TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*) S&P MOODYS' FITCH

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1 TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*) S&P MOODYS' FITCH Z SPREAD CHANGE ISSUER COUPON MATURITY CURRENCY RATING RATING RATING BID ASK BID YTM ASK YTM BID ASK BID P ASK P REPUBLIC OF TURKEY /03/2015 USD NR Baa3 BBB AKBANK TAS /07/2015 USD Baa3 BBB YAPI(UNICREDIT LUXEMB) /10/2015 USD BB+ BBB YUKSEL INSAAT /11/2015 USD WR WD TURKIYE IS BANKASI A.S /02/2016 USD Baa3 BBB TURKIYE GARANTI BANKASI /04/2016 USD Baa3 BBB- /* FINANSBANK AS /05/2016 USD Ba2 BBB REPUBLIC OF TURKEY 7 26/09/2016 USD NR Baa3 BBB KT SUKUK VARLK KIRALMA A /10/2016 USD BBB EXPORT CREDIT BANK OF TU /11/2016 USD BB+ Baa YAPI VE KREDI BANKASI /02/2017 USD Baa3 BBB TURKIYE VAKIFLAR BANKASI /04/2017 USD Baa3 BBB REPUBLIC OF TURKEY /07/2017 USD NR Baa3 BBB TURKIYE HALK BANKASI /07/2017 USD Baa3 BBB TURKIYE GARANTI BANKASI 4 13/09/2017 USD Baa3 BBB- /* AKBANK TAS /10/2017 USD Baa3 BBB FINANSBANK AS /11/2017 USD Ba2 BBB TURKIYE IS BANKASI A.S /11/2017 USD Baa3 BBB TUPRAS-TURKIYE PETROL RA /05/2018 USD Ba1 BBB TF VARLIK KIRALAMA AS /05/2018 USD BBB AKBANK TAS /02/2018 TRY Baa3 BBB BANKPOZITIF KREDI VE KAL 5 07/02/2018 USD BBB TURKIYE GARANTI BANKASI /03/2018 TRY Baa3 BBB- /* AKBANK TAS /03/2018 USD Baa3 BBB REPUBLIC OF TURKEY /04/2018 USD NR Baa3 BBB TURKIYE VAKIFLAR BANKASI /04/2018 USD Baa3 BBB AK FINANSAL KIRALAMA AS /04/2018 USD BBB COCA-COLA ICECEK URETIM /10/2018 USD Baa3 BBB TURKIYE IS BANKASI A.S /10/2018 USD Baa3 BBB TURKIYE VAKIFLAR BANKASI 5 31/10/2018 USD Baa3 BBB YAPI VE KREDI BANKASI AS /12/2018 USD Baa3 BBB REPUBLIC OF TURKEY 7 11/03/2019 USD NR Baa3 BBB TURKIYE IS BANKASI A.S /04/2019 USD Baa3 BBB TF VARLIK KIRALAMA AS /04/2019 USD BBB EXPORT CREDIT BANK OF TU /04/2019 USD BB+ Baa FINANSBANK AS /04/2019 USD Ba2 BBB Page 1

2 TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*) S&P MOODYS' FITCH Z SPREAD CHANGE ISSUER COUPON 24/04/2019 CURRENCY RATING RATING RATING BID ASK BID YTM ASK YTM BID ASK BID P ASK P TURKIYE HALK BANKASI AS /06/2019 USD Baa3 BBB TURKIYE VAKIFLAR BANKASI /06/2019 EUR Baa3 BBB TURK TELEKOMUNIKASYON AS /06/2019 USD BBB- BBB KT KIRA SERT VARLIK /06/2019 USD BBB ALBARAKA TURK KATILIM BA /06/2019 USD BB TC ZIRAAT BANKASI AS /07/2019 USD Baa3 BBB TURKIYE GARANTI BANKASI /07/2019 EUR Baa3 BBB- /* ALTERNATIFBANK AS /07/2019 USD A TURKIYE GARANTI BANKASI /10/2019 USD Baa3 BBB- /* YAPI VE KREDI BANKASI AS /10/2019 USD Baa3 BBB TURKIYE SINAI KALKINMA B /10/2019 USD Baa3 BBB YAPI VE KREDI BANKASI 4 22/01/2020 USD Baa3 BBB KOC HOLDINGS AS /04/2020 USD BBB- Baa TURKIYE IS BANKASI A.S 5 30/04/2020 USD Baa3 BBB TURKIYE HALK BANKASI /02/2020 USD Baa3 BBB YASAR HOLDINGS /05/2020 USD B2 B REPUBLIC OF TURKEY 7 05/06/2020 USD NR Baa3 BBB TURK SISE VE CAM FABRIKA /05/2020 USD BB+ Ba MERSIN ULUS LIMAN /08/2020 USD Baa3 BBB REPUBLIC OF TURKEY /03/2021 USD NR Baa3 BBB TURKIYE GARANTI BANKASI /04/2021 USD Baa3 BBB- /* TURKIYE IS BANKASI A.S 5 25/06/2021 USD Baa3 BBB GLOBAL LIMAN ISLETMELERI /11/2021 USD B1 BB TURKIYE GARANTI BANKASI /09/2022 USD Baa3 BBB- /* REPUBLIC OF TURKEY /09/2022 USD NR Baa3 BBB AKBANK TAS 5 24/10/2022 USD Baa3 BBB TURKIYE IS BANKASI A.S 6 24/10/2022 USD Ba2 BB TURKIYE VAKIFLAR BANKASI 6 01/11/2022 USD Ba2 BB ANADOLU EFES /11/2022 USD BBB- Baa YAPI VE KREDI BANKASI /12/2022 USD Ba2 BBB REPUBLIC OF TURKEY /03/2023 USD Baa3 BBB ASYA SUKUK CO LTD /03/2023 USD C ARCELIK AS 5 03/04/2023 USD BB+ BB ALBARAKA TURK KATILIM /05/2023 USD B TURKIYE IS BANKASI A.S /12/2023 USD Ba2 BB REPUBLIC OF TURKEY /03/2024 USD Baa3 BBB TURK TELEKOMUNIKASYON AS /06/2024 USD BBB- BBB Page 2

