EFTA01437401

Main USD/TRY 4.85 LOANS TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:G7)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( CB:H8)=1310630.30 COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:614)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 t in Total loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C$8=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 I5/I $8=0.8921605055216563 Stage 2 C6/C$8=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G$8=0.030520479169753565 H6/H$8=0.041975737858474825 16/I $8=0.07861181143149217 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I $8=0.029227683046851582 Total C8/C$8=1 DB/D$8=1 E8/E$8=1 F8/F$8=1 GB/G$8=1 H8/H$8=1 IB/I$8=1 COVERAGE RATIO TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 112/ 15=0.0062616329363195285 Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 113/ 16=0.10085092623850708 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 I14/17=0.778 4029978891152 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Expected provision expenses TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C33:H33)=858.279 Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C34:H34)=1751.946 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C35:H35)=3321.4100000000003 Total SUM(C33:C35)=698.1659999999999 SUM(D33:D35)=1616.995 SUM(E33:E35)=392.371 SUM(F33:F35) =1127.6619999999998 SUM(G33:G35)=1283.114 SUM(H33:H35)=813.327 SUM(C36:H36)=5931.635 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 1 11:\Hank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=204895.8715 SUM(C37:H37) =1285905.969 COR (gross) TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C33/C$37*4=0.0010832011970582677 D33/D$37*4=0.006910557220819518 E33/E$37*4=0.0017922 083402650082 F33/F$37*4=1.1866424843093242E-4 G33/G$37*4=0.0033964737286702467 H33/ H$37*4=0.0029892256760283235 133/1$37*4=0.002669803300368691 Stage 2 C34/C$37*4=0.004952517380496208 D34/D$37*4=0.013620358222900059 E34/E$37*4=3.528273246011294 E-4 F34/F$37*4=0.009441216247931435 G34/G$37*4=0.0015852537910443307 H34/H$37*4=0.0013799 009122543496 134/1$37*4=0.005449686189301761 Stage 3 C35/C$37*4=0.007990808741708499 D35/D$37*4=0.008878561084621938 E35/E$37*4=0.005139704925592 172 F35/F$37*4=0.008522979465005484 G35/G$37*4=0.021059257409770195 H35/H$37*4=0.011508733595932 899 135/1$37*4=0.010331735228145598 Total SUM(C41:C43)=0.014026527319262974 SUM(D41:D43)=0.029409476528341517 SUM(E41:E43) EFTA01437401 =0.0072847405904583095 SUM(F41:F43)=0.018082859961367853 SUM(G41:G43)=0.02604098492948477 SUM(H41:H43)=0.015877860184215574 SUM(I41:143)=0.018451224717816052 Recoveries 253 860 188 432 446 330 SUM(C45:H45)=2509 COR (net) TRYm Akbank Garanti Halkbank Isbank Vaki bank Yapi Kredi Average Stage 1 Stage 2 Stage 3 (C35-C45)/C37*4=0.0029079037996552724 (D35-D45)/D37*4=-0.006762891000495025 (E35-E45)/E3 7*4=0.0016493062187403346 (F35-F45)/F37*4=0.0015955530701186181 (G35-G45)/G37*4=0.0120076226 53583133 (H35-H45)/H37*4=0.005066436880354615 (135-145)/137*4=0.002527121016886734 Total (C36-C45)/C37*4=0.008943622377209748 (D36-D45)/D37*4=0.013768024443224555 (E36-E45)/E3 7*4=0.0037943418836064724 (F36-F45)/F37*4=0.011155433566480983 (G36-G45)/G37*4=0.0169893501 7329771 (H36-H45)/H37*4=0.009435563468637288 (136-145)/137*4=0.010646610506557188 EFTA01437402 Sensit Coverage 0.25 0.30 0.30 0.25 0.30 0.35 USD/TRY 4.85 OTAS exposure (USDm) 1500 950 160 500 180 200 LOANS OTAS exposure (TRYm) M2*$U$1=7274.999999999999 N2*$U$1=4607.50 02*$U$1=776 P2*$ U$1=2425 Q2*$U$1=872.9999999999999 R2*$U51=969.9999999999999 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751 D5+N3=184550.336 E5+03=208794.025 F5+P3=227872.282 G5+Q3=190067.53 H5+R3=190176.167 SUM(M5:R5)=1186219.091 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 2 C6-M3=14503. 338000000003 D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002 G6-Q3=5333.214 H6-R 3=7697.639999999999 SUM(M6:R6)=86104.52200000001 Stage 2 loans adjusted for OTAS exposure Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Stage 3 C7=4046.342 D7=5633.32 E7=6264.786 F7=5799.235 G7=7945.146 H7=8617.858 SUM(M7:R7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:67)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( C8:H8)=1310630.30 Total SUM(M5:M7)=203308.43099999998 SUM(N5:N7)=223051.48400000003 SUM( 05:07)=222150.67899999997 SUM(P5:P7)=252282.15099999998 SUM(Q5:Q7)=203345.89 SUM(R5:R7)=2 06491.66499999998 SUM(M8:R8)=1310630.30 COVERAGE COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stag e 1 C12+(M3*0.01)=708.687 D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67 F12+(P3*0.01 )=1612.427 G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40 SUM(M12:R12)=7490.946 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 stage 2 C13-(M3*M1)=965.1060000000004 D13-(N3*N1)=2237.825 E13-(03*01)=551.816 F13-(P3*P1)=1239.098 G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001 SUM(M13:R13) =5749.3240000000005 Stage 2 coverage adjusted for OTAS exposure Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Stage 3 C14=3130.372 D14=3963.228 E14=4978.164 F14=4157.801 G14=6201.91 H14=7386.565 SUM(M14:R14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:G14)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total SUM( M12:M14)=4804.165000000001 SUM(N12:N14)=7063.41 SUM(012:014)=6541.65 SUM(P12:P14)=7009.32 6 SUM(Q12:Q14)=7958.598 SUM(R12:R14)=9681.161 SUM(M15:R15)=43058.31 % in gross loans % in gross loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C58=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 15/I 58=0.8921605055216563 Stage 1 M5/M$8=0.9087608914752778 N5/N$8=0.8273889628100389 05/0 58=0.9398757003123993 P5/P$8=0.9032437732782769 Q5/Q58=0.934700622668105 R5/R$8=0.920 9871352434492 S5/S$8=0.9050752840064814 Stage 2 C6/C58=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G58=0.030520479169753565 H6/H$8=0.041975737858474825 16/I 58=0.07861181143149217 Stage 2 M6/M58=0.07133662843524677 N6/N$8=0.14735534330719807 06/0 58=0.03192368365437227 P6/P$8=0.07376912685352839 06/Q58=0.026227301668108462 R6/R$8=0.037 27821168956142 56/S$8=0.06569703294666697 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I 58=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486 N7/N$8=0.025255693882762956 07/0 58=0.02820061603322851 P7/P$8=0.022987099868194798 07/Q58=0.03907207566378646 R7/R$8=0.041 73465306698942 57/S$8=0.029227683046851582 Total C8/C$8=1 D8/D$8=1 E8/E$8=1 F8/F58=1 G8/G$8=1 H8/H$8=1 18/I$8=1 Total M8/M$8=1 N8/N$8=1 08/058=1 P8/P$8=1 Q8/Q$8=1 R8/R$8=1 58/5$8=1 COVERAGE RATIO Earnings impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 2 prov isions (base) 14503.338000000003 32867.828 7091.868 18610.634000000002 5333 .214 7697.639999999999 S6=86104.52200000001 Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 /12/ 15=0.0062616329363195285 Stage 3 provisions (base) 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 38306.687000000005 Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 113/ 16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3 $T$27*M25=0 $T$27*N25=0 $T$27*025=0 $T$27*P25=0 $T$27*Q25=0 $T$27*R25=0 $T$27*S25=0 0 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 114/17=0.778 4029978891152 Coverage of new Stage 3 loans (70%) M27*0.7=0 N27*0.7=0 027*0.7=0 P27*0.7=0 Q27*0.7=0 R27*0.7=0 527*0.7=0 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 EFTA01437403 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Stage 3 provisions (new) M28+M26=4046.342 N28+ N26=5633.32 028+026=6264.786 P28+P26=5799.235 Q28+026=7945.146 R28+R26=8617 .858 528+526=38306.687000000005 Net profit (base) 6405.467516045113 7118.518599790241 3809.28613779219 6242 .064735470831 3822.804240772133 3853.9025619301465 SUM(M30:R30)=31252.043791800654 Expected provision expenses Net profit (new) - TRYmn M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04 ))=6405.467516045113 N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241 030-(028*0.8 )+((048-046)*(0.8)*(0.04))=3809.28613779219 P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547 0831 030-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133 R30-(R28*0.8)+((R48-R46)*(0. 8)*(0.04))=3853.9025619301465 S30-(528*0.8)+((S48-546)*(0.8)*(0.04))=31252.043791800654 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Change in ne t profit from base M31/M30-1=0 N31/N30-1=0 031/030-1=0 P31/P30-1=0 Q31/Q30-1=0 R31/R30-1=0 231/S30-1=0 ROE (base) M30/M$56=0.14227070975751668 N30/N$56=0.15379565842592643 030/0556=0.133239279 64267931 P30/P$56=0.13031433781764779 Q30/Q$56=0.14460043618259225 R30/R$56=0.102203593 17283423 S30/S$56=0.1347398172027409 ROE (new) M31/M$56=0.14227070975751668 N31/N$56=0.15379565842592643 031/O$56=0.133239279 64267931 P31/P$56=0.13031433781764779 Q31/Q$56=0.14460043618259225 R31/R$56=0.102203593 17283423 S31/S$56=0.1347398172027409 Change in ROE from base (M34-M33)=0 (N34-N33)=0 (034-033)=0 (P34-P33)=0 (Q34-Q33)=0 (R34-R33)=0 (534-533)=0 Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C37:H37)=858.279 COR impact Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C38:H38)=1751.946 Stage 2 loans % in 1 oans (base) M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769 12685352839 Q20=0.026227301668108462 R20=0.03727821168956142 S20=0.06569703294666697 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan s % in loans (base) M21=0.019902480089475486 N21=0.025255693882762956 021=0.028200 61603322851 P21=0.022987099868194798 Q21=0.03907207566378646 R21=0.04173465306698942 S21= 0.029227683046851582 Total SUM(C37:C39)=698.1659999999999 SUM(D37:039)=1616.995 SUM(E37:E39)=392.371 SUM(F37:F39) =1127.6619999999998 SUM(G37:G39)=1283.114 SUM(H37:H39)=813.327 SUM(C40:H40)=5931.635 Stag e 2 loans % in loans (new) (M6-M27)/M$8=0.07133662843524677 (N6-N27)/N$8=0.1473553433071 9807 (06-027)/O$8=0.03192368365437227 (P6-P27)/P$8=0.07376912685352839 (Q6-Q27)/Q$8 =0.026227301668108462 (R6-R27)/R$8=0.03727821168956142 (56-527)/S$8=0.06569703294666697 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=199098.746 1 11:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CHALKBANK MODEL- Higher RF R and Lower NIM.xlsx)COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx)COR'!SAH$13/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=204895.8715 SUM(C41:H41) =1285905.969 Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486 (N7+N27)/N$8 =0.025255693882762956 (07+027)/058=0.02820061603322851 (P7+P27)/P$8=0.022987099868194798 (Q7+Q27)/Q$8=0.03907207566378646 (R7+R27)/R$8=0.04173465306698942 (S7+527)/S$8=0.02922 7683046851582 Stage 1 credit impairments C37=53.916 D37=379.957 E37=96.532 F37=7.40 G37= 167.354 H37=153.12 137=858.279 COR (gross) Stage 2 credit impairments C38=246.51 D38=748.876 E38=19.004 F38= 588.762 G38=78.11 H38=70.684 138=1751.946 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 3 cred it impairments (new) M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037 .65 R28+H39=589.523 S28+139=3321.4100000000003 Stage 1 C37/C$41*4=0.0010832011970582677 D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922 083402650082 F37/F$41*4=1.1866424843093242E-4 G37/G$41*4=0.0033964737286702467 H37/ H$41*4=0.0029892256760283235 137/1$41*4=0.002669803300368691 Recoveries C49=253 D49=860 E49= 188 F49=432 G49=446 H49=330 149=2509 Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294 E-4 F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307 H38/H$41*4=0.0013799 009122543496 138/1$41*4=0.005449686189301761 Gross loans (base) C41=199098.746 D41=219928.4 3 E41=215448.166 F41=249443.2855 G41=197091.47 H41=204895.8715 141=1285905.969 0 Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592 172 F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932 899 139/I$41*4=0.010331735228145598 Change in loan growth $T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4 6=0 $T$46=0 $T$46=0 Total SUM(C45:C47)=0.014026527319262974 SUM(D45:D47)=0.029409476528341517 SUM(E45:E47) =0.0072847405904583095 SUM(F45:F47)=0.018082859961367853 SUM(G45:G47)=0.02604098492948477 SUM(H45:H47)=0.015877860184215574 SUM(145:147)=0.018451224717816052 Gross loans (new) M46*(1+M47)=199098.746 N46*(1+N47)=219928.43 046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46* (1+Q47)=197091.47 R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 Recoveries 253 860 188 432 446 330 SUM(C49:H49)=2509 COR (net), B ase C57=0.008943622377209748 D57=0.013768024443224555 E57=0.0037943418836064724 F57=0.011155433566480983 G57=0.01698935017329771 H57=0.009435563468637288 157=0.010646 610506557188 COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748 (N42+N43+N44-N45)/N48*4=0.0137680244 43224555 (042+043+044-045)/048*4=0.0037943418836064724 (P42+P43+P44-P45)/P48*4=0.0111554335 EFTA01437404 66480983 (Q42+043+044-Q45)/Q48*4=0.01698935017329771 (R42+R43+R44-R45)/R48*4=0.0094355634 68637288 (S42+543+544-545)/S48*4=0.010646610506557188 COR (net) Change in COR from base (bps) (M50-M49)*100=0 (N50-N49)*100=0 (050-049)*100=0 (P50 -P49)*100=0 (Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Tier 1 a CAR impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 Base Case (2018E) Stage 2 Total RWAs 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$585=302875.679288 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$585=344418.17760000005 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410 0002 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006 SUM(M55:R55)=1674676.3345584 502 Stage 3 (C39-C49)/C41*4=0.0029079037996552724 (D39-D49)/D41*4=-0.006762891000495025 (E39-E49)/E4 1*4=0.0016493062187403346 (F39-F49)/F41*4=0.0015955530701186181 (G39-G49)/G41*4=0.0120076226 53583133 (H39-H49)/H41*4=0.005066436880354615 (139-149)/141*4=0.002527121016886734 Shar eholders equity 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$112=46285.562756758685 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$112=47900.06103707109 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411 7375 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914 SUM(M56:R56)=231943.64101575 254 Total (C40-C49)/C41*4=0.008943622377209748 (D4O-D49)/D41*4=0.013768024443224555 (E40-E49)/E4 1*4=0.0037943418836064724 (F40-F49)/F41*4=0.011155433566480983 (G40-G49)/G41*4=0.0169893501 7329771 (H4O-H49)/H41*4=0.009435563468637288 (140-149)/141*4=0.010646610506557188 Tier 1 Capit al 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574= 45591.27931540731 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=46942.05981632967 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=25908.277007035027 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365 SUM(M57:R57)=224142.46766948313 Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$575=7161.802715988953 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$575=8622.010986672796 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217 583 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$565=9992.644555895582 SUM(M58:R58)=41212.154475211 28 Deductions 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! SBK$577=34.580451246550766 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 'R:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$577=2.643701735411738 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lowe ✓ NIM.xlsxjForecast (TRY)'!$BK$572=301.6647413100553 SUM(M59:R59)=414.06463687359906 Capital base M57+M58-M59=50193.48681901117 N57+N58-N59=52718.501580149714 057+058-059=31142.88 3697848178 P57+P58-P59=55516.17074196539 Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18 2285329174 257+558-S59=264940.55750782083 Tier 1 capital ratio (base) M57/M55=0.1456790194134188 N57/N55=0.15627462350605692 057/ 055=0.11928556821019161 P57/P55=0.13629379303797134 (157/Q55=0.11876636214990284 R57/R55=0.11 874779030119209 257/555=0.13384226136364502 CAR (base) M60/M55=0.165723068081947 N60/N55=0.18070482140335967 060/055=0.1325895606 6465483 P60/P55=0.16118827156225388 Q60/Q55=0.1472339320162418 R60/R55=0.15303788255670486 S60/555=0.15820403742534273 Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001 0.09375 0.08875000000000001 0.09125 AVERAGE(M63:R63)=0.09166666666666667 CAR threshold (2018) 0.12 0.12 0.12 0.12 0.12 0.12 AVERAGE(M64:R64)=0.12 Tier 1 capital headroom M61-M63=0.05192901941341879 N61-N63=0.06252462350605692 061-063=0.03 EFTA01437405 05355682101916 P61-P63=0.042543793037971345 Q61-Q63=0.03001636214990283 R61-R63=0.0274977903 01192093 561-S63=0.04217559469697835 CAR headroom M62-M64=0.04572306808194701 N62-N64=0.06070482140335967 062-064=0.0125895606 6465483 P62-P64=0.04118827156225388 Q62-Q64=0.027233932016241802 R62-R64=0.03303788255670487 S62-564=0.03820403742534273 Stage 1 Impact of weaker asset quality (2018E) Tier 1 capital (TRYm) M57-(M$28*0.8)=44122.63196284895 N57-(N528*0.8)=45591.27931540731 057-(0$28*0.8)=28018.01709711853 P57-(P$28*0.8)=46942.05981632967 057-(Q$28*0.8)=25908 .277007035027 R57-(R$28*0.8)=33560.20247074365 557-(S$28*0.8)=224142.46766948313 Capital base (TRYm) M60-(M$28*0.8)=50193.48681901117 N60-(N$28*0.8)=52718.501580149714 060-(0$28*0.8)=31142.883697848178 P60-(P$28*0.8)=55516.17074196539 Q60-(Q$28*0.8)=32118 .332383517198 R60-(R$28*0.8)=43251.182285329174 560-(S$28*0.8)=264940.55750782083 Tier 1 capital ratio (new) M68/M55=0.1456790194134188 N68/N55=0.15627462350605692 068/ 055=0.11928556821019161 P68/P55=0.13629379303797134 068/Q55=0.11876636214990284 R68/R55=0.11 874779030119209 S68/555=0.13384226136364502 CAR (new) M69/M55=0.165723068081947 N69/N55=0.18070482140335967 069/055=0.1325895606 6465483 P69/P55=0.16118827156225388 Q69/Q55=0.1472339320162418 R69/R55=0.15303788255670486 S69/555=0.15820403742534273 Tier 1 capital ratio - chg. from base (bps) (M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70 -P61)*100=0 (Q70-Q61)*100=0 (R7O-R61)*100=0 (570-561)*100=0 COR (net) CAR - chg. from base (bps) (M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71 -P62)*100=0 (Q71-Q62)*100=0 (R71-R62)*100=0 (571-562)*100=0 Tier 1 capital headroom M70-M63=0.05192901941341879 N70-N63=0.06252462350605692 070-063=0.03 05355682101916 P70-P63=0.042543793037971345 Q70-Q63=0.03001636214990283 R7O-R63=0.0274977903 01192093 570-S63=0.04217559469697835 CAR headroom M71-M64=0.04572306808194701 N71-N64=0.06070482140335967 071-064=0.0125895606 6465483 P71-P64=0.04118827156225388 Q71-064=0.027233932016241802 R71-R64=0.03303788255670487 S71-564=0.03820403742534273 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Valuation Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Net profit (base) M30=6405.467516045113 N30=7118.518599790241 030=3809.28613779219 P30= 6242.064735470831 Q30=3822.804240772133 R30=3853.9025619301465 530=31252.043791800654 Net profit (new) M31=6405.467516045113 N31=7118.518599790241 031=3809.28613779219 P31= 6242.064735470831 Q31=3822.804240772133 R31=3853.9025619301465 S31=31252.043791800654 Book value (base) M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56= 47900.06103707109 Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 Book value (new) M56-(M28*0.8)=45023.093839641784 N56-(N28*0.8)=46285.562756758685 056-(028*0.8)=28589.813364406662 P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411 7375 R56-(R2B*0.8)=37708.092663756914 556-(528*0.8)=231943.64101575254 Price (TRY/shr) 6.60 7 6.40 4.94 4.06 2.2 Paid-in cap (TRYm) 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113= 4200 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4500 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=2500 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 M.Cap (TRYm) M82*M83=26400 N82*N83=29400 082*083=8000 P82*P83=22230 Q82*Q83=10149.999999 999998 R82*R83=18583.5122 P/E (2018E), base (x) M$84/M78=4.121479023017509 N$84/N78=4.130072793638036 0584/078=2.1 00131024716534 P584/P78=3.5613216046410034 Q584/Q78=2.6551189547571217 R$84/R78=4.821998455 169255 AVERAGE(M86:R86)=3.565020309323243 P/E (2018E), implied (x) M$84/M79=4.121479023017509 N$84/N79=4.130072793638036 0$84 /079=2.100131024716534 P$84/P79=3.5613216046410034 Q$84/Q79=2.6551189547571217 R584/R79=4.8 21998455169255 AVERAGE(M87:R87)=3.565020309323243 Change from base M87/M86-1=0 N87/N86-1=0 087/086-1=0 P87/P86-1=0 Q87/Q86-1=0 R87/R86-1=0 S87/S86-1=0 P/BV (2018E), base (x) M$84/M80=0.5863657458554173 N$84/N80=0.6351872646445671 0584/080=0.2 7981994488847295 P$84/P80=0.4640912666644752 Q$84/080=0.38393135897454816 R584/R80=0.4 928255683921537 AVERAGE(M90:R90)=0.47370352490327244 P/BV (2018E), implied (x) M$84/M81=0.5863657458554173 N584/N81=0.6351872646445671 0$84 /081=0.27981994488847295 P$84/P81=0.4640912666644752 Q584/Q81=0.38393135897454816 R$84 /R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244 Change from base M91/M90-1=0 N91/N90-1=0 091/090-1=0 P91/P90-1=0 Q91/Q90-1=0 R91/R90-1=0 591/S90-1=0 Stage 1 Discount to MSCI EM Banks P/E (2018E), base (x) M86/$M$109-1=-0.45555098771235025 N86/$M5109-1=-0.4544157472076571 0861$M$109-1=-0.7225718593505239 P86/$M$109-1=-0.5295480046709375 Q86/SM$109-1=-0.6492 577338497858 R86/$M5109-1=-0.36301209310842075 AVERAGE(M94:R94)=-0.5290594043166126 P/E (2018E), implied (x) M87/$M$109-1=-0.45555098771235025 N87/$M$109-1=-0.454415747207 6571 087/$M$109-1=-0.7225718593505239 P87/$145109-1=-0.5295480046709375 Q87/$M$109-1 =-0.6492577338497858 R87/$M$109-1=-0.36301209310842075 AVERAGE(M95:R95)=-0.5290594043166126 3Y average discount M121/$M$113-1=-0.11901840490797555 N121/$M$113-1=-0.14723926380368102 0121/$M$113-1=-0.46871165644171786 P121/$M$113-1=-0.2601226993865031 Q121/$M$113-1=-0.354 6012269938651 R121/$M$113-1=-0.2834355828220859 AVERAGE(M96:R96)=-0.2721881390593048 P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502 N90/$M$110-1=-0.39505974795755516 090/$M$110-1=-0.7335048143919305 P90/$M$110-1=-0.5580083174624046 Q90/$M$110-1=-0.6343 EFTA01437406 510866909066 R90/$M$110-1=-0.5306423158169965 AVERAGE(M98:R98)=-0.5488537858064072 P/BV (2018E), implied (x) M91/$M$110-1=-0.4415564325186502 N91/$M$110-1=-0.395059747957 55516 091/$M$110-1=-0.7335048143919305 P91/$M$110-1=-0.5580083174624046 Q91/$M$110-1 =-0.6343510866909066 R91/$M$110-1=-0.5306423158169965 AVERAGE(M99:R99)=-0.5488537858064072 3Y average discount M122/$M$114-1=-0.010204081632653073 N122/$M$114-1=-0.010204081632653073 0122/$M$114-1=-0.41836734693877553 P122/$M$114-1=-0.29591836734693877 Q122/$M$114-1=-0.357 1428571428571 R122/$M$114-1=-0.3571428571428571 AVERAGE(M100:R100)=-0.2414965986394558 Stage 1 Discount to own historical average P/E (2018E), base (x) M86/$M$117-1=-0.3426668224852458 N86/$M$117-1=-0.3412962051613977 086/$M$117-1=-0.6650508732509515 P86/$M$117-1=-0.43200612366172186 Q86/$M$117-1=-0.5765 360518728673 R86/$M$117-1=-0.23094123522021448 AVERAGE(M102:R102)=-0.4314162186087331 P/E (2018E), implied (x) M87/$M$117-1=-0.3426668224852458 N87/$M$117-1=-0.341296205161 3977 087/$M$117-1=-0.6650508732509515 P87/$M$117-1=-0.43200612366172186 Q87/$M$117-1 =-0.5765360518728673 R87/$M$117-1=-0.23094123522021448 AVERAGE(M103:R103)=-0.43141621860873 31 P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354 N90/$M$118-1=-0.21581819179683082 090/$M$118-1=-0.6545432779154655 P90/$M$118-1=-0.4270478189327467 Q90/$M$118-1=-0.5260 106679326566 R90/$M$118-1=-0.3915733723553658 AVERAGE(M105:R105)=-0.4151808334527502 P/BV (2018E), implied (x) M91/$M$118-1=-0.2760916717834354 N91/$M$118-1=-0.215818191796 83082 091/$M$118-1=-0.6545432779154655 P91/$M$118-1=-0.4270478189327467 Q91/$M$118-1 =-0.5260106679326566 R91/$M$118-1=-0.3915733723553658 AVERAGE(M106:R106)=-0.41518083345275 02 MSCI EM Banks 2018E P/E (x) 7.57 P/BV (x) 1.05 MSCI EM Banks 3Y average P/E (x) 8.15 P/BV (x) 0.98 Turkish banks 3Y average P/E (x) 6.27 P/BV (x) 0.81 3Y Historical average Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Tota 1 P/E (x) 7.18 6.95 4.33 6.03 5.26 5.84 AVERAGE(M121:R121)=5.9316666666666675 P/BV (x) 0.97 0.97 0.57 0.69 0.63 0.63 AVERAGE(M122:R122)=0.743333333333333 3 EFTA01437407 Loan breakdown and Growth AKBANK AKBANK Share in total (%) AKBANK Cumulative change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C3=2011 D3=2 012 E3=2013 F3=2014 G3=2015 113=2016 13=1Q17 J3=1H17 K3=9M17 L3=2017 TRYmn 2017/2016 2017 /2011 2017/2015 Gross Loans 71568.61200000001 88771.65699999999 112352.302 128308.139 1451 36.806 166095.099 175757.80899999998 176346.731 182089.78 195041.678 Gros s Loans C4/C$4=1 D4/D$4=1 E4/E$4=1 F4/F$4=1 G4/G$4=1 H4/H$4=1 I4/I$4=1 J4/J$4=1 K4/K$4=1 L4/L$4=1 Gross Loans L4/H4-1=0.1742771410 7325976 L4/C4-1=1.7252404727368473 L4/G4-1=0.3438471148386715 Corporate Loans 46427.465000000004 54943.065 71016.044 85724.976 105563.73000 000001 126002.84199999998 135179.22199999998 136254.47400000002 139936.895 1514 60.875 Corporate Loans C5/C$4=0.648712664708378 D5/D$4=0.6189257569000881 E5/E$4=0.632 0835687016008 F5/F$4=0.6681179905508566 G5/G$4=0.7273394868562837 H5/H$4=0.75861866339 5962 15/I$4=0.7691221389770511 J5/J$4=0.7726509770118734 K5/K$4=0.7685049375093977 L5/L$4=0.7765564598967406 Corporate Loans L5/H5-1=0.20204332375296774 L5/C5-1=2.2623119741 730457 L5/G5-1=0.4347813875087587 Credit Card Loans 9550.188 12884.495 13592.664999999999 11584.124 1089 8.804999999998 10651.271 10604.635999999999 10660.59 11258.897 11455.619000 000002 Credit Card Loans C6/C$4=0.1334410118223335 D6/D$4=0.14514199053420848 E6/E $4=0.12098252334874278 F6/F$4=0.09028362573320466 G6/G$4=0.07509332264070906 H6/H$4=0.064 12754538892206 16/I$4=0.060336641998080434 J6/J$4=0.06045243900778632 K6/K$4=0.06183157011 887214 L6/L$4=0.05873421064394248 Credit Card Loans L6/H6-1=0.07551662144358184 L6/C 6-1=0.19951764300346775 L6/G6-1=0.05108945430255929 Consumer Loans 15590.959 20944.096999999994 27743.593 30999.039 28674.271 29440.985999999997 29973.951 29431.666999999998 30893.988 32125.183999999997 Consumer Loans C7/C$4=0.21784632346928845 D7/D$4=0.23593225256570344 E7/E$4=0.24693390794 965644 F7/F$4=0.24159838371593872 G7/G$4=0.1975671905030072 H7/H$4=0.17725379121511586 17/I$4=0.1705412190248685 J7/J$4=0.1668965839803404 K7/K$4=0.16966349237173003 L7/L $4=0.16470932945931688 Consumer Loans L7/H7-1=0.09117215028056469 L7/C7-1=1.0605008325658476 L7/G7-1=0.12034876143843376 Mortgage Loans 7470.948 9753.833 12592.376 13056.473 13446.919 1356 9.841 14043.416 13569.841 13364.862000000001 13232.484 Mortgage Loans C8/C $4=0.10438861102965082 DB/D$4=0.10987553155620382 E8/E$4=0.11207937688717763 F8/F$4=0.101 7587278699444 G8/G$4=0.09264995813673893 H8/H$4=0.08169922581520603 18/I$4=0.07990208844 717676 J8/J$4=0.0769497734551144 K8/K$4=0.07339710114428169 L8/L$4=0.06784439169970635 Mortgage Loans L8/H8-1=-0.02486079239985195 L8/C8-1=0.7711920896785789 L8/G8-1=-0.015946775 614547826 Personal Need Loans 6298.864 9101.052000000001 12851.278 15691.855000000001 13924.483 14544.601 14600.825 14544.601 16203.264000000001 17574.93 Personal Need Loans C9/C$4=0.0880115433844099 D9/D$4=0.10252204709888431 E9/E$4=0.114 38375334757271 F9/F$4=0.1222982043251364 G9/G$4=0.0959403984679117 H9/H$4=0.08756791192 255468 19/I$4=0.08307354923842958 J9/J$4=0.08247729298707557 K9/K$4=0.08898502705643338 L9/L$4=0.0901085869451964 Personal Need Loans L9/H9-1=0.20834734483262896 L9/C9-1=1.79 01745457593625 L9/G9-1=0.26216032580886495 Auto Loans 865.906 999.401 993.735 810.024 539.389 378.283 349.18199999999996 378.283 278. 539 254.678 Auto Loans C10/C$4=0.012098963159995332 D10/D$4=0.011258109105702511 E10/ E$4=0.008844812098287047 F10/F$4=0.0063131147120760595 G10/G$4=0.00371641773624259 H10/ H$4=0.002277508501319476 I10/I$4=0.001986722535895973 J10/J$4=0.002145109228024193 K10/ K$4=0.001529679480089437 L10/L$4=0.001305761940788881 Auto Loans L10/H10-1=-0.3267527 2216832374 L10/C10-1=-0.705882624672886 L10/G10-1=-0.5278398335894874 Other Cons. Loans 955.2410000000009 1089.8109999999924 1306.2040000000002 1440 .6869999999976 763.4800000000006 948.2609999999962 980.5280000000009 938.94199999 99967 1047.3229999999992 1063.091999999997 Other Cons. Loans C11/C$4=0.0133472058 95232406 D11/D$4=0.012276564804912817 Ell/E$4=0.011625965616619055 F11/F$4=0.0112283368 08781847 G11/G$4=0.0052604161621139746 H11/H$4=0.005709144976035664 111/1$4=0.0055788588 033661764 J11/J$4=0.005324408310126241 K11/K$4=0.005751684690925538 L11/L$4=0.0054505888 73625241 Other Cons. Loans L11/H11-1=0.12109640700187096 L11/C11-1=0.1129044921648001 4 L11/G11-1=0.3924294022109238 Retail Loans 25141.147 33828.592 41336.258 42583.163 39573.076 4009 2.257 40578.587 40092.257 42152.885 43580.803 Retail Loans C12/C$4=0.35 12873352916219 D12/D$4=0.38107424309991195 E12/E$4=0.36791643129839924 F12/F$4=0.3318820094 4914337 G12/G$4=0.27266051314371625 H12/H$4=0.2413813366040379 I12/I$4=0.23087786102294894 J12/J$4=0.2273490229881267 K12/K$4=0.23149506249060217 L12/L$4=0.22344354010325934 Reta it Loans L12/H12-1=0.08701296113112322 L12/C12-1=0.7334452958729369 L12/G12-1=0.10127408 34197472 SME loans 14736.44 17036.756 21374.081 19537.75 23389.014 2474 8 26661.798 28694.351 29105.44 30427.856 SME loans C13/C$4=0.20 590646637103985 D13/D$4=0.1919166159081609 E13/E$4=0.19024159380374778 F13/F$4=0.1522721017 721253 G13/G$4=0.16115150005436937 H13/H$4=0.14899897798910974 I13/154=0.1516962355851853 J13/J$4=0.1627155254723718 K13/K$4=0.15984115088721618 L13/L$4=0.1560069432954735 SME loans L13/H13-1=0.22950767738807176 L13/C13-1=1.0648037110726878 L13/G13-1=0.3009465042006474 GARANTI B17=GARANTI Share in total (%) N17=GARANTI Cumulative change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C18=2011 D18=2012 El8=2013 F18=2014 G18=2015 H18=2016 Il8=1Q17 J18= 1H17 Kl8=9M17 L18=2017 TRYmn 2017/2016 2017/2011 2017/2015 Gross Loans 66414.859 85065.01699999999 93535.686 120727.867 136731.75900 000002 190315.719 200219.454 205751.289 206483.217 214039.114 Gross Loans C19/C$19=1 D19/D$19=1 E19/E$19=1 F19/F$19=1 G19/G$19=1 H19/H$19=1 I19/ EFTA01437408 1519=1 J19/J$19=1 K19/K$19=1 L19/L519=1 Gross Loans L19/H19-1=0.1246528406831175 5 L19/C19-1=2.222759443033674 L19/G19-1=0.5653942841472548 Corporate Loans 44920.068 57360.27299999999 60406.494000000006 77720.973 8987 2.79500000001 131438.172 140170.89299999998 144042.35499999998 142126.484 1479 25.8 Corporate Loans C20/C$19=0.6763556932342505 D20/D519=0.6743109567591105 E20/E519=0.6 458122731895076 F20/F519=0.6437699508101141 G20/G$19=0.6572927581513817 H2O/H$19=0.690632243 5720613 220/1$19=0.7000862813260892 J20/J519=0.7000799640190832 K20/K$19=0.6883197872687153 L20/L$19=0.6911157369115254 Corporate Loans L20/H20-1=0.12544018034578275 L20/C20-1=2.29308940 49403485 L20/G20-1=0.6459463623001818 Credit Card Loans 7692.221 9450.505 11233.503 13783.260999999999 1342 8.953000000001 16101.909000000001 16177.345000000001 16622.137 17593.1 17906.940000 000002 Credit Card Loans C21/C$19=0.11582078341836125 D21/D519=0.11109743268493087 E21/ E$19=0.12009857927379718 F21/F$19=0.11416801557506187 G21/G519=0.09821385388598708 H21/ H$19=0.0846063009645567 121/1519=0.08079806770425016 J21/J$19=0.08078752303709748 K21/K519=0.0 8520353496817128 L21/L$19=0.08366199833923814 Credit Card Loans L21/H21-1=0.11210043 479937704 L21/C21-1=1.3279284357534715 L21/G21-1=0.3334576418578574 Consumer Loans 13802.570000000002 18254.239 21895.689000000002 29223.633 3343 0.011 42775.638 43871.216 45086.797000000006 46763.633 48206.373999999996 Consumer Loans C22/C$19=0.2078235233473883 D22/D$19=0.21459161055595866 E22/E$19=0.234089147 53669527 F22/F$19=0.242062033614824 G22/G$19=0.24449338796263123 H22/H$19=0.224761455 46338186 122/2519=0.2191156509696605 J22/J$19=0.2191325129438193 K22/K519=0.226476677 7631133 L22/L$19=0.22522226474923643 Consumer Loans L22/H22-1=0.12695862069900632 L22/C22-1=2. 492565080271282 L22/G22-1=0.4420089182740621 Mortgage Loans 7861.195999999999 9108.25 10559.493 13702.014 15574.572000000002 21644.375000000004 22245.601000000002 22593.462 22971.345999999998 23402.483 Mortgage Loans C23/C$19=0.11836501828604348 D23/D$19=0.10707398083515343 E23/E$19=0.112892666 44176855 F23/F519=0.11349503921907275 G23/G$19=0.11390603115110952 H23/H$19=0.113728782 43441364 123/2$19=0.11110609161884939 J23/J$19=0.1098095769402446 K23/K$19=0.111250426 71143581 L23/L$19=0.10933741297396699 Mortgage Loans L23/H23-1=0.08122701625711048 L23/ C23-1=1.976962156903352 L23/623-1=0.5026084183886399 Personal Need Loans 530.576 677.689 1409.674 1995.759 2371.425 18388.573 18905.908000000003 19573.432 20791.067999999996 21454.427 Personal Need Loans C24/C$19=0.007988814671728808 D24/D$19=0.007966717975263557 E24/E$19=0.015070975157011196 F24/ F$19=0.016531054922058717 G24/G$19=0.017343629726872745 H24/H$19=0.09662140939603628 124/ I$19=0.09442592926060024 J24/J$19=0.09513151579818294 K24/K519=0.10069132156150006 L24/ L$19=0.100236011068519 Personal Need Loans L24/H24-1=0.16672604230899268 L24/C24-1=39.4361052 8934592 L24/G24-1=8.047061155212582 Auto Loans 786.905 1106.385 1298.28 1487.4070000000002 1368.963 2212.1910000 000003 2154.6649999999995 2167.754 2187.122 2372.4829999999997 Auto Loans C25/C$19=0.011848327495508196 D25/D519=0.013006345487475776 E25/E519=0.013880050016418332 F25/ F$19=0.012320328661153271 G25/G$19=0.010012033853817383 H25/H519=0.01162379551002826 125/ 1519=0.010761516710559003 J25/J$19=0.010535797906957464 K25/K519=0.010592250700937111 L25/ L$19=0.011084343210278845 Auto Loans L25/H25-1=0.07245848120709253 L25/C25-1=2.01495479 12390946 L25/G25-1=0.7330512219833552 Other Cons. Loans 4623.893000000003 7361.915000000001 8628.242 12038.453000 000001 14115.051 530.4989999999948 565.0419999999954 752.1490000000058 814. 0970000000084 976.9809999999966 Other Cons. Loans C26/C519=0.06962136289410782 D26/ D$19=0.08654456625806589 E26/E$19=0.09224545592149717 F26/F519=0.09971561081253925 G26/ G$19=0.1032316932308316 H26/H$19=0.002787468122903683 226/2519=0.002822113379651886 J26/J$19=0.0 036556222984343288 K26/K$19=0.00394267878924033 L26/L$19=0.004564497496471587 Other Cons. Loans L26/H26-1=0.8416264686644201 L26/C26-1=-0.7887102923878221 L26/626-1=-0.930784451292453 9 Retail Loans 21494.791 27704.744 33129.192 43006.894 46858.964 5887 7.547 60048.561 61708.93400000001 64356.733 66113.314 Retail Loans C27/ C$19=0.32364430676574957 D27/D$19=0.3256890432408895 E27/E519=0.35418772681049243 F27/ F$19=0.3562300491898859 G27/G$19=0.3427072418486183 H27/H$19=0.30936775642793857 127/2519=0.2 999137186739107 J27/J519=0.2999200359809168 K27/K$19=0.3116802127312846 L27/L519=0.308884263 08847455 Retail Loans L27/H27-1=0.1228951844749917 L27/C27-1=2.0757830583232932 L27/ G27-1=0.41090003611688886 SME loans 14345.609544 18544.173705999998 20671.386606 25352.852069999997 3517 0 38724 41740 42662 39368 40182 SME loans C28/C$19=0.21600000000000003 D28/ D$19=0.218 E28/E519=0.221 F28/F519=0.21 G28/G$19=0.2572189537911232 H28/H519=0.203472420 47831055 128/I$19=0.20847125075068879 J28/J$19=0.20734742517214558 K28/K519=0.190659563 38717835 L28/L$19=0.18773204228457047 SME loans L28/H28-1=0.03765106910443139 L28/ C28-1=1.8009963520027612 L28/G28-1=0.1425078191640603 TRY SME loans 27373 30810 34628 36279 34633 35210 HALKBANK B32=HALKBANK Share in total (%) N32=HALKBANK Cumulative change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C33=2011 D33=2012 E33=2013 F33=2014 G33=2015 H33=2016 133=1Q17 J33= 1H17 K33=9M17 L33=2017 TRYmn 2017/2016 2017/2011 2017/2015 Gross Loans 56493.362 66236.66399999999 85283.13900000001 103052.56199999999 127690.83000000002 159530.37099999998 169763.306 181811.762 195591.90300000002 204791.802 Gross Loans C34/C$34=1 D34/D$34=1 E34/E534=1 F34/F$34=1 G34/ G$34=1 H34/H$34=1 134/1534=1 J34/J534=1 K34/K$34=1 L34/L$34=1 Gross Loans L34/H34-1=0.28371670369900914 L34/C34-1=2.6250595600948654 L34/G34-1=0.6038097802324565 Corporate Loans 41617.944 48715.38499999999 62230.107 78009.98599999999 1008 92.81900000002 127880.79999999997 136346.28600000002 145752.30099999998 155193.41900 000002 163839.318 Corporate Loans C35/C$34=0.7366873297432714 D35/D$34=0.7354746156901862 E35/E$34=0.729688279883788 F35/F534=0.7569922036484643 G35/G534=0.7901336297994148 H35/ EFTA01437409 H$34=0.8016078643733612 135/I$34=0.8031552236618201 J35/J$34=0.8016659615234354 K35/K$34=0.7 93455233164739 L35/L$34=0.800028694507996 Corporate Loans L35/H35-1=0.28118777799325656 L35/ C35-1=2.936747043534875 L35/635-1=0.6238947392281702 Credit Card Loans 876.907 1199.228 2231.581 2181.505 2275.9880000000003 2809.855 2735.568 2812.44 2986.165 2995.9640000000004 Credit Card Loans C36/C$34=0.015522301540488953 D36/D$34=0.018105199259431305 E36/E$34=0.026166731503632856 F36/ F$34=0.021168857500117273 G36/G$34=0.017824208676535346 H36/H$34=0.017613291954295025 136/ I$34=0.01611401229427047 J36/J$34=0.015468966193727335 K36/K$34=0.015267324230696808 L36/ L$34=0.014629316069986046 Credit Card Loans L36/H36-1=0.06623437864231452 L36/C36-1=2. 416512811506808 L36/G36-1=0.3163355870066098 Consumer Loans 13998.511 16322.051 20821.451 22861.071 24522.022999999997 28839.716 30681.451999999997 33247.021 37412.318999999996 37956.52 Cons umer Loans C37/C$34=0.24779036871623963 D37/D$34=0.2464201850503824 E37/E$34=0.244144988 61257908 F37/F$34=0.2218389388514184 G37/G$34=0.19204216152404988 H37/H$34=0.180778843 67234376 137/I$34=0.18073076404390945 J37/J$34=0.18286507228283724 K37/K$34=0.191277442 60456422 L37/L$34=0.18534198942201796 Consumer Loans L37/H37-1=0.31611975651910007 L37/ C37-1=1.7114683840302725 L37/G37-1=0.5478543511683356 Mortgage Loans 5383.382 6588.251 9098.227 10323.079 12239.154 1525 9.70 16172.396 17513.71 20383.72 20866.951 Mortgage Loans C38/C$34=0.0 9529229292460943 D38/D$34=0.09946532029451244 E38/E$34=0.10668259994510755 F38/F$34=0.1 0017294863566809 G38/G$34=0.09584990558836526 H38/H$34=0.0956538864941272 138/I$34=0.0 9526437945311927 J38/J$34=0.09632880627382072 K38/K$34=0.10421556152045823 L38/L$34=0.1 0189348790436446 Mortgage Loans L38/H38-1=0.3674548647745368 L38/C38-1=2.8761787664334433 L38/638-1=0.704934099203262 Personal Need Loans 8314.168 9317.137999999999 11174.117 11940.403 1165 7.744 12827.97 13524.796 14709.947 15844.095000000001 15855.009 Pers onal Need Loans C39/C$34=0.1471707065336278 D39/D$34=0.14066436075343408 E39/E$34=0.131023753 71056638 F39/F$34=0.11586711449250531 G39/G$34=0.09129664205330953 H39/H$34=0.080410832 86893379 139/I$34=0.07966854745394744 J39/J$34=0.08090756526522196 K39/K$34=0.081005883 97056498 L39/L$34=0.07742013520638878 Personal Need Loans L39/H39-1=0.2359717866505768 3 L39/C39-1=0.9069868446247418 L39/G39-1=0.3600409307323955 Auto Loans 51.122 98.442 155.561 112.928 177.637 196.836 186.793 228.59 255.253 280.561 Auto Loans C40/C$34=9.049204754356803E-4 D40/D$34=0.001486216153639622 E40/E$34=0.00182405340403804 78 F40/F$34=0.001095829136203329 G40/G$34=0.001391149231311285 H40/H$34=0.00123384656329796 93 140/I$34=0.00110031434001409 J40/J$34=0.0012572893936311999 K40/K$34=0.00130502846020164 74 L40/L$34=0.001369981597212568 Auto Loans L40/H40-1=0.42535410189193024 L40/C40-1=4. 488067759477328 L40/G40-1=0.5794063173775732 Other Cons. Loans 249.83900000000114 318.22000000000025 393.54599999999994 484. 66099999999994 447.48799999999636 555.2100000000003 797.4669999999966 794.77400000 00014 929.2509999999936 953.9989999999959 Other Cons. Loans C41/C$34=0.004422448 782566722 D41/D$34=0.004804287848796255 E41/E$34=0.00461458155286709 F41/F$34=0.004703046 5870416685 G41/G$34=0.0035044646510637946 H41/H$34=0.003480277745984809 141/I$34=0.004697522 796828641 J41/J$34=0.004371411350163371 K41/K$34=0.004750968653339364 L41/L$34=0.004658384 714052157 other Cons. Loans L41/H41-1=0.7182669620503872 L41/C41-1=2.8184550850747545 1.41/G41-1=1.1318985090103055 Retail Loans 14875.418 17521.279 23053.032 25042.576 26798.011 3164 9.571 33417.02 36059.461 40398.484 40952.484 Retail Loans C42/C$34=0.2 6331267025672855 D42/D$34=0.2645253843098137 E42/E$34=0.2703117201162119 F42/F$34=0.2 4300779635153566 G42/G$34=0.20986637020058524 H42/H$34=0.1983921356266388 I42/I$34=0.1 968447763381799 .342/J$34=0.1983340384765646 K42/K$34=0.20654476683526102 L42/L$34=0.199971305 492004 Retail Loans L42/H42-1=0.2939348846150236 L42/C42-1=1.7530308055881183 L42/G42-1=0. 5281911780691484 SME loans 19902 24188 30662 39152 48290 57136 61048 64921 71726 75913 SME loans C43/C$34=0.35228917691250167 D43/D$34=0.3651753959106395 E43/E$34=0.35953179443828864 F43/F$34=0.3799226262807518 G43/G$34=0.3781790751927918 H43/H$34=0.3581512388007924 143/ I$34=0.3596065689248535 J43/J$34=0.3570781080709179 K43/K$34=0.3667125218368574 L43/L$34=0.3 7068378352371745 SME loans L43/H43-1=0.3286369364323718 L43/C43-1=2.814340267309818 L43/G43-1=0.5720231932077036 ISBANK B47=ISBANK Share in total (%) N47=ISBANK Cumulative Change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C48=2011 D48=2012 E48=2013 F48=2014 G48=2015 H48=2016 148=1017 J48= 1H17 K48=9M17 L48=2017 TRYmn 2017/2016 2017/2011 2017/2015 Gross Loans 93604.558 109167.42100000002 137518.813 158294.849 181537.445 209201.598 225794.74599999998 230118.442 235213.463 245569.299 Gross Loans C49/C$49=1 D49/D$49=1 E49/E$49=1 F49/F$49=1 G49/G$49=1 H49/H$49=1 149/ I$49=1 J49/J$49=1 K49/K$49=1 L49/L$49=1 Gross Loans L49/H49-1=0.1738404550810361 8 L49/C49-1=1.6234758674892733 L49/G49-1=0.3527198149120143 Corporate Loans 68147.98700000001 78676.28500000002 99031.42099999999 115880.02100 000001 134740.65300000002 158628.761 173655.62799999997 176788.331 179867.49000 000008 188639.34 Corporate Loans C50/C$49=0.7280413310642416 D50/D$49=0.7206938139538902 E50/E$49=0.7201299868695056 F50/F$49=0.7320517485695319 G50/G$49=0.7422196175560365 H50/ H$49=0.7582578838618623 150/1$49=0.7690862213419261 J50/J$49=0.7682492957257202 K50/K$49=0.7 646989577293035 L50/L$49=0.7681715131662284 Corporate Loans L50/H50-1=0.1891875017544895 L50/ C50-1=1.768083817354722 L50/650-1=0.4000180034751648 Credit Card Loans 6623.97 8112.645 10122.797 9098.61 10394.235 10678.146999 999999 10559.149000000001 10925.45 11786.735999999999 12047.541000000003 Cred it Card Loans C51/C$49=0.07076546422023594 D51/D$49=0.07431379184088263 E51/E$49=0.073610270 3271588 F51/F$49=0.05747887601825882 G51/G$49=0.05725669985054599 H51/H$49=0.0510423777929268 151/1$49=0.046764369796275074 J51/J$49=0.04747750725689339 K51/K$49=0.05011080509451961 L51/ EFTA01437410 L$49=0.049059638354874334 Credit Card Loans L51/H51-1=0.1282426623270876 L51/C51-1=0. 8187795234579871 L51/G51-1=0.15905990195526676 Consumer Loans 18832.601 22378.490999999998 28364.595 33316.218 36402.557 39894.69 41579.969 42404.66099999999 43559.23699999991 44882.418 Cons umer Loans C52/C$49=0.2011932047155225 D52/D$49=0.20499239420522716 E52/E$49=0.206259742 8033356 F52/F$49=0.21046937541220942 G52/G$49=0.20052368259341757 H52/H$49=0.19069973834521092 152/1949=0.18414940886179876 J52/J549=0.18427319701738634 K52/K$49=0.1851902371761769 L52/ L$49=0.18276884847889718 Consumer Loans L52/H52-1=0.12502235259880434 L52/C52-1=1.38322991 0727679 L52/G52-1=0.23294685040943675 Mortgage Loans 7941.369 9539.339 11779.645999999999 13597.354000000001 1572 6.204000000002 17696.93 18773.163999999997 19548.212000000003 20034.239 2085 2.259 Mortgage Loans C53/C$49=0.08483955450118144 D53/D549=0.08738265420779702 E53/E$49=0.0 856584327847565 F53/F$49=0.08589890376028599 G53/G$49=0.08662787999467549 H53/H$49=0.084592709 46869153 153/1549=0.08314260775580667 J53/J$49=0.08494848057419058 K53/K549=0.085174712 12946685 L53/L$49=0.08491394927995458 Mortgage Loans L53/H53-1=0.17829810029197146 L53/ C53-1=1.6257763617330965 L53/G53-1=0.325956282902091 Personal Need Loans 6900.455 3417.634 1648.4550000000002 1848.664 1931 3.225 20896.874 21401.637000000002 21584 22170.664999999997 22650.884 Pers onal Need Loans C54/C$49=0.07371921995507953 D54/D$49=0.031306354667845454 E54/E$49=0.011987123 536326628 F54/F$49=0.01167861122252942 G54/G$49=0.10638700462045171 H54/H549=0.099888692 05482838 154/1549=0.09478359164300486 J54/J$49=0.09379517700715181 K54/K549=0.094257636 09458017 L54/L$49=0.0922382565419955 Personal Need Loans L54/H54-1=0.0839364777717470 6 L54/C54-1=2.282520355541772 L54/G54-1=0.1728172793513254 Auto Loans 1148.741 1317.01 1302.705 951.552 810.7959999999999 696.72 686. 524 666.925 660.747 676.02 Auto Loans C55/C$49=0.012272276313723953 D55/D549=0.012064130 378238025 E55/E$49=0.009472922079395783 F55/F$49=0.006011263196568071 G55/G549=0.004466274 1617851895 H55/H$49=0.0033303760901482217 155/1949=0.0030404781872116725 J55/J$49=0.002898181 4504028323 K55/K$49=0.00280913767253195 L55/L$49=0.0027528685497448927 Auto Loans L55/ H55-1=-0.029710644161212607 L55/C55-1=-0.41151225559112103 L55/G55-1=-0.1662267697423272 Other Cons. Loans 2842.036 8104.507999999998 13633.789 16918.648 552. 3320000000007 604.1660000000022 718.6439999999978 605.5239999999895 693.58599999 99078 703.2550000000015 Other Cons. Loans C56/C549=0.030362153945537564 D56/D$49=0.0 7423925495134667 E56/E$49=0.09914126440285666 F56/F549=0.10688059723282596 G56/G$49=0.0 030425238165051878 H56/H$49=0.0028879607315427974 156/1549=0.003182731275775557 J56/J$49=0.0 02631357985641105 K56/K$49=0.0029487512795979194 L56/L549=0.0028637741072022257 Other Cons. Loans L56/H56-1=0.16400956028640956 L56/C56-1=-0.7525523955361574 L56/G56-1=0.273246887741432 Retail Loans 25456.571 30491.136 38487.392 42414.828 46796.792 5057 2.837 52139.118 53330.11099999999 55345.9729999999 56929.959 Retail Loans C57/C$49=0.27195866893575843 D57/D549=0.2793061860461098 E57/E$49=0.27987001313049437 F57/ F$49=0.26794825143046824 G57/G$49=0.25778038244396356 H57/H$49=0.24174211613813773 157/ I$49=0.23091377865807386 J57/J$49=0.2317507042742797 K57/K$49=0.2353010422706965 L57/ L$49=0.23182848683377152 Retail Loans L57/H57-1=0.1257023014152836 L57/C57-1=1.23635614 55311483 L57/G57-1=0.21653550525429188 SME loans 19799 29987 36616 36900 42203 44311 49992 53585 52665 55068 SME loans C58/C$49=0.21151747759975534 D58/D$49=0.2746881782615346 E58/E$49=0.2662617514012428 F58/F$49=0.23310929087780993 G58/G$49=0.23247545430641045 H58/H$49=0.21181004554276875 158/ I$49=0.22140462028288294 J58/J$49=0.232858346920322 K58/K$49=0.2239029999741129 L58/ L$49=0.22424627273949257 SME loans L58/H58-1=0.2427613910767079 L58/C58-1=1.78135259 35653316 L58/G58-1=0.3048361490889273 VAKIFBANK B62=VAKIFBANK Share in total CO N62=VAKIFBANK Cumulative Change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C63=2011 D63=2012 E63=2013 F63=2014 G63=2015 H63=2016 163=1Q17 J63= 1H17 K63=9M17 L63=2017 TRYmn 2017/2016 2017/2011 2017/2015 Gross Loans 59466.111000000004 70858.002 90283.644 108557.891 128630.866 154125.878 160955.617 174158.477 182175.68399999998 191609.821 Gross Loans C64/C$64=1 D64/D$64=1 E64/E564=1 F64/F$64=1 G64/G$64=1 H64/H$64=1 164/ I$64=1 J64/J$64=1 K64/K$64=1 L64/L$64=1 Gross Loans L64/H64-1=0.2432034353114927 L64/C64-1=2.2221683540058637 L64/G64-1=0.48960997432762365 Corporate Loans 38362.264 46597.085 59796.083000000006 75707.33800000002 9202 0.098 113088.78099999999 119035.62900000002 130416.926 135983.82399999996 1436 57.265 Corporate Loans C65/C$64=0.6451113643533878 D65/D564=0.6576121776620233 E65/E$64=0.6 623135747600086 F65/F$64=0.697391385394545 G65/G$64=0.7153811589824793 H65/H564=0.733742979 8777853 165/I564=0.7395556068105409 J65/J$64=0.7488405287329195 K65/K$64=0.7464433288473339 L65/L$64=0.749738527233424 Corporate Loans L65/H65-1=0.27030518615281585 L65/C65-1=2.74475461 09374565 L65/G65-1=0.5611509672593482 Credit Card Loans 1849.761 2638.839 3277.616 3132.3469999999998 3836 .67 4485.587 4519.216 4730.511 5177.612999999999 5358.842999999999 Credit Card Loans C66/C$64=0.031106137073601464 D66/D564=0.03724122788559576 E66/E$64=0.0 3630354131474799 F66/F$64=0.02885416224602226 G66/G564=0.02982697791990299 H66/H$64=0.0 29103399495313827 166/I564=0.028077404717102853 J66/J564=0.027162105924938697 K66/K$64=0.0 2842098839052527 L66/L$64=0.02796747563372547 Credit Card Loans L66/H66-1=0.19468042 867076218 L66/C66-1=1.8970461589362082 L66/666-1=0.396743269554066 Consumer Loans 19254.086000000003 21622.078 27209.945 29718.206 32774.098 36551.51 37400.772 39011.04 41014.247 42593.712999999996 Consumer Loa ns C67/C$64=0.3237824985730108 D67/D$64=0.305146594452381 E67/E$64=0.3013828839252434 F67/F$64=0.2737544523594328 G67/G564=0.25479186309761764 H67/H$64=0.23715362062690085 167/ I$64=0.23236698847235632 J67/J564=0.2239973653421418 K67/K$64=0.2251356827621408 L67/ L$64=0.2222939971328505 Consumer Loans L67/H67-1=0.16530652222028563 L67/C67-1=1.2121908565278035 L67/G67-1=0.29961511068893487 EFTA01437411 Mortgage Loans 8809.987 10283.389 13300.952 14315.888 15116.509 1698 3.119 16885.693 17471.074 18081.367 18966.522 Mortgage Loans C68/C$64=0.1 4815138995721444 D68/D$64=0.14512671412891376 E68/E$64=0.14732404908246724 F68/F$64=0.1 3187330619752 G68/G$64=0.11751852001058595 H68/H$64=0.11018992540629678 168/I$64=0.104909001 09438243 J68/J$64=0.10031710371468165 K68/K$64=0.09925236235149802 L68/L$64=0.098985124 56728406 Mortgage Loans L68/H68-1=0.11678673393267758 L68/C68-1=1.1528433583386675 L68/ G68-1=0.25468929367223625 Personal Need Loans 4575.224999999999 5459.406 9476.479000000001 11486.65 15230.301 17002.017 17931.289 18912.088 20087.254999999997 20583.762000 000002 Personal Need Loans C69/C$64=0.07693835905966676 D69/D$64=0.07704713435188308 E69/ E$64=0.10496340843309339 F69/F$64=0.10581128551953906 G69/G$64=0.11840315993829972 H69/ H$64=0.1103125394685505 169/I$64=0.11140517699360564 J69/J$64=0.10859125737531569 K69/K$64=0.1 1026309636361788 L69/L$64=0.10742540174910974 Personal Need Loans L69/H69-1=0.21066588 746499915 L69/C69-1=3.4989616904086693 L69/G69-1=0.3515006696190708 Auto Loans 369.697 493.103 586.132 435.42 466.932 412.37 398.20 407.977 406.864 429.632 Auto Loans C70/C$64=0.006216935894798972 D70/D$64=0.0069590305411095284 E70/E$64=0.00649211722114362 1 F70/F$64=0.0040109474860745035 G70/G$64=0.003630015209568752 H70/H$64=0.00267554031387253 5 170/I$64=0.002473973927856149 .770/J$64=0.0023425618266057755 K70/K$64=0.00223336062786513 3 L70/L$64=0.0022422232730962156 Auto Loans L70/H70-1=0.041860465116279055 L70/C70-1=0. 162119249006619 L70/G70-1=-0.07988315215063435 Other Cons. Loans 5499.177000000004 5386.180000000002 3846.381999999999 3480 .247999999998 1960.3560000000004 2154.0040000000035 2185.5899999999974 2219.9010000 000007 2438.7610000000072 2613.7969999999927 other Cons. Loans C71/C$64=0.092475813 66133063 D71/D$64=0.07601371543047464 E71/E$64=0.04260330918853917 F71/F$64=0.032058913 15629923 G71/G$64=0.015240167939163222 H71/H$64=0.013975615438181014 171/1$64=0.013578836 456512092 J71/J$64=0.012746442425538669 K71/K$64=0.013386863419159758 L71/L$64=0.013641247 543360487 Other Cons. Loans L71/H71-1=0.2134596778836011 L71/C71-1=-0.524693058615863 7 L71/G71-1=0.3333277221076132 Retail Loans 21103.847 24260.917 30487.561 32850.553 36610.768 4103 7.097 41919.988 43741.551 46191.86 47952.556 Retail Loans C72/C$64=0.3 548886356466122 D72/D$64=0.34238782233797677 E72/E$64=0.33768642523999143 F72/F$64=0.302608614 6054551 G72/G$64=0.2846188410175206 H72/H$64=0.26625702012221464 172/1564=0.26044439318945917 J72/J$64=0.2511594712670805 K72/K$64=0.25355667115266606 L72/L$64=0.25026147276657595 Reta it Loans L72/H72-1=0.16851725647162596 L72/C72-1=1.27221870969781 L72/G72-1=0.30979377 433437083 SME loans 8645 16935.062477999996 22047 27682.262205000003 33035 36994 3754 2 44672 46843 47815 SME loans C73/C$64=0.14537691896482013 D73/D$64=0.238999999 99999996 E73/E$64=0.24419705522741195 F73/F$64=0.255 G73/G$64=0.25682016321028267 H73/ H$64=0.2400245856182568 173/1564=0.2332444229019979 J73/J$64=0.25650201339323836 K73/K$64=0.2 57130913256239 L73/L$64=0.24954357637023208 SME loans L73/H73-1=0.29250689300967725 L73/ C73-1=4.530942741469057 L73/G73-1=0.4474042682003936 YAPI KREDI B77=YAPI KREDI Share in total CO N77=YAPI KREDI Cumulative Change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C78=2011 D78=2012 E78=2013 F78=2014 G78=2015 H78=2016 178=1Q17 J78= 1H17 K78=9M17 L78=2017 TRYmn 2017/2016 2017/2011 2017/2015 Gross Loans 69859.724 78295.221 99596.333 126327.177 154910.922 1813 30.36000000002 188059.741 189465.30599999998 194362.367 203984.84 Gross Loans C79/C$79=1 D79/D$79=1 E79/E$79=1 F79/F$79=1 G79/G$79=1 H79/H$79=1 179/ I$79=1 J79/J$79=1 K79/K$79=1 L79/L$79=1 Gross Loans L79/H79-1=0.1249348426816114 8 L79/C79-1=1.9199204966798895 L79/G79-1=0.31678797961063077 Corporate Loans 46690.083000000006 50320.15700000001 66069.89499999999 89294.492999 99999 111183.537 134406.62900000002 140764.699 141062.11299999998 143628.13400 000002 152348.255 Corporate Loans C80/C$79=0.6683405018891859 D80/D$79=0.6426976813821115 E80/E$79=0.6633767831592755 F80/F$79=0.706851012747637 G80/G$79=0.7177256165320609 H80/ H$79=0.7412251814864318 180/I$79=0.7485105437851262 J80/J$79=0.744527407038838 K80/K$79=0.7 389709037655423 L80/L$79=0.7468606735677025 Corporate Loans L80/H80-1=0.13348765707084276 L80/ C80-1=2.2629681767753547 L80/G80-1=0.37024112661571484 Credit Card Loans 9769.185 12788.046 15300.706 13473.182 14541.850999 999999 15926.712 15757.073 16058.101 17010.675 17174.8660348 Credit Card Loans C81/C$79=0.13984001711773153 D81/D$79=0.16333111825560848 E81/E$79=0.15362720231878416 F81/F$79=0.10665307592522234 G81/G$79=0.09387234168033678 H81/H$79=0.08783257254879986 181/ I$79=0.0837875927947811 J81/J$79=0.08475483632871551 K81/K$79=0.08752041489595565 L81/L$79=0.0 8419677675458628 Credit Card Loans L81/H81-1=0.07836859452220901 L81/C81-1=0.75806538 97740703 L81/G81-1=0.1810646412757222 Consumer Loans 13400.456 15187.017999999998 18225.732000000004 23559.502 2918 5.534000000003 30997.019 31537.969 32345.091999999997 33723.558000000005 3446 1.718965199994 Consumer Loans C82/C$79=0.19181948099308266 D82/D$79=0.19397120036228005 E82/ E$79=0.1829960145219403 F82/F$79=0.18649591132714063 G82/G$79=0.18840204178760234 H82/H$79=0.1 7094224596476837 182/I$79=0.16770186342009266 J82/J$79=0.17071775663244648 K82/K$79=0.1 7350868133850214 L82/L$79=0.16894254967771133 Consumer Loans L82/H82-1=0.1117752634600119 9 L82/C82-1=1.5716825580562328 L82/G82-1=0.18078082673423035 Mortgage Loans 6598.956 7230.831 8990.466 10928.456 12265.728000000001 12570.497 13143.962000000001 13358.066 13719.221 13897.583 Mortgage Loa ns C83/C$79=0.09446009262790675 D83/D$79=0.09235341452066403 E83/E$79=0.09026904635133505 F83/F$79=0.08650914442582691 G83/G$79=0.07917923308209347 H83/H$79=0.06932373045528613 183/ I$79=0.06989248166623818 J83/J$79=0.07050402145921113 K83/K$79=0.07058578886312904 L83/ L$79=0.06813046989178216 Mortgage Loans L83/H83-1=0.10557148217767365 L83/C83-1=1.10602752 9203104 L83/G83-1=0.13304183820153193 Personal Need Loans 48.449 54.382 58.912 100.33999999999999 15600.095000000001 1683 EFTA01437412 5.954999999998 16757.247 17321.735999999997 18177.137 18579.044 Personal Nee d Loans C84/C$79=6.935183425574369E-4 D84/D$79=6.94576237290396E-4 E84/E$79=5.915077214740426E- 4 F84/F$79=7.942867273920004E-4 G84/G$79=0.10070364825535028 H84/H$79=0.09284686248899521 184/1579=0.08910597723305383 J84/J$79=0.09142431596421141 K84/K$79=0.09352189562498998 L84/ L$79=0.09108051363032665 Personal Need Loans L84/H84-1=0.10353371697655422 L84/C84-1=38 2.47631530062546 L84/G84-1=0.19095710635095497 Auto Loans 1270.7759999999998 1144.466 1119.3990000000001 676.153 431.341 359. 272 340.541 360.45300000000003 380.693 492.14500000000004 Auto Loans C85/C$79=0.0 18190395370013195 D85/D$79=0.0146173161705489 E85/E$79=0.011239359585658642 F85/F$79=0.0 05352395391531626 G85/G$79=0.0027844453730641408 H85/H$79=0.0019813118994524686 185/I$79=0.0 018108128735538351 J85/J$79=0.0019024749576051674 K85/K$79=0.0019586764962581465 L85/L$79=0.0 02412654783561367 Auto Loans L85/H85-1=0.36983956445255983 L85/C85-1=-0.612720888653861 8 L85/G85-1=0.14096503694292917 Other Cons. Loans 5482.275000000001 6757.338999999998 8056.955000000003 1185 4.553 888.370000000003 1231.2950000000028 1296.2189999999985 1304.837000000001 1446.507000000008 1492.9469651999939 other Cons. Loans C86/C$79=0.07847547465260528 D86/D$79=0.08630589343377673 E86/E$79=0.08089610086347258 F86/F$79=0.0938400847823901 G86/ G$79=0.0057347150770944546 H86/H$79=0.006790341121034573 186/I$79=0.00689259164724681 J86/ J$79=0.006886944251418785 K86/K$79=0.007442320354124973 L86/L$79=0.007318911372041147 Othe r Cons. Loans L86/H86-1=0.2125014437644841 L86/C86-1=-0.7276774760113285 L86/G86-1=0.68054635 47845931 Retail Loans 23169.641 27975.064 33526.438 37032.684 43727.385 4692 3.731 47295.042 48403.193 50734.23300000001 51636.58499999999 Retail Loans C87/C$79=0.3316594981108142 D87/D$79=0.3573023186178885 E87/E$79=0.3366232168407245 F87/ F$79=0.293148987252363 G87/G$79=0.2822743834679391 H87/H$79=0.25877481851356826 187/I$79=0.2 5148945621487373 J87/J$79=0.255472592961162 K87/K$79=0.2610290962344578 L87/L$79=0.2 531393264322976 Retail Loans L87/H87-1=0.1004364721125861 L87/C87-1=1.2286312075357575 L87/ G87-1=0.1808752112663492 SME loans 11061.62376 15087.307550000007 15550 20952 27051 24464 23588 2564 5 26295 27585 SME loans C88/C$79=0.15834050188918583 D88/D$79=0.19269768138211152 E88/E$79=0.15613024628125616 F88/F$79=0.16585504796010758 G88/G$79=0.17462293588311353 H88/ H$79=0.13491397689829765 188/I$79=0.12542822761837155 J88/J$79=0.135354596265767 K88/ K$79=0.1352885355630599 L88/L$79=0.1352306377277841 SME loans L88/H88-1=0.1275752125572269 2 L88/C88-1=1.4937568478644403 L88/G88-1=0.019740490185205628 LARGE BANKS AVERAGE B92=LARGE BANKS AVERAGE Share in total (%) N92=LARGE BANKS AVERAGE Cumu lative change TRYmn 2011 2012 2013 2014 2015 2016 1Q17 1H17 9M17 2017 C93=2011 D93=2012 E93=2013 F93=2014 G93=2015 H93=2016 193=1Q17 J93= 1H17 K93=9M17 L93=2017 TRYmn 2017/2016 2017/2011 2017/2015 Gross Loans (C4+C19+C34+C49+C64+C79)/6=69567.871 (D4+D19+D34+D49+D64+D79)/6=83065.66366666667 (E4+E19+E34+E49+E64+E79)/6=103094.98616666667 (F4+F19+F34+F49+F64+F79)/6=124211.41416666667 (G4+ G19+G34+G49+G64+G79)/6=145773.10466666668 (H4+H19+H34+H49+H64+H79)/6=176766.50416666668 (14+ 119+134+149+164+179)/6=186758.4455 (J4+J19+J34+J49+J64+J79)/6=192942.0011666667 (K4+K19+K34+ K49+K64+K79)/6=199319.40233333336 (L4+L19+L34+L49+L64+L79)/6=209172.75900000005 Gross Loans C94/C$94=1 D94/D$94=1 E94/E$94=1 F94/F$94=1 G94/G$94=1 H94/H$94=1 194/ I$94=1 J94/J$94=1 K94/K$94=1 L94/L$94=1 Gross Loans L94/H94-1=0.1833280291767194 2 L94/C94-1=2.00674371650672 L94/G94-1=0.4349201073703324 Corporate Loans (C5+C2O+C35+C5O+C65+C80)/6=47694.30183333334 (D5+D2O+D35+D5O+D65+D80)/6=56102.041 666666664 (E5+E20+E35+E50+E65+E80)/6=69758.34066666667 (F5+F2O+F35+F5O+F65+F80)/6=87056.297 83333333 (G5+G20+G35+650+G65+G80)/6=105712.27200000001 (H5+H2O+H35+H5O+H65+H80)/6=131907.66 416666665 (15+120+135+150+165+180)/6=140858.7261666667 (J5+J20+J35+.150+J65+J80)/6=145719.41 666666666 (K5+K2O+K35+K5O+K65+K80)/6=149456.041 (L5+L2O+L35+L5O+L65+L80)/6=157978.4755 Corp orate Loans C95/C$94=0.6855794369980553 D95/D$94=0.6753938894872129 E95/E$94=0.676641447 469551 F95/F$94=0.7008719642827779 G95/G$94=0.7251836492179259 H95/H$94=0.7462254502826833 195/I$94=0.7542294849882261 J95/J$94=0.7552498459927948 K95/K$94=0.7498318741195903 L95/ L$94=0.7552535820402884 Corporate Loans L95/H95-1=0.197644401468535 L95/C95-1=2.3123134090955397 L95/G95-1=0.49441945113051755 Credit Card Loans (C6+C21+C36+C51+C66+C81)/6=6060.371999999999 (D6+D21+D36+D51+D66+D81)/6=7 845.626333333334 (E6+E21+E36+E51+E66+E81)/6=9293.144666666665 (F6+F21+F36+F51+F66+F81)/6=8 875.504833333334 (G6+G21+G36+G51+G66+G81)/6=9229.417 (H6+H21+H36+H51+H66+H81)/6=10108.913 5 (16+121+136+151+166+181)/6=10058.831166666669 (J6+J21+J36+J51+J66+381)/6=10301.53816666666 7 (K6+K21+K36+K51+K66+K81)/6=10968.864333333333 (L6+L21+L36+L51+L66+L81)/6=11156.62883913333 5 Credit Card Loans C96/C$94=0.08711452446201781 D96/D$94=0.09445089567714723 E96/ E$94=0.09014157731825162 F96/F$94=0.07145482476694288 G96/G$94=0.06331357914825594 H96/ H$94=0.05718794716033234 196/I$94=0.053860114008427364 J96/J$94=0.05339189033168582 K96/ K$94=0.055031593537439305 L96/L$94=0.05333691104171615 Credit Card Loans L96/H96-1=0. 10364272472341707 L96/C96-1=0.8409148545886846 L96/G96-1=0.20881187177189364 Consumer Loans (C7+C22+C37+C52+C67+C82)/6=15813.19716666667 (D7+D22+D37+D52+D67+D82)/6=19117.995 666666666 (E7+E22+E37+E52+E67+E82)/6=24043.500833333335 (F7+F22+F37+F52+F67+F82)/6=28279.611 500000003 (G7+G22+G37+G52+G67+G82)/6=30831.415666666668 (H7+H22+H37+H52+H67+H82)/6=34749.926 5 (17+122+137+152+167+182)/6=35840.888166666664 (J7+J22+J37+J52+J67+382)/6=36921.04633333334 (K7+K22+K37+K52+K67+K82)/6=38894.49699999998 (L7+L22+L37+L52+L67+L82)/6=40037.65466086666 Cons umer Loans C97/C$94=0.227306038539927 D97/D$94=0.23015521483563978 E97/E$94=0.233216975 21219742 F97/F$94=0.22767321095027923 G97/G$94=0.21150277163381812 H97/H$94=0.196586602 55698424 197/I$94=0.19191040100334666 J97/J$94=0.1913582636755192 K97/K$94=0.195136532 34297013 L97/L$94=0.19140950691799524 Consumer Loans L97/H97-1=0.15216516100736666 L97/ C97-1=1.5319139601486653 L97/G97-1=0.2985992953983396 Mortgage Loans (C8+C23+C38+C53+C68+C83)/6=7344.306333333333 (D8+D23+D38+D53+D68+D83)/6=8750.6488 33333331 (E8+E23+E38+E53+E68+E83)/6=11053.526666666667 (F8+F23+F38+F53+F68+F83)/6=12653.877 EFTA01437413 333333332 (G8+G23+G38+G53+G68+G83)/6=14061.514333333334 (H8+H23+H38+H53+H68+H83)/6=16287.410 333333333 (18+123+138+153+168+183)/6=16877.372 (J8+J23+J38+J53+J68+J83)/6=17342.39416666667 (K8+K23+K38+K53+K68+K83)/6=18092.459166666667 (L8+L23+L38+L53+L68+L83)/6=18536.38033333333 Mort gage Loans C98/C$94=0.10557037649367383 D98/D$94=0.10534616166372567 E98/E$94=0.107216917 88965547 F98/F$94=0.10187370796981975 G98/G$94=0.09646165090252565 H98/H$94=0.092140818 25127078 198/I$94=0.09037006039975846 J98/J$94=0.08988397581554056 K98/K$94=0.090771189 13094874 L98/L$94=0.08861756388332252 Mortgage Loans L98/H98-1=0.13808026899140136 L98/ C98-1=1.5239116523779712 L98/G98-1=0.3182349990137381 Personal Need Loans (C9+C24+C39+C54+c69+C84)/6=4444.622833333334 (D9+D24+D39+D54+D69+D84)/6=4 671.216833333333 (E9+E24+E39+E54+E69+E84)/6=6103.1525 (F9+F24+F39+F54+F69+F84)/6=7177.2784 99999999 (G9+G24+G39+G54+G69+G84)/6=13016.212166666666 (H9+H24+H39+H54+H69+H84)/6=16749.331 66666667 (19+124+139+154+169+184)/6=17186.950333333338 (J9+J24+J39+J54+J69+J84)/6=17774.300 666666666 (K9+K24+K39+K54+K69+K84)/6=18878.913999999997 (L9+L24+L39+L54+L69+L84)/6=19449.676 000000003 Personal Need Loans C99/C$94=0.06388901614271528 D99/D$94=0.05623523158833004 E99/E$94=0.05919931440830156 F99/F$94=0.05778276133600362 G99/G$94=0.08929090312256366 H99/ H$94=0.09475399055736451 199/I$94=0.09202770074102666 J99/J$94=0.09212250603388793 K99/ K$94=0.09471689047325005 L99/L$94=0.09298379049444004 Personal Need Loans L99/H99-1=0. 