EACRA

JCR Eurasia Rating, by assessing “Intercity” within investment grade, has upgraded credit rating notes of ‘BBB+ (Trk)’ to „A- (Trk)‟ on the Long Term National Scale, „A-2 (Trk)‟ to „A-1 (Trk)‟ on the Short Term National Scale along with „Stable‟ outlooks for all notes. On the other hand, 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

:

JCR Eurasia Rating, in its periodic review, has upgraded the credit ratings of “Ak Faktoring A.Ş.” and the ‘Cash Flows on Prospective Bond Issue’ as “BBB+ (Trk)/Stable” on the Long Term National Scale and determined Short Term National Outlook as ‘Stable’. In addition, JCR Eurasia Rating has 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:

Long Term International Foreign Currency

:

BBB- / (Stable Outlook)

Long Term International Local Currency

:

JCR Eurasia Rating has evaluated Kredi Finans Faktoring Hizmetleri A.Ş.’s credit ratings and downgraded the note from BBB+ (Trk)/Stable’ to ‘BBB (Trk)/Stable’ on the Long Term National Scale. The Long Term International Foreign and Local Currency ratings have been affirmed as ‘BBB-/Stable’. Details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- / (Stable outlook)

Long Term National Local Rating

:

JCR Eurasia Rating has affirmed Emay İnşaat Taahhüt San. Tic. A.Ş.’s credit rating and assigned the “Cash flows of the planned bond issue” an investment level credit rating of ‘BBB (Trk)/Stable’ on the Long Term National Scale and ‘BBB-/Stable’ on the Long Term International Foreign Currency Scale. The credit ratings and their details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- / ( Stable outlook)

Long Term National Local Rating

JCR Eurasia Rating has evaluated Odaş Elektrik Üretim Sanayi Ticaret A.Ş.’s credit rating and ended up with “BBB- (Trk)” on the Long Term National Scale with ‘Stable’ outlook. Long Term International Foreign and Local Currency ratings are assigned as ‘BBB-/Stable’ and their details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- /( Stable outlook)

Long Term National Local Rating

:

BBB- (Trk) / (Stable outlook)

JCR Eurasia Rating evaluated “Bavet İlaç Sanayi ve Ticaret Anonim Şirketi” in an investment-level category on a national level and international level

and assigned ratings of ‘BBB- (Trk)’ on the Long Term National Scale along with a ‘Stable’ outlook. On the other hand, the Long Term International

Foreign and Local Currency Ratings have been assigned as ‘BBB-’ along with a ‘Stable’ outlook. 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 evaluated “Dünya Göz Hastanesi Sanayi ve Ticaret Anonim Şirketi and Its Subsidiaries” in an investment-grade category on a national and international level and affirmed ratings of ‘BBB- (Trk)’ on the Long Term National Scale; ‘BB+’ on the Long Term International Foreign Currency Scale and as ‘B’ 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

:

JCR Eurasia Rating, by evaluating “Uşak Seramik Sanayi A.Ş.” and its “Outstanding Bond Issue”, has affirmed the Company’s Long Term National Local Rating of “BBB (Trk)”, while upgrading its outlook from “Stable” to “Positive”. On the other hand, JCR Eurasia Rating has affirmed the Company’s Long Term International Foreign Currency and Local Currency ratings as “BBB-“ along with “Stable” outlooks. Other notes and details of the ratings are presented below.

JCR Eurasia Rating has evaluated the credit rating Katmerciler Araç Üstü Ekipman Sanayi ve Ticaret A.Ş. and the Cash Flows of the Existing Bond in the investment category and upgraded the Long Term National Rating from “BBB (Trk)” to “BBB+ (Trk)” with a Stable outlook. Long Term International Foreign and Local Currency ratings are affirmed at ‘BBB-/Stable’ and their details 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, 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)