3 12.00 TURKISH BANKS & SOVEREIGN YIELD CURVE (Duration vs Mid YTM) YASARH20 B ALBRK23 B 7.00 YTM (%) FINBN16 BBB- HALKBK20 BBB- GARAN22 BBB- /*+ MERSIN20 BBB- YKBNK20 BBB ISCTR21 BBB- YKBNK19 BBB TSKBTI19 BBB- SISETI20 BB+ ISCTR20 BBB- GARAN21 BBB- /*+ HALKBK19 BBB- AKBNK22 BBB- FINBN17 BBB- YKBNK18 TUFIKA19 BBB ISCTR19 BBB BBB- VAKBN18 TUPRST18 BBB- AKBNK18 BBB- TCZIRA19 BBB- KCHOL20 BBB- VAKBN18 BBB- HALKBK17 BBB- EXCRTU19 BB+ GARAN19 BBB- /*+ TUFIKA18 BBB ISCTR18 BBB- TURKTI19 BBB- TURKEY22 BBB- YKBNK17 BBB VAKBN17 BBB- ISCTR17 AKBNK18 BBB- BBB- TURKEY21 BBB- AKBNK17 BBB- TURKEY20 ALNTF19 ABBB- GARAN17 BBB- /*+ CCOLAT18 TURKEY19 BBB BBB- EXCRTU16 KFINKW16 BB+ BBB YKBNK15 BBB TURKEY18 BBB- GARAN16 BBB- /*+ ISCTR16 BBB- TURKEY17 BBB AKBNK15 BBB- TURKEY16 BBB- BNKPOZ18 BBB- FINBN19 BBB- ALBRK19 BB VAKBN22 BB+ ISCTR22 BB+ YKBNK22 ISCTR23 BBB- BB+ ACKAF23 BB+ AEFES22 BBB- TURKEY23 BBB- TURKEY24 BBB- TURKTI24 BBB TURKEY15 BBB Duration (years) Page 3

4 TURKEY CORPORATE VS EM TOTAL RETURNS 1Y (%) JCBBTU Index: JPMorgan Corporate Broad EMBI Turkey Index,JCBBCEEM Index: JPMorgan Corporate Broad EMBI CEEMEA Index,JPEGCOMP Index: JPMorgan Emerging Markets Bond Index EMBI Global Composite,JPEGTU Index: JPMorgan Emerging Markets Bond Index EMBI Global Turkey,JCBBCOMP Index: JPMorgan Corporate Broad EMBI Composite Index CHANGE (%) 1 Day Week to Date Month to Date Year to Date 5 Years JPM CEMBI Broad Composite Inde JPM CEMBI Broad Turkey JPM CEMBI Broad CEEMEA Index JPM CEMBI Broad Africa Index JPM CEMBI Broad Asia Index JPM CEMBI Broad Europe Index JPM CEMBI Broad Latin America JPM CEMBI Broad Mideast Index Broad Financial Index Broad Industrial Index Broad Metals & Mining Index Broad Oil & Gas Index Broad Consumer Index Broad Utilities Index JPMorgan EMBIG Composite JPMorgan EMBIG Turkey JPMorgan GBI-EM Global Composi EMBI Broad Index: CEMBI Broad Index is a market capitalization weighted total return index consisting of US denominated Emerging market corporate bonds.please note that quasi sovereign bonds are not included in this index. EMBI Global ( EMBIG): This total return index includes only USD denominated sovereign and quasi sovereign emerging markets debt.the other indices are sub-sectoral or sub- regional indices of EMBIG and CEMBI. Page 4

5 Prepared By Trading & Institutional SalesTeam Contact Information: Trading & Institutional SalesTeam Sales Team Tuncer Ali Cam (Associate Director) Can Atalay (Vice President) Tel: Fax: Tel: Fax: Muhammed Demir (Vice President) Dilan Anli (Senior Associate) Tel: Fax: Tel: Fax: Ulas Ozturk (Senior Associate) Tel: Fax: Aras Guvenc (Associate) Tel: Fax: DISCLAIMER / WARNING: The information in this report is prepared by Maxis Investments LTD and it is not to be construed as an offer of solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinion and comments contained in this report reflect the personal views of the analyst who supplied them. The investment discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Therefore, making decisions with respect to the information in this report may cause inappropriate results. All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of this report is strictly prohibited. The past performances of the instruments are not necessarily a guide to the future. The investment could be subject to sudden and large fall in value that could lead to large loss on realization equal to amount invested. Change in rate of exchange may have adverse effects on instrument returns. The information presented in this report has been obtained from sources believed to be reliable. Maxis Investments Ltd. cannot be held responsible for any errors or omissions or for results obtained from the use of such information Maxis Investments Limited is authorized and regulated by the FCA. Maxis Investments Limited does not have any material interest, position or holding in the investment. The taxation on investment is subject to country regulations the instrument has been traded at. The information contained in this document has not taken into account your individual circumstances. Where you are unsure about any matters raised by the above information you should seek appropriate independent advice. Maxis Investments Limited, 7 Princes Street, 1st Floor, EC2R 8AQ, London, UK Registered in England & Wales, No: Authorized and regulated by the Financial Services Authority Page 5

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