16122101986357862 L99/C99-1=3.37600145824147 L99/G99-1=0.494265439972533 Auto Loans (C10+C25+C40+C55+C70+C85)/6=748.8578333333334 (D10+D25+D40+D55+D70+D85)/6=859.8011 666666667 (E10+E25+E40+E55+E70+E85)/6=909.302 (F10+F25+F40+F55+F70+F85)/6=745.580666666666 7 (G10+G25+G40+G55+G70+G85)/6=632.5096666666666 (H1O+H25+H4O+H55+H7O+H85)/6=709.278666666666 7 (110+125+140+155+170+185)/6=685.9841666666665 (J10+J25+J40+J55+J70+J85)/6=701.663666666666 7 (K10+K25+K40+KSS+K70+K85)/6=694.8696666666666 (L10+L25+L40+L55+L70+L85)/6=750.919833333333 4 Auto Loans C100/C$94=0.01076442073860983 D100/D$94=0.010350861339252688 E100/E$94=0. 008820040952622014 F100/F$94=0.00600251330901239 G100/G$94=0.004339001135449507 H100/H$94=0. 0040125173601776596 I100/I$94=0.0036731092124380874 J100/J$94=0.0036366558987877256 K100/K$94=0. 0034862118716601203 L100/L$94=0.0035899504166951933 Auto Loans L100/H100-1=0.05870917683505 672 L100/C100-1=0.002753526648471505 L100/G100-1=0.1872068885376721 Other Cons. Loans (C11+C26+C41+C56+C71+C86)/6=3275.4101666666684 (D11+D26+D41+D56+D71+D86)/6= 4836.328833333332 (Ell+E26+E41+E56+E71+E86)/6=5977.519666666667 (F11+F26+F41+F56+F71+F86)/6= 7702.875 (G11+G26+G41+G56+G71+G86)/6=3121.1795 (H11+H26+H41+H56+H71+H86)/6=1003.90583333333 34 (I11+126+141+156+171+186)/6=1090.5816666666644 (J11+J26+J41+J56+J71+J86)/6=1102.68783333333 25 (K11+K26+K41+K56+K71+K86)/6=1228.254166666654 (L11+L26+L41+L56+L71+L86)/6=1300.67849419999 6 other Cons. Loans C101/C$94=0.04708222516492805 D101/D$94=0.058222960244331344 E101 /E$94=0.05798070196161835 F101/F$94=0.062014228335443435 G101/G$94=0.021411216473279295 H101 /H$94=0.005679276388171298 1101/I$94=0.005839530650123474 J101/J$94=0.005715125927302948 K101 /K$94=0.006162240867111239 L101/L$94=0.006218202123537491 Other Cons. Loans L101/H101-1= 0.2956180261262844 L101/C101-1=-0.6028959953056274 L101/G101-1=-0.5832734085944125 Retail Loans (C12+C27+C42+C57+C72+C87)/6=21873.569166666668 (D12+D27+D42+D57+D72+D87)/6=26963.62 2000000003 (E12+E27+E42+E57+E72+E87)/6=33336.6455 (F12+F27+F42+F57+F72+F87)/6=37155.1163333333 4 (G12+G27+G42+G57+G72+G87)/6=40060.83266666666 (H12+H27+H42+H57+H72+H87)/6=44858.8400000000 04 (112+127+142+157+172+187)/6=45899.71933333334 (J12+J27+J42+J57+J72+J87)/6=47222.5845 (K12 +K27+K42+K57+K72+K87)/6=49863.36133333333 (L12+L27+L42+L57+L72+L87)/6=51194.2835 Retail Loans C102/C$94=0.3144205630019448 D102/D$94=0.32460611051278704 E102/E$94=0.32335855253044904 F102 /F$94=0.29912803571722213 G102/G$94=0.274816350782074 H102/H$94=0.2537745497173166 1102 /I$94=0.24577051501177408 J102/J$94=0.24475015400720496 K102/K$94=0.2501681258804095 L102 /L$94=0.24474641795971142 Retail Loans L102/H102-1=0.1412306582158609 L102/C102-1=1.340463 1914399885 L102/G102-1=0.2779136151754811 SME loans (C13+C28+C43+C58+C73+C88)/6=14748.278884000001 (D13+D28+D43+D58+D73+D88)/6=20296.38 3289 (E13+E2B+E43+E58+E73+E88)/6=24486.744601 (F13+F28+F43+F58+F73+F88)/6=28262.8107125 (G13+G28+G43+G5B+G73+G88)/6=34856.335666666666 (H13+H28+H43+H5B+H73+H88)/6=37729.50 (113+128+143 +158+173+188)/6=40095.299666666666 (J13+J28+J43+J58+J73+J88)/6=43363.22516666666 (K13+K28+K43 +K58+K73+K88)/6=44333.74 (L13+L28+L43+L58+L73+L88)/6=46165.142666666674 SME loans C103 /C$94=0.21199842214518827 D103/D$94=0.24434143294691707 E103/E$94=0.23751634789895543 F103 /F$94=0.2275379513397779 G103/G$94=0.2391136262506805 H103/H$94=0.21344258731522026 1103 /I$94=0.2146906907439785 J103/J$94=0.22474746247297778 K103/K$94=0.2224256117618601 L103 /L$94=0.22070341705760388 SME loans L103/H103-1=0.22358214836312906 L103/C103-1=2.130205 431411387 L103/G103-1=0.3244405008072806 EFTA01437414 By business segments Akbank Halkbank Vakifbank TRYbn 2015 2016 9M17 2015 2016 9M17 TRYbn 2015 2016 9M17 2015 2016 9M17 TRYbn 2015 2016 9M17 2015 2016 9M17 Corporate & Commercial 90544 114195 123158 C4/C$11=0.5899938748647909 D4/D$11=0.6383424728 74847 E4/E$11=0.6300931136805484 Corporate & Commercial L11-110-L9-18-L7-16-L5=50147.977 M11-M10-M9-M8-M7-M6-M5=69604.33300000001 N11-N10-N9-N8-N7-N6-N5=82074.55000000002 L4/L $11=0.39566046865904597 M4/M$11=0.43954801666210175 N4/N$11=0.4226887374142226 Corporate & Commercial 50803.29 66056.812 77798.603 U4/U$11=0.4131205249868875 V4/V $11=0.45053380260587256 W4/W$11=0.44707303270254295 SME loans 23389 24748 30150 C5/C$11=0.15240509298476534 D5/D$11=0.13833967790802323 E5/E$11=0.1542515092602067 SME loans 49799 57100 71700 L5/1$11=0.39290708932788715 M5/M$11=0.3605837549137351 N5/1011=0.36925919755392816 SME loans 33035.155+1391.22+11 32.243=35558.618 36994.655+1488.565+1041.146=39524.366 46843.167+1623.864+1560.163=50027.19 4 US/U$11=0.28915440192885516 V5/V$11=0.2695719392205343 W5/W$11=0.28748343127933107 Mortgage loans 13446.919 13569.841 13364.862000000001 C6/C$11=0.08762148619238137 D6/D$11=0.07585451079695685 E6/E$11=0.06837645554077561 Mortgage loans 12239 15260 2038 4 16/L811=0.09656398454354527 M6/M$11=0.09636616637449383 N6/N$11=0.10497879334643336 Mortgage loans 15118.311 16983.836 18081.367 U6/U$11=0.12293858482856201 V6/V $11=0.11583653501041666 W6/W$11=0.1039053565023228 Personal need loans 13924.483 14544.601 16203.264000000001 C7/C$11=0.0907333415 8706163 D7/D$11=0.08130335451918186 E7/E$11=0.08289810702957127 Personal need loans 1165 8 12828 15844 L7/1$11=0.09197997645303135 M7/M$11=0.08100820329305418 N7/N$11=0.08 159752755989454 Personal need loans 15230.30 17002.017 20087.255 U7/U$11=0.12 3849253300481 V7/V$11=0.1159605366813598 W7/W$11=0.11543227854000565 Auto loans 539 378 279 C8/C$11=0.0035121785933040542 DB/D$11=0.002112994918750314 5 E8/E$11=0.0014274020259899725 Auto loans 178 197 255 L8/L$11=0.0014043949 055274987 M8/M$11=0.0012440455292120108 NB/N$11=0.001313264928539075 Auto loans 466. 932 412.37 406.864 UB/U$11=0.0037969823012087875 V8/V$11=0.002812527861329179 W8/W$11=0.00 2338061550764445 Credit cards 10888 10566 11259 C9/C$11=0.07094731080499915 D9/D$11=0.05906323891935403 E9/E$11=0.057602578532692114 Credit cards 2276 2810 2986 L9/L$11=0.01795731912910442 M9/M$11=0.017745014909064723 N9/N$11=0.015378074810265404 Credit cards 3836.63 4485.587 5177.613 U9/U$11=0.031198581819808172 V9/V$11=0.030593492280999997 W9/W$11=0.0297533767 54979927 Other consumer loans C11-(SUM(C4:C9))=734.5979999999981 D11-(SUM(D4:D9))=891.55799999999 E11-(SUM(E4:E9))=1045.8740000000107 ClO/C$11=0.004786714972697523 D10/D$11=0.00498375006288669 8 E10/E$11=0.005350833930215956 Other consumer loans 447 555 929 L10/1$11=0.0 035267669818583817 M10/M$11=0.003504798318338406 N10/N$11=0.004784404386716866 Other consum er loans U11-(SUM(U4:U9))=1960.4189999999944 V11-(SUM(V4:V9))=2154.0039999999863 W11- (SUM(W4:W9))=2438.7639999999956 U10/U$11=0.01594167083419729 V10/V$11=0.014691166339487494 W10/ W$11=0.014014462670053117 Total loans (net) 153466 178893 195460 C11/C$11=1 D11/D$11=1 E11/E$11=1 Tota 1 loans (net) 126744.977 158354.333 194172.55000000002 L11/L$11=1 M11/M$11=1 N11/N$11=1 Total loans (net) 122974.50 146618.992 174017.66 Ull/U$11=1 V11/V$11=1 W11/W$11=1 Garanti Isbank Yapi Kredi TRYbn 2015 2016 9M17 2015 2016 9M17 TRYbn 2015 2016 9M17 2015 2016 9M17 TRYbn 2015 2016 9M17 2015 2016 9M17 Corporate & Commercial 110116.096-C17-3500=71605.31294 131438-D17-4000=88367.87212 142126-E17-4 000=97714.60 C16/C$23=0.4499519139518498 D16/D$23=0.4749729307822271 E16/E$23=0.483599182 40892424 Corporate & Commercial L23-L22-L21-L20-L19-L18-L17=90212.99212 M23-M22-M21-M20-M19- M18-M17=109156.16402599998 N23-N22-N21-N20-N19-N18-N17=119545.716 L16/L$23=0.5070032474332751 M16/M$23=0.5344053528912068 N16/N$23=0.5208555146001621 Corporate & Commercial U23-U22-U21- U2O-U19-U18-017=109296.756 V23-V22-V21-V20-V19-V18-V17=134534.243 W23-W22-W21-W20-W19-W18-W17= 154483 U16/U$23=0.6142553187041137 V16/V$23=0.6586510276161908 W16/W$23=0.673075750050105 SME loans C23*0.22=35010.78306 D23*0.21=39070.12788 E23*0.2=40411.40 C17/C$23=0.2 2 D17/D$23=0.21 E17/E$23=0.20 SME loans 123*0.23=40924.76388 M23*0.218=44528.0789 74 N23*0.238=54625.284 L17/L$23=0.23 M17/M$23=0.218 N17/N$23=0.238 SME loans 2500 0 22800 24300 U17/U$23=0.14050172694606639 V17/V$23=0.11162394863030635 W17/W$23=0.1 058740490941887 Mortgage loans 18802.033 21644.375000000004 22971.345999999998 C18/C$23=0.118147807 57434448 D18/D$23=0.11633744235392558 E18/E$23=0.11368745453015731 Mortgage loans 1572 6 17697 20034 L18/L$23=0.08838120631815359 M18/M$23=0.08664074644344437 N18/N$23=0.0 8728727158654223 Mortgage loans 12266 12570 13719 U18/U$23=0.06893576730881801 V18/ V$23=0.06154004536328732 W18/W$23=0.059773089692311716 Personal need loans 16746.536 18388.573 20791.067999999996 C19/C$23=0.105231520 06300769 D19/D$23=0.09883766804809342 E19/E$23=0.10289704390345296 Personal need loans 19313 20897 22171 L19/L$23=0.1085403941003752 M19/M$23=0.10230726554945227 N19/N$23=0.0 9659808816737685 Personal need loans 15600 16836 18177 U19/U$23=0.08767307761434542 V19/V$23=0.08242547364648412 W19/W$23=0.07919640289650486 Auto loans 1567.244 2212.1910000000003 2187.122 C20/C$23=0.00984821388910688 2 D20/D$23=0.011890416929958614 E20/E$23=0.01082428225698689 Auto loans 811 697 661 120/LS23=0.004557876022130394 M20/M$23=0.0034123636927773475 N20/N$23=0.00287994841363204 64 Auto loans 431 359 381 U20/11$23=0.0024222497725501844 V20/V$23=0.001757587 6122052623 W20/W$23=0.0016600005228348104 Credit cards 14977.881 16101.909000000001 17593.1 C21/C$23=0.09411768409615227 D21/ D$23=0.08654696243599805 E21/E$23=0.08706998520219542 Credit cards 10394 10678 1178 7 L21/L$23=0.05841499799509656 M21/M$23=0.05227721594186014 N21/N$23=0.05135544924581078 EFTA01437415 6 Credit cards 14452 15927 17011 U21/U$23=0.08122123831298206 V21/V$23=0.077975203 06293373 W21/W$23=0.07411619132268493 Other consumer loans C23-(SUM(C16:C21))=430.13300000000163 D23-(SUM(D16:D21))=263.179999999993 E23-(SUM(E16:E21))=388.3640000000014 C22/C$23=0.002702860425538861 D22/D$23=0.00141457944979724 83 E22/E$23=0.0019220516982831647 Other consumer loans 552 604 694 L22/L$23=0.0 031022781309691457 M22/M$23=0.002957055481258993 N22/N$23=0.0030237279864760063 Other consum er loans 888 1231 1447 U22/U$23=0.004990621341124278 V22/V$23=0.00602671406859241 7 W22/W$23=0.006304516421370002 Total loans (net) 159139.923 186048.228 202057 C23/C$23=1 D23/D$23=1 E23/ E$23=1 Total loans (net) 177933.756 204257.243 229518 L23/L$23=1 M23/M$23=1 N23/N$23=1 Total loans (net) 177933.756 204257.243 229518 U23/U$23=1 V23/ V$23=1 W23/W$23=1 Large Bank average Large Bank average TRYbn 2015 2016 9M17 TRYbn 2015 2016 9M17 Corporate & Commercial C4+C16+L4+L16+U4+U16=462610.32805999997 D4+D16+M4+M16+V4+V16=581914.42414600 01 E4+E16+N4+N16+W4+W16=654774.469 Corporate & Commercial C28/C$35=0.5038269431337105 D28/ D$35=0.5395945427114932 E28/E$35=0.5346218404427815 SME loans*** C5+C17+L5+L17+U5+U17=209682.16494 D5+D17+M5+M17+V5+V17=227770.572854 ES+E 17+N5+N17+W5+W17=271213.878 SME loans C29/C$35=0.22836395511186433 D29/D$35=0.211205897 29780082 E29/E$35=0.22144550448252742 Mortgage loans C6+C18+L6+L18+U6+U18=87598.26299999999 D6+D18+M6+M18+V6+V18=97725.052 E6+E18+N6+N1 8+W6+W18=108554.575 Mortgage loans C30/C$35=0.09540289611819612 D30/D$35=0.09061797157337119 E30/E$35=0.08863455956616408 Personal need loans C7+C19+L7+L19+U7+U19=92472.319 D7+D19+M7+M19+V7+V19=100496.19099999999 E7+E 19+N7+N19+W7+W19=113273.587 Personal need loans C31/C$35=0.10071120980293519 D31/D$35=0.0 9318757875176245 E31/E$35=0.09248762195627931 Auto loans C8+C20+L8+L20+U8+U20=3993.1759999999995 D8+D20+M8+M20+V8+V20=4255.561 E8+E20+N8+N2 0+W8+W20=4169.986 Auto loans C32/C$35=0.004348951018693988 D32/D$35=0.00394607419320428 8 E32/E$35=0.003404783930175861 Credit cards C9+C21+L9+L21+U9+U21=56824.511 D9+D21+M9+M21+V9+V21=60568.496 E9+E21+N9+N21+W9+W21 =65813.71299999999 Credit cards C33/C$35=0.06188733354108052 D33/D$35=0.05616363600164517 E33/E$35=0.05373674453765699 Other consumer loans C10+C22+L10+L22+U10+U22=5012.149999999994 D10+D22+M10+M22+V10+V22=5698 .741999999969 El0+E22+N10+N22+W10+W22=6943.002000000008 Other consumer loans C34/C$35=0.0 05458711273519387 D34/D$35=0.00528429947072296 E34/E$35=0.0056689450844148856 Total loans (net) C11+C23+L11+L23+Ull+U23=918192.912 Dll+D23+Mll+M23+V11+V23=1078429.0389 999999 Ell+E23+Nll+N23+W11+W23=1224743.21 Total loans (net) C35/C$35=1 D35/D$35=1 E35/E$35=1 *** SME definition includes companies with number of employees < 250 and turnover or total assets <= TRY40m. Loan breakdown - 9M17*** TRYbn Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Corporate & Commercial 0.6300931136805484 0.48359918240892424 0.4226887374142226 0.52 08555146001621 0.44707303270254295 0.673075750050105 SME loans 0.1542515092602067 0.20 0.36925919755392816 0.238 0.28748343127933107 0.1058740490941887 Mortgage loans 0.06837645554077561 0.11368745453015731 0.10497879334643336 0.0872872715 8654223 0.1039053565023228 0.059773089692311716 Personal need loans 0.08289810702957127 0.10289704390345296 0.08159752755989454 0.09 659808816737685 0.11543227854000565 0.07919640289650486 Auto loans 0.0014274020259899725 0.01082428225698689 0.001313264928539075 0.0028799484 136320464 0.002338061550764445 0.0016600005228348104 Credit cards 0.057602578532692114 0.08706998520219542 0.015378074810265404 0.0513554492 45810786 0.029753376754979927 0.07411619132268493 Other consumer loans 0.005350833930215956 0.0019220516982831647 0.004784404386716866 0.00 30237279864760063 0.014014462670053117 0.006304516421370002 Total loans (net) 1 1 1 1 1 1 *** SME definition includes companies with number of employees < 250 and turnover or total assets <= TRY40m. Chart 1 Chart 2 EFTA01437416 By sector (breakdown) Loan breakdown (2017) 2017 Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Agricultural 0.001004057958048613 0.016093202315493667 0.0030416435967680973 0.0092864108 58774841 0.012811437143149914 0.011660180684776297 Farming and raising livestock 5.249796351198863E-4 0.0026401724849578834 0.007279034504055943 0.010296496923127122 0.010207887466648318 Forestry 4.7688253181865235E-4 1.8718421809312623E-5 4.0078287806237853E-4 0.0019538805 723067583 9.195536811946481E-4 Fishing 2.1957911100743402E-6 3.824886784097967E-4 0.0016065934766565195 5.61059647716034E-4 5.327395369333305E-4 Manufacturing 0.22085134000595696 0.1861014981648438 0.2081433590784614 0.2592940076 729675 0.17906324850466848 0.3887215197919661 Mining 0.009800737337995304 0.010937439373085648 0.005065330158526063 0.017063385481662096 0.006852502437064907 0.010339288513375062 Production 0.12878094044409585 0.05895102142522671 0.17075437698970924 0.1329929924 358547 0.1340176039404227 0.25810370247449904 Electricity, Gas, Water 0.08226966222386582 0.11621303736653146 0.03232365193022609 0.10 923762975545073 0.038193142127180904 0.12027852048783323 Construction 0.11719605169790383 0.05548733802389363 0.045215726398059625 0.0931638821 1058044 0.1148975229621003 0.14308756500304914 Services 0.3579296431168957 0.059861586075228276 0.26353408842609627 0.3503335227 3719204 0.30494729495889594 0.20032513078969774 Wholesale and Retail Trade 0.1426960769402236 na 0.11240474904955264 0.1420346261 136469 0.12697541939177975 0.060406255810855874 Hotel, Food beverage services 0.024048570206598216 0.02652217211068505 0.030672153823230682 0.02828765684495182 0.03656947116373573 0.03182997315798579 Transportation and Telecomunication 0.04895150727080868 0.042853644176270564 0.0526419839 81632286 0.07252997667322456 0.07003707268700905 0.036565870464032306 Financial institutions 0.1156112471958665 0.04056293981816154 0.044338178270387205 0.02 0775475582421803 0.020185270404805403 0.03344080753334289 Real estate and lending services 0.00844801249297517 na 0.011777327011930317 0.06 633376166706081 0.0174502972984564 0.007908699720216522 Self-employment service 0.003493386134913933 na 0.003147663108567367 0.005829518402476771 0.023210308252562532 0 Education service 0.0023945504101620272 na 0.0038241965823669366 0.005374959018811134 0.004715255442487287 0.0011634030209067793 Health and social services 0.01228629246534754 na 0.004727817740458005 0.0091675484 3459822 0.00580420031805975 0.029010121082357586 Other 0.30301890722119496 na 0.4800651938153973 0.2879221766204852 0.3882804964 311854 0.25620561204676945 Total 1 1 1 1 1 1 EFTA01437417 Detail sector breakdown (BRSA) Sectoral Loan Distribution (thousand TL) Short-Term Loans Medium-Long Term Loans Loan s % in total loans Non-Performing Loans % in total NPL stock Total Loans Non- Cash Loans 1 Agriculture, Hunting and Forestry (2+3+4) 25020121 69084794 94104915 F3/F$72=0.040254738959791536 2832595 H3/H$72=0.041691428631311665 96937510 2250588 2 Agriculture 24649225 67976001 92625226 F4/F$72=0.03962178058097918 2783278 H4/H$72=0.040965558471331015 95408504 1944951 3 Hunting 16083 34759 50842 F5/F$72=2.1748401113732702E-5 2123 H5/H$72=3.1247284904 57502E-5 52965 1758 4 Lumber and Forest Products 354813 1074034 1428847 F6/F$72=6.112099776986277E-4 4719 4 H6/H$72=6.946228750760779E-4 1476041 303879 5 Fishing 831970 1488254 2320224 F7/F$72=9.92509386446429E-4 61568 H7/H$72=9.0618598069 00022E-4 2381792 248815 6 Mining and Quarrying (7+8) 5041767 20912961 25954728 F8/F$72=0.0111025104 31175591 883272 H8/H$72=0.013000401239865183 26838000 7628617 7 Extracting of Mines Product Energy 1037685 10542247 11579932 F9/F$72=0.00 495348345867096 361592 H9/H$72=0.005322076421674559 11941524 4425265 8 Extracting of Mines Not Product Energy 4004082 10370714 14374796 F10/F$72=0.0 0614902697250463 521680 H10/H$72=0.007678324818190624 14896476 3203352 9 Manufacturing (10+...+22+25) 164849748 265623546 430473294 F11/F$72=0.1 8414117986432055 13900030 H11/H$72=0.20458699839479033 444373324 227953900 10 Food, Beverage and Tobacco Ind. 27432816 36732250 64165066 F12/F$72=0.0 27447535361652422 2291054 H12/H$72=0.03372078053215554 66456120 27565587 11 Textile and Textile Products Industry 27726268 48783987 76510255 F13/ F$72=0.032728368574288444 2349417 H13/H$72=0.03457979385711348 78859672 26211902 12 Leather and Leather Products Industry 1442207 2579867 4022074 F14/F$72=0.00172050034737255 33 234679 H14/H$72=0.0034541128469716253 4256753 738067 13 Wood and Wood Products Industry 2097339 5122360 7219699 F15/F$72=0.003088330706353308 1636 99 H15/H$72=0.002409396745922763 7383398 3070048 14 Paper Raw Materials and Paper Products Indusrty 5224466 10695273 15919739 F16/ F$72=0.006809898693952519 280235 H16/H$72=0.004124626888946575 16199974 4049289 15 Nuclear Fuel and Refined Petroleum and Coke Coal Ind. 2206367 5927121 8133488 F17/F$72=0.0 03479217172371889 271250 H17/H$72=0.003992381549866215 8404738 10642164 16 Chemical Products Industry 15547631 16964562 32512193 F18/F$72=0.0 13907560962414788 509384 H18/H$72=0.007497346666901573 33021577 18574188 17 Rubber and Plastic Products Industry 11665465 18190862 29856327 F19/ F$72=0.012771475854190783 1052594 H19/H$72=0.015492559871335956 30908921 10072865 18 Other Mines Excluding Metal Industry 8493075 22603175 31096250 F20/F$72=0.0 13301870857419271 1444081 H20/H$72=0.021254644574792085 32540331 7322541 19 Main Metal Industry 28984936 43431671 72416607 F21/F$72=0.030977251 412838667 2298637 H21/H$72=0.03383239059406387 74715244 48211281 20 Machine and Equipment Industry 9585209 15666350 25251559 F22/F$72=0.010801719 717538395 712375 H22/H$72=0.010485061038104865 25963934 16054096 21 Electrical and Optical Devices Indusrty 8225834 12151889 20377723 F23/F$72=0.0 08716865850842543 716139 H23/H$72=0.010540461311482547 21093862 21475823 22 Transportation Vehicles Industry 9125083 16206132 25331215 F24/F$72=0.0 10835793724051032 845782 H24/H$72=0.01244860627468736 26176997 27981332 23 a) Building and Repairing Ships and Boats 606964 4581684 5188648 F25/F$72=0.002219519 25459201 579482 H25/H$72=0.00852908108858829 5768130 3664553 24 b) Manufacture and Repair of Motor and Other Vehicles 8518119 11624448 20142567 F26/F$72=0.008616274469459022 266300 H26/H$72=0.00391952518609907 20408867 24316779 25 Manufacturing Industry Not Classified In Another Places 7093052 10568047 17661099 F27/F$72=0.007554790629033939 730704 H27/H$72=0.01075483564244587 18391803 5984717 26 Electric, Gas and Water Resources 9474147 151671624 161145771 F28/F$72=0.0 6893243510266542 650702 H28/H$72=0.00957732961939556 161796473 38026525 27 Construction 44950931 159974614 204925545 F29/F$72=0.08765986686421229 6280476 H29/H$72=0.09243891799733664 211206021 139359231 28 Wholesale and Retail Trade, Sale and Repair of Motor Vehicles and Personel Products (29+30+3 1) 127541832 216878924 344420756 F30/F$72=0.14733096167308643 14506699 H30/H$72=0.21351623018271948 358927455 125780461 29 Retail Sell of Motor Vehicles and Its Fuel Oil 18616216 29186453 47802669 F31/F$72=0.020448283303548163 1173697 H31/H$72=0.01727500920897079 48976366 14565538 30 Wholesale Trade and Brokerage 79709321 123657531 203366852 F32/F$72=0.0 8699311338132083 9581388 H32/H$72=0.14102325040851446 212948240 92261071 31 Retail Trade and Personnel Products 29216295 64034940 93251235 F33/ F$72=0.03988956498821742 3751614 H33/H$72=0.05521797056523424 97002849 18953852 32 Hotels and Restaurants (Tourism) (33+34+35) 9617728 63728852 73346580 F34/ F$72=0.03137506081901744 2299216 H34/H$72=0.03384091258085603 75645796 7659505 33 Hotels 6375757 49847691 56223448 F35/F$72=0.024050393357875236 1400169 H35/ H$72=0.020608327676662222 57623617 4532010 34 Restaurants 1635775 7173861 8809636 F36/F$72=0.0037684492623024216 346179 H36/H$72=0.0 050952208388981984 9155815 1043908 35 other Tourism 1606196 6707300 8313496 F37/F$72=0.0035562181988397857 552868 H37/H$72=0.0 0813736406529561 8866364 2083587 36 Transportation, Storage and Communication (37+38+...+43) 19612226 110328878 129941104 F38/F$72=0.05558418730485144 2296340 H38/H$72=0.03379858229758445 132237444 28337959 37 Railroad Transportation 193290 1108996 1302286 F39/F$72=5.570716787852269E-4 10028 H39/ EFTA01437418 H$72=1.4759669007210468E-4 1312314 262656 38 Road Transportation 1786512 14206955 15993467 F40/F$72=0.00684143691269515 8 345784 H40/H$72=0.005089407048254153 16339251 1187059 39 Road Haulage 3312153 13746418 17058571 F41/F$72=0.007297050559283435 4761 11 H41/H$72=0.0070076194362704266 17534682 2637850 40 Maritime Transportation 1975064 14187293 16162357 F42/F$72=0.00691368205380090 4 924314 H42/H$72=0.013604476165467429 17086671 1883299 41 Air Transportation 5124566 9433248 14557814 F43/F$72=0.006227315570023082 1605 9 H43/H$72=2.363637062094066E-4 14573873 7901136 42 Other Transportation Activities 2736803 33311834 36048637 F44/F$72=0.015420326 050889933 283838 H44/H$72=0.00417765749069466 36332475 7496626 43 Communication 4483838 24334134 28817972 F45/F$72=0.012327304479373705 2402 06 H45/H$72=0.0035354617606162724 29058178 6969333 44 Financial Intermediation (45+47+48+49) 17242220 42731136 59973356 F46/ F$72=0.02565447076088053 225304 H46/H$72=0.003316127309533853 60198660 47049607 45 Financial Institutions 15035423 29609848 44645271 F47/F$72=0.019097660 62584671 80949 H47/H$72=0.001191444402138692 44726220 27168979 46 Loans Extended to Banks* 19438095 9935518 29373613 F48/F$72=0.012564987 95648388 41875 H48/H$72=6.163354005553833E-4 29415488 24246929 47 Other Financial Instruments 1586945 10626333 12213278 F49/F$72=0.005224406 37381549 76665 H49/H$72=0.0011283905309511274 12289943 14280387 48 Insurance and Pension Excluding Compulsory Social Sec. Institutions 119757 369571 4893 28 F50/F$72=2.0931713190237592E-4 21871 H50/H$72=3.219073801921621E-4 511199 1738216 49 Other Financial Intermediation 500095 2125384 2625479 F51/F$72=0.0011230866293159558 4581 9 H51/H$72=6.743849962518712E-4 2671298 3862025 50 Real Estate Brokerage, Renting and Business Activities (51+52+53+54) 17803113 1138 99719 131702832 F52/F$72=0.05633779194662978 1847753 H52/H$72=0.027196073680773997 1335 50585 26757991 51 Real Estate Brokerage 1341132 28905978 30247110 F53/F$72=0.01293863893653270 1 693348 H53/H$72=0.010205012950549824 30940458 1754681 52 Rent (Vehicle, Machine, Device) 2397573 17539528 19937101 F54/F$72=0.0 08528383415148921 134226 H54/H$72=0.00197559965313306 20071327 1201974 53 Computer and Related Activities 1085474 2287826 3373300 F55/F$72=0.0014429778820061077 2603 71 H55/H$72=0.0038322594526090915 3633671 4586924 54 Research, Consulting, Advertising and Other Activities 12978934 65166387 7814 5321 F56/F$72=0.03342779171294205 759808 H56/H$72=0.011183201624482022 78905129 1921 4412 55 Defense and Public Administration And Social Security Institutions 828515 45218467 46046982 F57/F$72=0.019697262786924782 38660 H57/H$72=5.690155602500566E-4 46085642 9472038 56 Education 1751931 7802304 9554235 F58/F$72=0.00408696225787467 267630 H58/H$72=0.0 03939100734343576 9821865 983897 57 Health and Social Services 2287392 16370188 18657580 F59/F$72=0.007981049 794491896 435627 H59/H$72=0.006411757409856477 19093207 4480745 58 Other Services (59+60+61+62) 6081089 29243937 35325026 F60/F$72=0.015110790 975985144 920330 H60/H$72=0.013545837831477872 36245356 7389880 59 Arranging of Drainage and Waste 426787 970531 1397318 F61/F$72=5.977229917674119E-4 2138 7 H61/H$72=3.1478364684604137E-4 1418705 591710 60 Organizational Activities 631150 3394527 4025677 F62/F$72=0.001722041582753002 1812 2 H62/H$72=2.6672788367437984E-4 4043799 563841 61 Cultural, Entertainment and Sportive Activities 2017071 6892622 8909693 F63/F$72=0.003811250 091739437 220170 H63/H$72=0.003240562749618597 9129863 1929509 62 other Personel Services 3006081 17987207 20992338 F64/F$72=0.00897977630972529 2 660651 H64/H$72=0.009723763551338855 21652989 4304820 63 Private Person Employing Worker 172630 351808 524438 F65/F$72=2.2433594239573094E-4 4026 8 H65/H$72=5.926828396313833E-4 564706 653438 64 International Organizations and Institutions 919 2268 3187 F66/F$72=1.363285361 501635E-6 431 H66/H$72=6.343655107805856E-6 3618 85164 65 Individual Housing Credit 146701 196212065 196358766 F67/F$72=0.083995303 19746626 808990 H67/H$72=0.011907084792723571 197167756 0 66 Individual Automobile Credit 260818 7117663 7378481 F68/F$72=0.003156252004210212 2024 28 H68/H$72=0.0029794278797283615 7580909 0 67 Individual Credit-Other 19839837 192132809 211972646 F69/F$72=0.090674366 2788102 10132984 H69/H$72=0.1491418925960905 222105630 0 68 Credit Cards** 118660222 4072152 122732374 F70/F$72=0.052500548746954465 6940 512 H70/H$72=0.10215362969741958 129672886 203068401 69 other 5723673 25148577 30872250 F71/F$72=0.01320605161644771 2370088 H71/ H$72=0.03488403908851361 33242338 50277673 70 TOTAL 5.9773953E8 1.73999554E9 2.33773507E9 F72/F$72=1 67941903 H72/ H$72=1 2.405676973E9 9.27464435E8 EFTA01437419 FX loans 1Q18 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi TRL Loans 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Loans'!$BH$9=134151.96 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=147845.886 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=148284.093 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=148967.893 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans' !$BH$9=137593.37 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KRED I MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=122529.949 FX Loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Loans'!$BH$10=62606.30800000002 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$10=66836.007 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lo wer NIM.xlsxjLoans'!$BH$10=67099.896 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$10=95722.932 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans' !$BH$10=57540.748 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KRED I MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$10=73950.749 Total Loans 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Loans'!$BH$8=196758.268 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$8=214681.89299999998 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lo wer NIM.xlsxjLoans'!$BH$8=215383.989 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$8=244690.825 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans' !$BH$8=195134.118 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KRED I MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$8=196480.69799999997 1Q18 Breakdown Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi TRL Loans C4/C$6=0.6818110433864969 D4/D$6=0.6886742236803363 E4/E$6=0.68846386255 75831 F4/F$6=0.6088004852654365 G4/G$6=0.705122053540632 H4/H$6=0.6236233393266957 AVERAGE(C11:H11)=0.6660825012928634 FX Loans C5/C$6=0.3181889566135031 D5/D$6=0.31132577631966385 ES/E$6=0.31153613744 24168 F5/F$6=0.3911995147345635 G5/G$6=0.29487794645936805 H5/H$6=0.37637666067330444 AVERAGE(C12:H12)=0.33391749870713666 Total Loans C6/C$6=1 D6/D$6=1 E6/E$6=1 F6/F$6=1 G6/G$6=1 H6/H $6=1 AVERAGE(C13:H13)=1 USDmn Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi FX loans USD mn C5/Main!$I$2=12908.517113402067 D5/Main!$I$2=13780.62 E5/Main!$I$2=13835.030103092 784 F5/Main!$I$2=19736.68701030928 G5/Main!$I$2=11864.07175257732 H5/Main!$I$2=15247.577113402 062 USDmn FX loans USD mn Isbank 19736.68701030928 Yapi Kredi 15247.577113402062 Halkbank 13835.030103092784 Garanti 13780.62 Akbank 12908.517113402067 Vakifbank 11864.07175257732 Chart 1 Chart 2 Chart 3 EFTA01437420 Sensit CoR Coverage 0.25 0.30 0.30 0.25 0.30 0.35 USD/TRY 4.85 OTAS exposure (USDm) 1500 950 160 500 180 200 LOANS OTAS exposure (TRYm) M2*$U$1=7274.999999999999 N2*$U$1=4607.50 02*$U$1=776 P2*$ U$1=2425 Q2*$U$1=872.9999999999999 R2*$U$1=969.9999999999999 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751 D5+N3=184550.336 E5+03=208794.025 F5+P3=227872.282 G5+Q3=190067.53 H5+R3=190176.167 SUM(M5:R5)=1186219.091 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 2 C6-M3=14503. 338000000003 D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002 G6-Q3=5333.214 H6-R 3=7697.639999999999 SUM(M6:R6)=86104.52200000001 Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Stage 3 C7=4046.342 D7=5633.32 E7=6264.786 F7=5799.235 G7=7945.146 H7=8617.858 SUM(M7:R7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:67)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( CB:H8)=1310630.30 Total SUM(M5:M7)=203308.43099999998 SUM(N5:N7)=223051.48400000003 SUM( 05:07)=222150.67899999997 SUM(P5:P7)=252282.15099999998 SUM(Q5:Q7)=203345.89 SUM(R5:R7)=2 06491.66499999998 SUM(M8:R8)=1310630.30 COVERAGE COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stag e 1 C12+(M3*0.01)=708.687 D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67 F12+(p3*0.01 )=1612.427 G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40 SUM(M12:R12)=7490.946 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 stage 2 C13-(M3*M1)=965.1060000000004 D13-(N3*N1)=2237.825 E13-(03*01)=551.816 F13-(P3*P1)=1239.098 G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001 SUM(M13:R13) =5749.3240000000005 Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Stage 3 C14=3130.372 D14=3963.228 E14=4978.164 F14=4157.801 G14=6201.91 H14=7386.565 SUM(M14:R14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:G14)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total SUM( M12:M14)=4804.165000000001 SUM(N12:N14)=7063.41 SUM(012:014)=6541.65 SUM(P12:P14)=7009.32 6 SUM(Q12:Q14)=7958.598 SUM(R12:R14)=9681.161 SUM(M15:R15)=43058.31 % in gross loans % in gross loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C$8=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 15/I $8=0.8921605055216563 Stage 1 M5/M$8=0.9087608914752778 N5/N$8=0.8273889628100389 05/0 $8=0.9398757003123993 P5/P$8=0.9032437732782769 Q5/Q$8=0.934700622668105 R5/R$8=0.920 9871352434492 S5/S$8=0.9050752840064814 Stage 2 C6/C$8=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G$8=0.030520479169753565 H6/H$8=0.041975737858474825 16/I $8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677 N6/N$8=0.14735534330719807 06/0 $8=0.03192368365437227 P6/P$8=0.07376912685352839 06/Q88=0.026227301668108462 R6/R$8=0.037 27821168956142 S6/S$8=0.06569703294666697 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I $8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486 N7/N$8=0.025255693882762956 07/0 $8=0.02820061603322851 P7/P$8=0.022987099868194798 Q7/Q$8=0.03907207566378646 R7/R$8=0.041 73465306698942 S7/S$8=0.029227683046851582 Total C8/C$8=1 DB/D$8=1 E8/E$8=1 F8/F58=1 G8/G$8=1 H8/H$8=1 I8/I$8=1 Total M8/M$8=1 N8/N$8=1 08/058=1 PB/P$8=1 Q8/Q$8=1 R8/R$8=1 S8/S$8=1 COVERAGE RATIO Earnings impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 2 prov isions (base) 14503.338000000003 32867.828 7091.868 18610.634000000002 5333 .214 7697.639999999999 56=86104.52200000001 AKBANK AKBANK Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 I12/ 15=0.0062616329363195285 Stage 3 provisions (base) 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 38306.687000000005 CoR (net) % of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps) '1 of Stage 2 loans transferr ed to Stage 3 loans Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 I13/ 16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3 $T$27*M25=0 $T$27*N25=0 $T$27*025=0 $T$27*P25=0 $T$27*Q25=0 $T$27*R25=0 $T$27*525=0 0 Loan growth (ppt change from base) $M$50=0.008943622377209748 AA27-0.05=-0.15000000000000002 AB27-0.05=-0 .10 -0.05 0 0.05 AD27+0.05=0.10 0.20 0.30 0.40 0.50 0.60 $M$50=0.0089 43622377209748 A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05 0 0.05 AR27+0.05=0. EFTA01437421 10 0.20 0.30 0.40 0.50 0.60 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 I14/17=0.778 4029978891152 Coverage of new Stage 3 loans (70%) M27*0.7=0 N27*0.7=0 027*0.7=0 P27*0.7=0 Q27*0.7=0 R27*0.7=0 S27*0.7=0 0.20 (=TABLE(127,146))=-0.0180427 13505253997 (=TABLE(127,T46))=-0.009544136120944397 (=TABLE(T27,146))=-0.0010455587366348038 (=TABLE(127,146))=0.007453018647674789 (=TABLE(127,T46))=0.015951596031984386 (=TABLE(T27,146))=0. 024450173416293977 (=TABLE(127,146))=0.04144732818491317 (=TABLE(T27,T46))=0.0584444829535323 5 (=TABLE(T27,146))=0.07544163772215155 (=TABLE(127,146))=0.09243879249077074 (=TABLE(T27, 146))=0.10943594725938992 0.20 (228-$AC$32)*10000=-269.86335882463743 (AA28-$AC$32)*10000= -184.87758498154142 (AB28-$AC$32)*10000=-99.89181113844552 (AC28-$AC$32)*10000=-14.906037295349 586 (AD28-$AC$32)*10000=70.07973654774638 (AE28-$AC$32)*10000=155.0655103908423 (AF28-$AC$32 )*10000=325.0370580770342 (AG28-$AC$32)*10000=495.008605763226 (AH28-$AC$32)*10000=664.9801 53449418 (A128-$AC$32)*10000=834.9517011356098 (AJ28-$AC$32)*10000=1004.9232488218017 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Stage 3 provisions (new) M28+M26=4046.342 N28+ N26=5633.32 028+026=6264.786 P28+P26=5799.235 Q28+Q26=7945.146 R28+R26=8617 .858 528+526=38306.687000000005 0.15 (=TABLE(127,146))=-0.018827179309830258 (=TABLE(T27, 146))=-0.009959098560985459 (=TABLE(T27,146))=-0.001091017812140665 (=TABLE(127,146))=0.00777706 2936704129 (=TABLE(127,T46))=0.016645143685548924 (=TABLE(T27,T46) 1=0.025513224434393716 (=TA BLE(T27,146))=0.04324938593208331 (=TABLE(127,T46))=0.06098554742977289 (=TABLE(T27,146))=0. 0787217089274625 (=TABLE(127,146))=0.09645787042515208 (=TABLE(T27,T46))=0.1141940319228416 7 0.15 (229-$AC$32)*10000=-277.70801687040006 (AA29-$AC$32)*10000=-189.02720938195208 (AB2 9-$AC$32)*10000=-100.34640189350414 (AC29-$AC$32)*10000=-11.665594405056192 (AD29-$AC$32)*10000= 77.01521308339177 (AE29-$AC$32)*10000=165.69602057183968 (AF29-$AC532)*10000=343.057635548735 6 (AG29-$AC$32)*10000=520.4192505256315 (AH29-$AC$32)*10000=697.7808655025275 (A129-$AC532 )*10000=875.1424804794233 (AJ29-$AC$32)*10000=1052.5040954563192 Net profit (base) 6405.467516045113 7118.518599790241 3809.28613779219 6242 .064735470831 3822.804240772133 3853.9025619301465 SUM(M30:R30)=31252.043791800654 0.10 (=TABLE(127,146))=-0.019682960187549812 (=TABLE(T27,T46))=-0.010411784859212068 (=TABLE(T27,146))=-0 .0011406095308743314 (=TABLE(127,146))=0.008130565797463405 (=TABLE(T27,T46))=0.0174017411258011 46 (=TABLE(T27,146))=0.02667291645413888 (=TABLE(127,146))=0.04521526711081436 (=TABLE(T27, 146))=0.06375761776748982 (=TABLE(T27,146))=0.08229996842416533 (=TABLE(127,146))=0.10084231 908084079 (=TABLE(127,T46))=0.11938466973751627 0.10 (230-$AC$32)*10000=-286.265825647595 6 (AA30-$AC$32)*10000=-193.55407236421817 (AB30-$AC$32)*10000=-100.8423190808408 (AC30-$AC$32 )*10000=-8.130565797463424 (AD30-$AC$32)*10000=84.58118748591397 (AE30-$AC$32)*10000=177.2929 4076929133 (AF30-$AC$32)*10000=362.71644733604614 (AG30-$AC$32)*10000=548.1399539028008 (AH3 0-$AC$32)*10000=733.5634604695558 (A130-$AC532)*10000=918.9869670363105 (AJ30-$AC$32)*10000= 1104.4104736030652 Expected provision expenses Net profit (new) - TRYmn M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04 ))=6405.467516045113 N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241 030-(028*0.8 )+((048-046)*(0.8)*(0.04))=3809.28613779219 P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547 0831 030-(Q28*0.8)+C(Q48-Q46)*(0.8)*(0.04))=3822.804240772133 R30-(R28*0.8)+((R48-R46)*(0. 8)*(0.04))=3853.9025619301465 S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654 0.05 (=TABLE(127,146))=-0.020620244006004564 (=TABLE(T27,T46))=-0.010907584138222166 (=TABLE(T27,146))=-0 .0011949242704397756 (=TABLE(127,146))=0.008517735597342615 (=TABLE(T27,T46))=0.0182303954651250 08 (=TABLE(T27,146))=0.027943055332907397 (=TABLE(127,146))=0.047368375068472184 (=TABLE(T27, 146))=0.06679369480403696 (=TABLE(T27,146))=0.08621901453960176 (=TABLE(127,146))=0.10564433 427516655 (=TABLE(127,T46))=0.12506965401073133 0.05 (231-$AC$32)*10000=-295.638663832143 1 (AA31-$AC$32)*10000=-198.51206515431915 (AB31-$AC$32)*10000=-101.38546647649522 (AC31-$AC532 )*10000=-4.25886779867133 (AD31-$AC$32)*10000=92.8677308791526 (AE31-$AC$32)*10000=189.9943 295569765 (AF31-$AC$32)*10000=384.2475269126244 (AG31-$AC$32)*10000=578.5007242682722 (AH3 1-$AC$32)*10000=772.7539216239202 (A131-$AC532)*10000=967.007118979568 (AJ31-$AC$32)*10000= 1161.260316335216 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Change in ne t profit from base M31/M30-1=0 N31/N30-1=0 031/030-1=0 P31/P30-1=0 Q31/Q30-1=0 R31/R30-1=0 531/530-1=0 0 (=TABLE(127,T46))=-0.021651256206304793 (=TABLE(T27,146))=-0 .011452963345133276 (=TABLE(127,146))=-0.0012546704839617646 (=TABLE(127,146))=0.00894362 2377209748 (=TABLE(127,T46))=0.01914191523838126 (=TABLE(T27,146))=0.029340208099552772 (=TA BLE(T27,146))=0.049736793821895796 (=TABLE(127,T46))=0.07013337954423882 (=TABLE(T27,T46) 1=0. 09052996526658186 (=TABLE(127,146))=0.11092655098892489 (=TABLE(T27,T46))=0.1313231367112679 0 (Z32-5AC$32)*10000=-305.94878583514543 (AA32-$AC$32)*10000=-203.96585722343025 (AB32-$AC$32 )*10000=-101.98292861171512 (AC32-$AC$32)*10000=0 (AD32-$AC$32)*10000=101.98292861171514 (AE3 2-$AC$32)*10000=203.96585722343025 (AF32-$AC532)*10000=407.9317144468605 (AG32-$AC$32)*10000= 611.8975716702906 (AH32-$AC$32)*10000=815.8634288937211 (A132-$AC$32)*10000=1019.82928611715 14 (AJ32-$AC$32)*10000=1223.7951433405817 ROE (base) M30/M$56=0.14227070975751668 N30/N$56=0.15379565842592643 030/0556=0.133239279 64267931 P30/P$56=0.13031433781764779 Q30/Q$56=0.14460043618259225 R30/R556=0.102203593 17283423 530/S$56=0.1347398172027409 -0.05 (=TABLE(T27,146))=-0.022790796006636627 (=TA BLE(T27,146))=-0.012055750889613977 (=TABLE(127,T46))=-0.0013207057725913311 (=TABLE(T27, T46))=0.009414339344431314 (=TABLE(T27,146))=0.02014938446145396 (=TABLE(127,146))=0.03088442 9578476605 (=TABLE(127,T46))=0.0523545198125219 (=TABLE(T27,146))=0.07382461004656718 (=TA BLE(T27,146))=0.0952947002806125 (=TABLE(127,T46))=0.11676479051465778 (=TABLE(T27,T46) 1=0. 13823488074870308 -0.05 (Z33-5AC$32)*10000=-317.3441838384637 (AA33-$AC$32)*10000=-209.993 73266823724 (AB33-$AC532)*10000=-102.6432814980108 (AC33-$AC$32)*10000=4.707169672215662 (AD3 3-$AC$32)*10000=112.05762084244213 (AE33-$AC532)*10000=219.40807201266858 (AF33-$AC$32)*10000= 434.10897435312154 (AG33-$AC$32)*10000=648.8098766935743 (AH33-$AC532)*10000=863.510779034027 6 (A133-$AC$32)*10000=1078.2116813744803 (AJ33-$AC$32)*10000=1292.9125837149334 EFTA01437422 ROE (new) M31/M$56=0.14227070975751668 N31/N$56=0.15379565842592643 031/0556=0.133239279 64267931 P31/P$56=0.13031433781764779 Q31/Q$56=0.14460043618259225 R31/R556=0.102203593 17283423 S31/S$56=0.1347398172027409 -0.10 (=TABLE(T27,T46))=-0.024056951340338664 (=TA BLE(T27,T46))=-0.012725514827925864 (=TABLE(T27,T46))=-0.0013940783155130718 (=TABLE(T27, T46))=0.009937358196899719 (=TABLE(T27,T46))=0.021268794709312512 (=TABLE(T27,T46)]=0.03260023 1221725305 (=TABLE(T27,T46))=0.05526310424655089 (=TABLE(T27,T46))=0.07792597727137647 (=TA BLE(T27,T46))=0.10058885029620207 (=TABLE(T27,T46))=0.12325172332102766 (=TABLE(T27,T46))=0. 14591459634585324 -0.10 (Z34-5AC$32)*10000=-330.00573717548417 (AA34-$AC$32)*10000=-216.691 37205135613 (AB34-$AC532)*10000=-103.3770069272282 (AC34-$AC$32)*10000=9.937358196899712 (AD3 4-$AC$32)*10000=123.25172332102764 (AE34-$AC532)*10000=236.56608844515557 (AF34-$AC$32)*10000= 463.19481869341143 (AG34-$AC$32)*10000=689.8235489416672 (AH34-$AC532)*10000=916.452279189923 3 (A134-$AC$32)*10000=1143.081009438179 (3034-$AC$32)*10000=1369.709739686435 Change in ROE from base (M34-M33)=0 (N34-N33)=0 (034-033)=0 (P34-P33)=0 (Q34-Q33)=0 (R34-R33)=0 (534-533)=0 -0.15 (=TABLE(T27,T46))=-0.025472066125064464 (=TABLE(T27,T46))=-0 .013474074523686206 (=TABLE(T27,246))=-0.0014760829223079582 (=TABLE(T27,T46))=0.01052190 8679070291 (=TABLE(T27,T46))=0.022519900280448542 (=TABLE(T27,T46))=0.03451789188182679 (=TA BLE(T27,T46))=0.05851387508458329 (=TABLE(T27,T46))=0.08250985828733978 (=TABLE(T27,T46))=0. 10650584149009631 (=TABLE(T27,246)]=0.1305018246928528 (=TABLE(T27,T46))=0.1544978078956093 -0.15 (Z35-$AC$32)*10000=-344.1568850227421 (AA35-$AC$32)*10000=-224.17696900895956 (AB35-$AC532 )*10000=-104.19705299517706 (AC35-$AC$32)*10000=15.782863018605434 (AD35-$AC$32)*10000=135.7627 7903238795 (AE35-$AC$32)*10000=255.74269504617038 (AF35-$AC$32)*10000=495.70252707373544 (AG3 5-$AC$32)*10000=735.6623591013004 (AH35-$AC532)*10000=975.6221911288657 (A135-$AC$32)*10000= 1215.5820231564305 (AJ35-$AC$32)*10000=1455.5418551839955 -0.20 (=TABLE(T27,T46))=-0.02706407025788099 (=TABLE(T27,T46))=-0.014316204181416594 (=TABLE(T27, T46))=-0.0015683381049522054 (=TABLE(T27,T46))=0.011179527971512183 (=TABLE(T27,T46))=0.02392739 4047976575 (=TABLE(T27,T46))=0.03667526012444096 (=TABLE(T27,T46))=0.06217099227736975 (=TA BLE(T27,T46))=0.08766672443029852 (=TABLE(T27,T46))=0.11316245658322732 (=TABLE(T27,T46))=0. 1386581887361561 (=TABLE(T27,T46))=0.16415392088908487 -0.20 (Z36-$AC532)*10000=-360.0769 263509074 (AA36-$AC532)*10000=-232.59826558626344 (AB36-$AC$32)*10000=-105.11960482161953 (AC3 6-$AC$32)*10000=22.35905594302435 (AD36-$AC532)*10000=149.83771670766828 (AE36-$AC$32)*10000= 277.3163774723121 (AF36-$AC$32)*10000=532.2736990016 (AG36-$AC532)*10000=787.231020530887 7 (AH36-$AC$32)*10000=1042.1883420601757 (A136-$AC$32)*10000=1297.1456635894635 (AJ36-$AC$32 *10000=1552.1029851187511 Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C37:H37)=858.279 COR impact Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TABLE(T27, T46))=-0.028868341608406393 (=TABLE(T27,T46))=-0.015270617793511035 (=TABLE(T27,T46))=-0.0016728 93978615686 (=TABLE(T27,T46))=0.011924829836279663 (=TABLE(T27,T46))=0.025522553651175017 (=TA BLE(T27,T46))=0.039120277466070365 (=TABLE(T27,T46))=0.06631572509586106 (=TABLE(T27,T46))=0. 09351117272565176 (=TABLE(T27,T46))=0.1207066203554425 (=TABLE(T27,T46))=0.1479020679852331 7 (=TABLE(T27,T46))=0.17509751561502387 -0.25 (Z37-5AC$32)*10000=-378.1196398561614 (AA3 7-$AC$32)*10000=-242.14240170720782 (AB37-$AC532)*10000=-106.16516355825435 (AC37-$AC$32)*10000= 29.812074590699154 (AD37-$AC$32)*10000=165.7893127396527 (AE37-$AC532)*10000=301.766550888606 16 (AF37-$AC$32)*10000=573.7210271865131 (AG37-$AC$32)*10000=845.6755034844201 (AH37-$AC532 )*10000=1117.6299797823274 (A137-$AC$32)*10000=1389.5844560802343 (AJ37-$AC$32)*10000=1661.538 9323781412 Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C38:H38)=1751.946 Stage 2 loans % in 1 oans (base) M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769 12685352839 Q20=0.026227301668108462 R20=0.03727821168956142 S20=0.06569703294666697 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan s % in loans (base) M21=0.019902480089475486 N21=0.025255693882762956 021=0.028200 61603322851 P21=0.022987099868194798 Q21=0.03907207566378646 R21=0.04173465306698942 S21= 0.029227683046851582 Total SUM(C37:C39)=698.1659999999999 SUM(D37:D39)=1616.995 SUM(E37:E39)=392.371 SUM(F37:F39) =1127.6619999999998 SUM(G37:G39)=1283.114 SUM(H37:H39)=813.327 SUM(C40:H40)=5931.635 Stag e 2 loans % in loans (new) (M6-M27)/M$8=0.07133662843524677 (N6-N27)/N$8=0.1473553433071 9807 (06-027)/0$8=0.03192368365437227 (P6-P27)/P$8=0.07376912685352839 (Q6-Q27)/Q$8 =0.026227301668108462 (R6-R27)/R$8=0.03727821168956142 (S6-527)/S$8=0.06569703294666697 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 1 11:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]C0R'!$AH513/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]C0R'!$AN513/1000=204895.8715 SUM(C41:H41) =1285905.969 Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486 (N7+N27)/N$8 =0.025255693882762956 (07+027)/058=0.02820061603322851 (P7+P27)/P$8=0.022987099868194798 (Q7+Q27)/Q$8=0.03907207566378646 (R7+R27)/R$8=0.04173465306698942 (57+5271/S58=0.02922 7683046851582 GARANTI GARANTI Stage 1 credit impairments C37=53.916 D37=379.957 E37=96.532 F37=7.40 G37= 167.354 H37=153.12 137=858.279 COR (net) % of Stage 2 loans transferred to Stage 3 lo ans CoR: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans COR (gross) Stage 2 credit impairments C38=246.51 D38=748.876 E38=19.004 F38= 588.762 G38=78.11 H38=70.684 138=1751.946 Loan growth (ppt change from base) $N$5 0=0.013768024443224555 AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05 0 0.05 AD43 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 $N$50=0.013768024443224555 A043-0.05=-0 .15000000000000002 AP43-0.05=-0.10 -0.05 0 0.05 AR43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 EFTA01437423 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 3 cred it impairments (new) M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 028+G39=1037 .65 R28+H39=589.523 S28+139=3321.4100000000003 0.20 (=TABLE(T27,T46))=-0.040833388995380 62 (=TABLE(T27,T46))=-0.023397808096024694 (=TABLE(T27,T46))=-0.0059622271966687825 (=TA BLE(T27,T46))=0.01147335370268713 (=TABLE(T27,T46))=0.02890893460204304 (=TABLE(T27,T46))=0. 04634451550139895 (=TABLE(T27,T46))=0.08121567730011078 (=TABLE(T27,T46))=0.1160868390988226 1 (=TABLE(T27,T46))=0.15095800089753444 (=TABLE(T27,T46))=0.18582916269624625 (=TABLE(T27, T46))=0.22070032449495808 0.20 (244-$AC$48)*10000=-546.0141343860519 (AA44-$AC$48)*10000= -371.65832539249254 (AB44-$AC$48)*10000=-197.30251639893336 (AC44-$AC$48)*10000=-22.946707405374 25 (AD44-$AC$48)*10000=151.40910158818485 (AE44-$AC$48)*10000=325.76491058174395 (AF44-$AC$48 )*10000=674.4765285688622 (AG44-$AC$48)*10000=1023.1881465559806 (AH44-$AC$48)*10000=1371.899 7645430989 (A144-$AC$48)*10000=1720.6113825302168 (AJ44-$AC$48)*10000=2069.323000517335 Stage 1 C37/C$41*4=0.0010832011970582677 D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922 083402650082 F37/F$41*4=1.1866424843093242E-4 G37/G$41*4=0.0033964737286702467 H37/ H$41*4=0.0029892256760283235 137/1$41*4=0.002669803300368691 Recoveries C49=253 D49=860 E49= 188 F49=432 G49=446 H49=330 149=2509 0.15 (=TABLE(T27,T46))=-0.042608753734310216 (=TA BLE(T27,T46))=-0.024415104100199682 (=TABLE(T27,T46))=-0.006221454466089164 (=TABLE(T27,T46) 1=0. 011972195168021353 (=TABLE(T27,T46))=0.03016584480213187 (=TABLE(T27,T46))=0.0483594944362423 85 (=TABLE(T27,T46))=0.08474679370446342 (=TABLE(T27,T46))=0.12113409297268446 (=TABLE(T27, T46))=0.1575213922409055 (=TABLE(T27,T46))=0.1939086915091265 (=TABLE(T27,T46))=0.23029599 077734755 0.15 (Z45-$AC$48)*10000=-563.7677817753477 (AA45-$AC$48)*10000=-381.83128543424 23 (AB45-$AC$48)*10000=-199.8947890931372 (AC45-$AC$48)*10000=-17.958292752032012 (AD45-$AC$48 )*10000=163.97820358907313 (AE45-$AC$48)*10000=345.91469993017836 (AF45-$AC$48)*10000=709.7876 926123886 (AG45-$AC$48)*10000=1073.660685294599 (AH45-$AC$48)*10000=1437.5336779768095 (AI4 5-$AC$48)*10000=1801.4066706590195 (AJ45-$AC$48)*10000=2165.27966334123 Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294 E-4 F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307 H38/H$41*4=0.0013799 009122543496 138/1$41*4=0.005449686189301761 Gross loans (base) C41=199098.746 D41=219928.4 3 E41=215448.166 F41=249443.2855 G41=197091.47 H41=204895.8715 141=1285905.969 0 0.10 (=TABLE(T27,T46))=-0.04454551526768794 (=TABLE(T27,T46))=-0.025524881559299665 (=TABLE(T27,T46))=-0 .006504247850911398 (=TABLE(T27,T46))=0.012516385857476867 (=TABLE(T27,T46))=0.0315370195658651 3 (=TABLE(T27,T46))=0.05055765327425339 (=TABLE(T27,T46))=0.08859892069102993 (=TABLE(T27, T46))=0.12664018810780647 (=TABLE(T27,T46))=0.164681455524583 (=TABLE(T27,T46))=0.20272272 29413595 (=TABLE(T27,T46))=0.24076399035813606 0.10 (246-$AC$48)*10000=-583.135397109124 9 (AA46-$AC$48)*10000=-392.92906002524217 (AB46-$AC$48)*10000=-202.72272294135954 (AC46-$AC$48 )*10000=-12.516385857476875 (AD46-$AC$48)*10000=177.68995122640578 (AE46-$AC$48)*10000=367.8962 8831028836 (AF46-$AC$48)*10000=748.3089624780537 (AG46-$AC$48)*10000=1128.7216366458192 (AH4 6-$AC$48)*10000=1509.1343108135843 (A146-$AC$48)*10000=1889.5469849813496 (AJ46-$AC$48)*10000= 2269.959659149115 Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592 172 F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932 899 139/I$41*4=0.010331735228145598 Change in loan growth $T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4 6=0 $T$46=0 $T$46=0 0.05 (=TABLE(T27,T46))=-0.046666730280435 (=TABLE(T27,T46))=-0.0267403 5210974251 (=TABLE(T27,T46))=-0.0068139739390500375 (=TABLE(T27,T46))=0.0131124042316424 34 (=TABLE(T27,T46))=0.033038782402334904 (=TABLE(T27,T46))=0.05296516057302737 (=TABLE(T27, T46))=0.09281791691441231 (=TABLE(T27,T46))=0.13267067325579726 (=TABLE(T27,T46))=0.17252342 959718223 (=TABLE(T27,T46))=0.21237618593856714 (=TABLE(T27,T46))=0.2522289422799521 0.05 (Z47-$AC$48)*10000=-604.3475472365956 (AA47-$AC$48)*10000=-405.0837655296706 (AB47-$AC$48)*10000= -205.8199838227459 (AC47-$AC$48)*10000=-6.556202115821208 (AD47-$AC$48)*10000=192.707579591103 5 (AE47-$AC$48)*10000=391.97136129802817 (AF47-$AC$48)*10000=790.4989247118775 (AG47-$AC$48 )*10000=1189.026488125727 (AH47-$AC$48)*10000=1587.5540515395767 (AI47-$AC$48)*10000=1986.081 6149534257 (AJ47-$AC$48)*10000=2384.609178367275 Total SUM(C45:C47)=0.014026527319262974 SUM(D45:D47)=0.029409476528341517 SUM(E45:E47) =0.0072847405904583095 SUM(F45:F47)=0.018082859961367853 SUM(G45:G47)=0.02604098492948477 SUM(H45:H47)=0.015877860184215574 SUM(145:I47)=0.018451224717816052 Gross loans (new) M46*(1+M47)=199098.746 N46*(1+N47)=219928.43 046*(1+047)=215448.166 P46*(1+P47)=249443.2855 046* (1+Q47)=197091.47 R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0 (=TABLE(T27,T46))=-0 .049000066794456745 (=TABLE(T27,T46))=-0.028077369715229634 (=TABLE(T27,T46))=-0.007154672636002 539 (=TABLE(T27,T46))=0.013768024443224555 (=TABLE(T27,T46))=0.03469072152245165 (=TABLE(T27, T46))=0.05561341860167874 (=TABLE(T27,T46))=0.09745881276013293 (=TABLE(T27,T46))=0.13930420 691858714 (=TABLE(T27,T46))=0.1811496010770413 (=TABLE(T27,T46) 1=0.22299499523549549 (=TA BLE(T27,T46))=0.26484038939394966 0 (Z48-$AC$48)*10000=-627.680912376813 (AA48-$AC$48 )*10000=-418.4539415845419 (AB48-$AC$48)*10000=-209.22697079227095 (AC48-$AC$48)*10000=0 (AD4 8-$AC$48)*10000=209.22697079227098 (AE48-$AC$48)*10000=418.4539415845419 (AF48-$AC$48)*10000= 836.9078831690838 (AG48-$AC$48)*10000=1255.3618247536258 (AH48-$AC$48)*10000=1673.81576633816 76 (A148-$AC$48)*10000=2092.269707922709 (AJ48-$AC$48)*10000=2510.723649507251 Recoveries 253 860 188 432 446 330 SUM(C49:H49)=2509 COR (net), B ase C57=0.008943622377209748 D57=0.013768024443224555 E57=0.0037943418836064724 F57=0.011155433566480983 G57=0.01698935017329771 H57=0.009435563468637288 157=0.010646 610506557188 -0.05 (=TABLE(T27,T46))=-0.05157901767837552 (=TABLE(T27,T46))=-0.029555126016031 19 (=TABLE(T27,T46))=-0.007531234353686883 (=TABLE(T27,T46))=0.014492657308657427 (=TABLE(T27, T46))=0.03651654897100173 (=TABLE(T27,T46))=0.05854044063334604 (=TABLE(T27,T46))=0.10258822 395803466 (=TABLE(T27,T46))=0.14663600728272327 (=TABLE(T27,T46) 1=0.19068379060741192 (=TA BLE(T27,T46))=0.2347315739321005 (=TABLE(T27,T46))=0.27877935725678915 -0.05 (249-$AC$48) *10000=-653.4704212160007 (AA49-$AC$48)*10000=-433.2315045925575 (AB49-$AC$48)*10000=-212.992 58796911437 (AC49-$AC$48)*10000=7.246328654328723 (AD49-$AC$48)*10000=227.48524527777178 (AE4 9-$AC$48)*10000=447.7241619012148 (AF49-$AC$48)*10000=888.201995148101 (AG49-$AC$48)*10000= 1328.6798283949872 (AH49-$AC$48)*10000=1769.1576616418736 (A149-$AC$48)*10000=2209.63549488875 97 (AJ49-$AC$48)*10000=2650.113328135646 EFTA01437424 COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748 (N42+N43+N44-N45)/N48*4=0.0137680244 43224555 (042+043+044-045)/048*4=0.0037943418836064724 (P42+P43+P44-P45)/P48*4=0.0111554335 66480983 (Q42+043+044-Q45)/Q48*4=0.01698935017329771 (R42+R43+R44-R45)/R48*4=0.0094355634 68637288 (S42+543+544-S45)/S48*4=0.010646610506557188 -0.10 (=TABLE(T27,246))=-0.0544445 1866050749 (=TABLE(T27,T46))=-0.031197077461366258 (=TABLE(T27,T46))=-0.007949636262225043 (=TA BLE(T27,T46))=0.015297804936916171 (=TABLE(T27,T46))=0.038545246136057386 (=TABLE(T27,T46) 1=0. 0617926873351986 (=TABLE(T27,246)1=0.10828756973348103 (=TABLE(T27,T46))=0.1547824521317634 8 (=TABLE(T27,T46) 1=0.2012773345300459 (=TABLE(T27,T46)1=0.24777221692832832 (=TABLE(T27, T46)]=0.29426709932661077 -0.10 (250-$AC$48)*10000=-682.1254310373205 (AA50-$AC$48)*10000= -449.65101904590813 (AB50-$AC$48)*10000=-217.17660705449597 (AC50-$AC$48)*10000=15.2978049369161 67 (AD50-$AC$48)*10000=247.7722169283283 (AE50-$AC$48)*10000=480.2466289197405 (AF50-$AC$48 )*10000=945.1954529025646 (AG50-$AC$48)*10000=1410.1442768853892 (AH50-$AC$48)*10000=1875.093 1008682135 (A150-$AC$48)*10000=2340.0419248510375 (AJ50-$AC$48)*10000=2804.990748833862 COR (net) Change in COR from base (bps) (M50-M49)*100=0 (N50-N49)*100=0 (050-049)*100=0 (P50 -P49)*100=0 (Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15 (=TABLE(T27,T46))=-0.0576471 3740524323 (=TABLE(T27,T46))=-0.03303219966497604 (=TABLE(T27,T46))=-0.008417261924708869 (=TA BLE(T27,T46))=0.0161976758155583 (=TABLE(T27,T46))=0.04081261355582547 (=TABLE(T27,T46) 1=0. 06542755129609264 (=TABLE(T27,T46)1=0.11465742677662696 (=TABLE(T27,T46))=0.1638873022571613 (=TABLE(T27,T46)1=0.21311717773769567 (=TABLE(T27,T46))=0.26234705321823 (=TABLE(T27,T46))=0. 3115769286987643 -0.15 (Z51-$AC$48)*10000=-714.1516184846779 (AA51-$AC$48)*10000=-468.002 24108200587 (AB51-$AC$48)*10000=-221.85286367933426 (AC51-$AC$48)*10000=24.29651372333745 (AD5 1-$AC$48)*10000=270.44589112600914 (AE51-$AC$48)*10000=516.5952685286808 (AF51-$AC$48)*10000= 1008.894023334024 (AG51-$AC$48)*10000=1501.1927781393674 (AH51-$AC$48)*10000=1993.49153294471 13 (A151-$AC$48)*10000=2485.790287750054 (AJ51-$AC$48)*10000=2978.0890425553976 -0.20 (=TABLE(T27,T46) 1=-0.06125008349307093 (=TABLE(T27,T46))=-0.03509671214403704 (=TABLE(T27, T46))=-0.008943340795003174 (=TABLE(T27,T46) 1=0.017210030554030694 (=TABLE(T27,T46)1=0.04336340 1903064556 (=TABLE(T27,T46))=0.06951677325209842 (=TABLE(T27,T46))=0.12182351595016615 (=TA BLE(T27,T46))=0.1741302586482339 (=TABLE(T27,T46))=0.22643700134630163 (=TABLE(T27,T46) 1=0. 27874374404436936 (=TABLE(T27,T46)1=0.3310504867424371 -0.20 (Z52-$AC$48)*10000=-750.1810 793629548 (AA52-$AC$48)*10000=-488.6473658726159 (AB52-$AC$48)*10000=-227.11365238227725 (AC5 2-$AC$48)*10000=34.4200611080614 (AD52-$AC$48)*10000=295.9537745984 (AE52-$AC$48)*10000= 557.4874880887386 (AF52-$AC$48)*10000=1080.554915069416 (AG52-$AC$48)*10000=1603.62234205009 33 (AH52-$AC$48)*10000=2126.6897690307705 (A152-$AC$48)*10000=2649.757196011448 (AJ52-$AC$48 *10000=3172.824622992125 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Tier 1 d CAR impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TA BLE(T27,T46))=-0.06533342239260899 (=TABLE(T27,T46))=-0.03743649295363951 (=TABLE(T27,T46))=-0 .00953956351467005 (=TABLE(T27,246)1=0.018357365924299405 (=TABLE(T27,T46))=0.0462542953632688 6 (=TABLE(T27,T46) 1=0.07415122480223832 (=TABLE(T27,T46)1=0.12994508368017724 (=TABLE(T27, T46)]=0.18573894255811615 (=TABLE(T27,T46) 1=0.24153280143605507 (=TABLE(T27,T46))=0.29732666 031399396 (=TABLE(T27,T46))=0.3531205191919329 -0.25 (253-$AC$48)*10000=-791.014468358335 4 (AA53-$AC$48)*10000=-512.0451739686406 (AB53-$AC$48)*10000=-233.07587957894606 (AC53-$AC$48 )*10000=45.8934148107485 (AD53-$AC$48)*10000=324.862709200443 (AE53-$AC$48)*10000=603.8320 035901376 (AF53-$AC$48)*10000=1161.7705923695269 (AG53-$AC$48)*10000=1719.709181148916 (AH5 3-$AC$48)*10000=2277.647769928305 (A153-$AC$48)*10000=2835.586358707694 (AJ53-$AC$48)*10000= 3393.5249474870834 Stage 1 Base Case (2018E) Stage 2 Total RWAs 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$585=302875.679288 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$585=344418.17760000005 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410 0002 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$590=282617.49027600006 SUM(M55:R55)=1674676.3345584 502 Stage 3 (C39-C49)/C41*4=0.0029079037996552724 (D39-D49)/D41*4=-0.006762891000495025 (E39-E49)/E4 1*4=0.0016493062187403346 (F39-F49)/F41*4=0.0015955530701186181 (G39-G49)/G41*4=0.0120076226 53583133 (H39-H49)/H41*4=0.005066436880354615 (139-149)/141*4=0.002527121016886734 Shar eholders equity 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$112=46285.562756758685 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$112=47900.06103707109 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411 7375 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914 SUM(M56:R56)=231943.64101575 254 Total (C40-C49)/C41*4=0.008943622377209748 (D4O-D49)/D41*4=0.013768024443224555 (E40-E49)/E4 1*4=0.0037943418836064724 (F40-F49)/F41*4=0.011155433566480983 (G40-G49)/G41*4=0.0169893501 7329771 (H4O-H49)/H41*4=0.009435563468637288 (140-149)/141*4=0.010646610506557188 Tier 1 Capit al 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574= 45591.27931540731 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK EFTA01437425 MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=46942.05981632967 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365 SUM(M57:R57)=224142.46766948313 BALK BANK HALKBANK Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$575=7161.802715988953 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$575=8622.010986672796 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217 583 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$565=9992.644555895582 SUM(M58:R58)=41212.154475211 28 CoR (net) fk of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps) fk of Stage 2 loans transferred to Stage 3 loans Deductions 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$577=34.580451246550766 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lowe ✓ NIM.xlsxjForecast (TRY)'!$BK$572=301.6647413100553 SUM(M59:R59)=414.06463687359906 Loan growth (ppt change from base) $O$50=0.0037943418836064724 AA59-0.05=-0.15000000000000002 AB59-0.05=-0 .10 -0.05 0 0.05 AD59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 $O$50=0.0037 943418836064724 A059-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05 0 0.05 AR59+0.05=0. 10 0.20 0.30 0.40 0.50 0.60 Capital base M57+M58-M59=50193.48681901117 N57+N58-N59=52718.501580149714 057+058-059=31142.88 3697848178 P57+P58-P59=55516.17074196539 Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18 2285329174 257+558-S59=264940.55750782083 0.20 (=TABLE(T27,T46))=-0.008358934618795194 (=TA BLE(T27,T46))=-0.004518639222639442 (=TABLE(T27,T46))=-6.783438264836909E-4 (=TABLE(T27,T46))=0. 