EACRA

Istanbul – March 15, 2018

JCR Eurasia Rating has affirmed a Long Term National Credit Rating of “BBB+ (Trk)” and a Short Term National Credit Rating of “A-2 (Trk)” for Ak Faktoring A.Ş. along with “Stable” outlooks on both ratings.

JCR Eurasia Rating has evaluated “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiaries “and “Cash Flows Relating to the

Outstanding Bond Issues” in an investment grade category on a national and international level and reaffirmed at ‘BBB (Trk)’ on the Long Term National

Scale. Its Long Term International Scale has been reaffirmed at ‘BBB-’. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency : BBB- / (Stable Outlook)

JCR Eurasia Rating has affirmed the highest-level investment grade credit rating of ‘AAA (Trk)’ on the Long Term National Scale and along with ‘Stable’ outlooks to “T.C. Ziraat Bankası A.Ş. and its Consolidated Structure”. JCR Eurasia Rating has also affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

JCR Eurasia Rating has evaulated Şekerbank T.A.Ş in a high level investment category and affirmed the credit ratings as ‘AA- (Trk)’ on the Long Term National Scale and as ‘A-1+ (Trk)’ on the Short Term National Scale and revised its outlooks to ‘Stable’. On the other hand, the Long Term International Local and Foreign Currency ratings have been affirmed as ‘BBB-’. Other notes and details of the ratings are given in the table below.

Long Term International Foreign Currency

:

BBB- /(Stable Outlook)

Long Term International Local Currency

:

JCR Eurasia Rating has evaluated ‘Ata GYO A.Ş.’ in an investment-level category on the national and international scales and affirmed the ratings on the Long Term National Scale as ‘BBB (Trk)’ and affirmed the Short Term National Scale as ‘A-3 (Trk)’. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Outlooks for aforementioned ratings are determined as ‘Stable’. Other ratings and details of the ratings are provided below:

Long Term International Foreign Currency

:

BBB- / (Stable Outlook)

JCR Eurasia Rating, in its periodic review, has evaluated “Global Liman İşletmeleri A.Ş.” in a high-level investment category at the national level and upgraded its long-term national rating as ‘A(Trk)’. The Company’s Long Term International Foreign and Local Currency Ratings have been affirmed as ‘BBB-’ with ‘Stable’ outlook of all notes. Other notes and details of the ratings are given in the table below.

Long Term International Foreign Currency

:

BBB- / (Stable Outlook)

Long Term International Local Currency

:

BBB- / (Stable Outlook)

JCR Eurasia Rating has evaluated ‘Global Yatırım Holding A.Ş.’ in an investment-level category on the national and international scales and upgraded the ratings on the Long Term National Scale from ‘BBB (Trk)’ to ‘BBB+ (Trk)’ and the Short Term National Scale from ‘A-3 (Trk)’ to ‘A-2 (Trk)’ within the scope of periodic review. The outlooks for the ratings are determined as ‘Stable’. Additionally, JCR Eurasia Rating has confirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are provided below.