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Fitch Ratings 12 November 2019

Foreign Currency Issuer Default Rating Rating Outlook
Long Term BB- Stable
Short Term B  
Local Currency Issuer Default Rating    
Long Term BB- Stable
Short Term B  
National     
Long Term AAA (TUR) Stable
Support Rating 3  
Support Rating Floor BB-  

Kalkinma Credit Ratings 20 June 2019

Fitch Ratings 20 June 2019

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BB</td> <td>Negative</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BB+</td> <td>Negative</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <tr> <td>Support Rating</td> <td>3</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BB</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 20 July 2018

Fitch Ratings 20 July 2018

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BB</td> <td>Negative</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BB+</td> <td>Negative</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <tr> <td>Support Rating</td> <td>3</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BB</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 4 october 2017

Fitch Ratings 4 October 2017

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BB+</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <!--- <tr> <td>Individual Rating</td> <td>D</td> <td>&#160;</td> </tr> ---> <tr> <td>Support Rating</td> <td>3</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BB+</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 02.02.2017

Fitch Ratings 2 February 2017

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BB+</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <!--- <tr> <td>Individual Rating</td> <td>D</td> <td>&#160;</td> </tr> ---> <tr> <td>Support Rating</td> <td>3</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BB+</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 28.07.2016

Fitch Ratings 28 July 2016

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <tr> <td>Support Rating</td> <td>2</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BBB-</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 12.10.2016

Fitch Ratings 12 October 2016

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Negative</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Negative</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Negative</td> </tr> <tr> <td>Support Rating</td> <td>2</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BBB-</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 2015

Fitch Ratings 15 October 2015

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <!--- <tr> <td>Individual Rating</td> <td>D</td> <td>&#160;</td> </tr> ---> <tr> <td>Support Rating</td> <td>2</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BBB-</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 2014

Fitch Ratings 24 October 2014

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <tr> <td>Support Rating</td> <td>2</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BBB-</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 2013

Fitch Ratings 12 November 2013

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <!--- <tr> <td>Individual Rating</td> <td>D</td> <td>&#160;</td> </tr> ---> <tr> <td>Support Rating</td> <td>2</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BBB-</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 2012

Fitch Ratings 13 November 2012

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BBB-</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>BBB</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>F3</td> <td>&nbsp;</td> </tr> <tr> <td>National&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Long Term</td> <td>AAA (TUR)</td> <td>Stable</td> </tr> <tr> <td>Support Rating</td> <td>2</td> <td>&nbsp;</td> </tr> <tr> <td>Support Rating Floor</td> <td>BBB-</td> <td>&nbsp;</td> </tr> </tbody> </table>

Kalkinma Credit Ratings 2011

Fitch Ratings 28 November 2011

<table class="c-table"> <tbody> <tr> <td>Foreign Currency Issuer Default Rating</td> <td>Rating</td> <td>Outlook</td> </tr> <tr> <td>Long Term</td> <td>BB+</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td></td> </tr> <tr> <td>Local Currency Issuer Default Rating</td> <td></td> <td></td> </tr> <tr> <td>Long Term</td> <td>BB+</td> <td>Stable</td> </tr> <tr> <td>Short Term</td> <td>B</td> <td></td> </tr> <tr> <td>National</td> <td></td> <td></td> </tr> <tr> <td>Long Term</td> <td>AA +(TUR)</td> <td>Stable</td> </tr> <tr> <td>Individual Rating</td> <td>D</td> <td></td> </tr> <tr> <td>Support Rating</td> <td>3</td> <td></td> </tr> <tr> <td>Support Rating Floor</td> <td>BB+</td> <td></td> </tr> </tbody> </table>