0031619515696720605 (=TABLE(T27,T46))=0.007002246965827811 (=TABLE(T27,T46))=0.0108425423619835 65 (=TABLE(T27,T46))=0.018523133154295067 (=TABLE(T27,T46))=0.02620372394660657 (=TABLE(T27, T46))=0.03388431473891807 (=TABLE(T27,T46))=0.04156490553122957 (=TABLE(T27,T46))=0.04924549 6323541076 0.20 (Z60-$AC$64)*10000=-121.53276502401667 (AA60-$AC$64)*10000=-83.129811062459 15 (AB60-$AC$64)*10000=-44.72685710090163 (AC60-$AC$64)*10000=-6.323903139344119 (AD60-$AC$64 )*10000=32.07905082221339 (AE60-$AC$64)*10000=70.48200478377092 (AF60-$AC$64)*10000=147.2879 1270688595 (AG60-$AC$64)*10000=224.09382063000098 (AH60-$AC$64)*10000=300.899728553116 (A16 0-$AC$64)*10000=377.705636476231 (AJ60-$AC$64)*10000=454.511544399346 Tier 1 capital ratio (base) M57/M55=0.1456790194134188 N57/N55=0.15627462350605692 057/ 055=0.11928556821019161 P57/P55=0.13629379303797134 Q57/Q55=0.11876636214990284 R57/R55=0.11 874779030119209 257/S55=0.13384226136364502 0.15 (=TABLE(T27,T46))=-0.008722366558742811 (=TA BLE(T27,T46))=-0.004715101797536809 (=TABLE(T27,T46))=-7.078370363308079E-4 (=TABLE(T27,T46))=0. 003299427724875194 (=TABLE(T27,T46))=0.007306692486081195 (=TABLE(T27,T46))=0.0113139572472871 97 (=TABLE(T27,T46))=0.0193284867696992 (=TABLE(T27,246))=0.027343016292111205 (=TABLE(T27, T46))=0.0353575458145232 (=TABLE(T27,T46))=0.04337207533693521 (=TABLE(T27,T46))=0.05138660 485934721 0.15 (Z61-$AC$64)*10000=-125.16708442349284 (AA61-$AC$64)*10000=-85.094436811432 83 (AB61-$AC$64)*10000=-45.0217891993728 (AC61-$AC$64)*10000=-4.949141587312785 (AD61-$AC$64 )*10000=35.12350602474723 (AE61-$AC$64)*10000=75.19615363680725 (AF61-$AC$64)*10000=155.3414 4886092727 (AG61-$AC$64)*10000=235.48674408504732 (AH61-$AC$64)*10000=315.6320393091673 (A16 1-$AC$64)*10000=395.7773345332874 (AJ61-$AC$64)*10000=475.9226297574073 CAR (base) M60/M55=0.165723068081947 N60/N55=0.18070482140335967 060/055=0.1325895606 6465483 P60/P55=0.16118827156225388 Q60/055=0.1472339320162418 R60/R55=0.15303788255670486 S60/255=0.15820403742534273 0.10 (=TABLE(T27,T46))=-0.009118837765958392 (=TABLE(T27,T46))=-0 .004929424606515754 (=TABLE(T27,246))=-7.400114470731173E-4 (=TABLE(T27,T46))=0.0034494017123695 2 (=TABLE(T27,T46))=0.007638814871812157 (=TABLE(T27,T46))=0.011828228031254795 (=TABLE(T27, T46))=0.02020705435014007 (=TABLE(T27,T46))=0.028585880669025343 (=TABLE(T27,T46))=0.03696470 6987910614 (=TABLE(T27,T46))=0.04534353330679589 (=TABLE(T27,T46))=0.053722359625681164 0.10 (Z62-$AC$64)*10000=-129.13179649564864 (AA62-$AC$64)*10000=-87.23766490122226 (AB62-$AC$64)*10000= -45.34353330679589 (AC62-$AC$64)*10000=-3.4494017123695233 (AD62-$AC$64)*10000=38.4447298820568 5 (AE62-$AC$64)*10000=80.33886147648323 (AF62-$AC$64)*10000=164.12712466533597 (AG62-$AC$64 )*10000=247.9153878541887 (AH62-$AC$64)*10000=331.7036510430414 (A162-$AC$64)*10000=415.4919 142318942 (AJ62-$AC$64)*10000=499.2801774207469 Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001 0.09375 0.08875000000000001 0.09125 AVERAGE(M63:R63)=0.09166666666666667 0.05 (=TABLE(T27,T46))=-0.009553068135765935 (=TA BLE(T27,T46))=-0.005164159111587934 (=TABLE(T27,T46))=-7.752500874099324E-4 (=TABLE(T27,T46))=0. 0036136589367680686 (=TABLE(T27,T46))=0.00800256796094607 (=TABLE(T27,T46))=0.0123914769851240 73 (=TABLE(T27,T46))=0.021169295033480074 (=TABLE(T27,T46))=0.029947113081836074 (=TABLE(T27, T46))=0.038724931130192077 (=TABLE(T27,T46))=0.04750274917854808 (=TABLE(T27,T46))=0.05628056 7226904075 0.05 (Z63-$AC$64)*10000=-133.47410019372407 (AA63-$AC$64)*10000=-89.585009951944 07 (AB63-$AC$64)*10000=-45.69591971016405 (AC63-$AC$64)*10000=-1.8068294683840385 (AD63-$AC$64 )*10000=42.08226077339597 (AE63-$AC$64)*10000=85.971351015176 (AF63-$AC$64)*10000=173.7495 3149873602 (AG63-$AC$64)*10000=261.527711982296 (AH63-$AC$64)*10000=349.30589246585606 (A16 EFTA01437426 3-$AC$64)*10000=437.0840729494161 (AJ63-$AC$64)*10000=524.862253432976 CAR threshold (2018) 0.12 0.12 0.12 0.12 0.12 0.12 AVERAGE(M64:R64)=0.12 0 (=TABLE(T27,T46))=-0.010030721542554232 (=TABLE(T27,T46))=-0.005422367067167331 (=TABLE(T27,T46))=-8 .14012591780429E-4 (=TABLE(T27,T46))=0.0037943418836064724 (=TABLE(T27,T46))=0.0084026963589933 73 (=TABLE(T27,T46))=0.013011050834380276 (=TABLE(T27,T46))=0.022227759785154077 (=TABLE(T27, T46))=0.03144446873592788 (=TABLE(T27,T46))=0.04066117768670168 (=TABLE(T27,T46))=0.04987788 6637475485 (=TABLE(T27,T46))=0.05909459558824928 0 (264-$AC$64)*10000=-138.250634261607 05 (AA64-$AC$64)*10000=-92.16708950773804 (AB64-$AC$64)*10000=-46.08354475386901 (AC64-$AC$64 )*10000=0 (AD64-$AC$64)*10000=46.083544753869 (AE64-$AC$64)*10000=92.16708950773804 (AF6 4-$AC$64)*10000=184.33417901547605 (AG64-$AC$64)*10000=276.50126852321404 (AH64-$AC$64)*10000= 368.6683580309521 (A164-$AC$64)*10000=460.8354475386901 (AJ64-$AC$64)*10000=553.002537046428 1 Tier 1 capital headroom M61-M63=0.05192901941341879 N61-N63=0.06252462350605692 061-063=0.03 05355682101916 P61-P63=0.042543793037971345 D61-Q63=0.03001636214990283 R61-R63=0.0274977903 01192093 261-563=0.04217559469697835 -0.05 (=TABLE(T27,T46))=-0.010558654255320245 (=TA BLE(T27,T46))=-0.005707754807544559 (=TABLE(T27,T46))=-8.568553597688728E-4 (=TABLE(T27,T46))=0. 003994044088006813 (=TABLE(T27,T46))=0.0088449435357825 (=TABLE(T27,T46))=0.0136958429835581 86 (=TABLE(T27,T46))=0.023397641879109556 (=TABLE(T27,T46))=0.033099440774660926 (=TABLE(T27, T46))=0.0428012396702123 (=TABLE(T27,T46))=0.052503038565763674 (=TABLE(T27,T46))=0.06220483 746131504 -0.05 (Z65-$AC$64)*10000=-143.52996138926719 (AA65-SAC$64)*10000=-95.020966911510 3 (AB65-$AC$64)*10000=-46.51197243375345 (AC65-$AC$64)*10000=1.9970220440034079 (AD65-$AC$64 )*10000=50.506016521760266 (AE65-$AC$64)*10000=99.01501099951713 (AF65-$AC$64)*10000=196.0329 9995503085 (AG65-$AC$64)*10000=293.05098891054456 (AH65-$AC$64)*10000=390.0689778660583 (A16 5-$AC$64)*10000=487.086966821572 (AJ65-$AC$64)*10000=584.1049557770857 CAR headroom M62-M64=0.04572306808194701 N62-N64=0.06070482140335967 062-064=0.0125895606 6465483 P62-P64=0.04118827156225388 Q62-064=0.027233932016241802 R62-R64=0.03303788255670487 S62-S64=0.03820403742534273 -0.10 (=TABLE(T27,T46))=-0.011145246158393591 (=TABLE(T27,T46))=-0 .006024852296852589 (=TABLE(T27,T46))=-9.044584353115878E-4 (=TABLE(T27,T46))=0.0042159354262294 13 (=TABLE(T27,T46))=0.009336329287770414 (=TABLE(T27,T46))=0.014456723149311417 (=TABLE(T27, T46))=0.02469751087239342 (=TABLE(T27,T46))=0.03493829859547542 (=TABLE(T27,T46))=0.04517908 6318557424 (=TABLE(T27,T46))=0.05541987404163943 (=TABLE(T27,T46))=0.06566066176472142 -0.1 0 (Z66-$AC$64)*10000=-149.39588042000062 (AA66-$AC$64)*10000=-98.19194180459061 (AB66-$AC$64 )*10000=-46.988003189180596 (AC66-$AC$64)*10000=4.21593542622941 (AD66-$AC$64)*10000=55.41987 404163942 (AE66-$AC$64)*10000=106.62381265704944 (AF66-$AC$64)*10000=209.03168988786948 (AG6 6-$AC$64)*10000=311.43956711868947 (AH66-$AC$64)*10000=413.8474443495095 (A166-$ACS64)*10000= 516.2553215803296 (AJ66-$AC$64)*10000=618.6631988111495 Stage 1 Impact of weaker asset quality (2018E) -0.15 (=TABLE(T27,T46))=-0.011800848873593214 (=TA BLE(T27,T46))=-0.006379255373138036 (=TABLE(T27,T46))=-9.576618726828578E-4 (=TABLE(T27,T46))=0. 00446393162777232 (=TABLE(T27,T46))=0.009885525128227497 (=TABLE(T27,T46))=0.0153071186286826 79 (=TABLE(T27,T46))=0.026150305629593033 (=TABLE(T27,T46))=0.03699349263050339 (=TABLE(T27, T46))=0.04783667963141374 (=TABLE(T27,T46))=0.05867986663232411 (=TABLE(T27,T46))=0.06952305 363323445 -0.15 (Z67-$AC$64)*10000=-155.95190757199686 (AA67-$AC$64)*10000=-101.73597256744 507 (AB67-$AC$64)*10000=-47.5200375628933 (AC67-$AC$64)*10000=6.695897441658478 (AD67-$AC$64 )*10000=60.91183244621025 (AE67-$AC$64)*10000=115.12776745076206 (AF67-$AC$64)*10000=223.5596 374598656 (AG67-$AC$64)*10000=331.99150746896913 (AH67-$AC$64)*10000=440.42337747807267 (A16 7-$AC$64)*10000=548.8552474871764 (AJ67-$AC$64)*10000=657.2871174962798 Tier 1 capital (TRYm) M57-(M$28*0.8)=44122.63196284895 N57-(N$28*0.8)=45591.27931540731 057-(0$28*0.8)=28018.01709711853 P57-(P$28*0.8)=46942.05981632967 g57-(g$28*0.8)=25908 .277007035027 R57-(R$28*0.8)=33560.20247074365 S57-(S$28*0.8)=224142.46766948313 -0.2 0 (=TABLE(T27,T46))=-0.01253840192819279 (=TABLE(T27,T46))=-0.006777958833959163 (=TABLE(T27, T46))=-0.0010175157397255363 (=TABLE(T27,T46))=0.00474292735450809 (=TABLE(T27,T46))=0.01050337 0448741715 (=TABLE(T27,T46))=0.016263813542975344 (=TABLE(T27,T46))=0.027784699731442594 (=TA BLE(T27,T46))=0.03930558591990985 (=TABLE(T27,T46))=0.050826472108377097 (=TABLE(T27,T46))=0. 06234735829684435 (=TABLE(T27,T46))=0.0738682444853116 -0.20 (Z68-$AC$64)*10000=-163.3274 3811799264 (AA68-$AC$64)*10000=-105.72300717565635 (AB68-$AC$64)*10000=-48.118576233320084 (AC6 8-$AC$64)*10000=9.485854709016172 (AD68-$AC$64)*10000=67.09028565135243 (AE68-$AC$64)*10000= 124.69471659368871 (AF68-$AC$64)*10000=239.9035784783612 (AG68-$AC$64)*10000=355.112440363033 7 (AH68-$AC$64)*10000=470.3213022477062 (A168-$AC$64)*10000=585.5301641323788 (AJ68-$AC$64 *10000=700.7390260170513 Capital base (TRYm) M60-(M$28*0.8)=50193.48681901117 N60-(N$28*0.8)=52718.501580149714 060-(0$28*0.8)=31142.883697848178 P60-(P$28*0.8)=55516.17074196539 g60-(g$28*0.8)=32118 .332383517198 R60-(R$28*0.8)=43251.182285329174 S60-(S$28*0.8)=264940.55750782083 -0.2 5 (=TABLE(T27,T46))=-0.013374295390072309 (=TABLE(T27,T46))=-0.007229822756223107 (=TABLE(T27, T46))=-0.0010853501223739054 (=TABLE(T27,T46))=0.005059122511475296 (=TABLE(T27,T46))=0.01120359 5145324497 (=TABLE(T27,T46))=0.0173480677791737 (=TABLE(T27,T46))=0.029637013046872104 (=TA BLE(T27,T46))=0.04192595831457051 (=TABLE(T27,T46))=0.05421490358226891 (=TABLE(T27,T46))=0. 06650384884996731 (=TABLE(T27,T46))=0.07879279411766571 -0.25 (Z69-$AC$64)*10000=-171.6863 727367878 (AA69-$AC$64)*10000=-110.2416463982958 (AB69-$AC$64)*10000=-48.796920059803774 (AC6 9-$AC$64)*10000=12.647806278688238 (AD69-$AC$64)*10000=74.09253261718025 (AE69-$AC$64)*10000= 135.53725895567226 (AF69-$AC$64)*10000=258.4267116326563 (AG69-$AC$64)*10000=381.316164309640 3 (AH69-$AC$64)*10000=504.20561698662436 (A169-$AC$64)*10000=627.0950696636083 (AJ69-$AC$64 )*10000=749.9845223405923 Tier 1 capital ratio (new) M68/M55=0.1456790194134188 N68/N55=0.15627462350605692 068/ 055=0.11928556821019161 P68/P55=0.13629379303797134 g68/Q55=0.11876636214990284 R68/R55=0.11 874779030119209 268/555=0.13384226136364502 CAR (new) M69/M55=0.165723068081947 N69/N55=0.18070482140335967 069/055=0.1325895606 6465483 P69/P55=0.16118827156225388 Q69/055=0.1472339320162418 R69/R55=0.15303788255670486 S69/555=0.15820403742534273 Tier 1 capital ratio - chg. from base (bps) (M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70 EFTA01437427 -P61)*100=0 (Q70-Q61)*100=0 (R7O-R61)*100=0 (S70-561)*100=0 CoR (net) CAR - chg. from base (bps) (M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71 -P62)*100=0 (Q71-Q62)*100=0 (R71-R62)*100=0 (S71-S62)*100=0 ISBANK ISBANK Tier 1 capital headroom M70-M63=0.05192901941341879 N70-N63=0.06252462350605692 070-063=0.03 05355682101916 P7O-P63=0.042543793037971345 Q70-Q63=0.03001636214990283 R7O-R63=0.0274977903 01192093 S70-563=0.04217559469697835 CoR (net) % of Stage 2 loans transferred to St age 3 loans CoR: change from base (bps) ft of Stage 2 loans transferred to Stage 3 loans CAR headroom M71-M64=0.04572306808194701 N71-N64=0.06070482140335967 071-064=0.0125895606 6465483 P71-P64=0.04118827156225388 Q71-Q64=0.027233932016241802 R71-R64=0.03303788255670487 571-564=0.03820403742534273 Loan growth (ppt change from base) $P$50=0.011155433566480983 AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05 0 0.05 AD75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 $P$50=0.011155433566480983 A075-0.05=-0.15000000000000002 AP75-0.05=-0 .10 -0.05 0 0.05 AR75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (=TABLE(T27,T46))=-0.01681684298800927 (=TABLE(T27,T46))=-0.008112497112428122 (=TABLE(T27, T46))=5.918487631530157E-4 (=TABLE(T27,T46))=0.009296194638734153 (=TABLE(T27,T46))=0.01800054 051431529 (=TABLE(T27,T46))=0.026704886389896428 (=TABLE(T27,T46))=0.04411357814105871 (=TA BLE(T27,T46))=0.06152226989222099 (=TABLE(T27,T46))=0.07893096164338327 (=TABLE(T27,T46))=0. 09633965339454555 (=TABLE(T27,T46))=0.11374834514570782 0.20 (Z76-$AC$80)*10000=-279.7227 6554490253 (AA76-$AC$80)*10000=-192.67930678909104 (AB76-$AC$80)*10000=-105.63584803327967 (AC7 6-$AC$80)*10000=-18.5923892774683 (AD76-$AC$80)*10000=68.45106947834307 (AE76-$AC$80)*10000= 155.49452823415444 (AF76-$AC$80)*10000=329.5814457457773 (AG76-$AC$80)*10000=503.6683632574 (AH76-$AC$80)*10000=677.7552807690229 (A176-$AC$80)*10000=851.8421982806457 (AJ76-$AC$80)*10000= 1025.9291157922685 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Valuation Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total 0.15 (=TABLE(T27, T46))=-0.017548010074444457 (=TABLE(T27,T46))=-0.008465214378185868 (=TABLE(T27,T46))=6.17581318 0727121E-4 (=TABLE(T27,T46))=0.009700377014331291 (=TABLE(T27,T46))=0.018783172710589872 (=TA BLE(T27,T46))=0.027865968406848452 (=TABLE(T27,T46))=0.046031559799365615 (=TABLE(T27,T46))=0. 06419715119188278 (=TABLE(T27,T46))=0.08236274258439995 (=TABLE(T27,T46))=0.1005283339769171 (=TABLE(T27,T46))=0.11869392536943427 0.15 (Z77-$AC$80)*10000=-287.0344364092544 (AA77-$AC$80 )*10000=-196.2064794466685 (AB77-$AC$80)*10000=-105.3785224840827 (AC77-$AC$80)*10000=-14.5505 6552149692 (AD77-$AC$80)*10000=76.2773914410889 (AE77-$AC$80)*10000=167.1053484036747 (AF7 7-$AC$80)*10000=348.7612623288463 (AG77-$AC$80)*10000=530.417176254018 (AH77-$AC$80)*10000= 712.0730901791896 (A177-$AC$80)*10000=893.7290041043613 (AJ77-$AC$80)*10000=1075.38491802953 29 Net profit (base) M30=6405.467516045113 N30=7118.518599790241 030=3809.28613779219 P30= 6242.064735470831 Q30=3822.804240772133 R30=3853.9025619301465 S30=31252.043791800654 0.10 (=TABLE(T27,T46))=-0.01834564689601011 (=TABLE(T27,T46))=-0.008849996849921589 (=TABLE(T27,T46))=6. 456531961669262E-4 (=TABLE(T27,T46))=0.010141303242255439 (=TABLE(T27,T46))=0.0196369532883439 5 (=TABLE(T27,T46))=0.029132603334432468 (=TABLE(T27,T46))=0.04812390342660949 (=TABLE(T27, T46))=0.06711520351878653 (=TABLE(T27,T46))=0.08610650361096356 (=TABLE(T27,T46))=0.10509780 370314059 (=TABLE(T27,T46))=0.12408910379531761 0.10 (278-$AC$80)*10000=-295.010804624910 9 (AA78-$AC$80)*10000=-200.0543041640257 (AB78-$AC$80)*10000=-105.09780370314057 (AC78-$AC$80 )*10000=-10.141303242255443 (AD78-$AC$80)*10000=84.81519721862969 (AE78-$AC$80)*10000=179.7716 9767951486 (AF78-$AC$80)*10000=369.68469860128516 (AG78-$AC$80)*10000=559.5976995230554 (AH7 8-$AC$80)*10000=749.5107004448258 (A178-$AC$80)*10000=939.4237013665961 (AJ78-$AC$80)*10000= 1129.3367022883663 Net profit (new) M31=6405.467516045113 N31=7118.518599790241 031=3809.28613779219 P31= 6242.064735470831 Q31=3822.804240772133 R31=3853.9025619301465 S31=31252.043791800654 0.05 (=TABLE(T27,T46))=-0.01921924912915345 (=TABLE(T27,T46))=-0.009271425271346426 (=TABLE(T27,T46))=6. 763985864605893E-4 (=TABLE(T27,T46))=0.010624222444267603 (=TABLE(T27,T46))=0.0205720463020746 2 (=TABLE(T27,T46))=0.030519870159881633 (=TABLE(T27,T46))=0.05041551787549566 (=TABLE(T27, T46))=0.0703111655911097 (=TABLE(T27,T46))=0.09020681330672373 (=TABLE(T27,T46))=0.11010246 102233776 (=TABLE(T27,T46))=0.12999810873795178 0.05 (279-$AC$80)*10000=-303.746826956344 3 (AA79-$AC$80)*10000=-204.2685883782741 (AB79-$AC$80)*10000=-104.79034980020393 (AC79-$AC$80 )*10000=-5.312111222133802 (AD79-$AC$80)*10000=94.16612735593635 (AE79-$AC$80)*10000=193.6443 6593400652 (AF79-$AC$80)*10000=392.6008430901468 (AG79-$AC$80)*10000=591.5573202462872 (AH7 9-$AC$80)*10000=790.5137974024275 (A179-$AC$80)*10000=989.4702745585678 (AJ79-$AC$80)*10000= 1188.426751714708 Book value (base) M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56= 47900.06103707109 Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 0 (=TABLE(T27,T46))=-0.020180211585611122 (=TABLE(T27,T46))=-0.009734996534913748 (=TABLE(T27,T46))=7. 102185157836169E-4 (=TABLE(T27,T46))=0.011155433566480983 (=TABLE(T27,T46))=0.0216006486171783 5 (=TABLE(T27,T46))=0.032045863667875714 (=TABLE(T27,T46))=0.05293629376927045 (=TABLE(T27, T46))=0.07382672387066519 (=TABLE(T27,T46))=0.09471715397205993 (=TABLE(T27,T46))=0.11560758 407345466 (=TABLE(T27,T46))=0.13649801417484939 0 (280-$AC$80)*10000=-313.356451520921 04 (AA80-$AC$80)*10000=-208.9043010139473 (AB80-$AC$80)*10000=-104.45215050697364 (AC80-$AC$80 )*10000=0 (AD80-$AC$80)*10000=104.45215050697367 (AE80-$AC$80)*10000=208.9043010139473 (AFB 0-$AC$80)*10000=417.80860202789466 (AG80-$AC$80)*10000=626.7129030418421 (AH80-$AC$80)*10000= 835.6172040557896 (AI80-$AC$80)*10000=1044.5215050697368 (AJ80-$AC$80)*10000=1253.42580608368 4 Book value (new) M56-(M28*0.8)=45023.093839641784 N56-(N28*0.8)=46285.562756758685 056-(028*0.8)=28589.813364406662 P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411 7375 R56-(R28*0.8)=37708.092663756914 S56-(S28*0.8)=231943.64101575254 -0.05 (=TA BLE(T27,T46))=-0.021242327984853815 (=TABLE(T27,T46))=-0.010247364773593419 (=TABLE(T27,T46))=7. 475984376669673E-4 (=TABLE(T27,T46))=0.011742561648927351 (=TABLE(T27,T46))=0.0227375248601877 4 (=TABLE(T27,T46))=0.03373248807144812 (=TABLE(T27,T46))=0.0557224144939689 (=TABLE(T27, T46))=0.07771234091648968 (=TABLE(T27,T46))=0.09970226733901046 (=TABLE(T27,T46))=0.12169219 376153123 (=TABLE(T27,T46))=0.143682120184052 -0.05 (281-$AC$80)*10000=-323.977615513347 EFTA01437428 9 (AA81-$AC$80)*10000=-214.027983400744 (AB81-$AC$80)*10000=-104.07835128814015 (AC81-$AC$80 )*10000=5.8712808244636845 (AD81-$AC$80)*10000=115.82091293706756 (AE81-$AC$80)*10000=225.7705 450496714 (AF81-$AC$80)*10000=445.6698092748791 (AG81-$AC$80)*10000=665.569073500087 (AH8 1-$AC$80)*10000=885.4683377252948 (A181-$AC$80)*10000=1105.3676019505026 (AJ81-$AC$80)*10000= 1325.26686617571 Price (TRY/shr) 6.60 7 6.40 4.94 4.06 2.2 -0.10 (=TABLE(127,146))=-0.0224224 57317345695 (=TABLE(127,T46))=-0.010816662816570831 (=TABLE(T27,146))=7.89131684204021E-4 (=TA BLE(T27,146))=0.012394926184978871 (=TABLE(T27,T46))=0.024000720685753724 (=TABLE(T27,146))=0. 035606515186528576 (=TABLE(127,146))=0.05881810418807828 (=TABLE(T27,T46))=0.082029693189628 (=TABLE(127,146))=0.10524128219117769 (=TABLE(T27,T46))=0.1284528711927274 (=TABLE(T27,146))=0. 1516644601942771 -0.10 (Z82-$AC$80)*10000=-335.7789088382668 (AA82-$AC$80)*10000=-219.720 96383051817 (AB82-$AC$80)*10000=-103.66301882276962 (AC82-$AC$80)*10000=12.394926184978884 (ADS 2-$AC$80)*10000=128.4528711927274 (AE82-$AC$80)*10000=244.51081620047592 (AF82-$AC$80)*10000= 476.62670621597294 (AG82-$AC$80)*10000=708.7425962314702 (AH82-$AC$80)*10000=940.858486246967 1 (A182-$AC$80)*10000=1172.9743762624644 (AJ82-$AC$80)*10000=1405.090266277961 Paid-in cap (TRYm) 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 1 11:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113= 4200 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)°!$BK$113=4500 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.15 (=TA BLE(T27,146))=-0.023741425394836615 (=TABLE(127,T46))=-0.011452937099898527 (=TABLE(T27,T46) 1=8. 355511950395516E-4 (=TABLE(127,146))=0.013124039489977627 (=TABLE(127,T46))=0.0254125277849157 06 (=TABLE(T27,T46))=0.03770101607985378 (=TABLE(127,146))=0.06227799266972994 (=TABLE(T27, 146))=0.0868549692596061 (=TABLE(T27,146))=0.11143194584948227 (=TABLE(127,146))=0.13600892 243935842 (=TABLE(127,T46))=0.16058589902923456 -0.15 (283-$AC$80)*10000=-348.968589613176 (AA83-$AC$80)*10000=-226.08370666379508 (AB83-$AC$80)*10000=-103.19882371441432 (AC83-$AC$80)*10000= 19.686059234966436 (AD83-$AC$80)*10000=142.57094218434722 (AE83-$AC$80)*10000=265.455825133727 96 (AF83-$AC$80)*10000=511.2255910324896 (AG83-$AC$80)*10000=756.9953569312512 (AH83-$AC$80 )*10000=1002.7651228300128 (A183-$AC$80)*10000=1248.5348887287744 (AJ83-$AC$80)*10000=1494.304 6546275357 M.Cap (TRYm) M82*M83=26400 N82*N83=29400 082*083=8000 P82*P83=22230 Q82*Q83=10149.999999 999998 R82*R83=18583.5122 -0.20 (=TABLE(127,T46))=-0.0252252644820139 (=TABLE(T27,146))=-0 .012168745668642183 (=TABLE(127,146))=8.877731447295235E-4 (=TABLE(T27,T46))=0.0139442919581012 28 (=TABLE(T27,T46))=0.027000810771472934 (=TABLE(127,146))=0.04005732958484464 (=TABLE(T27, 146))=0.06617036721158806 (=TABLE(T27,T46))=0.09228340483833149 (=TABLE(127,146))=0.11839644 24650749 (=TABLE(127,T46))=0.1445094800918183 (=TABLE(T27,146))=0.1706225177185617 -0.2 0 (Z84-$AC$80)*10000=-363.80698048494884 (AA84-$AC$80)*10000=-233.24179235123165 (AB84-$AC$80 )*10000=-102.6766042175146 (AC84-$AC$80)*10000=27.88858391620245 (AD84-$AC$80)*10000=158.4537 720499195 (AE84-$AC$80)*10000=289.0189601836366 (AF84-$AC$80)*10000=550.1493364510708 (AG8 4-$AC$80)*10000=811.279712718505 (AH84-$AC$80)*10000=1072.4100889859392 (A184-$AC$80)*10000= 1333.540465253373 (AJ84-$AC$80)*10000=1594.6708415208072 -0.25 (=TABLE(T27,146))=-0.026906948780814833 (=TABLE(127,146))=-0.012979995379884998 (=TABLE(T27, 146))=9.469580210448252E-4 (=TABLE(T27,T46))=0.014873911421974645 (=TABLE(127,146))=0.02880086 4822904466 (=TABLE(127,T46))=0.04272781822383429 (=TABLE(T27,146))=0.07058172502569393 (=TA BLE(T27,146))=0.09843563182755359 (=TABLE(127,T46))=0.12628953862941322 (=TABLE(T27,T46) 1=0. 15414344543127287 (=TABLE(127,146))=0.18199735223313251 -0.25 (Z85-$AC$80)*10000=-380.6238 234729582 (AA85-$AC$80)*10000=-241.3542894636598 (AB85-$AC$80)*10000=-102.08475545436158 (ACS 5-$AC$80)*10000=37.184778554936614 (AD85-$AC$80)*10000=176.45431256423484 (AE85-$AC$80)*10000= 315.7238465735331 (AF85-$AC$80)*10000=594.2629145921295 (AG85-$AC$80)*10000=872.801982610726 1 (AH85-$AC$80)*10000=1151.3410506293224 (A185-$AC$80)*10000=1429.8801186479188 (AJ85-$AC$80 )*10000=1708.4191866665153 P/E (2018E), base (x) M$84/M78=4.121479023017509 N$84/N78=4.130072793638036 0$84/078=2.1 00131024716534 P$84/P78=3.5613216046410034 Q$84/Q78=2.6551189547571217 R$84/R78=4.821998455 169255 AVERAGE(M86:R86)=3.565020309323243 P/E (2018E), implied (x) M$84/M79=4.121479023017509 N$84/N79=4.130072793638036 0$84 /079=2.100131024716534 P$84/P79=3.5613216046410034 Q$84/Q79=2.6551189547571217 R$84/R79=4.8 21998455169255 AVERAGE(M87:R87)=3.565020309323243 Change from base M87/M86-1=0 N87/N86-1=0 087/086-1=0 P87/P86-1=0 Q87/Q86-1=0 R87/R86-1=0 S87/586-1=0 VAKIFBANK VAKIFBANK P/BV (2018E), base (x) M$84/M80=0.5863657458554173 N$84/N80=0.6351872646445671 0584/080=0.2 7981994488847295 P$84/P80=0.4640912666644752 Q$84/Q80=0.38393135897454816 R$84/R80=0.4 928255683921537 AVERAGE(M90:R90)=0.47370352490327244 CoR (net) fk of Stage 2 loans transferr ed to Stage 3 loans CoR: change from base (bps) St of Stage 2 loans transferred to Stage 3 lo ans P/BV (2018E), implied (x) M$84/M81=0.5863657458554173 N$84/N81=0.6351872646445671 0$84 /081=0.27981994488847295 P$84/P81=0.4640912666644752 Q$84/Q81=0.38393135897454816 R$84 /R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244 Loan growth (ppt change from base) $Q$50=0.01698935017329771 AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05 0 0.05 AD91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 $Q$50=0.01698935017329771 A091-0.05=-0 .15000000000000002 AP91-0.05=-0.10 -0.05 0 0.05 AR91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Change from base M91/M90-1=0 N91/N90-1=0 091/090-1=0 P91/P90-1=0 Q91/Q90-1=0 R91/R90-1=0 291/590-1=0 0.20 (=TABLE(127,T46))=0.004686935969375032 (=TABLE(T27,T46) 1=0. 007843887916610498 (=TABLE(127,146))=0.011000839863845962 (=TABLE(T27,T46))=0.0141577918110814 EFTA01437429 24 (=TABLE(T27,T46))=0.017314743758316885 (=TABLE(T27,T46))=0.02047169570555235 (=TABLE(T27, T46))=0.026785599600023278 (=TABLE(T27,T46))=0.0330995034944942 (=TABLE(T27,T46))=0.03941340 7388965135 (=TABLE(T27,T46))=0.04572731128343606 (=TABLE(T27,T46))=0.05204121517790698 0.20 (Z92-$AC$96)*10000=-123.02414203922679 (AA92-$AC$96)*10000=-91.45462256687212 (AB92-$AC$96)*10000= -59.88510309451748 (AC92-$AC$96)*10000=-28.315583622162862 (AD92-$AC$96)*10000=3.25393585019175 7 (AE92-$AC$96)*10000=34.82345532254641 (AF92-$AC$96)*10000=97.96249426725568 (AG92-$AC$96 )*10000=161.1015332119649 (AH92-$AC$96)*10000=224.24057215667426 (A192-$AC$96)*10000=287.3796 111013835 (AJ92-$AC$96)*10000=350.5186500460927 Stage 1 Discount to MSCI EM Banks 0.15 (=TABLE(T27,T46))=0.004890715794130468 (=TABLE(T27, T46))=0.00818492652168052 (=TABLE(T27,T46))=0.011479137249230569 (=TABLE(T27,T46))=0.01477334 7976780616 (=TABLE(T27,T46))=0.018067558704330664 (=TABLE(T27,T46))=0.02136176943188071 (=TA BLE(T27,T46))=0.02795019088698081 (=TABLE(T27,T46))=0.0345386123420809 (=TABLE(T27,T46))=0. 04112703379718101 (=TABLE(T27,T46))=0.0477154552522811 (=TABLE(T27,T46))=0.0543038767073812 0.15 (Z93-$AC$96)*10000=-120.98634379167241 (AA93-$AC$96)*10000=-88.04423651617189 (AB93-$AC$96 )*10000=-55.10212924067141 (AC93-$AC$96)*10000=-22.16002196517094 (AD93-$AC$96)*10000=10.78208 5310329544 (AE93-$AC$96)*10000=43.72419258583001 (AF93-$AC$96)*10000=109.60840713683102 (AG9 3-$AC$96)*10000=175.49262168783193 (AH93-$AC$96)*10000=241.376836238833 (A193-$AC$96)*10000= 307.2610507898339 (AJ93-$AC$96)*10000=373.14526534083495 P/E (2018E), base (x) M86/$M$109-1=-0.45555098771235025 N86/$M$109-1=-0.4544157472076571 0861$M$109-1=-0.7225718593505239 P86/$M$109-1=-0.5295480046709375 Q86/$M$109-1=-0.6492 577338497858 R86/$M$109-1=-0.36301209310842075 AVERAGE(M94:R94)=-0.5290594043166126 0.10 (=TABLE(T27,T46))=0.005113021057500034 (=TABLE(T27,T46))=0.008556968636302361 (=TABLE(T27,T46))=0. 012000916215104683 (=TABLE(T27,T46))=0.015444863793907006 (=TABLE(T27,T46))=0.0188888113727093 27 (=TABLE(T27,T46))=0.022332758951511652 (=TABLE(T27,T46))=0.0292206541091163 (=TABLE(T27, T46))=0.03610854926672094 (=TABLE(T27,T46))=0.0429964444243256 (=TABLE(T27,T46))=0.04988433 958193024 (=TABLE(T27,T46))=0.05677223473953488 0.10 (294-$AC$96)*10000=-118.763291157976 75 (AA94-$AC$96)*10000=-84.32381536995348 (AB94-$AC$96)*10000=-49.88433958193027 (AC94-$AC$96 )*10000=-15.444863793907041 (AD94-$AC$96)*10000=18.994611994116173 (AE94-$AC$96)*10000=53.43408 778213942 (AF94-SAC$96)*10000=122.31303935818592 (AG94-$AC$96)*10000=191.1919909342323 (AH9 4-$AC$96)*10000=260.0709425102789 (A194-$AC$96)*10000=328.9498940863253 (AJ94-$AC$96)*10000= 397.82884566237175 P/E (2018E), implied (x) M87/$M$109-1=-0.45555098771235025 N87/$M$109-1=-0.454415747207 6571 0871$M$109-1=-0.7225718593505239 P87/$M$109-1=-0.5295480046709375 Q87/$M$109-1 =-0.6492577338497858 R87/$M$109-1=-0.36301209310842075 AVERAGE(M95:R95)=-0.5290594043166126 0.05 (=TABLE(T27,T46))=0.005356498250714322 (=TABLE(T27,T46))=0.00896444333326914 (=TABLE(T27, T46))=0.012572388415823955 (=TABLE(T27,T46))=0.01618033349837877 (=TABLE(T27,T46))=0.01978827 8580933585 (=TABLE(T27,T46))=0.0233962236634884 (=TABLE(T27,T46))=0.030612113828598034 (=TA BLE(T27,T46))=0.03782800399370766 (=TABLE(T27,T46))=0.045043894158817294 (=TABLE(T27,T46))=0. 052259784323926924 (=TABLE(T27,T46))=0.059475674489036554 0.05 (Z95-$AC$96)*10000=-116.3285 1922583387 (AA95-$AC$96)*10000=-80.2490684002857 (AB95-$AC$96)*10000=-44.16961757473754 (AC9 5-$AC$96)*10000=-8.090166749189393 (AD95-$AC$96)*10000=27.989284076358757 (AE95-$AC$96)*10000= 64.06873490190691 (AF95-$AC$96)*10000=136.22763655300324 (AG95-$AC$96)*10000=208.386538204099 48 (AH95-$AC$96)*10000=280.54543985519587 (A195-$AC$96)*10000=352.7043415062921 (AJ95-$AC$96 *10000=424.8632431573884 3Y average discount M121/$M$113-1=-0.11901840490797555 N121/$M$113-1=-0.14723926380368102 0121/$M$113-1=-0.46871165644171786 P121/$M$113-1=-0.2601226993865031 Q121/$M$113-1=-0.354 6012269938651 R121/$M$113-1=-0.2834355828220859 AVERAGE(M96:R96)=-0.2721881390593048 0 (=TABLE(T27,T46))=0.005624323163250038 (=TABLE(T27,T46))=0.009412665499932598 (=TABLE(T27,T46))=0. 013201007836615153 (=TABLE(T27,T46))=0.01698935017329771 (=TABLE(T27,T46))=0.0207776925099802 63 (=TABLE(T271146))=0.02456603484666282 (=TABLE(T27,T46))=0.03214271952002793 (=TABLE(T27, T46))=0.03971940419339304 (=TABLE(T27,T46))=0.04729608886675816 (=TABLE(T27,T46))=0.05487277 354012327 (=TABLE(T27,T46))=0.06244945821348838 0 (296-$AC$96)*10000=-113.650270100476 7 (AA96-$AC$96)*10000=-75.76684673365112 (AB96-$AC$96)*10000=-37.88342336682557 (AC96-$AC$96 )*10000=0 (AD96-$AC$96)*10000=37.88342336682553 (AE96-$AC$96)*10000=75.76684673365111 (AF9 6-$AC$96)*10000=151.53369346730221 (AG96-$AC$96)*10000=227.30054020095326 (AH96-$AC$96)*10000= 303.0673869346045 (A196-$AC$96)*10000=378.83423366825565 (AJ96-$AC$96)*10000=454.601080401906 7 -0.05 (=TABLE(T27,T46))=0.005920340171842145 (=TABLE(T27,T46))=0.009908068947297472 (=TABLE(T27, T46))=0.013895797722752793 (=TABLE(T27,T46))=0.017883526498208114 (=TABLE(T27,T46))=0.02187125 5273663435 (=TABLE(T27,T46))=0.025858984049118756 (=TABLE(T27,T46))=0.0338344416000294 (=TA BLE(T27,T46))=0.04180989915094004 (=TABLE(T27,T46))=0.04978535670185069 (=TABLE(T27,T46))=0. 05776081425276133 (=TABLE(T27,T46))=0.06573627180367198 -0.05 (Z97-$AC$96)*10000=-110.6901 0001455565 (AA97-$AC$96)*10000=-70.81281226000237 (AB97-$AC$96)*10000=-30.935524505449166 (AC9 7-$AC$96)*10000=8.941763249104042 (AD97-$AC$96)*10000=48.81905100365725 (AE97-$AC$96)*10000= 88.69633875821046 (AF97-$AC$96)*10000=168.4509142673169 (AG97-$AC$96)*10000=248.205489776423 32 (AH97-$AC$96)*10000=327.9600652855298 (A197-$AC$96)*10000=407.71464079463624 (AJ97-$AC$96 *10000=487.46921630374266 P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502 N90/$M$110-1=-0.39505974795755516 0901$M$110-1=-0.7335048143919305 P90/$M$110-1=-0.5580083174624046 Q90/$M$110-1=-0.6343 510866909066 R90/$M$110-1=-0.5306423158169965 AVERAGE(M98:R98)=-0.5488537858064072 -0.1 0 (=TABLE(T27,T46))=0.006249247959166709 (=TABLE(T27,T46))=0.01045851722214733 (=TABLE(T27, T46))=0.014667786485127949 (=TABLE(T27,T46))=0.018877055748108565 (=TABLE(T27,T46))=0.02308632 5011089183 (=TABLE(T27,T46))=0.027295594274069798 (=TABLE(T27,T46))=0.03571413280003104 (=TA BLE(T27,T46))=0.044132671325992266 (=TABLE(T27,T46))=0.05255120985195351 (=TABLE(T27,T46))=0. 060969748377914745 (=TABLE(T27,T46))=0.06938828690387598 -0.10 (Z98-$AC$96)*10000=-107.4010 2214131001 (AA98-$AC$96)*10000=-65.30832951150379 (AB98-$AC$96)*10000=-23.215636881697613 (AC9 8-$AC$96)*10000=18.87705574810855 (AD98-$AC$96)*10000=60.96974837791473 (AE98-$AC$96)*10000= 103.06244100772088 (AF98-$AC$96)*10000=187.24782626733327 (AG98-$AC$96)*10000=271.433211526945 57 (AH98-$AC$96)*10000=355.618596786558 (A198-$AC$96)*10000=439.80398204617035 (AJ98-$AC$96 EFTA01437430 )*10000=523.9893673057827 P/BV (2018E), implied (x) M91/$M$110-1=-0.4415564325186502 N91/$M$110-1=-0.395059747957 55516 091/$M$110-1=-0.7335048143919305 P91/$M$110-1=-0.5580083174624046 Q91/$M$110-1 =-0.6343510866909066 R91/$M$110-1=-0.5306423158169965 AVERAGE(M99:R99)=-0.5488537858064072 -0.15 (=TABLE(T27,T46))=0.006616850780294162 (=TABLE(T27,T46))=0.011073724117567763 (=TABLE(T27, T46))=0.015530597454841356 (=TABLE(T27,T46))=0.01998747079211495 (=TABLE(T27,T46))=0.02444434 4129388545 (=TABLE(T27,T46))=0.02890121746666214 (=TABLE(T27,T46))=0.037814964141209335 (=TA BLE(T27,T46))=0.04672871081575652 (=TABLE(T27,T46))=0.055642457490303714 (=TABLE(T27,T46))=0. 0645562041648509 (=TABLE(T27,T46))=0.0734699508393981 -0.15 (Z99-$AC$96)*10000=-103.7249 9393003547 (AA99-$AC$96)*10000=-59.15626055729947 (AB99-$AC$96)*10000=-14.587527184563541 (AC9 9-$AC$96)*10000=29.981206188172404 (AD99-$AC$96)*10000=74.54993956090836 (AE99-$AC$96)*10000= 119.11867293364429 (AF99-$AC$96)*10000=208.25613967911625 (AG99-$AC$96)*10000=297.393606424588 1 (AH99-$AC$96)*10000=386.53107317006004 (A199-$AC$96)*10000=475.66853991553194 (AJ99-$AC$96 *10000=564.8060066610038 3Y average discount M122/$M$114-1=-0.010204081632653073 N122/$M$114-1=-0.010204081632653073 0122/$M$114-1=-0.41836734693877553 P122/$M$114-1=-0.29591836734693877 Q122/$M$114-1=-0.357 1428571428571 R122/$M$114-1=-0.3571428571428571 AVERAGE(M100:R100)=-0.2414965986394558 -0.2 0 (=TABLE(T27,T46))=0.007030403954062548 (=TABLE(T27,T46))=0.011765831874915747 (=TABLE(T27, T46))=0.01650125979576894 (=TABLE(T27,T46))=0.021236687716622134 (=TABLE(T27,T46))=0.02597211 563747533 (=TABLE(T27,T46))=0.030707543558328523 (=TABLE(T27,T46))=0.04017839940003492 (=TA BLE(T27,T46))=0.0496492552417413 (=TABLE(T27,T46))=0.059120111083447696 (=TABLE(T27,T46))=0. 06859096692515408 (=TABLE(T27,T46))=0.07806182276686047 -0.20 (Z100-$AC$96)*10000=-99.5894 621923516 (AA100-$AC$96)*10000=-52.235182983819634 (AB100-$AC$96)*10000=-4.880903775287 687 (AC100-$AC$96)*10000=42.47337543324424 (AD100-$AC$96)*10000=89.8276546417762 (AE100-$AC$9 6)*10000=137.18193385030813 (AF100-$AC$96)*10000=231.89049226737208 (AG100-$AC$96)*10000=326.599 0506844359 (AH100-$AC$96)*10000=421.30760910149985 (AI100-$AC$96)*10000=516.0161675185637 (AJ1 00-$AC$96)*10000=610.7247259356276 Stage 1 Discount to own historical average -0.25 (=TABLE(T27,T46))=0.007499097551000051 (=TA BLE(T27,T46))=0.012550220666576796 (=TABLE(T27,T46))=0.01760134378215354 (=TABLE(T27,T46))=0. 02265246689773028 (=TABLE(T27,T46))=0.027703590013307015 (=TABLE(T27,T46))=0.0327547131288837 56 (=TABLE(T27,T46))=0.04285695936003724 (=TABLE(T27,T46))=0.05295920559119072 (=TABLE(T27, T46))=0.06306145182234421 (=TABLE(T27,T46))=0.07316369805349769 (=TABLE(T27,T46))=0.08326594 428465117 -0.25 (Z101-$AC$96)*10000=-94.90252622297659 (AA101-$AC$96)*10000=-44.39129506720 9136 (AB101-$AC$96)*10000=6.119936088558285 (AC101-$AC$96)*10000=56.63116724432569 (AD101-$AC$9 6)*10000=107.14239840009306 (AE101-$AC$96)*10000=157.65362955586045 (AF101-$AC$96)*10000=258.676 0918673953 (AG101-$AC$96)*10000=359.69855417893007 (AH101-$AC$96)*10000=460.721016490465 (AI]. 01-$AC$96)*10000=561.7434788019998 (AJ101-$AC$96)*10000=662.7659411135346 P/E (2018E), base (x) M86/$M$117-1=-0.3426668224852458 N86/$M$117-1=-0.3412962051613977 086/$M$117-1=-0.6650508732509515 P86/$M$117-1=-0.43200612366172186 Q86/$M$117-1=-0.5765 360518728673 R86/$M$117-1=-0.23094123522021448 AVERAGE(M102:R102)=-0.4314162186087331 P/E (2018E), implied (x) M87/$M$117-1=-0.3426668224852458 N87/$M$117-1=-0.341296205161 3977 087/$M$117-1=-0.6650508732509515 P87/$M$117-1=-0.43200612366172186 Q87/$M$117-1 =-0.5765360518728673 R87/$M$117-1=-0.23094123522021448 AVERAGE(M103:R103)=-0.43141621860873 31 P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354 N90/$M$118-1=-0.21581819179683082 090/$M$118-1=-0.6545432779154655 P90/$M$118-1=-0.4270478189327467 Q90/$M$118-1=-0.5260 106679326566 R90/$M$118-1=-0.3915733723553658 AVERAGE(M105:R105)=-0.4151808334527502 YAPI KREDI YAPI KREDI P/BV (2018E), implied (x) M91/$M$118-1=-0.2760916717834354 N91/$M$118-1=-0.215818191796 83082 091/$M$118-1=-0.6545432779154655 P91/$M$118-1=-0.4270478189327467 Q91/$M$118-1 =-0.5260106679326566 R91/$M$118-1=-0.3915733723553658 AVERAGE(M106:R106)=-0.41518083345275 02 CoR (net) t of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans Loan growth (ppt change from base) $R$50=0.009435563468637288 AA107-0.05=-0.15000000000000 002 AB107-0.05=-0.10 -0.05 0 0.05 AD107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 $R$50=0.009435563468637288 A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10 -0.0 5 0 0.05 AR107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 MSCI EM Banks 2018E 0.20 (=TABLE(T27,T46))=-0.00528602158779954 (=TABLE(T27,T46))=-9.0302453 94671114E-4 (=TABLE(T27,T46))=0.0034799725088653153 (=TABLE(T27,T46))=0.00786296955719774 (=TA BLE(T27,T46))=0.012245966605530166 (=TABLE(T27,T46))=0.016628963653862593 (=TABLE(T27,T46))=0. 02539495775052744 (=TABLE(T27,T46))=0.0341609518471923 (=TABLE(T27,T46))=0.0429269459438571 46 (=TABLE(T27,T46))=0.051692940040521995 (=TABLE(T27,T46))=0.06045893413718685 0.20 (Z10 8-$AC$112)*10000=-147.21585056436828 (AA108-$AC$112)*10000=-103.38588008104401 (AB108-$AC$1 12)*10000=-59.55590959771972 (AC108-$AC$112)*10000=-15.725939114395477 (AD108-$AC$112)*1000 0=28.104031368928784 (AE108-$AC$112)*10000=71.93400185225305 (AF108-$AC$112)*10000=159.5939428189 0152 (AG108-$AC$112)*10000=247.25388378555007 (AH108-$AC$112)*10000=334.9138247521986 (AI]. 08-$AC$112)*10000=422.573765718847 (AJ108-$AC$112)*10000=510.23370668549563 P/E (x) 7.57 0.15 (=TABLE(T27,T46))=-0.005515848613356042 (=TABLE(T27,T46))=-9.422864759656813 E-4 (=TABLE(T27,T46))=0.0036312756614246765 (=TABLE(T27,T46))=0.008204837798815033 (=TABLE(T27, T46))=0.01277839993620539 (=TABLE(T27,T46))=0.01735196207359575 (=TABLE(T27,T46))=0.02649908 634837646 (=TABLE(T27,T46))=0.035646210623157176 (=TABLE(T27,T46))=0.044793334897937895 (=TA BLE(T27,T46))=0.0539404591727186 (=TABLE(T27,T46))=0.06308758344749932 0.15 (2109-$AC$11 2)*10000=-149.51412081993328 (AA109-$AC$112)*10000=-103.77849944602968 (AB109-$AC$112)*1000 0=-58.04287807212611 (AC109-$AC$112)*10000=-12.307256698222552 (AD109-$AC$112)*10000=33.428 364675681024 (AE109-$AC$112)*10000=79.16398604958462 (AF109-$AC$112)*10000=170.63522879739176 (AG109-$AC$112)*10000=262.1064715451989 (AH109-$AC$112)*10000=353.57771429300607 (A1109-$AC$1 12)*10000=445.0489570408131 (AJ109-$AC$112)*10000=536.5201997886203 P/BV (x) 1.05 0.10 (=TABLE(T27,T46))=-0.005766569004872225 (=TABLE(T27,T46))=-9.8511767 94166667E-4 (=TABLE(T27,T46))=0.003796333646034889 (=TABLE(T27,T46))=0.008577784971488443 (=TA EFTA01437431 BLE(T27,T46))=0.013359236296941999 (=TABLE(T27,T46))=0.018140687622395554 (=TABLE(T27,T46))=0. 027703590273302662 (=TABLE(T27,T46))=0.037266492924209776 (=TABLE(T27,T46))=0.0468293955751168 9 (=TABLE(T27,T46))=0.05639229822602399 (=TABLE(T27,T46))=0.0659552008769311 0.10 (Z11 0-$AC$112)*10000=-152.02132473509513 (AA110-$AC$112)*10000=-104.20681148055954 (AB110-$AC$1 12)*10000=-56.39229822602398 (AC110-$AC$112)*10000=-8.577784971488446 (AD110-$AC$112)*1000 0=39.23672828304711 (AE110-$AC$112)*10000=87.05124153758267 (AF110-$AC$112)*10000=182.6802680466 5377 (AG110-$AC$112)*10000=278.3092945557249 (AH110-$AC$112)*10000=373.93832106479596 (AI]. 10-$AC$112)*10000=469.56734757386704 (AJ110-$AC$112)*10000=565.1963740829382 0.05 (=TABLE(T27,T46))=-0.006041167528913759 (=TABLE(T27,T46))=-0.00103202804510527 (=TABLE(T27, T46))=0.003977111438703217 (=TABLE(T27,T46))=0.008986250922511702 (=TABLE(T27,T46))=0.01399539 0406320187 (=TABLE(T27,T46))=0.019004529890128675 (=TABLE(T27,T46))=0.029022808857745646 (=TA BLE(T27,T46))=0.03904108782536262 (=TABLE(T27,T46))=0.04905936679297959 (=TABLE(T27,T46))=0. 059077645760596556 (=TABLE(T27,T46))=0.06909592472821353 0.05 (Z111-$AC$112)*10000=-154.76 730997551047 (AA111-$AC$112)*10000=-104.67591513742558 (AB111-$AC$112)*10000=-54.5845202993 4071 (AC111-$AC$112)*10000=-4.49312546125586 (AD111-$AC$112)*10000=45.598269376828995 (AE1 11-$AC$112)*10000=95.68966421491388 (AF111-$AC$112)*10000=195.8724538910836 (AG111-$AC$112)*1000 0=296.0552435672533 (AH111-$AC$112)*10000=396.23803324342305 (AI111-$AC$112)*10000=496.42 082291959264 (AJ111-$AC$112)*10000=596.6036125957625 MSCI EM Banks 3Y average 0 (=TABLE(T27,T46))=-0.006343225905359447 (=TABLE(T27,T46))=-0 .0010836294473605336 (=TABLE(T27,T46))=0.004175967010638378 (=TABLE(T27,T46))=0.0094355634686372 88 (=TABLE(T27,T46))=0.0146951599266362 (=TABLE(T27,T46))=0.01995475638463511 (=TABLE(T27, T46))=0.03047394930063293 (=TABLE(T27,T46))=0.04099314221663075 (=TABLE(T27,T46))=0.05151233 5132628574 (=TABLE(T27,T46))=0.06203152804862639 (=TABLE(T27,T46))=0.07255072096462421 0 (Z112-$AC$112)*10000=-157.78789373996733 (AA112-$AC$112)*10000=-105.19192915997822 (AB1 12-$AC$112)*10000=-52.595964579989094 (AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=52.59596457998 9115 (AE112-$AC$112)*10000=105.19192915997822 (AF112-$AC$112)*10000=210.38385831995637 (AG112-$AC$112)*10000=315.5757874799346 (AH112-$AC$112)*10000=420.76771663991286 (A1112-$AC$1 12)*10000=525.959645799891 (AJ112-$AC$112)*10000=631.1515749598692 P/E (x) 8.15 -0.05 (=TABLE(T27,T46))=-0.006677079900378366 (=TABLE(T27,T46))=-0.001140662576168 9827 (=TABLE(T27,T46))=0.004395754748040399 (=TABLE(T27,T46))=0.009932172072249777 (=TABLE(T27, T46))=0.015468589396459159 (=TABLE(T27,T46))=0.02100500672066854 (=TABLE(T27,T46))=0.03207784 13690873 (=TABLE(T27,T46))=0.04315067601750606 (=TABLE(T27,T46))=0.05422351066592482 (=TA BLE(T27,T46))=0.06529634531434357 (=TABLE(T27,T46))=0.07636917996276234 -0.05 (2113-$AC$11 2)*10000=-161.12643369015655 (AA113-$AC$112)*10000=-105.7622604480627 (AB113-$AC$112)*1000 0=-50.39808720596889 (AC113-$AC$112)*10000=4.9660860361248895 (AD113-$AC$112)*10000=60.330 259278218705 (AE113-$AC$112)*10000=115.6944325203125 (AF113-$AC$112)*10000=226.4227790045001 (AG1 13-$AC$112)*10000=337.1511254886877 (AH113-$AC$112)*10000=447.8794719728753 (AI113-$AC$112)*1000 0=558.6078184570628 (AJ113-$AC$112)*10000=669.3361649412504 P/BV (x) 0.98 -0.10 (=TABLE(T27,T46))=-0.00704802878373272 (=TABLE(T27,T46))=-0.0012040 327192894818 (=TABLE(T27,T46))=0.004639963345153753 (=TABLE(T27,T46))=0.010483959409596986 (=TA BLE(T27,T46))=0.016327955474040222 (=TABLE(T27,T46))=0.022171951538483458 (=TABLE(T27,T46))=0. 03385994366736992 (=TABLE(T27,T46))=0.04554793579625639 (=TABLE(T27,T46))=0.0572359279251428 64 (=TABLE(T27,T46))=0.06892392005402932 (=TABLE(T27,T46))=0.08061191218291579 -0.10 (Z11 4-$AC$112)*10000=-164.83592252370008 (AA114-$AC$112)*10000=-106.39596187926769 (AB114-$AC$1 12)*10000=-47.95600123483535 (AC114-$AC$112)*10000=10.483959409596979 (AD114-$AC$112)*1000 0=68.92392005402934 (AE114-$AC$112)*10000=127.3638806984617 (AF114-$AC$112)*10000=244.2438019873 263 (AG114-$AC$112)*10000=361.123723276191 (AH114-$AC$112)*10000=478.00364456505577 (AI]. 14-$AC$112)*10000=594.8835658539203 (AJ114-$AC$112)*10000=711.7634871427849 -0.15 (=TABLE(T27,T46))=-0.007462618712187585 (=TABLE(T27,T46))=-0.0012748581733653336 (=TA BLE(T27,T46))=0.004912902365456915 (=TABLE(T27,T46))=0.011100662904279161 (=TABLE(T27,T46))=0. 01728842344310141 (=TABLE(T27,T46))=0.023476183981923658 (=TABLE(T27,T46))=0.0358517050595681 54 (=TABLE(T27,T46))=0.04822722613721265 (=TABLE(T27,T46))=0.060602747214857144 (=TABLE(T27, T46))=0.07297826829250163 (=TABLE(T27,T46))=0.08535378937014614 -0.15 (Z115-$AC$112)*10000 =-168.98182180824872 (AA115-$AC$112)*10000=-107.10421642002622 (AB115-$AC$112)*10000=-45.22 661103180373 (AC115-$AC$112)*10000=16.65099435641873 (AD115-$AC$112)*10000=78.52859974464123 (AE1 15-$AC$112)*10000=140.4062051328637 (AF115-$AC$112)*10000=264.16141590930863 (AG115-$AC$1 12)*10000=387.9166266857536 (AH115-$AC$112)*10000=511.67183746219854 (AI115-$AC$112)*1000 0=635.4270482386435 (AJ115-$AC$112)*10000=759.1822590150884 Turkish banks 3Y average -0.20 (=TABLE(T27,T46))=-0.007929032381699308 (=TABLE(T27,T46))=-0 .0013545368092006667 (=TABLE(T27,T46))=0.005219958763297972 (=TABLE(T27,T46))=0.0117944543357966 09 (=TABLE(T27,T46))=0.018368949908295247 (=TABLE(T27,T46))=0.024943445480793885 (=TABLE(T27, T46))=0.038092436625791155 (=TABLE(T27,T46))=0.05124142777078843 (=TABLE(T27,T46))=0.06439041 891578572 (=TABLE(T27,T46))=0.07753941006078298 (=TABLE(T27,T46))=0.09068840120578026 -0.2 0 (Z116-$AC$112)*10000=-173.64595850336596 (AA116-$AC$112)*10000=-107.90100277837955 (AB116-$AC$112)*10000=-42.15604705339316 (AC116-$AC$112)*10000=23.588908671593206 (AD1 16-$AC$112)*10000=89.33386439657959 (AE116-$AC$112)*10000=155.07882012156597 (AF116-$AC$1 12)*10000=286.56873157153865 (AG116-$AC$112)*10000=418.05864302151144 (AH116-$AC$112)*1000 0=549.5485544714843 (AI116-$AC$112)*10000=681.0384659214569 (AJ116-$AC$112)*10000=812.5283773714 297 P/E (x) 6.27 -0.25 (=TABLE(T27,T46))=-0.008457634540479262 (=TABLE(T27,T46))=-0.001444839263147 378 (=TABLE(T27,T46))=0.005567956014184504 (=TABLE(T27,T46))=0.012580751291516383 (=TABLE(T27, T46))=0.019593546568848264 (=TABLE(T27,T46))=0.02660634184618015 (=TABLE(T27,T46))=0.04063193 24008439 (=TABLE(T27,T46))=0.05465752295550767 (=TABLE(T27,T46))=0.06868311351017144 (=TA BLE(T27,T46))=0.08270870406483519 (=TABLE(T27,T46))=0.09673429461949895 -0.25 (2117-$AC$11 2)*10000=-178.9319800911655 (AA117-$AC$112)*10000=-108.80402731784666 (AB117-$AC$112)*1000 0=-38.676074544527836 (AC117-$AC$112)*10000=31.451878228790953 (AD117-$AC$112)*10000=101.57 983100210976 (AE117-$AC$112)*10000=171.70778377542862 (AF117-$AC$112)*10000=311.9636893220 661 (AG117-$AC$112)*10000=452.21959486870384 (AH117-$AC$112)*10000=592.4755004153415 (AI]. 17-$AC$112)*10000=732.731405961979 (AJ117-$AC$112)*10000=872.9873115086166 EFTA01437432 P/BV (x) 0.81 3Y Historical average Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi rota 1 P/E (x) 7.18 6.95 4.33 6.03 5.26 5.84 AVERAGE(M121:R121)=5.9316666666666675 Aver age Average P/BV (x) 0.97 0.97 0.57 0.69 0.63 0.63 AVERAGE(M122:R122)=0.743333333333333 3 CoR (net) t of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans Loan growth (ppt change from base) AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10 -0.0 5 0 0.05 AD123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AO123-0.05=-0.150000 00000000002 AP123-0.05=-0.10 -0.05 0 0.05 AR123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (228+I44+260+Z76+Z92+2108)/6=-0.01410849428764393 (AA28+AA44+AA60+AA76+AA92+AA108)/6=- 0.006438702862482212 (AB28+AB44+AB60+AB76+AB92+AB108)/6=0.0012310885626795026 (AC28+AC44+A C60+AC76+AC92+AC108)/6=0.008900879987841217 (AD28+AD44+AD60+AD76+AD92+AD108)/6=0.016570671413002 93 (AE28+AE44+AE60+AE76+AE92+AE108)/6=0.024240462838164643 (AF28+AF44+AF60+AF76+AF92+AF108)/6=0 .03958004568848807 (AG28+AG44+AG60+AG76+AG92+AG108)/6=0.0549196285388115 (AH28+AR44+AH60+AH76 +AH92+AH108)/6=0.07025921138913493 (A128+A144+A160+A176+A192+AI108)/6=0.08559879423945836 (AJ2 8+AJ44+AJ60+AJ76+AJ92+AJ108)/6=0.10093837708978178 0.20 (AN28+AN44+AN60+AN76+AN92+AN108)/6=- 247.89550273053393 (AO28+AO44+A060+AD76+A092+A0108)/6=-171.1975884789167 (AP28+AP44+AP60+AF76 +AP92+AP108)/6=-94.49967422729956 (AQ28+AQ44+AQ60+AQ76+AQ92+AQ108)/6=-17.801759975682433 (AR2 8+AR44+AR60+AB76+AR92+AR108)/6=56.8961542759347 (AS28+AS44+AS60+AS76+AS92+AS108)/6=135.5940685275518 3 (AT28+AT44+AT60+AT76+AT92+AT108)/6=268.98989703078615 (AU28+AQ44+AU60+AU76+AQ92+AU108)/6=4 42.3857255340204 (AV28+AV44+AV60+AV76+AV92+AV108)/6=595.7815540372548 (AW28+AW44+AW60+AW76 +AW92+AW108)/6=749.177382540489 (AX28+AX44+AX60+AX76+AX92+AX108)/6=902.5732110437231 0.15 (229+I45+261+Z77+Z93+2109)/6=-0.014721907082758882 (AA29+AA45+AA61+AA77+AA93+AA109)/6=_ 0.00671864646519883 (AB29+AB45+AB61+AB77+AB93+AB109)/6=0.0012846141523612199 (AC29+AC45+A C61+AC77+AC93+AC109)/6=0.009287874769921269 (AD29+AD45+AD61+AD77+AD93+AD109)/6=0.017291135387481 32 (AE29+AE45+AE61+AE77+AE93+AE109)/6=0.025294396005041367 (AF29+AF45+AF61+AF77+AF93+AF109)/6=0 .041300917240161474 (AG29+AG45+AG61+AG77+AG93+AG109)/6=0.05730743847528156 (AH29+AH45+AH61+AH77 +AH93+AH109)/6=0.07331395971040168 (A129+A145+A161+A177+A193+AI109)/6=0.08932048094552175 (AJ2 9+AJ45+AJ61+AJ77+AJ93+AJ109)/6=0.10532700218064188 0.15 (AN29+AN45+AN61+AN77+AN93+AN109)/6=_ 254.02963068168347 (AO29+AO45+A061+A077+A093+A0109)/6=-173.99702450608288 (AP29+AP45+AP61+AP77 +AP93+AP109)/6=-93.96441833048239 (AQ29+AQ45+AQ61+AQ77+AQ93+AQ109)/6=-13.931812154881902 (AR2 9+AR45+AR61+AR77+AR93+AR109)/6=66.10079402071858 (AS29+AS45+AS61+AS77+AS93+AS109)/6=146.13340 019631912 (AT29+AT45+Ar61+Ar77+AT93+AT109)/6=306.1986125475201 (AU29+AU45+AU61+AU77+AU93+AU 109)/6=466.26382489872117 (AV29+AV45+AV61+AV77+AV93+AV109)/6=626.3290372499221 (AW29+AW45+A W61+AW77+AW93+AW109)/6=786.3942496011232 (AX29+AX45+AX61+AX77+AX93+AX109)/6=946.4594619523241 0.10 (230+I46+262+Z78+Z94+2110)/6=-0.015391084677429742 (AA30+AA46+AA62+AA78+AA94+AA110)/6=- 0.007024039486344231 (AB30+AB46+AB62+AB78+AB94+AB110)/6=0.0013430057047412753 (AC30+AC46+A C62+AC78+AC94+AC110)/6=0.00971005089582678 (AD30+AD96+AD62+AD78+AD94+AD110)/6=0.016077096086912 287 (AE30+AE46+AE62+AE78+AE94+AE110)/6=0.026444141277997796 (AF30+AF46+AF62+AF78+AF94+AF110)/6=0 .0431782316601688 (AG30+AG46+AG62+AG78+AG94+AG110)/6=0.059912322042339816 (AH3O+AH46+AH62+AH78 +AH94+AH110)/6=0.07664641242451083 (A130+AI46+A162+A178+A194+AI110)/6=0.09338050280668165 (AJ3 0+AJ46+AJ62+AJ78+AJ94+AJ110)/6=0.11011459318885285 0.10 (AN30+AN46+AN62+AN78+AN94+AN110)/6=- 260.72140662839195 (AO30+AO46+AD62+A078+A094+A0110)/6=-177.05095471753688 (AP3O+AP46+AP62+AP78 +AP94+AP110)/6=-93.38050280668183 (AQ30+AQ46+AQ62+AQ78+AQ94+AQ110)/6=-9.710050895826791 (AR3 0+AR46+AR62+AR78+AR94+AR110)/6=73.96040101502825 (AS30+AS46+AS62+AS78+AS94+AS110)/6=157.63085 292588332 (AT3O+AT46+Ar62+Ar78+AT94+AT110)/6=324.9717567475935 (AU30+AQ46+AD62+AD78+AQ94+AU 110)/6=492.31266056930355 (AV30+AV46+AV62+AV78+AV94+AV110)/6=659.6535643910139 (AW3O+AW46+A W62+AW78+AW94+AW110)/6=826.9944682127237 (AX30+AX46+AX62+AX78+AX94+AX110)/6=994.3353720344338 0.05 (231+K47+263+Z79+Z95+2111)/6=-0.016123993471593063 (AA31+AA47+AA63+AA79+AA95+AA111)/6=_ 0.007358517557122528 (AB31+AB47+AB63+AB79+AB95+AB111)/6=0.0014069583573480028 (AC31+AC47+A C63+AC79+AC95+AC111)/6=0.01017243427181853 (AD31+AD47+AD63+AD79+AD95+AD111)/6=0.018937910186289 06 (AE31+AE47+AE63+AE79+AE95+AE111)/6=0.027703386100759595 (AF31+AF47+AF63+AF79+AF95+AF111)/6=0 .045234337929700656 (AG31+AG47+AG63+AG79+AG95+AG111)/6=0.06276528975864172 (AH31+AH47+AH63+AH79 +AH95+AH111)/6=0.08029624158758279 (A131+A147+A163+A179+A195+AI111)/6=0.09782719341652385 (AJ3 1+AJ47+AJ63+AJ79+AJ95+AJ111)/6=0.1153581452454649 0.05 (AN31+AN47+AN63+AN79+AN95+AN111)/6=_ 268.0504945700252 (AO31+AO47+A063+A079+A095+A0111)/6=-180.39573542531988 (AP31+AP47+AP63+AP79 +AP95+AP111)/6=-92.74097628061457 (AQ31+AQ47+AQ63+AQ79+AQ95+AQ111)/6=-5.086217135909272 CARS 1+AR47+AR63+AR79+AR95+AR111)/6=82.56854200879603 (AS31+AS47+AS63+AS79+AS95+AS111)/6=170.22330 115350132 (AT31+AT47+Ar63+Ar79+AT95+AT111)/6=345.5328194429119 (AU31+AU47+AU63+AU79+AU95+AU 111)/6=520.8423377323226 (AV31+AV47+AV63+AV79+AV95+AV111)/6=696.1518560217332 (AW31+AW47+A W63+AW79+AW95+AW111)/6=871.4613743111437 (AX31+AX47+AX63+AX79+AX95+AX111)/6=1046.770892600554 4 0 (232+I48+264+Z80+Z96+2112)/6=-0.016930193145172717 (AA32+AA48+AA64+AA80+AA96+AA112)/6=- 0.007726443434978654 (AB32+AB48+AB64+AB80+AB96+AB112)/6=0.0014773062752154028 (AC32+AC48+A C64+AC80+AC96+AC112)/6=0.010681055985409459 (AD32+AD48+AD64+AD80+AD96+AD112)/6=0.019884805695603 514 (AE32+AE48+AE64+AE80+AE96+AE112)/6=0.029088555405797568 (AF32+AF48+AF64+AF80+AF96+AF112)/6=0 .047496054826185685 (AG32+AG48+AG64+AG80+AG96+AG112)/6=0.0659035542465738 (AH32+AH48+AH64+AH80 +AH96+AH112)/6=0.08431105366696191 (A132+AI46+A164+A180+A196+AI112)/6=0.10271855308735005 (AJ3 2+AJ48+AJ64+AJ80+AJ96+AJ112)/6=0.12112605250773813 0 (AN32+AN48+AN64+AN80+AN96+AN112)/6=- 276.1124913058217 (AO32+AO48+A064+A080+AD96+A0112)/6=-184.07499420388115 (AP32+AP48+AP64+AP80 +AP96+AP112)/6=-92.03749710194057 (AQ32+AQ48+AQ64+AQ80+AQ96+AQ112)/6=0 (AR32+AR48+AR64+AR80 +AR96+AR112)/6=92.03749710194057 (AS32+AS48+AS64+AS80+AS96+AS112)/6=184.07499420388115 (Ar3 2+AT48+Ar64+Ar8O+AT96+AT112)/6=368.1499884077623 (AU32+AU48+AU64+AU8O+AU96+AU112)/6=552.22498 26116434 (AV32+AV48+AV64+AV80+AV96+AV112)/6=736.2999768155246 (AW32+AW48+AW64+AW80+AW96+AW 112)/6=920.3749710194055 (AX32+AX48+AX64+AX80+AX96+AX112)/6=1104.4499652232869 -0.05 (233+I49+265+Z81+Z97+2113)/6=-0.017821255942287072 (AA33+AA49+AA65+AA81+AA97+AA113)/6=_ EFTA01437433 0.00813309835260911 (AB33+A849+AB65+AB81+AB97+ABI113)/6=0.0015550592370688454 (AC33+AC49+A C65+Ac81+Ac97+AC113)/6=0.011243216826746798 (A033+A049+Ao65+AD81+AD97+A0113)/6=0.020931374416424 755 (AE33+AE49+AE65+AE81+AE97+AE113)/6=0.03061953200610271 (AF33+AF49+AP65+AF81+AF97+AF113)/6=0 .049995847185458624 (AG33+AG49+AG65+AG81+AG97+AG113)/6=0.06937216236481451 (AH33+AH49+AH65+AH81 +AH97+AH113)/6=0.08874847754417044 (A133+A149+A165+A181+A197+A1113)/6=0.10812479272352636 (A,73 3+AJ49+AJ65+A.781+AJ97+AJ113)/6=0.12750110790288227 -0.05 (AN33+AN49+AN65+AN81+AN97+AN113)/6- 285.02311927696525 (A033+A049+A065+A081+A097+A0113)/6=-188.14154338018568 (AP33+AP49+AP65+Ap81 +Ap97+AP113)/6=-91.25996748340613 (AQ33+AQ49+AQ65+AQ81+AQ97+AQ113)/6=5.6216084133734014 CARS 3+AR49+AR65+AR81+AR97+AR113)/6=102.50318431015296 (As33+As49+AS65+AS81+As97+AS113)/6=199.38476 02069325 (AT33+AT49+AT65+AT81+AT97+AT113)/6=393.14791200049166 (Au33+Au49+AU65+AU81+AU97+Au 113)/6=586.9110637940507 (Av33+Av49+AV65+AV81+Av97+AV113)/6=780.67421558761 (AW33+AW49+A W65+AW81+Aw97+AW113)/6=974.4373673811689 (Ax33+Ax49+Ax65+AX81+AX97+Ax113)/6=1168.200519174727 8 -0.10 (z34+z50+z66+z82+z9B+z114)/6=-0.018811325716858576 (AA34+AA50+AA66+AA82+AA98+AA114)/6- 0.008584937149976282 (AB34+AB50+AB66+AB82+AB98+AB114)/6=0.0016414514169060034 (Ac34+Ac50+A C66+AC82+Ac98+AC114)/6=0.011867839983788287 (A034+A050+AD66+AD82+AD98+A0114)/6=0.022094228550670 572 (AE34+AE50+AE66+AE82+AE9B+AE114)/6=0.03232061711755286 (AF34+AF50+AP66+AF82+AF98+AF114)/6=0 .05277339425131743 (AG34+AG50+AG66+AG82+AG98+AG114)/6=0.073226171385082 (AN34+AH50+AH66+AH82 +AH98+AH114)/6=0.09367894851884657 (A134+A150+A166+A182+A198+A1114)/6=0.11413172565261115 (A,73 4+AJ50+AJ66+A.782+AJ98+AJ114)/6=0.1345845027863757 -0.10 (AN34+AN50+AN66+AN82+AN98+AN114)/6- 294.92381702268034 (A034+A050+A066+A082+A098+A0114)/6=-192.6599313538574 (AF34+AP50+AP66+AF82 +Ap98+AP114)/6=-90.39604568503455 (AQ34+AQ50+AQ66+AQ82+AQ98+AQ114)/6=11.867839983788285 CARS 4+AR50+AB66+AB82+AR9B+AR114)/6=114.13172565261114 (AS34+As50+As66+AS82+AS98+As114)/6=216.39561 132143402 (AT34+AT5O+AT66+Ar82+AT98+AT114)/6=420.92338265907966 (AD34+AU50+AD66+AD82+AQ98+AU 114)/6=625.4511539967255 (Av34+AV50+AV66+AV82+Av98+Av114)/6=829.9789253343711 (AW34+Aw5O+A W66+AW82+Aw98+AW114)/6=1034.5066966720167 (Ax34+Ax50+AX66+AX82+AX98+Ax114)/6=1239.034468009662 5 -0.15 (z35+z51+z67+z83+z99+z115)/6=-0.019917874288438494 (AA35+AA51+AA67+AA83+AA99+AA115)/6- 0.009089933452916062 (AB35+AH51+AB67+AB83+AB99+AB115)/6=0.001738007382606356 (AC35+AC51+AC67+Ac83 +Ac99+AC115)/6=0.012565948218128778 (AD35+AD51+A067+A083+AD99+AD115)/6=0.023393889053651192 (AE3 5+AE51+AE67+AE83+AE99+AE115)/6=0.03422182988917361 (Ap35+AP51+AF67+AF83+AP99+AF115)/6=0.0558777 1156021845 (AG35+AG51+AG67+AG83+AG99+AG115)/6=0.07753359323126328 (AH35+AH51+AH67+AH83+AH99+AH 115)/6=0.09918947490230816 (A135+A151+A167+A183+A199+A1115)/6=0.12084535657335298 (AJ35+Aa51+A J67+AJ83+Aa99+AJ115)/6=0.1425012382443978 -0.15 (AN35+AN51+AN67+AN83+AN99+AN115)/6=-305.9893 0273847947 (A035+AO51+A067+A083+A099+AO115)/6=-197.7098943832552 (Ap35+AP51+AP67+AP83+AP99+Ap 115)/6=-89.43048602803104 (AQ35+AQ51+AQ67+AQ83+AQ99+AQ115)/6=18.848922327193158 (AR35+AR51+A R67+AR83+AR99+AR115)/6=127.12833068241737 (As35+AS51+AS67+AS83+AS99+AS115)/6=235.4077390376415 6 (Ar35+AT51+AT67+AT83+AT99+AT115)/6=451.9665557480899 (AU35+Au51+Au67+AU83+AU99+AU115)/6=6 68.5253724585383 (AV35+Av51+Av67+AV83+AV99+Av115)/6=885.084189168987 (AW35+AW51+AW67+AW83 +AW99+AW115)/6=1101.6430058794353 (AX35+AX51+Ax67+Ax83+AX99+AX115)/6=1318.2018225898835 -0.20 (z36+z52+268+284+Z100+z116)/6=-0.0211627414314659 (AA36+AA52+AA68+AA84+AA100+AA116)/6= -0.009658054293723317 (AB36+AH52+AB68+AB84+AB100+AE116)/6=0.0018466328440192535 (AC36+AC52+A C68+AC84+Ac100+AC116)/6=0.013351319981761823 (A036+A052+AD68+AD84+AD100+A0116)/6=0.02485600711950 4392 (AE36+AE52+AE68+AE84+AE100+AE116)/6=0.036360694257246966 (Ac36+AP52+AF68+AF84+AF100+A F116)/6=0.0593700685327321 (AG36+AG52+AG68+AG84+AG100+AG116)/6=0.08237944280821724 (AH36+AH52+A H68+AH84+AH100+AH116)/6=0.10538881708370239 (A136+A152+A168+A184+AI100+A1116)/6=0.12839819135918 754 (Aa36+AJ52+AJ68+A.784+A.7100+Aj116)/6=0.15140756563467267 -0.20 (AN36+AN52+AN68+AN84+AN100+A N116)/6=-318.43797416875356 (A036+AG52+A068+A084+AO100+A0116)/6=-203.39110279132774 (AP36+Ap52+A P68+AP84+AP100+AP116)/6=-88.34423141390204 (AQ36+AQ52+AQ68+AQ84+AQ100+AQ116)/6=26.7026399635236 34 (AR36+AR52+AR68+AR84+AR100+AR116)/6=141.74951134094934 (AS36+AS52+As68+AS84+AS100+As116)/6= 256.796382718375 (AT36+Ar52+AT68+AT84+AT100+AT116)/6=486.8901254732264 (Au36+AU52+AU68+Au84 +Au100+Au116)/6=716.9838682280779 (AV36+AV52+Av68+Av84+AV100+AV116)/6=947.0776109829294 (Aw3 6+AW52+Aw68+Aw84+AW100+AW116)/6=1177.1713537377807 (Ax36+Ax52+AX68+AX84+Ax100+AX116)/6=1407.265 0964926322 -0.25 (z37+z53+z69+z85+z101+z117)/6=-0.02257359086023029 (AA37+AA53+AA69+AA85+AA101+AA117)/6= -0.010301924579971538 (AB37+AH53+AB69+AB85+AB101+A2117)/6=0.001969741700287204 (Ac37+Ac53+A C69+AC85+Ac101+AC117)/6=0.014241407980545946 (A037+A053+AD69+AD85+AD101+A0117)/6=0.02651307426080 4684 (AE37+AE53+AE69+AE85+AE101+AE117)/6=0.03878474054106343 (AF37+AF53+AP69+AF85+AF101+AF117)/6= 0.06332807310158091 (AG37+AG53+AG69+AG85+AG101+AG117)/6=0.0878714056620984 (AH37+AH53+AH69+AH85 +AH101+AH117)/6=0.11241473822261588 (A137+A153+A169+A185+AI101+A1117)/6=0.13695807078313335 (A,73 7+AJ53+AJ69+A,785+AJ101+AJ117)/6=0.16150140334365085 -0.25 (AN37+AN53+AN69+AN85+AN101+AN117)/6= - 332.54646845639746 (A037+A053+AD69+A085+AO101+A0117)/6=-209.82980565380993 (AP37+AP53+AP69+Ap85 +AP101+AP117)/6=-87.11314285122255 (AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=35.60351995136486 CARS 7+AR53+AR69+AR85+AR101+AR117)/6=158.32018275395228 (AS37+As53+AS69+AS85+AS101+As117)/6=281.0368 455565397 (AT37+AT53+AT69+Ar85+AT101+AT117)/6=526.4701711617146 (Au37+Au53+AU69+AU85+Au101+A U117)/6=771.9034967668895 (Av37+AV53+AV69+AV85+Av101+AV117)/6=1017.3368223720641 (AW37+Aw53+A W69+AW85+Aw101+AW117)/6=1262.7701479772393 (Ax37+Ax53+Ax69+AX85+AX101+Ax117)/6=1508.20347358241 38 EFTA01437434 Sensit EPS Coverage 0.25 0.30 0.30 0.25 0.30 0.35 USD/TRY 4.85 OTAS exposure (USDm) 1500 950 160 500 180 200 LOANS OTAS exposure (TRYm) M2*$U$1=7274.999999999999 N2*$U$1=4607.50 02*$U$1=776 P2*$ U$1=2425 Q2*$U$1=872.9999999999999 R2*$U$1=969.9999999999999 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751 D5+N3=184550.336 E5+03=208794.025 F5+P3=227872.282 G5+Q3=190067.53 H5+R3=190176.167 SUM(M5:R5)=1186219.091 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 2 C6-M3=14503. 338000000003 D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002 G6-Q3=5333.214 H6-R 3=7697.639999999999 SUM(M6:R6)=86104.52200000001 Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Stage 3 C7=4046.342 D7=5633.32 E7=6264.786 F7=5799.235 G7=7945.146 H7=8617.858 SUM(M7:R7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:67)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( CB:H8)=1310630.30 Total SUM(M5:M7)=203308.43099999998 SUM(N5:N7)=223051.48400000003 SUM( 05:07)=222150.67899999997 SUM(P5:P7)=252282.15099999998 SUM(Q5:Q7)=203345.89 SUM(R5:R7)=2 06491.66499999998 SUM(M8:R8)=1310630.30 COVERAGE COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stag e 1 C12+(M3*0.01)=708.687 D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67 F12+(P3*0.01 )=1612.427 G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40 SUM(M12:R12)=7490.946 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 stage 2 C13-(M3*M1)=965.1060000000004 D13-(N3*N1)=2237.825 E13-(03*01)=551.816 F13-(P3*P1)=1239.098 G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001 SUM(M13:R13) =5749.3240000000005 Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Stage 3 C14=3130.372 D14=3963.228 E14=4978.164 F14=4157.801 G14=6201.91 H14=7386.565 SUM(M14:R14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:G14)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total SUM( M12:M14)=4804.165000000001 SUM(N12:N14)=7063.41 SUM(012:014)=6541.65 SUM(P12:P14)=7009.32 6 SUM(Q12:Q14)=7958.598 SUM(R12:R14)=9681.161 SUM(M15:R15)=43058.31 % in gross loans % in gross loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C$8=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 15/I $8=0.8921605055216563 Stage 1 M5/M$8=0.9087608914752778 N5/N$8=0.8273889628100389 05/0 $8=0.9398757003123993 P5/P$8=0.9032437732782769 Q5/Q$8=0.934700622668105 R5/R$8=0.920 9871352434492 S5/S$8=0.9050752840064814 Stage 2 C6/C$8=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G$8=0.030520479169753565 H6/H$8=0.041975737858474825 16/I $8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677 N6/N$8=0.14735534330719807 06/0 $8=0.03192368365437227 P6/P$8=0.07376912685352839 06/Q88=0.026227301668108462 R6/R$8=0.037 27821168956142 S6/S$8=0.06569703294666697 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I $8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486 N7/N$8=0.025255693882762956 07/0 $8=0.02820061603322851 P7/P$8=0.022987099868194798 07/Q88=0.03907207566378646 R7/R$8=0.041 73465306698942 S7/S$8=0.029227683046851582 Total C8/C$8=1 DB/D$8=1 E8/E$8=1 F8/F58=1 G8/G$8=1 H8/H$8=1 I8/I$8=1 Total M8/M$8=1 N8/N$8=1 08/058=1 PB/P$8=1 Q8/Q$8=1 R8/R$8=1 S8/S$8=1 COVERAGE RATIO Earnings impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 2 prov isions (base) 14503.338000000003 32867.828 7091.868 18610.634000000002 5333 .214 7697.639999999999 56=86104.52200000001 AKBANK AKBANK Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 I12/ 15=0.0062616329363195285 Stage 3 provisions (base) 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 38306.687000000005 Net profit % of Stage 2 loans transferred to Stage 3 loans Net profit: change from base % of Stage 2 loans transferr ed to Stage 3 loans Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 I13/ 16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3 $T$27*M25=0 $T$27*N25=0 $T$27*025=0 $T$27*P25=0 $T$27*Q25=0 $1$27*R25=0 $T$27*525=0 0 Loan growth (ppt change from base) $M$31=6405.467516045113 AA27-0.05=-0.15000000000000002 AB27-0.05=-0.10 -0.0 5 0 0.05 AD27+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y27=6405.46751604511 3 A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05 0 0.05 AR27+0.05=0.10 0.20 EFTA01437435 0.30 0.40 0.50 0.60 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 I14/17=0.778 4029978891152 Coverage of new Stage 3 loans (704) M27*0.7=0 N27*0.7=0 027*0.7=0 P27*0.7=0 Q27*0.7=0 R27*0.7=0 S27*0.7=0 0.20 (=TABLE(127,146))=8897.97988 2445114 (=TABLE(T27,T46))=8491.886418445112 (=TABLE(127,146))=8085.7929544451135 (=TABLE(T27, 146))=7679.699490445113 (=TABLE(127,146))=7273.606026445113 (=TABLE(127,T46))=6867.512562445113 (=TABLE(127,146))=6055.325634445113 (=TABLE(T27,T46))=5243.138706445112 (=TABLE(T27,146))=44 30.951778445113 (=TABLE(127,T46))=3618.7648504451117 (=TABLE(T27,146))=2806.5779224451117 0.20 (Z28/$AC$32)-1=0.38912263002762626 (AA28/$AC$32)-1=0.32572468710109126 (AB28/$AC$32)-1=0.26 23267441745567 (AC28/$AC$32)-1=0.19892880124802192 (AD28/$AC$32)-1=0.13553085832148737 (AE2 8/$AC$32)-1=0.07213291539495259 (AF28/$AC$32)-1=-0.054662970458116744 (AG28/$AC$32)-1=-0.181458856 3111863 (AH28/$AC$32)-1=-0.3082547421642555 (Al28/$AC$32)-1=-0.4350506280173251 (AJ28/$AC$32 )-1=-0.5618465138703944 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Stage 3 provisions (new) M28+M26=4046.342 N28+ N26=5633.32 028+026=6264.786 P28+P26=5799.235 Q28+Q26=7945.146 R28+R26=8617 .858 528+526=38306.687000000005 0.15 (=TABLE(127,146))=8579.421888845112 (=TABLE(T27, 146))=8173.328424845113 (=TABLE(127,146))=7767.234960845113 (=TABLE(127,T46))=7361.141496845113 (=TABLE(T27,146))=6955.048032845112 (=TABLE(T27,T46))=6548.954568845113 (=TABLE(T27,146))=57 36.7676408451125 (=TABLE(T27,146))=4924.5807128451115 (=TABLE(127,T46))=4112.393784845111 (=TABLE(T27,146))=3300.2068568451114 (=TABLE(T27,T46))=2488.0199288451113 0.15 (229/$AC$32) -1=0.3393904297156205 (AA29/$AC$32)-1=0.2759924867890857 (AB29/$AC$32)-1=0.21259454386255117 (AC29/$AC$32)-1=0.1491966009360164 (AD29/$AC$32)-1=0.08579865800948161 (AE29/$AC$32)-1=0.02 2400715082947054 (AF29/$AC$32)-1=-0.10439517077012228 (AG29/$AC$32)-1=-0.23119105662319184 (AH29/$AC$32)-1=-0.3579869424762613 (A129/$AC$32)-1=-0.4847828283293306 (AJ29/$AC$32)-1=-0.6 115787141824001 Net profit (base) 6405.467516045113 7118.518599790241 3809.28613779219 6242 .064735470831 3822.804240772133 3853.9025619301465 SUM(M30:R30)=31252.043791800654 0.10 (=TABLE(T27,146))=8260.863895245115 (=TABLE(T27,T46))=7854.770431245114 (=TABLE(T27,T46))=74 48.676967245115 (=TABLE(127,T46))=7042.583503245114 (=TABLE(T27,146))=6636.490039245114 (=TA BLE(T27,146))=6230.396575245114 (=TABLE(T27,146))=5418.209647245114 (=TABLE(T27,146))=4606.02271 9245113 (=TABLE(T27,T46))=3793.835791245113 (=TABLE(127,146))=2981.6488632451124 (=TABLE(T27, 146))=2169.4619352451123 0.10 (230/$AC$32)-1=0.2896582294036154 (AA30/$AC$32)-1=0.22 626028647708063 (AB30/$AC$32)-1=0.16286234355054585 (AC30/$AC$32)-1=0.09946440062401107 (AD3 0/$AC$32)-1=0.036066457697476295 (AE30/$AC$32)-1=-0.02733148522905826 (AF30/$AC$32)-1=-0.1 541273710821276 (AG30/$AC$32)-1=-0.28092325693519715 (AH30/$AC$32)-1=-0.4077191427882665 (A13 0/$AC$32)-1=-0.534515028641336 (AJ30/$AC$32)-1=-0.6613109144944054 Expected provision expenses Net profit (new) - TRYmn M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04 ))=6405.467516045113 N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241 030-(028*0.8 )+((048-046)*(0.8)*(0.04))=3809.28613779219 P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547 0831 Q30-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133 R30-(R28*0.8)+((R48-R46)*(0. 8)*(0.04))=3853.9025619301465 S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654 0.05 (=TABLE(127,146))=7942.305901645114 (=TABLE(127,T46))=7536.212437645114 (=TABLE(T27,146))=71 30.118973645114 (=TABLE(127,T46))=6724.025509645114 (=TABLE(T27,T46))=6317.932045645113 (=TA BLE(T27,146))=5911.838581645114 (=TABLE(T27,T46))=5099.651653645114 (=TABLE(127,146))=4287.46472 56451135 (=TABLE(127,T46))=3475.2777976451134 (=TABLE(T27,T46))=2663.090869645113 (=TA BLE(T27,146))=1850.9039416451126 0.05 (Z31/$AC$32)-1=0.23992602909160965 (AA31/$AC$32 )-1=0.17652808616507487 (AB31/$AC$32)-1=0.11313014323854031 (AC31/$AC$32)-1=0.04973220031200554 (AD31/$AC$32)-1=-0.013665742614529242 (AE31/$AC$32)-1=-0.0770636855410638 (AF31/$AC$32)-1=-0.2 0385957139413324 (AG31/$AC$32)-1=-0.3306554572472026 (AH31/$AC$32)-1=-0.4574513431002719 (A131/$AC$32)-1=-0.5842472289533414 (AJ31/$AC$32)-1=-0.7110431148064109 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Change in ne t profit from base M31/M30-1=0 N31/N30-1=0 031/030-1=0 P31/P30-1=0 Q31/Q30-1=0 R31/R30-1=0 531/530-1=0 0 (=TABLE(127,T46))=7623.747908045114 (=TABLE(T27,T46))=72 17.654444045113 (=TABLE(127,T46))=6811.560980045114 (=TABLE(T27,146))=6405.467516045113 (=TA BLE(T27,146))=5999.374052045113 (=TABLE(T27,146))=5593.280588045113 (=TABLE(T27,146))=4781.09366 0045113 (=TABLE(T27,146))=3968.9067320451127 (=TABLE(127,146))=3156.7198040451126 (=TABLE(T27, 146))=2344.532876045112 (=TABLE(127,146))=1532.345948045112 0 (Z32/$AC$32)-1=0.19019382877 96041 (AA32/$AC$32)-1=0.12679588585306933 (AB32/$AC$32)-1=0.06339794292653478 (AC32/$AC$32 )-1=0 (AD32/$AC$32)-1=-0.06339794292653478 (AE32/$AC$32)-1=-0.12679588585306933 (AF32/$AC$32 )-1=-0.2535917717061388 (AG32/$AC$32)-1=-0.3803876575592082 (AH32/$AC$32)-1=-0.5071835434122776 (A132/$AC$32)-1=-0.6339794292653471 (AJ32/$AC$32)-1=-0.7607753151184165 ROE (base) M30/M$56=0.14227070975751668 N30/N$56=0.15379565842592643 030/0$56=0.133239279 64267931 P30/P$56=0.13031433781764779 Q30/Q$56=0.14460043618259225 R30/R$56=0.102203593 17283423 530/S$56=0.1347398172027409 -0.05 (=TABLE(T27,T46))=7305.189914445114 (=TA BLE(T27,146))=6899.096450445113 (=TABLE(T27,T46))=6493.0029864451135 (=TABLE(127,146))=6086.90952 2445113 (=TABLE(T27,146))=5680.8160584451125 (=TABLE(127,146))=5274.722594445113 (=TABLE(T27, 146))=4462.535666445113 (=TABLE(127,146))=3650.348738445112 (=TABLE(T27,T46))=2838.1618104451118 (=TABLE(127,146))=2025.9748824451115 (=TABLE(127,T46))=1213.7879544451114 -0.05 (233/$AC$32) -1=0.14046162846759858 (AA33/$AC$32)-1=0.0770636855410638 (AB33/$AC$32)-1=0.013665742614529242 (AC33/$AC$32)-1=-0.04973220031200554 (AD33/$AC$32)-1=-0.11313014323854031 (AE33/$AC$32)-1=-0.1 7652808616507498 (AF33/$AC$32)-1=-0.3033239720181443 (AG33/$AC$32)-1=-0.4301198578712139 (AH33/$AC$32)-1=-0.5569157437242833 (A133/$AC$32)-1=-0.6837116295773527 (AJ33/$AC$32)-1=-0.8 105075154304221 ROE (new) M31/M$56=0.14227070975751668 N31/N$56=0.15379565842592643 031/0$56=0.133239279 64267931 P31/P$56=0.13031433781764779 Q31/Q$56=0.14460043618259225 R31/R$56=0.102203593 17283423 531/S$56=0.1347398172027409 -0.10 (=TABLE(T27,T46))=6986.631920845113 (=TA EFTA01437436 BLE(T27,T46))=6580.538456845113 (=TABLE(T27,T46))=6174.444992845113 (=TABLE(T27,246))=5768.35152 8845113 (=TABLE(T27,T46))=5362.258064845112 (=TABLE(T27,T46))=4956.164600845113 (=TABLE(T27, T46))=4143.9776728451125 (=TABLE(T27,T46))=3331.7907448451124 (=TABLE(T27,T46))=2519.60381 68451123 (=TABLE(T27,T46))=1707.4168888451118 (=TABLE(T27,T46))=895.2299608451116 -0.1 O (Z34/$AC$32)-1=0.09072942815559304 (AA34/$AC$32)-1=0.02733148522905826 (AB34/$AC$32 )-1=-0.036066457697476406 (AC34/$AC$32)-1=-0.09946440062401118 (AD34/$AC$32)-1=-0.162862343 55054596 (AE34/$AC$32)-1=-0.22626028647708052 (AF34/$AC$32)-1=-0.35305617233014996 (AG3 4/$AC$32)-1=-0.4798520581832193 (AH34/$AC$32)-1=-0.6066479440362886 (A134/$AC$32)-1=-0.733443829 8893582 (AJ34/$AC$32)-1=-0.8602397157424275 Change in ROE from base (M34-M33)=0 (N34-N33)=0 (034-033)=0 (P34-P33)=0 (Q34-Q33)=0 (R34-R33)=0 (534-533)=0 -0.15 (=TABLE(T27,T46))=6668.073927245114 (=TABLE(T27,T46))=62 61.980463245113 (=TABLE(T27,T46))=5855.886999245114 (=TABLE(T27,T46))=5449.793535245113 (=TA BLE(T27,T46))=5043.700071245113 (=TABLE(T27,T46))=4637.606607245113 (=TABLE(T27,T46))=3825.41967 9245113 (=TABLE(T27,T46))=3013.2327512451125 (=TABLE(T27,T46))=2201.0458232451124 (=TABLE(T27, T46))=1388.8588952451119 (=TABLE(T27,T46))=576.6719672451118 -0.15 (Z35/$AC$32)-1=0.040 9972278435875 (AA35/$AC$32)-1=-0.022400715082947165 (AB35/$AC$32)-1=-0.08579865800948183 (AC3 5/$AC$32)-1=-0.1491966009360166 (AD35/$AC$32)-1=-0.2125945438625514 (AE35/$AC$32)-1=-0.275992486 78908594 (AF35/$AC$32)-1=-0.4027883726421554 (AG35/$AC$32)-1=-0.5295842584952248 (AH3 5/$AC$32)-1=-0.6563801443482942 (A135/$AC$32)-1=-0.7831760302013636 (AJ35/$AC$32)-1=-0.909971916 0544331 -0.20 (=TABLE(T27,T46))=6349.515933645114 (=TABLE(T27,T46))=5943.422469645114 (=TABLE(T27, T46))=5537.329005645114 (=TABLE(T27,T46))=5131.235541645114 (=TABLE(T27,T46))=4725.142077645113 (=TABLE(T27,T46))=4319.048613645114 (=TABLE(T27,T46))=3506.8616856451135 (=TABLE(T27,T46))=26 94.674757645113 (=TABLE(T27,T46))=1882.487829645113 (=TABLE(T27,T46))=1070.3009016451124 (=TA BLE(T27,T46))=258.1139736451123 -0.20 (236/$AC$32)-1=-0.008734972468417923 (AA36/$AC$32)-1=-0.0 7213291539495259 (AB36/$AC$32)-1=-0.13553085832148726 (AC36/$AC$32)-1=-0.19892880124802204 (AD36/$AC$32)-1=-0.2623267441745568 (AE36/$AC$32)-1=-0.32572468710109137 (AF36/$AC$32)-1=-0.4 525205729541608 (AG36/$AC$32)-1=-0.5793164588072303 (AH36/$AC$32)-1=-0.7061123446602997 (A13 6/$AC$32)-1=-0.832908230513369 (AJ36/$AC$32)-1=-0.9597041163664385 Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C37:H37)=858.279 COR impact Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TABLE(T27, T46))=6030.957940045113 (=TABLE(T27,T46))=5624.864476045113 (=TABLE(T27,T46))=5218.771012045114 (=TABLE(T27,T46))=4812.677548045112 (=TABLE(T27,T46))=4406.584084045113 (=TABLE(T27,T46))=40 00.490620045113 (=TABLE(T27,T46))=3188.3036920451127 (=TABLE(T27,T46))=2376.116764045112 (=TA BLE(T27,T46))=1563.929836045112 (=TABLE(T27,T46))=751.7429080451116 (=TABLE(T27,T46))=-60.444019 95488852 -0.25 (Z37/$AC$32)-1=-0.05846717278042357 (AA37/$AC$32)-1=-0.12186511570695824 (AB37/$AC$32)-1=-0.1852630586334928 (AC37/$AC$32)-1=-0.2486610015600278 (AD37/$AC$32)-1=-0.3 1205894448656235 (AE37/$AC$32)-1=-0.375456887413097 (AF37/$AC$32)-1=-0.5022527732661665 (AG37/$AC$32)-1=-0.6290486591192359 (AH37/$AC$32)-1=-0.7558445449723052 (A137/$AC$32)-1=-0.8 826404308253747 (AJ37/$AC$32)-1=-1.0094363166784441 Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C38:H38)=1751.946 Stage 2 loans % in 1 oans (base) M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769 12685352839 Q20=0.026227301668108462 R20=0.03727821168956142 S20=0.06569703294666697 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan s % in loans (base) M21=0.019902480089475486 N21=0.025255693882762956 021=0.028200 61603322851 P21=0.022987099868194798 Q21=0.03907207566378646 R21=0.04173465306698942 S21= 0.029227683046851582 Total SUM(C37:C39)=698.1659999999999 SUM(D37:039)=1616.995 SUM(E37:E39)=392.371 SUM(F37:F39) =1127.6619999999998 SUM(G37:G39)=1283.114 SUM(H37:H39)=813.327 SUM(C40:H40)=5931.635 Stag e 2 loans % in loans (new) (M6-M27)/M$8=0.07133662843524677 (N6-N27)/N$8=0.1473553433071 9807 (06-027)/O$8=0.03192368365437227 (P6-P27)/P$8=0.07376912685352839 (Q6-Q27)/Q$8 =0.026227301668108462 (R6-R27)/R$8=0.03727821168956142 (S6-527)/S$8=0.06569703294666697 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CHALKBANK MODEL- Higher RF R and Lower NIM.xlsx)COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=204895.8715 SUM(C41:H41) =1285905.969 Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486 (N7+N27)/N$8 =0.025255693882762956 (07+027)/058=0.02820061603322851 (P7+P27)/P$8=0.022987099868194798 (Q7+Q27)/Q$8=0.03907207566378646 (R7+R27)/R$8=0.04173465306698942 (57+527)/S$8=0.02922 7683046851582 GARANTI GARANTI Stage 1 credit impairments C37=53.916 D37=379.957 E37=96.532 F37=7.40 G37= 167.354 H37=153.12 137=858.279 Net profit % of Stage 2 loans transferred to Stage 3 lo ans Net profit: change from base % of Stage 2 loans transferred to Stage 3 loans COR (gross) Stage 2 credit impairments C38=246.51 D38=748.876 E38=19.004 F38= 588.762 G38=78.11 H38=70.684 138=1751.946 Loan growth (ppt change from base) $N$3 1=7118.518599790241 AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05 0 0.05 AD43 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y43=7118.518599790241 A043-0.05=-0.1500000 0000000002 AP43-0.05=-0.10 -0.05 0 0.05 AR43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 3 cred it impairments (new) M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037 .65 R28+H39=589.523 S28+139=3321.4100000000003 0.20 (=TABLE(T27,T46))=11286.95810379024 (=TABLE(T27,T46))=10366.658919790241 (=TABLE(T27,T46))=9446.35973579024 (=TABLE(T27,T46))=85 26.06055179024 (=TABLE(T27,T46))=7605.76136779024 (=TABLE(T27,T46))=6685.4621837902405 (=TA EFTA01437437 BLE(T27,T46))=4844.863815790241 (=TABLE(T27,T46))=3004.2654477902397 (=TABLE(T27,T46))=1163.66707 97902398 (=TABLE(T27,T46))=-676.9312882097602 (=TABLE(T27,T46))=-2517.529656209761 0.20 (Z44/$AC$48)-1=0.5855768227005589 (AA44/SAC$48)-1=0.4562944205969641 (AB44/$AC$48)-1=0.32 701201849336914 (AC44/SAC$48)-1=0.1977296163897746 (AD44/$AC$48)-1=0.06844721428617984 (AE4 4/$AC$48)-1=-0.060835187817414815 (AF44/SAC$48)-1=-0.31939999202460434 (AG44/$AC$48)-1=-0.5 779647962317939 (AH44/SAC$48)-1=-0.8365296004389833 (A144/$AC$48)-1=-1.0950944046461728 (AJ4 4/$AC$48)-1=-1.3536592088533623 Stage 1 C37/C$41*4=0.0010832011970582677 D37/0$41*4=0.006910557220819518 E37/E$41*4=0.0017922 083402650082 F37/F$41*4=1.1866424843093242E-4 G37/G$41*4=0.0033964737286702467 H37/ H$41*4=0.0029892256760283235 137/1$41*4=0.002669803300368691 Recoveries C49=253 D49=860 E49= 188 F49=432 G49=446 H49=330 149=2509 0.15 (=TABLE(T27,T46) 1=10935.07261579024 (=TA BLE(T27,T46))=10014.773431790241 (=TABLE(T27,T46))=9094.47424779024 (=TABLE(T27,T46) 1=81 74.1750637902405 (=TABLE(T27,T46))=7253.87587979024 (=TABLE(T27,T46))=6333.576695790241 (=TABLE(T27,T46))=4492.978327790241 (=TABLE(T27,T46))=2652.37995979024 (=TABLE(T27,T46))=81 1.7815917902399 (=TABLE(T27,T46))=-1028.81677620976 (=TABLE(T27,T46))=-2869.415144209761 0.15 (Z45/$AC$48)-1=0.5361444186031152 (AA45/$AC$48)-1=0.4068620164995205 (AB45/$AC$48)-1=0.27 75796143959255 (AC45/$AC$48)-1=0.14829721229233095 (AD45/$AC$48)-1=0.019014810188736186 (AE4 5/$AC$48)-1=-0.11026759191485846 (AF45/SAC$48)-1=-0.368832396122048 (AG45/$AC$48)-1=-0.6 273972003292375 (AH45/$AC$48)-1=-0.8859620045364269 (A145/$AC$48)-1=-1.1445268087436165 (AJ4 5/$AC$48)-1=-1.403091612950806 Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294 E-4 F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307 H38/H$41*4=0.0013799 009122543496 138/1$41*4=0.005449686189301761 Gross loans (base) C41=199098.746 D41=219928.4 3 E41=215448.166 F41=249443.2855 G41=197091.47 H41=204895.8715 141=1285905.969 0 0.10 (=TABLE(T27,T46))=10583.187127790243 (=TABLE(T27,T46))=9662.887943790243 (=TABLE(T27,T46))=87 42.588759790242 (=TABLE(T27,T46))=7822.2895757902415 (=TABLE(T27,T46) 1=6901.990391790241 (=TA BLE(T27,T46))=5981.691207790242 (=TABLE(T27,T46))=4141.092839790242 (=TABLE(T27,T46))=2300.49447 1790241 (=TABLE(T27,T46))=459.896103790241 (=TABLE(T27,T46))=-1380.702264209759 (=TABLE(T27, T46))=-3221.30063220976 0.10 (Z46/$AC$48)-1=0.4867120145056718 (AA46/$AC$48)-1=0.3574296124 0207705 (AB46/$AC$48)-1=0.22814721029848228 (AC46/$AC$48)-1=0.09886480819488752 (AD46/$AC$48 )-1=-0.030417593908707352 (AE46/$AC$48)-1=-0.159699996012302 (AF46/$AC$48)-1=-0.418264800 2194914 (AG46/$AC$48)-1=-0.676829604426681 (AH46/$AC$48)-1=-0.9353944086338705 (A146/$AC$48 )-1=-1.1939592128410599 (AJ46/$AC$48)-1=-1.4525240170482494 Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592 172 F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932 899 139/I$41*4=0.010331735228145598 Change in loan growth $T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4 6=0 $T$46=0 $T$46=0 0.05 (=TABLE(T27,T46))=10231.301639790241 (=TABLE(T27,T46))=9311.00245 5790242 (=TABLE(T27,T46))=8390.70327179024 (=TABLE(T27,T46))=7470.404087790241 (=TABLE(T27, T46))=6550.10490379024 (=TABLE(T27,T46))=5629.805719790241 (=TABLE(T27,T46))=3789.2073517902404 (=TABLE(T27,T46))=1948.60898379024 (=TABLE(T27,T46))=108.01061579024008 (=TABLE(T27,T46))=-1 732.5877522097599 (=TABLE(T27,T46))=-3573.1861202097607 0.05 (Z47/$AC$48)-1=0.43727961040 822794 (AA47/$AC$48)-1=0.3079972083046332 (AB47/$AC$48)-1=0.1787148062010382 (AC47/$AC$48 )-1=0.04943240409744365 (AD47/$AC$48)-1=-0.07984999800615111 (AE47/$AC$48)-1=-0.20913240010974576 (AF47/$AC$48)-1=-0.4676972043169353 (AG47/SAC$48)-1=-0.7262620085241248 (AH47/$AC$48)-1=-0.9 848268127313142 (A147/$AC$48)-1=-1.2433916169385038 (AJ47/$AC$48)-1=-1.5019564211456933 Total SUM(C45:C47)=0.014026527319262974 SUM(045:047)=0.029409476528341517 S0M(E45:E47) =0.0072847405904583095 SUM(F45:F47)=0.018082859961367853 SUM(G45:G47)=0.02604098492948477 SUM(H45:H47)=0.015877860184215574 SUM(145:I47)=0.018451224717816052 Gross loans (new) M46*(1+M47)=199098.746 N46*(1+N47)=219928.43 046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46* (1+Q47)=197091.47 R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0 (=TABLE(T27,T46))=98 79.416151790241 (=TABLE(T27,T46))=8959.116967790242 (=TABLE(T27,T46))=8038.817783790241 (=TA BLE(T27,T46))=7118.518599790241 (=TABLE(T27,T46))=6198.21941579024 (=TABLE(T27,T46))=5277.92023 1790241 (=TABLE(T27,T46))=3437.3218637902405 (=TABLE(T27,T46))=1596.7234957902401 (=TABLE(T27, T46))=-243.87487220975981 (=TABLE(T27,T46))=-2084.4732402097598 (=TABLE(T27,T46))=-3925.0716 082097606 0 (Z48/SAC$48)-1=0.3878472063107843 (AA48/SAC$48)-1=0.2585648042071895 (AB48/$AC$48)-1=0.12928240210359476 (AC48/SAC$48)-1=0 (AD48/SAC$48)-1=-0.12928240210359476 (AE48/$AC$48)-1=-0.2585648042071894 (AF48/SAC$48)-1=-0.5171296084143789 (AG48/$AC$48)-1=-0.7 756944126215685 (AH48/SAC$48)-1=-1.0342592168287579 (A148/$AC$48)-1=-1.2928240210359474 (AJ4 8/$AC$48)-1=-1.551388825243137 Recoveries 253 860 188 432 446 330 SUM(C49:H49)=2509 COR (net), B ase C57=0.008943622377209748 D57=0.013768024443224555 E57=0.0037943418836064724 F57=0.011155433566480983 G57=0.01698935017329771 H57=0.009435563468637288 157=0.010646 610506557188 -0.05 (=TABLE(T27,T46))=9527.530663790241 (=TABLE(T27,T46))=8607.231479790242 (=TABLE(T27,T46))=7686.932295790241 (=TABLE(T27,T46))=6766.633111790241 (=TABLE(T27,T46))=58 46.3339277902405 (=TABLE(T27,T46))=4926.034743790241 (=TABLE(T27,T46))=3085.4363757902406 (=TABLE(T27,T46))=1244.8380077902402 (=TABLE(T27,T46))=-595.7603602097597 (=TABLE(T27,T46))=-2 436.3587282097596 (=TABLE(T27,T46))=-4276.9570962097605 -0.05 (Z49/SAC$48)-1=0.33841480221 334064 (AA49/$AC$48)-1=0.20913240010974588 (AB49/$AC$48)-1=0.07984999800615111 (AC49/$AC$48 )-1=-0.04943240409744365 (AD49/$AC$48)-1=-0.1787148062010384 (AE49/$AC$48)-1=-0.307997208 30463306 (AF49/SAC$48)-1=-0.5665620125118226 (AG49/$AC$48)-1=-0.8251268167190121 (AH4 9/$AC$48)-1=-1.0836916209262015 (A149/$AC$48)-1=-1.342256425133391 (AJ49/$AC$48)-1=-1.600821229 3405806 COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748 (N42+N43+N44-N45)/N48*4=0.0137680244 43224555 (042+043+044-045)/048*4=0.0037943418836064724 (P42+P43+P44-P45)/P48*4=0.0111554335 66480983 (D42+043+044-045)/048*4=0.01698935017329771 (R42+R43+R44-R45)/R48*4=0.0094355634 68637288 (S42+543+544-S45)/S48*4=0.010646610506557188 -0.10 (=TABLE(T27,T46))=9175.64517 5790241 (=TABLE(T27,T46))=8255.345991790242 (=TABLE(T27,T46))=7335.0468077902415 (=TABLE(T27, T46))=6414.747623790241 (=TABLE(T27,T46))=5494.448439790241 (=TABLE(T27,T46))=4574.149255790241 (=TABLE(T27,T46))=2733.5508877902407 (=TABLE(T27,T46))=892.9525197902403 (=TABLE(T27,T46))=-9 EFTA01437438 47.6458482097596 (=TABLE(T27,T46))=-2788.2442162097595 (=TABLE(T27,T46))=-4628.84258420976 -0.10 (Z50/$AC$48)-1=0.288982398115897 (AA50/$AC$48)-1=0.15969999601230223 (AB50/$AC$48 )-1=0.030417593908707463 (AC50/$AC$48)-1=-0.0988648081948873 (AD50/SAC$48)-1=-0.228147210 29848206 (AE50/$AC$48)-1=-0.3574296124020767 (AF50/$AC$48)-1=-0.6159944166092662 (AG5 0/$AC$48)-1=-0.8745592208164558 (AH50/$AC$48)-1=-1.1331240250236452 (A150/$AC$48)-1=-1.391688829 2308345 (AJ50/$AC$48)-1=-1.6502536334380242 COR (net) Change in COR from base (bps) (M50-M49)*100=0 (N50-N49)*100=0 (050-049)•100=0 (P50 -P49)*100=0 (Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15 (=TABLE(T27,T46))=8823.75968 7790242 (=TABLE(T27,T46))=7903.460503790242 (=TABLE(T27,T46))=6983.161319790242 (=TABLE(T27, T46))=6062.862135790241 (=TABLE(T27,T46))=5142.562951790241 (=TABLE(T27,T46))=4222.263767790241 (=TABLE(T27,T46))=2381.665399790241 (=TABLE(T27,T46))=541.0670317902404 (=TABLE(T27,T46))=-1 299.5313362097595 (=TABLE(T27,T46))=-3140.1297042097594 (=TABLE(T27,T46))=-4980.72807220976 -0.15 (Z51/$AC$48)-1=0.23954999401845334 (AA51/$AC$48)-1=0.11026759191485858 (AB51/$AC$48 )-1=-0.019014810188736186 (AC51/$AC$48)-1=-0.14829721229233095 (AD51/$AC$48)-1=-0.277579614 3959257 (AE51/$AC$48)-1=-0.40686201649952036 (AF51/$AC$48)-1=-0.6654268207067099 (AG51/$AC$48 )-1=-0.9239916249138994 (AH51/SAC$48)-1=-1.1825564291210888 (A151/$AC$48)-1=-1.4411212333282784 (AJ51/$AC$48)-1=-1.6996860375354679 -0.20 (=TABLE(T27,T46))=8471.874199790242 (=TABLE(T27,T46))=7551.575015790242 (=TABLE(T27, T46))=6631.275831790242 (=TABLE(T27,T46))=5710.976647790241 (=TABLE(T27,T46))=4790.677463790241 (=TABLE(T27,T46))=3870.3782797902413 (=TABLE(T27,T46))=2029.779911790241 (=TABLE(T27,T46))=18 9.18154379024054 (=TABLE(T27,T46))=-1651.4168242097594 (=TABLE(T27,T46))=-3492.015192209759 3 (=TABLE(T27,T46))=-5332.61356020976 -0.20 (Z52/$AC$48)-1=0.1901175899210097 (AA5 2/SAC$48)-1=0.060835187817414926 (AB52/$AC$48)-1=-0.06844721428617984 (AC52/SAC$48)-1=-0.1 977296163897746 (AD52/$AC$48)-1=-0.32701201849336936 (AE52/$AC$48)-1=-0.456294420596964 (AF5 2/SAC$48)-1=-0.7148592248041535 (AG52/$AC$48)-1=-0.9734240290113431 (AH52/SAC$48)-1=-1.231988833 2185325 (A152/$AC$48)-1=-1.4905536374257218 (AJ52/$AC$48)-1=-1.7491184416329113 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Tier 1 d CAR impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TA BLE(T27,T46))=8119.988711790242 (=TABLE(T27,T46))=7199.689527790242 (=TABLE(T27,T46))=6279.39034 3790242 (=TABLE(T27,T46))=5359.091159790241 (=TABLE(T27,T46))=4438.791975790241 (=TABLE(T27, T46))=3518.4927917902414 (=TABLE(T27,T46))=1677.894423790241 (=TABLE(T27,T46))=-162.70394 420975936 (=TABLE(T27,T46))=-2003.3023122097593 (=TABLE(T27,T46))=-3843.9006802097592 (=TA BLE(T27,T46))=-5684.49904820976 -0.25 (253/SAC$48)-1=0.14068518582356604 (AA53/SAC$48)-1=0.01 1402783719971277 (AB53/$AC$48)-1=-0.11787961838362349 (AC53/$AC$48)-1=-0.24716202048721825 (AD53/SAC$48)-1=-0.376444422590813 (AE53/$AC$48)-1=-0.5057268246944077 (AF53/SAC$48)-1=-0.7 642916289015972 (AG53/$AC$48)-1=-1.0228564331087866 (AH53/SAC$48)-1=-1.2814212373159761 (A15 3/$AC$48)-1=-1.5399860415231656 (AJ53/SAC$48)-1=-1.7985508457303552 Stage 1 Base Case (2018E) Stage 2 Total RWAs 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$585=302875.679288 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$585=344418.17760000005 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410 0002 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006 SUM(M55:R55)=1674676.3345584 502 Stage 3 (C39-C49)/C41*4=0.0029079037996552724 (D39-D49)/D41*4=-0.006762891000495025 (E39-E49)/E4 1*4=0.0016493062187403346 (F39-F49)/F41*4=0.0015955530701186181 (G39-G49)/G41*4=0.0120076226 53583133 (H39-H49)/H41*4=0.005066436880354615 (139-149)/141*4=0.002527121016886734 Shar eholders equity 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$112=46285.562756758685 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$112=47900.06103707109 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411 7375 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914 SUM(M56:R56)=231943.64101575 254 Total (C40-C49)/C41*4=0.008943622377209748 (D4O-D49)/D41*4=0.013768024443224555 (E40-E49)/E4 1*4=0.0037943418836064724 (F40-F49)/F41*4=0.011155433566480983 (G40-G49)/G41*4=0.0169893501 7329771 (H4O-H49)/H41*4=0.009435563468637288 (140-149)/141*4=0.010646610506557188 Tier 1 Capit al 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895 1 11:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574= 45591.27931540731 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=46942.05981632967 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365 SUM(M57:R57)=224142.46766948313 HALK BANK HALKBANK Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641 'R:\Bank models\Turkish Bank EFTA01437439 Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! SBK$575=7161.802715988953 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 "R:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$575=8622.010986672796 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217 583 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CLAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$565=9992.644555895582 SUM(M58:R58)=41212.154475211 28 Net profit $ of Stage 2 loans transferred to Stage 3 loans Net profit: change from base $ of Stage 2 loans transferred to Stage 3 loans Deductions 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$577=34.580451246550766 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 'R:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lowe ✓ NIM.xlsx)Forecast (TRY)'!$BK$572=301.6647413100553 SUM(M59:R59)=414.06463687359906 Loan growth (ppt change from base) $O$31=3809.28613779219 AA59-0.05=-0.15000000000000002 AB59-0.05=-0.10 -0.0 5 0 0.05 AD59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y59=3809.28613779219 AO59-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05 0 0.05 AR59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Capital base M57+M58-M59=50193.48681901117 N57+N58-N59=52718.501580149714 057+058-059=31142.88 3697848178 P57+P58-P59=55516.17074196539 Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18 2285329174 257+558-559=264940.55750782083 0.08 (=TABLE(T27,T46))=4956.55035475219 (=TA BLE(T27,T46))=4757.97805075219 (=TABLE(T27,T46))=4559.405746752191 (=TABLE(T27,246))=4360.83344 275219 (=TABLE(T27,T46))=4162.26113875219 (=TABLE(T27,T46))=3963.6888347521904 (=TABLE(T27, T46))=3566.5442267521903 (=TABLE(T27,T46))=3169.3996187521907 (=TABLE(T27,246))=2772.25501 075219 (=TABLE(T27,T46))=2375.11040275219 (=TABLE(T27,T46))=1977.9657947521905 0.08 (Z60 /$AC$64)-1=0.30117564694810217 (AA60/$AC$64)-1=0.24904716491312162 (AB60/$AC$64)-1=0.1969186828 7814152 (AC60/$AC$64)-1=0.14479020084316097 (AD60/$AC$64)-1=0.09266171880818064 (AE60/$AC$64 )-1=0.04053323677320031 (AF60/$AC$64)-1=-0.06372372729676057 (AG60/SAC$64)-1=-0.16798069136672122 (AH60/$AC$64)-1=-0.2722376554366821 (A160/$AC$64)-1=-0.37649461950664287 (AJ60/$AC$64)-1=-0.4 807515835766035 Tier 1 capital ratio (base) M57/M55=0.1456790194134188 N57/N55=0.15627462350605692 057/ 055=0.11928556821019161 P57/P55=0.13629379303797134 057/Q55=0.11876636214990284 R57/R55=0.11 874779030119209 257/S55=0.13384226136364502 0.06 (=TABLE(T27,T46))=4818.66352851219 (=TA BLE(T27,T46))=4620.09122451219 (=TABLE(T27,T46))=4421.518920512191 (=TABLE(T27,T46))=4222.94661 651219 (=TABLE(T27,T46))=4024.3743125121896 (=TABLE(T27,T46))=3825.80200851219 (=TABLE(T27, T46))=3428.6574005121897 (=TABLE(T27,T46))=3031.51279251219 (=TABLE(T27,T46))=2634.36818 45121896 (=TABLE(T27,T46))=2237.22357651219 (=TABLE(T27,T46))=1840.07896851219 0.06 (Z61/$AC$64)-1=0.2649780967373119 (AA61/$AC$64)-1=0.21284961470233155 (AB61/$AC$64)-1=0.16 072113266735122 (AC61/$AC$64)-1=0.10859265063237089 (AD61/$AC$64)-1=0.05646416859739012 (AE6 1/$AC$64)-1=0.004335686562409791 (AF61/$AC$64)-1=-0.09992127750755087 (AG61/$AC$64)-1=-0.2 0417824157751163 (AH61/$AC$64)-1=-0.3084352056474725 (A161/$AC$64)-1=-0.41269216971743317 (AJ61/$AC$64)-1=-0.5169491337873939 CAR (base) M60/M55=0.165723068081947 N60/N55=0.18070482140335967 060/055=0.1325895606 6465483 P60/P55=0.16118827156225388 Q60/055=0.1472339320162418 R60/R55=0.15303788255670486 S60/555=0.15820403742534273 0.04 (=TABLE(T27,T46))=4680.77670227219 (=TABLE(T27,T46))=44 82.20439827219 (=TABLE(T27,T46))=4283.63209427219 (=TABLE(T27,T46))=4085.0597902721906 (=TA BLE(T27,T46))=3886.4874862721904 (=TABLE(T27,T46))=3687.9151822721906 (=TABLE(T27,T46))=32 90.7705742721905 (=TABLE(T27,T46))=2893.625966272191 (=TABLE(T27,T46))=2496.4813582721904 (=TABLE(T27,T46))=2099.3367502721903 (=TABLE(T27,T46))=1702.1921422721907 0.04 (262/$AC$64) -1=0.22878054652652158 (AA62/$AC$64)-1=0.17665206449154125 (AB62/$AC$64)-1=0.12452358245656092 (AC62/$AC$64)-1=0.0723951004215806 (AD62/SAC$64)-1=0.020266618386600266 (AE62/$AC$64)-1=-0.0 3186186364838017 (AF62/$AC$64)-1=-0.13611882771834094 (AG62/$AC$64)-1=-0.2403757917883016 (AH62/$AC$64)-1=-0.3446327558582625 (A162/SAC$64)-1=-0.44888971992822335 (AJ62/$AC$64)-1=-0.5 53146683998184 Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001 0.09375 0.08875000000000001 0.09125 AVERAGE(M63:R63)=0.09166666666666667 0.02 (=TABLE(T27,T46))=4542.88987603219 (=TA BLE(T27,T46))=4344.31757203219 (=TABLE(T27,T46))=4145.74526803219 (=TABLE(T27,T46))=3947.17296 403219 (=TABLE(T27,T46))=3748.60066003219 (=TABLE(T27,T46))=3550.02835603219 (=TABLE(T27, 246))=3152.88374803219 (=TABLE(T27,T46))=2755.7391400321903 (=TABLE(T27,T46))=2358.59453203219 (=TABLE(T27,T46))=1961.4499240321902 (=TABLE(T27,T46))=1564.3053160321904 0.02 (263/$AC$64) -1=0.1925829963157315 (AA63/$AC$64)-1=0.14045451428075095 (AB63/$AC$64)-1=0.08832603224577062 (AC63/$AC$64)-1=0.0361975502107903 (AD63/$AC$64)-1=-0.015930931824190142 (AE63/$AC$64)-1=-0.0 6805941385917058 (AF63/$AC$64)-1=-0.17231637792913135 (AG63/$AC$64)-1=-0.276573341999092 (AH63/$AC$64)-1=-0.3808303060690529 (A163/$AC$64)-1=-0.48508727013901354 (AJ63/$AC$64)-1=-0.5 893442342089743 CAR threshold (2018) 0.12 0.12 0.12 0.12 0.12 0.12 AVERAGE(M64:R64)=0.12 0 (=TABLE(T27,246))=4405.00304979219 (=TABLE(T27,T46))=4206.43074579219 (=TABLE(T27,T46))=40 07.85844179219 (=TABLE(T27,T46))=3809.28613779219 (=TABLE(T27,T46))=3610.7138337921897 (=TA BLE(T27,T46))=3412.14152979219 (=TABLE(T27,T46))=3014.99692179219 (=TABLE(T27,T46))=2617.85231 379219 (=TABLE(T27,T46))=2220.7077057921897 (=TABLE(T27,T46))=1823.5630977921899 (=TABLE(T27, T46))=1426.41848979219 0 (Z64/$AC$64)-1=0.1563854461049412 (AA64/$AC$64)-1=0.1042569640 6996066 (AB64/$AC$64)-1=0.05212848203498055 (AC64/$AC$64)-1=0 (AD64/$AC$64)-1=-0.052128482 03498044 (AE64/SAC$64)-1=-0.10425696406996077 (AF64/$AC$64)-1=-0.20851392813992153 (AG6 EFTA01437440 4f$AC$64)-1=-0.3127708922098823 (AH64/$AC$64)-1=-0.4170278562798432 (A164/$AC$64)-1=-0.521284820 349804 (AJ64/$AC$64)-1=-0.6255417844197646 Tier 1 capital headroom M61-M63=0.05192901941341879 N61-N63=0.06252462350605692 061-063=0.03 05355682101916 P61-P63=0.042543793037971345 Q61-Q63=0.03001636214990283 R61-R63=0.0274977903 01192093 261-563=0.04217559469697835 -0.02 (=TABLE(T27,T46))=4267.11622355219 (=TA BLE(T27,T46))=4068.5439195521894 (=TABLE(T27,T46))=3869.97161555219 (=TABLE(T27,T46))=36 71.39931155219 (=TABLE(T27,T46))=3472.8270075521896 (=TABLE(T27,T46))=3274.2547035521898 (=TA BLE(T27,T46))=2877.1100955521897 (=TABLE(T27,T46))=2479.96548755219 (=TABLE(T27,T46))=20 82.8208795521896 (=TABLE(T27,T46))=1685.6762715521895 (=TABLE(T27,T46))=1288.5316635521897 -0.02 (Z65/$AC$64)-1=0.12018789589415091 (AA65/$AC$64)-1=0.06805941385917036 (AB65/$AC$64 )-1=0.015930931824190253 (AC65/$ACS64)-1=-0.0361975502107903 (AD65/$AC$64)-1=-0.088326032 24577074 (AE65/SAC$64)-1=-0.14045451428075106 (AF65f$AC$64)-1=-0.24471147835071183 (AG6 5f$AC$64)-1=-0.3489684424206725 (AH65f$AC$64)-1=-0.4532254064906335 (A165/$AC$64)-1=-0.557482370 5605942 (AJ65/$AC$64)-1=-0.6617393346305549 CAR headroom M62-M64=0.04572306808194701 N62-N64=0.06070482140335967 062-064=0.0125895606 6465483 P62-P64=0.04118827156225388 Q62-Q64=0.027233932016241802 R62-R64=0.03303788255670487 S62-S64=0.03820403742534273 -0.04 (=TABLE(T27,T46))=4129.22939731219 (=TABLE(T27,T46))=39 30.657093312189 (=TABLE(T27,T46))=3732.0847893121895 (=TABLE(T27,T46))=3533.5124853121893 (=TA BLE(T27,T46))=3334.940181312189 (=TABLE(T27,T46))=3136.367877312189 (=TABLE(T27,T46))=2739.22326 9312189 (=TABLE(T27,T46))=2342.0786613121895 (=TABLE(T27,T46))=1944.934053312189 (=TABLE(T27, T46))=1547.7894453121892 (=TABLE(T27,T46))=1150.6448373121893 -0.04 (Z66/$AC$64)-1=0.083 99034568336061 (AA66/$AC$64)-1=0.03186186364838006 (AB66f$AC$64)-1=-0.020266618386600155 (AC6 6f$AC$64)-1=-0.0723951004215806 (AD66/$AC$64)-1=-0.12452358245656114 (AE66/$AC$64)-1=-0.176652064 49154147 (AF66/$AC$64)-1=-0.28090902856150224 (AG66f$AC$64)-1=-0.3851659926314629 (AH6 6f$AC$64)-1=-0.4894229567014238 (A166/$AC$64)-1=-0.5936799207713845 (AJ66/$AC$64)-1=-0.697936884 8413453 Stage 1 Impact of weaker asset quality (2018E) -0.06 (=TABLE(T27,T46))=3991.34257107219 (=TA BLE(T27,T46))=3792.7702670721897 (=TABLE(T27,T46))=3594.1979630721903 (=TABLE(T27,T46))=33 95.62565907219 (=TABLE(T27,T46))=3197.05335507219 (=TABLE(T27,T46))=2998.48105107219 (=TA BLE(T27,T46))=2601.33644307219 (=TABLE(T27,T46))=2204.1918350721903 (=TABLE(T27,T46))=1807.04722 70721898 (=TABLE(T27,T46))=1409.9026190721897 (=TABLE(T27,T46))=1012.75801107219 -0.0 6 (Z67/$AC$64)-1=0.04779279547257054 (AA67/$AC$64)-1=-0.004335686562410013 (AB67/$AC$64 )-1=-0.05646416859739023 (AC67/$AC$64)-1=-0.10859265063237067 (AD67/$AC$64)-1=-0.160721132 6673511 (AE67/$AC$64)-1=-0.21284961470233144 (AF67/$AC$64)-1=-0.3171065787722923 (AG67/$AC$64 )-1=-0.42136354284225297 (AH67/$AC$64)-1=-0.5256205069122138 (A167/$AC$64)-1=-0.629877470 9821746 (AJ67/$AC$64)-1=-0.7341344350521353 Tier 1 capital (TRYm) M57-(M$28*0.8)=44122.63196284895 N57-(N$28*0.8)=45591.27931540731 057-(0$28*0.8)=28018.01709711853 P57-(P$28*0.8)=46942.05981632967 Q57-(Q$28*0.8)=25908 .277007035027 R57-(R$28*0.8)=33560.20247074365 S57-(S$28*0.8)=224142.46766948313 -0.0 8 (=TABLE(T27,T46))=3853.4557448321902 (=TABLE(T27,T46))=3654.88344083219 (=TABLE(T27, T46))=3456.3111368321906 (=TABLE(T27,T46))=3257.7388328321904 (=TABLE(T27,T46))=3059.16652 883219 (=TABLE(T27,T46))=2860.5942248321903 (=TABLE(T27,T46))=2463.4496168321903 (=TABLE(T27, T46))=2066.3050088321907 (=TABLE(T27,T46))=1669.1604008321901 (=TABLE(T27,T46))=1272.01579 28321905 (=TABLE(T27,T46))=874.8711848321906 -0.08 (Z68/$AC$64)-1=0.01159524526178024 (AA68/$AC$64)-1=-0.0405332367732002 (AB68/SAC$64)-1=-0.09266171880818042 (AC68/$AC$64)-1=-0.1 4479020084316085 (AD68/$AC$64)-1=-0.1969186828781413 (AE68/SAC$64)-1=-0.24904716491312162 (AF68/$AC$64)-1=-0.3533041289830824 (AG68/$AC$64)-1=-0.45756109305304304 (AH68/$AC$64)-1=-0.5 61818057123004 (A168/SAC$64)-1=-0.6660750211929647 (AJ68f$AC$64)-1=-0.7703319852629255 Capital base (TRYm) M60-(M$28*0.8)=50193.48681901117 N60-(N$28*0.8)=52718.501580149714 060-(0$28*0.8)=31142.883697848178 P60-(P$28*0.8)=55516.17074196539 Q60-(Q$28*0.8)=32118 .332383517198 R60-(R$28*0.8)=43251.182285329174 S60-(S$28*0.8)=264940.55750782083 -0.1 0 (=TABLE(T27,T46))=3715.56891859219 (=TABLE(T27,T46))=3516.99661459219 (=TABLE(T27, T46))=3318.4243105921905 (=TABLE(T27,T46))=3119.8520065921903 (=TABLE(T27,T46))=2921.27970 259219 (=TABLE(T27,T46))=2722.70739859219 (=TABLE(T27,T46))=2325.56279059219 (=TABLE(T27, T46))=1928.4181825921905 (=TABLE(T27,T46))=1531.27357459219 (=TABLE(T27,T46))=1134.12896 65921902 (=TABLE(T27,T46))=736.9843585921903 -0.10 (Z69/$AC$64)-1=-0.024602304949009945 (AA69/$AC$64)-1=-0.07673078698399038 (AB69/$AC$64)-1=-0.1288592690189706 (AC69/$AC$64)-1=-0.1 8098775105395104 (AD69/$AC$64)-1=-0.2331162330889316 (AE69/SAC$64)-1=-0.2852447151239119 (AF69/$AC$64)-1=-0.3895016791938727 (AG69/$AC$64)-1=-0.49375864326383334 (AH69/$AC$64)-1=-0.5 980156073337943 (A169/SAC$64)-1=-0.702272571403755 (AJ69f$AC$64)-1=-0.8065295354737158 Tier 1 capital ratio (new) M68/M55=0.1456790194134188 N68/N55=0.15627462350605692 068/ 055=0.11928556821019161 P68/P55=0.13629379303797134 Q68/Q55=0.11876636214990284 R68/R55=0.11 874779030119209 268/555=0.13384226136364502 CAR (new) M69/M55=0.165723068081947 N69/N55=0.18070482140335967 069/055=0.1325895606 6465483 P69/P55=0.16118827156225388 Q69/Q55=0.1472339320162418 R69/R55=0.15303788255670486 S69/S55=0.15820403742534273 Tier 1 capital ratio - chg. from base (bps) (M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70 -P61)*100=0 (Q70-Q61)*100=0 (R7O-R61)*100=0 (270-261)*100=0 CoR (net) CAR - chg. from base (bps) (M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71 -P62)*100=0 (Q71-Q62)*100=0 (R71-R62)*100=0 (S71-S62)*100=0 ISBANK ISBANK Tier 1 capital headroom M70-M63=0.05192901941341879 N70-N63=0.06252462350605692 070-063=0.03 05355682101916 P70-P63=0.042543793037971345 Q70-Q63=0.03001636214990283 R7O-R63=0.0274977903 01192093 S70-563=0.04217559469697835 Net profit % of Stage 2 loans transferred to St age 3 loans Net profit: change from base % of Stage 2 loans transferred to Stage 3 loans CAR headroom M71-M64=0.04572306808194701 N71-N64=0.06070482140335967 071-064=0.0125895606 6465483 P71-P64=0.04118827156225388 Q71-Q64=0.027233932016241802 R71-R64=0.03303788255670487 S71-564=0.03820403742534273 Loan growth (ppt change from base) P31=6242.064735470831 AA75 -0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05 0 0.05 AD75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y75=6242.064735470831 A075-0.05=-0.15000000000000002 AP75-0.05=-0.10 -0.0 EFTA01437441 5 0 0.05 AR75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (=TABLE(T27,T46))=9401.795018670833 (=TABLE(T27,T46)]=8880.697266670832 (=TABLE(T27, T46))=8359.59951467083 (=TABLE(T27,T46))=7838.501762670831 (=TABLE(T27,T46))=7317.404010670832 (=TABLE(T27,T46)]=6796.306258670831 (=TABLE(T27,T46))=5754.110754670831 (=TABLE(T27,T46))=47 11.9152506708315 (=TABLE(T27,T46)]=3669.7197466708312 (=TABLE(T27,T46))=2627.524242670831 (=TABLE(T27,T46)]=1585.3287386708316 0.20 (Z76/$AC$80)-1=0.5061995376697528 (AA76/$AC$80 )-1=0.42271790553626354 (AB76/$AC$80)-1=0.3392362734027743 (AC76/$AC$80)-1=0.2557546412692857 (AD76/$AC$80)-1=0.17227300913579668 (AE76/$AC$80)-1=0.08879137700230766 (AF76/$AC$80)-1=-0.0 7817188726467028 (AG76/$AC$80)-1=-0.2451351515316481 (AH76/$AC$80)-1=-0.41209841579862616 (A176/$AC$80)-1=-0.5790616800656041 (AJ76/SAC$80)-1=-0.7460249443325819 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Valuation Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total 0.15 (=TABLE(T27, T46)]=9002.68576187083 (=TABLE(T27,T46))=8481.58800987083 (=TABLE(T27,T46))=7960.49025787083 (=TABLE(T27,T46)]=7439.39250587083 (=TABLE(T27,T46))=6918.29475387083 (=TABLE(T27,T46))=63 97.19700187083 (=TABLE(T27,T46))=5355.00149787083 (=TABLE(T27,T46))=4312.80599387083 (=TA BLE(T27,T46))=3270.61048987083 (=TABLE(T27,T46))=2228.4149858708297 (=TABLE(T27,T46))=1186.21948 18708301 0.15 (Z77/SAC$80)-1=0.442260877352431 (AA77/SAC$80)-1=0.3587792452189418 (AB77/$AC$80)-1=0.275297613085453 (AC77/$AC$80)-1=0.19181598095196395 (A077/$AC$80)-1=0.10 833434881847515 (AE77/$AC$80)-1=0.02485271668498612 (AF77/$AC$80)-1=-0.14211054758199193 (AG7 7/$AC$80)-1=-0.30907381184896976 (AH77/$AC$80)-1=-0.4760370761159477 (A177/SAC$80)-1=-0.6 430003403829256 (AJ77/SAC$80)-1=-0.8099636046499035 Net profit (base) M30=6405.467516045113 N30=7118.518599790241 030=3809.28613779219 P30= 6242.064735470831 Q30=3822.804240772133 R30=3853.9025619301465 S30=31252.043791800654 0.10 (=TABLE(T27,T46)]=8603.576505070832 (=TABLE(T27,T46))=8082.478753070833 (=TABLE(T27,T46))=75 61.381001070831 (=TABLE(T27,T46))=7040.2832490708315 (=TABLE(T27,T46))=6519.185497070832 (=TA BLE(T27,T46))=5998.087745070832 (=TABLE(T27,T46))=4955.892241070831 (=TABLE(T27,T46))=3913.69673 7070832 (=TABLE(T27,T46))=2871.501233070832 (=TABLE(T27,T46))=1829.3057290708316 (=TABLE(T27, T46)]=787.1102250708323 0.10 (Z78/$AC$80)-1=0.37832221703510993 (AA78/$AC$80)-1=0.2948405849 016209 (AB78/$AC$80)-1=0.21135895276813188 (AC78/$AC$80)-1=0.12787732063464285 (A078/$AC$80 )-1=0.04439568850115405 (AE78/$AC$80)-1=-0.039085943632334974 (AF78/$AC$80)-1=-0.20604920789931302 (AG78/$AC$80)-1=-0.37301247216629085 (AH78/$AC$80)-1=-0.5399757364332688 (A178/$AC$80)-1=-0.7 069390007002467 (AJ78/SAC$80)-1=-0.8739022649672246 Net profit (new) M31=6405.467516045113 N31=7118.518599790241 031=3809.28613779219 P31= 6242.064735470831 Q31=3822.804240772133 R31=3853.9025619301465 S31=31252.043791800654 0.05 (=TABLE(T27,T46))=8204.467248270832 (=TABLE(T27,T46))=7683.369496270831 (=TABLE(T27,T46))=71 62.271744270831 (=TABLE(T27,T46))=6641.173992270831 (=TABLE(T27,T46))=6120.0762402708315 (=TA BLE(T27,T46))=5598.978488270831 (=TABLE(T27,T46))=4556.782984270831 (=TABLE(T27,T46))=3514.58748 02708313 (=TABLE(T27,T46))=2472.391976270831 (=TABLE(T27,T46))=1430.196472270831 (=TA BLE(T27,T46))=388.00096827083166 0.05 (Z79/$AC$80)-1=0.3143835567177884 (AA79/$AC$80 )-1=0.23090192458429937 (AB79/$AC$80)-1=0.14742029245081034 (AC79/SAC$80)-1=0.06393866031732154 (AD79/$AC$80)-1=-0.019542971816167487 (AE79/$AC$80)-1=-0.10302460394965651 (AF79/$AC$80)-1=-0.2 6998786821663445 (AG79/$AC$80)-1=-0.4369511324836123 (AH79/$AC$80)-1=-0.6039143967505902 (A179/$AC$80)-1=-0.7708776610175683 (AJ79/$AC$80)-1=-0.9378409252845461 Book value (base) M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56= 47900.06103707109 Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 0 (=TABLE(T27,T46)]=7805.357991470832 (=TABLE(T27,T46))=7284.260239470831 (=TABLE(T27,T46))=67 63.1624874708305 (=TABLE(T27,T46)]=6242.064735470831 (=TABLE(T27,T46))=5720.966983470831 (=TABLE(T27,T46)]=5199.8692314708305 (=TABLE(T27,T46))=4157.67372747083 (=TABLE(T27,T46))=31 15.478223470831 (=TABLE(T27,T46))=2073.2827194708307 (=TABLE(T27,T46))=1031.0872154708304 (=TA BLE(T27,T46))=-11.10828852916893 0 (Z80/$AC$80)-1=0.2504448964004671 (AA80/$AC$80 )-1=0.16696326426697805 (ABBO/$AC$80)-1=0.0834816321334888 (AC80/$AC$80)-1=0 (A080/$AC$80 )-1=-0.08348163213348891 (AE80/$AC$80)-1=-0.16696326426697794 (AFBO/$AC$80)-1=-0.333926528 533956 (AG80/$AC$80)-1=-0.5008897928009337 (AH80/$AC$80)-1=-0.6678530570679118 (A180/$AC$80 )-1=-0.8348163213348897 (AJ80/$AC$80)-1=-1.0017795856018674 Book value (new) M56-(M28*0.8)=45023.093839641784 N56-(N28*0.8)=46285.562756758685 056-(028*0.8)=28589.813364406662 P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411 7375 R56-(R28*0.8)=37708.092663756914 S56-(S28*0.8)=231943.64101575254 -0.05 (=TA BLE(T27,T46))=7406.248734670831 (=TABLE(T27,T46))=6885.150982670831 (=TABLE(T27,T46)]=6364.05323 067083 (=TABLE(T27,T46))=5842.95547867083 (=TABLE(T27,T46)]=5321.857726670831 (=TABLE(T27, T46))=4800.75997467083 (=TABLE(T27,246)]=3758.56447067083 (=TABLE(T27,T46))=2716.3689666708306 (=TABLE(T27,T46))=1674.17346267083 (=TABLE(T27,T46))=631.9779586708298 (=TABLE(T27,T46))=-4 10.2175453291695 -0.05 (Z81/$AC$80)-1=0.18650623608314554 (AAB1/$AC$80)-1=0.1030246039 4965651 (AB81/$AC$80)-1=0.019542971816167487 (ACB1/$AC$80)-1=-0.06393866031732143 (AD81/$AC$80 )-1=-0.14742029245081034 (AE81/$ACS80)-1=-0.23090192458429937 (AFB1/$AC$80)-1=-0.397865188 8512774 (AG81/$AC$80)-1=-0.5648284531182552 (AH81/SAC$80)-1=-0.7317917173852332 (A181/$AC$80 )-1=-0.8987549816522111 (AJ81/$AC$80)-1=-1.065718245919189 Price (TRY/shr) 6.60 7 6.40 4.94 4.06 2.2 -0.10 (=TABLE(T27,T46)]=7007.13947 7870831 (=TABLE(T27,T46))=6486.041725870831 (=TABLE(T27,246)]=5964.94397387083 (=TABLE(T27, T46))=5443.84622187083 (=TABLE(T27,T46)]=4922.74846987083 (=TABLE(T27,T46))=4401.650717870831 (=TABLE(T27,T46))=3359.45521387083 (=TABLE(T27,T46))=2317.2597098708306 (=TABLE(T27,T46))=12 75.0642058708304 (=TABLE(T27,T46)]=232.86870187083014 (=TABLE(T27,T46))=-809.3268021291692 -0.10 (Z82/$AC$80)-1=0.12256757576582422 (AA82/$AC$80)-1=0.039085943632335196 (AB82/SAC$80 )-1=-0.04439568850115394 (AC82/$AC$80)-1=-0.12787732063464285 (AD82/$AC$80)-1=-0.211358952 76813177 (AE82/$AC$80)-1=-0.2948405849016207 (AF82/$AC$80)-1=-0.46180384916859873 (AGB 2/$AC$80)-1=-0.6287671134355766 (AH82/$AC$80)-1=-0.7957303777025545 (A182/$AC$80)-1=-0.962693641 9695326 (AJ82/$AC$80)-1=-1.1296569062365103 Paid-in cap (TRYm) 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113= EFTA01437442 4200 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)°!$BK$113=4500 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.15 (=TA BLE(T27,T46))=6608.030221070831 (=TABLE(T27,T46))=6086.932469070831 (=TABLE(T27,T46))=5565.83471 707083 (=TABLE(T27,T46))=5044.736965070831 (=TABLE(T27,T46))=4523.639213070831 (=TABLE(T27, T46))=4002.5414610708303 (=TABLE(T27,T46))=2960.34595707083 (=TABLE(T27,T46))=1918.15045 3070831 (=TABLE(T27,T46))=875.9549490708307 (=TABLE(T27,T46))=-166.24055492916955 (=TABLE(T27, T46))=-1208.436058929169 -0.15 (283/$AC$80)-1=0.058628915448502905 (AA83/$AC$80)-1=-0.0 2485271668498623 (AB83/$AC$80)-1=-0.10833434881847526 (AC83/$AC$80)-1=-0.19181598095196417 (AD83/$AC$80)-1=-0.2752976130854531 (AE83/$AC$80)-1=-0.3587792452189421 (AF83/$AC$80)-1=-0.5 2574250948592 (AG83/$AC$80)-1=-0.6927057737528979 (AH83/$AC$80)-1=-0.8596690380198759 (AI8 31$AC$80)-1=-1.0266323022868538 (AJ83/$AC$80)-1=-1.1935955665538316 M.Cap (TRYm) M82*M83=26400 N82*N83=29400 082*083=8000 P82*P83=22230 Q82*Q83=10149.999999 999998 R82*R83=18583.5122 -0.20 (=TABLE(T27,T46))=6208.920964270832 (=TABLE(T27,T46))=56 87.823212270831 (=TABLE(T27,T46))=5166.725460270831 (=TABLE(T27,T46))=4645.627708270831 (=TA BLE(T27,T46))=4124.5299562708315 (=TABLE(T27,T46))=3603.432204270831 (=TABLE(T27,T46))=25 61.2367002708306 (=TABLE(T27,T46))=1519.0411962708315 (=TABLE(T27,T46))=476.84569227083125 (=TABLE(T27,T46))=-565.349811729169 (=TABLE(T27,T46))=-1607.5453157291684 -0.20 (284/$AC$80) - 1=-0.005309744868818411 (AA84/$AC$80)-1=-0.08879137700230755 (AB84/$AC$80)-1=-0.172273009 13579657 (AC84/$AC$80)-1=-0.2557546412692855 (AD84/$AC$80)-1=-0.3392362734027744 (AEB 4/$AC$80)-1=-0.4227179055362634 (AF84/$AC$80)-1=-0.5896811698032414 (AG84/$AC$80)-1=-0.756644434 0702192 (AH84/$AC$80)-1=-0.9236076983371971 (A184/$AC$80)-1=-1.090570962604175 (AJ84/SAC$80 )-1=-1.257534226871153 -0.25 (=TABLE(T27,T46))=5809.811707470832 (=TABLE(T27,T46))=5288.713955470831 (=TABLE(T27, T46))=4767.61620347083 (=TABLE(T27,T46))=4246.518451470831 (=TABLE(T27,T46))=3725.420699470831 (=TABLE(T27,T46))=3204.3229474708305 (=TABLE(T27,T46))=2162.1274434708303 (=TABLE(T27,T46))=11 19.9319394708307 (=TABLE(T27,246))=77.73643547083043 (=TABLE(T27,T46))=-964.4590685291698 (=TABLE(T27,T46))=-2006.6545725291692 -0.25 (Z85/SAC$80)-1=-0.06924840518613984 (AA85/SAC$80 )-1=-0.15273003731962898 (AB85/$AC$80)-1=-0.236211669453118 (AC85/$AC$80)-1=-0.319693301 5866069 (AD85/$AC$80)-1=-0.40317493372009583 (AE85/$AC$80)-1=-0.48665656585358485 (AF85/SAC$80 )-1=-0.6536198301205629 (AG85/$AC$80)-1=-0.8205830943875407 (AH85/$AC$80)-1=-0.9875463586545187 (A185/$AC$80)-1=-1.1545096229214966 (AJ85/$AC$80)-1=-1.3214728871884744 P/E (2018E), base (x) M$84/M78=4.121479023017509 N$84/N78=4.130072793638036 0584/078=2.1 00131024716534 P$84/P78=3.5613216046410034 Q$84/Q78=2.6551189547571217 R$84/R78=4.821998455 169255 AVERAGE(M86:R86)=3.565020309323243 P/E (2018E), implied (x) M$84/M79=4.121479023017509 N$84/N79=4.130072793638036 O$84 /079=2.100131024716534 P$84/P79=3.5613216046410034 Q$84/Q79=2.6551189547571217 R$84/R79=4.8 21998455169255 AVERAGE(M87:R87)=3.565020309323243 Change from base M87/M86-1=0 N87/N86-1=0 087/086-1=0 P87/P86-1=0 Q87/Q86-1=0 R87/R86-1=0 S87/586-1=0 VAKIFBANK VAKIFBANK P/BV (2018E), base (x) M$84/M80=0.5863657458554173 N$84/N80=0.6351872646445671 0584/080=0.2 7981994488847295 P$84/P80=0.4640912666644752 Q$84/Q80=0.38393135897454816 R$84/R80=0.4 928255683921537 AVERAGE(M90:R90)=0.47370352490327244 Net profit t of Stage 2 loans transferr ed to Stage 3 loans Net profit: change from base t of Stage 2 loans transferred to Stage 3 lo ans P/BV (2018E), implied (x) M$84/M81=0.5863657458554173 N$84/N81=0.6351872646445671 0$84 /081=0.27981994488847295 P$84/P81=0.4640912666644752 Q$84/Q81=0.38393135897454816 R$84 /R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244 Loan growth (ppt change from base) Q31=3822.804240772133 AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05 0 0.05 AD91 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y91=3822.804240772133 A091-0.05=-0.1500000 0000000002 AP91-0.05=-0.10 -0.05 0 0.05 AR91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Change from base M91/M90-1=0 N91/N90-1=0 091/090-1=0 P91/P90-1=0 Q91/Q90-1=0 R91/R90-1=0 S91/590-1=0 0.20 (=TABLE(T27,T46))=5532.179624772133 (=TABLE(T27,T46))=53 82.849632772133 (=TABLE(T27,T46))=5233.519640772133 (=TABLE(T27,T46))=5084.189648772133 (=TA BLE(T27,T46))=4934.859656772133 (=TABLE(T27,T46))=4785.529664772133 (=TABLE(T27,T46))=4486.86968 07721335 (=TABLE(T27,T46))=4188.209696772134 (=TABLE(T27,T46))=3889.549712772133 (=TA BLE(T27,T46))=3590.889728772133 (=TABLE(T27,T46))=3292.229744772133 0.20 (Z92/$AC$96)-1=0.447 15221505947134 (AA92/$AC$96)-1=0.40808927000795125 (AB92/$AC$96)-1=0.3690263249564312 (AC9 2/$AC$96)-1=0.32996337990491087 (AD92/$AC$96)-1=0.2909004348533908 (AE92/$AC$96)-1=0.2518374898 018707 (AF92/$AC$96)-1=0.17371159969883054 (AG92/$AC$96)-1=0.09558570959579016 (AH92/$AC$96 )-1=0.017459819492749773 (A192/$AC$96)-1=-0.0606660706102905 (AJ92/$AC$96)-1=-0.138791960 71333078 Stage 1 Discount to MSCI EM Banks 0.15 (=TABLE(T27,T46))=5216.833272772133 (=TABLE(T27, 246))=5067.503280772133 (=TABLE(T27,246))=4918.173288772133 (=TABLE(T27,T46))=4768.843296772133 (=TABLE(T27,T46))=4619.513304772133 (=TABLE(T27,T46))=4470.183312772133 (=TABLE(T27,T46))=41 71.523328772133 (=TABLE(T27,T46))=3872.8633447721336 (=TABLE(T27,T46))=3574.2033607721332 (=TA BLE(T27,T46))=3275.5433767721333 (=TABLE(T27,T46))=2976.8833927721334 0.15 (Z93/$AC$96) -1=0.3646613700832435 (AA93/$AC$96)-1=0.3255984250317234 (AB93/$AC$96)-1=0.2865354799802031 (AC93/$AC$96)-1=0.24747253492868304 (AD93/$AC$96)-1=0.20840958987716296 (AE93/$AC$96)-1=0.16 934664482564288 (AF93/$AC$96)-1=0.09122075472260249 (AG93/$AC$96)-1=0.013094864619562552 (AH9 3/$AC$96)-1=-0.06503102548347794 (A193/$AC$96)-1=-0.1431569155865181 (AJ93/$AC$96)-1=-0.2 2128280568955838 P/E (2018E), base (x) M86/$M$109-1=-0.45555098771235025 N86/$M$109-1=-0.4544157472076571 086/$M$109-1=-0.7225718593505239 P86/$M$109-1=-0.5295480046709375 Q86/$M$109-1=-0.6492 EFTA01437443 577338497858 R86/$M$109-1=-0.36301209310842075 AVERAGE(M94:R94)=-0.5290594043166126 0.10 (=TABLE(T27,T46))=4901.486920772134 (=TABLE(T27,T46))=4752.156928772134 (=TABLE(T27,T46))=46 02.826936772134 (=TABLE(T27,T46))=4453.496944772134 (=TABLE(T27,T46))=4304.166952772134 (=TA BLE(T27,T46))=4154.836960772134 (=TABLE(T27,T46))=3856.1769767721344 (=TABLE(T27,T46))=3557.51699 27721345 (=TABLE(T27,T46))=3258.857008772134 (=TABLE(T27,T46))=2960.1970247721342 (=TA BLE(T27,T46))=2661.5370407721343 0.10 (Z94/$AC$96)-1=0.2821705251070161 (AA94/$AC$96 )-1=0.24310758005549604 (AB94/$AC$96)-1=0.20404463500397574 (AC94/SAC$96)-1=0.16498168995245566 (AD94/$AC$96)-1=0.12591874490093558 (AE94/$AC$96)-1=0.0868557998494155 (AF94/$AC$96)-1=0.00 872990974637533 (AG94/SAC$96)-1=-0.06939598035666505 (AH94/$AC$96)-1=-0.14752187045970544 (A19 4/$AC$96)-1=-0.2256477605627456 (AJ94/$AC$96)-1=-0.3037736506657859 P/E (2018E), implied (x) M87/$M$109-1=-0.45555098771235025 N87/$M$109-1=-0.454415747207 6571 0871$M$109-1=-0.7225718593505239 P87/$M$109-1=-0.5295480046709375 Q87/$M$109-1 =-0.6492577338497858 R87/$M$109-1=-0.36301209310842075 AVERAGE(M95:R95)=-0.5290594043166126 0.05 (=TABLE(T27,T46))=4586.140568772133 (=TABLE(T27,T46))=4436.810576772133 (=TABLE(T27, T46)1=4287.480584772133 (=TABLE(T27,T46))=4138.150592772133 (=TABLE(T27,T46))=3988.8206007721333 (=TABLE(T27,T46))=3839.4906087721333 (=TABLE(T27,T46))=3540.8306247721334 (=TABLE(T27,T46))=32 42.1706407721335 (=TABLE(T27,T46))=2943.510656772133 (=TABLE(T27,T46))=2644.8506727721333 (=TABLE(T27,T46))=2346.1906887721334 0.05 (Z95/$AC$96)-1=0.19967968013078807 (AA95/$AC$96 )-1=0.16061673507926777 (AB95/$AC$96)-1=0.12155379002774769 (AC95/$AC$96)-1=0.0824908449762276 (AD95/$AC$96)-1=0.043427899924707525 (AE95/$AC$96)-1=0.004364954873187443 (AF95/$AC$96)-1=-0.0 7376093522985272 (AG95/$AC$96)-1=-0.151886825332893 (AH95/$AC$96)-1=-0.23001271543593338 (A195/$AC$96)-1=-0.30813860553897365 (AJ95/SAC$96)-1=-0.3862644956420139 3Y average discount M121/$M$113-1=-0.11901840490797555 N121/$M$113-1=-0.14723926380368102 0121/$M$113-1=-0.46871165644171786 P121/$M$113-1=-0.2601226993865031 Q121/$M$113-1=-0.354 6012269938651 R121/$M$113-1=-0.2834355828220859 AVERAGE(M96:R96)=-0.2721881390593048 0 (=TABLE(T27,T46))=4270.794216772133 (=TABLE(T27,T46))=4121.464224772133 (=TABLE(T27,T46))=39 72.134232772133 (=TABLE(T27,T46))=3822.804240772133 (=TABLE(T27,T46))=3673.4742487721333 (=TA BLE(T27,T46))=3524.1442567721333 (=TABLE(T27,T46))=3225.4842727721334 (=TABLE(T27,T46))=29 26.8242887721335 (=TABLE(T27,T46))=2628.164304772133 (=TABLE(T27,T46))=2329.5043207721333 (=TABLE(T27,T46))=2030.8443367721334 0 (Z96/$AC$96)-1=0.11718883515456047 (AA96/$AC$96 )-1=0.07812589010304016 (AB96/$AC$96)-1=0.03906294505152008 (AC96/$AC$96)-1=0 (AD96/$AC$96 )-1=-0.03906294505152008 (AE96/$AC$96)-1=-0.07812589010304027 (AF96/$AC$96)-1=-0.156251780 20608055 (AG96/$AC$96)-1=-0.2343776703091207 (AH96/$AC$96)-1=-0.3125035604121611 (A19 6/$AC$96)-1=-0.39062945051520137 (AJ96/$AC$96)-1=-0.46875534061824164 -0.05 (=TABLE(T27,T46))=3955.447864772133 (=TABLE(T27,T46))=3806.117872772133 (=TABLE(T27, T46))=3656.787880772133 (=TABLE(T27,T46))=3507.457888772133 (=TABLE(T27,T46))=3358.127896772133 (=TABLE(T27,T46))=3208.7979047721333 (=TABLE(T27,T46))=2910.1379207721334 (=TABLE(T27,T46))=26 11.4779367721335 (=TABLE(T27,T46))=2312.817952772133 (=TABLE(T27,T46))=2014.1579687721332 (=TABLE(T27,T46))=1715.4979847721333 -0.05 (Z97/$AC$96)-1=0.03469799017833264 (AA97/SAC$96 )-1=-0.004364954873187443 (AB97/$AC$96)-1=-0.043427899924707636 (AC97/$AC$96)-1=-0.082490844 97622772 (AD97/$AC$96)-1=-0.12155379002774791 (AE97/$AC$96)-1=-0.160616735079268 (AF9 7/$AC$96)-1=-0.23874262518230827 (AG97/$AC$96)-1=-0.31686851528534854 (AH97/$AC$96)-1=-0.3 949944053883888 (A197/SAC$96)-1=-0.4731202954914291 (AJ97/$AC$96)-1=-0.5512461855944694 P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502 N90/$M$110-1=-0.39505974795755516 090/$M$110-1=-0.7335048143919305 P90/$M$110-1=-0.5580083174624046 Q90/$M$110-1=-0.6343 510866909066 R90/$M$110-1=-0.5306423158169965 AVERAGE(M98:R98)=-0.5488537858064072 -0.1 O (=TABLE(T27,T46))=3640.101512772133 (=TABLE(T27,T46))=3490.771520772133 (=TABLE(T27, T46))=3341.441528772133 (=TABLE(T27,T46))=3192.111536772133 (=TABLE(T27,T46))=3042.781544772133 (=TABLE(T27,T46))=2893.4515527721333 (=TABLE(T27,T46))=2594.7915687721334 (=TABLE(T27,T46))=22 96.1315847721335 (=TABLE(T27,T46))=1997.4716007721331 (=TABLE(T27,T46))=1698.8116167721332 (=TABLE(T27,T46))=1400.1516327721333 -0.10 (Z98/$AC$96)-1=-0.04779285479789508 (AA98/$AC$96 )-1=-0.08685579984941527 (AB98/$AC$96)-1=-0.12591874490093535 (AC98/$AC$96)-1=-0.164981689 95245543 (AD98/$AC$96)-1=-0.20404463500397563 (AE98/$AC$96)-1=-0.2431075800554957 (AF9 8/$AC$96)-1=-0.321233470158536 (AG98/$AC$96)-1=-0.39935936026157626 (AH98/$AC$96)-1=-0.477485250 36461664 (A198/SAC$96)-1=-0.5556111404676569 (AJ98/$AC$96)-1=-0.6337370305706971 P/BV (2018E), implied (x) M91/$M$110-1=-0.4415564325186502 N91/$M$110-1=-0.395059747957 55516 091/$M$110-1=-0.7335048143919305 P91/$M$110-1=-0.5580083174624046 Q91/$M$110-1 =-0.6343510866909066 R91/$M$110-1=-0.5306423158169965 AVERAGE(M99:R99)=-0.5488537858064072 -0.15 (=TABLE(T27,T46))=3324.755160772133 (=TABLE(T27,T46))=3175.425168772133 (=TABLE(T27, T46))=3026.095176772133 (=TABLE(T27,T46))=2876.765184772133 (=TABLE(T27,T46))=2727.435192772133 (=TABLE(T27,T46))=2578.1052007721332 (=TABLE(T27,T46))=2279.4452167721333 (=TABLE(T27,T46))=19 80.7852327721334 (=TABLE(T27,T46))=1682.125248772133 (=TABLE(T27,T46))=1383.4652647721332 (=TABLE(T27,T46))=1084.8052807721333 -0.15 (Z99/$AC$96)-1=-0.1302836997741228 (AA99/SAC$96 )-1=-0.169346644825643 (AB99/$AC$96)-1=-0.20840958987716307 (AC99/$AC$96)-1=-0.24747253492868326 (AD99/$AC$96)-1=-0.28653547998020334 (AE99/$AC$96)-1=-0.3255984250317234 (AF99/$AC$96)-1=-0.4 037243151347637 (AG99/SAC$96)-1=-0.481850205237804 (AH99/$AC$96)-1=-0.5599760953408444 (A19 9/$AC$96)-1=-0.6381019854438845 (AJ99/$AC$96)-1=-0.7162278755469249 3Y average discount M122/$M$114-1=-0.010204081632653073 N122/$M$114-1=-0.010204081632653073 01221$M$114-1=-0.41836734693877553 P122/$M$114-1=-0.29591836734693877 Q122/$M$114-1=-0.357 1428571428571 R122/$M$114-1=-0.3571428571428571 AVERAGE(M100:R100)=-0.2414965986394558 -0.2 O (=TABLE(T27,T46))=3009.408808772133 (=TABLE(T27,T46))=2860.078816772133 (=TABLE(T27, T46)1=2710.748824772133 (=TABLE(T27,T46))=2561.418832772133 (=TABLE(T27,T46))=2412.088840772133 (=TABLE(T27,T46))=2262.758848772133 (=TABLE(T27,T46))=1964.0988647721335 (=TABLE(T27,T46))=16 65.4388807721336 (=TABLE(T27,T46))=1366.7788967721333 (=TABLE(T27,T46))=1068.1189127721334 (=TABLE(T27,T46))=769.4589287721335 -0.20 (Z100/$AC$96)-1=-0.21277454475035062 (AA100/$AC$9 6)-1=-0.2518374898018707 (AB100/$AC$96)-1=-0.2909004348533908 (AC100/$AC$96)-1=-0.32996337 9904911 (AD100/$AC$96)-1=-0.36902632495643106 (AE100/$AC$96)-1=-0.40808927000795125 (AF100/$AC$9 6)-1=-0.4862151601109914 (AG100/$AC$96)-1=-0.5643410502140316 (AH100/$AC$96)-1=-0.64246694 0317072 (AI100/$AC$96)-1=-0.7205928304201122 (AJ100/$AC$96)-1=-0.7987187205231525 EFTA01437444 Stage 1 Discount to own historical average -0.25 (=TABLE(T27,146))=2694.0624567721334 (=TA BLE(T27,146))=2544.7324647721334 (=TABLE(127,T46))=2395.4024727721335 (=TABLE(T27,146))=22 46.0724807721335 (=TABLE(127,146))=2096.7424887721336 (=TABLE(T27,T46))=1947.4124967721334 (=TABLE(127,146))=1648.7525127721335 (=TABLE(T27,T46))=1350.0925287721336 (=TABLE(T27,146))=10 51.4325447721333 (=TABLE(127,146))=752.7725607721334 (=TABLE(T27,T46))=454.1125767721335 -0.25 (Z101/$AC$96)-1=-0.29526538972657823 (AA101/$AC$96)-1=-0.3343283347780983 (AB101/$AC$9 6)-1=-0.3733912798296185 (AC101/$AC$96)-1=-0.4124542248811386 (AD101/$AC$96)-1=-0.45151716 993265867 (AE101/$AC$96)-1=-0.49058011498417886 (AF101/$AC$96)-1=-0.5687060050872191 (AG1 01/$AC$96)-1=-0.6468318951902594 (AH101/$AC$96)-1=-0.7249577852932998 (AI101/$AC$96)-1=-0. 80308367539634 (AJ101/$AC$96)-1=-0.8812095654993802 P/E (2018E), base (x) M86/$M$117-1=-0.3426668224852458 N86/$M$117-1=-0.3412962051613977 086/$M$117-1=-0.6650508732509515 P86/$M$117-1=-0.43200612366172186 Q86/$M$117-1=-0.5765 360518728673 R86/$M$117-1=-0.23094123522021448 AVERAGE(M102:R102)=-0.4314162186087331 P/E (2018E), implied (x) M87/$M$117-1=-0.3426668224852458 N87/$M$117-1=-0.341296205161 3977 087/$M$117-1=-0.6650508732509515 P87/$M$117-1=-0.43200612366172186 Q87/$M$117-1 =-0.5765360518728673 R87/$M$117-1=-0.23094123522021448 AVERAGE(M103:R103)=-0.43141621860873 31 P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354 N90/$M$118-1=-0.21581819179683082 090/$M$118-1=-0.6545432779154655 P90/$M$118-1=-0.4270478189327467 Q90/$M$118-1=-0.5260 106679326566 R90/$M$118-1=-0.3915733723553658 AVERAGE(M105:R105)=-0.4151808334527502 YAPI KREDI YAPI KREDI P/BV (2018E), implied (x) M91/$M$118-1=-0.2760916717834354 N91/$M$118-1=-0.215818191796 83082 0911$M$118-1=-0.6545432779154655 P91/$M$118-1=-0.4270478189327467 Q91/$M$118-1 =-0.5260106679326566 R91/$M$118-1=-0.3915733723553658 AVERAGE(M106:R106)=-0.41518083345275 02 Net profit t of Stage 2 loans transferred to Stage 3 loans Net profit: change from base t of Stage 2 loans transferred to Stage 3 loans Loan growth (ppt change from base) R31=3853.9025619301465 AA107-0.05=-0.15000000000000002 AB10 7-0.05=-0.10 -0.05 0 0.05 AD107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y107 =3853.9025619301465 A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10 -0.05 0 0.05 AR107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 MSCI EM Banks 2018E 0.20 (=TABLE(T27,146))=5811.837899530146 (=TABLE(127,146))=5596.30397 9530146 (=TABLE(T27,146))=5380.770059530146 (=TABLE(127,146))=5165.236139530146 (=TABLE(T27, T46))=4949.702219530146 (=TABLE(127,146))=4734.168299530146 (=TABLE(T27,T46))=4303.1004595301465 (=TABLE(127,146))=3872.032619530146 (=TABLE(T27,T46))=3440.964779530146 (=TABLE(T27,146))=30 09.8969395301465 (=TABLE(127,146))=2578.829099530146 0.20 (Z108/$AC$112)-1=0.508039657 499646 (AA108/$AC$112)-1=0.4521135108115846 (AB108/$AC$112)-1=0.3961873641235236 (AC108/$AC$1 12)-1=0.34026121743546245 (AD108/$AC$112)-1=0.2843350707474013 (AE108/$AC$112)-1=0.22840892 405934032 (AF108/$AC$112)-1=0.11655663068321798 (AG108/$AC$112)-1=0.00470433730709563 (AH1 08/$AC$112)-1=-0.1071479560690266 (A1108/$AC$112)-1=-0.21900024944514873 (AJ108/$AC$112)-1=-0 .3308525428212712 P/E (x) 7.57 0.15 (=TABLE(127,146))=5484.004505130147 (=TABLE(T27,T46))=5268.470585130146 (=TABLE(127,146))=5052.936665130146 (=TABLE(T27,T46))=4837.402745130146 (=TABLE(T27,146))=46 21.868825130146 (=TABLE(T27,T46))=4406.334905130147 (=TABLE(T27,146))=3975.2670651301464 (=TA BLE(T27,146))=3544.1992251301463 (=TABLE(T27,T46))=3113.1313851301466 (=TABLE(T27,146))=26 82.0635451301464 (=TABLE(127,146))=2250.9957051301462 0.15 (Z109/$AC$112)-1=0.422974353 14078036 (AA109/$AC$112)-1=0.3670482064527192 (AB109/$AC$112)-1=0.311122059764658 (AC1 09/$AC$112)-1=0.25519591307659684 (AD109/$AC$112)-1=0.19926976638853588 (AE109/$AC$112)-1=0. 1433436197004747 (AF109/$AC$112)-1=0.031491326324352364 (AG109/$AC$112)-1=-0.080360967051769 98 (AH109/$AC$112)-1=-0.1922132604278921 (AI109/$AC$112)-1=-0.30406555380401445 (AJ109/$AC$1 12)-1=-0.4159178471801368 P/BV (x) 1.05 0.10 (=TABLE(T27,146))=5156.171110730147 (=TABLE(127,146))=4940.63719 0730146 (=TABLE(T27,146))=4725.1032707301465 (=TABLE(127,146))=4509.569350730147 (=TABLE(T27, T46))=4294.035430730147 (=TABLE(127,146))=4078.5015107301465 (=TABLE(T27,T46))=3647.433670730147 (=TABLE(127,146))=3216.3658307301466 (=TABLE(T27,T46))=2785.297990730147 (=TABLE(T27,146))=23 54.2301507301468 (=TABLE(127,146))=1923.1623107301466 0.10 (Z110/$AC$112)-1=0.337909048 78191497 (AA110/$AC$112)-1=0.28198290209385357 (AB110/$AC$112)-1=0.2260567554057924 (AC1 10/$AC$112)-1=0.17013060871773145 (AD110/$AC$112)-1=0.11420446202967027 (AE110/$AC$112)-1=0. 0582783153416091 (AF110/$AC$112)-1=-0.05357397803451314 (AG110/$AC$112)-1=-0.165426271410635 48 (AH110/$AC$112)-1=-0.2772785647867577 (AI110/$AC$112)-1=-0.38913085816287996 (AJ110/$AC$1 12)-1=-0.5009831515390023 0.05 (=TABLE(T27,146))=4828.3377163301475 (=TABLE(127,146))=4612.803796330147 (=TABLE(T27, T46))=4397.269876330147 (=TABLE(127,146))=4181.735956330147 (=TABLE(T27,T46))=3966.202036330147 (=TABLE(127,146))=3750.668116330147 (=TABLE(T27,T46))=3319.600276330147 (=TABLE(T27,146))=28 88.532436330147 (=TABLE(T27,T46))=2457.4645963301473 (=TABLE(T27,146))=2026.3967563301471 (=TA BLE(T27,146))=1595.328916330147 0.05 (2111/$AC$112)-1=0.25284374442304935 (AA111/$AC$112)-1=0. 19691759773498796 (AB111/$AC$112)-1=0.14099145104692679 (AC111/$AC$112)-1=0.0850653043588658 3 (AD111/$AC$112)-1=0.02913915767080466 (AE111/$AC$112)-1=-0.026786989017256513 (AF111/$AC$1 12)-1=-0.13863928239337875 (AG111/$AC$112)-1=-0.2504915757695011 (AH111/$AC$112)-1=-0.3623438 691456232 (A1111/$AC$112)-1=-0.47419616252174557 (AJ111/$AC$112)-1=-0.5860484558978678 MSCI EM Banks 3Y average 0 (=TABLE(T27,T46))=4500.504321930147 (=TABLE(T27,T46))=42 84.970401930146 (=TABLE(T27,T46))=4069.4364819301463 (=TABLE(T27,146))=3853.9025619301465 (=TA BLE(T27,146))=3638.3686419301466 (=TABLE(T27,T46))=3422.8347219301463 (=TABLE(T27,146))=29 91.7668819301466 (=TABLE(127,146))=2560.6990419301464 (=TABLE(T27,T46))=2129.6312019301467 (=TABLE(127,146))=1698.5633619301466 (=TABLE(T27,T46))=1267.4955219301464 0 (2112/$AC$11 2)-1=0.16777844006418352 (AA112/$AC$112)-1=0.11185229337612212 (AB112/$AC$112)-1=0.05592614 6688061174 (AC112/$AC$112)-1=0 (AD112/$AC$112)-1=-0.05592614668806106 (AE112/$AC$112)-1=-0 .11185229337612235 (AF112/$AC$112)-1=-0.22370458675224447 (AG112/$AC$112)-1=-0.335556880128366 8 (AH112/$AC$112)-1=-0.44740917350448905 (AI112/$AC$112)-1=-0.5592614668806113 (AJ112/$AC$1 12)-1=-0.6711137602567336 EFTA01437445 P/E (x) 8.15 -0.05 (=TABLE(T27,246))=4172.670927530146 (=TABLE(T27,T46))=3957.1370075301456 (=TABLE(T27,T46)1=3741.603087530146 (=TABLE(T27,T46))=3526.069167530146 (=TABLE(T27,T46))=33 10.535247530146 (=TABLE(T27,T46))=3095.0013275301458 (=TABLE(T27,T46))=2663.933487530146 (=TA BLE(T27,T46))=2232.865647530146 (=TABLE(T27,T46))=1801.7978075301462 (=TABLE(T27,T46))=1370.72996 7530146 (=TABLE(T27,T46))=939.6621275301459 -0.05 (Z113/$AC$112)-1=0.08271313570531769 (AA1 13/$AC$112)-1=0.026786989017256513 (AB113/$AC$112)-1=-0.02913915767080466 (AC113/$AC$112)-1=-0 .08506530435886583 (AD113/$AC$112)-1=-0.1409914510469269 (AE113/$AC$112)-1=-0.196917597734988 07 (AF113/$AC$112)-1=-0.3087698911111103 (AG113/$AC$112)-1=-0.42062218448723265 (AH113/$AC$1 12)-1=-0.5324744778633548 (A1113/$AC$112)-1=-0.6443267712394771 (AJ113/$AC$112)-1=-0.7561790 646155995 P/BV (x) 0.98 -0.10 (=TABLE(T27,T46))=3844.8375331301468 (=TABLE(T27,T46))=3629.30361 3130146 (=TABLE(T27,T46))=3413.769693130146 (=TABLE(T27,T46))=3198.2357731301463 (=TABLE(T27, T46))=2962.7018531301464 (=TABLE(T27,T46))=2767.167933130146 (=TABLE(T27,T46)1=2336.10009 31301464 (=TABLE(T27,T46))=1905.0322531301463 (=TABLE(T27,T46))=1473.9644131301466 (=TA BLE(T27,T46))=1042.8965731301464 (=TABLE(T27,T46))=611.8287331301462 -0.10 (2114/$AC$11 2)-1=-0.002352168653547815 (AA114/$AC$112)-1=-0.0582783153416091 (AB114/$AC$112)-1=-0.1142044 6202967027 (AC114/$AC$112)-1=-0.17013060871773134 (AD114/$AC$112)-1=-0.2260567554057925 (AE1 14/$AC$112)-1=-0.2819829020938537 (AF114/$AC$112)-1=-0.3938351954699759 (AG114/$AC$112)-1=-0 .5056874888460983 (AH114/$AC$112)-1=-0.6175397822222204 (AI114/$AC$112)-1=-0.729392075598342 7 (AJ114/$AC$112)-1=-0.8412443689744651 -0.15 (=TABLE(T27,T46))=3517.004138730147 (=TABLE(T27,T46))=3301.4702187301464 (=TABLE(T27, T46))=3085.9362987301465 (=TABLE(T27,T46))=2870.4023787301467 (=TABLE(T27,T46))=2654.86845 8730147 (=TABLE(T27,T46))=2439.3345387301465 (=TABLE(T27,T46))=2008.2666987301468 (=TABLE(T27, T46))=1577.1988587301466 (=TABLE(T27,T46))=1146.131018730147 (=TABLE(T27,T46))=715.063178 7301467 (=TABLE(T27,T46))=283.9953387301465 -0.15 (Z115/$AC$112)-1=-0.08741747301241343 (AA1 15/$AC$112)-1=-0.1433436197004747 (AB115/$AC$112)-1=-0.19926976638853577 (AC115/$AC$112)-1=-0 .25519591307659695 (AD115/$AC$112)-1=-0.311122059764658 (AE115/$AC$112)-1=-0.367048206452719 2 (AF115/$AC$112)-1=-0.4789004998288414 (AG115/$AC$112)-1=-0.5907527932049638 (AH115/$AC$1 12)-1=-0.702605086581086 (A1115/$AC$112)-1=-0.8144573799572083 (AJ115/$AC$112)-1=-0.9263096 733333306 Turkish banks 3Y average -0.20 (=TABLE(T27,T46))=3189.1707443301475 (=TABLE(T27,T46))=29 73.6368243301467 (=TABLE(T27,246))=2758.102904330147 (=TABLE(T27,T46))=2542.568984330147 (=TABLE(T27,T46)1=2327.035064330147 (=TABLE(T27,T46))=2111.5011443301464 (=TABLE(T27,T46))=16 80.433304330147 (=TABLE(T27,T46))=1249.3654643301468 (=TABLE(T27,T46))=818.2976243301471 (=TA BLE(T27,T46))=387.2297843301469 (=TABLE(T27,T46))=-43.83805566985325 -0.20 (Z116/$AC$112)-1=-0. 17248277737127893 (AA116/$AC$112)-1=-0.22840892405934032 (AB116/$AC$112)-1=-0.284335070747401 4 (AC116/$AC$112)-1=-0.34026121743546245 (AD116/$AC$112)-1=-0.3961873641235236 (AE116/$AC$1 12)-1=-0.4521135108115849 (AF116/$AC$112)-1=-0.563965804187707 (AG116/$AC$112)-1=-0.6758180 975638294 (AH116/$AC$112)-1=-0.7876703909399516 (A1116/$AC$112)-1=-0.8995226843160739 (An 16/$AC$112)-1=-1.0113749776921963 P/E (x) 6.27 -0.25 (=TABLE(T27,T46))=2861.337349930147 (=TABLE(T27,T46))=2645.803429930146 (=TABLE(T27,T46))=2430.2695099301463 (=TABLE(T27,T46))=2214.7355899301465 (=TABLE(T27,T46))=19 99.2016699301464 (=TABLE(T27,T46))=1783.667749930146 (=TABLE(T27,T46))=1352.5999099301464 (=TABLE(T27,246))=921.5320699301462 (=TABLE(T27,T46))=490.46422993014653 (=TABLE(T27,T46))=59 .39638993014637 (=TABLE(T27,T46))=-371.6714500698538 -0.25 (2117/$AC$112)-1=-0.2575480817301447 6 (AA117/$AC$112)-1=-0.31347422841820605 (AB117/$AC$112)-1=-0.3694003751062672 (AC117/$AC$1 12)-1=-0.4253265217943283 (AD117/$AC$112)-1=-0.48125266848238946 (AE117/$AC$112)-1=-0.5371788 151704506 (AF117/$AC$112)-1=-0.6490311085465729 (AG117/$AC$112)-1=-0.7608834019226951 (AH1 17/$AC$112)-1=-0.8727356952988173 (AI117/$AC$112)-1=-0.9845879886749397 (AJ117/$AC$112)-1=-1 .096440282051062 P/BV (x) 0.81 3Y Historical average Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Tota 1 P/E (x) 7.18 6.95 4.33 6.03 5.26 5.84 AVERAGE(M121:R121)=5.9316666666666675 Aver age Average P/BV (x) 0.97 0.97 0.57 0.69 0.63 0.63 AVERAGE(M122:R122)=0.743333333333333 3 Net profit fk of Stage 2 loans transferred to Stage 3 loans Net profit: change from base of Stage 2 loans transferred to Stage 3 loans Loan growth (ppt change from base) AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10 -0.0 5 0 0.05 AD123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 A0123-0.05=-0.150000 00000000002 AP123-0.05=-0.10 -0.05 0 0.05 AR123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (Z28+Z44+260+Z76+Z92+2108)/6=7647.883480660111 (AA28+AA44+AA60+AA76+AA92+AA108)/6=7246.0623 77993442 (AB2B+AB44+AB60+AB76+AB92+AB108)/6=6844.2412753267745 (AC28+AC44+AC60+AC76+AC92+AC 108)/6=6442.4201726601095 (AD28+AD44+AD6O+AD76+AD92+AD108)/6=6040.599069993442 (AE28+AE44+A E60+AE76+AE92+AE108)/6=5638.777967326776 (AF28+AF44+AF60+AF76+AF92+AF108)/6=4835.135761993441 5 (AG28+AG44+AG60+AG76+AG92+AG108)/6=4031.493556660109 (AH2B+AH44+AH6O+AH76+AH92+AH108)/6=3 227.8513513267753 (A128+A144+A160+A176+A192+AI108)/6=2424.2091459934422 (AJ28+AJ44+AJ60+AJ76 +AJ92+AJ108)/6=1620.566940660109 0.20 (AN28+AN44+AN60+AN76+AN92+AN108)/6=0.456211084984192 9 (A028+A044+A060+A076+A092+A0108)/6=0.38566449316116275 (AP2B+AP44+AP6O+AP76+AP92+AP108)/6=0 .3151179013381327 (AQ28+AQ44+AQ60+AQ76+AQ92+A0108)/6=0.24457130951510275 (AR28+AR44+AR6O+AR76 +AR92+AR108)/6=0.17402471769207276 (AS2B+AS44+AS60+AS76+AS92+AS108)/6=0.1034781258690428 (AT2 8+AT44+AT6O+AT76+AT92+AT108)/6=-0.037615057777017236 (AU28+AU44+AU6O+AU76+AU92+AU108)/6=-0.178708 24142307729 (AV2B+AV44+AV60+AV76+AV92+AV108)/6=-0.3198014250691373 (AW28+AW44+AW6O+AW76+AW92+AW 108)/6=-0.46089460871519733 (AX28+AX44+AX60+AX76+AX92+AX108)/6=-0.6019877923612574 0.15 (Z29+Z45+261+Z77+Z93+2109)/6=7339.44692882011 (AA29+AA45+AA61+AA77+AA93+AA109)/6=6937.6258 26153442 (AB29+AB45+AB61+AB77+AB93+AB109)/6=6535.8047234867745 (AC29+AC45+AC61+AC77+AC93+AC 109)/6=6133.983620820109 (AD29+AD45+AD61+AD77+AD93+AD109)/6=5732.162518153443 (AE29+AE45+A E61+AE77+AE93+AE109)/6=5330.341415486775 (AF29+AF45+AF61+AF77+AF93+AF109)/6=4526.699210153441 EFTA01437446 5 (AG29+AG45+AG61+AG77+AG93+AG109)/6=3723.0570048201084 (AH29+AH45+AN61+AH77+AH93+AH109)/6=2 919.414799486775 (A129+A145+A161+A177+A193+A1109)/6=2115.772594153442 (Aa29+AJ45+AJ61+A.777 +AJ93+AJ109)/6=1312.1303888201085 0.15 (AN29+AN45+AN61+AN77+AN93+AN109)/6=0.395068257605417 03 (A029+A045+A061+A077+A093+A0109)/6=0.324521665782387 (AP29+AP45+Ap61+AP77+AP93+AP109)/6=0 .253975073959357 (AQ29+Ao45+A061+AQ77+AQ93+Ao109)/6=0.183428482136327 (AR29+AR45+AR61+AR77 +AR93+AR109)/6=0.11288189031329698 (AS29+AS45+As61+As77+AS93+AS109)/6=0.042335298490267015 (AT2 9+AT45+AT61+AT77+AT93+AT109)/6=-0.09875788515579303 (Au29+Au45+AU61+Au77+Au93+AU109)/6=-0.239851 06880185303 (AV29+AV45+Av61+Av77+Av93+AV109)/6=-0.380944252447913 (Aw29+Aw45+AW61+AW77+AW93+Aw 109)/6=-0.522037436093973 (Ax29+AX45+AX61+AX77+Ax93+AX109)/6=-0.6631306197400332 0.10 (z30+z46+262+278+Z94+2110)/6=7031.01037698011 (AA30+AA46+AA62+AA78+AA94+AA110)/6=6629.1892 74313444 (AB30+AB46+AB62+AB78+AB94+AB110)/6=6227.368171646776 (Ac30+Ac46+AC62+AC78+AC94+Ac 110)/6=5825.547068980109 (A030+Au46+AD62+AD78+Ao94+AD110)/6=5423.725966313444 (AE30+AE46+A E62+AE78+AE94+AE110)/6=5021.904863646777 (AF30+AF46+AF62+AF78+AF94+AF110)/6=4218.262658313443 (AG30+AG46+AG62+AG78+AG94+AG110)/6=3414.6204529801093 (Aw3O+AH46+AH62+AN78+AN94+AH110)/6=2610.9782 476467763 (A130+A146+A162+A178+A194+AI110)/6=1807.3360423134427 (A,730+AJ46+AJ62+AJ78+AJ94+AJ 110)/6=1003.6938369801093 0.10 (AN30+AN46+AN62+AN78+AN94+AN110)/6=0.3339254302266417 (A03 0+A046+A062+A078+A094+A0110)/6=0.2633788384036116 (Ap3O+Ap46+AP62+AP78+Ap94+AP110)/6=0.1928322 465805815 (AQ30+AQ46+Ao62+Ao78+Ao94+AQ110)/6=0.12228565475755153 (AR3O+AR46+AR62+AR78+AR94+AR 110)/6=0.05173906293452152 (As30+AS46+AS62+AS78+As94+AS110)/6=-0.01880752888850847 (AT3O+AT46+A T62+AT78+AT94+AT110)/6=-0.15990071253456847 (Au3O+Au46+AU62+AU78+AU94+Au110)/6=-0.30099389618062 85 (Av30+Av46+AV62+AV78+Av94+Av110)/6=-0.44208707982668854 (AW30+AW46+AW62+AW78+AW94+AW110)/6=- 0.5831802634727487 (AX30+Ax46+Ax62+AX78+AX94+Ax110)/6=-0.7242734471188085 0.05 (z31+z47+263+279+Z95+z111)/6=6722.57382514011 (AA31+AA47+AA63+AA79+AA95+AA111)/6=6320.7527 22473443 (AB31+AB47+AB63+AB79+AB95+AB111)/6=5918.931619806775 (Ac31+Ac47+AC63+AC79+AC95+Ac 111)/6=5517.11051714011 (AD31+A047+AD63+AD79+AD95+Au111)/6=5115.289414473443 (AE31+AE47+AE63+AE79 +AE95+AE111)/6=4713.468311806776 (AF31+AF47+AF63+AF79+AF95+AF111)/6=3909.826106473443 (AG3 1+AG47+AG63+AG79+AG95+AG111)/6=3106.1839011401094 (Aw31+AN47+AH63+AN79+AN95+AH111)/6=2302.5416 958067763 (A131+A147+A163+A179+A195+AI111)/6=1498.8994904734425 (AJ31+AJ47+AJ63+AJ79+AJ95+AJ 111)/6=695.257285140109 0.05 (AN31+AN47+AN63+AN79+AN95+AN111)/6=0.2727826028478658 (A031+A047+A 063+A079+A095+A0111)/6=0.20223601102483568 (Ap31+Ap47+AP63+AP79+AP95+Ap111)/6=0.131689419201805 66 (A031+A047+AQ63+AQ79+A095+Ao111)/6=0.061142827378775744 (AR31+AR47+AR63+AR79+AR95+AR111)/6=- 0.0094037644442543 (AS31+As47+AS63+AS79+AS95+As111)/6=-0.07995035626728429 (AT31+AT47+AT63+AT79 +AT95+AT111)/6=-0.22104353991334427 (AU31+AU47+Au63+Au79+AU95+AU111)/6=-0.36213672355940424 (AV3 1+AV47+Av63+Av79+AV95+AV111)/6=-0.5032299072054643 (AW31+AW47+AW63+AW79+AW95+AW111)/6=-0.644323 0908515244 (Ax31+AX47+AX63+Ax79+Ax95+AX111)/6=-0.7854162744975844 0 (z32+z48+264+280+Z96+z112)/6=6414.137273300109 (AA32+AA48+AA64+AA80+AA96+AA112)/6=6012.3161 70633443 (AB32+AB48+AB64+AB80+AB96+AB112)/6=5610.495067966775 (Ac32+Ac48+AC64+AC80+AC96+Ac 112)/6=5208.673965300109 (AD32+AD48+AD64+AD8O+AD96+AD112)/6=4806.852862633442 (AE32+AE48+A E64+AE80+AE96+AE112)/6=4405.031759966775 (AF32+AF48+AF64+AF80+AF96+AF112)/6=3601.389554633442 5 (AG32+AG48+AG64+AG80+AG96+AG112)/6=2797.747349300109 (AH32+AH48+AN64+AH8O+AH96+AH112)/6=1 994.1051439667754 (A132+A148+A164+A180+A196+A1112)/6=1190.462938633442 (Aa32+AJ48+AJ64+A.780 +AJ96+AJ112)/6=386.8207333001087 0 (AN32+AN48+AN64+AN80+AN96+AN112)/6=0.211639775469090 1 (A032+A048+A064+A080+A096+A0112)/6=0.14109318364605997 (AP32+AP48+Ap64+AP8O+AP96+AP112)/6=0 .07054659182303002 (AQ32+Ao48+A064+A080+A096+A0112)/6=0 (AR32+AR48+AR64+AR8O+AR96+AR112)/6- 0.07054659182303001 (AS32+As48+AS64+AS80+AS96+As112)/6=-0.14109318364606002 (AT32+AT48+AT64+AT80 +AT96+AT112)/6=-0.28218636729212004 (AU32+AU48+Au64+Au8O+AU96+AU112)/6=-0.4232795509381801 (AV3 2+AV48+Av64+Av80+AV96+AV112)/6=-0.5643727345842401 (Aw32+Aw48+AW64+Aw8O+Aw96+AW112)/6=-0.705465 9182303 (Ax32+Ax48+AX64+AX80+Ax96+Ax112)/6=-0.8465591018763602 -0.05 (z33+z49+265+281+Z97+2113)/6=6105.70072146011 (AA33+AA49+AA65+AA81+AA97+AA113)/6=5703.8796 18793442 (AB33+AB49+AB65+A581+AB97+AB113)/6=5302.0585161267745 (Ac33+Ac49+AC65+AC81+AC97+Ac 113)/6=4900.237413460109 (A033+AD49+AD65+AD81+A097+A0113)/6=4498.416310793443 (AE33+AE49+A E65+AE81+AE97+AE113)/6=4096.595208126776 (AF33+AF49+AF65+AF81+AF97+AF113)/6=3292.953002793442 (AG33+AG49+AG65+AG81+AG97+AG113)/6=2489.3107974601085 (Aw33+AH49+AH65+AN81+AN97+AH113)/6=1685.6685 921267751 (A133+A149+A165+A181+A197+A1113)/6=882.0263867934418 (AJ33+AJ49+AJ65+AJ81+AJ97+AJ 113)/6=78.38418146010842 -0.05 (AN33+AN49+AN65+AN81+AN97+AN113)/6=0.15049694809031433 (A03 3+A049+A065+A081+A097+A0113)/6=0.07995035626728426 (Ap33+Ap49+AP65+AP81+Ap97+AP113)/6=0.0094037 644442543 (A033+AQ49+A065+Ao81+Ao97+AQ113)/6=-0.061142827378775744 (AR33+AR49+AR65+AR81 +AR97+AR113)/6=-0.13168941920180577 (AS33+AS49+As65+As81+AS97+AS113)/6=-0.2022360110248358 (AT3 3+AT49+AT65+AT81+AT97+AT113)/6=-0.3433291946708958 (Au33+Au49+AU65+Au81+Au97+AU113)/6=-0.484422 3783169559 (AV33+AV49+Av65+Av81+Av97+AV113)/6=-0.6255155619630158 (Aw33+Aw49+AW65+AW81+AW97+Aw 113)/6=-0.766608745609076 (Ax33+AX49+AX65+AX81+Ax97+AX113)/6=-0.9077019292551358 -0.10 (z34+z50+266+282+Z98+z114)/6=5797.26416962011 (AA34+AA50+AA66+AA82+AA98+AA114)/6=5395.4430 66953442 (AB34+AB50+AB66+AB82+AB98+AB114)/6=4993.621964286776 (Ac34+Ac50+AC66+AC82+AC98+Ac 114)/6=4591.800861620109 (A034+AD5O+AD66+AD82+A098+A0114)/6=4189.979758953442 (AE34+AE50+A E66+AE82+AE98+AE114)/6=3788.1586562867756 (AF34+AF50+AF66+AF82+AF98+AF114)/6=2984.516450953442 (AG34+AG50+AG66+AG82+AG98+AG114)/6=2180.874245620109 (Aw34+AH5O+AH66+AN82+AN98+AH114)/6=1377.2320 402867754 (A134+A150+A166+A182+A198+A1114)/6=573.5898349534419 (A,734+AJ50+AJ66+AJ82+AJ98+AJ 114)/6=-230.0523703798915 -0.10 (AN34+AN50+AN66+AN82+AN98+AN114)/6=0.08935412071153866 (A03 4+A050+A066+Ao82+A098+A0114)/6=0.018807528888508562 (Ap34+Ap5O+AP66+AP82+Ap98+AP114)/6=-0.051739 06293452144 (AQ34+AQ50+A066+Ao82+A098+AQ114)/6=-0.12228565475755145 (AR34+AR5O+AR66+AR82+AR98+AR 114)/6=-0.1928322465805815 (As34+AS50+AS66+AS82+As98+As114)/6=-0.2633788384036115 (AT34+AT5O+A T66+AT82+AT98+AT114)/6=-0.40447202204967153 (Au34+Au5O+AU66+AU82+AU98+Au114)/6=-0.54556520569573 15 (Av34+Av50+AV66+AV82+Av98+Av114)/6=-0.6866583893417916 (AW34+AW5O+Aw66+AW82+AW98+AW114)/6=- 0.8277515729878515 (AX34+Ax50+Ax66+AX82+AX98+Ax114)/6=-0.9688447566339117 -0.15 (z35+z51+267+283+Z99+2115)/6=5488.82761778011 (AA35+AA51+AA67+AA83+AA99+AA115)/6=5087.0065 15113443 (AB35+AB51+AB67+AB83+AB99+AB115)/6=4685.185412446776 (Ac35+Ac51+AC67+AC83+AC99+Ac 115)/6=4283.36430978011 (AD35+A051+AD67+AD83+AD99+Au115)/6=3881.5432071134423 (AE35+AE51+AE67+AE83 +AE99+AE115)/6=3479.722104446775 (AF35+AF51+AF67+AF83+AF99+AF115)/6=2676.079899113443 (AG3 5+AG51+AG67+AG83+AG99+AG115)/6=1872.4376937801092 (Aw35+AN51+AH67+AN83+AN99+AH115)/6=1068.7954 EFTA01437447 884467756 (A135+A151+A167+A183+A199+AI115)/6=265.15328311344206 (A,735+AJ51+AJ67+AJ83+AJ99+AJ 115)/6=-538.4889222198913 -0.15 (AN35+AN51+AN67+AN83+AN99+AN115)/6=0.02821129333276301 (A0S 5+A051+A067+A083+A099+A0115)/6=-0.04233529849026709 (Ap35+Ap51+Ap67+AP83+Ap99+Ap115)/6=-0.112881 89031329705 (AQ35+AQ51+AQ67+AQ83+AQ99+AQ115)/6=-0.1834284821363271 (AR35+AR51+AR67+AR83+AR99+AR 115)/6=-0.2539750739593571 (As35+As51+AS67+AS83+As99+As115)/6=-0.3245216657823871 (AT35+AT51+A T67+AT83+AT99+AT115)/6=-0.4656148494284471 (Au35+Au51+Au67+AU83+AU99+Au115)/6=-0.60670803307450 72 (Av35+Av51+AV67+AV83+Av99+Av115)/6=-0.7478012167205672 (Aw35+AW51+Aw67+Aw83+Aw99+AW115)/6=- 0.8888944003666271 (AX35+Ax51+Ax67+Ax83+AX99+Ax115)/6=-1.029987584012687 -0.20 (z36+z52+268+284+Z100+z116)/6=5180.391065940109 (AA36+AA52+AA68+AA84+AA100+AA116)/6=4778.569 963273443 (AB36+AB52+AB68+As84+As100+AB116)/6=4376.748860606776 (Ac36+Ac52+Ac68+AC84+AC100+A C116)/6=3974.92775794011 (Au36+Au52+AD68+AD84+Au100+AD116)/6=3573.1066552734424 (AE36+As52+A E68+AE84+As100+AE116)/6=3171.285552606776 (AF36+Ap52+AF68+AF84+AF100+Ap116)/6=2367.64334727344 25 (AG36+AG52+AG68+AG84+AG100+AG116)/6=1564.0011419401092 (AH36+AH52+AN68+AN84+AH100+AH116)/6= 760.358936606776 (A136+A152+A168+A184+AI100+A1116)/6=-43.283268726557516 (A.336+AJ52+AJ68+A.784 +A,7100+AJ116)/6=-846.9254740598908 -0.20 (AN36+AN52+AN68+AN84+AN100+AN116)/6=-0.0329315340460 1266 (A036+A052+A068+A084+AO100+A0116)/6=-0.10347812586904274 (Ap36+Ap52+Ap68+Ap84+AP100+A P116)/6=-0.1740247176920727 (AQ36+AQ52+AQ68+AQ84+AQ100+AQ116)/6=-0.24457130951510275 (ARS 6+AR52+AR68+AR84+AR100+AR116)/6=-0.3151179013381327 (As36+As52+AS68+AS84+As100+As116)/6=-0.38566 44931611628 (AT36+AT52+AT68+AT84+AT100+AT116)/6=-0.5267576768072227 (Au36+Au52+Au68+AU84+AU100+A 0116)/6=-0.6678508604532828 (Av36+Av52+AV68+AV84+Av100+Av116)/6=-0.8089440440993427 (AW36+Aw52+A W68+AW84+AW100+AW116)/6=-0.9500372277454027 (Ax36+Ax52+Ax68+AX84+AX100+Ax116)/6=-1.0911304113914 628 -0.25 (z37+z53+z69+z85+Z101+z117)/6=4871.95451410011 (AA37+AA53+AA69+AA85+AA101+AA117)/6=4470.133 411433443 (AB37+AB53+AB69+As85+As101+AB117)/6=4068.312308766776 (Ac37+Ac53+Ac69+AC85+AC101+A C117)/6=3666.491206100109 (Ap37+AD53+AD69+AD85+Au101+AD117)/6=3264.6701034334424 (AE37+As53+A E69+AE85+As101+AE117)/6=2862.8490007667756 (AF37+Ae53+AF69+AF85+AF101+Ap117)/6=2059.20679543344 2 (AG37+AG53+AG69+AG85+AG101+AG117)/6=1255.5645901001092 (AH37+AH53+AN69+AN85+AH101+AH117)/6= 451.92238476677556 (A137+A153+A169+A185+AI101+A1117)/6=-351.719820566558 (A.337+A.753+AJ69+A,785 +AJ101+A.7117)/6=-1155.3620258998913 -0.25 (AN37+AN53+AN69+AN85+AN101+AN117)/6=-0.0940743614247 8838 (A037+A053+A069+A085+AO101+A0117)/6=-0.16462095324781845 (Ap37+Ap53+Ap69+Ap85+AP101+A P117)/6=-0.23516754507084844 (AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=-0.3057141368938785 (AR37+AR53+A R69+AR85+AR101+AR117)/6=-0.37626072871690847 (As37+AS53+As69+AS85+AS101+As117)/6=-0.4468073205399 3855 (AT37+AT53+AT69+AT85+AT101+AT117)/6=-0.5879005041859986 (AU37+AU53+Au69+Au85+Au101+AU117)/6= -0.7289936878320584 (AV37+Av53+Av69+Av85+AV101+Av117)/6=-0.8700868714781186 (Aw37+Aw53+AW69+Aw85 +Aw101+Aw117)/6=-1.0111800551241785 (Ax37+AX53+Ax69+Ax85+Ax101+AX117)/6=-1.1522732387702386 EFTA01437448 Sensit ROE Coverage 0.25 0.30 0.30 0.25 0.30 0.35 USD/TRY 4.85 OTAS exposure (USDm) 1500 950 160 500 180 200 LOANS OTAS exposure (TRYm) M2*$U$1=7274.999999999999 N2*$U$1=4607.50 02*$U$1=776 P2*$ U$1=2425 Q2*$U$1=872.9999999999999 R2*$U$1=969.9999999999999 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751 D5+N3=184550.336 E5+03=208794.025 F5+P3=227872.282 G5+Q3=190067.53 H5+R3=190176.167 SUM(M5:R5)=1186219.091 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 2 C6-M3=14503. 338000000003 D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002 G6-Q3=5333.214 H6-R 3=7697.639999999999 SUM(M6:R6)=86104.52200000001 Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Stage 3 C7=4046.342 D7=5633.32 E7=6264.786 F7=5799.235 G7=7945.146 H7=8617.858 SUM(M7:R7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:67)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( CB:H8)=1310630.30 Total SUM(M5:M7)=203308.43099999998 SUM(N5:N7)=223051.48400000003 SUM( 05:07)=222150.67899999997 SUM(P5:P7)=252282.15099999998 SUM(Q5:Q7)=203345.89 SUM(R5:R7)=2 06491.66499999998 SUM(M8:R8)=1310630.30 COVERAGE COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stag e 1 C12+(M3*0.01)=708.687 D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67 F12+(P3*0.01 )=1612.427 G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40 SUM(M12:R12)=7490.946 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 stage 2 C13-(M3*M1)=965.1060000000004 D13-(N3*N1)=2237.825 E13-(03*01)=551.816 F13-(P3*P1)=1239.098 G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001 SUM(M13:R13) =5749.3240000000005 Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Stage 3 C14=3130.372 D14=3963.228 E14=4978.164 F14=4157.801 G14=6201.91 H14=7386.565 SUM(M14:R14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:G14)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total SUM( M12:M14)=4804.165000000001 SUM(N12:N14)=7063.41 SUM(012:014)=6541.65 SUM(P12:P14)=7009.32 6 SUM(Q12:Q14)=7958.598 SUM(R12:R14)=9681.161 SUM(M15:R15)=43058.31 % in gross loans % in gross loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C$8=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 15/I $8=0.8921605055216563 Stage 1 M5/M$8=0.9087608914752778 N5/N$8=0.8273889628100389 05/0 $8=0.9398757003123993 P5/P$8=0.9032437732782769 Q5/Q$8=0.934700622668105 R5/R$8=0.920 9871352434492 S5/S$8=0.9050752840064814 Stage 2 C6/C$8=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G$8=0.030520479169753565 H6/H$8=0.041975737858474825 16/I $8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677 N6/N$8=0.14735534330719807 06/0 $8=0.03192368365437227 P6/P$8=0.07376912685352839 06/Q88=0.026227301668108462 R6/R$8=0.037 27821168956142 S6/S$8=0.06569703294666697 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I $8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486 N7/N$8=0.025255693882762956 07/0 $8=0.02820061603322851 P7/P$8=0.022987099868194798 Q7/Q$8=0.03907207566378646 R7/R$8=0.041 73465306698942 S7/S$8=0.029227683046851582 Total C8/C$8=1 DB/D$8=1 E8/E$8=1 F8/F$8=1 G8/G$8=1 H8/H$8=1 I8/I$8=1 Total M8/M$8=1 N8/N$8=1 08/058=1 PB/P$8=1 Q8/Q$8=1 R8/R$8=1 S8/S$8=1 COVERAGE RATIO Earnings impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 2 prov isions (base) 14503.338000000003 32867.828 7091.868 18610.634000000002 5333 .214 7697.639999999999 56=86104.52200000001 AKBANK AKBANK Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 I12/ 15=0.0062616329363195285 Stage 3 provisions (base) 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 38306.687000000005 ROE % of Stage 2 loans t ransferred to Stage 3 loans ROE: change from base (bps) % of Stage 2 loans transferred to St age 3 loans Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 I13/ 16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3 $T$27*M25=0 $T$27*N25=0 $T$27*025=0 $T$27*P25=0 $T$27*Q25=0 $T$27*R25=0 $T$27*525=0 0 Loan growth (ppt change from base) $M$34=0.14227070975751668 AA27-0.05=-0.15000000000000002 AB27-0.05=-0 .10 -0.05 0 0.05 AD27+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y27=0.142270 70975751668 A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05 0 0.05 AR27+0.05=0. EFTA01437449 10 0.20 0.30 0.40 0.50 0.60 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 I14/17=0.778 4029978891152 Coverage of new Stage 3 loans (70%) M27*0.7=0 N27*0.7=0 027*0.7=0 P27*0.7=0 Q27*0.7=0 R27*0.7=0 S27*0.7=0 0.20 (=TABLE(127,146))=0.19763146 251425862 (=TABLE(127,T46))=0.18861179217693397 (=TABLE(T27,146))=0.17959212183960938 (=TA BLE(T27,146))=0.17057245150228473 (=TABLE(T27,T46))=0.1615527811649601 (=TABLE(T27,146))=0. 1525331108276355 (=TABLE(127,146))=0.13449377015298625 (=TABLE(T27,T46))=0.1164544294783369 7 (=TABLE(T27,146))=0.09841508880368774 (=TABLE(127,146))=0.08037574812903847 (=TABLE(T27, T46))=0.062336407454389224 0.20 (Z28-$AC$32)*10000=553.6075275674193 (AA28-$AC$32)*10000= 463.41082419417285 (AB28-$AC$32)*10000=373.2141208209269 (AC28-$AC532)*10000=283.017417447680 43 (AD28-$AC$32)*10000=192.82071407443425 (AE28-$AC$32)*10000=102.62401070118804 (AF28-$AC$32 )*10000=-77.76939604530436 (AG28-$AC$32)*10000=-258.16280279179716 (AH28-$AC$32)*10000=-438.556 20953828947 (A128-$AC532)*10000=-618.9496162847821 (AJ28-$AC$32)*10000=-799.3430230312745 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:028)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Stage 3 provisions (new) M28+M26=4046.342 N28+ N26=5633.32 028+026=6264.786 P28+P26=5799.235 Q28+Q26=7945.146 R28+R26=8617 .858 528+526=38306.687000000005 0.15 (=TABLE(127,146))=0.19055602707806657 (=TABLE(T27, T46))=0.18153635674074195 (=TABLE(T27,146))=0.17251668640341736 (=TABLE(127,146))=0.16349701 60660927 (=TABLE(T27,T46))=0.1544773457287681 (=TABLE(T27,146))=0.14545767539144347 (=TA BLE(T27,146))=0.1274183347167942 (=TABLE(T27,T46))=0.10937899404214495 (=TABLE(T27,146))=0. 0913396533674957 (=TABLE(127,146))=0.07330031269284645 (=TABLE(T27,T46))=0.0552609720181972 0.15 (Z29-5AC$32)*10000=482.8531732054989 (AA29-$AC$32)*10000=392.65646983225264 (AB29-$AC$32 )*10000=302.45976645900674 (AC29-$AC$32)*10000=212.26306308576025 (AD29-$AC$32)*10000=122.0663 5971251406 (AE29-$AC532)*10000=31.86965633926786 (AF29-$AC$32)*10000=-148.5237504072248 (AG2 9-$AC$32)*10000=-328.91715715371737 (AH29-$AC532)*10000=-509.3105639002099 (A129-$AC$32)*10000= -689.7039706467023 (AJ29-$AC$32)*10000=-870.0973773931948 Net profit (base) 6405.467516045113 7118.518599790241 3809.28613779219 6242 .064735470831 3822.804240772133 3853.9025619301465 SUM(M30:R30)=31252.043791800654 0.10 (=TABLE(127,146))=0.1834805916418746 (=TABLE(T27,T46))=0.17446092130455 (=TABLE(T27,146))=0. 16544125096722537 (=TABLE(127,146))=0.15642158062990072 (=TABLE(T27,T46))=0.1474019102925761 (=TABLE(127,146))=0.13838223995525148 (=TABLE(T27,T46))=0.12034289928060223 (=TABLE(T27,146))=0. 10230355860595296 (=TABLE(127,146))=0.08426421793130372 (=TABLE(T27,T46))=0.0662248772566544 5 (=TABLE(T27,146))=0.0481855365820052 0.10 (Z30-5AC$32)*10000=412.09881884357924 (AA3 0-$AC$32)*10000=321.90211547033306 (AB30-$AC532)*10000=231.70541209708685 (AC30-$AC$32)*10000= 141.50870872384036 (AD30-$AC$32)*10000=51.312005350594156 (AE30-$AC532)*10000=-38.884698022652 046 (AF30-$AC$32)*10000=-219.2781047691446 (AG30-$AC$32)*10000=-399.67151151563723 (AH30-$AC532 )*10000=-580.0649182621297 (A130-$AC$32)*10000=-760.4583250086223 (AJ30-$AC$32)*10000=-940.851 7317551149 Expected provision expenses Net profit (new) - TRYmn M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04 ))=6405.467516045113 N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241 030-(028*0.8 )+((048-046)*(0.8)*(0.04))=3809.28613779219 P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547 0831 030-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133 R30-(R28*0.8)+((R48-R46)*(0. 8)*(0.04))=3853.9025619301465 S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654 0.05 (=TABLE(127,146))=0.1764051562056826 (=TABLE(T27,T46))=0.16738548586835794 (=TABLE(T27,146))=0. 15836581553103335 (=TABLE(127,146))=0.1493461451937087 (=TABLE(T27,T46))=0.1403264748563840 8 (=TABLE(T27,T46))=0.13130680451905946 (=TABLE(127,146))=0.11326746384441021 (=TABLE(T27, T46))=0.09522812316976095 (=TABLE(T27,T46))=0.0771887824951117 (=TABLE(127,146))=0.05914944 1820462445 (=TABLE(127,T46))=0.04111010114581319 0.05 (231-$AC$32)*10000=341.3444644816591 (AA31-$AC$32)*10000=251.1477611084126 (AB31-$AC532)*10000=160.95105773516667 (AC31-$AC$32)*10000= 70.75435436192018 (AD31-$AC$32)*10000=-19.442349011326023 (AE31-$AC532)*10000=-109.63905238457 222 (AF31-$AC$32)*10000=-290.03245913106474 (AG31-$AC$32)*10000=-470.4258658775573 (AH31-$AC532 )*10000=-650.8192726240499 (A131-$AC$32)*10000=-831.2126793705423 (AJ31-$AC$32)*10000=-1011.60 60861170349 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Change in ne t profit from base M31/M30-1=0 N31/N30-1=0 031/030-1=0 P31/P30-1=0 Q31/Q30-1=0 R31/R30-1=0 231/S30-1=0 0 (=TABLE(127,T46))=0.16932972076949057 (=TABLE(T27,T46) 1=0. 16031005043216592 (=TABLE(127,146))=0.1512903800948413 (=TABLE(T27,T46))=0.1422707097575166 8 (=TABLE(T27,146))=0.13325103942019204 (=TABLE(127,146))=0.12423136908286743 (=TABLE(T27, T46))=0.10619202840821818 (=TABLE(T27,T46))=0.08815268773356892 (=TABLE(127,146))=0.07011334 705891967 (=TABLE(T27,T46))=0.05207400638427041 (=TABLE(T27,146))=0.03403466570962116 0 (Z32-$AC532)*10000=270.5901101197389 (AA32-$AC532)*10000=180.3934067464924 (AB32-$AC$32)*10000= 90.1967033732462 (AC32-$AC$32)*10000=0 (AD32-$AC$32)*10000=-90.19670337324648 (AE32-$AC$32 )*10000=-180.39340674649253 (AF32-$AC$32)*10000=-360.78681349298506 (AG32-$AC$32)*10000=-541.180 2202394776 (AH32-$AC532)*10000=-721.5736269859701 (A132-$AC$32)*10000=-901.9670337324627 (AJ3 2-$AC$32)*10000=-1082.3604404789553 ROE (base) M30/M$56=0.14227070975751668 N30/N$56=0.15379565842592643 030/0556=0.133239279 64267931 P30/P$56=0.13031433781764779 Q30/Q$56=0.14460043618259225 R3O/R556=0.102203593 17283423 S30/S$56=0.1347398172027409 -0.05 (=TABLE(T27,146))=0.16225428533329853 (=TA BLE(T27,146))=0.1532346149959739 (=TABLE(T27,T46))=0.14421494465864929 (=TABLE(T27,T46) 1=0. 13519527432132464 (=TABLE(127,146))=0.12617560398400002 (=TABLE(127,T46))=0.1171559336466754 (=TABLE(127,146))=0.09911659297202616 (=TABLE(T27,T46))=0.08107725229737689 (=TABLE(T27,T46))=0. 06303791162272764 (=TABLE(127,146))=0.04499857094807838 (=TABLE(T27,T46))=0.0269592302734291 3 -0.05 (233-$AC$32)*10000=199.83575575781842 (AA33-$AC$32)*10000=109.63905238457222 (AB3 3-$AC$32)*10000=19.442349011326023 (AC33-$AC532)*10000=-70.75435436192046 (AD33-$AC$32)*10000= -160.95105773516667 (AE33-$AC$32)*10000=-251.14776110841285 (AF33-$AC532)*10000=-431.54116785490 527 (AG33-$AC$32)*10000=-611.9345746013979 (AH33-$AC$32)*10000=-792.3279813478905 (A133-$AC532 )*10000=-972.721388094383 (AJ33-$AC$32)*10000=-1153.1147948408757 EFTA01437450 ROE (new) M31/M$56=0.14227070975751668 N31/N$56=0.15379565842592643 031/0$56=0.133239279 64267931 P31/P$56=0.13031433781764779 Q31/Q$56=0.14460043618259225 R31/R$56=0.102203593 17283423 231/S$56=0.1347398172027409 -0.10 (=TABLE(T27,T46))=0.1551788498971065 (=TA BLE(T27,T46))=0.1461591795597819 (=TABLE(T27,T46))=0.13713950922245727 (=TABLE(T27,T46))=0. 12811983888513262 (=TABLE(T27,T46))=0.11910016854780799 (=TABLE(T27,T46))=0.1100804982104833 8 (=TABLE(T27,T46))=0.09204115753583413 (=TABLE(T27,T46))=0.07400181686118487 (=TABLE(T27, T46))=0.05596247618653563 (=TABLE(T27,T46))=0.03792313551188637 (=TABLE(T27,246))=0.01988379 4837237116 -0.10 (Z34-$AC$32)*10000=129.08140139589824 (AA34-$AC$32)*10000=38.8846980226520 46 (AB34-$AC$32)*10000=-51.312005350594156 (AC34-$AC$32)*10000=-141.50870872384064 (AD34-$AC$32 )*10000=-231.70541209708696 (AE34-$AC$32)*10000=-321.90211547033306 (AF34-$AC$32)*10000=-502.295 5222168256 (AG34-$AC$32)*10000=-682.6889289633182 (AH34-$AC$32)*10000=-863.0823357098105 (A13 4-$AC$32)*10000=-1043.4757424563031 (AJ34-$AC$32)*10000=-1223.8691492027956 Change in ROE from base (M34-M33)=0 (N34-N33)=0 (034-033)=0 (P34-P33)=0 (Q34-033)=0 (R34-R33)=0 (534-533)=0 -0.15 (=TABLE(T27,T46))=0.14810341446091452 (=TABLE(T27,T46))=0. 13908374412358987 (=TABLE(T27,246))=0.13006407378626525 (=TABLE(T27,T46))=0.1210444034489406 2 (=TABLE(T27,T46))=0.11202473311161598 (=TABLE(T27,T46))=0.10300506277429138 (=TABLE(T27, T46))=0.08496572209964212 (=TABLE(T27,T46))=0.06692638142499287 (=TABLE(T27,T46))=0.04888704 075034361 (=TABLE(T27,T46))=0.030847700075694352 (=TABLE(T27,T46))=0.012808359401045105 -0.1 5 (Z35-$AC$32)*10000=58.32704703397834 (AA35-$AC$32)*10000=-31.869656339268136 (AB35-$AC$32 )*10000=-122.06635971251434 (AC35-$AC$32)*10000=-212.26306308576068 (AD35-$AC$32)*10000=-302.459 766459007 (AE35-$AC$32)*10000=-392.6564698322531 (AF35-$AC$32)*10000=-573.0498765787456 (AG3 5-$AC$32)*10000=-753.4432833252382 (AH35-$AC$32)*10000=-933.8366900717307 (A135-$AC$32)*10000= - 1114.2300968182233 (AJ35-$AC$32)*10000=-1294.6235035647157 -0.20 (=TABLE(T27,T46))=0.1410279790247225 (=TABLE(T27,T46))=0.13200830868739785 (=TABLE(T27, T46))=0.12298863835007325 (=TABLE(T27,T46))=0.11396896801274861 (=TABLE(T27,T46))=0.10494929 767542398 (=TABLE(T27,T46))=0.09592962733809937 (=TABLE(T27,T46))=0.07789028666345012 (=TA BLE(T27,T46))=0.059850945988800856 (=TABLE(T27,T46))=0.04181160531415161 (=TABLE(T27,T46))=0. 023772264639502348 (=TABLE(T27,T46))=0.005732923964853099 -0.20 (Z36-$AC$32)*10000=-12.42730 732794184 (AA36-$AC$32)*10000=-102.62401070118831 (AB36-$AC$32)*10000=-192.8207140744344 (AC3 6-$AC$32)*10000=-283.0174174476807 (AD36-$AC$32)*10000=-373.21412082092706 (AE36-$AC$32)*10000= -463.41082419417313 (AF36-$AC$32)*10000=-643.8042309406657 (AG36-$AC$32)*10000=-824.19763768715 82 (AH36-$AC$32)*10000=-1004.5910444336507 (A136-$AC$32)*10000=-1184.9844511801432 (AJ36-$AC$32 )*10000=-1365.377857926636 Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C37:H37)=858.279 COR impact Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TABLE(T27, T46))=0.13395254358853045 (=TABLE(T27,T46))=0.12493287325120583 (=TABLE(T27,T46))=0.11591320 291388123 (=TABLE(T27,T46))=0.10689353257655657 (=TABLE(T27,T46))=0.09787386223923196 (=TA BLE(T27,T46))=0.08885419190190733 (=TABLE(T27,T46))=0.07081485122725809 (=TABLE(T27,T46))=0. 05277551055260882 (=TABLE(T27,T46))=0.03473616987795957 (=TABLE(T27,T46))=0.0166968292033103 13 (=TABLE(T27,T46))=-0.0013425114713389369 -0.25 (237-$AC$32)*10000=-83.1816616898623 (AA37-$AC$32)*10000=-173.3783650631085 (AB37-$AC$32)*10000=-263.57506843635457 (AC37-$AC$32)*10000= - 353.7717718096012 (AD37-$AC$32)*10000=-443.9684751828472 (AE37-$AC$32)*10000=-534.16517855609 36 (AF37-$AC$32)*10000=-714.5585853025859 (AG37-$AC$32)*10000=-894.9519920490786 (AH37-$AC$32 )*10000=-1075.345398795571 (A137-$AC$32)*10000=-1255.7388055420638 (AJ37-$AC$32)*10000=-1436.13 2212288556 Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C38:H38)=1751.946 Stage 2 loans % in 1 oans (base) M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769 12685352839 Q20=0.026227301668108462 R20=0.03727821168956142 S20=0.06569703294666697 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan s % in loans (base) M21=0.019902480089475486 N21=0.025255693882762956 021=0.028200 61603322851 P21=0.022987099868194798 Q21=0.03907207566378646 R21=0.04173465306698942 S21= 0.029227683046851582 Total SUM(C37:C39)=698.1659999999999 SUM(D37:D39)=1616.995 SUM(E37:E39)=392.371 SUM(F37:F39) =1127.6619999999998 SUM(G37:G39)=1283.114 SUM(H37:H39)=813.327 SUM(C40:H40)=5931.635 Stag e 2 loans % in loans (new) (M6-M27)/M$8=0.07133662843524677 (N6-N27)/N$8=0.1473553433071 9807 (06-027)/O$8=0.03192368365437227 (P6-P27)/P$8=0.07376912685352839 (Q6-Q27)/Q$8 =0.026227301668108462 (R6-R27)/R$8=0.03727821168956142 (S6-527)/S$8=0.06569703294666697 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 1 11:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AN$13/1000=204895.8715 SUM(C41:H41) =1285905.969 Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486 (N7+N27)/N$8 =0.025255693882762956 (07+027)/0$8=0.02820061603322851 (P7+P27)/P$8=0.022987099868194798 (Q7+Q27)/Q$8=0.03907207566378646 (R7+R27)/R$8=0.04173465306698942 (57+527)/5$8=0.02922 7683046851582 GARANTI GARANTI Stage 1 credit impairments C37=53.916 D37=379.957 E37=96.532 F37=7.40 G37= 167.354 H37=153.12 137=858.279 Y26=ROE % of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps) ft of Stage 2 loans transferred to Stage 3 loans COR (gross) Stage 2 credit impairments C38=246.51 D38=748.876 E38=19.004 F38= 588.762 G38=78.11 H38=70.684 138=1751.946 Loan growth (ppt change from base) $N$3 4=0.15379565842592643 AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05 0 0.05 AD43 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y43=0.15379565842592643 A043-0.05=-0.1500000 0000000002 AP43-0.05=-0.10 -0.05 0 0.05 AR43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 EFTA01437451 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 3 cred it impairments (new) M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037 .65 R28+H39=589.523 B28+139=3321.4100000000003 0.20 (=TABLE(T27,T46))=0.2438548314321208 6 (=TABLE(T27,T46))=0.22397175927771315 (=TABLE(T27,T46))=0.20408868712330538 (=TABLE(T27, T46))=0.18420561496889767 (=TABLE(T27,T46))=0.16432254281448994 (=TABLE(T27,T46))=0.14443947 066008223 (=TABLE(T27,T46))=0.10467332635126676 (=TABLE(T27,T46))=0.06490718204245129 (=TA BLE(T27,T46))=0.025141037733635838 (=TABLE(T27,T46))=-0.014625106575179615 (=TABLE(T27,T46))=-0 .05439125088399509 0.20 (Z44-$AC$48)*10000=900.5917300619443 (AA44-$AC$48)*10000=701.7610 085178671 (AB44-$AC$48)*10000=502.9302869737895 (AC44-$AC$48)*10000=304.0995654297124 (AD4 4-$AC$48)*10000=105.26884388563501 (AE44-$AC$48)*10000=-93.5618776584421 (AF44-$AC$48)*10000= -491.2233207465967 (AG44-$AC$48)*10000=-888.8847638347515 (AH44-$AC$48)*10000=-1286.5462069229 06 (A144-$AC$48)*10000=-1684.2076500110607 (AJ44-$AC$48)*10000=-2081.869093099215 Stage 1 C37/C$41*4=0.0010832011970582677 D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922 083402650082 F37/F$41*4=1.1866424843093242E-4 G37/G$41*4=0.0033964737286702467 H37/ H$41*4=0.0029892256760283235 137/1$41*4=0.002669803300368691 Recoveries C49=253 D49=860 E49= 188 F49=432 G49=446 H49=330 149=2509 0.15 (=TABLE(T27,T46))=0.23625234229637807 (=TA BLE(T27,T46))=0.21636927014197033 (=TABLE(T27,T46))=0.1964861979875626 (=TABLE(T27,T46))=0. 17660312583315488 (=TABLE(T27,T46))=0.15672005367874714 (=TABLE(T27,T46))=0.1368369815243394 (=TABLE(T27,T46))=0.09707083721552395 (=TABLE(T27,T46))=0.05730469290670848 (=TABLE(T27,T46))=0. 01753854859789303 (=TABLE(T27,T46))=-0.022227595710922424 (=TABLE(T27,T46))=-0.061993740019737 9 0.15 (245-$AC$48)*10000=824.5668387045163 (AA45-$AC$48)*10000=625.7361171604389 (AB4 5-$AC$48)*10000=426.90539561636155 (AC45-$AC$48)*10000=228.07467407228444 (AD45-$AC$48)*10000= 29.24395252820705 (AE45-$AC$48)*10000=-169.58676901587035 (AF45-$AC$48)*10000=-567.24821210402 48 (AG45-$AC$48)*10000=-964.9096551921796 (AH45-$AC$48)*10000=-1362.5710982803341 (A145-$AC$48 )*10000=-1760.2325413684885 (AJ45-$AC$48)*10000=-2157.8939844566435 Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294 E-4 F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307 H38/H$41*4=0.0013799 009122543496 138/1$41*4=0.005449686189301761 Gross loans (base) C41=199098.746 D41=219928.4 3 E41=215448.166 F41=249443.2855 G41=197091.47 H41=204895.8715 141=1285905.969 0 0.10 (=TABLE(T27,T46))=0.2286498531606353 (=TABLE(T27,T46))=0.20876678100622756 (=TABLE(T27,T46))=0. 18888370885181982 (=TABLE(T27,T46))=0.16900063669741208 (=TABLE(T27,T46))=0.1491175645430043 4 (=TABLE(T27,T46))=0.12923449238859663 (=TABLE(T27,T46))=0.08946834807978117 (=TABLE(T27, T46))=0.049702203770965694 (=TABLE(T27,T46))=0.009936059462150242 (=TABLE(T27,T46))=-0.0298300 84846665213 (=TABLE(T27,T46))=-0.0695962291554807 0.10 (246-$AC$48)*10000=748.5419473470886 (AA46-$AC$48)*10000=549.7112258030112 (AB46-$AC$48)*10000=350.88050425893385 (AC46-$AC$48)*10000= 152.04978271485646 (AD46-$AC$48)*10000=-46.78093882922091 (AE46-$AC$48)*10000=-245.61166037329 8 (AF46-$AC$48)*10000=-643.2731034614526 (AG46-$AC$48)*10000=-1040.9345465496074 (AH46-$AC$48 )*10000=-1438.595989637762 (A146-$AC$48)*10000=-1836.2574327259165 (AJ46-$AC$48)*10000=-2233.91 88758140713 Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592 172 F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932 899 139/I$41*4=0.010331735228145598 Change in loan growth $T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4 6=0 $T$46=0 $T$46=0 0.05 (=TABLE(T27,T46))=0.22104736402489245 (=TABLE(T27,T46))=0.20116429 187048473 (=TABLE(T27,T46))=0.18128121971607697 (=TABLE(T27,T46))=0.16139814756166926 (=TA BLE(T27,T46))=0.14151507540726152 (=TABLE(T27,T46))=0.1216320032528538 (=TABLE(T27,T46))=0. 08186585894403833 (=TABLE(T27,T46))=0.042099714635222864 (=TABLE(T27,T46))=0.0023335703264074 11 (=TABLE(T27,T46))=-0.03743257398240804 (=TABLE(T27,T46))=-0.07719871829122352 0.05 (Z47 -$AC$48)*10000=672.5170559896601 (AA47-$AC$48)*10000=473.686334445583 (AB47-$AC$48)*10000= 274.85561290150537 (AC47-$AC$48)*10000=76.02489135742823 (AD47-$AC$48)*10000=-122.80583018664 915 (AE47-$AC$48)*10000=-321.6365517307264 (AF47-$AC$48)*10000=-719.297994818881 (AG47-$AC$48 )*10000=-1116.9594379070359 (AH47-$AC$48)*10000=-1514.6208809951902 (A147-$AC$48)*10000=-1912.28 23240833447 (AJ47-$AC$48)*10000=-2309.9437671714995 Total BUM(C45:C47)=0.014026527319262974 SUM(D45:D47)=0.029409476528341517 SUM(E45:E47) =0.0072847405904583095 BUM(F45:F47)=0.018082859961367853 SUM(G45:G47)=0.02604098492948477 SUM(H45:H47)=0.015877860184215574 SUM(145:I47)=0.018451224717816052 Gross loans (new) M46*(1+M47)=199098.746 N46*(1+N47)=219928.43 046*(1+047)=215448.166 P46*(1+P47)=249443.2855 q46* (1+Q47)=197091.47 R46*(1+R47)=204895.8715 546*(1+547)=1285905.969 0 (=TABLE(T27,T46))=0. 21344487488914962 (=TABLE(T27,T46))=0.1935618027347419 (=TABLE(T27,T46))=0.1736787305803341 7 (=TABLE(T27,T46))=0.15379565842592643 (=TABLE(T27,T46))=0.1339125862715187 (=TABLE(T27, T46))=0.11402951411711099 (=TABLE(T27,T46))=0.07426336980829552 (=TABLE(T27,T46))=0.03449722 5499480054 (=TABLE(T27,T46))=-0.005268918809335398 (=TABLE(T27,T46))=-0.04503506311815085 (=TA BLE(T27,T46))=-0.08480120742696633 0 (Z48-$AC$48)*10000=596.4921646322318 (AA48-$AC$48 *10000=397.6614430881548 (AB48-$AC$48)*10000=198.8307215440774 (AC48-$AC$48)*10000=0 (AD4 8-$AC$48)*10000=-198.8307215440774 (AE48-$AC$48)*10000=-397.6614430881545 (AF48-$AC$48)*10000= -795.3228861763091 (AG48-$AC$48)*10000=-1192.9843292644637 (AH48-$AC$48)*10000=-1590.6457723526 182 (A148-$AC$48)*10000=-1988.3072154407728 (AJ48-$AC$48)*10000=-2385.9686585289273 Recoveries 253 860 188 432 446 330 SUM(C49:H49)=2509 COR (net), B ase C57=0.008943622377209748 D57=0.013768024443224555 E57=0.0037943418836064724 F57=0.011155433566480983 G57=0.01698935017329771 H57=0.009435563468637288 157=0.010646 610506557188 -0.05 (=TABLE(T27,T46))=0.20584238575340683 (=TABLE(T27,T46))=0.1859593135989991 2 (=TABLE(T27,T46))=0.16607624144459138 (=TABLE(T27,T46))=0.14619316929018364 (=TABLE(T27, T46))=0.1263100971357759 (=TABLE(T27,T46))=0.10642702498136818 (=TABLE(T27,T46))=0.06666088 067255271 (=TABLE(T27,T46))=0.026894736363737248 (=TABLE(T27,T46))=-0.012871407945078208 (=TA BLE(T27,T46))=-0.05263755225389366 (=TABLE(T27,T46))=-0.09240369656270914 -0.05 (Z49-$AC$48) *10000=520.4672732748039 (AA49-$AC$48)*10000=321.6365517307268 (AB49-$AC$48)*10000=122.8058 3018664942 (AC49-$AC$48)*10000=-76.02489135742796 (AD49-$AC$48)*10000=-274.85561290150537 (AE4 9-$AC$48)*10000=-473.6863344455826 (AF49-$AC$48)*10000=-871.3477775337373 (AG49-$AC$48)*10000= - 1269.009220621892 (AH49-$AC$48)*10000=-1666.6706637100465 (A149-$AC$48)*10000=-2064.3321067982 01 (AJ49-$AC$48)*10000=-2461.9935498863556 EFTA01437452 COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748 (N42+N43+N44-N45)/N48*4=0.0137680244 43224555 (042+043+044-045)/048*4=0.0037943418836064724 (P42+P43+P44-P45)/P48*4=0.0111554335 66480983 (Q42+043+Q44-Q45)/Q48*4=0.01698935017329771 (R42+R43+R44-R45)/R48*4=0.0094355634 68637288 (S42+543+S44-S45)/S48*4=0.010646610506557188 -0.10 (=TABLE(T27,246)1=0.19823989 6617664 (=TABLE(T27,T46))=0.1783568244632563 (=TABLE(T27,T46))=0.15847375230884855 (=TABLE(T27, T46))=0.13859068015444082 (=TABLE(T27,T46) 1=0.11870760800003308 (=TABLE(T27,T46))=0.09882453 584562537 (=TABLE(127,T46))=0.059058391536809904 (=TABLE(T27,T46) 1=0.019292247227994438 (=TA BLE(T27,T46))=-0.020473897080821018 (=TABLE(T27,T46))=-0.06024004138963647 (=TABLE(T27,T46))=-0 .10000618569845195 -0.10 (Z50-$AC$48)*10000=444.44238191737566 (AA50-$AC$48)*10000=245.6116 6037329858 (AB50-$AC$48)*10000=46.780938829221185 (AC50-$AC$48)*10000=-152.0497827148562 (AD5 0-$AC$48)*10000=-350.88050425893357 (AE50-$AC$48)*10000=-549.7112258030107 (AF50-$AC$48)*10000= - 947.3726688911653 (AG50-$AC$48)*10000=-1345.03411197932 (AH50-$AC$48)*10000=-1742.6955550674 745 (A150-$AC$48)*10000=-2140.3569981556293 (AJ50-$AC$48)*10000=-2538.018441243784 COR (net) Change in COR from base (bps) (M50-M49)*100=0 (N50-N49)*100=0 (050-049)*100=0 (P50 -P49)*100=0 (Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15 (=TABLE(T27,T46))=0.19063740 74819212 (=TABLE(T27,T46))=0.1707543353275135 (=TABLE(T27,T46))=0.15087126317310576 (=TA BLE(T27,T46))=0.13098819101869802 (=TABLE(T27,T46))=0.11110511886429027 (=TABLE(T27,T46) 1=0. 09122204670988256 (=TABLE(T27,T46)1=0.051455902401067094 (=TABLE(T27,T46))=0.0116897580922516 28 (=TABLE(T27,T46) 1=-0.028076386216563824 (=TABLE(T27,T46))=-0.06784253052537928 (=TABLE(T27, T46)]=-0.10760867483419476 -0.15 (251-$AC$48)*10000=368.41749055994774 (AA51-$AC$48)*10000= 169.5867690158706 (AB51-$AC$48)*10000=-29.243952528206773 (AC51-$AC$48)*10000=-228.07467407228 415 (AD51-$AC$48)*10000=-426.90539561636166 (AE51-$AC$48)*10000=-625.7361171604388 (AF51-$AC$48 )*10000=-1023.3975602485934 (AG51-$AC$48)*10000=-1421.0590033367482 (AH51-$AC$48)*10000=-1818.72 04464249025 (A151-$AC$48)*10000=-2216.381889513057 (AJ51-$AC$48)*10000=-2614.043332601212 -0.20 (=TABLE(T27,T46) 1=0.18303491834617838 (=TABLE(T27,T46))=0.16315184619177067 (=TABLE(T27, T46)]=0.14326877403736293 (=TABLE(T27,T46) 1=0.1233857018829552 (=TABLE(T27,T46))=0.10350262 972854747 (=TABLE(T27,T46))=0.08361955757413975 (=TABLE(T27,T46) 1=0.043853413265324284 (=TA BLE(T27,T46))=0.004087268956508819 (=TABLE(T27,T46))=-0.035678875352306634 (=TABLE(T27,T46) 1=-0 .07544501966112209 (=TABLE(T27,246))=-0.11521116396993757 -0.20 (Z52-$AC$48)*10000=292.39259 92025195 (AA52-$AC$48)*10000=93.56187765844237 (AB52-$AC$48)*10000=-105.26884388563501 (AC5 2-$AC$48)*10000=-304.0995654297124 (AD52-$AC$48)*10000=-502.93028697378963 (AE52-$AC$48)*10000= -701.7610085178669 (AF52-$AC$48)*10000=-1099.4224516060215 (AG52-$AC$48)*10000=-1497.0838946941 76 (AH52-$AC$48)*10000=-1894.7453377823306 (A152-$AC$48)*10000=-2292.406780870485 (AJ52-$AC$48 )*10000=-2690.06822395864 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Tier 1 a CAR impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TA BLE(T27,T46))=0.1754324292104356 (=TABLE(T27,T46))=0.15554935705602788 (=TABLE(T27,T46) 1=0. 13566628490162014 (=TABLE(T27,246)1=0.11578321274721239 (=TABLE(T27,T46))=0.0959001405928046 6 (=TABLE(T27,T46) 1=0.07601706843839694 (=TABLE(T27,T46)1=0.036250924129581474 (=TABLE(T27, T46)]=-0.00351522017923399 (=TABLE(T27,T46) 1=-0.043281364488049444 (=TABLE(T27,T46))=-0.0830475 087968649 (=TABLE(T27,T46))=-0.12281365310568038 -0.25 (253-$AC$48)*10000=216.3677078450915 3 (AA53-$AC$48)*10000=17.536986301014412 (AB53-$AC$48)*10000=-181.29373524306297 (AC53-$AC$48 )*10000=-380.1244567871405 (AD53-$AC$48)*10000=-578.9551783312178 (AE53-$AC$48)*10000=-777.785 899875295 (AF53-$AC$48)*10000=-1175.4473429634495 (AG53-$AC$48)*10000=-1573.1087860516043 (AH5 3-$AC$48)*10000=-1970.7702291397588 (A153-$AC$48)*10000=-2368.431672227913 (AJ53-$AC$48)*10000= -2766.093115316068 Stage 1 Base Case (2018E) Stage 2 Total RWAs 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$585=302875.679288 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F °recast (TRY)° !$BK$585=344418.17760000005 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410 0002 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$590=282617.49027600006 SUM(M55:R55)=1674676.3345584 502 Stage 3 (C39-C49)/C41*4=0.0029079037996552724 (D39-049)/041*4=-0.006762891000495025 (E39-E49)/E4 1*4=0.0016493062187403346 (F39-F49)/F41*4=0.0015955530701186181 (G39-G49)/G41*4=0.0120076226 53583133 (H39-H49)/H41*4=0.005066436880354615 (139-149)/141*4=0.002527121016886734 Shar eholders equity 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$112=46285.562756758685 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$112=47900.06103707109 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411 7375 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914 SUM(M56:R56)=231943.64101575 254 Total (C40-C49)/C41*4=0.008943622377209748 (D40-049)/041*4=0.013768024443224555 (E40-E49)/E4 1*4=0.0037943418836064724 (F40-F49)/F41*4=0.011155433566480983 (G40-G49)/G41*4=0.0169893501 7329771 (H4O-H49)/H41*4=0.009435563468637288 (140-149)/141*4=0.010646610506557188 Tier 1 Capit al 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574= 45591.27931540731 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK EFTA01437453 MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=46942.05981632967 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365 SUM(M57:R57)=224142.46766948313 BALK BANK HALKBANK Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$575=7161.802715988953 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$575=8622.010986672796 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217 583 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$565=9992.644555895582 SUM(M58:R58)=41212.154475211 28 Y42=ROE % of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans Deductions 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$577=34.580451246550766 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lowe ✓ NIM.xlsxjForecast (TRY)° !$BK$572=301.6647413100553 SUM(M59:R59)=414.06463687359906 Loan growth (ppt change from base) $O$34=0.13323927964267931 -0.05 -0.03 -0.01 0 0.05 AD59 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y59=0.13323927964267931 -0.05 -0.03 -0.0 1 0 0.05 AR59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Capital base M57+M58-M59=50193.48681901117 N57+N58-N59=52718.501580149714 057+058-059=31142.88 3697848178 P57+P58-P59=55516.17074196539 Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18 2285329174 S57+558-559=264940.55750782083 0.20 (=TABLE(T27,T46))=0.1884141961870405 (=TA BLE(T27,T46))=0.18563597162895767 (=TABLE(T27,T46))=0.1828577470708748 (=TABLE(T27,T46))=0. 18146863479183337 (=TABLE(T27,T46))=0.17452307339662623 (=TABLE(T27,T46))=0.1675775120014191 (=TABLE(T27,T46))=0.1536863892110048 (=TABLE(T27,T46))=0.13979526642059056 (=TABLE(T27,T46))=0. 12590414363017627 (=TABLE(T27,T46))=0.112013020839762 (=TABLE(T27,T46))=0.0981218980493477 2 0.20 (260-$AC$64)*10000=551.7491654436119 (AA60-$AC$64)*10000=523.9669198627836 (AB6 0-$AC$64)*10000=496.1846742819548 (AC60-$AC$64)*10000=482.29355149154054 (AD60-$AC$64)*10000= 412.8379375394692 (AE60-$AC$64)*10000=343.3823235873978 (AF60-$AC$64)*10000=204.471095683254 9 (AG60-$AC$64)*10000=65.5598677791125 (AH60-$AC$64)*10000=-73.35136012503047 (A160-$AC$64 )*10000=-212.26258802917314 (AJ60-$AC$64)*10000=-351.17381593331595 Tier 1 capital ratio (base) M57/M55=0.1456790194134188 N57/N55=0.15627462350605692 057/ 055=0.11928556821019161 P57/P55=0.13629379303797134 Q57/Q55=0.11876636214990284 R57/R55=0.11 874779030119209 S57/555=0.13384226136364502 0.15 (=TABLE(T27,T46))=0.17635685739975202 (=TA BLE(T27,T46))=0.17357863284166913 (=TABLE(T27,T46))=0.17080040828358625 (=TABLE(T27,T46))=0. 16941129600454483 (=TABLE(T27,T46))=0.16246573460933772 (=TABLE(T27,T46))=0.1555201732141305 6 (=TABLE(T27,T46))=0.1416290504237163 (=TABLE(T27,T46))=0.12773792763330202 (=TABLE(T27, T46))=0.11384680484288773 (=TABLE(T27,T46))=0.09995568205247346 (=TABLE(T27,T46))=0.08606455 926205919 0.15 (Z61-$AC$64)*10000=431.175777570727 (AA61-$AC$64)*10000=403.393531989898 2 (AB61-$AC$64)*10000=375.61128640906935 (AC61-$AC$64)*10000=361.72016361865514 (AD61-$AC$64 )*10000=292.26454966658406 (AE61-$AC$64)*10000=222.80893571451244 (AF61-$AC$64)*10000=83.89770 781036975 (AG61-$AC$64)*10000=-55.01352009377292 (AH61-$AC$64)*10000=-193.92474799791586 (A16 1-$AC$64)*10000=-332.8359759020585 (AJ61-$AC$64)*10000=-471.74720380620124 CAR (base) M60/M55=0.165723068081947 N60/N55=0.18070482140335967 060/055=0.1325895606 6465483 P60/P55=0.16118827156225388 Q60/Q55=0.1472339320162418 R60/R55=0.15303788255670486 S60/555=0.15820403742534273 0.10 (=TABLE(T27,T46))=0.16429951861246353 (=TABLE(T27,T46))=0. 16152129405438068 (=TABLE(T27,T46))=0.1587430694962978 (=TABLE(T27,T46))=0.1573539572172563 7 (=TABLE(T27,T46))=0.15040839582204923 (=TABLE(T27,T46))=0.14346283442684213 (=TABLE(T27, T46))=0.12957171163642783 (=TABLE(T27,T46))=0.11568058884601357 (=TABLE(T27,246))=0.10178946 605559927 (=TABLE(T27,T46))=0.087898343265185 (=TABLE(T27,T46))=0.07400722047477074 0.10 (Z62-$AC$64)*10000=310.60238969784217 (AA62-$AC$64)*10000=282.8201441170136 (AB62-$AC$64)*10000= 255.0378985361848 (AC62-$AC$64)*10000=241.14677574577053 (AD62-$AC$64)*10000=171.691161793699 2 (AE62-$AC$64)*10000=102.23554784162813 (AF62-$AC$64)*10000=-36.675680062514814 (AG62-$AC$64 )*10000=-175.5869079666575 (AH62-$AC$64)*10000=-314.49813587080047 (A162-$AC$64)*10000=-453.409 36377494313 (AJ62-$AC$64)*10000=-592.3205916790859 Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001 0.09375 0.08875000000000001 0.09125 AVERAGE(M63:R63)=0.09166666666666667 0.05 (=TABLE(T27,T46))=0.15224217982517502 (=TA BLE(T27,T46))=0.14946395526709214 (=TABLE(T27,T46))=0.14668573070900928 (=TABLE(T27,T46))=0. 14529661842996786 (=TABLE(T27,T46))=0.1383510570347607 (=TABLE(T27,T46))=0.1314054956395536 (=TABLE(T27,T46))=0.11751437284913929 (=TABLE(T27,T46))=0.10362325005872504 (=TABLE(T27,T46))=0. 08973212726831074 (=TABLE(T27,246))=0.07584100447789649 (=TABLE(T27,T46))=0.0619498816874822 1 0.05 (263-$AC$64)*10000=190.02900182495702 (AA63-$AC$64)*10000=162.24675624412822 (AB6 3-$AC$64)*10000=134.46451066329968 (AC63-$AC$64)*10000=120.5733878728854 (AD63-$AC$64)*10000= 51.11777392081379 (AE63-$AC$64)*10000=-18.33784003125727 (AF63-$AC$64)*10000=-157.24906793540 023 (AG63-$AC$64)*10000=-296.16029583954275 (AH63-$AC$64)*10000=-435.0715237436857 (A163-$AC$64 )*10000=-573.9827516478282 (AJ63-$AC$64)*10000=-712.893979551971 EFTA01437454 CAR threshold (2018) 0.12 0.12 0.12 0.12 0.12 0.12 AVERAGE(M64:R64)=0.12 0 (=TABLE(127,146))=0.14018484103788648 (=TABLE(T27,T46))=0.13740661647980362 (=TABLE(T27,146))=0. 13462839192172074 (=TABLE(127,146))=0.13323927964267931 (=TABLE(T27,T46))=0.1262937182474721 8 (=TABLE(T27,146))=0.11934815685226505 (=TABLE(127,146))=0.10545703406185078 (=TABLE(T27, 1461)=0.09156591127143651 (=TABLE(T27,146))=0.07767478848102222 (=TABLE(127,146))=0.06378366 569060795 (=TABLE(T27,T46))=0.04989254290019368 0 (264-$AC$64)*10000=69.45561395207162 (AA64-$AC$64)*10000=41.67336837124308 (AB64-$AC$64)*10000=13.891122790414268 (AC64-$AC$64)*10000= O (AD64-$AC$64)*10000=-69.45561395207133 (AE64-$AC$64)*10000=-138.91122790414266 (AF64-$AC$64 )*10000=-277.8224558082853 (AG64-$AC$64)*10000=-416.73368371242805 (AH64-$AC$64)*10000=-555.644 911616571 (A164-$AC$64)*10000=-694.5561395207136 (AJ64-$AC$64)*10000=-833.4673674248563 Tier 1 capital headroom M61-M63=0.05192901941341879 N61-N63=0.06252462350605692 061-063=0.03 05355682101916 P61-P63=0.042543793037971345 Q61-Q63=0.03001636214990283 R61-R63=0.0274977903 01192093 261-S63=0.04217559469697835 -0.05 (=TABLE(T27,T46) I=0.12812750225059794 (=TA BLE(T27,146))=0.12534927769251508 (=TABLE(T27,T46))=0.12257105313443223 (=TABLE(T27,146))=0. 1211819408553908 (=TABLE(127,146))=0.11423637946018365 (=TABLE(T27,T46))=0.1072908180649765 2 (=TABLE(T27,146))=0.09339969527456225 (=TABLE(127,146))=0.07950857248414799 (=TABLE(T27, 1461)=0.06561744969373369 (=TABLE(T27,146))=0.05172632690331942 (=TABLE(127,146))=0.03783520 4112905155 -0.05 (Z65-$AC$64)*10000=-51.11777392081379 (AA65-$AC$64)*10000=-78.900019501642 33 (AB65-$AC$64)*10000=-106.68226508247086 (AC65-$AC$64)*10000=-120.57338787288514 (AD65-$AC$64 )*10000=-190.0290018249566 (AE65-$AC$64)*10000=-259.48461577702795 (AF65-$AC$64)*10000=-398.395 8436811706 (AG65-$AC$64)*10000=-537.3070715853133 (AH65-$AC$64)*10000=-676.2182994894563 (A16 5-$AC$64)*10000=-815.1295273935989 (AJ65-$AC$64)*10000=-954.0407552977416 CAR headroom M62-M64=0.04572306808194701 N62-N64=0.06070482140335967 062-064=0.0125895606 6465483 P62-P64=0.04118827156225388 Q62-Q64=0.027233932016241802 R62-R64=0.03303788255670487 S62-S64=0.03820403742534273 -0.10 (=TABLE(T27,T46))=0.11607016346330945 (=TABLE(T27,T46) 1=0. 1132919389052266 (=TABLE(127,146))=0.11051371434714373 (=TABLE(T27,T46))=0.1091246020681023 (=TABLE(127,146))=0.10217904067289517 (=TABLE(T27,T46))=0.09523347927768804 (=TABLE(T27,T46))=0. 08134235648727375 (=TABLE(127,146))=0.0674512336968595 (=TABLE(T27,T46))=0.0535601109064452 (=TABLE(127,146))=0.03966898811603093 (=TABLE(T27,T46))=0.025777865325616663 -0.10 (266-$AC$64) *10000=-171.69116179369865 (AA66-$AC$64)*10000=-199.47340737452717 (AB66-$AC$64)*10000=-227.255 65295535586 (AC66-$AC$64)*10000=-241.14677574577013 (AD66-$AC$64)*10000=-310.60238969784143 (AE6 6-$AC$64)*10000=-380.0580036499128 (AF66-$AC$64)*10000=-518.9692315540556 (AG66-$AC$64)*10000= -657.8804594581982 (AH66-$AC$64)*10000=-796.7916873623412 (A166-$AC$64)*10000=-935.70291526648 4 (AJ66-$AC$64)*10000=-1074.6141431706267 Stage 1 Impact of weaker asset quality (2018E) -0.15 (=TABLE(T27,146))=0.10401282467602092 (=TA BLE(T27,146))=0.10123460011793807 (=TABLE(T27,T46))=0.0984563755598552 (=TABLE(T27,146))=0. 09706726328081379 (=TABLE(127,146))=0.09012170188560664 (=TABLE(T27,T46))=0.0831761404903995 1 (=TABLE(T27,146))=0.06928501769998523 (=TABLE(127,146))=0.055393894909570966 (=TABLE(T27, 146))=0.04150277211915668 (=TABLE(T27,T46))=0.027611649328742407 (=TABLE(127,146))=0.01372052 6538328138 -0.15 (Z67-$AC$64)*10000=-292.2645496665839 (AA67-$AC$64)*10000=-320.04679524741 243 (AB67-$AC$64)*10000=-347.82904082824115 (AC67-$AC$64)*10000=-361.72016361865525 (AD67-$AC$64 )*10000=-431.1757775707267 (AE67-$AC$64)*10000=-500.6313915227981 (AF67-$AC$64)*10000=-639.542 6194269409 (AG67-$AC$64)*10000=-778.4538473310835 (AH67-$AC$64)*10000=-917.3650752352264 (A16 7-$AC$64)*10000=-1056.276303139369 (AJ67-$AC$64)*10000=-1195.1875310435116 Tier 1 capital (TRYm) M57-(M$28*0.8)=44122.63196284895 N57-(N$28*0.8)=45591.27931540731 057-(0$28*0.8)=28018.01709711853 P57-(P$28*0.8)=46942.05981632967 Q57-(Q$28*0.8)=25908 .277007035027 R57-(R$28*0.8)=33560.20247074365 S57-(S$28*0.8)=224142.46766948313 -0.2 O (=TABLE(T27,T46))=0.09195548588873244 (=TABLE(127,146))=0.08917726133064957 (=TABLE(T27, 1461)=0.08639903677256672 (=TABLE(T27,T46))=0.08500992449352529 (=TABLE(127,146))=0.07806436 309831814 (=TABLE(T27,T46))=0.07111880170311101 (=TABLE(T27,T46) 1=0.057227678912696735 (=TA BLE(T27,146))=0.043336556122282474 (=TABLE(T27,T46))=0.029445433331868182 (=TABLE(T27,T46) 1=0. 015554310541453913 (=TABLE(127,146))=0.0016631877510396437 -0.20 (Z68-$AC$64)*10000=-412.8379 375394688 (AA68-$AC$64)*10000=-440.62018312029744 (AB68-$AC$64)*10000=-468.402428701126 (AC6 8-$AC$64)*10000=-482.29355149154026 (AD68-$AC$64)*10000=-551.7491654436117 (AE68-$AC$64)*10000= -621.2047793956831 (AF68-$AC$64)*10000=-760.1160072998259 (AG68-$AC$64)*10000=-899.02723520396 84 (AH68-$AC$64)*10000=-1037.9384631081114 (A168-$AC$64)*10000=-1176.849691012254 (AJ68-$AC$64 )*10000=-1315.7609189163966 Capital base (TRYm) M60-(M$28*0.8)=50193.48681901117 N60-(N$28*0.8)=52718.501580149714 060-(0$28*0.8)=31142.883697848178 P60-(P$28*0.8)=55516.17074196539 Q60-(Q$28*0.8)=32118 .332383517198 R60-(R$28*0.8)=43251.182285329174 S60-(S$28*0.8)=264940.55750782083 -0.2 5 (=TABLE(T27,T46))=0.0798981471014439 (=TABLE(127,146))=0.07711992254336104 (=TABLE(T27, 1461)=0.07434169798527818 (=TABLE(T27,146))=0.07295258570623675 (=TABLE(127,146))=0.06600702 431102962 (=TABLE(T27,T46))=0.05906146291582248 (=TABLE(T27,T46) I=0.0451703401254082 (=TA BLE(T27,146))=0.03127921733499394 (=TABLE(T27,T46))=0.01738809454457965 (=TABLE(T27,T46) 1=0. 0034969717541653796 (=TABLE(127,146))=-0.01039415103624889 -0.25 (Z69-$AC$64)*10000=-533.4113 254123541 (AA69-$AC$64)*10000=-561.1935709931827 (AB69-$AC$64)*10000=-588.9758165740113 (AC6 9-$AC$64)*10000=-602.8669393644257 (AD69-$AC$64)*10000=-672.322553316497 (AE69-$AC$64)*10000= -741.7781672685683 (AF69-$AC$64)*10000=-880.6893951727111 (AG69-$AC$64)*10000=-1019.6006230768 537 (AH69-$AC$64)*10000=-1158.5118509809965 (A169-$AC$64)*10000=-1297.4230788851394 (AJ69-$AC$64 J*10000=-1436.334306789282 Tier 1 capital ratio (new) M68/M55=0.1456790194134188 N68/N55=0.15627462350605692 068/ 055=0.11928556821019161 P68/P55=0.13629379303797134 Q68/Q55=0.11876636214990284 R68/R55=0.11 874779030119209 268/555=0.13384226136364502 CAR (new) M69/M55=0.165723068081947 N69/N55=0.18070482140335967 069/055=0.1325895606 6465483 P69/P55=0.16118827156225388 Q69/Q55=0.1472339320162418 R69/R55=0.15303788255670486 S69/S55=0.15820403742534273 Tier 1 capital ratio - chg. from base (bps) (M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70 -P61)*100=0 (Q70-Q61)*100=0 (R7O-R61)*100=0 (S70-561)*100=0 COR (net) CAR - chg. from base (bps) (M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71 EFTA01437455 -P62)*100=0 (Q71-Q62)*100=0 (R71-R62)*100=0 (S71-S62)*100=0 ISBANK ISBANK Tier 1 capital headroom M70-M63=0.05192901941341879 N70-N63=0.06252462350605692 070-063=0.03 05355682101916 P70-P63=0.042543793037971345 Q70-Q63=0.03001636214990283 R7O-R63=0.0274977903 01192093 S70-563=0.04217559469697835 Y58=ROE % of Stage 2 loans transferred to Stage 3 lo ans ROE: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans CAR headroom M71-M64=0.04572306808194701 N71-N64=0.06070482140335967 071-064=0.0125895606 6465483 P71-P64=0.04118827156225388 Q71-Q64=0.027233932016241802 R71-R64=0.03303788255670487 571-564=0.03820403742534273 Loan growth (ppt change from base) $P$34=0.13031433781764779 AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05 0 0.05 AD75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y75=0.13031433781764779 A075-0.05=-0.15000000000000002 AP75-0.05=-0.10 -0.0 5 0 0.05 AR75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (=TABLE(T27,T46))=0.19627939537268108 (=TABLE(T27,246))=0.18540054176126897 (=TABLE(T27, T46))=0.17452168814985686 (=TABLE(T27,T46))=0.1636428345384448 (=TABLE(T27,T46))=0.15276398 092703272 (=TABLE(T27,T46))=0.14188512731562064 (=TABLE(T27,T46))=0.12012742009279646 (=TA BLE(T27,T46))=0.09836971286997231 (=TABLE(T27,T46))=0.07661200564714814 (=TABLE(T27,T46))=0. 054854298424323975 (=TABLE(T27,T46))=0.033096591201499825 0.20 (Z76-$AC$80)*10000=659.65057 55503329 (AA76-$AC$80)*10000=550.8620394362118 (AB76-$AC$80)*10000=442.07350332209074 (AC7 6-$AC$80)*10000=333.28496720797017 (AD76-$AC$80)*10000=224.49643109384937 (AE76-$AC$80)*10000= 115.70789497972855 (AF76-$AC$80)*10000=-101.86917724851321 (AG76-$AC$80)*10000=-319.44624947675 47 (AH76-$AC$80)*10000=-537.0233217049964 (A176-$AC$80)*10000=-754.6003939332381 (AJ76-$AC$80 )*10000=-972.1774661614796 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Valuation Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total 0.15 (=TABLE(T27, T46))=0.18794727119248178 (=TABLE(T27,T46))=0.17706841758106967 (=TABLE(T27,T46))=0.16618956 39696576 (=TABLE(T27,T46))=0.1553107103582455 (=TABLE(T27,T46))=0.14443185674683345 (=TA BLE(T27,T46))=0.13355300313542134 (=TABLE(T27,T46))=0.11179529591259718 (=TABLE(T27,T46))=0. 09003758868977303 (=TABLE(T27,T46))=0.06827988146694887 (=TABLE(T27,T46))=0.0465221742441247 (=TABLE(T27,T46))=0.024764467021300543 0.15 (Z77-$AC$80)*10000=576.32933374834 (AA77-$AC$80 )*10000=467.54079763421885 (AB77-$AC$80)*10000=358.75226152009805 (AC77-$AC$80)*10000=249.9637 2540597721 (AD77-$AC$80)*10000=141.1751892918567 (AE77-$AC$80)*10000=32.38665317773559 (AF7 7-$AC$80)*10000=-185.19041905050605 (AG77-$AC$80)*10000=-402.7674912787475 (AH77-$AC$80)*10000= -620.3445635069892 (A177-$AC$80)*10000=-837.9216357352309 (AJ77-$AC$80)*10000=-1055.4987079634 725 Net profit (base) M30=6405.467516045113 N30=7118.518599790241 030=3809.28613779219 P30= 6242.064735470831 Q30=3822.804240772133 R30=3853.9025619301465 S30=31252.043791800654 0.10 (=TABLE(T27,T46))=0.17961514701228257 (=TABLE(T27,T46))=0.16873629340087049 (=TABLE(T27,T46))=0. 15785743978945838 (=TABLE(T27,T46))=0.1469785861780463 (=TABLE(T27,T46))=0.1360997325666342 (=TABLE(T27,T46))=0.12522087895522216 (=TABLE(T27,T46))=0.10346317173239797 (=TABLE(T27,T46))=0. 08170546450957382 (=TABLE(T27,T46))=0.059947757286749656 (=TABLE(T27,T46))=0.0381900500639254 86 (=TABLE(T27,T46))=0.016432342841101337 0.10 (Z78-$AC$80)*10000=493.0080919463478 (AA7 8-$AC$80)*10000=384.219555832227 (AB78-$AC$80)*10000=275.4310197181059 (AC78-$AC$80)*10000= 166.64248360398508 (AD78-$AC$80)*10000=57.853947489864275 (AE78-$AC$80)*10000=-50.934588624256 264 (AF78-$AC$80)*10000=-268.51166085249815 (AG78-$AC$80)*10000=-486.08873308073964 (AH78-$AC$80 )*10000=-703.6658053089812 (A178-$AC$80)*10000=-921.2428775372231 (AJ78-$AC$80)*10000=-1138.81 99497654643 Net profit (new) M31=6405.467516045113 N31=7118.518599790241 031=3809.28613779219 P31= 6242.064735470831 Q31=3822.804240772133 R31=3853.9025619301465 S31=31252.043791800654 0.05 (=TABLE(T27,T46))=0.1712830228320833 (=TABLE(T27,T46))=0.16040416922067122 (=TABLE(T27,T46))=0. 1495253156092591 (=TABLE(T27,T46))=0.13864646199784705 (=TABLE(T27,T46))=0.1277676083864349 7 (=TABLE(T27,T46))=0.11688875477502288 (=TABLE(T27,T46))=0.09513104755219871 (=TABLE(T27, T46))=0.07337334032937455 (=TABLE(T27,T46))=0.05161563310655039 (=TABLE(T27,T46))=0.02985792 5883726225 (=TABLE(T27,T46))=0.008100218660902075 0.05 (279-$AC$80)*10000=409.6868501443551 (AA79-$AC$80)*10000=300.8983140302343 (AB79-$AC$80)*10000=192.10977791611322 (AC79-$AC$80)*10000= 83.32124180199268 (AD79-$AC$80)*10000=-25.467294312128132 (AE79-$AC$80)*10000=-134.25583042624 908 (AF79-$AC$80)*10000=-351.83290265449074 (AG79-$AC$80)*10000=-569.4099748827324 (AH79-$AC$80 )*10000=-786.987047110974 (A179-$AC$80)*10000=-1004.5641193392156 (AJ79-$AC$80)*10000=-1222.14 1191567457 Book value (base) M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56= 47900.06103707109 Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 0 (=TABLE(T27,T46))=0.16295089865188406 (=TABLE(T27,T46))=0.15207204504047195 (=TABLE(T27,T46))=0. 14119319142905987 (=TABLE(T27,T46))=0.13031433781764779 (=TABLE(T27,T46))=0.1194354842062357 2 (=TABLE(T27,T46))=0.10855663059482362 (=TABLE(T27,T46))=0.08679892337199945 (=TABLE(T27, T46))=0.0650412161491753 (=TABLE(T27,T46))=0.04328350892635113 (=TABLE(T27,T46))=0.02152580 1703526963 (=TABLE(T27,T46))=-2.3190551929716712E-4 0 (Z80-$AC$80)*10000=326.36560 834236275 (AA80-$AC$80)*10000=217.57707222824163 (AB80-$AC$80)*10000=108.78853611412082 (AC8 0-$AC$80)*10000=0 (AD80-$AC$80)*10000=-108.78853611412067 (AE80-$AC$80)*10000=-217.57707222824 163 (AF80-$AC$80)*10000=-435.1541444564834 (AG80-$AC$80)*10000=-652.7312166847249 (AH80-$AC$80 )*10000=-870.3082889129665 (A180-$AC$80)*10000=-1087.8853611412083 (AJ80-$AC$80)*10000=-1305.46 24333694499 Book value (new) M56-(M28*0.8)=45023.093839641784 N56-(N28*0.8)=46285.562756758685 056-(028*0.8)=28589.813364406662 P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411 7375 R56-(R28*0.8)=37708.092663756914 S56-(S28*0.8)=231943.64101575254 -0.05 (=TA BLE(T27,T46))=0.1546187744716848 (=TABLE(T27,T46))=0.1437399208602727 (=TABLE(T27,T46))=0. 1328610672488606 (=TABLE(T27,246))=0.12198221363744853 (=TABLE(T27,T46))=0.1111033600260364 5 (=TABLE(T27,T46))=0.10022450641462437 (=TABLE(T27,T46))=0.07846679919180019 (=TABLE(T27, T46))=0.05670909196897604 (=TABLE(T27,T46))=0.03495138474615187 (=TABLE(T27,T46))=0.01319367 75233277 (=TABLE(T27,T46))=-0.00856402969949645 -0.05 (281-$AC$80)*10000=243.0443665403700 5 (AA81-$AC$80)*10000=134.25583042624922 (AB81-$AC$80)*10000=25.467294312128132 (AC81-$AC$80 )*10000=-83.32124180199254 (AD81-$AC$80)*10000=-192.10977791611336 (AE81-$AC$80)*10000=-300.898 EFTA01437456 3140302342 (AF81-5AC$80)*10000=-518.475386258476 (AG81-$AC580)*10000=-736.0524584867175 (AH8 1-$AC580)*10000=-953.6295307149592 (A181-5AC$80)*10000=-1171.2066029432008 (AJ81-$AC580)*10000= - 1388.7836751714424 Price (TRY/shr) 6.60 7 6.40 4.94 4.06 2.2 -0.10 (=TABLE(127,146))=0.14628665 029148555 (=TABLE(127,T46))=0.13540779668007347 (=TABLE(T27,146))=0.12452894306866134 (=TA BLE(T27,146))=0.11365008945724928 (=TABLE(127,T46))=0.1027712358458372 (=TABLE(T27,146))=0. 09189238223442513 (=TABLE(127,146))=0.07013467501160095 (=TABLE(T27,T46))=0.0483769677887767 94 (=TABLE(T27,146))=0.026619260565952627 (=TABLE(127,146)]=0.004861553343128457 (=TABLE(T27, 146)]=-0.016896153879695692 -0.10 (282-$AC580)*10000=159.72312473837763 (AA82-$AC$80)*10000= 50.93458862425682 (AB82-$AC$80)*10000=-57.85394748986442 (AC82-5AC$80)*10000=-166.64248360398 508 (AD82-$AC580)*10000=-275.4310197181059 (AE82-$AC$80)*10000=-384.2195558322266 (AF82-$AC$80 )*10000=-601.7966280604684 (AG82-$AC580)*10000=-819.37370028871 (AH82-$AC$80)*10000=-1036.95 07725169517 (A182-$AC$80)*10000=-1254.5278447451933 (AJ82-$AC$80)*10000=-1472.104916973435 Paid-in cap (TRYm) 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113= 4200 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4500 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.15 (=TA BLE(T27,146))=0.1379545261112863 (=TABLE(127,T46))=0.1270756724998742 (=TABLE(T27,146))=0. 1161968188884621 (=TABLE(127,146))=0.10531796527705004 (=TABLE(T27,T46))=0.0944391116656379 5 (=TABLE(T27,T46))=0.08356025805422586 (=TABLE(127,146)]=0.061802550831401695 (=TABLE(T27, 146)]=0.04004484360857755 (=TABLE(T27,146))=0.018287136385753383 (=TABLE(127,146)]=-0.0034705 708370707856 (=TABLE(127,T46))=-0.025228278059894936 -0.15 (283-$AC580)*10000=76.40188293638522 (AA83-$AC$80)*10000=-32.386653177735866 (AB83-5AC$80)*10000=-141.1751892918568 (AC83-$AC$80)*10000= -249.9637254059775 (AD83-$AC$80)*10000=-358.75226152009833 (AE83-5AC$80)*10000=-467.54079763421 925 (AF83-$AC$80)*10000=-685.1178698624609 (AG83-$AC$80)*10000=-902.6949420907024 (AH83-$AC$80 )*10000=-1120.272014318944 (A183-$AC$80)*10000=-1337.8490865471856 (AJ83-$AC$80)*10000=-1555.42 61587754272 M.Cap (TRYm) M82*M83=26400 N82*N83=29400 082*083=8000 P82*P83=22230 Q82*Q83=10149.999999 999998 R82*R83=18583.5122 -0.20 (=TABLE(127,T46))=0.12962240193108707 (=TABLE(T27,T46) 1=0. 11874354831967496 (=TABLE(127,146)]=0.10786469470826288 (=TABLE(T27,T46))=0.0969858410968508 (=TABLE(127,146))=0.08610698748543873 (=TABLE(T27,T46))=0.07522813387402663 (=TABLE(T27,146))=0. 05347042665120246 (=TABLE(127,146)]=0.03171271942837831 (=TABLE(T27,T46))=0.0099550122055541 44 (=TABLE(T27,146))=-0.011802695017270024 (=TABLE(127,146)]=-0.03356040224009418 -0.20 (Z84 -$AC$80)*10000=-6.919358865607183 (AA84-$AC$80)*10000=-115.70789497972828 (AB84-$AC580)*10000= -224.49643109384908 (AC84-$AC$80)*10000=-333.2849672079699 (AD84-5AC$80)*10000=-442.07350332209 06 (AE84-$AC$80)*10000=-550.8620394362115 (AF84-$AC$80)*10000=-768.4391116644532 (AG84-5AC$80 )*10000=-986.0161838926948 (AH84-$AC$80)*10000=-1203.5932561209365 (A184-$AC$80)*10000=-1421.17 03283491781 (AJ84-$AC$80)*10000=-1638.7474005774197 -0.25 (=TABLE(T27,146))=0.1212902777508878 (=TABLE(127,146))=0.1104114241394757 (=TABLE(T27, 146))=0.09953257052806361 (=TABLE(T27,T46))=0.08865371691665154 (=TABLE(127,146))=0.07777486 330523946 (=TABLE(127,T46))=0.06689600969382736 (=TABLE(T27,146))=0.0451383024710032 (=TA BLE(T27,146))=0.023380595248179047 (=TABLE(127,T46))=0.0016228880253548778 (=TABLE(T27,146))=-0 .02013481919746929 (=TABLE(127,146))=-0.04189252642029344 -0.25 (Z85-5AC$80)*10000=-90.24060 066759986 (AA85-5AC$80)*10000=-199.0291367817208 (AB85-$AC580)*10000=-307.8176728958418 (AC8 5-$AC$80)*10000=-416.60620900996247 (AD85-5AC$80)*10000=-525.3947451240832 (AE85-$AC580)*10000= -634.1832812382042 (AF85-$AC$80)*10000=-851.7603534664458 (AG85-5AC$80)*10000=-1069.3374256946 875 (AH85-$AC580)*10000=-1286.914497922929 (A185-$AC$80)*10000=-1504.4915701511707 (AJ85-5AC$80 )*10000=-1722.0686423794123 P/E (2018E), base (x) M$84/M78=4.121479023017509 N$84/N78=4.130072793638036 0$84/078=2.1 00131024716534 P$84/P78=3.5613216046410034 Q$84/478=2.6551189547571217 R$84/R78=4.821998455 169255 AVERAGE(M86:R86)=3.565020309323243 P/E (2018E), implied (x) M$84/M79=4.121479023017509 N$84/N79=4.130072793638036 0884 /079=2.100131024716534 P$84/P79=3.5613216046410034 Q$84/4 79=2.6551189547571217 R$84/R79=4.8 21998455169255 AVERAGE(M87:R87)=3.565020309323243 Change from base M87/M86-1=0 N87/N86-1=0 087/086-1=0 P87/P86-1=0 Q87/Q86-1=0 R87/R86-1=0 587/586-1=0 VAKIFBANK VAKIFBANK P/BV (2018E), base (x) M$84/M80=0.5863657458554173 N$84/N80=0.6351872646445671 0584/080=0.2 7981994488847295 P$84/P80=0.4640912666644752 Q$84/Q80=0.38393135897454816 R584/R80=0.4 928255683921537 AVERAGE(M90:R90)=0.47370352490327244 Y74=ROE % of Stage 2 loans transferred to St age 3 loans ROE: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans P/BV (2018E), implied (x) M$84/M81=0.5863657458554173 N584/N81=0.6351872646445671 0584 /081=0.27981994488847295 P$84/P81=0.4640912666644752 4584/Q81=0.38393135897454816 R$84 /R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244 Loan growth (ppt change from base) $Q$34=0.14460043618259225 AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05 0 0.05 AD91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y91=0.14460043618259225 A091-0.05=-0.1500000 0000000002 AP91-0.05=-0.10 -0.05 0 0.05 AR91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Change from base M91/M90-1=0 N91/N90-1=0 091/090-1=0 P91/P90-1=0 Q91/490-1=0 R91/R90-1=0 591/590-1=0 0.20 (=TABLE(127,T46))=0.2092588415202041 (=TABLE(T27,T46) 1=0. 20361032262717765 (=TABLE(127,146)]=0.1979618037341512 (=TABLE(T27,T46))=0.1923132848411247 5 (=TABLE(T27,146))=0.1866647659480983 (=TABLE(127,146))=0.18101624705507188 (=TABLE(T27, 146))=0.16971920926901898 (=TABLE(T27,T46))=0.1584221714829661 (=TABLE(127,146)]=0.14712513 369691319 (=TABLE(127,T46))=0.13582809591086029 (=TABLE(T27,146))=0.12453105812480741 0.20 EFTA01437457 (Z92-$AC$96)*10000=646.5840533761186 (AA92-$AC$96)*10000=590.0988644458541 (AB92-$AC$96)*10000= 533.6136755155895 (AC92-$AC$96)*10000=477.1284865853251 (AD92-$AC$96)*10000=420.643297655060 56 (AE92-$AC$96)*10000=364.15810872479636 (AF92-$AC$96)*10000=251.18773086426737 (AG92-$AC$96 )*10000=138.21735300373865 (AH92-$AC$96)*10000=25.246975143209394 (A192-$AC$96)*10000=-87.7234 027173196 (AJ92-$AC$96)*10000=-200.69378057784832 Stage 1 Discount to MSCI EM Banks 0.15 (=TABLE(T27,T46))=0.19733062935557094 (=TABLE(T27, T46))=0.1916821104625445 (=TABLE(T27,T46))=0.18603359156951807 (=TABLE(T27,T46))=0.18038507 267649162 (=TABLE(T27,T46))=0.17473655378346517 (=TABLE(T27,T46))=0.16908803489043872 (=TA BLE(T27,T46))=0.15779099710438585 (=TABLE(T27,T46))=0.14649395931833298 (=TABLE(T27,T46))=0. 13519692153228008 (=TABLE(T27,T46))=0.12389988374622718 (=TABLE(T27,T46))=0.1126028459601743 0.15 (Z93-$AC$96)*10000=527.3019317297869 (AA93-$AC$96)*10000=470.81674279952244 (AB93-$AC$96 )*10000=414.33155386925824 (AC93-$AC$96)*10000=357.84636493899376 (AD93-$AC$96)*10000=301.3611 760087293 (AE93-$AC$96)*10000=244.87598707846476 (AF93-$AC$96)*10000=131.90560921793605 (AG9 3-$AC$96)*10000=18.93523135740732 (AH93-$AC$96)*10000=-94.03514650312167 (A193-$AC$96)*10000= -207.00552436365066 (AJ93-$AC$96)*10000=-319.9759022241795 P/E (2018E), base (x) M86/$M$109-1=-0.45555098771235025 N86/$M$109-1=-0.4544157472076571 0861$M$109-1=-0.7225718593505239 P86/$M$109-1=-0.5295480046709375 Q86/$M$109-1=-0.6492 577338497858 R86/$M$109-1=-0.36301209310842075 AVERAGE(M94:R94)=-0.5290594043166126 0.10 (=TABLE(T27,T46))=0.18540241719093786 (=TABLE(T27,T46))=0.1797538982979114 (=TABLE(T27,T46))=0. 174105379404885 (=TABLE(T27,T46))=0.16845686051185854 (=TABLE(T27,T46))=0.1628083416188321 (=TA BLE(T27,T46))=0.15715982272580564 (=TABLE(T27,T46))=0.14586278493975277 (=TABLE(T27,T46))=0. 13456574715369987 (=TABLE(T27,T46))=0.12326870936764697 (=TABLE(T27,T46))=0.1119716715815940 9 (=TABLE(T27,T46))=0.1006746337955412 0.10 (Z94-$AC$96)*10000=408.01981008345615 (AA9 4-$AC$96)*10000=351.53462115319167 (AB94-$AC$96)*10000=295.04943222292746 (AC94-$AC$96)*10000= 238.56424329266295 (AD94-$AC$96)*10000=182.07905436239847 (AE94-$AC$96)*10000=125.593865432133 97 (AF94-$AC$96)*10000=12.623487571605253 (AG94-$AC$96)*10000=-100.34689028892375 (AH94-$AC$96 )*10000=-213.31726814945273 (A194-$AC$96)*10000=-326.2876460099816 (AJ94-$AC$96)*10000=-439.258 02387051044 P/E (2018E), implied (x) M87/$M$109-1=-0.45555098771235025 N87/$M$109-1=-0.454415747207 6571 087/$M$109-1=-0.7225718593505239 P87/$M$109-1=-0.5295480046709375 Q87/$M$109-1 =-0.6492577338497858 R87/$M$109-1=-0.36301209310842075 AVERAGE(M95:R95)=-0.5290594043166126 0.05 (=TABLE(T27,T46))=0.17347420502630467 (=TABLE(T27,T46))=0.16782568613327825 (=TABLE(T27, T46))=0.1621771672402518 (=TABLE(T27,T46))=0.15652864834722535 (=TABLE(T27,T46))=0.15088012 945419893 (=TABLE(T27,T46))=0.14523161056117248 (=TABLE(T27,T46))=0.1339345727751196 (=TA BLE(T27,T46))=0.12263753498906671 (=TABLE(T27,T46))=0.11134049720301381 (=TABLE(T27,T46))=0. 10004345941696093 (=TABLE(T27,T46))=0.08874642163090804 0.05 (Z95-$AC$96)*10000=288.73768 84371243 (AA95-$AC$96)*10000=232.25249950686006 (AB95-$AC$96)*10000=175.76731057659555 (AC9 5-$AC$96)*10000=119.28212164633106 (AD95-$AC$96)*10000=62.79693271606684 (AE95-$AC$96)*10000= 6.311743785802348 (AF95-$AC$96)*10000=-106.65863407472636 (AG95-$AC$96)*10000=-219.62901193525 536 (AH95-$AC$96)*10000=-332.59938979578436 (A195-$AC$96)*10000=-445.5697676563132 (AJ95-$AC$96 )*10000=-558.540145516842 3Y average discount M121/$M$113-1=-0.11901840490797555 N121/$M$113-1=-0.14723926380368102 01211$M$113-1=-0.46871165644171786 P121/$M$113-1=-0.2601226993865031 Q121/$M$113-1=-0.354 6012269938651 R121/$M$113-1=-0.2834355828220859 AVERAGE(M96:R96)=-0.2721881390593048 0 (=TABLE(T27,T46))=0.16154599286167157 (=TABLE(T27,T46))=0.15589747396864512 (=TABLE(T27,T46))=0. 1502489550756187 (=TABLE(T27,T46))=0.14460043618259225 (=TABLE(T27,T46))=0.1389519172895658 (=TABLE(T27,T46))=0.13330339839653935 (=TABLE(T27,T46))=0.12200636061048648 (=TABLE(T27,T46))=0. 11070932282443359 (=TABLE(T27,T46))=0.09941228503838068 (=TABLE(T27,T46))=0.0881152472523277 9 (=TABLE(T27,T46))=0.0768182094662749 0 (Z96-$AC$96)*10000=169.4555667907932 (AA9 6-$AC$96)*10000=112.97037786052871 (AB96-$AC$96)*10000=56.4851889302645 (AC96-$AC$96)*10000= O (AD96-$AC$96)*10000=-56.4851889302645 (AE96-$AC$96)*10000=-112.970377860529 (AF96-$AC$96 )*10000=-225.9407557210577 (AG96-$AC$96)*10000=-338.91113358158657 (AH96-$AC$96)*10000=-451.881 5114421157 (A196-$AC$96)*10000=-564.8518893026445 (AJ96-$AC$96)*10000=-677.8222671631734 -0.05 (=TABLE(T27,T46))=0.14961778069703843 (=TABLE(T27,T46))=0.143969261804012 (=TABLE(T27, T46))=0.13832074291098556 (=TABLE(T27,T46))=0.1326722240179591 (=TABLE(T27,T46))=0.12702370 512493266 (=TABLE(T27,T46))=0.12137518623190623 (=TABLE(T27,T46))=0.11007814844585334 (=TA BLE(T27,T46))=0.09878111065980046 (=TABLE(T27,T46))=0.08748407287374756 (=TABLE(T27,T46))=0. 07618703508769467 (=TABLE(T27,T46))=0.06488999730164177 -0.05 (Z97-$AC$96)*10000=50.173445 14446187 (AA97-$AC$96)*10000=-6.311743785802348 (AB97-$AC$96)*10000=-62.79693271606684 (AC9 7-$AC$96)*10000=-119.28212164633135 (AD97-$AC$96)*10000=-175.76731057659583 (AE97-$AC$96)*10000= -232.2524995068602 (AF97-$AC$96)*10000=-345.22287736738906 (AG97-$AC$96)*10000=-458.19325522791 79 (AH97-$AC$96)*10000=-571.1636330884469 (A197-$AC$96)*10000=-684.1340109489757 (AJ97-$AC$96 )*10000=-797.1043888095047 P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502 N90/$M$110-1=-0.39505974795755516 090/$M$110-1=-0.7335048143919305 P90/$M$110-1=-0.5580083174624046 Q90/$M$110-1=-0.6343 510866909066 R90/$M$110-1=-0.5306423158169965 AVERAGE(M98:R98)=-0.5488537858064072 -0.1 O (=TABLE(T27,T46))=0.13768956853240533 (=TABLE(T27,T46))=0.13204104963937888 (=TABLE(T27, T46))=0.12639253074635243 (=TABLE(T27,T46))=0.12074401185332599 (=TABLE(T27,T46))=0.11509549 296029954 (=TABLE(T27,T46))=0.10944697406727309 (=TABLE(T27,T46))=0.09814993628122021 (=TA BLE(T27,T46))=0.08685289849516732 (=TABLE(T27,T46))=0.07555586070911442 (=TABLE(T27,T46))=0. 06425882292306154 (=TABLE(T27,T46))=0.05296178513700865 -0.10 (Z98-$AC$96)*10000=-69.10867 65018692 (AA98-$AC$96)*10000=-125.59386543213368 (AB98-$AC$96)*10000=-182.07905436239818 (AC9 8-$AC$96)*10000=-238.56424329266255 (AD98-$AC$96)*10000=-295.04943222292707 (AE98-$AC$96)*10000= - 351.53462115319155 (AF98-$AC$96)*10000=-464.5049990137204 (AG98-$AC$96)*10000=-577.47537687424 93 (AH98-$AC$96)*10000=-690.4457547347782 (A198-$AC$96)*10000=-803.4161325953071 (AJ98-$AC$96 )*10000=-916.386510455836 P/BV (2018E), implied (x) M91/$M$110-1=-0.4415564325186502 N91/$M$110-1=-0.395059747957 55516 0911$M$110-1=-0.7335048143919305 P91/$M$110-1=-0.5580083174624046 Q91/$M$110-1 =-0.6343510866909066 R91/$M$110-1=-0.5306423158169965 AVERAGE(M99:R99)=-0.5488537858064072 EFTA01437458 -0.15 (=TABLE(T27,T46))=0.1257613563677722 (=TABLE(T27,T46))=0.12011283747474574 (=TABLE(T27, T46))=0.1144643185817193 (=TABLE(T27,T46))=0.10881579968869286 (=TABLE(T27,T46))=0.10316728 079566641 (=TABLE(T27,T46))=0.09751876190263997 (=TABLE(T27,T46))=0.08622172411658709 (=TA BLE(T27,T46))=0.0749246863305342 (=TABLE(T27,T46))=0.06362764854448129 (=TABLE(T27,T46))=0. 0523306107584284 (=TABLE(T27,246))=0.04103357297237552 -0.15 (Z99-$AC$96)*10000=-188.3907 9814820053 (AA99-$AC$96)*10000=-244.87598707846502 (AB99-$AC$96)*10000=-301.3611760087295 (AC9 9-$AC$96)*10000=-357.8463649389939 (AD99-$AC$96)*10000=-414.33155386925836 (AE99-$AC$96)*10000= -470.81674279952273 (AF99-$AC$96)*10000=-583.7871206600516 (AG99-$AC$96)*10000=-696.75749852058 05 (AH99-$AC$96)*10000=-809.7278763811096 (A199-$AC$96)*10000=-922.6982542416384 (AJ99-$AC$96 )*10000=-1035.6686321021673 3Y average discount M122/$M$114-1=-0.010204081632653073 N122/$M$114-1=-0.010204081632653073 01221$M$114-1=-0.41836734693877553 P122/$M$114-1=-0.29591836734693877 Q122/$M$114-1=-0.357 1428571428571 R122/$M$114-1=-0.3571428571428571 AVERAGE(M100:R100)=-0.2414965986394558 -0.2 0 (=TABLE(T27,T46))=0.11383314420313906 (=TABLE(T27,T46))=0.10818462531011261 (=TABLE(T27, T46))=0.10253610641708617 (=TABLE(T27,T46))=0.09688758752405972 (=TABLE(T27,T46))=0.09123906 863103329 (=TABLE(T27,T46))=0.08559054973800684 (=TABLE(T27,T46))=0.07429351195195397 (=TA BLE(T27,T46))=0.06299647416590108 (=TABLE(T27,T46))=0.051699436379848175 (=TABLE(T27,T46))=0. 04040239859379528 (=TABLE(T27,246))=0.029105360807742398 -0.20 (Z100-$AC$96)*10000=-307.672 9197945319 (AA100-$AC$96)*10000=-364.15810872479636 (AB100-$AC$96)*10000=-420.6432976550 6073 (AC100-$AC$96)*10000=-477.1284865853252 (AD100-$AC$96)*10000=-533.6136755155895 (AE100-$AC$9 6)*10000=-590.0988644458541 (AF100-$AC$96)*10000=-703.0692423063828 (AG100-$AC$96)*10000=-816.03 96201669116 (AH100-$AC$96)*10000=-929.0099980274408 (AI100-$AC$96)*10000=-1041.9803758879696 (AJ100-$AC$96)*10000=-1154.9507537484985 Stage 1 Discount to own historical average -0.25 (=TABLE(T27,T46))=0.10190493203850594 (=TA BLE(T27,T46))=0.0962564131454795 (=TABLE(T27,T46))=0.09060789425245305 (=TABLE(T27,T46))=0. 08495937535942662 (=TABLE(T27,T46))=0.07931085646640017 (=TABLE(T27,T46))=0.0736623375733737 2 (=TABLE(T27,T46))=0.06236529978732083 (=TABLE(T27,T46))=0.05106826200126795 (=TABLE(T27, T46))=0.03977122421521504 (=TABLE(T27,T46))=0.028474186429162156 (=TABLE(T27,T46))=0.01717714 864310927 -0.25 (Z101-$AC$96)*10000=-426.95504144086306 (AA101-$AC$96)*10000=-483.4402303711 274 (AB101-$AC$96)*10000=-539.9254193013919 (AC101-$AC$96)*10000=-596.4106082316563 (AD101-$AC$9 6)*10000=-652.8957971619208 (AE101-$AC$96)*10000=-709.3809860921853 (AF101-$AC$96)*10000=-822.35 13639527141 (AG101-$AC$96)*10000=-935.321741813243 (AH101-$AC$96)*10000=-1048.292119673772 (AI]. 01-$AC$96)*10000=-1161.2624975343008 (AJ101-$AC$96)*10000=-1274.2328753948298 P/E (2018E), base (x) M86/$M$117-1=-0.3426668224852458 N86/$M$117-1=-0.3412962051613977 086/$M$117-1=-0.6650508732509515 P86/$M$117-1=-0.43200612366172186 Q86/$M$117-1=-0.5765 360518728673 R86/$M$117-1=-0.23094123522021448 AVERAGE(M102:R102)=-0.4314162186087331 P/E (2018E), implied (x) M87/$M$117-1=-0.3426668224852458 N87/$M$117-1=-0.341296205161 3977 087/$M$117-1=-0.6650508732509515 P87/$M$117-1=-0.43200612366172186 Q87/$M$117-1 =-0.5765360518728673 R87/$M$117-1=-0.23094123522021448 AVERAGE(M103:R103)=-0.43141621860873 31 P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354 N90/$M$118-1=-0.21581819179683082 090/$M$118-1=-0.6545432779154655 P90/$M$118-1=-0.4270478189327467 Q90/$M$118-1=-0.5260 106679326566 R90/$M$118-1=-0.3915733723553658 AVERAGE(M105:R105)=-0.4151808334527502 YAPI KREDI YAPI KREDI P/BV (2018E), implied (x) M91/$M$118-1=-0.2760916717834354 N91/$M$118-1=-0.215818191796 83082 091/$M$118-1=-0.6545432779154655 P91/$M$118-1=-0.4270478189327467 Q91/$M$118-1 =-0.5260106679326566 R91/$M$118-1=-0.3915733723553658 AVERAGE(M106:R106)=-0.41518083345275 02 Y90=ROE % of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans Loan growth (ppt change from base) $R$34=0.10220359317283423 AA107-0.05=-0.15000000000000 002 AB107-0.05=-0.10 -0.05 0 0.05 AD107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y107=0.10220359317283423 A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10 -0.0 5 0 0.05 AR107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 MSCI EM Banks 2018E 0.20 (=TABLE(T27,T46))=0.1541270716435941 (=TABLE(T27,T46))=0.14841121 849976321 (=TABLE(T27,T46))=0.14269536535593236 (=TABLE(T27,T46))=0.13697951221210153 (=TA BLE(T27,T46))=0.13126365906827067 (=TABLE(T27,T46))=0.12554780592443981 (=TABLE(T27,T46))=0. 11411609963677813 (=TABLE(T27,T46))=0.10268439334911642 (=TABLE(T27,T46))=0.0912526870614547 2 (=TABLE(T27,T46))=0.07982098077379303 (=TABLE(T27,T46))=0.0683892744861313 0.20 (Z10 8-$AC$112)*10000=519.2347847075987 (AA108-$AC$112)*10000=462.07625326928985 (AB108-$AC$1 12)*10000=404.9177218309813 (AC108-$AC$112)*10000=347.759190392673 (AD108-$AC$112)*10000=290.60 06589543644 (AE108-$AC$112)*10000=233.44212751605588 (AF108-$AC$112)*10000=119.1250646394 39 (AG108-$AC$112)*10000=4.808001762821867 (AH108-$AC$112)*10000=-109.50906111379513 (AI]. 08-$AC$112)*10000=-223.826123990412 (AJ108-$AC$112)*10000=-338.14318686702927 P/E (x) 7.57 0.15 (=TABLE(T27,T46))=0.14543309188377726 (=TABLE(T27,T46))=0.1397172387399464 (=TABLE(T27,T46))=0.13400138559611555 (=TABLE(T27,T46))=0.1282855324522847 (=TABLE(T27,T46))=0. 12256967930845386 (=TABLE(T27,246))=0.116853826164623 (=TABLE(T27,T46))=0.1054221198769613 (=TABLE(T27,T46))=0.09399041358929959 (=TABLE(T27,T46))=0.0825587073016379 (=TABLE(T27,T46))=0. 07112700101397619 (=TABLE(T27,246))=0.05969529472631449 0.15 (Z109-$AC$112)*10000=432.294 98710943034 (AA109-$AC$112)*10000=375.1364556711217 (AB109-$AC$112)*10000=317.97792423281317 (AC109-$AC$112)*10000=260.8193927945046 (AD109-$AC$112)*10000=203.66086135619634 (AE109-$AC$1 12)*10000=146.50232991788775 (AF109-$AC$112)*10000=32.185267041270755 (AG109-$AC$112)*1000 0=-82.13179583534638 (AH109-$AC$112)*10000=-196.44885871196325 (A1109-$AC$112)*10000=-310.7 659215885804 (AJ109-$AC$112)*10000=-425.0829844651974 P/BV (x) 1.05 0.10 (=TABLE(T27,T46))=0.13673911212396045 (=TABLE(T27,T46))=0.13102325 89801296 (=TABLE(T27,T46))=0.12530740583629874 (=TABLE(T27,T46))=0.11959155269246789 (=TA BLE(T27,T46))=0.11387569954863704 (=TABLE(T27,T46))=0.10815984640480618 (=TABLE(T27,T46))=0. 09672814011714448 (=TABLE(T27,T46))=0.08529643382948278 (=TABLE(T27,T46))=0.0738647275418210 8 (=TABLE(T27,T46))=0.06243302125415938 (=TABLE(T27,T46))=0.05100131496649767 0.10 (Z11 0-$AC$112)*10000=345.3551895112622 (AA110-$AC$112)*10000=288.19665807295365 (AB110-$AC$1 EFTA01437459 12)*10000=231.03812663464507 (AC110-$AC$112)*10000=173.87959519633665 (AD110-$AC$112)*1000 0=116.72106375802807 (AE110-$AC$112)*10000=59.5625323197195 (AF110-$AC$112)*10000=-54.7545305568 9749 (AG110-$AC$112)*10000=-169.0715934335145 (AH110-$AC$112)*10000=-283.38865631013147 (AI110-$AC$112)*10000=-397.70571918674847 (AJ110-$AC$112)*10000=-512.0227820633655 0.05 (=TABLE(T27,T46))=0.12804513236414364 (=TABLE(T27,T46))=0.12232927922031277 (=TABLE(T27, T46))=0.11661342607648191 (=TABLE(T27,T46))=0.11089757293265107 (=TABLE(T27,T46))=0.10518171 978882022 (=TABLE(T27,T46))=0.09946586664498937 (=TABLE(T27,T46))=0.08803416035732767 (=TA BLE(T27,T46))=0.07660245406966597 (=TABLE(T27,T46))=0.06517074778200427 (=TABLE(T27,T46))=0. 05373904149434256 (=TABLE(T27,T46))=0.042307335206680854 0.05 (Z111-$AC$112)*10000=258.415 3919130941 (AA111-$AC$112)*10000=201.25686047478538 (AB111-$AC$112)*10000=144.0983290364 7683 (AC111-$AC$112)*10000=86.93979759816838 (AD111-$AC$112)*10000=29.78126615985996 (AE111-$AC$1 12)*10000=-27.377265278448608 (AF111-$AC$112)*10000=-141.69432815506562 (AG111-$AC$112)*1000 0=-256.0113910316826 (AH111-$AC$112)*10000=-370.3284539082996 (AI111-$AC$112)*10000=-484.6 4551678491665 (AJ111-$AC$112)*10000=-598.9625796615337 MSCI EM Banks 3Y average 0 (=TABLE(T27,T46))=0.11935115260432679 (=TABLE(T27,T46))=0. 11363529946049591 (=TABLE(T27,T46))=0.10791944631666507 (=TABLE(T27,T46))=0.1022035931728342 3 (=TABLE(T27,T46))=0.09648774002900339 (=TABLE(T27,T46))=0.09077188688517251 (=TABLE(T27, T46))=0.07934018059751083 (=TABLE(T27,T46))=0.06790847430984912 (=TABLE(T27,T46))=0.05647676 802218743 (=TABLE(T27,T46))=0.04504506173452572 (=TABLE(T27,T46))=0.033613355446864016 0 (Z112-$AC$112)*10000=171.47559431492556 (AA112-$AC$112)*10000=114.31706287661686 (AB112-$AC$1 12)*10000=57.15853143830843 (AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=-57.15853143830843 (AE112-$AC$112)*10000=-114.31706287661714 (AF112-$AC$112)*10000=-228.634125753234 (AG112-$AC$1 12)*10000=-342.9511886298511 (AH112-$AC$112)*10000=-457.268251506468 (AI112-$AC$112)*10000=-571.5 85314383085 (AJ112-$AC$112)*10000=-685.9023772597021 P/E (x) 8.15 -0.05 (=TABLE(T27,T46))=0.11065717284450995 (=TABLE(T27,T46))=0.1049413197006790 8 (=TABLE(T27,T46))=0.09922546655684823 (=TABLE(T27,T46))=0.09350961341301739 (=TABLE(T27, T46))=0.08779376026918653 (=TABLE(T27,T46))=0.08207790712535568 (=TABLE(T27,T46))=0.07064620 083769399 (=TABLE(T27,T46))=0.059214494550032276 (=TABLE(T27,T46))=0.04778278826237058 (=TA BLE(T27,T46)1=0.036351081974708876 (=TABLE(T27,T46))=0.024919375687047173 -0.05 (2113-$AC$11 2)*10000=84.53579671675718 (AA113-$AC$112)*10000=27.37726527844847 (AB113-$AC$112)*10000=-29.78 126615985996 (AC113-$AC$112)*10000=-86.93979759816838 (AD113-$AC$112)*10000=-144.098329036 47697 (AE113-$AC$112)*10000=-201.25686047478553 (AF113-$AC$112)*10000=-315.5739233514024 (AG113-$AC$112)*10000=-429.89098622801953 (AH113-$AC$112)*10000=-544.2080491046364 (A1l 13-$AC$112)*10000=-658.5251119812535 (AJ113-$AC$112)*10000=-772.8421748578705 P/BV (x) 0.98 -0.10 (=TABLE(T27,T46))=0.10196319308469314 (=TABLE(T27,T46))=0.09624733 994086226 (=TABLE(T27,T46))=0.09053148679703141 (=TABLE(T27,T46))=0.08481563365320056 (=TA BLE(T27,T46)1=0.07909978050936972 (=TABLE(T27,T46))=0.07338392736553886 (=TABLE(T27,T46) 1=0. 061952221077877165 (=TABLE(T27,T46))=0.05052051479021546 (=TABLE(T27,T46))=0.0390888085025537 65 (=TABLE(T27,T46) 1=0.027657102214892062 (=TABLE(T27,T46))=0.016225395927230355 -0.10 (Z11 4-$AC$112)*10000=-2.4040008814109335 (AA114-$AC$112)*10000=-59.562532319719644 (AB114-$AC$1 12)*10000=-116.72106375802821 (AC114-$AC$112)*10000=-173.87959519633665 (AD114-$AC$112)*1000 0=-231.03812663464507 (AE114-$AC$112)*10000=-288.19665807295365 (AF114-$AC$112)*10000=-402.5 1372094957065 (AG114-$AC$112)*10000=-516.8307838261877 (AH114-$AC$112)*10000=-631.147846702 8046 (AI114-$AC$112)*10000=-745.4649095794216 (AJ114-$AC$112)*10000=-859.7819724560387 -0.15 (=TABLE(T27,T46))=0.09326921332487631 (=TABLE(T27,T46))=0.08755336018104544 (=TABLE(T27, T46))=0.0818375070372146 (=TABLE(T27,T46))=0.07612165389338375 (=TABLE(T27,T46))=0.07040580 07495529 (=TABLE(T27,T46))=0.06468994760572204 (=TABLE(T27,T46))=0.05325824131806035 (=TA BLE(T27,T46)1=0.04182653503039864 (=TABLE(T27,T46))=0.03039482874273695 (=TABLE(T27,T46) 1=0. 01896312245507524 (=TABLE(T27,T46))=0.007531416167413534 -0.15 (Z115-$AC$112)*10000=-89.343 79847957918 (AA115-$AC$112)*10000=-146.5023299178879 (AB115-$AC$112)*10000=-203.660861356 19634 (AC115-$AC$112)*10000=-260.8193927945048 (AD115-$AC$112)*10000=-317.97792423281334 (AE115-$AC$112)*10000=-375.1364556711219 (AF115-$AC$112)*10000=-489.45351854773884 (AG1 15-$AC$112)*10000=-603.7705814243559 (AH115-$AC$112)*10000=-718.0876443009728 (AI115-$AC$1 12)*10000=-832.4047071775899 (AJ115-$AC$112)*10000=-946.7217700542069 Turkish banks 3Y average -0.20 (=TABLE(T27,T46))=0.0845752335650595 (=TABLE(T27,T46) 1=0. 07885938042122863 (=TABLE(T27,T46))=0.07314352727739779 (=TABLE(T27,T46))=0.0674276741335669 3 (=TABLE(T27,T46))=0.061711820989736085 (=TABLE(T27,T46))=0.055995967845905215 (=TABLE(T27, T46))=0.04456426155824353 (=TABLE(T27,T46))=0.03313255527058182 (=TABLE(T27,T46))=0.02170084 8982920126 (=TABLE(T27,T46))=0.01026914269525842 (=TABLE(T27,T46))=-0.0011625635924032865 -0.20 (Z116-$AC$112)*10000=-176.2835960777473 (AA116-$AC$112)*10000=-233.442127516056 (AB116-$AC$1 12)*10000=-290.6006589543644 (AC116-$AC$112)*10000=-347.759190392673 (AD116-$AC$112)*10000=-404.9 177218309814 (AE116-$AC$112)*10000=-462.07625326929013 (AF116-$AC$112)*10000=-576.393316145 907 (AG116-$AC$112)*10000=-690.7103790225241 (AH116-$AC$112)*10000=-805.027441899141 (AI]. 16-$AC$112)*10000=-919.3445047757581 (AJ116-$AC$112)*10000=-1033.6615676523752 P/E (x) 6.27 -0.25 (=TABLE(T27,T46))=0.07588125380524266 (=TABLE(T27,T46))=0.0701654006614117 9 (=TABLE(T27,T46))=0.06444954751758093 (=TABLE(T27,T46))=0.05873369437375009 (=TABLE(T27, T46))=0.05301784122991924 (=TABLE(T27,T46))=0.047301988086088376 (=TABLE(T27,T46))=0.03587028 179842668 (=TABLE(T27,T46))=0.02443857551076498 (=TABLE(T27,T46))=0.013006869223103283 (=TA BLE(T27,T46))=0.0015751629354415779 (=TABLE(T27,T46))=-0.009856543352220129 -0.25 (2117-$AC$11 2)*10000=-263.2233936759157 (AA117-$AC$112)*10000=-320.3819251142244 (AB117-$AC$112)*1000 0=-377.540456552533 (AC117-$AC$112)*10000=-434.6989879908414 (AD117-$AC$112)*10000=-491.8 575194291499 (AE117-$AC$112)*10000=-549.0160508674585 (AF117-$AC$112)*10000=-663.333113744 0754 (AG117-$AC$112)*10000=-777.6501766206925 (AH117-$AC$112)*10000=-891.9672394973094 (AI117-$AC$112)*10000=-1006.2843023739265 (AJ117-$AC$112)*10000=-1120.6013652505435 P/BV (x) 0.81 3Y Historical average Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Tota 1 P/E (x) 7.18 6.95 4.33 6.03 5.26 5.84 AVERAGE(M121:R121)=5.9316666666666675 Aver age Average EFTA01437460 P/BV (x) 0.97 0.97 0.57 0.69 0.63 0.63 AVERAGE(M122:R122)=0.743333333333333 3 Y106=ROE t of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans Loan growth (ppt change from base) AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10 -0.0 5 0 0.05 AD123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AO123-0.05=-0.150000 00000000002 AP123-0.05=-0.10 -0.05 0 0.05 AR123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (228+Z44+260+Z76+Z92+2108)/6=0.19826096644498323 (AA28+AA44+AA60+AA76+AA92+AA108)/6=0 .18927360099530244 (AB28+AB44+AB60+AB76+AB92+AB108)/6=0.18028623554562165 (AC28+AC44+AC60+AC76 +AC92+AC108)/6=0.17153038880911445 (AD28+AD44+AD60+AD76+AD92+AD108)/6=0.161848467219913 (AE2 8+AE44+AE60+AE76+AE92+AE108)/6=0.15216654563071152 (AF28+AF44+AF60+AF76+AF92+AF108)/6=0.1328027 0245230855 (AG28+AG44+AG60+AG76+AG92+AG108)/6=0.11343885927390561 (AH28+AR44+AH60+AH76+AH92+AH 108)/6=0.09407501609550266 (A128+A144+A160+A176+A192+AI108)/6=0.0747111729170997 (AJ28+AJ44+A J60+AJ76+AJ92+AJ108)/6=0.055347329738696736 0.20 (AN28+AN44+AN60+AN76+AN92+AN108)/6=638.56963 9451171 (A028+A044+AO60+A076+AO92+AO108)/6=548.6959649543632 (AD28+AF44+AP60+AD76+AF92+AP108)/6=4 58.82233045755555 (AQ28+7)044+AQ60+AQ76+AQ92+A0108)/6=371.26386309248363 (AB28+AR44+AR60+AB76 +AR92+AR108)/6=274.4446472004688 (AS28+AS44+AS60+AS76+AS92+AS108)/6=177.62543130845413 (AT2 8+AT44+AT60+AT76+AT92+AT108)/6=-16.013000475575502 (AD28+AD44+AU60+AD76+AD92+AU108)/6=-209.6514 3225960506 (AV28+AV44+AV60+AV76+AV92+AV108)/6=-403.2898640436347 (AW28+AW44+AW60+AW76+AW92+AW 108)/6=-596.9282958276642 (AX28+AX44+AX60+AX76+AX92+AX108)/6=-790.5667276116938 0.15 (229+Z45+261+Z77+Z93+2109)/6=0.18897936986767108 (AA29+AA45+AA61+AA77+AA93+AA109)/6=0 .17999200441799035 (AB29+AB45+AB61+AB77+AB93+AB109)/6=0.17100463896830956 (AC29+AC45+AC61+AC77 +AC93+AC109)/6=0.16224879223180236 (AD29+AD45+AD61+AD77+AD93+AD109)/6=0.1525668706426009 (AE2 9+AE45+AE61+AE77+AE93+AE109)/6=0.1428849490533994 (AF29+AF45+AF61+AF77+AF93+AF109)/6=0.1235211 0587499644 (AG29+AG45+AG61+AG77+AG93+AG109)/6=0.10415726269659352 (AH29+AH45+AH61+AH77+AH93+AH 109)/6=0.08479341951819054 (A129+A145+A161+A177+A193+AI109)/6=0.06542957633978759 (AJ29+AJ45+A J61+AJ77+AJ93+AJ109)/6=0.046065733161384646 0.15 (AN29+AN45+AN61+AN77+AN93+AN109)/6=545.75367 367805 (A029+A045+A061+AO77+AO93+AO109)/6=455.88001918124223 (AP29+AP45+AP61+AP77+AP93+AP109)/6=3 66.00636468443446 (AQ29+7)045+7)061+AQ77+AQ93+A0109)/6=278.44789731936254 (AR29+AR45+AR61+AR77 +AR93+AR109)/6=181.6286814273479 (AS29+AS45+AS61+AS77+AS93+AS109)/6=84.809465535333 (AT2 9+AT45+AT61+AT77+AT93+AT109)/6=-108.82896624869653 (A029+A045+AU61+A077+AO93+AU109)/6=-302.4673 9803272607 (AV29+AV45+AV61+AV77+AV93+AV109)/6=-496.10582981675566 (AW29+AW45+AW61+AW77+AW93+AW 109)/6=-689.7442616007852 (AX29+AX45+AX61+AX77+AX93+AX109)/6=-883.3826933848148 0.10 (230+Z46+262+Z78+Z94+2110)/6=0.17969777329035905 (AA30+AA46+AA62+AA78+AA94+AA110)/6=0 .17071040784067829 (AB30+AB46+AB62+AB78+AB94+AB110)/6=0.16172304239099752 (AC30+AC46+AC62+AC78 +AC94+AC110)/6=0.15296719565449032 (AD3O+AD46+AD62+AD78+AD94+AD110)/6=0.14328527406528882 (AE3 0+AE46+AE62+AE78+AE94+AE110)/6=0.13360335247608737 (AF30+AF46+AF62+AF78+AF94+AF110)/6=0.1142395 0929768441 (AG30+AG46+AG62+AG78+AG94+AG110)/6=0.09487566611928146 (AH30+AR46+AH62+AH78+AH94+AH 110)/6=0.07551182294087849 (A130+A146+A162+A178+A194+AI110)/6=0.056147979762475535 (AJ30+AJ46+A J62+AJ78+AJ94+AJ110)/6=0.03678413658407258 0.10 (AN30+AN46+AN62+AN78+AN94+AN110)/6=452.93770 790492937 (AO30+AO46+AO62+AO78+AO94+AO110)/6=363.0640534081217 (AP30+AF46+AP62+AP78+AP94+AP 110)/6=273.190398911314 (AQ30+7)046+AQ62+AQ78+AQ94+A0110)/6=185.631931546242 (AR30+AR46+AB62+AR78 +AR94+AR110)/6=88.8127156542272 (AS30+AS46+AS62+AS78+AS94+AS110)/6=-8.006500237787447 (AT3O+AT46+A T62+AT78+AT94+AT110)/6=-201.64493202181708 (A030+AO46+AU62+AU78+AU94+A0110)/6=-395.283363805846 65 (AV30+AV46+AV62+AV78+AV94+AV110)/6=-588.9217955898763 (AW30+AW46+AW62+AW78+AW94+AW110)/6=- 782.560227373906 (AX30+AX46+AX62+AX78+AX94+AX110)/6=-976.1986591579354 0.05 (231+Z47+263+Z79+Z95+2111)/6=0.17041617671304696 (AA31+AA47+AA63+AA79+AA95+AA111)/6=0 .16142881126336617 (AB31+AB47+AB63+AB79+AB95+AB111)/6=0.1524414458136854 (AC31+AC47+AC63+AC79 +AC95+AC111)/6=0.14368559907717823 (AD31+AD47+AD63+AD79+AD95+AD111)/6=0.13400367748797673 (AE3 1+AE47+AE63+AE79+AE95+AE111)/6=0.12432175589877527 (AF31+AF47+AF63+AF79+AF95+AF111)/6=0.1049579 127203723 (AG31+AG47+AG63+AG79+AG95+AG111)/6=0.08559406954196934 (AH31+AH47+AH63+AH79+AH95+AH 111)/6=0.06623022636356639 (A131+A147+A163+A179+A195+AI111)/6=0.04686638318516343 (AJ31+AJ47+A J63+AJ79+AJ95+AJ111)/6=0.027502540006760473 0.05 (AN31+AN47+AN63+AN79+AN95+AN111)/6=360.12174 21318083 (AO31+AO47+AO63+AO79+AO95+AO111)/6=270.24808763500056 (AP31+AP47+AP63+AP79+AP95+AP 111)/6=180.37443313819287 (A031+A047+A063+AQ79+AQ95+AQ111)/6=92.815965773121 (AR31+AR47+A R63+AR79+AR95+AR111)/6=-4.003250118893784 (As31+AS47+AS63+AS79+AS95+AS111)/6=-100.822466010908 51 (AT31+AT47+AT63+AT79+AT95+AT111)/6=-294.4608977949381 (AU31+AU47+ALT63+AU79+AU95+AU111)/6=- 488.0993295789677 (AV31+AV47+AV63+AV79+AV95+AV111)/6=-681.7377613629973 (AW31+AW47+AW63+AW79 +AW95+AW111)/6=-875.3761931470267 (AX31+AX47+AX63+AX79+AX95+AX111)/6=-1069.0146249310565 0 (232+Z48+264+Z80+Z96+2112)/6=0.16113458013573487 (AA32+AA48+AA64+AA80+AA96+AA112)/6=0 .15214721468605408 (AB32+AB48+AB64+AB80+AB96+AB112)/6=0.1431598492363733 (AC32+AC48+AC64+AC80 +AC96+AC112)/6=0.13440400249986612 (AD32+AD46+AD64+AD80+AD96+AD112)/6=0.12472208091066463 (AE3 2+AE48+AE64+AE80+AE96+AE112)/6=0.11504015932146316 (AF32+AF48+AF64+AF80+AF96+AF112)/6=0.0956763 1614306021 (AG32+AG48+AG64+AG80+AG96+AG112)/6=0.07631247296465725 (AH32+AH48+AH64+AH80+AH96+AH 112)/6=0.056948629786254285 (A132+A148+A164+A180+A196+AI112)/6=0.037584786607851334 (AJ32+AJ48+A J64+AJ80+AJ96+AJ112)/6=0.018220943429448373 0 (AN32+AN48+AN64+AN80+AN96+AN112)/6=267.30577 63586873 (AO32+AO48+AO64+AO80+AO96+AO112)/6=177.43212186187955 (AF32+AF48+AP64+AP80+AP96+AP 112)/6=87.55846736507192 (AQ32+A048+A064+AQ80+AQ96+AQ112)/6=0 (AB32+AR48+AB64+AR80+AR96+AR 112)/6=-96.81921589201478 (AS32+AS48+AS64+AS80+AS96+AS112)/6=-193.63843178402956 (AT32+AT48+A T64+AT80+AT96+AT112)/6=-387.27686356805907 (AD32+AQ48+AQ64+AU80+AD96+AU112)/6=-580.915295352088 7 (AV32+AV48+AV64+AV80+AV96+AV112)/6=-774.5537271361181 (AW32+AW46+AW64+AW80+AW96+AW112)/6=- 968.1921589201478 (AX32+AX48+AX64+AX80+AX96+AX112)/6=-1161.8305907041774 -0.05 (233+Z49+265+Z81+Z97+2113)/6=0.15185298355842275 (AA33+AA49+AA65+AA81+AA97+AA113)/6=0 .142865618108742 (AB33+AB49+AB65+AB81+AB97+AB113)/6=0.13387825265906123 (AC33+AC49+AC65+AC81 +AC97+AC113)/6=0.125122405922554 (AD33+AD49+AD65+AD81+AD97+AD113)/6=0.11544048433335252 (AE3 3+AE49+AE65+AE81+AE97+AE113)/6=0.10575856274415106 (AF33+AF49+AF65+AF81+AF97+AF113)/6=0.0863947 1956574811 (AG33+AG49+AG65+AG81+AG97+AG113)/6=0.06703087638734516 (AH33+AH49+AH65+AH81+AH97+AH 113)/6=0.04766703320894219 (A133+A149+A165+A181+A197+AI113)/6=0.028303190030539233 (AJ33+AJ49+A J65+AJ81+AJ97+AJ113)/6=0.008939346852136274 -0.05 (AN33+AN49+AN65+AN81+AN97+AN113)/6=174.48981 EFTA01437461 058556626 (A033+A049+A065+A081+A097+A0113)/6=84.61615608875867 (Ap33+Ap49+AP65+AP81+AP97+Ap 113)/6=-5.257498408049014 (Ao33+AQ49+AQ65+AQ81+AQ97+AQ113)/6=-92.81596577312096 (AR33+AR49+A R65+AR81+AR97+AR113)/6=-189.63518166513578 (As33+AS49+AS65+As81+AS97+AS113)/6=-286.454397557150 57 (AT33+AT49+AT65+AT81+AT97+AT113)/6=-480.09282934118005 (AU33+AU49+Au65+AU81+AU97+AU113)/6=- 673.7312611252097 (AV33+Av49+Av65+AV81+AV97+Av113)/6=-867.3696929092393 (AW33+AW49+AW65+AW81 +AW97+AW113)/6=-1061.0081246932689 (AX33+AX49+Ax65+Ax81+AX97+AX113)/6=-1254.6465564772982 -0.10 (z34+z50+z66+282+Z98+z114)/6=0.14257138698111066 (AA34+AA50+AA66+AA82+AA98+AA114)/6=0 .1335840215314299 (AB34+AN50+AN66+AB82+AB98+AH114)/6=0.12459665608174914 (Ac34+AC50+AC66+Ac82 +Ac98+AC114)/6=0.11584080934524192 (AD34+AD5O+Ao66+,082+AD98+AD114)/6=0.10615888775604045 (AE3 4+AE50+AE66+AE82+AE98+AE114)/6=0.09647696616683898 (AF34+AF50+AF66+AF82+AF98+AF114)/6=0.0771131 2298843602 (AG34+AG50+AG66+AG82+AG98+AG114)/6=0.05774927981003306 (AH34+AH5O+AH66+AH82+AH98+AH 114)/6=0.038385436631630104 (A134+A150+A166+A182+A198+A1114)/6=0.01902159345322715 (AJ34+A,750+A J66+AJ82+Aa98+AJ114)/6=-3.422497251758105E-4 -0.10 (AN34+AN50+AN66+AN82+AN98+AN114)/6=81.673844 81244547 (A034+A050+A066+A082+A098+A0114)/6=-8.199809684362181 (Ap34+Ap5O+AP66+AP82+AP98+Ap 114)/6=-98.07346418116994 (Ao34+AQ50+AQ66+AQ82+AQ98+AQ114)/6=-185.63193154624187 (AR34+AR5O+A R66+AR82+AR98+AR114)/6=-282.45114743825667 (As34+AS50+As66+AS82+AS98+AS114)/6=-379.270363330271 44 (AT34+AT5O+AT66+AT82+AT98+AT114)/6=-572.9087951143009 (AU34+AU5O+Au66+AU82+AU98+AU114)/6=- 766.5472268983307 (AV34+Av50+Av66+AV82+AV98+Av114)/6=-960.1856586823601 (Aw34+AW5O+AW66+Aw82 +AW98+AW114)/6=-1153.8240904663899 (AX34+AX50+Ax66+Ax82+AX98+AX114)/6=-1347.4625222504194 -0.15 (z35+z51+267+283+Z99+z115)/6=0.1332897904037986 (AA35+AA51+AA67+AA83+AA99+AA115)/6=0.1243024 2495411781 (AB35+AB51+AB67+AN83+AN99+AB115)/6=0.11531505950443703 (Ac35+Ac51+AC67+AC83+AC99+Ac 115)/6=0.10655921276792985 (A035+AD51+AD67+AD83+Ao99+Ao115)/6=0.09687729117872836 (AE35+AE51+A E67+AE83+AE99+AE115)/6=0.08719536958952688 (AF35+AF51+AF67+AF83+AF99+AF115)/6=0.067831526411123 93 (AG35+AG51+AG67+AG83+AG99+AG115)/6=0.04846768323272097 (AH35+AH51+AH67+AH83+AH99+AH115)/6=0 .02910384005431801 (A135+A151+A167+A183+A199+AI115)/6=0.009739996875915057 (Aa35+AJ51+AJ67+A.783 +AJ99+AJ115)/6=-0.0096238463024879 -0.15 (AN35+AN51+AN67+AN83+AN99+AN115)/6=-11.1421209606753 87 (A035+AO51+A067+A083+A099+A0115)/6=-101.01577545748313 (AP35+AP51+Ap67+AP83+AP99+AP115)/6=- 190.88942995429082 (AQ35+AQ51+Aq67+AQ83+AQ99+Ao115)/6=-278.4478973193627 (AR35+AR51+AR67+AR83 +AR99+AR115)/6=-375.2671132113776 (AS35+AS51+As67+As83+AS99+AS115)/6=-472.0863291033923 (AT3 5+AT51+AT67+AT83+AT99+AT115)/6=-665.7247608874219 (Au35+Au51+AU67+Au83+Au99+AU115)/6=-859.3631 926714515 (AV35+AV51+Av67+Av83+Av99+AV115)/6=-1053.001624455481 (Aw35+Aw51+AW67+AW83+AW99+Aw 115)/6=-1246.6400562395104 (Ax35+AX51+AX67+AX83+Ax99+AX115)/6=-1440.2784880235401 -0.20 (z36+z52+268+284+Z100+z116)/6=0.12400819382648648 (AA36+AA52+AA68+AA84+AA100+AA116)/6= 0.11502082837680572 (AB36+Ao52+AN68+AB84+AB100+AN116)/6=0.10603346292712496 (Ac36+AC52+AC68+Ac84 +AC100+AC116)/6=0.09727761619061774 (AD36+AD52+Ao68+,084+AD100+AD116)/6=0.08759569460141627 (AE3 6+AE52+AE68+AE84+AE100+AE116)/6=0.0779137730122148 (AF36+AF52+AF68+AF84+AF100+AF116)/6=0.058549 92983381185 (AG36+AG52+AG68+AG84+AG100+AG116)/6=0.03918608665540889 (AH36+AH52+AH68+AH84+AH100+A H116)/6=0.019822243477005935 (A136+A152+A168+A184+AI100+A1116)/6=4.5840029860297424E-4 (AJ3 6+AJ52+AJ68+AJ84+AJ100+AJ116)/6=-0.01890544287979998 -0.20 (AN36+AN52+AN68+AN84+AN100+AN116)/6= -103.95808673379626 (A036+A052+A068+A084+AO100+A0116)/6=-193.83174123060402 (AP36+AP52+AP68+Ap84 +AP100+AP116)/6=-283.7053957274116 (AQ36+AQ52+AQ68+Ao84+AQ100+AQ116)/6=-371.26386309248363 (ARS 6+AR52+AR68+AR84+AR100+AR116)/6=-468.08307898449834 (As36+As52+AS68+AS84+As100+AS116)/6=-564.902 2948765131 (AT36+AT52+AT68+AT84+AT100+AT116)/6=-758.5407266605426 (Au36+Au52+AU68+AU84+AU100+A U116)/6=-952.1791584445722 (Av36+AV52+AV68+AV84+Av100+Av116)/6=-1145.8175902286018 (AW36+Aw52+A W68+AW84+AW100+AW116)/6=-1339.4560220126311 (Ax36+Ax52+AX68+AX84+AX100+Ax116)/6=-1533.0944537966 614 -0.25 (z37+z53+269+285+Z101+z117)/6=0.11472659724917439 (AA37+AA53+AA69+AA85+AA101+AA117)/6= 0.10573923179949361 (AB37+AN53+AN69+AB85+AB101+AN117)/6=0.09675186634981287 (Ac37+AC53+AC69+Ac85 +AC101+Ac117)/6=0.08799601961330565 (AD37+AD53+Ao69+,085+AD101+AD117)/6=0.07831409802410419 (AE3 7+AE53+AE69+AE85+AE101+AE117)/6=0.0686321764349027 (AF37+AF53+AF69+AF85+AF101+AF117)/6=0.049268 33325649974 (AG37+AG53+AG69+AG85+AG101+AG117)/6=0.02990449007809679 (AH37+AH53+AH69+AH85+AH101+A H117)/6=0.010540646899693829 (A137+A153+A169+A185+AI101+A1117)/6=-0.008823196278709127 (AJ3 7+AJ53+AJ69+AJ85+AJ101+AJ117)/6=-0.028187039457112085 -0.25 (AN37+AN53+AN69+AN85+AN101+AN117)/6= -196.77405250691723 (A037+A053+A069+A085+A0101+A0117)/6=-286.6477070037249 (AP37+AP53+AP69+Ap85 +AP101+AP117)/6=-376.5213615005326 (AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=-464.0798288656046 (ARS 7+AR53+AR69+AR85+AR101+AR117)/6=-560.8990447576192 (AS37+As53+As69+AS85+AS101+As117)/6=-657.718 2606496341 (AT37+AT53+AT69+AT85+AT101+AT117)/6=-851.3566924336636 (Au37+Au53+AU69+AU85+AU101+A 0117)/6=-1044.995124217693 (Av37+AV53+AV69+AV85+Av101+AV117)/6=-1238.6335560017226 (AW37+Aw53+A W69+AW85+Aw101+AW117)/6=-1432.2719877857523 (Ax37+Ax53+Ax69+AX85+AX101+Ax117)/6=-1625.9104195697 819 EFTA01437462 Sensit CAR Coverage 0.25 0.30 0.30 0.25 0.30 0.35 USD/TRY 4.85 OTAS exposure (USDm) 1500 950 160 500 180 200 LOANS OTAS exposure (TRYm) M2*$U$1=7274.999999999999 N2*$U$1=4607.50 02*$U$1=776 P2*$ U$1=2425 Q2*$U$1=872.9999999999999 R2*$U$1=969.9999999999999 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751 D5+N3=184550.336 E5+03=208794.025 F5+P3=227872.282 G5+Q3=190067.53 H5+R3=190176.167 SUM(M5:R5)=1186219.091 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 2 C6-M3=14503. 338000000003 D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002 G6-Q3=5333.214 H6-R 3=7697.639999999999 SUM(M6:R6)=86104.52200000001 Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Stage 3 C7=4046.342 D7=5633.32 E7=6264.786 F7=5799.235 G7=7945.146 H7=8617.858 SUM(M7:R7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:67)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( CB:H8)=1310630.30 Total SUM(M5:M7)=203308.43099999998 SUM(N5:N7)=223051.48400000003 SUM( 05:07)=222150.67899999997 SUM(P5:P7)=252282.15099999998 SUM(Q5:Q7)=203345.89 SUM(R5:R7)=2 06491.66499999998 SUM(M8:R8)=1310630.30 COVERAGE COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stag e 1 C12+(M3*0.01)=708.687 D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67 F12+(P3*0.01 )=1612.427 G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40 SUM(M12:R12)=7490.946 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 Stage 2 C13-(M3*M1)=965.1060000000004 D13-(N3*N1)=2237.825 E13-(03*01)=551.816 F13-(P3*P1)=1239.098 G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001 SUM(M13:R13) =5749.3240000000005 Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Stage 3 C14=3130.372 D14=3963.228 E14=4978.164 F14=4157.801 G14=6201.91 H14=7386.565 SUM(M14:R14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:G14)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total SUM( M12:M14)=4804.165000000001 SUM(N12:N14)=7063.41 SUM(012:014)=6541.65 SUM(P12:P14)=7009.32 6 SUM(Q12:Q14)=7958.598 SUM(R12:R14)=9681.161 SUM(M15:R15)=43058.31 % in gross loans % in gross loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C$8=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 15/I $8=0.8921605055216563 Stage 1 M5/M$8=0.9087608914752778 N5/N$8=0.8273889628100389 05/0 $8=0.9398757003123993 P5/P$8=0.9032437732782769 Q5/Q$8=0.934700622668105 R5/R$8=0.920 9871352434492 S5/S$8=0.9050752840064814 Stage 2 C6/C$8=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G$8=0.030520479169753565 H6/H$8=0.041975737858474825 16/I $8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677 N6/N$8=0.14735534330719807 06/0 $8=0.03192368365437227 P6/P$8=0.07376912685352839 06/Q88=0.026227301668108462 R6/R$8=0.037 27821168956142 S6/S$8=0.06569703294666697 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I $8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486 N7/N$8=0.025255693882762956 07/0 $8=0.02820061603322851 P7/P$8=0.022987099868194798 Q7/Q$8=0.03907207566378646 R7/R$8=0.041 73465306698942 S7/S$8=0.029227683046851582 Total C8/C$8=1 DB/D$8=1 E8/E$8=1 F8/F58=1 G8/G$8=1 H8/H$8=1 I8/I$8=1 Total M8/M$8=1 N8/N$8=1 08/058=1 PB/P$8=1 Q8/Q$8=1 R8/R$8=1 S8/S$8=1 COVERAGE RATIO Earnings impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 2 prov isions (base) 14503.338000000003 32867.828 7091.868 18610.634000000002 5333 .214 7697.639999999999 56=86104.52200000001 AKBANK AKBANK AKBANK Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 I12/ 15=0.0062616329363195285 Stage 3 provisions (base) 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 38306.687000000005 CAR % of Stage 2 loans t ransferred to Stage 3 loans CAR: change from base (bps) % of Stage 2 loans transferred to St age 3 loans Headroom above threshold % of Stage 2 loans transferred to Stage 3 loans Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 I13/ 16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3 $T$27*M25=0 $T$27*N25=0 $T$27*025=0 $T$27*P25=0 $T$27*Q25=0 $T$27*R25=0 $T$27*525=0 0 Loan growth (ppt change from base) $M$72=0.165723068081947 AA27-0.05=-0.15000000000000002 AB27-0.05=-0.10 -0.0 5 0 0.05 AD27+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y27=0.16572306808194 7 A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05 0 0.05 AR27+0.05=0.10 0.20 EFTA01437463 0.30 0.40 0.50 0.60 AM27=0.165723068081947 -0.05 -0.03 -0.01 0 0.05 BF27 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 I14/17=0.778 4029978891152 Coverage of new Stage 3 loans (70%) M27*0.7=0 N27*0.7=0 027*0.7=0 P27*0.7=0 Q27*0.7=0 R27*0.7=0 S27*0.7=0 0.20 (=TABLE(T27,T46))=0.14145453 818948073 (=TABLE(T27,T46))=0.14033721103797245 (=TABLE(T27,T46))=0.13921988388646414 (=TA BLE(T27,T46))=0.13810255673495583 (=TABLE(T27,T46))=0.13698522958344755 (=TABLE(T27,T46))=0. 13586790243193925 (=TABLE(T27,246))=0.1336332481289227 (=TABLE(T27,T46))=0.1313985938259061 (=TABLE(T27,T46))=0.1291639395228895 (=TABLE(T27,T46))=0.12692928521987293 (=TABLE(T27,T46))=0. 12469463091685634 0.20 (Z28-$AC$32)*10000=-242.6852989246628 (AA28-$AC$32)*10000=-253.858 5704397456 (AB28-$AC$32)*10000=-265.0318419548287 (AC28-$AC$32)*10000=-276.20511346991174 (AD2 8-$AC$32)*10000=-287.3783849849945 (AE28-$AC$32)*10000=-298.55165650007757 (AF28-$AC$32)*10000= - 320.8981995302432 (AG28-$AC$32)*10000=-343.24474256040907 (AH28-$AC$32)*10000=-365.59128559057 52 (A128-$AC$32)*10000=-387.9378286207408 (AJ28-$AC$32)*10000=-410.2843716509066 0.20 228- $M$64=0.021454538189480732 AA28-$M$64=0.020337211037972452 AB28-$M$64=0.019219883886464145 AC28 -$M$64=0.018102556734955838 AD28-$M$64=0.01698522958344756 AE28-$M$64=0.01586790243193925 AF28 -$M$64=0.013633248128922693 AG28-$M$64=0.011398593825906106 AH28-$M$64=0.009163939522889492 A128 -$M$64=0.006929285219872933 AJ28-$M$64=0.004694630916856346 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Stage 3 provisions (new) M28+M26=4046.342 N28+ N26=5633.32 028+026=6264.786 P28+P26=5799.235 Q28+026=7945.146 R28+R26=8617 .858 528+526=38306.687000000005 0.15 (=TABLE(T27,T46))=0.14760473550206685 (=TABLE(T27, T46))=0.14643882890918863 (=TABLE(T27,T46))=0.1452729223163104 (=TABLE(T27,T46))=0.14410701 572343218 (=TABLE(T27,T46))=0.14294110913055397 (=TABLE(T27,T46))=0.14177520253767575 (=TA BLE(T27,T46))=0.13944338935191933 (=TABLE(T27,T46))=0.13711157616616287 (=TABLE(T27,T46))=0. 13477976298040645 (=TABLE(T27,T46))=0.13244794979465002 (=TABLE(T27,T46))=0.1301161366088935 7 0.15 (229-$AC$32)*10000=-181.18332579880158 (AA29-$AC$32)*10000=-192.84239172758373 (AB2 9-$AC$32)*10000=-204.5014576563661 (AC29-$AC$32)*10000=-216.16052358514827 (AD29-$AC$32)*10000= -227.8195895139304 (AE29-$AC$32)*10000=-239.47865544271252 (AF29-$AC$32)*10000=-262.79678730027 68 (AG29-$AC$32)*10000=-286.1149191578413 (A829-$AC$32)*10000=-309.43305101540557 (A129-$AC$32 )*10000=-332.7511828729698 (AJ29-$AC$32)*10000=-356.06931473053436 0.15 Z29-$M$64=0.02760473 550206685 AA29-$M$64=0.02643882890918864 AB29-$M$64=0.025272922316310398 AC29-$M$64=0.0241070 15723432185 AD29-$M$64=0.02294110913055397 AE29-$M$64=0.02177520253767576 AF29-$M$64=0.0194433 89351919332 AG29-$M$64=0.01711157616616288 AH29-$M$64=0.014779762980406452 A129-$M$64=0.0124479 49794650026 AJ29-$M$64=0.010116136608893572 Net profit (base) 6405.467516045113 7118.518599790241 3809.28613779219 6242 .064735470831 3822.804240772133 3853.9025619301465 SUM(M30:R30)=31252.043791800654 0.10 (=TABLE(T27,T46))=0.15431404166125168 (=TABLE(T27,T46))=0.15309513931415172 (=TABLE(T27,T46))=0. 15187623696705177 (=TABLE(T27,T46))=0.15065733461995182 (=TABLE(T27,T46))=0.1494384322728518 6 (=TABLE(T27,T46))=0.1482195299257519 (=TABLE(T27,T46))=0.145781725231552 (=TABLE(T27, T46)1=0.1433439205373521 (=TABLE(T27,T46))=0.14090611584315216 (=TABLE(T27,T46))=0.13846831 114895228 (=TABLE(T27,T46))=0.13603050645475234 0.10 (230-$AC$32)*10000=-114.090264206953 28 (AA30-$AC$32)*10000=-126.27928767795282 (AB30-$AC$32)*10000=-138.46831114895235 (AC30-$AC$32 )*10000=-150.6573346199519 (AD30-$AC$32)*10000=-162.84635809095144 (AE30-$AC$32)*10000=-175.035 38156195097 (AF30-$AC$32)*10000=-199.41342850395006 (AG30-$AC$32)*10000=-223.79147544594912 (AH3 0-$AC$32)*10000=-248.1695223879485 (A130-$AC$32)*10000=-272.5475693299473 (AJ30-$AC$32)*10000= -296.92561627194664 0.10 Z30-$M$64=0.03431404166125168 AA30-$M$64=0.03309513931415173 AB30 -$M$64=0.031876236967051774 AC30-$M$64=0.03065733461995182 AD30-$M$64=0.029438432272851867 AE30 -$M$64=0.028219529925751913 AF30-$M$64=0.025781725231552005 AG30-$M$64=0.023343920537352097 AH30 -$M$64=0.020906115843152162 A130-$M$64=0.018468311148952282 AJ30-$M$64=0.016030506454752347 Expected provision expenses Net profit (new) - TRYmn M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04 ))=6405.467516045113 N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241 030-(028*0.8 )+((048-046)*(0.8)*(0.04))=3809.28613779219 P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547 0831 Q30-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133 R30-(R28*0.8)+((R48-R46)*(0. 8)*(0.04))=3853.9025619301465 S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654 0.05 (=TABLE(T27,T46))=0.16166232935940653 (=TABLE(T27,T46))=0.16038538404339706 (=TABLE(T27,T46))=0. 15910843872738756 (=TABLE(T27,T46))=0.1578314934113781 (=TABLE(T27,T46))=0.1565545480953686 2 (=TABLE(T27,T46))=0.15527760277935912 (=TABLE(T27,T46))=0.15272371214734018 (=TABLE(T27, T46))=0.15016982151532124 (=TABLE(T27,T46))=0.14761593088330227 (=TABLE(T27,246))=0.14506204 025128333 (=TABLE(T27,T46))=0.14250814961926436 0.05 (231-$AC$32)*10000=-40.6073872254048 (AA31-$AC$32)*10000=-53.376840385499506 (AB31-$AC$32)*10000=-66.14629354559447 (AC31-$AC$32)*10000= -78.91574670568919 (AD31-$AC$32)*10000=-91.68519986578389 (AE31-$AC$32)*10000=-104.45465302587 887 (AF31-$AC$32)*10000=-129.99355934606825 (AG31-$AC$32)*10000=-155.53246566625768 (AH31-$AC$32 )*10000=-181.07137198644736 (A131-$AC$32)*10000=-206.61027830663676 (AJ31-$AC$32)*10000=-232.149 18462682644 0.05 Z31-$M$64=0.04166232935940653 AA31-$M$64=0.04038538404339706 AB31-$M$64=0 .03910843872738756 AC31-$M$64=0.03783149341137809 AD31-$M$64=0.03655454809536862 AE31-$M$64=0 .035277602779359124 AF31-$M$64=0.032723712147340184 AG31-$M$64=0.030169821515321243 AH31-$M$64=0 .027615930883302275 A131-$M$64=0.025062040251283335 AJ31-$M$64=0.022508149619264367 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Change in ne t profit from base M31/M30-1=0 N31/N30-1=0 031/030-1=0 P31/P30-1=0 Q31/Q30-1=0 R31/R30-1=0 231/530-1=0 0 (=TABLE(T27,T46))=0.16974544582737686 (=TABLE(T27,T46))=0. 16840465324556692 (=TABLE(T27,T46))=0.16706386066375695 (=TABLE(T27,T46))=0.165723068081947 (=TABLE(T27,T46))=0.16438227550013707 (=TABLE(T27,T46))=0.1630414829183271 (=TABLE(T27,T46))=0. 16035989775470721 (=TABLE(T27,T46))=0.1576783125910873 (=TABLE(T27,T46))=0.1549967274274674 (=TABLE(T27,T46))=0.15231514226384749 (=TABLE(T27,T46))=0.14963355710022758 0 (232-$AC$32) *10000=40.22377745429851 (AA32-$AC$32)*10000=26.815851636199096 (AB32-$AC$32)*10000=13.40792 581809941 (AC32-$AC$32)*10000=0 (AD32-$AC$32)*10000=-13.40792581809941 (AE32-$AC$32)*10000= EFTA01437464 -26.815851636199096 (AF32-$AC$32)*10000=-53.631703272397914 (AG32-$AC$32)*10000=-80.447554908597 01 (AH32-$AC$32)*10000=-107.2634065447961 (A132-$AC$32)*10000=-134.0792581809952 (AJ32-$AC$32 )*10000=-160.89510981719428 0 Z32-$M$64=0.04974544582737686 AA32-$M$64=0.048404653245566 92 AB32-$M$64=0.04706386066375695 AC32-$M$64=0.04572306808194701 AD32-$M$64=0.044382275500137 07 AE32-$M$64=0.0430414829183271 AF32-$M$64=0.04035989775470722 AG32-$M$64=0.037678312591087 31 AH32-$M$64=0.0349967274274674 A132-$M$64=0.03231514226384749 AJ32-$M$64=0.029633557100227 58 ROE (base) M30/M$56=0.14227070975751668 N30/1O56=0.15379565842592643 030/0$56=0.133239279 64267931 P30/P$56=0.13031433781764779 Q30/0$56=0.14460043618259225 R30/R$56=0.102203593 17283423 230/S$56=0.1347398172027409 -0.05 (=TABLE(T27,T46))=0.1786794166603967 (=TA BLE(T27,T46))=0.17726805604796517 (=TABLE(T27,T46))=0.17585669543553362 (=TABLE(T27,T46))=0. 17444533482310212 (=TABLE(T27,T46))=0.1730339742106706 (=TABLE(T27,T46))=0.1716226135982390 5 (=TABLE(T27,T46))=0.168799892373376 (=TABLE(T27,T46))=0.16597717114851296 (=TABLE(T27, T46))=0.16315444992364989 (=TABLE(T27,T46))=0.16033172869878684 (=TABLE(T27,T46))=0.15750900 747392377 -0.05 (Z33-$AC$32)*10000=129.56348578449683 (AA33-$AC$32)*10000=115.449879660181 61 (AB33-$AC$32)*10000=101.33627353586611 (AC33-$AC$32)*10000=87.22266741155116 (AD33-$AC$32 )*10000=73.10906128723593 (AE33-$AC$32)*10000=58.99545516292043 (AF33-$AC$32)*10000=30.76824 2914289978 (AG33-$AC$32)*10000=2.541030665659527 (AH33-$AC$32)*10000=-25.6861815829712 (A13 3-$AC$32)*10000=-53.91339383160165 (AJ33-$AC$32)*10000=-82.14060608023239 -0.05 Z33-$M$64=0. 058679416660396694 AA33-$M$64=0.05726805604796517 AB33-$M$64=0.05585669543553362 AC33-$M$64=0 .054445334823102126 AD33-$M$64=0.053033974210670604 AE33-$M$64=0.05162261359823905 AF33-$M$64=0 .04879989237337601 AG33-$M$64=0.04597717114851296 AH33-$M$64=0.04315444992364989 A133-$M$64=0 .040331728698786845 AJ33-$M$64=0.03750900747392377 ROE (new) M31/M$56=0.14227070975751668 N31/1456=0.15379565842592643 031/O$56=0.133239279 64267931 P31/P$56=0.13031433781764779 Q31/0$56=0.14460043618259225 R31/R$56=0.102203593 17283423 231/S$56=0.1347398172027409 -0.10 (=TABLE(T27,T46))=0.18860605091930763 (=TA BLE(T27,T46))=0.18711628138396325 (=TABLE(T27,T46))=0.18562651184861884 (=TABLE(T27,T46))=0. 18413674231327445 (=TABLE(T27,T46))=0.18264697277793007 (=TABLE(T27,T46))=0.1811572032425856 6 (=TABLE(T27,T46))=0.1781776641718969 (=TABLE(T27,T46))=0.1751981251012081 (=TABLE(T27, T46))=0.17221858603051932 (=TABLE(T27,T46))=0.16923904695983055 (=TABLE(T27,T46))=0.16625950 788914176 -0.10 (Z34-$AC$32)*10000=228.8298283736062 (AA34-$AC$32)*10000=213.932133020162 38 (AB34-$AC$32)*10000=199.0344376667183 (AC34-$AC$32)*10000=184.13674231327448 (AD34-$AC$32 )*10000=169.23904695983066 (AE34-$AC$32)*10000=154.34135160638658 (AF34-$AC$32)*10000=124.5459 6089949894 (AG34-$AC$32)*10000=94.75057019261102 (AH34-$AC$32)*10000=64.95517948572311 (A13 4-$AC$32)*10000=35.15978877883546 (AJ34-$AC$32)*10000=5.3643980719475515 -0.10 Z34-$M$64=0. 06860605091930763 AA34-$M$64=0.06711628138396325 AB34-$M$64=0.06562651184861884 AC34-$M$64=0 .06413674231327446 AD34-$M$64=0.06264697277793008 AE34-$M$64=0.06115720324258567 AF34-$M$64=0 .0581776641718969 AG34-$M$64=0.05519812510120811 AH34-$M$64=0.05221858603051932 A134-$M$64=0 .04923904695983056 AJ34-$M$64=0.046259507889141765 Change in ROE from base (M34-M33)=0 (N34-N33)=0 (034-033)=0 (P34-P33)=0 (034-033)=0 (R34-R33)=0 (S34-S33)=0 -0.15 (=TABLE(T27,T46))=0.19970052450279632 (=TABLE(T27,T46))=0. 19812312146537284 (=TABLE(T27,T46))=0.19654571842794935 (=TABLE(T27,T46))=0.1949683153905259 (=TABLE(T27,T46))=0.19339091235310243 (=TABLE(T27,T46))=0.19181350931567895 (=TABLE(T27,T46))=0. 18865870324083203 (=TABLE(T27,T46))=0.18550389716598506 (=TABLE(T27,T46))=0.1823490910911381 2 (=TABLE(T27,T46))=0.1791942850162912 (=TABLE(T27,T46))=0.17603947894144423 -0.15 (Z35 -$AC$32)*10000=339.7745642084932 (AA35-$AC$32)*10000=324.0005338342583 (AB35-$AC$32)*10000= 308.2265034600234 (AC35-$AC$32)*10000=292.4524730857889 (AD35-$AC$32)*10000=276.678442711554 3 (AE35-$AC$32)*10000=260.9044123373194 (AF35-$AC$32)*10000=229.35635158885026 (AG35-$AC$32 )*10000=197.80829084038055 (AH35-$AC$32)*10000=166.2602300919111 (A135-$AC$32)*10000=134.7121 6934344193 (AJ35-$AC$32)*10000=103.16410859497222 -0.15 Z35-$M$64=0.07970052450279633 AA35 -$M$64=0.07812312146537284 AB35-$M$64=0.07654571842794936 AC35-$M$64=0.0749683153905259 AD35 -$M$64=0.07339091235310244 AE35-$M$64=0.07181350931567895 AF35-$M$64=0.06865870324083204 AG35 -$M$64=0.06550389716598506 AH35-$M$64=0.06234909109113812 A135-$M$64=0.059194285016291204 AJ35 -$M$64=0.05603947894144423 -0.20 (=TABLE(T27,T46))=0.21218180728422106 (=TABLE(T27,T46))=0.21050581655695863 (=TABLE(T27, T46))=0.20882982582969617 (=TABLE(T27,T46))=0.20715383510243374 (=TABLE(T27,T46))=0.20547784 43751713 (=TABLE(T27,T46))=0.20380185364790887 (=TABLE(T27,T46))=0.200449872193384 (=TA BLE(T27,T46))=0.1970978907388591 (=TABLE(T27,T46))=0.19374590928433422 (=TABLE(T27,T46))=0. 19039392782980938 (=TABLE(T27,T46))=0.18704194637528448 -0.20 (Z36-$AC$32)*10000=464.58739 20227406 (AA36-$AC$32)*10000=447.82748475011624 (AB36-$AC$32)*10000=431.0675774774916 (AC3 6-$AC$32)*10000=414.3076702048673 (AD36-$AC$32)*10000=397.54776293224296 (AE36-$AC$32)*10000= 380.78785565961863 (AF36-$AC$32)*10000=347.26804111436996 (AG36-$AC$32)*10000=313.748226569121 1 (AH36-$AC$32)*10000=280.2284120238721 (A136-$AC$32)*10000=246.70859747862372 (AJ36-$AC$32 )*10000=213.1887829333748 -0.20 Z36-$M$64=0.09218180728422107 AA36-$M$64=0.090505816556958 63 AB36-$M$64=0.08882982582969617 AC36-$M$64=0.08715383510243374 AD36-$M$64=0.085477844375171 31 AE36-$M$64=0.08380185364790887 AF36-$M$64=0.08044987219338401 AG36-$M$64=0.077097890738859 12 AH36-$M$64=0.07374590928433422 A136-$M$64=0.07039392782980938 AJ36-$M$64=0.067041946375284 49 Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C37:H37)=858.279 COR impact Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TABLE(T27, T46))=0.22632726110316914 (=TABLE(T27,T46))=0.22453953766075588 (=TABLE(T27,T46))=0.22275181 42183426 (=TABLE(T27,T46))=0.22096409077592932 (=TABLE(T27,T46))=0.2191763673335161 (=TA BLE(T27,T46))=0.2173886438911028 (=TABLE(T27,T46))=0.21381319700627627 (=TABLE(T27,T46))=0. 21023775012144974 (=TABLE(T27,T46))=0.20666230323662318 (=TABLE(T27,T46))=0.2030868563517966 6 (=TABLE(T27,T46))=0.19951140946697013 -0.25 (Z37-$AC$32)*10000=606.0419302122214 (AA3 7-$AC$32)*10000=588.1646957880887 (AB37-$AC$32)*10000=570.2874613639558 (AC37-$AC$32)*10000= 552.4102269398231 (AD37-$AC$32)*10000=534.5329925156908 (AE37-$AC$32)*10000=516.655758091557 9 (AF37-$AC$32)*10000=480.90128924329264 (AG37-$AC$32)*10000=445.14682039502736 (AH37-$AC$32 )*10000=409.3923515467618 (A137-$AC$32)*10000=373.6378826984965 (AJ37-$AC$32)*10000=337.8834 EFTA01437465 1385023125 -0.25 Z37-$M$64=0.10632726110316915 AA37-$M$64=0.10453953766075588 AB37-$M$64=0 .10275181421834259 AC37-$M$64=0.10096409077592933 AD37-$M$64=0.09917636733351609 AE37-$M$64=0 .0973886438911028 AF37-$M$64=0.09381319700627627 AG37-$M$64=0.09023775012144974 AH37-$M$64=0 .08666230323662319 A137-$M$64=0.08308685635179666 AJ37-$M$64=0.07951140946697013 Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C38:H38)=1751.946 Stage 2 loans % in 1 oans (base) M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769 12685352839 Q20=0.026227301668108462 R20=0.03727821168956142 520=0.06569703294666697 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan s % in loans (base) M21=0.019902480089475486 N21=0.025255693882762956 021=0.028200 61603322851 P21=0.022987099868194798 Q21=0.03907207566378646 R21=0.04173465306698942 S21= 0.029227683046851582 Total SUM(C37:C39)=698.1659999999999 SUM(D37:039)=1616.995 SUM(E37:E39)=392.371 SUM(F37:F39) =1127.6619999999998 SUM(G37:G39)=1283.114 SUM(H37:H39)=813.327 SUM(C40:H40)=5931.635 Stag e 2 loans % in loans (new) (M6-M27)/M$8=0.07133662843524677 (N6-N27)/N$8=0.1473553433071 9807 (06-027)/0$8=0.03192368365437227 (P6-P27)/P$8=0.07376912685352839 (Q6-Q27)/Q$8 =0.026227301668108462 (R6-R27)/R$8=0.03727821168956142 (56-527)/S$8=0.06569703294666697 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=204895.8715 SUM(C41:H41) =1285905.969 Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486 (N7+N27)/N$8 =0.025255693882762956 (07+027)/0$8=0.02820061603322851 (P7+P27)/P$8=0.022987099868194798 (Q7+Q27)/Q$8=0.03907207566378646 (R7+R27)/R$8=0.04173465306698942 (57+527)/S$8=0.02922 7683046851582 GARANTI GARANTI GARANTI Stage 1 credit impairments C37=53.916 D37=379.957 E37=96.532 F37=7.40 G37= 167.354 H37=153.12 137=858.279 Y26=CAR % of Stage 2 loans transferred to Stage 3 loans AM26 =CAR: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans BA26=Headroom above threshold % of Stage 2 loans transferred to Stage 3 loans COR (gross) Stage 2 credit impairments C38=246.51 D38=748.876 E38=19.004 F38= 588.762 G38=78.11 H38=70.684 138=1751.946 Loan growth (ppt change from base) $N$7 2=0.18070482140335967 AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05 0 0.05 AD43 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y43=0.18070482140335967 A043-0.05=-0.1500000 0000000002 AP43-0.05=-0.10 -0.05 0 0.05 AR43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM43=0.18070482140335967 -0.05 -0.03 -0.01 0 0.05 BF43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 3 cred it impairments (new) M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037 .65 R28+H39=589.523 S28+139=3321.4100000000003 0.20 (=TABLE(T27,T46))=0.1584736953701614 (=TABLE(T27,246))=0.15584491396992972 (=TABLE(T27,T46))=0.15321613256969807 (=TABLE(T27,T46))=0. 1505873511694664 (=TABLE(T27,T46))=0.14795856976923472 (=TABLE(T27,T46))=0.1453297883690030 4 (=TABLE(T27,T46))=0.1400722255685397 (=TABLE(T27,T46))=0.13481466276807638 (=TABLE(T27, T46))=0.12955709996761303 (=TABLE(T27,T46))=0.1242995371671497 (=TABLE(T27,T46))=0.11904197 436668637 0.20 (Z44-$AC$48)*10000=-222.31126033198268 (AA44-$AC$48)*10000=-248.59907433429 944 (AB44-$AC$48)*10000=-274.8868883366159 (AC44-$AC$48)*10000=-301.1747023389327 (AD44-$AC$48 )*10000=-327.4625163412495 (AE44-$AC$48)*10000=-353.7503303435663 (AF44-$AC$48)*10000=-406.325 95834819955 (AG44-$AC$48)*10000=-458.90158635283285 (AH44-$AC$48)*10000=-511.4772143574664 (AI4 4-$AC$48)*10000=-564.0528423620997 (AJ44-$AC$48)*10000=-616.6284703667329 0.20 Z44-$N$64=0. 038473695370161404 AA44-$N$64=0.035844913969929726 AB44-$N$64=0.033216132569698076 AC44-$N$64=0 .030587351169466398 AD44-$N$64=0.02795856976923472 AE44-$N$64=0.025329788369003042 AF44-$N$64=0 .020072225568539714 AG44-$N$64=0.014814662768076386 AH44-$N$64=0.00955709996761303 A144-$N$64=0 .004299537167149703 AJ44-$N$64=-9.58025633313625E-4 Stage 1 C37/C$41*4=0.0010832011970582677 037/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922 083402650082 F37/F$41*4=1.1866424843093242E-4 G37/G$41*4=0.0033964737286702467 H37/ H$41*4=0.0029892256760283235 137/1$41*4=0.002669803300368691 Recoveries C49=253 D49=860 E49= 188 F49=432 G49=446 H49=330 149=2509 0.15 (=TABLE(T27,T46))=0.1653638560384293 (=TA BLE(T27,T46))=0.1626207797947093 (=TABLE(T27,T46))=0.1598777035509893 (=TABLE(T27,T46))=0. 1571346273072693 (=TABLE(T27,T46))=0.1543915510635493 (=TABLE(T27,T46))=0.1516484748198293 (=TABLE(T27,T46))=0.1461623223323893 (=TABLE(T27,T46))=0.1406761698449493 (=TABLE(T27,T46))=0. 13519001735750927 (=TABLE(T27,T46))=0.12970386487006927 (=TABLE(T27,T46))=0.1242177123826292 7 0.15 (245-$AC$48)*10000=-153.40965364930375 (AA45-$AC$48)*10000=-180.84041608650375 (AB4 5-$AC$48)*10000=-208.27117852370375 (AC45-$AC$48)*10000=-235.70194096090376 (AD45-$AC$48)*10000= -263.13270339810373 (AE45-$AC$48)*10000=-290.56346583530376 (AF45-$AC$48)*10000=-345.42499070970 37 (AG45-$AC$48)*10000=-400.2865155841037 (AH45-$AC$48)*10000=-455.148040458504 (A145-$AC$48 )*10000=-510.009565332904 (AJ45-$AC$48)*10000=-564.871090207304 0.15 Z45-$N$64=0.04536385 6038429295 AA45-$N$64=0.042620779794709296 AB45-$N$64=0.039877703550989296 AC45-$N$64=0.0371346 273072693 AD45-$N$64=0.0343915510635493 AE45-$N$64=0.0316484748198293 AF45-$N$64=0.0261623 223323893 AG45-$N$64=0.0206761698449493 AH45-$N$64=0.015190017357509272 A145-$N$64=0.0097038 64870069273 AJ45-$N$64=0.004217712382629274 Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294 E-4 F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307 H38/H$41*4=0.0013799 009122543496 138/I$41*4=0.005449686189301761 Gross loans (base) C41=199098.746 D41=219928.4 3 E41=215448.166 F41=249443.2855 G41=197091.47 H41=204895.8715 141=1285905.969 0 0.10 (=TABLE(T27,T46))=0.17288039494926696 (=TABLE(T27,T46))=0.1700126334217415 (=TABLE(T27,T46))=0. 16714487189421606 (=TABLE(T27,246))=0.1642771103666906 (=TABLE(T27,T46))=0.1614093488391651 EFTA01437466 3 (=TABLE(T27,T46))=0.15854158731163967 (=TABLE(T27,T46))=0.15280606425658877 (=TABLE(T27, T46))=0.14707054120153787 (=TABLE(T27,T46))=0.14133501814648694 (=TABLE(T27,T46))=0.13559949 5091436 (=TABLE(T27,T46))=0.1298639720363851 0.10 (Z46-$AC$48)*10000=-78.24426454092703 (AA4 6-$ACS48)*10000=-106.92187981618167 (AB46-$AC$48)*10000=-135.59949509143604 (AC46-$AC$48)*10000= - 164.2771103666907 (AD46-$AC$48)*10000=-192.95472564194532 (AE46-SAC$48)*10000=-221.63234091719 997 (AF46-$AC$48)*10000=-278.98757146770896 (AG46-$AC$48)*10000=-336.342802018218 (AH46-SAC$48 )*10000=-393.6980325687273 (A146-$AC$48)*10000=-451.05326311923653 (AJ46-$AC$48)*10000=-508.408 49366974555 0.10 Z46-$N$64=0.05288039494926697 AA46-$N$64=0.050012633421741504 AB46-$N$64=0 .04714487189421607 AC46-$N$64=0.0442771103666906 AD46-$N$64=0.04140934883916514 AE46-$N$64=0 .038541587311639675 AF46-$N$64=0.032806064256588774 AG46-SN$64=0.027070541201537873 AH46-$N$64=0 .021335018146486945 A146-$N$64=0.015599495091436016 AJ46-$N$64=0.009863972036385116 Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592 172 F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932 899 139/I$41*4=0.010331735228145598 Change in loan growth $T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4 6=0 $T$46=0 $T$46=0 0.05 (=TABLE(T27,T46))=0.18111279470875588 (=TABLE(T27,T46))=0.17810847 310849112 (=TABLE(T27,T46))=0.17510415150822636 (=TABLE(T27,T46))=0.1720998299079616 (=TA BLE(T27,T46))=0.16909550830769682 (=TABLE(T27,T46))=0.16609118670743206 (=TABLE(T27,T46) 1=0. 16008254350690254 (=TABLE(T27,T46))=0.15407390030637302 (=TABLE(T27,T46))=0.1480652571058434 8 (=TABLE(T27,T46))=0.14205661390531396 (=TABLE(T27,T46))=0.13604797070478442 0.05 (Z47 - $AC$48)*10000=4.079733053962142 (AA47-SAC$48)*10000=-25.963482948685446 (AB47-$AC$48)*10000= -56.006698951333036 (AC47-$AC$48)*10000=-86.04991495398062 (AD47-$AC$48)*10000=-116.09313095662 849 (AE47-$AC$48)*10000=-146.13634695927607 (AF47-$AC$48)*10000=-206.22277896457126 (AG47-$AC$48 )*10000=-266.30921096986646 (AH47-$AC$48)*10000=-326.3956429751619 (AI47-$ACS48)*10000=-386.482 07498045707 (AJ47-SAC$48)*10000=-446.5685069857525 0.05 Z47-$N$64=0.061112794708755885 AA47 -$N$64=0.05810847310849113 AB47-$N$64=0.05510415150822637 AC47-$N$64=0.05209982990796161 AD47 -$N$64=0.04909550830769682 AE47-$N$64=0.046091186707432064 AF47-$N$64=0.040082543506902546 AG47 -$N$64=0.03407390030637303 AH47-$N$64=0.028065257105843483 A147-$N$64=0.022056613905313965 AJ47 -$N$64=0.01604797070478442 Total SUM(C45:C47)=0.014026527319262974 SUM(D45:D47)=0.029409476528341517 SUM(E45:E47) =0.0072847405904583095 SUM(F45:F47)=0.018082859961367853 SUM(G45:G47)=0.02604098492948477 SUM(H45:H47)=0.015877860184215574 SUM(145:I47)=0.018451224717816052 Gross loans (new) M46*(1+M47)=199098.746 N46*(1+N47)=219928.43 046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46* (1+Q47)=197091.47 R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0 (=TABLE(T27,T46) 1=0. 19016843444419368 (=TABLE(T27,T46))=0.18701389676391567 (=TABLE(T27,T46))=0.1838593590836376 8 (=TABLE(T27,T46))=0.18070482140335967 (=TABLE(T27,T46))=0.17755028372308165 (=TABLE(T27, T46))=0.17439574604280367 (=TABLE(T27,T46))=0.16808667068224767 (=TABLE(T27,T46))=0.16177759 532169167 (=TABLE(T27,T46))=0.15546851996113564 (=TABLE(T27,T46) 1=0.14915944460057964 (=TA BLE(T27,T46))=0.14285036924002364 0 (Z48-SAC$48)*10000=94.63613040834012 (AA48-$AC$48 )*10000=63.09075360555999 (AB48-$AC$48)*10000=31.545376802780133 (AC48-$AC$48)*10000=0 (AD4 8-$AC$48)*10000=-31.545376802780133 (AE48-$AC$48)*10000=-63.09075360555999 (AF48-$AC$48)*10000= -126.18150721111998 (AG48-$AC$48)*10000=-189.27226081667996 (AH48-SAC$48)*10000=-252.36301442224 024 (A148-$AC$48)*10000=-315.4537680278002 (AJ48-$AC$48)*10000=-378.5445216333602 0 248- $N$64=0.07016843444419368 AA48-$N$64=0.06701389676391567 AB48-$N$64=0.06385935908363768 AC48 -$N$64=0.06070482140335967 AD48-$N$64=0.05755028372308166 AE48-$N$64=0.05439574604280367 AF48 -$N$64=0.04808667068224767 AG48-$N$64=0.041777595321691674 AH48-$N$64=0.03546851996113565 A148 -$N$64=0.029159444600579648 AJ48-$N$64=0.02285036924002365 Recoveries 253 860 188 432 446 330 SUM(C49:H49)=2509 COR (net), B ase C57=0.008943622377209748 D57=0.013768024443224555 E57=0.0037943418836064724 F57=0.011155433566480983 G57=0.01698935017329771 H57=0.009435563468637288 157=0.010646 610506557188 -0.05 (=TABLE(T27,T46))=0.2001772994149407 (=TABLE(T27,T46))=0.1968567334357007 (=TABLE(T27,T46))=0.1935361674564607 (=TABLE(T27,T46))=0.1902156014772207 (=TABLE(T27,T46))=0. 18689503549798067 (=TABLE(T27,T46))=0.18357446951874068 (=TABLE(T27,T46))=0.1769333375602607 (=TABLE(T27,T46))=0.17029220560178068 (=TABLE(T27,T46))=0.16365107364330067 (=TABLE(T27,T46))=0. 15700994168482066 (=TABLE(T27,T46))=0.15036880972634067 -0.05 (Z49-$AC$48)*10000=194.72478 01158103 (AA49-SAC$48)*10000=161.51912032341036 (AB49-$AC$48)*10000=128.31346053101043 (AC4 9-$AC$48)*10000=95.10780073861025 (AD49-$AC$48)*10000=61.90214094621005 (AE49-$AC$48)*10000= 28.696481153810126 (AF49-$AC$48)*10000=-37.714838430989715 (AG49-$AC$48)*10000=-104.12615801578 984 (AH49-$AC$48)*10000=-170.53747760058997 (AI49-$ACS48)*10000=-236.94879718539008 (AJ49-$AC$48 )*10000=-303.3601167701899 -0.05 Z49-$N$64=0.0801772994149407 AA49-$N$64=0.076856733435700 71 AB49-$N$64=0.07353616745646072 AC49-$N$64=0.0702156014772207 AD49-$N$64=0.066895035497980 68 AE49-$N$64=0.06357446951874068 AF49-$N$64=0.0569333375602607 AG49-$N$64=0.050292205601780 69 AH49-$N$64=0.043651073643300675 A149-$N$64=0.03700994168482066 AJ49-$N$64=0.030368809726340 68 COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748 (N42+N43+N44-N45)/N48*4=0.0137680244 43224555 (042+043+044-045)/048*4=0.0037943418836064724 (P42+P43+P44-P45)/P48*4=0.0111554335 66480983 (Q42+043+044-045)/048*4=0.01698935017329771 (R42+R43+R44-R45)/R48*4=0.0094355634 68637288 (S42+543+544-S45)/S48*4=0.010646610506557188 -0.10 (=TABLE(T27,T46))=0.21129826 049354852 (=TABLE(T27,T46))=0.20779321862657293 (=TABLE(T27,T46))=0.2042881767595974 (=TA BLE(T27,T46))=0.20078313489262184 (=TABLE(T27,T46))=0.19727809302564625 (=TABLE(T27,T46) 1=0. 19377305115867072 (=TABLE(T27,T46))=0.18676296742471962 (=TABLE(T27,T46))=0.1797528836907685 (=TABLE(T27,T46))=0.17274279995681738 (=TABLE(T27,T46))=0.16573271622286626 (=TABLE(T27,T46))=0. 15872263248891513 -0.10 (Z50-$AC$48)*10000=305.93439090188855 (AA50-$AC$48)*10000=270.8839 722321327 (AB50-$AC$48)*10000=235.83355356237735 (AC50-$AC$48)*10000=200.78313489262172 (AD5 0-$AC$48)*10000=165.73271622286583 (AE50-$AC$48)*10000=130.68229755311052 (AF50-$AC$48)*10000= 60.581460213599556 (AG50-$AC$48)*10000=-9.519377125911666 (AH5O-SAC$48)*10000=-79.620214465422 89 (A150-$AC$48)*10000=-149.72105180493412 (AJ50-$AC$48)*10000=-219.82188914444535 -0.10 Z50- SN$64=0.09129826049354853 AA50-$N$64=0.08779321862657294 AB50-$N$64=0.0842881767595974 AC50 -$N$64=0.08078313489262184 AD50-$N$64=0.07727809302564626 AE50-$N$64=0.07377305115867072 AF50 -$N$64=0.06676296742471963 AG50-$N$64=0.059752883690768505 AH50-$N$64=0.05274279995681738 A150 EFTA01437467 -$N$64=0.04573271622286626 AJ50-$8$64=0.03872263248891514 COR (net) Change in COR from base (bps) (850-849)*100=0 (850-849)*100=0 (050-049)*100=0 (P50 -P49)*100=0 (Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15 (=TABLE(T27,T46))=0.22372756 99343455 (=TABLE(T27,T46))=0.22001634913401844 (=TABLE(T27,T46))=0.2163051283336914 (=TA BLE(T27,T46))=0.2125939075333643 (=TABLE(T27,T46))=0.20888268673303723 (=TABLE(T27,T46))=0. 20517146593271018 (=TABLE(T27,T46))=0.19774902433205607 (=TABLE(T27,T46))=0.1903265827314019 6 (=TABLE(T27,T46))=0.18290414113074782 (=TABLE(T27,T46))=0.17548169953009368 (=TABLE(T27, T46))=0.16805925792943957 -0.15 (251-$AC$48)*10000=430.22748530985837 (AA51-$AC$48)*10000= 393.1152773065877 (AB51-$AC$48)*10000=356.00306930331726 (AC51-$AC$48)*10000=318.890861300046 3 (AD51-$AC$48)*10000=281.7786532967756 (AE51-$AC$48)*10000=244.66644529350518 (AF51-$AC$48 )*10000=170.44202928696407 (AG51-$AC$48)*10000=96.21761328042294 (AH51-$AC$48)*10000=21.99319 727388155 (A151-$AC$48)*10000=-52.23121873265985 (AJ51-$AC$48)*10000=-126.45563473920096 -0.1 5 Z51-$N$64=0.10372756993434551 AA51-$N$64=0.10001634913401844 AB51-$N$64=0.096305128333691 4 AC51-$8$64=0.0925939075333643 AD51-$8$64=0.08888268673303723 AE51-$N$64=0.085171465932710 19 AF51-$8$64=0.07774902433205608 AG51-$N$64=0.07032658273140197 AH51-$8$64=0.062904141130747 83 A151-$N$64=0.05548169953009369 AJ51-$N$64=0.048059257929439575 -0.20 (=TABLE(T27,T46))=0.23771054305524209 (=TABLE(T27,T46))=0.23376737095489455 (=TABLE(T27, T46))=0.22982419885454708 (=TABLE(T27,T46))=0.22588102675419958 (=TABLE(T27,T46))=0.22193785 465385205 (=TABLE(T27,T46))=0.21799468255350457 (=TABLE(T27,T46))=0.21010833835280956 (=TA BLE(T27,T46))=0.20222199415211456 (=TABLE(T27,T46))=0.19433564995141953 (=TABLE(T27,T46))=0. 18644930575072455 (=TABLE(T27,T46))=0.17856296155002954 -0.20 (Z52-$AC$48)*10000=570.05721 65188241 (AA52-$AC$48)*10000=530.6254955153489 (AB52-$AC$48)*10000=491.19377451187415 (AC5 2-$AC$48)*10000=451.7620535083991 (AD52-$AC$48)*10000=412.3303325049238 (AE52-$AC$48)*10000= 372.89861150144907 (AF52-$AC$48)*10000=294.035169494499 (AG52-$AC$48)*10000=215.171727487548 94 (A852-$AC$48)*10000=136.30828548059858 (A152-$AC$48)*10000=57.44484347364881 (AJ52-$AC$48 )*10000=-21.418598533301246 -0.20 Z52-$N$64=0.11771054305524209 AA52-$8$64=0.113767370954894 56 AB52-$N$64=0.10982419885454708 AC52-$8$64=0.10588102675419958 AD52-$N$64=0.101937854653852 05 AE52-$8$64=0.09799468255350458 AF52-$8$64=0.09010833835280957 AG52-$8$64=0.082221994152114 56 AH52-$8$64=0.07433564995141953 A152-$N$64=0.06644930575072455 AJ52-$8$64=0.058562961550029 546 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Tier 1 d CAR impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TA BLE(T27,T46))=0.25355791259225824 (=TABLE(T27,T46))=0.24935186235188755 (=TABLE(T27,T46))=0. 2451458121115169 (=TABLE(T27,246))=0.2409397618711462 (=TABLE(T27,T46))=0.2367337116307755 3 (=TABLE(T27,T46))=0.2325276613904049 (=TABLE(T27,T46)]=0.22411556090966356 (=TABLE(T27, T46))=0.21570346042892222 (=TABLE(T27,T46))=0.20729135994818085 (=TABLE(T27,T46)]=0.19887925 946743953 (=TABLE(T27,T46))=0.1904671589866982 -0.25 (253-$AC$48)*10000=728.5309118889858 (AA53-$AC$48)*10000=686.4704094852789 (AB53-$AC$48)*10000=644.4099070815723 (AC53-$AC$48)*10000= 602.3494046778654 (AD53-$AC$48)*10000=560.2889022741587 (AE53-$AC$48)*10000=518.228399870452 3 (AF53-$AC$48)*10000=434.1073950630389 (AG53-$AC$48)*10000=349.9863902556255 (AH53-$AC$48 )*10000=265.8653854482118 (A153-$AC$48)*10000=181.74438064079868 (AJ53-$AC$48)*10000=97.62337 583338527 -0.25 Z53-$N$64=0.13355791259225824 AA53-$8$64=0.12935186235188756 AB53-$N$64=0 .1251458121115169 AC53-$8$64=0.12093976187114622 AD53-$8$64=0.11673371163077553 AE53-$N$64=0 .1125276613904049 AF53-$8$64=0.10411556090966356 AG53-$8$64=0.09570346042892222 AH53-$N$64=0 .08729135994818085 A153-$8$64=0.07887925946743954 AJ53-$8$64=0.0704671589866982 Stage 1 Base Case (2018E) Stage 2 Total RWAs 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)° !$BK$585=302875.679288 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775 'R:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$585=344418.17760000005 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410 0002 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006 SUM(855:R55)=1674676.3345584 502 Stage 3 (C39-C49)/C41*4=0.0029079037996552724 (D39-D49)/D41*4=-0.006762891000495025 (E39-E49)/E4 1*4=0.0016493062187403346 (F39-F49)/F41*4=0.0015955530701186181 (G39-G49)/G41*4=0.0120076226 53583133 (839-H49)/H41*4=0.005066436880354615 (139-149)/141*4=0.002527121016886734 Shar eholders equity 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$112=46285.562756758685 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$112=47900.06103707109 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411 7375 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914 SUM(M56:R56)=231943.64101575 254 Total (C40-C49)/C41*4=0.008943622377209748 (D4O-D49)/D41*4=0.013768024443224555 (E40-E49)/E4 1*4=0.0037943418836064724 (F40-F49)/F41*4=0.011155433566480983 (G40-G49)/G41*4=0.0169893501 7329771 (H40-849)/H41*4=0.009435563468637288 (140-149)/141*4=0.010646610506557188 Tier 1 Capit al 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574= 45591.27931540731 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk EFTA01437468 ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=46942.05981632967 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365 SUM(M57:R57)=224142.46766948313 BALK BANK HALKBANK HALKBANK Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$575=7161.802715988953 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$575=8622.010986672796 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217 583 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CLAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$565=9992.644555895582 SUM(M58:R58)=41212.154475211 28 Y42=CAR % of Stage 2 loans transferred to Stage 3 loans AM42=CAR: change from base (bps) of Stage 2 loans transferred to Stage 3 loans BA42=Headroom above threshold % of Stage 2 loans t ransferred to Stage 3 loans Deductions 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$577=34.580451246550766 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFRWIAPI KREDI MODEL- Higher RFR and Lowe ✓ NIM.xlsxjForecast (TRY)'!$BK$572=301.6647413100553 SUM(M59:R59)=414.06463687359906 Loan growth (ppt change from base) $O$72=0.13258956066465483 AA59-0.05=-0.15000000000000002 AB59-0.05=-0 .10 -0.05 0 0.05 AD59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y59=0.132589 56066465483 A059-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05 0 0.05 AR59+0.05=0. 10 0.20 0.30 0.40 0.50 0.60 AM59=0.13258956066465483 -0.05 -0.03 -0.0 1 0 0.05 BF59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Capital base M57+M58-M59=50193.48681901117 N57+N58-N59=52718.501580149714 057+058-059=31142.88 3697848178 P57+P58-P59=55516.17074196539 Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18 2285329174 257+558-S59=264940.55750782083 0.20 (=TABLE(T27,T46))=0.11260483432318016 (=TA BLE(T27,T46))=0.11190032306674645 (=TABLE(T27,T46))=0.11119581181031274 (=TABLE(T27,T46) 1=0. 11049130055387901 (=TABLE(T27,T46))=0.10978678929744529 (=TABLE(T27,T46))=0.1090822780410115 7 (=TABLE(T27,T46))=0.10767325552814414 (=TABLE(T27,T46))=0.1062642330152767 (=TABLE(T27, T46))=0.10485521050240924 (=TABLE(T27,T46))=0.1034461879895418 (=TABLE(T27,T46))=0.10203716 547667438 0.20 (Z60-$AC$64)*10000=-199.84726341474664 (AA60-$AC$64)*10000=-206.89237597908 374 (AB60-$AC$64)*10000=-213.93748854342087 (AC60-$AC$64)*10000=-220.98260110775814 (AD60-$AC$64 )*10000=-228.0277136720954 (AE60-$AC$64)*10000=-235.07282623643252 (AF60-$AC$64)*10000=-249.163 05136510692 (AG60-$AC$64)*10000=-263.2532764937813 (AH60-$AC$64)*10000=-277.34350162245585 (A16 0-$AC$64)*10000=-291.4337267511302 (AJ60-$AC$64)*10000=-305.5239518798045 0.20 Z60-$O$64=-0 .0073951656768198315 AA60-$O$64=-0.008099676933253544 AB60-$O$64=-0.008804188189687256 AC60-$O$64=-0.009508699446120983 AD60-$O$64=-0.01021321070255471 AE60-$O$64=-0.01091772195898 8422 AF60-$0$64=-0.01232674447185586 AG60-$O$64=-0.0137357669847233 AH60-$O$64=-0.01514478949759 0752 A160-$0$64=-0.01655381201045819 AJ60-$O$64=-0.017962834523325616 Tier 1 capital ratio (base) M57/M55=0.1456790194134188 N57/N55=0.15627462350605692 057/ 055=0.11928556821019161 P57/P55=0.13629379303797134 Q57/Q55=0.11876636214990284 R57/R55=0.11 874779030119209 S57/555=0.13384226136364502 0.15 (=TABLE(T27,T46))=0.11750069668505758 (=TA BLE(T27,T46))=0.11676555450443109 (=TABLE(T27,T46))=0.11603041232380461 (=TABLE(T27,T46))=0. 11529527014317811 (=TABLE(T27,T46))=0.11456012796255162 (=TABLE(T27,T46))=0.1138249857819251 4 (=TABLE(T27,T46))=0.11235470142067215 (=TABLE(T27,T46))=0.11088441705941918 (=TABLE(T27, T46))=0.10941413269816617 (=TABLE(T27,T46))=0.1079438483369132 (=TABLE(T27,T46))=0.10647356 397566023 0.15 (Z61-$AC$64)*10000=-150.88863979597244 (AA61-$AC$64)*10000=-158.24006160223 738 (AB61-$AC$64)*10000=-165.5914834085022 (AC61-$AC$64)*10000=-172.94290521476714 (AD61-$AC$64 )*10000=-180.29432702103207 (AE61-$AC$64)*10000=-187.64574882729687 (AF61-$AC$64)*10000=-202.348 59243982675 (AG61-$AC$64)*10000=-217.0514360523565 (AH61-$AC$64)*10000=-231.75427966488652 (A16 1-$AC$64)*10000=-246.45712327741626 (AJ61-$AC$64)*10000=-261.159966889946 0.15 Z61-$O$64=-0 .0024993033149424138 AA61-$O$64=-0.003234445495568908 AB61-$O$64=-0.003969587676195388 AC61-$O$64=-0.004704729856821882 AD61-$O$64=-0.005439872037448376 AE61-$O$64=-0.006175 014218074856 AF61-$O$64=-0.007645298579327844 AG61-$0$64=-0.009115582940580819 AH61 - $0$64=-0.01058586730183382 A161-$O$64=-0.012056151663086795 AJ61-$O$64=-0.01352643602433 9769 CAR (base) M60/M55=0.165723068081947 N60/N55=0.18070482140335967 060/055=0.1325895606 6465483 P60/P55=0.16118827156225388 Q60/055=0.1472339320162418 R60/R55=0.15303788255670486 S60/555=0.15820403742534273 0.10 (=TABLE(T27,T46))=0.12284163744346926 (=TABLE(T27,T46))=0. 12207307970917793 (=TABLE(T27,T46))=0.12130452197488661 (=TABLE(T27,T46))=0.1205359642405952 8 (=TABLE(T27,T46))=0.11976740650630394 (=TABLE(T27,T46))=0.11899884877201261 (=TABLE(T27, T46))=0.11746173330342995 (=TABLE(T27,T46))=0.1159246178348473 (=TABLE(T27,T46))=0.11438750 236626462 (=TABLE(T27,T46))=0.11285038689768197 (=TABLE(T27,T46))=0.1113132714290993 0.10 (Z62-$AC$64)*10000=-97.47923221185562 (AA62-$AC$64)*10000=-105.16480955476901 (AB62-$AC$64)*10000= - 112.85038689768211 (AC62-$AC$64)*10000=-120.5359642405955 (AD62-$AC$64)*10000=-128.22154158350 89 (AE62-$AC$64)*10000=-135.90711892642216 (AF62-$AC$64)*10000=-151.2782736122488 (AG62-$AC$64 )*10000=-166.6494282980753 (AH62-$AC$64)*10000=-182.02058298390207 (A162-$AC$64)*10000=-197.391 7376697286 (AJ62-$AC$64)*10000=-212.76289235555524 0.10 Z62-$O$64=0.0028416374434692693 AA62 EFTA01437469 - $0$64=0.00207307970917793 AB62-$O$64=0.0013045219748866188 AC62-$0$64=5.359642405952797 E-4 AD62-$0$64=-2.3259349369605942E-4 AE62-$0$64=-0.0010011512279873847 AF62-$0$64=- 0.002538266696570049 AG62-$0$64=-0.0040753821651526995 AH62-$0$64=-0.005612497633735378 A162-$0$64=-0.007149613102318028 AJ62-$0$64=-0.008686728570900693 Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001 0.09375 0.08875000000000001 0.09125 AVERAGE(M63:R63)=0.09166666666666667 0.05 (=TABLE(T27,T46))=0.12869123922649162 (=TA BLE(T27,T46))=0.1278860835048531 (=TABLE(T27,T46))=0.12708092778321456 (=TABLE(T27,T46))=0. 12627577206157603 (=TABLE(T27,T46))=0.12547061633993747 (=TABLE(T27,T46))=0.1246654606182989 5 (=TABLE(T27,T46))=0.12305514917502186 (=TABLE(T27,T46))=0.12144483773174479 (=TABLE(T27, T46))=0.11983452628846772 (=TABLE(T27,T46))=0.11822421484519065 (=TABLE(T27,T46))=0.11661390 340191358 0.05 (Z63-$AC$64)*10000=-38.9832143816321 (AA63-$AC$64)*10000=-47.034771598017 386 (AB63-$AC$64)*10000=-55.08632881440268 (AC63-$AC$64)*10000=-63.13788603078796 (AD63-$AC$64 )*10000=-71.18944324717353 (AE63-$AC$64)*10000=-79.2410004635588 (AF63-$AC$64)*10000=-95.3441 1489632966 (AG63-$AC$64)*10000=-111.44722932910037 (AH63-$AC$64)*10000=-127.55034376187108 (A16 3-$AC$64)*10000=-143.6534581946418 (AJ63-$AC$64)*10000=-159.7565726274125 0.05 Z63-$0$64=0. 00869123922649162 AA63-$0$64=0.007886083504853092 AB63-$0$64=0.007080927783214563 AC63-$0$64=0 .006275772061576035 AD63-$0$64=0.0054706163399374785 AE63-$0$64=0.00466546061829895 AF63 -$0$64=0.003055149175021865 AG63-$0$64=0.0014448377317447941 AH63-$0$64=-1.65473711532276 86E-4 A163-$0$64=-0.0017757851548093478 AJ63-$0$64=-0.003386096598086419 CAR threshold (2018) 0.12 0.12 0.12 0.12 0.12 0.12 AVERAGE(M64:R64)=0.12 0 (=TABLE(T27,T46))=0.1351258011878162 (=TABLE(T27,T46))=0.13428038768009573 (=TABLE(T27,T46))=0. 1334349741723753 (=TABLE(T27,T46))=0.13258956066465483 (=TABLE(T27,T46))=0.1317441471569343 6 (=TABLE(T27,T46))=0.1308987336492139 (=TABLE(T27,T46))=0.12920790663377296 (=TABLE(T27, T46))=0.12751707961833203 (=TABLE(T27,T46))=0.1258262526028911 (=TABLE(T27,T46))=0.12413542 558745018 (=TABLE(T27,T46))=0.12244459857200926 0 (264-$AC$64)*10000=25.36240523161370 7 (AA64-$AC$64)*10000=16.908270154409045 (AB64-$AC$64)*10000=8.454135077204661 (AC64-$AC$64 )*10000=0 (AD64-$AC$64)*10000=-8.454135077204661 (AE64-$AC$64)*10000=-16.908270154409323 (AF6 4-$AC$64)*10000=-33.816540308818645 (AG64-$AC$64)*10000=-50.72481046322797 (AH64-$AC$64)*10000= -67.63308061763729 (A164-$AC$64)*10000=-84.54135077204647 (AJ64-$AC$64)*10000=-101.44962092645 565 0 Z64-$0$64=0.015125801187816201 AA64-$0$64=0.014280387680095735 AB64-$0$64=0.0134349 74172375297 AC64-$0$64=0.01258956066465483 AD64-$0$64=0.011744147156934365 AE64-$0$64=0.0108987 33649213899 AF64-$0$64=0.009207906633772966 AG64-$0$64=0.007517079618332034 AH64-$0$64=0.0058262 52602891102 A164-$0$64=0.004135425587450184 AJ64-$0$64=0.0024445985720092656 Tier 1 capital headroom M61-M63=0.05192901941341879 N61-N63=0.06252462350605692 061-063=0.03 05355682101916 P61-P63=0.042543793037971345 Q61-Q63=0.03001636214990283 R61-R63=0.0274977903 01192093 S61-563=0.04217559469697835 -0.05 (=TABLE(T27,T46))=0.14223768546085916 (=TA BLE(T27,T46))=0.14134777650536395 (=TABLE(T27,T46))=0.14045786754986872 (=TABLE(T27,T46))=0. 1395679585943735 (=TABLE(T27,T46))=0.13867804963887825 (=TABLE(T27,T46))=0.1377881406833830 5 (=TABLE(T27,T46))=0.13600832277239258 (=TABLE(T27,T46))=0.13422850486140214 (=TABLE(T27, T46))=0.13244868695041168 (=TABLE(T27,T46))=0.13066886903942124 (=TABLE(T27,T46))=0.12888905 11284308 -0.05 (Z65-$AC$64)*10000=96.48124796204333 (AA65-$AC$64)*10000=87.5821584070912 7 (AB65-$AC$64)*10000=78.68306885213894 (AC65-$AC$64)*10000=69.7839792971866 (AD65-$AC$64 )*10000=60.88488974223427 (AE65-$AC$64)*10000=51.985800187282216 (AF65-$AC$64)*10000=34.18762 107737755 (AG65-$AC$64)*10000=16.38944196747316 (AH65-$AC$64)*10000=-1.4087371424315043 (A16 5-$AC$64)*10000=-19.206916252335894 (AJ65-$AC$64)*10000=-37.00509536224028 -0.05 Z65-$0$64=0. 022237685460859163 AA65-$0$64=0.021347776505363958 AB65-$0$64=0.020457867549868725 AC65-$0$64=0 .01956795859437349 AD65-$0$64=0.018678049638878258 AE65-$0$64=0.017788140683383052 AF65-$0$64=0 .016008322772392586 AG65-$0$64=0.014228504861402147 AH65-$0$64=0.01244868695041168 A165-$0$64=0 .010668869039421242 AJ65-$0$64=0.008889051128430803 CAR headroom M62-M64=0.04572306808194701 N62-N64=0.06070482140335967 062-064=0.0125895606 6465483 P62-P64=0.04118827156225388 Q62-064=0.027233932016241802 R62-R64=0.03303788255670487 S62-S64=0.03820403742534273 -0.10 (=TABLE(T27,T46))=0.15013977909757356 (=TABLE(T27,T46))=0. 14920043075566194 (=TABLE(T27,T46))=0.14826108241375033 (=TABLE(T27,T46))=0.1473217340718386 8 (=TABLE(T27,T46))=0.14638238572992707 (=TABLE(T27,T46))=0.14544303738801545 (=TABLE(T27, T46))=0.1435643407041922 (=TABLE(T27,T46))=0.14168564402036893 (=TABLE(T27,T46))=0.13980694 733654567 (=TABLE(T27,T46))=0.13792825065272243 (=TABLE(T27,T46))=0.13604955396889917 -0.1 0 (Z66-$AC$64)*10000=175.50218432918734 (AA66-$AC$64)*10000=166.10870091007118 (AB66-$AC$64 )*10000=156.715217490955 (AC66-$AC$64)*10000=147.32173407183856 (1066-$AC$64)*10000=137.9282 506527224 (AE66-$AC$64)*10000=128.53476723360623 (AF66-$AC$64)*10000=109.74780039537363 (AG6 6-$AC$64)*10000=90.96083355714102 (AH66-$AC$64)*10000=72.17386671890841 (A166-$AC$64)*10000= 53.386899880676076 (AJ66-$AC$64)*10000=34.59993304244347 -0.10 266-$0$64=0.0301397790975735 66 AA66-$0$64=0.02920043075566195 AB66-$0$64=0.028261082413750332 AC66-$0$64=0.027321734071838 688 AD66-$0$64=0.02638238572992707 AE66-$0$64=0.025443037388015455 AF66-$0$64=0.023564340704192 194 AG66-$0$64=0.021685644020368933 AH66-$0$64=0.01980694733654567 A166-$0$64=0.017928250652722 44 AJ66-$0$64=0.016049553968899177 Stage 1 Impact of weaker asset quality (2018E) -0.15 (=TABLE(T27,T46))=0.15897153080919554 (=TA BLE(T27,T46))=0.15797692668246557 (=TABLE(T27,T46))=0.15698232255573563 (=TABLE(T27,T46))=0. 1559877184290057 (=TABLE(T27,T46))=0.15499311430227572 (=TABLE(T27,T46))=0.1539985101755457 8 (=TABLE(T27,T46))=0.15200930192208584 (=TABLE(T27,T46))=0.15002009366862593 (=TABLE(T27, T46))=0.148030885415166 (=TABLE(T27,T46))=0.1460416771617061 (=TABLE(T27,T46))=0.1440524689082462 -0.15 (Z67-$AC$64)*10000=263.8197014454072 (AA67-$AC$64)*10000=253.87366017810749 (AB67-$AC$64 )*10000=243.92761891080806 (AC67-$AC$64)*10000=233.98157764350864 (1067-$AC$64)*10000=224.0355 3637620894 (AE67-$AC$64)*10000=214.08949510890952 (AF67-$AC$64)*10000=194.1974125743101 (AG6 7-$AC$64)*10000=174.30533003971098 (AH67-$AC$64)*10000=154.41324750511188 (A167-$AC$64)*10000= 134.52116497051276 (AJ67-$AC$64)*10000=114.62908243591363 -0.15 267-$0$64=0.0389715308091955 5 AA67-$0$64=0.03797692668246558 AB67-$0$64=0.036982322555735636 AC67-$0$64=0.035987718429005 694 AD67-$0$64=0.034993114302275724 AE67-$0$64=0.03399851017554578 AF67-$0$64=0.032009301922085 84 AG67-$0$64=0.03002009366862593 AH67-$0$64=0.028030885415166018 A167-$0$64=0.026041677161706 106 AJ67-$0$64=0.024052468908246194 EFTA01437470 Total RWAs (new) M55*(1+$T$46)=302875.679288 N55*(1+$T$46)=291738.2124657 055*(1+$T$46 )=234881.86808775 P55*(1+$T$46)=344418.17760000005 Q55*(1+$T$46)=218144.90684100002 R55*(1+$T$46)=282617.49027600006 SUM(M68:R68)=1674676.3345584502 -0.20 (=TABLE(T27,T46))=0. 16890725148477026 (=TABLE(T27,246))=0.16785048460011967 (=TABLE(T27,T46))=0.1667937177154690 8 (=TABLE(T27,T46))=0.16573695083081852 (=TABLE(T27,T46))=0.16468018394616793 (=TABLE(T27, T46))=0.16362341706151737 (=TABLE(T27,T46))=0.1615098832922162 (=TABLE(T27,T46))=0.15939634 952291504 (=TABLE(T27,T46))=0.15728281575361386 (=TABLE(T27,T46))=0.1551692819843127 (=TA BLE(T27,T46))=0.15305574821501156 -0.20 (Z68-$AC$64)*10000=363.17690820115433 (AA68-$AC$64 )*10000=352.6092393546484 (AB68-$AC$64)*10000=342.04157050814257 (AC68-$AC$64)*10000=331.4739 0166163694 (AD68-$AC$64)*10000=320.90623281513103 (AE68-$AC$64)*10000=310.3385639686254 (AF6 8-$AC$64)*10000=289.20322627561364 (AG68-$AC$64)*10000=268.0678885826021 (AH68-$AC$64)*10000= 246.93255088959032 (A168-$AC$64)*10000=225.7972131965788 (AJ68-$AC$64)*10000=204.661875503567 3 -0.20 Z68-$O$64=0.048907251484770264 AA68-$0$64=0.047850484600119675 AB68-$0$64=0.0467937 17715469085 AC68-$0$64=0.045736950830818524 AD68-$O$64=0.044680183946167934 AE68-$0$64=0.0436234 1706151737 AF68-$O$64=0.04150988329221619 AG68-$0$64=0.03939634952291504 AH68-$0$64=0.0372828 1575361386 A168-$0$64=0.03516928198431271 AJ68-$0$64=0.03305574821501156 Tier 1 capital (TRYm) M57-(M$28*0.8)=44122.63196284895 N57-(N$28*0.8)=45591.27931540731 057-(0$28*0.8)=28018.01709711853 P57-(P$28*0.8)=46942.05981632967 Q57-(Q$28*0.8)=25908 .277007035027 R57-(R$28*0.8)=33560.20247074365 S57-(S$28*0.8)=224142.46766948313 -0.2 5 (=TABLE(T27,T46))=0.18016773491708826 (=TABLE(T27,T46))=0.17904051690679432 (=TABLE(T27, T46))=0.17791329889650037 (=TABLE(T27,T46))=0.1767860808862064 (=TABLE(T27,T46))=0.17565886 287591245 (=TABLE(T27,T46))=0.1745316448656185 (=TABLE(T27,T46))=0.1722772088450306 (=TA BLE(T27,T46))=0.1700227728244427 (=TABLE(T27,T46))=0.16776833680385478 (=TABLE(T27,T46))=0. 1655139007832669 (=TABLE(T27,T46))=0.163259464762679 -0.25 (Z69-$AC$64)*10000=475.78174 252433433 (AA69-$AC$64)*10000=464.5095624213949 (AB69-$AC$64)*10000=453.23738231845545 (AC6 9-$AC$64)*10000=441.9652022155157 (AD69-$AC$64)*10000=430.6930221125763 (AE69-$AC$64)*10000= 419.42084200963683 (AF69-$AC$64)*10000=396.8764818037576 (AG69-$AC$64)*10000=374.332121597878 7 (AH69-$AC$64)*10000=351.78776139199954 (A169-$AC$64)*10000=329.2434011861206 (AJ69-$AC$64 )*10000=306.6990409802417 -0.25 Z69-$O$64=0.06016773491708827 AA69-$0$64=0.059040516906794 32 AB69-$0$64=0.057913298896500376 AC69-$0$64=0.0567860808862064 AD69-$O$64=0.055658862875912 46 AE69-$0$64=0.05453164486561851 AF69-$0$64=0.05227720884503059 AG69-$O$64=0.050022772824442 7 AH69-$0$64=0.04776833680385478 A169-$O$64=0.04551390078326689 AJ69-$0$64=0.043259464762679 Capital base (TRYm) M60-(M$28*0.8)=50193.48681901117 N60-(N$28*0.8)=52718.501580149714 060-(0$28*0.8)=31142.883697848178 P60-(P$28*0.8)=55516.17074196539 Q60-(Q$28*0.8)=32118 .332383517198 R60-(R$28*0.8)=43251.182285329174 S60-(S$28*0.8)=264940.55750782083 Tier 1 capital ratio (new) M69/(M68*(1+$T$46))=0.1456790194134188 N69/(N68*(1+$T$46))=0.156274 62350605692 069/(068*(1+$T$46))=0.11928556821019161 P69/(P68*(1+$T$46))=0.13629379303797134 Q69/ (Q68*(1+$T$46))=0.11876636214990284 R69/(R68*(1+$T$46))=0.11874779030119209 S69/S55=0.1338422613 6364502 CAR (new) M70/M68=0.165723068081947 N70/N68=0.18070482140335967 070/068=0.1325895606 6465483 P70/P68=0.16118827156225388 Q70/Q68=0.1472339320162418 R70/R68=0.15303788255670486 S70/555=0.15820403742534273 COR (net) Tier 1 capital ratio - chg. from base (bps) (M71-M61)*100=0 (N71-N61)*100=0 (071 -061)*100=0 (P71-P61)*100=0 (Q71-Q61)*100=0 (R71-R61)*100=0 (S71-561)*100=0 ISBANK ISBANK ISBA NK CAR - chg. from base (bps) (M72-M62)*100=0 (N72-N62)*100=0 (072-062)*100=0 (P72-P62)*100=0 (Q72 -Q62)*100=0 (R72-R62)*100=0 (S72-562)*100=0 Y58=CAR t of Stage 2 loans transferred to Stage 3 lo ans AM58=CAR: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans BA58 =Headroom above threshold t of Stage 2 loans transferred to Stage 3 loans Tier 1 capital headroom M71-M63=0.05192901941341879 N71-N63=0.06252462350605692 071-063=0.03 05355682101916 P71-P63=0.042543793037971345 Q71-Q63=0.03001636214990283 R71-R63=0.0274977903 01192093 S71-563=0.04217559469697835 Loan growth (ppt change from base) $P$72=0.1611 8827156225388 AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05 0 0.05 AD75+0.05=0. 10 0.20 0.30 0.40 0.50 0.60 Y75=0.16118827156225388 A075-0.05=-0.150000000000000 02 AP75-0.05=-0.10 -0.05 0 0.05 AR75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM75=0.16118827156225388 -0.05 -0.03 -0.01 0 0.05 BF75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 CAR headroom M72-M64=0.04572306808194701 N72-N64=0.06070482140335967 072-064=0.0125895606 6465483 P72-P64=0.04118827156225388 Q72-064=0.027233932016241802 R72-R64=0.03303788255670487 S72-S64=0.03820403742534273 0.20 (=TABLE(T27,T46))=0.1381060091826712 (=TABLE(T27,T46))=0. 13684519266685133 (=TABLE(T27,T46))=0.13558437615103144 (=TABLE(T27,T46))=0.1343235596352115 6 (=TABLE(T27,T46))=0.13306274311939167 (=TABLE(T27,T46))=0.1318019266035718 (=TABLE(T27, T46))=0.12928029357193202 (=TABLE(T27,T46))=0.12675866054029225 (=TABLE(T27,T46))=0.12423702 750865248 (=TABLE(T27,T46))=0.1217153944770127 (=TABLE(T27,T46))=0.11919376144537294 0.20 (Z76-$AC$80)*10000=-230.82262379582664 (AA76-$AC$80)*10000=-243.43078895402547 (AB76-$AC$80)*10000= -256.0389541122243 (AC76-$AC$80)*10000=-268.64711927042316 (AD76-$AC$80)*10000=-281.25528442862 2 (AE76-$AC$80)*10000=-293.8634495868209 (AF76-$AC$80)*10000=-319.07977990321854 (AG76-$AC$80 )*10000=-344.29611021961625 (AH76-$AC$80)*10000=-369.51244053601397 (A176-$AC$80)*10000=-394.728 7708524118 (AJ76-$AC$80)*10000=-419.94510116880934 0.20 Z76-$P$64=0.018106009182671218 AA76 -$P$64=0.016845192666851333 AB76-$P$64=0.015584376151031448 AC76-$P$64=0.014323559635211564 AD76 -$P$64=0.013062743119391679 AE76-$P$64=0.011801926603571794 AF76-$P$64=0.009280293571932025 AG76 -$P$64=0.006758660540292255 AH76-$P$64=0.0042370275086524856 A176-$P$64=0.001715394477012 7022 AJ76-$P$64=-8.062385546270534E-4 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average 0.15 (=TA BLE(T27,T46))=0.14411061827756996 (=TABLE(T27,T46))=0.14279498365236662 (=TABLE(T27,T46))=0. 14147934902716328 (=TABLE(T27,T46))=0.1401637144019599 (=TABLE(T27,T46))=0.1388480797767565 3 (=TABLE(T27,T46))=0.1375324451515532 (=TABLE(T27,246))=0.13490117590114648 (=TABLE(T27, T46))=0.13226990665073973 (=TABLE(T27,T46))=0.12963863740033305 (=TABLE(T27,246))=0.12700736 81499263 (=TABLE(T27,T46))=0.1243760988995196 0.15 (277-$AC$80)*10000=-170.776532846839 EFTA01437471 13 (AA77-$AC$80)*10000=-183.93287909887258 (AB77-$AC$80)*10000=-197.08922535090602 (AC77-$AC$80 )*10000=-210.24557160293972 (AD77-$AC$80)*10000=-223.40191785497342 (AE77-$AC$80)*10000=-236.558 26410700686 (AF77-$AC$80)*10000=-262.870956611074 (AG77-$AC$80)*10000=-289.18364911514146 (AH7 7-$AC$80)*10000=-315.4963416192083 (A177-$AC$80)*10000=-341.80903412327575 (AJ77-$AC$80)*10000= - 368.12172662734275 0.15 Z77-$P$64=0.024110618277569967 AA77-$P$64=0.022794983652366624 AB77 -$P$64=0.02147934902716328 AC77-$P$64=0.02016371440195991 AD77-$P$64=0.018848079776756538 AE77 -$P$64=0.017532445151553194 AF77-$P$64=0.01490117590114648 AG77-$P$64=0.012269906650739737 AH77 -$P$64=0.00963863740033305 A177-$P$64=0.007007368149926307 AJ77-$P$64=0.0043760988995196065 Valuation Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total 0.10 (=TABLE(T27,T46))=0.15066110092655038 (=TABLE(T27,T46))=0.14928566472747415 (=TABLE(T27,T46))=0. 1479102285283979 (=TABLE(T27,T46))=0.14653479232932168 (=TABLE(T27,T46))=0.1451593561302454 4 (=TABLE(T27,T46))=0.14378391993116918 (=TABLE(T27,T46))=0.14103304753301674 (=TABLE(T27, T46))=0.13828217513486424 (=TABLE(T27,T46))=0.13553130273671177 (=TABLE(T27,T46))=0.13278043 03385593 (=TABLE(T27,T46))=0.13002955794040683 0.10 (278-$AC$80)*10000=-105.271706357034 92 (AA78-$AC$80)*10000=-119.02606834779728 (AB78-$AC$80)*10000=-132.78043033855963 (AC78-$AC$80 )*10000=-146.534792329322 (AD78-$AC$80)*10000=-160.28915432008435 (AE78-$AC$80)*10000=-174.043 51631084697 (AF78-$AC$80)*10000=-201.5522402923714 (AG78-$AC$80)*10000=-229.0609642738964 (AH7 8-$AC$80)*10000=-256.5696882554211 (A178-$AC$80)*10000=-284.0784122369458 (AJ78-$AC$80)*10000= - 311.5871362184705 0.10 Z78-$P$64=0.03066110092655039 AA78-$P$64=0.029285664727474153 AB78 - $P$64=0.027910228528397918 AC78-$P$64=0.026534792329321683 AD78-$P$64=0.025159356130245447 AE78 -$P$64=0.023783919931169184 AF78-$P$64=0.02103304753301674 AG78-$P$64=0.018282175134864243 AH78 -$P$64=0.015531302736711772 A178-$P$64=0.012780430338559301 AJ78-$P$64=0.01002955794040683 Net profit (base) M30=6405.467516045113 N30=7118.518599790241 030=3809.28613779219 P30= 6242.064735470831 Q30=3822.804240772133 R30=3853.9025619301465 S30=31252.043791800654 0.05 (=TABLE(T27,T46))=0.15783543906590994 (=TABLE(T27,T46))=0.15639450590497295 (=TABLE(T27,T46))=0. 15495357274403593 (=TABLE(T27,T46))=0.1535126395830989 (=TABLE(T27,T46))=0.1520717064221619 2 (=TABLE(T27,T46))=0.1506307732612249 (=TABLE(T27,T46))=0.1477489069393509 (=TABLE(T27, T46))=0.14486704061747685 (=TABLE(T27,T46))=0.14198517429560284 (=TABLE(T27,T46))=0.13910330 79737288 (=TABLE(T27,T46))=0.1362214416518548 0.05 (279-$AC$80)*10000=-33.5283249634393 8 (AA79-$AC$80)*10000=-47.937656572809296 (AB79-$AC$80)*10000=-62.34698818217949 (AC79-$AC$80 )*10000=-76.75631979154967 (AD79-$AC$80)*10000=-91.16565140091959 (AE79-$AC$80)*10000=-105.574 98301028978 (AF79-$AC$80)*10000=-134.39364622902988 (AG79-$AC$80)*10000=-163.21230944777025 (AH7 9-$AC$80)*10000=-192.03097266651037 (A179-$AC$80)*10000=-220.84963588525076 (AJ79-$AC$80)*10000= -249.66829910399085 0.05 Z79-$P$64=0.03783543906590994 AA79-$P$64=0.03639450590497295 AB79 -$P$64=0.03495357274403593 AC79-$P$64=0.03351263958309891 AD79-$P$64=0.03207170642216192 AE79 -$P$64=0.030630773261224903 AF79-$P$64=0.027748906939350892 AG79-$P$64=0.024867040617476854 AH79 -$P$64=0.021985174295602844 A179-$P$64=0.019103307973728806 AJ79-$P$64=0.016221441651854795 Net profit (new) M31=6405.467516045113 N31=7118.518599790241 031=3809.28613779219 P31= 6242.064735470831 Q31=3822.804240772133 R31=3853.9025619301465 S31=31252.043791800654 0 (=TABLE(T27,T46))=0.16572721101920546 (=TABLE(T27,T46))=0.1642142312002216 (=TABLE(T27,T46))=0. 16270125138123773 (=TABLE(T27,T46))=0.16118827156225388 (=TABLE(T27,T46))=0.15967529174327 (=TABLE(T27,T46))=0.15816231192428612 (=TABLE(T27,T46))=0.15513635228631842 (=TABLE(T27,T46))=0. 1521103926483507 (=TABLE(T27,T46))=0.14908443301038296 (=TABLE(T27,T46))=0.1460584733724152 3 (=TABLE(T27,T46))=0.14303251373444753 0 (Z80-$AC$80)*10000=45.389394569515794 (AAB 0-$AC$80)*10000=30.25959637967729 (AB80-$AC$80)*10000=15.129798189838507 (AC80-$AC$80)*10000= 0 (AD80-$AC$80)*10000=-15.129798189838784 (AE80-$AC$80)*10000=-30.259596379677568 (AF80-$AC$80 )*10000=-60.51919275935458 (AG80-$AC$80)*10000=-90.77878913903187 (AH80-$AC$80)*10000=-121.038 38551870916 (A180-$AC$80)*10000=-151.29798189838644 (AJ80-$AC$80)*10000=-181.55757827806346 0 Z80-$P$64=0.04572721101920546 AA80-$P$64=0.04421423120022161 AB80-$P$64=0.04270125138123773 AC80 -$P$64=0.04118827156225388 AD80-$P$64=0.03967529174327 AE80-$P$64=0.038162311924286124 AF80 -$P$64=0.03513635228631842 AG80-$P$64=0.032110392648350694 AH80-$P$64=0.029084433010382965 A180 -$P$64=0.026058473372415236 AJ80-$P$64=0.023032513734447535 Book value (base) M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56= 47900.06103707109 Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 -0.0 5 (=TABLE(T27,T46))=0.17444969580968994 (=TABLE(T27,T46))=0.17285708547391748 (=TABLE(T27, T46))=0.171264475138145 (=TABLE(T27,T46))=0.16967186480237248 (=TABLE(T27,T46))=0.1680792544666 (=TABLE(T27,T46))=0.1664866441308275 (=TABLE(T27,T46))=0.16330142345928256 (=TABLE(T27,T46))=0. 16011620278773755 (=TABLE(T27,T46))=0.1569309821161926 (=TABLE(T27,T46))=0.1537457614446476 (=TABLE(T27,T46))=0.15056054077310266 -0.05 (Z81-$AC$80)*10000=132.61424247436065 (AA81-$AC$80 )*10000=116.68813911663605 (AB81-$AC$80)*10000=100.76203575891118 (AC81-$AC$80)*10000=84.83593 240118603 (AD81-$AC$80)*10000=68.90982904346116 (AE81-$AC$80)*10000=52.98372568573628 (AFB 1-$AC$80)*10000=21.131518970286812 (AG81-$AC$80)*10000=-10.720687745163215 (AH81-$AC$80)*10000= -42.57289446061269 (A181-$AC$80)*10000=-74.42510117606271 (AJ81-$AC$80)*10000=-106.27730789151 218 -0.05 Z81-$P$64=0.054449695809689946 AA81-$P$64=0.05285708547391749 AB81-$P$64=0.0512644 75138145 AC81-$P$64=0.049671864802372484 AD81-$P$64=0.0480792544666 AE81-$P$64=0.0464866 4413082751 AF81-$P$64=0.04330142345928256 AG81-$P$64=0.04011620278773756 AH81-$P$64=0.0369309 8211619261 A181-$P$64=0.03374576144464761 AJ81-$P$64=0.030560540773102662 Book value (new) M56-(M28*0.8)=45023.093839641784 N56-(N28*0.8)=46285.562756758685 056-(028*0.8)=28589.813364406662 P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411 7375 R56-(R2B*0.8)=37708.092663756914 S56-(S28*0.8)=231943.64101575254 -0.10 (=TA BLE(T27,T46))=0.18414134557689493 (=TABLE(T27,T46))=0.18246025688913511 (=TABLE(T27,T46))=0. 18077916820137527 (=TABLE(T27,T46))=0.1790980795136154 (=TABLE(T27,T46))=0.1774169908258555 5 (=TABLE(T27,T46))=0.1757359021380957 (=TABLE(T27,T46))=0.172373724762576 (=TABLE(T27, T46))=0.16901154738705632 (=TABLE(T27,T46))=0.16564937001153662 (=TABLE(T27,T46))=0.16228719 263601693 (=TABLE(T27,T46))=0.15892501526049724 -0.10 (282-$AC$80)*10000=229.5307401464105 5 (AA82-$AC$80)*10000=212.7198532688124 (AB82-$AC$80)*10000=195.9089663912139 (AC82-$AC$80 )*10000=179.09807951361518 (AD82-$AC$80)*10000=162.2871926360167 (AE82-$AC$80)*10000=145.4763 0575841825 (AF82-$AC$80)*10000=111.85453200322132 (AG82-$AC$80)*10000=78.2327582480244 (AH8 2-$AC$80)*10000=44.61098449282746 (A182-$AC$80)*10000=10.98921073763054 (AJ82-$AC$80)*10000= EFTA01437472 -22.632563017566387 -0.10 Z82-$P$64=0.06414134557689494 AA82-$P$64=0.06246025688913512 AB82 -$P$64=0.06077916820137527 AC82-$P$64=0.0590980795136154 AD82-$P$64=0.05741699082585555 AE82 -$P$64=0.055735902138095705 AF82-$P$64=0.05237372476257601 AG82-$P$64=0.04901154738705632 AH82 -$P$64=0.04564937001153663 A182-$P$64=0.042287192636016935 AJ82-$P$64=0.03892501526049724 Price (TRY/shr) 6.60 7 6.40 4.94 4.06 2.2 -0.15 (=TABLE(T27,T46))=0.19497318 943435935 (=TABLE(T27,T46))=0.1931932131767313 (=TABLE(T27,T46))=0.19141323691910322 (=TA BLE(T27,T46))=0.18963326066147515 (=TABLE(T27,T46))=0.18785328440384705 (=TABLE(T27,T46))=0. 18607330814621897 (=TABLE(T27,T46))=0.18251335563096285 (=TABLE(T27,T46))=0.1789534031157066 8 (=TABLE(T27,T46))=0.17539345060045056 (=TABLE(T27,T46))=0.1718334980851944 (=TABLE(T27, T46))=0.16827354556993826 -0.15 (283-$AC580)*10000=337.84917872105467 (AA83-$AC580)*10000= 320.0494161447742 (AB83-$AC$80)*10000=302.2496535684935 (AC83-5AC$80)*10000=284.449890992212 7 (AD83-$AC$80)*10000=266.6501284159317 (AE83-$AC$80)*10000=248.85036583965098 (AF83-$AC$80 )*10000=213.25084068708978 (AG83-$AC580)*10000=177.651315534528 (AH83-$AC$80)*10000=142.0517 903819668 (A183-5AC$80)*10000=106.45226522940531 (AJ83-$AC580)*10000=70.85274007684383 -0.1 5 Z83-$P$64=0.07497318943435935 AA83-$P$64=0.0731932131767313 AB83-$P$64=0.071413236919103 23 AC83-$P$64=0.06963326066147515 AD83-$P$64=0.06785328440384705 AE83-$P$64=0.066073308146218 98 AF83-$P$64=0.06251335563096286 AG83-$P$64=0.05895340311570668 AH83-$P$64=0.055393450600450 56 A183-$P$64=0.05183349808519441 AJ83-$P$64=0.048273545569938264 Paid-in cap (TRYm) 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113= 4200 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)°!$BK$113=4500 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.20 (=TA BLE(T27,T46))=0.2071590137740068 (=TABLE(T27,T46))=0.205267789000277 (=TABLE(T27,T46))=0. 20337656422654718 (=TABLE(T27,T46))=0.20148533945281732 (=TABLE(T27,T46))=0.1995941146790875 (=TABLE(T27,246))=0.19770288990535767 (=TABLE(T27,T46))=0.19392044035789802 (=TABLE(T27,T46))=0. 19013799081043836 (=TABLE(T27,T46))=0.1863555412629787 (=TABLE(T27,T46))=0.1825730917155190 5 (=TABLE(T27,T46))=0.1787906421680594 -0.20 (Z84-$AC$80)*10000=459.7074221175293 (AAB 4-$AC580)*10000=440.7951743802313 (AB84-5AC$80)*10000=421.88292664293306 (AC84-$AC580)*10000= 402.9706789056345 (AD84-$AC$80)*10000=384.0584311683362 (AE84-5AC$80)*10000=365.146183431037 97 (AF84-$AC580)*10000=327.3216879564414 (AG84-$AC$80)*10000=289.4971924818449 (AH84-$AC$80 )*10000=251.6726970072483 (A184-$AC580)*10000=213.84820153265179 (AJ84-$AC$80)*10000=176.0237 0605805524 -0.20 Z84-$P$64=0.08715901377400681 AA84-$P$64=0.08526778900027701 AB84-$P$64=0 .08337656422654718 AC84-$P$64=0.08148533945281733 AD84-$P$64=0.0795941146790875 AE84-$P$64=0 .07770288990535767 AF84-$P$64=0.07392044035789802 AG84-$P$64=0.07013799081043837 AH84-$P$64=0 .06635554126297871 A184-$P$64=0.06257309171551906 AJ84-$P$64=0.058790642168059404 m.cap (TRYm) M83*M84=26400 N83*N84=29400 083*084=8000 P83*P84=22230 Q83*Q84=10149.999999 999998 R83*R84=18583.5122 -0.25 (=TABLE(T27,T46))=0.22096961469227394 (=TABLE(T27,T46))=0. 21895230826696213 (=TABLE(T27,T46))=0.21693500184165032 (=TABLE(T27,T46))=0.2149176954163384 8 (=TABLE(T27,T46))=0.21290038899102667 (=TABLE(T27,T46))=0.21088308256571484 (=TABLE(T27, T46))=0.20684846971509122 (=TABLE(T27,T46))=0.20281385686446757 (=TABLE(T27,T46))=0.19877924 401384398 (=TABLE(T27,T46))=0.19474463116322033 (=TABLE(T27,T46))=0.1907100183125967 -0.2 5 (Z85-$AC$80)*10000=597.8134313002007 (AA85-$AC$80)*10000=577.6403670470826 (AB85-5AC$80 )*10000=557.4673027939644 (AC85-$AC580)*10000=537.2942385408461 (AD85-$AC$80)*10000=517.1211 74287728 (AE85-$AC$80)*10000=496.9481100346096 (AF85-$AC580)*10000=456.6019815283734 (AGB 5-$AC580)*10000=416.25585302213693 (AH85-5AC$80)*10000=375.90972451590096 (A185-$AC$80)*10000= 335.56359600966454 (AJ85-$AC$80)*10000=295.21746750342834 -0.25 Z85-$P$64=0.1009696146922739 5 AA85-$P$64=0.09895230826696214 AB85-$P$64=0.09693500184165033 AC85-$P$64=0.094917695416338 49 AD85-$P$64=0.09290038899102668 AE85-$P$64=0.09088308256571484 AF85-$P$64=0.086848469715091 22 AG85-$P$64=0.08281385686446757 AH85-$P$64=0.07877924401384398 A185-$P$64=0.074744631163220 33 AJ85-$P$64=0.07071001831259671 P/E (2018E), base (x) M$85/M79=4.121479023017509 N$85/N79=4.130072793638036 0585/079=2.1 00131024716534 P585/P79=3.5613216046410034 Q$85/Q79=2.6551189547571217 R$85/R79=4.821998455 169255 AVERAGE(M87:R87)=3.565020309323243 P/E (2018E), implied (x) M$85/M80=4.121479023017509 N$85/N80=4.130072793638036 O$85 /080=2.100131024716534 P$85/P80=3.5613216046410034 Q$85/080=2.6551189547571217 R$85/R80=4.8 21998455169255 AVERAGE(M88:R88)=3.565020309323243 Change from base M88/M87-1=0 N88/N87-1=0 088/087-1=0 P88/P87-1=0 Q88/Q87-1=0 R88/R87-1=0 S88/587-1=0 VAKIFBANK VAKIFBANK VAKIFBANK Y74=CAR (t of Stage 2 loans transferred to Stage 3 loans AM74=CAR: change from base (bps) fk of Stage 2 loans transferred to Stage 3 loans BA74=Headroom above threshold (t of Stage 2 loans t ransferred to Stage 3 loans P/BV (2018E), base (x) M$85/M81=0.5863657458554173 N$85/N81=0.6351872646445671 0585/081=0.2 7981994488847295 P$85/P81=0.4640912666644752 Q$85/Q81=0.38393135897454816 R$85/R81=0.4 928255683921537 AVERAGE(M91:R91)=0.47370352490327244 Loan growth (ppt change from base) $Q$7 2=0.1472339320162418 AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05 0 0.05 AD91 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y91=0.1472339320162418 A091-0.05=-0.1500000 0000000002 AP91-0.05=-0.10 -0.05 0 0.05 AR91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM91=0.1472339320162418 -0.05 -0.03 -0.01 0 0.05 BF91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 P/BV (2018E), implied (x) M$85/M82=0.5863657458554173 N$85/N82=0.6351872646445671 0$85 /082=0.27981994488847295 P$85/P82=0.4640912666644752 Q$85/Q82=0.38393135897454816 R$85 /R82=0.4928255683921537 AVERAGE(M92:R92)=0.47370352490327244 0.20 (=TABLE(T27,T46))=0.12440630 569497978 (=TABLE(T27,T46))=0.12383585157894259 (=TABLE(T27,T46))=0.12326539746290538 (=TA BLE(T27,T46))=0.12269494334686817 (=TABLE(T27,T46))=0.12212448923083098 (=TABLE(T27,T46))=0. EFTA01437473 12155403511479378 (=TABLE(127,146))=0.12041312688271938 (=TABLE(T27,T46))=0.1192722186506449 7 (=TABLE(T27,T46))=0.11813131041857058 (=TABLE(127,146))=0.11699040218649617 (=TABLE(T27, T46))=0.11584949395442178 0.20 (292-$AC$96)*10000=-228.2762632126202 (AA92-$AC$96)*10000= -233.9808043729921 (AB92-$AC$96)*10000=-239.68534553336417 (AC92-$AC$96)*10000=-245.38988669373 623 (AD92-$AC$96)*10000=-251.09442785410815 (AE92-$AC$96)*10000=-256.79896901448024 (AF92-$AC$96 )*10000=-268.2080513352242 (AG92-$AC$96)*10000=-279.6171336559683 (AH92-$AC$96)*10000=-291.026 21597671214 (A192-$AC$96)*10000=-302.43529829745626 (AJ92-$AC$96)*10000=-313.8443806182002 0.20 Z92-$Q$64=0.004406305694979781 AA92-$Q$64=0.0038358515789425895 AB92-$Q$64=0.003265397462905 384 AC92-$Q$64=0.0026949433468681783 AD92-$Q$64=0.0021244892308309865 AE92-$Q$64=0 .0015540351147937809 AF92-$Q$64=4.1312688271938347E-4 AG92-$Q$64=-7.277813493550278E-4 AH92-$Q$64=-0.0018686895814294113 A192-$Q$64=-0.0030095978135038226 AJ92-$Q$64=-0.004150 50604557822 Stage 1 Change from base M92/M91-1=0 N92/N91-1=0 092/091-1=0 P92/P91-1=0 Q92/ Q91-1=0 R92/R91-1=0 S92/S91-1=0 0.15 (=TABLE(127,146))=0.129815275507805 (=TABLE(T27, T46))=0.12922001903889663 (=TABLE(T27,146))=0.12862476256998823 (=TABLE(T27,146))=0.12802950 610107985 (=TABLE(T27,T46))=0.12743424963217145 (=TABLE(T27,146))=0.12683899316326308 (=TA BLE(T27,T46))=0.1256484802254463 (=TABLE(T27,T46))=0.12445796728762955 (=TABLE(T27,T46))=0. 12326745434981279 (=TABLE(T27,146))=0.12207694141199602 (=TABLE(T27,T46))=0.1208864284741792 6 0.15 (293-$AC$96)*10000=-174.18656508436797 (AA93-$AC$96)*10000=-180.1391297734517 (AB9 3-$AC$96)*10000=-186.0916944625357 (AC93-$AC$96)*10000=-192.04425915161943 (AD93-$AC$96)*10000= - 197.99682384070343 (AE93-$AC$96)*10000=-203.94938852978717 (AF93-$AC$96)*10000=-215.85451790795 491 (AG93-$AC$96)*10000=-227.7596472861225 (AH93-$AC$96)*10000=-239.6647766642901 (A193-$AC$96 )*10000=-251.56990604245783 (AJ93-$AC$96)*10000=-263.47503542062543 0.15 Z93-$Q$64=0.00981527 5507805005 AA93-$Q$64=0.009220019038896632 AB93-$Q$64=0.008624762569988231 AC93-$Q$64=0.0080295 06101079859 AD93-$Q$64=0.007434249632171458 AE93-$Q$64=0.006838993163263085 AF93-$Q$64=0.0056484 80225446312 AG93-$Q$64=0.004457967287629552 AH93-$Q$64=0.003267454349812793 A193-$Q$64=0.0020769 414119960194 AJ93-$Q$64=8.8642847417926E-4 Discount to MSCI EM Banks 0.10 (=TABLE(T27,T46))=0.13571596984906883 (=TABLE(T27,146))=0. 13509365626793735 (=TABLE(127,146))=0.13447134268680583 (=TABLE(T27,T46))=0.1338490291056743 7 (=TABLE(T27,146))=0.13322671552454288 (=TABLE(127,146))=0.13260440194341136 (=TABLE(T27, T46))=0.13135977478114838 (=TABLE(T27,T46))=0.1301151476188854 (=TABLE(127,146))=0.12887052 045662242 (=TABLE(T27,T46))=0.12762589329435944 (=TABLE(T27,146))=0.12638126613209646 0.10 (Z94-$AC$96)*10000=-115.17962167172962 (AA94-$AC$96)*10000=-121.40275748304452 (AB94-$AC$96)*10000= - 127.6258932943597 (AC94-$AC$96)*10000=-133.8490291056743 (AD94-$AC$96)*10000=-140.07216491698 92 (AE94-$AC$96)*10000=-146.29530072830437 (AF94-$AC$96)*10000=-158.74157235093418 (AG94-$AC$96 )*10000=-171.18784397356396 (AH94-$AC$96)*10000=-183.63411559619374 (A194-$AC$96)*10000=-196.080 38721882355 (AJ94-$AC$96)*10000=-208.52665884145333 0.10 Z94-$Q$64=0.01571596984906884 AA94 -$Q$64=0.01509365626793735 AB94-$Q$64=0.014471342686805833 AC94-$Q$64=0.01384902910567437 AD94 -$Q$64=0.013226715524542881 AE94-$Q$64=0.012604401943411364 AF94-$Q$64=0.011359774781148385 AG94 -$Q$64=0.010115147618885406 AH94-$Q$64=0.008870520456622427 A194-$Q$64=0.007625893294359448 AJ94 -$Q$64=0.006381266132096469 P/E (2018E), base (x) M87/$M$110-1=-0.45555098771235025 N87/$M$110-1=-0.4544157472076571 0871$M$110-1=-0.7225718593505239 P87/$M$110-1=-0.5295480046709375 Q87/$M$110-1=-0.6492 577338497858 R87/$M$110-1=-0.36301209310842075 AVERAGE(M95:R95)=-0.5290594043166126 0.05 (=TABLE(T27,T46))=0.14217863507997688 (=TABLE(T27,T46))=0.14152668751879152 (=TABLE(T27,146))=0. 14087473995760613 (=TABLE(127,146))=0.14022279239642077 (=TABLE(T27,T46))=0.1395708448352353 8 (=TABLE(T27,T46))=0.13891889727405002 (=TABLE(127,146))=0.13761500215167927 (=TABLE(T27, T46))=0.13631110702930851 (=TABLE(T27,T46))=0.1350072119069378 (=TABLE(T27,146))=0.13370331 678456704 (=TABLE(T27,T46))=0.13239942166219631 0.05 (Z95-$AC$96)*10000=-50.5529693626491 4 (AA95-$AC$96)*10000=-57.07244497450276 (AB95-$AC$96)*10000=-63.59192058635665 (AC95-$AC$96 )*10000=-70.11139619821027 (AD95-$AC$96)*10000=-76.63087181006418 (AE95-$AC$96)*10000=-83.1503 4742191779 (AF95-$AC$96)*10000=-96.18929864562531 (AG95-$AC$96)*10000=-109.22824986933283 (AH9 5-$AC$96)*10000=-122.26720109304007 (A195-$AC$96)*10000=-135.30615231674759 (AJ95-$AC$96)*10000= - 148.34510354045483 0.05 Z95-$Q$64=0.02217863507997689 AA95-$Q$64=0.021526687518791526 AB95 -$Q$64=0.020874739957606137 AC95-$Q$64=0.020222792396420775 AD95-$Q$64=0.019570844835235385 AE95 -$Q$64=0.018918897274050023 AF95-$Q$64=0.01761500215167927 AG95-$Q$64=0.01631110702930852 AH95 -$Q$64=0.015007211906937795 A195-$Q$64=0.013703316784567043 AJ95-$Q$64=0.01239942166219632 P/E (2018E), implied (x) M88/$M$110-1=-0.45555098771235025 N88/$M$110-1=-0.454415747207 6571 088/$M$110-1=-0.7225718593505239 P88/$M$110-1=-0.5295480046709375 Q88/$M$110-1 =-0.6492577338497858 R88/$M$110-1=-0.36301209310842075 AVERAGE(M96:R96)=-0.5290594043166126 0 (=TABLE(T27,T46))=0.14928756683397573 (=TABLE(127,146))=0.1486030218947311 (=TABLE(T27, T46))=0.14791847695548643 (=TABLE(T27,T46))=0.1472339320162418 (=TABLE(127,146))=0.14654938 707699716 (=TABLE(T27,T46))=0.14586484213775253 (=TABLE(T27,T46))=0.14449575225926325 (=TA BLE(T27,T46))=0.14312666238077396 (=TABLE(T27,T46))=0.14175757250228468 (=TABLE(T27,146))=0. 14038848262379539 (=TABLE(127,146))=0.13901939274530611 0 (Z96-$AC$96)*10000=20.536348 17733935 (AA96-$AC$96)*10000=13.69089878489299 (AB96-$AC$96)*10000=6.845449392446357 (AC9 6-$AC$96)*10000=0 (AD96-$AC$96)*10000=-6.845449392446357 (AE96-$AC$96)*10000=-13.690898784892 713 (AF96-$AC$96)*10000=-27.381797569785427 (AG96-$AC$96)*10000=-41.07269635467842 (AH96-$AC$96 )*10000=-54.76359513957113 (A196-$AC$96)*10000=-68.45449392446412 (AJ96-$AC$96)*10000=-82.1453 9270935684 0 Z96-$Q$64=0.029287566833975737 AA96-$Q$64=0.0286030218947311 AB96-$Q$64=0 .027918476955486438 AC96-$Q$64=0.027233932016241802 AD96-$Q$64=0.026549387076997166 AE96-$Q$64=0 .02586484213775253 AF96-$Q$64=0.02449575225926326 AG96-$Q$64=0.02312666238077396 AH96-$Q$64=0 .02175757250228469 A196-$Q$64=0.02038848262379539 AJ96-$Q$64=0.01901939274530612 3Y average discount M122/$M$114-1=-0.11901840490797555 N122/$M$114-1=-0.14723926380368102 0122/$M$114-1=-0.46871165644171786 P122/$M$114-1=-0.2601226993865031 Q122/$M$114-1=-0.354 6012269938651 R122/$M$114-1=-0.2834355828220859 AVERAGE(M97:R97)=-0.2721881390593048 -0.0 5 (=TABLE(T27,146))=0.15714480719365867 (=TABLE(127,146))=0.15642423357340116 (=TABLE(T27, T46))=0.1557036599531436 (=TABLE(T27,T46))=0.1549830863328861 (=TABLE(T27,146))=0.15426251 27126286 (=TABLE(T27,T46))=0.15354193909237107 (=TABLE(T27,146))=0.15210079185185604 (=TA EFTA01437474 BLE(T27,T46))=0.15065964461134101 (=TABLE(T27,T46))=0.149218497370826 (=TABLE(T27,T46))=0. 14777735013031096 (=TABLE(T27,T46))=0.14633620288979593 -0.05 (Z97-$AC$96)*10000=99.108751 77416872 (AA97-$AC$96)*10000=91.90301557159358 (AB97-$AC$96)*10000=84.69727936901816 (AC9 7-$AC$96)*10000=77.49154316644302 (AD97-$AC$96)*10000=70.28580696386815 (AE97-$AC$96)*10000= 63.08007076129274 (AF97-$AC$96)*10000=48.668598356142454 (AG97-$AC$96)*10000=34.2571259509921 76 (AH97-$AC$96)*10000=19.84565354584189 (A197-$AC$96)*10000=5.434181140691607 (AJ97-$AC$96 )*10000=-8.977291264458675 -0.05 Z97-$Q$64=0.037144807193658674 AA97-$Q$64=0.036424233573401 16 AB97-$Q$64=0.03570365995314362 AC97-$Q$64=0.034983086332886104 AD97-$Q$64=0.034262512712628 62 AE97-$Q$64=0.033541939092371076 AF97-$Q$64=0.03210079185185605 AG97-$Q$64=0.030659644611341 02 AH97-$Q$64=0.02921849737082599 A197-$Q$64=0.027777350130310963 AJ97-$Q$64=0.026336202889795 934 -0.10 (=TABLE(T27,T46))=0.16587507425997303 (=TABLE(T27,T46))=0.16511446877192343 (=TABLE(T27, T46))=0.1643538632838738 (=TABLE(T27,T46))=0.1635932577958242 (=TABLE(T27,T46))=0.16283265 23077746 (=TABLE(T27,T46))=0.162072046819725 (=TABLE(T27,T46))=0.1605508358436258 (=TA BLE(T27,T46))=0.15902962486752661 (=TABLE(T27,T46))=0.15750841389142742 (=TABLE(T27,T46))=0. 