Garanti Finansal Kiralama A.S.

January 31, 2011 Garanti Finansal Kiralama A.S. Primary Credit Analyst: Magar Kouyoumdjian, London (44) 20-7176-7217; magar_kouyoumdjian@standardandpoors.com Secondary Contact: Goeksenin Karagoez, Paris (33) 1-4420-6724; goeksenin_karagoez@standardandpoors.com Table Of Contents Major Rating Factors Rationale Outlook www.standardandpoors.com/ratingsdirect 1

Major Rating Factors Strengths: Owned by Türkiye Garanti Bankasi A.S. Leading commercial position in its niche market. Good asset quality. Counterparty Credit Rating BB/Positive/B Weaknesses: Risky economic and financial environment. Small size. Limited business and geographic diversification. Vulnerable wholesale funding profile. Rationale The ratings on Garanti Finansal Kiralama A.S. (Garanti Leasing) reflect Standard & Poor's Ratings Services' view of the risky operating environment in the Republic of Turkey (foreign currency, BB/Positive/B, local currency, BB+/Positive/B), the small size of the company, its limited business and geographic diversification, and vulnerable wholesale funding profile. Offsetting these negative factors are the company's ownership by, and strong expected financial support if needed from, Türkiye Garanti Bankasi A.S. (Garanti; BB/Positive/--), as well as its leading commercial position in its niche market and good asset quality. The long-term rating on Garanti Leasing benefits from a one-notch uplift from its stand-alone credit profile, as Standard & Poor's considers Garanti Leasing to be a core subsidiary of Garanti. Therefore, the ratings on Garanti Leasing are equalized with the ratings on Garanti. Garanti Leasing is the largest leasing company in Turkey. Although small in absolute size, with total assets of Turkish lira (TRY) 1.8 billion ($1.1 billion, at TRY1.58 to $1) at June 30, 2010, it controls about 9.9% of the domestic leasing market (by business volume) (17.3% in terms of contract numbers), specializing in small-ticket transactions. While the company's lease portfolio shows good diversification, its risk profile is high as customers are mainly midsize companies. Problem leases trended slightly upward during 2010 mainly due to the shrinking denominator (loan portfolio). Impaired lease receivables represented 4.2% of gross receivables (net of unearned interest) at mid-2010, and were 100% covered by provisions. We expect Garanti Leasing's asset quality, funding, and profitability to remain somewhat challenged due to lag effects from the deteriorated domestic economic environment and more difficult refinancing conditions on international markets. Garanti Leasing's profitability improved in the first half of 2010 despite lower revenues and business volumes. This was primarily due to reduced provisioning costs. We expect revenues to improve with growing volumes starting from the second half of 2010. The leasing penetration ratio remains low, suggesting that there is potential for fast-growing business volumes, as economic conditions continue to improve. The company mainly lends and borrows in hard currency to minimize currency risk, and has a negligible foreign www.standardandpoors.com/ratingsdirect 2

