EACRA

JCR Eurasia Rating, by assessing “İnanlar İnşaat A.Ş.” within investment grade, has upgraded its credit rating to ‘BBB (Trk)’ from ‘BBB- (Trk)’ on the Long Term National Scale along with ‘Stable’ outlooks for all notes. The Long Term International Foreign and Local Currency ratings were affirmed at ‘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

:

BBB- /(Stable Outlook)

JCR-Eurasia Rating has evaluated Tera Menkul Değerler A.Ş. in high investment grade category and upgraded its Long Term National Note of “BBB+ (Trk)” to “A- (Trk)”,

Short Term National Note of “A-3 (Trk)” to “A-1 (Trk)”, along with “Stable” outlook for long and short terms. On the other hand, JCR Eurasia Rating has affirmed the Long

Term International Foreign Currency and Local Currency ratings as “BBB-“along with “Stable” outlooks. Other notes and details of the ratings are provided in the table

presented below.

JCR Eurasia Rating has evaluated Sarten Ambalaj Sanayi ve Ticaret A.Ş. in an investment level category on a national and international level and affirmed ratings of

‘BBB(Trk)’ on the Long Term National Scale along with a ‘Positive’ outlook. On the other hand, the Long Term International Foreign and Local 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)

JCR Eurasia Rating, by assessing “Beyaz Filo Oto Kiralama A.Ş.” within the investment grade, has affirmed all of the rating notes of BEYAZ FILO Oto Kiralama A.Ş. and revised the outlooks on the Long Term National rating, the Long Term International FC and LC ratings and the Short Term International FC and LC ratings to „Positive‟ from „Stable‟. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

BB+ /(Positive Outlook)

Long Term International Local Currency

:

JCR Eurasia Rating has affirmed the credit ratings of ‘A- (Trk)’ with Stable outlook on the Long Term National Scale to “Ortadogu Enerji Sanayi ve Ticaret A.Ş.” and „A-1 (Trk)‟ on the Short Term National Scale. JCR Eurasia has also affirmed ‘BBB-’ for the Long Term International Foreign and Local Currency ratings. 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 affirmed the investment grade of “Akfa Holding A.Ş. and Its Consolidated Subsidiaries” as ‘A- (Trk)’ along with a ‘Stable’ outlook. JCR Eurasia Rating has assessed the Long Term International Foreign Currency and Local Currency ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

Uzun Vadeli Uluslararası Yabancı Para

:

BBB- / (Stable Outlook)

Uzun Vadeli Uluslararası Yerel Para Notu

:

BBB-/ (Stable Outlook)

Uzun Vadeli Ulusal Notu

:

JCR Eurasia Rating has evaluated “Ata Gayrimenkul Yatırım Ortaklığı A.Ş.” in an investment-level category on the national scale and assigned a Long Term National Scale rating of ‘BBB- (Trk)’ with a ‘Positive’ outlook. Additionally, JCR Eurasia Rating has assigned the Long Term International Foreign and Local Currency Ratings as ‘BB+’. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

BB+ / (Stable)

Long Term International Local Currency

:

BB+ /(Stable)

JCR Eurasia Rating evaluated “Palen Enerji Doğalgaz Dağıtım Endüstri ve Ticaret A.Ş.” (Palen) in an investment-level category on a national level and

assigned ratings of ‘BBB+(Trk)’ on the Long Term National Scale along with a ‘Positive’ outlook. On the other hand, JCR Eurasia Rating assigned the Long

Term International Foreign Currency Rating as ‘BB+’ along with a ‘Stable’ outlook. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency : BB+ / (Stable Outlook)

JCR-Eurasia Rating evaluated the “Consolidated Structure of Çelikler Taahhüt İnşaat ve Sanayi A.Ş. (Çelikler)” in an investment grade category and affirmed credit ratings of “BBB (Trk)” on the Long Term National Scale, whilst revising its outlook from “Positive” to “Negative” and assigned the Short-Term National Ratings as “A-3 (Trk)” along with a “Negative” outlook. On the other hand, the Long Term International Local and Foreign Currency ratings have been affirmed as “BBB-”. Other grades and details of the ratings are given in the table below.

JCR Eurasia Rating has evaluated “Akyürek Tüketim Ürünleri Pazarlama Dağıtım ve Ticaret A.Ş.” in an investment-grade category on a national and international level and affirmed rating of ‘BBB- (Trk)’ on the Long Term National Scale; ‘BB+’ on the Long Term International Foreign Currency Scale and as ‘A-3’ on the Short Term International Foreign Currency Scale. Other notes and details of the ratings are given in the table below.

Long Term International Foreign Currency

:

BB+ / (Stable Outlook)

Long Term International Local Currency

: