participants who are employed by such Participating
Company as determined by the actuary for the Plan. 

  
 -29-

 ARTICLE V 
 ADMINISTRATION 
  

	A.	DUTIES OF THE ADMINISTRATOR 

The general administration of the Plan shall be vested in the Administrator. The Administrator may employ and rely on actuaries, legal
counsel, accountants and agents as they deem advisable. 
  

	B.	APPLICABILITY OF DUTIES OF THE ADMINISTRATOR UNDER
THE SALARIED RETIREMENT PLAN TO THE PLAN 

All powers, rights, duties and responsibilities assigned to the Administrator under the Salaried Retirement Plan applicable to this Plan
shall be the powers, rights, duties and responsibilities of the Administrator under the terms of this Plan. 

  
 -30-

 ARTICLE VI 
 AMENDMENT AND DISCONTINUANCE OF THE PLAN 
  

	A.	AMENDMENT OF THE PLAN BY THE BOARD OF
DIRECTORS OF ALTRIA GROUP, INC., THE COMMITTEE AND THE ADMINISTRATOR

 (1) Authority to Amend. The Board may, from time to time, and at any time, amend the Plan; provided,
however, that authority to amend the Plan is delegated to the following committees or individuals where approval of the Plan amendment or amendments by the shareholders of Altria Group, Inc. is not required: 

(a) to the Committee, if the amendment (or amendments) will not increase the annual cost of the Plan by $10,000,000; and

 (b) to the Administrator, if the amendment (or amendments) will not increase the annual cost of the Plan by
$500,000. 
 (2) Permitted Amendments. Any amendment to the Plan may effect a substantial change in the Plan and may
include (but shall not be limited to) any change deemed by the Company to be necessary or desirable to obtain tax benefits under any existing or future laws or rules or regulations thereunder; provided, however, that no such amendment shall deprive
any Participant, Retired Participant, Spouse or Beneficiary of any Allowances accrued at the time of such amendment. 
  

	B.	TERMINATION OF THE PLAN 

(1) Authority to Terminate. The Board may terminate the Plan for any reason at any time, provided that such termination shall not
adversely affect the rights of any Participant, Retired Participant, Spouse or Beneficiary to benefits accrued to the date of termination. 
 (2) Participant Rights Upon Termination. In the event the Plan is terminated, each Participant, whether or not such Participant is eligible to receive benefits under this Plan, shall be immediately
and fully vested in the benefits set forth in Article II of the Plan accrued to the date of termination of the Plan. Payment of any such benefits shall be made or commence to be made at the time such Participant (or his Spouse or Beneficiary)
meets, under the terms of the Plan at the time of its termination, the requirement for payment of benefits under the Plan. 
  

	C.	CHANGE OF CONTROL PROVISIONS 

Notwithstanding any other provision of the Plan to the contrary, in the event of a Change of Control of Altria Group, Inc., each
Participant shall immediately be fully vested in the benefits set forth in Article II of the Plan which have accrued through the date of the Change of Control and, upon the Change of Control, each Participant (or his Spouse or Beneficiary) shall be
entitled to a Single Sum Payment in an amount which is the Actuarial Equivalent of such accrued benefits, which amount shall be paid within 30 days of the Change of Control. 

  
 -31-

 ARTICLE VII 
 FORMS; COMMUNICATIONS 
  

	A.	FORMS; USE OF ELECTRONIC MEDIA 

The Administrator shall provide such appropriate forms as he may deem expedient in the administration of the Plan and no action to be
taken under the Plan for which a form is so provided shall be valid unless upon such form. Any Plan communication may be made by electronic medium to the extent allowed by applicable law. The Administrator may adopt reasonable procedures to enable a
Participant or Retired Participant to make an election using electronic medium (including an interactive telephone system and a website on the Intranet). 
  

	B.	COMMUNICATIONS CONCERNING THE PLAN 

All communications concerning the Plan shall be in writing addressed to the Administrator at such address as may from time to time be
designated. No communication shall be effective for any purpose unless received by the Administrator. 

  
 -32-

 ARTICLE VIII 
 INTERPRETATION OF PROVISIONS 
  

	A.	DISCRETIONARY AUTHORITY TO INTERPRET THE
PLAN 

 All power and authority with respect to the discretionary
authority of the Administrator to interpret the provisions of the Salaried Retirement Plan shall be the power and authority of the Administrator to interpret the provisions of this Plan, including discretionary authority to determine all matters
arising in the administration, interpretation and application of the Plan; discretionary authority to construe Plan terms and provisions and to make factual determinations and to remedy any ambiguities, inconsistencies or omissions of any kind;
discretionary authority to determine the eligibility of any employee of a Participating Company to participate in the Plan; and to determine the amount of any benefit to which any person is entitled to under the Plan; provided,
however, that the Administrator who makes a request for payment of a Supplemental Retirement Allowance in accordance with a form of distribution authorized under the Salaried Retirement Plan shall excuse himself from any and all deliberations
and decisions in connection with such request. 