currency open position. Its funding profile is vulnerable, like that of domestic peers, as the institution is wholesale funded. However, it remains diversified in terms of both structure and investor type compared with peers. Although adjusted total equity to total assets appears strong (21.6% at mid-year 2010), the total equity base is small in absolute terms (about $240 million) and leaves Garanti Leasing vulnerable to risk concentrations and exceptional shocks. Capitalization, although improved, could also come under pressure if business volume increases rapidly with no capital injection. Outlook The positive outlook on Garanti Leasing reflects that on Garanti and on the sovereign. Standard & Poor's expects Garanti Leasing to remain focused on its domestic core business, thereby remaining vulnerable to Turkish economic cycles, with no change in its shareholding structure. Any rating actions on Garanti Leasing will mainly depend on the creditworthiness of its parent and, ultimately, on the economic situation in Turkey. Table 1 Garanti Finansal Kiralama A.S. Profitability Ratios (%) 2010* 2009 2008 2007 2006 Net interest income/average earning assets 5.2 4.0 3.3 5.1 5.6 Net interest income/revenues 54.1 58.5 66.8 93.0 92.7 Fee income/revenues 1.7 3.4 6.8 11.7 15.1 Market-sensitive income/revenues 4.6 (1.6) (0.7) (12.0) (11.3) Personnel expense/revenues 6.9 10.3 12.9 13.1 17.5 Noninterest expenses/revenues 34.6 36.1 38.1 33.9 37.3 New loan loss provisions/revenues 1.5 39.3 (1.4) 5.3 7.2 Net operating income before loan loss provisions/loan loss provisions 4,448.0 162.3 N.M. 1,246.5 870.3 Net operating income after loan loss provisions/revenues 63.9 24.5 63.3 60.8 55.5 Pretax profit/revenues 63.9 24.5 63.3 60.8 55.5 Tax/pretax profit 23.4 (60.0) (2.5) 0.0 0.0 Core earnings/revenues 49.0 39.2 64.9 60.8 55.5 Core earnings/average adjusted assets 4.6 2.6 3.1 3.2 3.3 Noninterest expenses/average adjusted assets 3.3 2.4 1.8 1.8 2.2 Core earnings/average risk-weighted assets N.M. N.M. N.M. N.M. N.M. Core earnings/average adjusted common equity 24.3 18.3 28.3 31.4 28.7 Pretax profit/average common equity (%) 31.6 11.4 27.4 31.3 28.4 *Data as of June 30. N.A.--Not available. N/A--Not applicable. N.M.--Not meaningful. Table 2 Garanti Finansal Kiralama A.S. Capital Ratios (%) 2010* 2009 2008 2007 2006 Adjusted common equity/risk assets (%) N.M. N.M. N.M. N.M. N.M. Tier 1 capital ratio N/A N/A N/A N/A N/A Adjusted total equity/adjusted assets 21.6 16.9 12.1 9.7 11.2 www.standardandpoors.com/ratingsdirect 3

Table 2 Garanti Finansal Kiralama A.S. Capital Ratios (cont.) Adjusted total equity/managed assets 21.6 16.8 12.1 9.7 11.2 Adjusted total equity plus loan loss reserves (specific)/customer loans (gross) 39.6 31.9 17.2 11.4 12.3 Common dividend payout ratio 0.0 0.0 0.0 0.0 0.0 *Data as of June 30. N.A.--Not available. N/A--Not applicable. N.M.--Not meaningful. Table 3 Garanti Finansal Kiralama A.S. Summary Balance Sheet (Mil. TRY) 2010* 2009 2008 2007 2006 Assets Cash and money market instruments 154.5 204.6 5.8 107.9 13.8 Securities 0.0 0.0 0.0 0.0 0.0 Trading securities (marked to market) N/A N/A 0.0 0.0 0.0 Nontrading securities 0.0 0.0 0.0 0.0 0.0 Mortgage-backed securities included above 0.0 0.0 0.0 0.0 0.0 Loans to banks (net) 0.0 0.0 0.0 0.0 0.0 Gross receivables, nui 1,576.3 1,764.7 2,226.2 2,012.7 1,348.6 Loan loss reserves 242.6 224.6 101.6 16.6 11.6 Net receivables 1,333.6 1,540.1 2,124.7 1,996.1 1,337.0 Earning assets 1,730.7 1,969.2 2,232.0 2,120.6 1,362.4 Equity interests/participations (nonfinancial) N/A N/A N/A N/A 0.0 Investments in unconsolidated subsidiaries (financial companies) N/A N/A N/A N/A 0.0 Intangibles (nonservicing) 1.9 1.7 1.8 1.2 1.1 Interest-only strips N/A N/A N/A N/A 0.0 Fixed assets 156.6 133.7 99.4 51.4 17.4 Derivatives credit amount 0.0 0.4 0.3 0.2 0.0 Accrued receivables N/A N/A 0.0 0.0 0.0 All other assets 121.0 126.7 92.5 36.4 14.5 Total assets 1,767.6 2,007.1 2,324.3 2,193.2 1,383.7 Intangibles (nonservicing) 1.9 1.7 1.8 1.2 1.1 Minus insurance statutory funds 0.0 0.0 0.0 0.0 0.0 Adjusted assets 1,765.7 2,005.3 2,322.5 2,192.0 1,382.6 Liabilities Total deposits 1,344.4 1,624.0 1,975.0 1,871.7 1,147.3 Noncore deposits 1,344.4 1,624.0 1,975.0 1,871.7 1,147.3 Core/customer deposits 0.0 0.0 0.0 0.0 0.0 Acceptances N/A N/A 0.0 0.0 0.0 Repurchase agreements N/A N/A N/A N/A 0.0 Other borrowings 34.8 32.5 60.9 89.3 69.7 Other other borrowings 9.9 8.0 20.6 32.6 26.6 Other credit reserves N/A N/A N/A N/A N/A Other liabilities 4.8 10.7 5.2 18.7 11.0 Total liabilities 1,384.0 1,667.2 2,041.2 1,979.8 1,228.0 www.standardandpoors.com/ratingsdirect 4

Table 3 Garanti Finansal Kiralama A.S. Summary Balance Sheet (cont.) Total shareholders' equity 383.7 339.9 283.2 213.4 155.7 Manditorily convertible securities N/A N/A 0.0 0.0 0.0 Limited life preferred and quasi equity 0.0 0.0 0.0 0.0 0.0 Enhanced trust preferred N/A N/A 0.0 0.0 0.0 Minority interest-equity N/A N/A N/A N/A N/A Common shareholders' equity (reported) 383.7 339.9 283.2 213.4 155.7 Share capital and surplus 76.9 76.9 76.9 76.9 76.9 Revaluation reserve N/A N/A 0.0 N/A N/A Retained profits 301.4 257.6 200.8 131.0 73.3 Other equity N/A N/A 0.0 N/A N/A Total liabilities and equity 1,767.6 2,007.1 2,324.3 2,193.2 1,383.7 *Data as of June 30. TRY--Turkish lira. N.A.--Not available. N/A--Not applicable. N.M.--Not meaningful. Table 4 Garanti Finansal Kiralama A.S. Equity Reconciliation Table (Mil. TRY) 2010* 2009 2008 2007 2006 Common shareholders' equity (reported) 383.7 339.9 283.2 213.4 155.7 Plus minority interest (equity) 0.0 0.0 0.0 0.0 0.0 Minus dividends (not yet distributed) 0.0 0.0 0.0 0.0 0.0 Minus revaluation reserves 0.0 0.0 0.0 0.0 0.0 Minus nonservicing intangibles (1.9) (1.7) (1.8) (1.2) (1.1) Minus interest-only strips (net) 0.0 0.0 0.0 0.0 0.0 Minus tax loss carryforwards 0.0 0.0 0.0 0.0 0.0 Minus postretirement benefit adjustment 0.0 0.0 0.0 0.0 0.0 Minus other adjustments N/A N/A 0.0 0.0 0.0 Adjusted common equity 381.8 338.2 281.4 212.2 154.6 Plus admissible preferred and hybrids 0.0 0.0 0.0 0.0 0.0 Plus general reserves 0.0 0.0 0.0 0.0 0.0 Plus unrealized gains N/A N/A 0.0 0.0 0.0 Minus equity in unconsolidated subsidiaries 0.0 0.0 0.0 0.0 0.0 Minus capital of insurance subsidiaries N/A N/A 0.0 0.0 0.0 Minus adjustment for securitized assets 0.0 0.0 0.0 0.0 0.0 Adjusted total equity 381.8 338.2 281.4 212.2 154.6 *Data as of June 30. TRY--Turkish lira. N.A.--Not available. N/A--Not applicable. N.M.--Not meaningful. Table 5 Garanti Finansal Kiralama A.S. Profit And Loss (Mil. TRY) 2010* 2009 2008 2007 2006 Net interest income 48.4 84.7 71.9 88.3 64.7 Interest income 76.9 198.4 247.1 196.2 135.3 Interest expense 28.5 113.8 175.2 107.9 70.6 www.standardandpoors.com/ratingsdirect 5