  
 -33-

 ARTICLE IX 
 APPLICABILITY OF PROVISIONS OF SALARIED RETIREMENT 
 PLAN AND
SURVIVOR INCOME BENEFIT PLAN 
  

	A.	APPLICABILITY OF PROVISIONS OF SALARIED RETIREMENT PLAN
AND SURVIVOR INCOME BENEFIT PLAN TO THE PLAN 

Except as expressly provided to the contrary, all of the provisions, conditions and requirements set forth in the Salaried Retirement Plan
and where applicable, the Survivor Income Benefit Plan, with respect to eligibility for and payment of benefits thereunder shall be equally applicable to the granting of Supplemental Retirement Allowances, Supplemental Survivor Income Benefit
Allowances and other benefits to Participants and Beneficiaries pursuant to this Plan and the payment thereof pursuant to the provisions of this Plan. Whenever a Participant’s rights under this Plan are to be determined, appropriate reference
shall be made to the Salaried Retirement Plan or the Survivor Income Benefit Plan, as applicable. 

  
 -34-

 ARTICLE X 
 CERTAIN RIGHTS AND LIMITATIONS 
  

	A.	NONASSIGNMENT AND NONALIENATION 

No benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or
charge, and any attempt to do so shall be void; nor shall any benefit be in any manner liable for or subject to the debts, contracts, liabilities, engagements, or torts of the person entitled to such benefit. In the event that the Administrator
shall find that any Participant, Retired Participant, Spouse or other beneficiary under the Plan has become bankrupt or that any attempt has been made to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge any of his benefits
under the Plan, then such benefits shall cease, and in that event, the Administrator shall hold or apply the same to or for the benefit of such Participant, Retired Participant, Spouse or other beneficiary or apply the same to or for the benefit of
such Participant, Retired Participant, Spouse or other beneficiary, in such manner as the Administrator may deem proper. 
  

	B.	BENEFITS CONDITIONED ON MEETING ALL REQUIREMENTS UNDER
THE PLAN 

 Except as otherwise expressly provided in the Plan,
Supplemental Retirement Allowances, Supplemental Profit-Sharing Allowances and Supplemental Survivor Income Benefit Allowances and other benefits shall be payable only if the Participant meets all of the requirements for benefits under the Plan.

  
 -35-

 EXHIBIT A  

ACTUARIAL ASSUMPTIONS USED TO CALCULATE A SINGLE SUM PAYMENT 

INTEREST RATE: The average of the monthly rate of interest specified in Section 417(e)(3)(A)(ii)(II) of the Code, but published for
24 months preceding the Employee’s Date of Retirement, less 1/2 of 1%. 
 MORTALITY ASSUMPTION: The applicable mortality
table is the table specified in Section 417(e)(3)(A)(ii)(I) of the Code and Section 1.417(e)-1(c)(2) of the Treasury Regulations (currently prescribed in Rev. Rul. 2001-62 as GAR 1994). 

  
 -36-

 APPENDIX 1 
 BENEFIT FOR MICHAEL SZYMANCZYK 
 The Supplemental Retirement Allowance of
Mr. Szymanczyk shall be calculated as described in Article IIA(1) of the Plan, as supplemented by the letter agreement set forth below, provided however, that in no event shall the present value of defined benefits that can be paid at any age
to him exceed thirty million dollars ($30,000,000). 
 Should Mr. Szymanczyk continue employment until age 55, or, if prior to age 55,
suffer a Termination Event as defined in his 2002 Letter Agreement, he would be credited with an additional 5 years of service for all purposes, and receive his retirement benefit without any actuarial reduction for early commencement. To the extent
he continues employment beyond age 55, he will also be credited with 2 years of service for each year of service until age 60. 
 Further,
should he die or become disabled prior to attaining age 55, he or his spouse would be entitled to receive a pension benefit enhancement based on adding 5 years to his actual service as of the date of death or disability. In addition, 1) if he
becomes disabled prior to age 55, he will be entitled to receive an immediate Philip Morris and Kraft Foods 100% Joint and Survivor pension benefit without reduction for early commencement; 2) if he dies prior to age 55, his spouse will be entitled
to receive commencing as of the date he would have attained age 55 the survivor portion of a Philip Morris and Kraft Foods 100% Joint and Survivor pension benefit without reduction for early commencement; and 3) should he die on or after attaining
age 55 and prior to retirement, his spouse would be entitled to receive the survivor portion of an immediate Philip Morris and Kraft Foods 100% Joint and Survivor pension benefit without reduction for early commencement. 

The Supplemental Retirement Allowance shall be reduced as prescribed pursuant to Article II, Section C of the Supplemental Management Employees’
Retirement Plan, by the Actuarial Equivalent value of any benefits payable to him under other retirement benefits to which the Company contributed, for like service. 

  
 -37-

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