Table 5 Garanti Finansal Kiralama A.S. Profit And Loss (cont.) Operating noninterest income 41.0 60.0 35.7 6.6 5.1 Fees and commissions 1.6 5.0 7.3 11.1 10.5 Net brokerage commissions N/A N/A 0.0 0.0 0.0 Trading gains (0.4) 17.7 1.7 13.2 0.1 Other market-sensitive income 4.5 (20.1) (2.5) (24.7) (8.1) Net insurance income 0.0 0.0 0.0 0.0 0.0 Equity in earnings of unconsolidated subsidiaries N/A N/A 0.0 0.0 0.0 Other noninterest income 35.4 57.4 29.2 6.9 2.5 Operating revenues 89.4 144.6 107.6 94.9 69.8 Noninterest expenses 30.9 52.3 41.0 32.2 26.1 Personnel expenses 6.1 14.8 13.9 12.4 12.2 Other general and administrative expense 14.0 20.9 19.4 17.6 12.5 Net operating income before loss provisions 58.5 92.4 66.6 62.7 43.8 Credit loss provisions (net new) 1.3 56.9 (1.5) 5.0 5.0 Net operating income after loss provisions 57.2 35.5 68.1 57.7 38.7 Nonrecurring/special income N/A N/A 0.0 0.0 0.0 Nonrecurring/special expense N/A N/A 0.0 0.0 0.0 Amortization of intangibles N/A N/A 0.0 0.0 0.0 Impairment of intangibles N/A N/A 0.0 0.0 0.0 Pretax profit 57.2 35.5 68.1 57.7 38.7 Tax expense/credit 13.4 (21.3) (1.7) 0.0 0.0 Net income (before minority interest) 43.8 56.7 69.8 57.7 38.7 Minority interest in consolidated subsidiaries N/A N/A N/A N/A 0.0 Net income before extraordinaries 43.8 56.7 69.8 57.7 38.7 Net income after extraordinaries 43.8 56.7 69.8 57.7 38.7 *Data as of June 30. TRY--Turkish lira. N.A.--Not available. N/A--Not applicable. N.M.--Not meaningful. Table 6 Garanti Finansal Kiralama A.S. Core Earnings Reconciliation Table (Mil. TRY) 2010* 2009 2008 2007 2006 Net income (before minority interest) 43.8 56.7 69.8 57.7 38.7 Minus nonrecurring/special income 0.0 0.0 0.0 0.0 0.0 Plus nonrecurring/special expense 0.0 0.0 0.0 0.0 0.0 Plus or minus tax impact of adjustments 0.0 0.0 0.0 0.0 0.0 Plus amortization/impairment of goodwill/intangibles 0.0 0.0 0.0 0.0 0.0 Minus preferred dividends 0.0 0.0 0.0 0.0 0.0 Plus or minus other earnings adjustments N/A N/A 0.0 0.0 0.0 Core earnings 43.8 56.7 69.8 57.7 38.7 *Data as of June 30. TRY--Turkish lira. N.A.--Not available. N/A--Not applicable. N.M.--Not meaningful. www.standardandpoors.com/ratingsdirect 6

Ratings Detail (As Of January 31, 2011)* Garanti Finansal Kiralama A.S. Counterparty Credit Rating Counterparty Credit Ratings History 22-Feb-2010 23-Sep-2009 17-Nov-2008 01-Aug-2008 04-Apr-2008 28-Jun-2006 Sovereign Rating Turkey (Republic of) Foreign Currency Local Currency Turkish National Scale Related Entities Turkiye Garanti Bankasi A.S. Issuer Credit Rating Certificate Of Deposit BB/Positive/B BB/Positive/B BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Negative/B BB-/Stable/B BB/Positive/B BB+/Positive/B traa+/--/tra-1 BB/Positive/-- *Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country. BB Additional Contact: Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com Additional Contact: Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com www.standardandpoors.com/ratingsdirect 7

Copyright 2012 by Standard & Poor's Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. www.standardandpoors.com/ratingsdirect 8