15598720291532822 (=TABLE(T27,T46))=0.15446599193922902 -0.10 (Z98-$AC$96)*10000=186.41142 24373123 (AA98-$AC$96)*10000=178.80536755681632 (AB98-$AC$96)*10000=171.19931267632006 (AC9 8-$AC$96)*10000=163.59325779582406 (AD98-$AC$96)*10000=155.98720291532808 (AE98-$AC$96)*10000= 148.3811480348321 (AF98-$AC$96)*10000=133.16903827384013 (AG98-$AC$96)*10000=117.956928512848 17 (AH98-$AC$96)*10000=102.7448187518562 (A198-$AC$96)*10000=87.53270899086424 (AJ98-$AC$96 )*10000=72.32059922987227 -0.10 Z98-$Q$64=0.04587507425997303 AA98-$Q$64=0.045114468771923 43 AB98-$Q$64=0.04435386328387381 AC98-$Q$64=0.04359325779582421 AD98-$Q$64=0.042832652307774 61 AE98-$Q$64=0.04207204681972501 AF98-$Q$64=0.040550835843625815 AG98-$Q$64=0.039029624867526 62 AH98-$Q$64=0.03750841389142742 A198-$Q$64=0.035987202915328226 AJ98-$Q$64=0.034465991939229 03 P/BV (2018E), base (x) M91/$M$111-1=-0.4415564325186502 N91/$M$111-1=-0.39505974795755516 091/$M$111-1=-0.7335048143919305 P91/$M$111-1=-0.5580083174624046 Q91/$M$111-1=-0.6343 510866909066 R91/$M$111-1=-0.5306423158169965 AVERAGE(M99:R99)=-0.5488537858064072 -0.1 5 (=TABLE(T27,T46))=0.1756324315693832 (=TABLE(T27,T46))=0.17482708458203658 (=TABLE(T27, T46))=0.17402173759468992 (=TABLE(T27,T46))=0.17321639060734328 (=TABLE(T27,T46))=0.17241104 361999665 (=TABLE(T27,T46))=0.17160569663265002 (=TABLE(T27,T46))=0.16999500265795675 (=TA BLE(T27,T46))=0.16838430868326348 (=TABLE(T27,T46))=0.16677361470857022 (=TABLE(T27,T46))=0. 16516292073387692 (=TABLE(T27,T46))=0.16355222675918368 -0.15 (Z99-$AC$96)*10000=283.98499 553141414 (AA99-$AC$96)*10000=275.9315256579478 (AB99-$AC$96)*10000=267.8780557844812 (AC9 9-$AC$96)*10000=259.8245859110149 (AD99-$AC$96)*10000=251.77111603754852 (AE99-$AC$96)*10000= 243.7176461640822 (AF99-$AC$96)*10000=227.61070641714954 (AG99-$AC$96)*10000=211.503766670216 86 (AH99-$AC$96)*10000=195.3968269232842 (A199-$AC$96)*10000=179.28988717635124 (AJ99-$AC$96 )*10000=163.18294742941885 -0.15 Z99-$Q$64=0.05563243156938322 AA99-$Q$64=0.054827084582036 584 AB99-$Q$64=0.05402173759468992 AC99-$Q$64=0.05321639060734329 AD99-$Q$64=0.052411043619996 656 AE99-$Q$64=0.05160569663265002 AF99-$Q$64=0.049995002657956755 AG99-$Q$64=0.048384308683263 49 AH99-$Q$64=0.04677361470857022 A199-$Q$64=0.04516292073387693 AJ99-$Q$64=0.043552226759183 69 P/BV (2018E), implied (x) M92/$M$111-1=-0.4415564325186502 N92/$M$111-1=-0.395059747957 55516 092/$M$111-1=-0.7335048143919305 P92/$M$111-1=-0.5580083174624046 Q92/$M$111-1 =-0.6343510866909066 R92/$M$111-1=-0.5306423158169965 AVERAGE(M100:R100)=-0.54885378580640 72 -0.20 (=TABLE(T27,T46))=0.18660945854246963 (=TABLE(T27,T46))=0.18575377736841384 (=TA BLE(T27,T46))=0.184898096194358 (=TABLE(T27,T46))=0.18404241502030222 (=TABLE(T27,T46))=0.18318673 384624642 (=TABLE(T27,T46))=0.18233105267219063 (=TABLE(T27,T46))=0.18061969032407904 (=TA BLE(T27,T46))=0.17890832797596742 (=TABLE(T27,T46))=0.17719696562785583 (=TABLE(T27,T46))=0. 17548560327974422 (=TABLE(T27,T46))=0.17377424093163263 -0.20 (Z100-$AC$96)*10000=393.7552 6526227833 (AA100-$AC$96)*10000=385.1984535217204 (AB100-$AC$96)*10000=376.64164178116215 (AC1 00-$AC$96)*10000=368.08483004060423 (AD100-$AC$96)*10000=359.52801830004626 (AE100-$AC$96)*10000 =350.97120655948834 (AF100-$AC$96)*10000=333.85758307837244 (AG100-$AC$96)*10000=316.74395959725 626 (AH100-$AC$96)*10000=299.63033611614037 (AI100-$AC$96)*10000=282.5167126350242 (AJ100-$AC$9 6)*10000=265.4030891539083 -0.20 Z100-$Q$64=0.06660945854246964 AA100-$Q$64=0.06575377736841 384 AB100-$Q$64=0.06489809619435802 AC100-$Q$64=0.06404241502030222 AD100-$Q$64=0.06318673384624 643 AE100-$Q$64=0.062331052672190634 AF100-$Q$64=0.060619690324079045 AG100-$Q$64= 0.05890832797596743 AH100-$Q$64=0.05719696562785584 AI100-$Q$64=0.05548560327974422 AJ100-$Q$64= 0.05377424093163263 Stage 1 3Y average discount M123/$M$115-1=-0.010204081632653073 N123/$M$115-1=-0.01020408163 2653073 0123/$M$115-1=-0.41836734693877553 P123/$M$115-1=-0.29591836734693877 Q123/$M$115- 1=-0.3571428571428571 R123/$M$115-1=-0.3571428571428571 AVERAGE(M101:R101)=-0.24149659863945 58 -0.25 (=TABLE(T27,T46))=0.19905008911196764 (=TABLE(T27,T46))=0.19813736252630815 (=TA BLE(T27,T46))=0.1972246359406486 (=TABLE(T27,T46))=0.19631190935498907 (=TABLE(T27,T46))=0. 19539918276932958 (=TABLE(T27,T46))=0.19448645618367003 (=TABLE(T27,T46))=0.192661003012351 (=TABLE(T27,T46))=0.19083554984103196 (=TABLE(T27,T46))=0.18901009666971294 (=TABLE(T27,T46))=0. 18718464349839387 (=TABLE(T27,246))=0.18535919032707485 -0.25 (Z101-$AC$96)*10000=518.1615 709572585 (AA101-$AC$96)*10000=509.0343051006635 (AB101-$AC$96)*10000=499.90703924406796 (AC1 01-$AC$96)*10000=490.77977338747274 (AD101-$AC$96)*10000=481.6525075308778 (AE101-$AC$96)*10000 =472.52524167428226 (AF101-$AC$96)*10000=454.2707099610921 (AG101-$AC$96)*10000=436.01617824790 16 (AH101-$AC$96)*10000=417.7616465347114 (AI101-$AC$96)*10000=399.5071148215207 (AJ101-$AC$9 6)*10000=381.2525831083305 -0.25 Z101-$Q$64=0.07905008911196765 AA101-$Q$64=0.07813736252630 815 AB101-$Q$64=0.0772246359406486 AC101-$Q$64=0.07631190935498908 AD101-$Q$64=0.07539918276932 958 AE101-$Q$64=0.07448645618367003 AF101-$Q$64=0.07266100301235101 AG101-$Q$64=0.07083554984103 196 AH101-$Q$64=0.06901009666971294 AI101-$Q$64=0.06718464349839387 AJ101-$Q$64=0.06535919032707 485 Discount to own historical average P/E (2018E), base (x) M87/$M$118-1=-0.3426668224852458 N87/$M$118-1=-0.3412962051613977 087/$M$118-1=-0.6650508732509515 P87/$M$118-1=-0.43200612366172186 Q87/$M$118-1=-0.5765 EFTA01437475 360518728673 R87/$M$118-1=-0.23094123522021448 AVERAGE(M103:R103)=-0.4314162186087331 P/E (2018E), implied (x) M88/$M$118-1=-0.3426668224852458 N88/$M$118-1=-0.341296205161 3977 088/$M$118-1=-0.6650508732509515 P88/$M$118-1=-0.43200612366172186 Q88/$M$118-1 =-0.5765360518728673 R88/$M$118-1=-0.23094123522021448 AVERAGE(M104:R104)=-0.43141621860873 31 YAPI KREDI YAPI KREDI YAPI KREDI P/BV (2018E), base (x) M91/$M$119-1=-0.2760916717834354 N91/$M$119-1=-0.21581819179683082 091/$M$119-1=-0.6545432779154655 P91/$M$119-1=-0.4270478189327467 091/$M$119-1=-0.5260 106679326566 R91/$M$119-1=-0.3915733723553658 AVERAGE(M106:R106)=-0.4151808334527502 Y90= CAR t of Stage 2 loans transferred to Stage 3 loans AM90=CAR: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans BA90=Headroom above threshold t of Stage 2 loans t ransferred to Stage 3 loans P/BV (2018E), implied (x) M92/$M$119-1=-0.2760916717834354 N92/$M$119-1=-0.215818191796 83082 0921$M$119-1=-0.6545432779154655 P92/$M$119-1=-0.4270478189327467 Q92/$M$119-1 =-0.5260106679326566 R92/$M$119-1=-0.3915733723553658 AVERAGE(M107:R107)=-0.41518083345275 02 Loan growth (ppt change from base) $R$72=0.15303788255670486 AA107-0.05=-0.150000 00000000002 AB107-0.05=-0.10 -0.05 0 0.05 AD107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y107=0.15303788255670486 A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10 -0.05 0 0.05 AR107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM107=0.153037882556 70486 -0.05 -0.03 -0.01 0 0.05 BF107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (=TABLE(T27,146))=0.12943815568072606 (=TABLE(127,146))=0.12880262671956874 (=TABLE(T27, 146))=0.1281670977584114 (=TABLE(T27,T46))=0.12753156879725405 (=TABLE(127,146))=0.12689603 98360967 (=TABLE(127,T46))=0.1262605108749394 (=TABLE(T27,146))=0.12498945295262472 (=TA BLE(T27,146))=0.12371839503031004 (=TABLE(127,T46))=0.12244733710799538 (=TABLE(T27,T46) 1=0. 12117627918568069 (=TABLE(127,146))=0.11990522126336603 0.20 (Z108-$AC$112)*10000=-235.99 726875978806 (AA108-$AC$112)*10000=-242.35255837136123 (AB108-$AC$112)*10000=-248.707847982 93465 (AC108-$AC$112)*10000=-255.0631375945081 (AD108-$AC$112)*10000=-261.41842720608156 (AE108-$AC$112)*10000=-267.7737168176547 (AF108-$AC$112)*10000=-280.48429604080144 (AG1 08-$AC$112)*10000=-293.19487526394823 (AH108-$AC$112)*10000=-305.90545448709486 (AI108-$AC$1 12)*10000=-318.6160337102417 (AJ108-$AC$112)*10000=-331.32661293338833 0.20 Z108-$R$64=0 .009438155680726062 AA108-$R$64=0.008802626719568746 AB108-$R$64=0.008167097758411401 AC108-$R$64=0.007531568797254057 AD108-$R$64=0.006896039836096712 AE108-$R$64=0.006260 510874939396 AF108-$R$64=0.0049894529526247205 AG108-$R$64=0.0037183950303100455 AH10 8-$R$64=0.0024473371079953843 AI108-$R$64=0.0011762791856806953 AJ108-$R$64=-9.4778736633965 85E-5 MSCI EM Banks 2018E 0.15 (=TABLE(T27,T46))=0.13506590157988804 (=TABLE(127,146))=0.13440274 092476737 (=TABLE(127,T46))=0.13373958026964666 (=TABLE(T27,T46) 1=0.13307641961452596 (=TA BLE(T27,146))=0.13241325895940526 (=TABLE(127,T46))=0.13175009830428455 (=TABLE(T27,146))=0. 13042377699404317 (=TABLE(127,146))=0.12909745568380177 (=TABLE(T27,T46))=0.1277711343735603 9 (=TABLE(T27,T46) 1=0.12644481306331898 (=TABLE(127,146))=0.12511849175307757 0.15 (Z10 9-$AC$112)*10000=-179.7198097681682 (AA109-$AC$112)*10000=-186.35141631937498 (AB109-$AC$1 12)*10000=-192.983022870582 (AC109-$AC$112)*10000=-199.61462942178903 (AD109-$AC$112)*1000 0=-206.24623597299606 (AE109-$AC$112)*10000=-212.87784252420312 (AF109-$AC$112)*10000=-226.1 4105562661692 (AG109-$AC$112)*10000=-239.40426872903097 (AH109-$AC$112)*10000=-252.667481831 44477 (AI109-$AC$112)*10000=-265.93069493385883 (AJ109-$AC$112)*10000=-279.19390803627294 0.15 Z109-$R$64=0.015065901579888047 AA109-$R$64=0.014402740924767371 AB109-$R$64=0.013739 580269646667 AC109-$R$64=0.013076419614525964 AD109-$R$64=0.01241325895940526 AE109-$R$64= 0.011750098304284556 AF109-$R$64=0.010423776994043177 AG109-$R$64=0.00909745568380177 AH10 9-$R$64=0.00777113437356039 AI109-$R$64=0.006444813063318983 AJ109-$R$64=0.00511849175307 7575 P/E (x) 7.57 0.10 (=TABLE(127,146))=0.14120526074261022 (=TABLE(T27,T46))=0.1405119564213477 (=TABLE(127,146))=0.13981865210008512 (=TABLE(T27,T46))=0.13912534777882257 (=TABLE(T27,146))=0. 13843204345756002 (=TABLE(127,146))=0.13773873913629747 (=TABLE(T27,T46))=0.1363521304937724 (=TABLE(127,146))=0.13496552185124727 (=TABLE(T27,T46))=0.1335789132087222 (=TABLE(T27,146))=0. 13219230456619707 (=TABLE(127,146))=0.130805695923672 0.10 (Z110-$AC$112)*10000=-118.32 621814094641 (AA110-$AC$112)*10000=-125.25926135357163 (AB110-$AC$112)*10000=-132.192304566 1974 (AC110-$AC$112)*10000=-139.1253477788229 (AD110-$AC$112)*10000=-146.05839099144842 (AE110-$AC$112)*10000=-152.9914342040739 (AF110-$AC$112)*10000=-166.85752062932463 (AG1 10-$AC$112)*10000=-180.7236070545759 (AH110-$AC$112)*10000=-194.58969347982662 (AI110-$AC$1 12)*10000=-208.45577990507792 (AJ110-$AC$112)*10000=-222.32186633032865 0.10 Z110-$R$64=0 .021205260742610227 AA110-$R$64=0.020511956421347705 AB110-$R$64=0.019818652100085127 AC110-$R$64=0.019125347778822577 AD110-$R$64=0.018432043457560027 AE110-$R$64=0.017738 739136297477 AF110-$R$64=0.016352130493772404 AG110-$R$64=0.014965521851247277 AH11 0-$R$64=0.013578913208722204 AI110-$R$64=0.012192304566197076 AJ110-$R$64=0.01080569592367 2004 P/BV (x) 1.05 0.05 (=TABLE(T27,T46))=0.14792932077797263 (=TABLE(127,146))=0.14720300 19652214 (=TABLE(127,T46))=0.14647668315247014 (=TABLE(T27,T46) 1=0.1457503643397189 (=TA BLE(T27,146))=0.14502404552696765 (=TABLE(127,T46))=0.1442977267142164 (=TABLE(T27,146))=0. 14284508908871393 (=TABLE(127,146))=0.14139245146321144 (=TABLE(T27,T46))=0.1399398138377089 8 (=TABLE(T27,T46) 1=0.1384871762122065 (=TABLE(127,146))=0.137034538586704 0.05 (Z11 1-$AC$112)*10000=-51.08561778732229 (AA111-$AC$112)*10000=-58.3488059148346 (AB111-$AC$112)*1000 0=-65.61199404234719 (AC111-$AC$112)*10000=-72.8751821698595 (AD111-$AC$112)*10000=-80.1383702973 7209 (AE111-$AC$112)*10000=-87.40155842488467 (AF111-$AC$112)*10000=-101.9279346799093 (AG111-$AC$112)*10000=-116.45431093493418 (AH111-$AC$112)*10000=-130.98068718995881 (AI]. 11-$AC$112)*10000=-145.50706344498371 (AJ111-$AC$112)*10000=-160.0334397000086 0.05 2111 -$R$64=0.027929320777972638 AA111-$R$64=0.027203001965221407 AB111-$R$64=0.02647668315247 015 AC111-$R$64=0.025750364339718917 AD111-$R$64=0.02502404552696766 AE111-$R$64=0.024297 7267142164 AF111-$R$64=0.022845089088713938 AG111-$R$64=0.021392451463211448 AH11 1-$R$64=0.019939813837708986 AI111-$R$64=0.018487176212206496 AJ111-$R$64=0.01703453858670 EFTA01437476 4007 0 (=TABLE(T27,T46))=0.15532578681687126 (=TABLE(T27,T46))=0.15456315206348248 (=TABLE(T27, T46))=0.15380051731009367 (=TABLE(T27,T46))=0.15303788255670486 (=TABLE(T27,T46))=0.15227524 780331606 (=TABLE(T27,T46))=0.15151261304992725 (=TABLE(T27,T46))=0.14998734354314966 (=TA BLE(T27,T46))=0.14846207403637202 (=TABLE(T27,T46))=0.14693680452959443 (=TABLE(T27,T46))=0. 1454115350228168 (=TABLE(T27,T46))=0.14388626551603922 0 (Z112-$AC$112)*10000=22.8790 42601663958 (AA112-$AC$112)*10000=15.252695067776155 (AB112-$AC$112)*10000=7.626347533888 078 (AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=-7.626347533888078 (AE112-$AC$112)*1000 0=-15.252695067776155 (AF112-$AC$112)*10000=-30.505390135552034 (AG112-$AC$112)*10000=-45.75 808520332847 (AH112-$AC$112)*10000=-61.010780271104345 (AI112-$AC$112)*10000=-76.2634753388 8051 (AJ112-$AC$112)*10000=-91.51617040665639 0 Z112-$R$64=0.03532578681687126 AA11 2-$R$64=0.03456315206348248 AB112-$R$64=0.033800517310093675 AC112-$R$64=0.03303788255670 487 AD112-$R$64=0.03227524780331606 AE112-$R$64=0.03151261304992725 AF112-$R$64=0.02998734354314 9664 AG112-$R$64=0.02846207403637202 AH112-$R$64=0.026936804529594433 AI112-$R$64=0.025411 535022816817 AJ112-$R$64=0.02388626551603923 MSCI EM Banks 3Y average -0.05 (=TABLE(T27,T46))=0.16350082822828554 (=TABLE(T27,T46))=0. 16269805480366578 (=TABLE(T27,T46))=0.161895281379046 (=TABLE(T27,T46))=0.1610925079544261 7 (=TABLE(T27,T46))=0.16028973452980638 (=TABLE(T27,T46))=0.1594869611051866 (=TABLE(T27, T46))=0.157881414255947 (=TABLE(T27,T46))=0.1562758674067074 (=TABLE(T27,T46))=0.1546703205574678 2 (=TABLE(T27,T46))=0.15306477370822824 (=TABLE(T27,T46))=0.15145922685898866 -0.05 (Z11 3-$AC$112)*10000=104.62945671580681 (AA113-$AC$112)*10000=96.60172246960919 (AB113-$AC$112)*1000 0=88.57398822341128 (AC113-$AC$112)*10000=80.5462539772131 (AD113-$AC$112)*10000=72.51851973101 52 (AE113-$AC$112)*10000=64.4907854848173 (AF113-$AC$112)*10000=48.435316992421484 (AG1 13-$AC$112)*10000=32.379848500025396 (AH113-$AC$112)*10000=16.324380007629593 (A1113-$AC$1 12)*10000=0.26891151523378287 (AJ113-$AC$112)*10000=-15.786556977162025 -0.05 Z113-$R$64=0 .04350082822828555 AA113-$R$64=0.042698054803665786 AB113-$R$64=0.041895281379045995 AC113-$R$64=0.04109250795442618 AD113-$R$64=0.04028973452980639 AE113-$R$64=0.039486961105186597 AF113-$R$64=0.037881414255947016 AG113-$R$64=0.03627586740670741 AH113-$R$64=0.03467032055746 7826 AI113-$R$64=0.033064773708228246 AJ113-$R$64=0.031459226858988665 P/E (x) 8.15 -0.10 (=TABLE(T27,T46))=0.1725842075743014 (=TABLE(T27,T46))=0.1717368356260916 3 (=TABLE(T27,T46))=0.17088946367788185 (=TABLE(T27,T46))=0.17004209172967205 (=TABLE(T27, T46))=0.16919471978146228 (=TABLE(T27,T46))=0.16834734783325248 (=TABLE(T27,T46))=0.16665260 393683293 (=TABLE(T27,T46))=0.16495786004041335 (=TABLE(T27,T46))=0.1632631161439938 (=TA BLE(T27,T46))=0.16156837224757423 (=TABLE(T27,T46))=0.15987362835115468 -0.10 (2114-$AC$11 2)*10000=195.46325017596538 (AA114-$AC$112)*10000=186.98953069386764 (AB114-$AC$112)*1000 0=178.51581121176991 (AC114-$AC$112)*10000=170.04209172967188 (AD114-$AC$112)*10000=161.56 837224757413 (AE114-$AC$112)*10000=153.09465276547613 (AF114-$AC$112)*10000=136.1472138012 8063 (AG114-$AC$112)*10000=119.19977483708489 (AH114-$AC$112)*10000=102.2523358728894 (AI]. 14-$AC$112)*10000=85.30489690869364 (AJ114-$AC$112)*10000=68.35745794449815 -0.10 Z114-$R$64=0 .052584207574301406 AA114-$R$64=0.05173683562609163 AB114-$R$64=0.05088946367788186 AC114-$R$64= 0.050042091729672056 AD114-$R$64=0.04919471978146228 AE114-$R$64=0.04834734783325248 AF114-$R$64= 0.04665260393683293 AG114-$R$64=0.044957860040413355 AH114-$R$64=0.04326311614399381 AI11 4-$R$64=0.04156837224757423 AJ114-$R$64=0.03987362835115468 P/BV (x) 0.98 -0.15 (=TABLE(T27,T46))=0.18273621978455443 (=TABLE(T27,T46))=0.18183900 242762646 (=TABLE(T27,T46))=0.18094178507069844 (=TABLE(T27,T46))=0.18004456771377042 (=TA BLE(T27,T46))=0.17914735035684243 (=TABLE(T27,T46))=0.1782501329999144 (=TABLE(T27,T46))=0. 17645569828605842 (=TABLE(T27,T46))=0.17466126357220238 (=TABLE(T27,T46))=0.1728668288583464 (=TABLE(T27,T46))=0.17107239414449038 (=TABLE(T27,T46))=0.16927795943063437 -0.15 (2115-$AC$11 2)*10000=296.98337227849566 (AA115-$AC$112)*10000=288.011198709216 (AB115-$AC$112)*10000=279.03 90251399358 (AC115-$AC$112)*10000=270.06685157065556 (AD115-$AC$112)*10000=261.0946780013 7566 (AE115-$AC$112)*10000=252.12250443209544 (AF115-$AC$112)*10000=234.17815729353558 (AG115-$AC$112)*10000=216.23381015497517 (AH115-$AC$112)*10000=198.2894630164153 (A1115-$AC$1 12)*10000=180.34511587785516 (AJ115-$AC$112)*10000=162.40076873929505 -0.15 Z115-$R$64=0 .06273621978455443 AA115-$R$64=0.061839002427626466 AB115-$R$64=0.060941785070698445 AC115-$R$64=0.060044567713770425 AD115-$R$64=0.05914735035684243 AE115-$R$64=0.05825013299991 441 AF115-$R$64=0.056455698286058426 AG115-$R$64=0.054661263572202384 AH115-$R$64= 0.0528668288583464 A1115-$R$64=0.051072394144490385 AJ115-$R$64=0.04927795943063437 -0.20 (=TABLE(T27,T46))=0.19415723352108907 (=TABLE(T27,T46))=0.1932039400793531 (=TABLE(T27, T46))=0.1922506466376171 (=TABLE(T27,T46))=0.19129735319588106 (=TABLE(T27,T46))=0.19034405 975414506 (=TABLE(T27,T46))=0.18939076631240906 (=TABLE(T27,T46))=0.18748417942893705 (=TA BLE(T27,T46))=0.18557759254546502 (=TABLE(T27,T46))=0.18367100566199304 (=TABLE(T27,T46))=0. 181764418778521 (=TABLE(T27,T46))=0.17985783189504903 -0.20 (2116-$AC$112)*10000=411.19350964384 21 (AA116-$AC$112)*10000=401.66057522648236 (AB116-$AC$112)*10000=392.12764080912234 (AC116-$AC$112)*10000=382.59470639176203 (AD116-$AC$112)*10000=373.061771974402 (AE116-$AC$1 12)*10000=363.528837557042 (AF116-$AC$112)*10000=344.46296872232193 (AG116-$AC$112)*1000 0=325.3970998876016 (AH116-$AC$112)*10000=306.3312310528818 (AI116-$AC$112)*10000=287.2653622181 6144 (AJ116-$AC$112)*10000=268.1994933834417 -0.20 Z116-$R$64=0.07415723352108908 AA116-$R$64= 0.0732039400793531 AB116-$R$64=0.0722506466376171 AC116-$R$64=0.07129735319588107 AD116-$R$64= 0.07034405975414507 AE116-$R$64=0.06939076631240906 AF116-$R$64=0.06748417942893706 AG116-$R$64= 0.06557759254546502 AH116-$R$64=0.06367100566199305 AI116-$R$64=0.06176441877852101 AJ116-$R$64= 0.059857831895049035 Turkish banks 3Y average -0.25 (=TABLE(T27,T46))=0.20710104908916166 (=TABLE(T27,T46))=0. 20608420275130995 (=TABLE(T27,T46))=0.20506735641345822 (=TABLE(T27,T46))=0.2040505100756064 6 (=TABLE(T27,T46))=0.20303366373775472 (=TABLE(T27,T46))=0.20201681739990296 (=TABLE(T27, T46))=0.19998312472419952 (=TABLE(T27,T46))=0.19794943204849602 (=TABLE(T27,T46))=0.19591573 937279255 (=TABLE(T27,T46))=0.19388204669708908 (=TABLE(T27,T46))=0.19184835402138561 -0.2 5 (Z117-$AC$112)*10000=540.631665324568 (AA117-$AC$112)*10000=530.4632019460508 (AB117-$AC$1 12)*10000=520.2947385675335 (AC117-$AC$112)*10000=510.1262751890159 (AD117-$AC$112)*10000=499.95 78118104986 (AE117-$AC$112)*10000=489.78934843198095 (AF117-$AC$112)*10000=469.4524216749 EFTA01437477 4655 (AG117-$AC$112)*10000=449.1154949179116 (A8117-$AC$112)*10000=428.7785681608769 (AI117-$AC$1 12)*10000=408.4416414038422 (AJ117-$AC$112)*10000=388.1047146468075 -0.25 Z117-$R$64=0.0871010 4908916166 AA117-$R$64=0.08608420275130996 AB117-$R$64=0.08506735641345822 AC117-$R$64=0.084050 51007560646 AD117-$R$64=0.08303366373775473 AE117-$R$64=0.08201681739990296 AF117-$R$64=0.079983 12472419952 AG117-$R$64=0.07794943204849603 AH117-$R$64=0.07591573937279256 A1117-$R$64=0.073882 04669708909 AJ117-$R$64=0.07184835402138562 P/E (x) 6.27 P/BV (x) 0.81 3Y Historical average Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Tota 1 Average Average Average P/E (x) 7.18 6.95 4.33 6.03 5.26 5.84 AVERAGE(M122:R122)=5.9316666666666675 Y106 =CAR t of Stage 2 loans transferred to Stage 3 loans AM106=CAR: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans BA106=Headroom above threshold t of Stage 2 loans t ransferred to Stage 3 loans P/BV (x) 0.97 0.97 0.57 0.69 0.63 0.63 AVERAGE(M123:R123)=0.743333333333333 3 Loan growth (ppt change from base) AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10 -0.05 0 0.05 AD123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AO123-0.05=-0.150000 00000000002 AP123-0.05=-0.10 -0.05 0 0.05 AR123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 -0.05 -0.03 -0.01 0 0.05 BF123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (228+244+260+276+292+2106)/6=0.1340805897401999 (AA28+AA44+AA60+AA76+AA92+AA108)/6=0.1329276 8650666856 (A828+AB44+AB60+AB76+AB92+AB108)/6=0.1317747832731372 (AC28+AC44+AC60+AC76+AC92+AC 108)/6=0.13062188003960581 (AD28+AD44+AD6O+AD76+AD92+AD108)/6=0.1294689768060745 (AE28+AE44+A 860+AE76+AE92+AE108)/6=0.12831607357254313 (AF28+AF44+AF60+AF76+AF92+AF108)/6=0.126010267105480 47 (AG28+AG44+AG60+AG76+AG92+AG108)/6=0.12370446063841774 (AH28+AH44+AH6O+AH76+AH92+AH108)/6=0 .12139865417135504 (A128+A144+A160+A176+A192+AI108)/6=0.11909284770429233 (AJ28+AJ44+AJ60+AJ76 +AJ92+AJ108)/6=0.11678704123722965 0.20 (AN28+AN44+AN60+AN76+AN92+AN108)/6=-226.656663073271 18 (A028+AO44+A060+AO76+AO92+AO108)/6=-238.18569540858462 (AP28+AP44+AP6O+AP76+AP92+AP108)/6=- 249.71472774389812 (AQ28+AQ44+AQ60+AQ76+AQ92+AQ108)/6=-261.24376007921165 (AR28+AR44+AR6O+AR76 +AR92+AR108)/6=-272.77279241452516 (AS28+AS44+AS60+AS76+AS92+AS108)/6=-284.3018247498387 (AT2 8+AT44+AT6O+AT76+AT92+AT108)/6=-307.35988942046566 (AQ28+AD44+AU60+AQ76+AD92+AU108)/6=-330.4179 5409109267 (AV28+AV44+AV60+AV76+AV92+AV108)/6=-353.4760187617197 (AW28+AW44+AW60+AW76+AW92+AW 108)/6=-376.53408343234673 (AX28+AX44+AX60+AX76+AX92+AX108)/6=-399.5921481029737 0.20 (882 8+8844+8860+8876+8892+88108)/6=0.014080589740199894 (BC28+BC44+BC60+8C76+BC92+BC108)/6=0.0129276 8650666855 (BD28+81344+8D6O+BD76+8D92+8D108)/6=0.011774783273137199 (8828+8844+8860+8876+8892+BE 108)/6=0.010621880039605841 (BF28+BF44+BF60+8F76+8F92+8F108)/6=0.00946897680607449 (BG28+8G44+8 G60+8G76+BG92+BG108)/6=0.00831607357254314 (8828+8844+8860+8876+8892+88108)/6=0.006010267105480 446 (8128+8144+8160+8176+8192+BI108)/6=0.003704460638417744 (8J28+8J44+8J60+8J76+8J92+8J108)/6=0 .001398654171355038 (BK28+BK44+BK60+BK76+BK92+BK108)/6=-9.071522957076634E-4 (BL28+BL44+B L60+BL76+BL92+BL108)/6=-0.0032129587627703557 0.15 (Z29+Z45+261+Z77+Z93+2109)/6=0.13991018059846946 (AA29+AA45+AA61+AA77+AA93+AA109)/6=0 .13870715113739326 (AB29+AB45+AB61+AB77+AB93+AB109)/6=0.1375041216763171 (AC29+AC45+AC61+AC77 +AC93+AC109)/6=0.1363010922152409 (AD29+AD45+AD61+AD77+AD93+AD109)/6=0.13509806275416467 (AE2 9+AE45+AE61+AE77+AE93+AE109)/6=0.1338950332930885 (AF29+AF45+AF61+AF77+AF93+AF109)/6=0.1314889 7437093612 (AG29+AG45+AG61+AG77+AG93+AG109)/6=0.12908291544878372 (A829+AH45+AH61+AH77+AH93+AH 109)/6=0.12667685652663135 (A129+A145+A161+A177+A193+AI109)/6=0.12427079760447896 (AJ29+AJ45+A J61+AJ77+AJ93+AJ109)/6=0.12186473868232657 0.15 (AN29+AN45+AN61+AN77+AN93+AN109)/6=-168.3607 544905755 (AO29+AO45+AO61+AO77+AO93+AO109)/6=-180.39104910133736 (AP29+AP45+AP61+AP77+AP93+AP 109)/6=-192.42134371209931 (AQ29+AQ45+AQ61+AQ77+AQ93+AQ109)/6=-204.4516383228612 (AR29+AR45+A R61+AR77+AR93+AR109)/6=-216.4819329336232 (AS29+AS45+AS61+AS77+AS93+AS109)/6=-228.512227544385 04 (AT29+AT45+AT61+AT77+AT93+AT109)/6=-252.5728167659088 (AU29+AU45+AU61+AU77+AU93+AU109)/6=- 276.63340598743275 (AV29+AV45+AV61+AV77+AV93+AV109)/6=-300.69399520895655 (AW29+AW45+AW61+AW77 +AW93+AW109)/6=-324.7545844304804 (AX29+AX45+AX61+AX77+AX93+AX109)/6=-348.81517365200426 0.15 (8829+8845+8861+8877+8893+88109)/6=0.019910180598469458 (BC29+BC45+BC61+BC77+BC93+BC109)/6=0.0187071 51137393276 (BD29+8D45+8D61+BD77+BD93+8D109)/6=0.01750412167631708 (8829+8845+8861+8877+8893+BE 109)/6=0.016301092215240887 (BF29+BF45+BF61+8F77+8F93+8F109)/6=0.015098062754164691 (BG29+8G45+8 G61+8G77+BG93+BG109)/6=0.013895033293088506 (8829+8845+8861+8877+8893+88109)/6=0.011488974370936 126 (B129+8145+8161+8177+8193+BI109)/6=0.009082915448783736 (8J29+8J45+8J61+8J77+8J93+8J109)/6=0 .006676856526631356 (BK29+8K45+BK61+BK77+BK93+BK109)/6=0.004270797604478969 (BL29+8145+8161+8177 +BL93+BL109)/6=0.0018647386823265864 0.10 (Z30+Z46+262+Z78+Z94+2110)/6=0.14626973426203624 (AA30+AA46+AA62+AA78+AA94+AA110)/6=0 .14501202164363838 (AB30+AB46+AB62+AB78+AB94+AB110)/6=0.14375430902524056 (AC30+AC46+AC62+AC78 +AC94+AC110)/6=0.14249659640684273 (AD30+AD46+AD62+AD78+AD94+AD110)/6=0.14123888376844467 (AE3 0+AE46+AE62+AE78+AE94+AE110)/6=0.13998117117004705 (AF30+AF46+AF62+AF78+AF94+AF110)/6=0.1374657 4593325137 (AG30+AG46+AG62+AG78+AG94+AG110)/6=0.1349503206964557 (AH3O+AH46+AH62+AH78+AH94+AH 110)/6=0.13243489545966 (A130+A146+A162+A178+A194+AI110)/6=0.12991947022266435 (AJ30+AJ46+AJ62+AJ78 +AJ94+AJ110)/6=0.12740404498606867 0.10 (AN30+AN46+AN62+AN78+AN94+AN110)/6=-104.765217854907 8 (AO30+AO46+AO62+AO78+AO94+AO110)/6=-117.34234403888615 (AP30+AF46+AF62+AD78+AF94+AP110)/6=- 129.91947022286453 (AQ30+AQ46+AQ62+AQ78+AQ94+A(1110)/6=-142.49659640684285 (AR30+AR46+AB62+AR78 +AR94+AR110)/6=-155.07372259082126 (AS30+AS46+AS62+AS78+AS94+AS110)/6=-167.65084877479973 (AT3 0+AT46+AT62+AT78+AT94+AT110)/6=-192.80510114275634 (AU30+AD46+AQ62+AU78+AD94+AU110)/6=-217.9593 535107131 (AV30+AV46+AV62+AV78+AV94+AV110)/6=-243.1136058786699 (AW3O+AW46+AW62+AW78+AW94+AW 110)/6=-268.2678582466266 (AX30+AX46+AX62+AX78+AX94+AX110)/6=-293.42211061458335 0.10 (883 0+8846+8862+8878+8894+88110)/6=0.02626973426203623 (BC3O+BC46+BC62+BC78+BC94+BC110)/6=0.0250120 2164363839 (BD30+8D46+BD62+BD78+BD94+8D110)/6=0.023754309025240557 (8830+8846+8862+8878+8894+BE 110)/6=0.022496596406842723 (BF30+8F46+8F62+8F78+8F94+8F110)/6=0.021238883788444882 (8630+8G46+8 G62+8G78+BG94+BG110)/6=0.019981171170047038 (8830+8846+8862+8878+8894+88110)/6=0.017465745933251 377 (8130+8146+8162+8176+8194+BI110)/6=0.0149503206964557 (8J30+8J46+8J62+8J78+8J94+8J110)/6=0 .012434895459660021 (BK3O+BK46+8K62+BK78+BK94+BK110)/6=0.00991947022286435 (BL30+8146+8162+8178 EFTA01437478 +B1,94+BL110)/6=0.007404044986068679 0.05 (z31+z47+263+279+Z95+z111)/6=0.15323495970308557 (AA31+AA47+AA63+AA79+AA95+AA111)/6=0 .15191735600762118 (AB31+As47+As63+AB79+AB95+As111)/6=0.15059975231215675 (AC31+AC47+AC63+AC79 +Ac95+AC111)/6=0.1492821486166924 (AD31+AD47+As63+,079+AD95+AD111)/6=0.147964544921228 (AE3 1+AE47+AE63+AE79+AE95+AE111)/6=0.14664694122576358 (Ap31+Ap47+AF63+AF79+Ap95+AF111)/6=0.1440117 3383483476 (AG31+AG47+AG63+AG79+AG95+AG111)/6=0.14137652644390597 (As31+As47+AH63+AH79+AH95+As 111)/6=0.13874131905297718 (A131+A147+A163+A179+A195+AI111)/6=0.1361061116620484 (AJ31+Aa47+A J63+AJ79+Aa95+AJ111)/6=0.13347090427111957 0.05 (AN31+AN47+AN63+AN79+AN95+AN111)/6=-35.11296 3444414255 (A031+A047+A063+A079+A095+AO111)/6=-48.28900039905816 (Ap31+Ap47+AP63+AP79+AP95+Ap 111)/6=-61.46503735370225 (AQ31+AQ47+AQ63+AQ79+AQ95+AQ111)/6=-74.6410743083462 (AR31+AR47+A R63+AR79+AR95+AR111)/6=-87.81711126299028 (As31+AS47+AS63+As79+AS95+AS111)/6=-100.993148217634 33 (AT31+AT47+AT63+AT79+AT95+AT111)/6=-127.34522212692228 (AU31+AU47+Au63+AU79+AU95+AU111)/6=- 153.6972960362103 (AV31+Av47+Av63+AV79+AV95+Aviii)/6=-180.04936994549826 (AW31+AW47+AW63+AW79 +Aw95+AW111)/6=-206.4014438547863 (AX31+AX47+Ax63+Ax79+AX95+AX111)/6=-232.7535177640743 0.05 (SB31+ss47+ss63+BB79+BB95+BS111)/6=0.033234959703085584 (BC31+BC47+BC63+BC79+BC95+BC111)/6=0.0319173 56007621196 (BD31+BD47+So63+so79+sD95+BD111)/6=0.030599752312156784 (sE31+BE47+sE63+BE79+BE95+sE 111)/6=0.02928214861669239 (sp31+sF47+BF63+BF79+sp95+sP111)/6=0.02796454492122798 (BG31+BG47+s G63+BG79+BG95+BG111)/6=0.02664694122576358 (SH31+ss47+sH63+BH79+BH95+ss111)/6=0.024011733834834 78 (B131+8147+8163+B179+B195+BI111)/6=0.021376526443905965 (BJ31+BJ47+B.763+B,179+SJ95+BJ111)/6=0 .018741319052977184 (SK31+sw47+ss63+BK79+BK95+sx111)/6=0.016106111662048384 (s1.31+BL47+BL63+61.79 +sL95+BL111)/6=0.013470904271119582 0 (z32+z48+264+280+Z96+z112)/6=0.16089670768823985 (AA32+AA48+AA64+AA80+AA96+AA112)/6=0 .15951322380800223 (AB32+As48+As64+AB80+AB96+As112)/6=0.1581297399277646 (Ac32+AC48+AC64+Ac80 +AC96+AC112)/6=0.156746256047527 (AD32+AD48+AD64+AD80+AD96+AD112)/6=0.1553627721672894 (AE3 2+AE48+AE64+AE80+AE96+AE112)/6=0.15397928828705176 (Ap32+Ap48+AF64+AF80+Ap96+AF112)/6=0.1512123 2052657654 (AG32+AG48+AG64+AG80+AG96+AG112)/6=0.1484453527661013 (AH32+AN48+AH64+AH80+AH96+AH 112)/6=0.14567838500562605 (A132+A148+A164+A180+A196+AI112)/6=0.1429114172451508 (AJ32+Aa48+A J64+AJ80+Aa96+AJ112)/6=0.14014444948467555 0 (AN32+AN48+AN64+AN80+AN96+AN112)/6=41.504516 40712857 (A032+A048+A064+A080+A096+A0112)/6=27.669677604752433 (AF32+AF48+AP64+AP80+AP96+AP 112)/6=13.83483880237619 (AQ32+AQ48+AQ64+AQ80+AQ96+AQ112)/6=0 (AB32+AR48+AR64+AR80+AR96+AR 112)/6=-13.834838802376238 (As32+AS48+AS64+AS80+As96+AS112)/6=-27.669677604752476 (AT32+AT48+A T64+AT80+AT96+AT112)/6=-55.33935520950476 (AD32+AQ48+AQ64+AU80+AD96+AU112)/6=-83.0090328142572 8 (Av32+Av48+AV64+AV80+Av96+Av112)/6=-110.6787104190097 (AW32+AW48+AW64+AW80+AW96+AW112)/6=- 138.34838802376217 (AX32+Ax48+Ax64+AX80+AX96+Ax112)/6=-166.01806562851448 0 (ss32+Bs48+B B64+BB80+ss96+s8112)/6=0.040896707688239865 (SC32+BC96+BC64+BC80+BC96+BC112)/6=0.039513223808002 255 (BD32+BD48+BD64+BD80+BD96+60112)/6=0.03812973992776463 (BE32+BE48+SE64+SE80+SE96+BE112)/6=0 .03674625604752701 (3F32+sp48+sP64+BF80+BF96+sp112)/6=0.035362772167289384 (BG32+BG48+BG64+sG80 +8G96+BG112)/6=0.03397928828705176 (BH32+BH48+SH64+SH80+SH96+BH112)/6=0.031212320526576534 (B13 2+B148+8164+6180+B196+BI112)/6=0.028445352766101263 (w32+s,748+BJ64+BJ80+s.796+BJ112)/6=0.0256783 8500562604 (BK32+BK48+Ss64+sw80+sw96+BK112)/6=0.022911417245150795 (sL32+si..48+sL64+BL80+BL96+sid 112)/6=0.020144449484675562 —0.05 (z33+z49+265+281+Z97+z113)/6=0.16936495546130512 (AA33+AA49+AA65+AA81+AA97+AA113)/6=0 .1679086566400024 (AB33+As49+As65+AB81+AB97+As113)/6=0.16645235781869963 (Ac33+AC49+AC65+Ac81 +Ac97+AC113)/6=0.16499605899739683 (AD33+AD49+As65+Ao81+AD97+AD113)/6=0.16353976017609406 (AE3 3+AE49+AE65+AE81+AE97+AE113)/6=0.16208346135479132 (Ap33+Ap49+AF65+AF81+Ap97+AF113)/6=0.1591708 637121858 (AG33+AG49+AG65+AG81+AG97+AG113)/6=0.1562582660695803 (As33+As49+AH65+AH81+AH97+As 113)/6=0.15334566842697475 (A133+A149+A165+A181+A197+AI113)/6=0.15043307078436927 (AJ33+Aa49+A J65+AJ81+Aa97+AJ113)/6=0.14752047314176375 -0.05 (AN33+AN49+AN65+AN81+AN97+AN113)/6=126.18699 413778108 (A033+A049+A065+A081+A097+A0113)/6=111.62400592475366 (Ap33+Ap49+AP65+AP81+AP97+Ap 113)/6=97.06101771172602 (AQ33+AQ49+AQ65+AQ81+AQ97+AQ113)/6=82.49802949869836 (AR33+AR49+A R65+AR81+AR97+AR113)/6=67.93504128567079 (As33+As49+AS65+AS81+AS97+As113)/6=53.37205307264318 (AT33+AT49+AT65+AT81+AT97+AT113)/6=24.246076646588094 (Au33+AU49+AU65+Au81+Au97+AU113)/6=-4.879899 779467132 (AV33+AV49+Av65+Av81+Av97+AV113)/6=-34.00587620552231 (Aw33+Aw49+AW65+AW81+AW97+Aw 113)/6=-63.13185263157748 (Ax33+AX49+AX65+AX81+Ax97+AX113)/6=-92.25782905763258 -0.05 (ss3 3+24349+ss65+ss81+BB97+BB113)/6=0.04936495546130512 (BC33+sc49+BC65+Bc81+sc97+sc113)/6=0.0479086 5664000238 (BD33+BD49+So65+so81+so97+BD113)/6=0.04645235781869961 (3E33+BE49+BE65+BE81+BE97+sE 113)/6=0.044996058997396844 (sp33+sF49+BF65+BF81+sp97+sP113)/6=0.04353976017609409 (BG33+BG49+s G65+BG81+sG97+BG113)/6=0.04208346135479133 (Ss33+ss49+sH65+BH81+BH97+ss113)/6=0.039170863712185 82 (8133+8149+8165+B181+6197+BI113)/6=0.0362582660695803 (BJ33+B.149+B.765+1:081+1:097+BJ113)/6=0 .03334566842697478 (SK33+sw49+sw65+BK81+BK97+sx113)/6=0.03043307078436926 (s1.33+BL49+BL65+61,81 +81..97+sL113)/6=0.027520473141763754 -0.10 (z34+z50+266+282+Z98+z114)/6=0.17877411965359982 (AA34+AA50+AA66+AA82+AA98+AA114)/6=0 .17723691534222472 (AB34+As50+As66+AB82+AB98+As114)/6=0.17569971103084958 (Ac34+AC50+AC66+Ac82 +AC98+AC114)/6=0.17416250671947442 (AD34+AD50+AD66+AD82+AD98+AD114)/6=0.17262530240809928 (AE3 4+AE50+AE66+AE82+AE98+AE114)/6=0.17108809809672418 (AF34+AF50+AF66+AF82+AF96+AF114)/6=0.1680136 894739739 (AG34+AG50+AG66+AG82+AG98+AG114)/6=0.16493928085122364 (As34+As50+AH66+AH82+AH98+As 114)/6=0.16186487222847337 (A134+A150+A166+A182+A198+AI114)/6=0.1587904636057231 (AJ34+A,750+A J66+AJ82+Aa98+AJ114)/6=0.15571605498297283 -0.10 (AN34+AN50+AN66+AN82+AN98+AN114)/6=220.27863 606072836 (A034+A050+A066+A082+A098+A0114)/6=204.9065929469771 (AF34+AP50+AP66+AP82+AP98+AP 114)/6=189.53454983322573 (AQ34+AQ50+AQ66+AQ82+AQ98+AQ114)/6=174.16250671947432 (AB34+AR50+A R66+AR82+AR98+AR114)/6=158.79046360572295 (As34+As50+AS66+AS82+AS98+As114)/6=143.4184204919716 3 (AT34+AT50+AT66+AT82+AT96+AT114)/6=112.67433426446904 (AD34+AU50+AQ66+AD82+AD98+AU114)/6=8 1.9302480369663 (AV34+AV50+Av66+Av82+AV98+AV114)/6=51.18616180946361 (AW34+AW50+AW66+AW82+AW98+AW 114)/6=20.44207558196097 (Ax34+AX50+AX66+AX82+Ax98+AX114)/6=-10.302010645541714 -0.10 (ss3 4+BB50+ss66+ss82+BB98+BB114)/6=0.058774119653599854 (BC34+BC50+BC66+BC82+BC96+BC114)/6=0.0572369 1534222473 (BD34+BD50+BD66+BD82+BD98+BD114)/6=0.055699711030849586 (sE34+sE50+sE66+BE82+BE98+sE 114)/6=0.054162506719474444 (BF34+BF50+BF66+BF82+BF96+BF114)/6=0.05262530240609931 (BG34+BG50+s G66+BG82+sc98+sG114)/6=0.051088098096724176 (Ss34+ss50+sH66+BH82+BH98+ss114)/6=0.048013689473973 914 (8134+8150+8166+B182+6198+BI114)/6=0.04493928085122364 (BJ34+BJ50+B,766+B382+BJ98+BJ114)/6=0 EFTA01437479 .04186487222847337 (SK34+sw50+sw66+BK82+BK98+sx114)/6=0.03879046360572311 (BL34+BL50+BL66+BL82 +81,98+BL114)/6=0.03571605498297284 -0.15 (z35+z51+267+283+Z99+z115)/6=0.1892902443391057 (AA35+AA51+AA67+AA83+AA99+AA115)/6=0.1876626 162447085 (AB35+AB51+AB67+As83+As99+AB115)/6=0.18603498815031136 (Ac35+Ac51+AC67+AC83+AC99+Ac 115)/6=0.1844073600559141 (A035+AD51+AD67+AD83+Au99+Au115)/6=0.1827797319615169 (AE35+AE51+A E67+AE83+AE99+AE115)/6=0.18115210386711975 (Ap35+Ap51+AF67+AF83+AF99+Ap115)/6=0.177896847678325 34 (AG35+AG51+AG67+AG83+AG99+AG115)/6=0.17464159148953093 (AH35+AH51+Aw67+AH83+AH99+AH115)/6=0 .17138633530073652 (A135+A151+A167+A183+A199+AI115)/6=0.16813107911194214 (A.T35+AJ51+AJ67+AJ83 +AJ99+AJ115)/6=0.1648758229231477 -0.15 (AN35+AN51+AN67+AN83+AN99+AN115)/6=325.4398829157872 (A035+AO51+AD67+A083+A099+AO115)/6=309.16360197181524 (AP35+AP51+AP67+AP83+Ap99+AP115)/6=292.88732 10278432 (AQ35+AQ51+AQ67+AQ83+AQ99+AQ115)/6=276.61104008387116 (AR35+AR51+AR67+AR83+AR99+AR 115)/6=260.3347591398992 (As35+As51+AS67+AS83+As99+AS115)/6=244.0584781959271 (AT35+AT51+A T67+AT83+AT99+AT115)/6=211.5059163079832 (Au35+Au51+AU67+AU83+AU99+Au115)/6=178.9533544200391 (AV35+Av51+Av67+Av83+AV99+AV115)/6=146.40079253209515 (Aw35+AW51+AW67+Aw83+Aw99+AW115)/6=113.84823 06441511 (AX35+AX51+AX67+Ax83+Ax99+AX115)/6=81.29566875620709 -0.15 (ss35+BS51+BS67+ss83 +ss99+BB115)/6=0.06929024433910574 (BC35+BC51+sc67+sc83+SC99+BC115)/6=0.06766261624470853 (303 5+BD51+s067+s083+BD99+BD115)/6=0.06603498815031134 (sE35+sE51+BE67+BE83+sE99+BE115)/6=0.0644073 6005591413 (sP35+BF51+Bp67+sp83+sP99+BF115)/6=0.06277973196151693 (sG35+sG51+BG67+BG83+BG99+BG 115)/6=0.06115210386711972 (SW35+SN51+SN67+SN83+6H99+6H115)/6=0.057896847678325335 (B135+B151+s 167+B183+8199+BI115)/6=0.054641591489530926 (3,735+s,751+BJ67+BJ83+BJ99+s,7115)/6=0.051386335300736 52 (sx35+sx51+BX67+BX83+sw99+sx115)/6=0.04813107911194212 (BL35+BL51+BL67+BL83+SL99+BL115)/6=0 .044875822923147714 -0.20 (z36+z52+268+284+Z100+z116)/6=0.20112088461029984 (AA36+AA52+AA68+AA84+AA100+AA116)/6= 0.19939152976000277 (AB36+As52+As68+AB84+AB100+A8116)/6=0.19766217490970575 (AC36+AC52+AC68+AC84 +AC100+AC116)/6=0.19593282005940874 (AD36+AD52+A068+A084+AD100+AD116)/6=0.1942034652091117 (AE3 6+AE52+AE68+AE84+AE100+AE116)/6=0.1924741103588147 (Ap36+Ap52+AF68+AF84+Ap100+AF116)/6=0.189015 40065822064 (AG36+AG52+AG68+AG84+AG100+AG116)/6=0.18555669095762659 (Aw36+Aw52+AH68+AH84+AH100+A H116)/6=0.1820979812570325 (A136+A152+A168+A184+AI100+A1116)/6=0.17863927155643847 (AJ36+Aa52+A J68+AJ84+Aa100+AJ116)/6=0.17518056185584444 -0.20 (AN36+AN52+AN68+AN84+AN100+AN116)/6=443.7462 856277281 (A036+A052+A068+A084+AO100+A0116)/6=426.4527371247579 (Ap36+Ap52+AP68+AP84+AP100+A P116)/6=409.1591886217877 (A036+A052+AQ68+AQ84+A0100+AQ116)/6=391.86564011881734 (AR36+AR52+A R68+AR84+AR100+AR116)/6=374.572091615847 (As36+As52+AS68+AS84+AS100+As116)/6=357.278543112876 9 (AT36+AT52+AT68+AT84+AT100+AT116)/6=322.6914461069364 (AU36+AU52+Au68+AU84+AU100+AU116)/6= 288.1043491009958 (AV36+Av52+Av68+AV84+AV100+Av116)/6=253.51725209505526 (Aw36+AW52+AW68+Aw84 +AW100+AW116)/6=218.9301550891148 (AX36+AX52+Ax68+Ax84+AX100+AX116)/6=184.34305808317436 -0.2 0 (ss36+ss52+BS68+BS84+ss100+ss116)/6=0.08112088461029983 (BC36+Bc52+sc68+SC84+SC100+Bc116)/6= 0.07939152976000279 (E036+s052+s068+BD84+BD100+sui16)/6=0.07766217490970577 (sE36+BE52+BE68+6E84 +BE100+BE116)/6=0.07593282005940875 (sP36+BF52+sp68+sp84+PF100+BF116)/6=0.07420346520911171 (BG3 6+BG52+BG6843684+BG100+BG116)/6=0.0724741103588147 (sw36+sN52+BH68+BN84+sw100+BH116)/6=0.069015 40065822065 (B136+B152+8168+8184+BI100+BI116)/6=0.0655566909576266 (3,736+s,752+BJ68+BJ84+BJ100+s J116)/6=0.06209798125703253 (BK36+BK52+BK68+BK84+BK100+BK116)/6=0.05863927155643849 (BL36+B1,52+s L68+BL84+sL100+81.116)/6=0.05518056185584445 -0.25 (z37+z53+269+285+Z101+z117)/6=0.21452894358431981 (AA37+AA53+AA69+AA85+AA101+AA117)/6= 0.21268429841066963 (AB37+As53+As69+AB85+AB101+A8117)/6=0.2108396532370195 (Ac37+AC53+AC69+Ac85 +AC101+Ac117)/6=0.20899500806336932 (AD37+AD53+A069+3085+AD101+AD117)/6=0.2071503628897192 (AE3 7+AE53+AE69+AE85+AE101+AE117)/6=0.205305717716069 (Ap37+Ap53+AF69+AF85+Ap101+AF117)/6=0.201616 4273687687 (AG37+AG53+AG69+AG85+AG101+AG117)/6=0.19792713702146836 (Aw37+Aw53+AH69+AH85+AH101+A H117)/6=0.19423784667416802 (A137+A153+A169+A185+AI101+AI117)/6=0.19054855632686776 (AJ37+Aa53+A J69+AJ85+AJ101+AJ117)/6=0.1868592659795674 -0.25 (AN37+AN53+AN69+AN85+AN101+AN117)/6=577.8268 753679281 (A037+A053+A069+A085+AO101+AO117)/6=559.3804236314267 (Ap37+Ap53+AP69+AP85+AP101+A P117)/6=540.9339718949249 (AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=522.4875201584232 (AR37+AR53+A R69+AR85+AR101+AR117)/6=504.0410684219217 (As37+As53+AS69+AS85+AS101+As117)/6=485.59461668542 (AT37+AT53+AT69+AT85+AT101+AT117)/6=448.7017132124169 (Au37+AU53+AU69+Au85+Au101+AU117)/6=411.8088 097394137 (AV37+AV53+Av69+Av85+Av101+AV117)/6=374.91590626641045 (Aw37+Aw53+AW69+AW85+AW101+A W117)/6=338.02300279340716 (Ax37+AX53+AX69+AX85+Ax101+AX117)/6=301.1300993204041 -0.25 (312.3 7+BS53+ss69+ss85+BB101+BB117)/6=0.0945289435843198 (BC37+BC53+sc69+Bc85+BC101+sc117)/6=0.092684 29841066966 (BD37+BD53+8069+s085+PD101+BD117)/6=0.0908396532370195 (3E37+BE53+BE69+BE85+BE101+s E117)/6=0.08899500806336934 (sp37+sF53+BF69+BF85+sp101+sF117)/6=0.08715036288971918 (BG37+BG53+s G69+BG85+sG101+86117)/6=0.085305717716069 (Pw37+sw53+BH69+BH85+BH101+sw117)/6=0.08161642736876 869 (8137+8153+B169+B185+BI101+81117)/6=0.07792713702146838 (BJ37+B.153+Eu69+PJ85+BJ101+B.1117)/6= 0.07423784667416804 (BK37+sw53+sK69+BK85+BK101+sw117)/6=0.07054855632686773 (s1.37+BL53+BL69+si.85 +B1,101+sL117)/6=0.06685926597956741 EFTA01437480 Sensit Tier 1 Coverage 0.25 0.30 0.30 0.25 0.30 0.35 USD/TRY 4.85 OTAS exposure (USDm) 1500 950 160 500 180 200 LOANS OTAS exposure (TRYm) M2*$U$1=7274.999999999999 N2*$U$1=4607.50 02*$U$1=776 P2*$ U$1=2425 Q2*$U$1=872.9999999999999 R2*$U$1=969.9999999999999 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total Stage 1 177483.751 179942.836 208018.025 225447.282 189194.53 189206.167 SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751 D5+N3=184550.336 E5+03=208794.025 F5+P3=227872.282 G5+Q3=190067.53 H5+R3=190176.167 SUM(M5:R5)=1186219.091 Stage 2 18107.557+561.381+3109.4=21778.338000000003 29599.849+5463.71+2411.769=37475.328 4219 .35+28.39+3620.128=7867.868 16743.129+3832.425+460.08=21035.634000000002 3835.687+108.017+226 2.51=6206.214 5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001 Stage 2 C6-M3=14503. 338000000003 D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002 G6-Q3=5333.214 H6-R 3=7697.639999999999 SUM(M6:R6)=86104.52200000001 Stage 3 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 SUM( C7:H7)=38306.687000000005 Stage 3 C7=4046.342 D7=5633.32 E7=6264.786 F7=5799.235 G7=7945.146 H7=8617.858 SUM(M7:R7)=38306.687000000005 Total SUM(C5:C7)=203308.43099999998 SUM(D5:D7)=223051.48400000003 SUM(E5:E7)=222150.6789999999 7 SUM(F5:F7)=252282.15099999998 SUM(G5:67)=203345.89 SUM(H5:H7)=206491.66499999998 SUM( CB:H8)=1310630.30 Total SUM(M5:M7)=203308.43099999998 SUM(N5:N7)=223051.48400000003 SUM( 05:07)=222150.67899999997 SUM(P5:P7)=252282.15099999998 SUM(Q5:Q7)=203345.89 SUM(R5:R7)=2 06491.66499999998 SUM(M8:R8)=1310630.30 COVERAGE COVERAGE TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 635.937 816.282 1003.91 1588.177 1541.675 1735.70 SUM(C12:H12)=7321.681 Stag e 1 C12+(M3*0.01)=708.687 D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67 F12+(P3*0.01 )=1612.427 G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40 SUM(M12:R12)=7490.946 Stage 2 2783.856 3620.075 784.616 1845.348 468.183 888.696 SUM(C13:H13)=10390.7 74000000001 Stage 2 C13-(M3*M1)=965.1060000000004 D13-(N3*N1)=2237.825 E13-(03*01)=551.816 F13-(P3*P1)=1239.098 G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001 SUM(M13:R13) =5749.3240000000005 Stage 3 3130.372 3963.228 4978.164 4157.801 6201.91 7386.565 SUM( C14:H14)=29818.039999999997 Stage 3 C14=3130.372 D14=3963.228 E14=4978.164 F14=4157.801 G14=6201.91 H14=7386.565 SUM(M14:R14)=29818.039999999997 Total SUM(C12:C14)=6550.165 SUM(D12:D14)=8399.585 SUM(E12:E14)=6766.69 SUM(F12:F14)=7591.32 6 SUM(G12:G14)=8211.768 SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total SUM( M12:M14)=4804.165000000001 SUM(N12:N14)=7063.41 SUM(012:014)=6541.65 SUM(P12:P14)=7009.32 6 SUM(Q12:Q14)=7958.598 SUM(R12:R14)=9681.161 SUM(M15:R15)=43058.31 t in gross loans t in gross loans TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average TRYm Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 1 C5/C$8=0.8729778205803969 D5/D$8=0.8067322968360076 E5/E$8=0.936382575720149 F5/F$8=0.8936315197344263 G5/G$8=0.9304074451664599 H5/H$8=0.9162896090745358 15/I $8=0.8921605055216563 Stage 1 M5/M$8=0.9087608914752778 N5/N$8=0.8273889628100389 05/0 $8=0.9398757003123993 P5/P$8=0.9032437732782769 Q5/Q$8=0.934700622668105 R5/R$8=0.920 9871352434492 S5/S$8=0.9050752840064814 Stage 2 C6/C58=0.10711969933012766 D6/D$8=0.16801200928122942 E6/E$8=0.035416808246622564 F6/F$8=0.08338138039737898 G6/G$8=0.030520479169753565 H6/H$8=0.041975737858474825 16/I $8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677 N6/N$8=0.14735534330719807 06/0 $8=0.03192368365437227 P6/P$8=0.07376912685352839 06/Q88=0.026227301668108462 R6/R$8=0.037 27821168956142 S6/S$8=0.06569703294666697 Stage 3 C7/C$8=0.019902480089475486 D7/D$8=0.025255693882762956 E7/E$8=0.02820061603322851 F7/F$8=0.022987099868194798 G7/G$8=0.03907207566378646 H7/H$8=0.04173465306698942 17/I $8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486 N7/N$8=0.025255693882762956 07/0 $8=0.02820061603322851 P7/P$8=0.022987099868194798 07/Q88=0.03907207566378646 R7/R$8=0.041 73465306698942 S7/S$8=0.029227683046851582 Total C8/C$8=1 DB/D$8=1 E8/E$8=1 F8/F58=1 G8/G$8=1 H8/H$8=1 I8/I$8=1 Total M8/M$8=1 N8/N$8=1 08/058=1 PB/P$8=1 Q8/Q$8=1 R8/R$8=1 S8/S$8=1 COVERAGE RATIO Earnings impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 2 prov isions (base) 14503.338000000003 32867.828 7091.868 18610.634000000002 5333 .214 7697.639999999999 56=86104.52200000001 AKBANK AKBANK AKBANK Stage 1 C12/C5=0.0035830716694735623 D12/D5=0.004536340640980005 E12/E5=0.004826072163698314 F12/F5=0.007044560421890559 G12/G5=0.008148623535786156 H12/H5=0.009173591048964065 112/ 15=0.0062616329363195285 Stage 3 provisions (base) 4046.342 5633.32 6264.786 5799.235 7945.146 8617.858 38306.687000000005 Tier 1 capital ratio t of Stage 2 loans transferred to Stage 3 loans Tier 1 capital ratio: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans Headroom above threshold St of Stage 2 loans t ransferred to Stage 3 loans Stage 2 C13/C6=0.12782683416888835 D13/D6=0.09659888767351148 E13/E6=0.09972409298173278 F13/F6=0.08772485773426177 G13/G6=0.07543777897442788 H13/H6=0.10253033120895655 113/ 16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3 $T$27*M25=0 $T$27*N25=0 $T$27*025=0 $T$27*P25=0 $T$27*Q25=0 $T$27*R25=0 $T$27*525=0 0 Loan growth (ppt change from base) $M$71=0.1456790194134188 AA27-0.05=-0.15000000000000002 AB27-0.05=-0 .10 -0.05 0 0.05 AD27+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y27=0.145679 EFTA01437481 0194134188 A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05 0 0.05 AR27+0.05=0. 10 0.20 0.30 0.40 0.50 0.60 AM27=0.1456790194134188 -0.05 -0.03 -0.01 0 0.05 BF27+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Stage 3 C14/C7=0.7736301083793707 D14/D7=0.7035332628006221 E14/E7=0.7946263447785766 F14/F7=0.7169568055096923 G14/G7=0.7805910678041662 H14/H7=0.85712308093264 I14/17=0.778 4029978891152 Coverage of new Stage 3 loans (70%) M27*0.7=0 N27*0.7=0 027*0.7=0 P27*0.7=0 Q27*0.7=0 R27*0.7=0 S27*0.7=0 0.20 (=TABLE(T27,T46))=0.10395930 358253379 (=TABLE(T27,T46))=0.10302819762294356 (=TABLE(T27,T46))=0.1020970916633533 (=TA BLE(T27,T46))=0.10116598570376306 (=TABLE(T27,T46))=0.10023487974417282 (=TABLE(T27,T46))=0. 09930377378458256 (=TABLE(T27,T46))=0.0974415618654021 (=TABLE(T27,T46))=0.0955793499462216 (=TABLE(T27,T46))=0.09371713802704111 (=TABLE(T27,T46))=0.09185492610786063 (=TABLE(T27,T46))=0. 08999271418868013 0.20 (Z28-$AC$32)*10000=-417.19715830885 (AA28-$AC$32)*10000=-426.508 2179047523 (AB28-$AC$32)*10000=-435.8192775006549 (AC28-$AC$32)*10000=-445.1303370965573 (AD2 8-$AC$32)*10000=-454.4413966924597 (AE28-$AC$32)*10000=-463.7524562883623 (AF28-$AC$32)*10000= -482.374575480167 (AG28-$AC$32)*10000=-500.99669467197197 (AH28-$AC$32)*10000=-519.61881386377 68 (A128-$AC$32)*10000=-538.2409330555816 (AJ28-$AC$32)*10000=-556.8630522473867 0.20 228- $M$63=0.010209303582533788 AA28-$M$63=0.00927819762294356 AB28-$M$63=0.008347091663353304 AC28 -$M$63=0.007415985703763062 AD28-$M$63=0.0064848797441728195 AE28-$M$63=0.005553773784582 5635 AF28-$M$63=0.003691561865402093 AG28-$M$63=0.001829349946221595 AH28-$M$63=-3.28619729588891 5E-5 Al28-$M$63=-0.0018950738921393734 AJ28-$M$63=-0.0037572858113198715 Total SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240 078 SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905 606 SUM(126:128)=0.8855155570639418 Stage 3 provisions (new) M28+M26=4046.342 N28+ N26=5633.32 028+026=6264.786 P28+P26=5799.235 Q28+Q26=7945.146 R28+R26=8617 .858 S28+S26=38306.687000000005 0.15 (=TABLE(T27,T46))=0.11319576344714455 (=TABLE(T27, T46))=0.11218193162725046 (=TABLE(T27,T46))=0.11116809980735634 (=TABLE(T27,T46))=0.11015426 798746224 (=TABLE(T27,T46))=0.10914043616756815 (=TABLE(T27,T46))=0.10812660434767403 (=TA BLE(T27,T46))=0.10609894070788584 (=TABLE(T27,T46))=0.10407127706809763 (=TABLE(T27,T46))=0. 10204361342830941 (=TABLE(T27,T46))=0.10001594978852121 (=TABLE(T27,T46))=0.097988286148733 0.15 (Z29-$AC$32)*10000=-324.8325596627424 (AA29-$AC$32)*10000=-334.97087786168333 (AB29-$AC$32 )*10000=-345.1091960606245 (AC29-$AC$32)*10000=-355.24751425956555 (AD29-$AC$32)*10000=-365.385 83245850646 (AE29-$AC$32)*10000=-375.52415065744765 (AF29-$AC$32)*10000=-395.8007870553296 (AG2 9-$AC$32)*10000=-416.0774234532116 (AH29-$AC$32)*10000=-436.35405985109384 (A129-$AC$32)*10000= -456.63069624897577 (AJ29-$AC$32)*10000=-476.90733264685787 0.15 Z29-$M$63=0.0194457634471445 5 AA29-$M$63=0.01843193162725046 AB29-$M$63=0.01741809980735634 AC29-$M$63=0.016404267987462 237 AD29-$M$63=0.015390436167568147 AE29-$M$63=0.01437660434767403 AF29-$M$63=0.012348940707885 836 AG29-$M$63=0.010321277068097628 AH29-$M$63=0.008293613428309407 A129-$M$63=0.006265949788521 213 AJ29-$M$63=0.004238286148733006 Net profit (base) 6405.467516045113 7118.518599790241 3809.28613779219 6242 .064735470831 3822.804240772133 3853.9025619301465 SUM(M30:R30)=31252.043791800654 0.10 (=TABLE(T27,T46))=0.12372016294119721 (=TABLE(T27,T46))=0.12261206989837907 (=TABLE(T27,T46))=0. 12150397685556091 (=TABLE(T27,T46))=0.12039588381274278 (=TABLE(T27,T46))=0.1192877907699246 4 (=TABLE(T27,T46))=0.1181796977271065 (=TABLE(T27,T46))=0.11596351164147023 (=TABLE(T27, T46))=0.11374732555583393 (=TABLE(T27,T46))=0.11153113947019765 (=TABLE(T27,T46))=0.10931495 338456138 (=TABLE(T27,T46))=0.10709876729892509 0.10 (230-$AC$32)*10000=-219.588564722215 8 (AA30-$AC$32)*10000=-230.6694951503972 (AB30-$AC$32)*10000=-241.75042557857878 (AC30-$AC$32 )*10000=-252.83135600676007 (AD30-$AC$32)*10000=-263.9122864349415 (AE30-$AC$32)*10000=-274.993 21686312294 (AF30-$AC$32)*10000=-297.15507771948563 (AG30-$AC$32)*10000=-319.3169385758486 (AH3 0-$AC$32)*10000=-341.4787994322115 (A130-$AC$32)*10000=-363.64066028857417 (AJ30-$AC$32)*10000= -385.80252114493703 0.10 Z30-$M$63=0.029970162941197212 AA30-$M$63=0.02886206989837907 AB30 -$M$63=0.027753976855560913 AC30-$M$63=0.026645883812742785 AD30-$M$63=0.025537790769924643 AE30 -$M$63=0.0244296977271065 AF30-$M$63=0.02221351164147023 AG30-$M$63=0.01999732555583393 AH30 -$M$63=0.017781139470197646 A130-$M$63=0.015564953384561375 AJ30-$M$63=0.01334876729892509 Expected provision expenses Net profit (new) - TRYmn M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04 ))=6405.467516045113 N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241 030-(028*0.8 )+((048-046)*(0.8)*(0.04))=3809.28613779219 P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547 0831 (130-(Q28*0.8)+C(Q48-Q46)*(0.8)*(0.04))=3822.804240772133 R30-(R28*0.8)+((R48-R46)*(0. 8)*(0.04))=3853.9025619301465 S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654 0.05 (=TABLE(T27,T46))=0.13578358018943185 (=TABLE(T27,T46))=0.13456744179323235 (=TABLE(T27,T46))=0. 13335130339703283 (=TABLE(T27,T46))=0.13213516500083333 (=TABLE(T27,T46))=0.1309190266046338 6 (=TABLE(T27,T46))=0.12970288820843434 (=TABLE(T27,T46))=0.12727061141603535 (=TABLE(T27, T46))=0.12483833462363633 (=TABLE(T27,T46))=0.12240605783123733 (=TABLE(T27,246))=0.11997378 103883834 (=TABLE(T27,T46))=0.11754150424643932 0.05 (231-$AC$32)*10000=-98.9543922398694 6 (AA31-$AC$32)*10000=-111.1157762018644 (AB31-$AC$32)*10000=-123.27716016385965 (AC31-$AC$32 )*10000=-135.4385441258546 (AD31-$AC$32)*10000=-147.59992808784926 (AE31-$AC$32)*10000=-159.761 31204984452 (AF31-$AC$32)*10000=-184.0840799738344 (AG31-$AC$32)*10000=-208.4068478978246 (AH3 1-$AC$32)*10000=-232.72961582181463 (A131-$AC$32)*10000=-257.05238374580455 (AJ31-$AC$32)*10000= -281.3751516697947 0.05 Z31-$M$63=0.042033580189431846 AA31-$M$63=0.04081744179323235 AB31 -$M$63=0.03960130339703283 AC31-$M$63=0.03838516500083333 AD31-$M$63=0.037169026604633865 AE31 -$M$63=0.03595288820843434 AF31-$M$63=0.03352061141603535 AG31-$M$63=0.031088334623636332 AH31 -$M$63=0.028656057831237328 A131-$M$63=0.026223781038838337 AJ31-$M$63=0.02379150424643932 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Change in ne t profit from base M31/M30-1=0 N31/N30-1=0 031/030-1=0 P31/P30-1=0 Q31/Q30-1=0 R31/R30-1=0 531/530-1=0 0 (=TABLE(T27,T46))=0.14970139715884864 (=TABLE(T27,T46))=0. 1483606045770387 (=TABLE(T27,T46))=0.14701981199522873 (=TABLE(T27,T46))=0.1456790194134188 (=TABLE(T27,T46))=0.14433822683160885 (=TABLE(T27,T46))=0.14299743424979888 (=TABLE(T27,T46))=0. 14031584908617897 (=TABLE(T27,T46))=0.13763426392255906 (=TABLE(T27,T46))=0.1349526787589391 5 (=TABLE(T27,T46))=0.13227109359531927 (=TABLE(T27,T46))=0.12958950843169936 0 (Z32 -$AC$32)*10000=40.22377745429851 (AA32-$AC$32)*10000=26.815851636199096 (AB32-$AC$32)*10000= EFTA01437482 13.40792581809941 (AC32-$AC$32)*10000=0 (AD32-$AC$32)*10000=-13.40792581809941 (AE32-$AC$32 )*10000=-26.815851636199096 (AF32-$AC$32)*10000=-53.63170327239819 (AG32-$AC$32)*10000=-80.4475 5490859728 (AH32-$AC$32)*10000=-107.26340654479638 (A132-$AC$32)*10000=-134.0792581809952 (AJ3 2-$AC$32)*10000=-160.89510981719428 0 232-$M$63=0.05595139715884864 AA32-$M$63=0.0546106 045770387 AB32-$M$63=0.05326981199522873 AC32-$M$63=0.05192901941341879 AD32-$M$63=0.0505882 2683160885 AE32-$M$63=0.04924743424979888 AF32-$M$63=0.04656584908617897 AG32-$M$63=0.0438842 63922559064 AH32-$M$63=0.041202678758939154 A132-$M$63=0.03852109359531927 AJ32-$M$63=0.0358395 0843169936 ROE (base) M30/M$56=0.14227070975751668 N30/N$56=0.15379565842592643 030/O$56=0.133239279 64267931 P30/P$56=0.13031433781764779 Q30/O$56=0.14460043618259225 R30/R$56=0.102203593 17283423 230/S$56=0.1347398172027409 -0.05 (=TABLE(T27,T46))=0.1658741242757326 (=TA BLE(T27,T46))=0.16438848152580468 (=TABLE(T27,T46))=0.16290283877587672 (=TABLE(T27,T46))=0. 1614171960259488 (=TABLE(T27,T46))=0.1599315532760209 (=TABLE(T27,T46))=0.1584459105260929 4 (=TABLE(T27,T46))=0.15547462502623713 (=TABLE(T27,T46))=0.15250333952638126 (=TABLE(T27, T46))=0.14953205402652542 (=TABLE(T27,T46))=0.14656076852666958 (=TABLE(T27,T46))=0.14358948 302681374 -0.05 (Z33-$AC$32)*10000=201.95104862313795 (AA33-$AC$32)*10000=187.094621123858 87 (AB33-$AC$32)*10000=172.23819362457925 (AC33-$AC$32)*10000=157.3817661253002 (AD33-$AC$32 *10000=142.52533862602112 (AE33-$AC$32)*10000=127.6689111267415 (AF33-$AC$32)*10000=97.95605 612818336 (AG33-$AC$32)*10000=68.24320112962468 (AH33-$AC$32)*10000=38.53034613106626 (A13 3-$AC$32)*10000=8.817491132507849 (AJ33-$AC$32)*10000=-20.895363866050566 -0.05 Z33-$M$63=0. 07212412427573259 AA33-$M$63=0.07063848152580468 AB33-$M$63=0.06915283877587672 AC33-$M$63=0 .06766719602594881 AD33-$M$63=0.0661815532760209 AE33-$M$63=0.06469591052609294 AF33-$M$63=0 .06172462502623713 AG33-$M$63=0.05875333952638126 AH33-$M$63=0.05578205402652542 A133-$M$63=0 .05281076852666958 AJ33-$M$63=0.049839483026813736 ROE (new) M31/M$56=0.14227070975751668 N31/N$56=0.15379565842592643 031/0$56=0.133239279 64267931 P31/P$56=0.13031433781764779 Q31/Q$56=0.14460043618259225 R31/R$56=0.102203593 17283423 S31/S$56=0.1347398172027409 -0.10 (=TABLE(T27,T46))=0.18481653970228226 (=TA BLE(T27,T46))=0.1831612402185663 (=TABLE(T27,T46))=0.1815059407348503 (=TABLE(T27,T46))=0. 1798506412511343 (=TABLE(T27,T46))=0.17819534176741833 (=TABLE(T27,T46))=0.1765400422837023 2 (=TABLE(T27,T46))=0.17322944331627035 (=TABLE(T27,246))=0.16991884434883836 (=TABLE(T27, T46))=0.1666082453814064 (=TABLE(T27,T46))=0.16329764641397443 (=TABLE(T27,T46))=0.15998704 744654244 -0.10 (Z34-$AC$32)*10000=391.3752028886347 (AA34-$AC$32)*10000=374.822208051475 2 (AB34-$AC$32)*10000=358.269213214315 (AC34-$AC$32)*10000=341.7162183771552 (AD34-$AC$32 )*10000=325.1632235399954 (AE34-$AC$32)*10000=308.6102287028353 (AF34-$AC$32)*10000=275.5042 390285156 (AG34-$AC$32)*10000=242.39824935419568 (AH34-$AC$32)*10000=209.29225967987603 (A13 4-$AC$32)*10000=176.18627000555637 (AJ34-$AC$32)*10000=143.08028033123642 -0.10 Z34-$M$63=0. 09106653970228226 AA34-$M$63=0.0894112402185663 AB34-$M$63=0.0877559407348503 AC34-$M$63=0 .08610064125113431 AD34-$M$63=0.08444534176741833 AE34-$M$63=0.08279004228370232 AF34-$M$63=0 .07947944331627035 AG34-$M$63=0.07616884434883836 AH34-$M$63=0.0728582453814064 A134-$M$63=0 .06954764641397443 AJ34-$M$63=0.06623704744654244 Change in ROE from base (M34-M33)=0 (N34-N33)=0 (034-033)=0 (P34-P33)=0 (034-033)=0 (R34-R33)=0 (S34-S33)=0 -0.15 (=TABLE(T27,T46))=0.2071991656177836 (=TABLE(T27,T46))=0. 20534339733846185 (=TABLE(T27,T46))=0.2034876290591401 (=TABLE(T27,T46))=0.2016318607798184 (=TABLE(T27,T46))=0.19977609250049666 (=TABLE(T27,T46))=0.19792032422117492 (=TABLE(T27,T46))=0. 19420878766253147 (=TABLE(T27,T46))=0.190497251103888 (=TABLE(T27,T46))=0.1867857145452445 4 (=TABLE(T27,T46))=0.18307417798660108 (=TABLE(T27,T46))=0.1793626414279576 -0.15 (Z35 -$AC$32)*10000=615.201462043648 (AA35-$AC$32)*10000=596.6437792504306 (AB35-$AC$32)*10000=578.0860 964572132 (AC35-$AC$32)*10000=559.528413663996 (AD35-$AC$32)*10000=540.9707308707787 (AE3 5-$AC$32)*10000=522.4130480775613 (AF35-$AC$32)*10000=485.29768249112675 (AG35-$AC$32)*10000= 448.18231690469196 (AH35-$AC$32)*10000=411.06695131825745 (A135-$AC$32)*10000=373.951585731822 9 (AJ35-$AC$32)*10000=336.8362201453881 -0.15 Z35-$M$63=0.11344916561778359 AA35-$M$63=0 .11159339733846185 AB35-$M$63=0.10973762905914011 AC35-$M$63=0.1078818607798184 AD35-$M$63=0 .10602609250049666 AE35-$M$63=0.10417032422117492 AF35-$M$63=0.10045878766253147 AG35-$M$63=0 .09674725110388799 AH35-$M$63=0.09303571454524454 A135-$M$63=0.08932417798660108 AJ35-$M$63=0 .0856126414279576 -0.20 (=TABLE(T27,T46))=0.233908433060701 (=TABLE(T27,T46))=0.23181344465162296 (=TABLE(T27, T46))=0.2297184562425449 (=TABLE(T27,T46))=0.22762346783346685 (=TABLE(T27,T46))=0.22552847 94243888 (=TABLE(T27,T46))=0.22343349101531074 (=TABLE(T27,T46))=0.21924351419715465 (=TA BLE(T27,T46))=0.21505353737899854 (=TABLE(T27,T46))=0.21086356056084243 (=TABLE(T27,T46))=0. 20667358374268638 (=TABLE(T27,T46))=0.20248360692453027 -0.20 (Z36-$AC$32)*10000=882.29413 64728221 (AA36-$AC$32)*10000=861.3442523820416 (AB36-$AC$32)*10000=840.394368291261 (AC3 6-$AC$32)*10000=819.4444842004806 (AD36-$AC$32)*10000=798.4946001097002 (AE36-$AC$32)*10000= 777.5447160189194 (AF36-$AC$32)*10000=735.6449478373586 (AG36-$AC$32)*10000=693.745179655797 5 (AH36-$AC$32)*10000=651.8454114742364 (A136-$AC$32)*10000=609.9456432926759 (AJ36-$AC$32 )*10000=568.0458751111148 -0.20 Z36-$M$63=0.140158433060701 AA36-$M$63=0.138063444651622 96 AB36-$M$63=0.1359684562425449 AC36-$M$63=0.13387346783346685 AD36-$M$63=0.131778479424388 8 AE36-$M$63=0.12968349101531074 AF36-$M$63=0.12549351419715465 AG36-$M$63=0.121303537378998 54 AH36-$M$63=0.11711356056084243 A136-$M$63=0.11292358374268638 AJ36-$M$63=0.108733606924530 27 Stage 1 53.916 379.957 96.532 7.40 167.354 153.12 SUM(C37:H37)=858.279 COR impact Akba nk Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TABLE(T27, T46))=0.2661358171712865 (=TABLE(T27,T46))=0.2637521859147355 (=TABLE(T27,T46))=0.26136855 46581844 (=TABLE(T27,T46))=0.2589849234016334 (=TABLE(T27,T46))=0.25660129214508237 (=TA BLE(T27,T46))=0.2542176608885313 (=TABLE(T27,T46))=0.24945039837542932 (=TABLE(T27,T46))=0. 24468313586232726 (=TABLE(T27,T46))=0.2399158733492252 (=TABLE(T27,T46))=0.2351486108361231 8 (=TABLE(T27,T46))=0.23038134832302112 -0.25 (Z37-$AC$32)*10000=1204.5679775786768 (AA3 7-$AC$32)*10000=1180.731665013167 (AB37-$AC$32)*10000=1156.8953524476563 (AC37-$AC$32)*10000= 1133.0590398821464 (AD37-$AC$32)*10000=1109.2227273166359 (AE37-$AC$32)*10000=1085.38641475112 51 (AF37-$AC$32)*10000=1037.7137896201052 (AG37-$AC$32)*10000=990.0411644890847 (AH37-$AC$32 EFTA01437483 )*10000=942.3685393580641 (A137-$AC$32)*10000=894.6959142270439 (AJ37-$AC$32)*10000=847.0232 890960233 -0.25 Z37-$M$63=0.17238581717128648 AA37-$M$63=0.17000218591473548 AB37-$M$63=0 .16761855465818443 AC37-$M$63=0.16523492340163343 AD37-$M$63=0.16285129214508237 AE37-$M$63=0 .16046766088853132 AF37-$M$63=0.15570039837542932 AG37-$M$63=0.15093313586232726 AH37-$M$63=0 .1461658733492252 A137-$M$63=0.14139861083612318 AJ37-$M$63=0.13663134832302112 Stage 2 246.51 748.876 19.004 588.762 78.11 70.684 SUM(C38:H38)=1751.946 Stage 2 loans % in 1 oans (base) M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769 12685352839 Q20=0.026227301668108462 R20=0.03727821168956142 S20=0.06569703294666697 Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan s % in loans (base) M21=0.019902480089475486 N21=0.025255693882762956 021=0.028200 61603322851 P21=0.022987099868194798 Q21=0.03907207566378646 R21=0.04173465306698942 S21= 0.029227683046851582 Total SUM(C37:C39)=698.1659999999999 SUM(D37:D39)=1616.995 SUM(E37:E39)=392.371 SUM(F37:F39) =1127.6619999999998 SUM(G37:G39)=1283.114 SUM(H37:H39)=813.327 SUM(C40:H40)=5931.635 Stag e 2 loans % in loans (new) (M6-M27)/M$8=0.07133662843524677 (N6-N27)/N$8=0.1473553433071 9807 (06-027)/O$9=0.03192368365437227 (P6-P27)/P$8=0.07376912685352839 (46-Q27)/Q$8 =0.026227301668108462 (R6-R27)/R$8=0.03727821168956142 (56-527)/5$8=0.06569703294666697 Average gross loans 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 1 11:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=219928. 43 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CHALKBANK MODEL- Higher RF R and Lower NIM.xlsx)COR'!$AH$13/1000=215448.166 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=249443.2855 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=197091.47 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=204895.8715 SUM(C41:H41) =1285905.969 Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486 (N7+N27)/N$8 =0.025255693882762956 (07+027)/0$8=0.02820061603322851 (P7+P27)/P$8=0.022987099868194798 (Q7+Q27)/0$8=0.03907207566378646 (R7+R27)/R$8=0.04173465306698942 (57+527)/S$9=0.02922 7683046851582 GARANTI GARANTI GARANTI Stage 1 credit impairments C37=53.916 D37=379.957 E37=96.532 F37=7.40 G37= 167.354 H37=153.12 137=858.279 Y26=Tier 1 capital ratio % of Stage 2 loans transferr ed to Stage 3 loans AM26=Tier 1 capital ratio: change from base (bps) % of Stage 2 loans t ransferred to Stage 3 loans BA26=Headroom above threshold % of Stage 2 loans transferred to St age 3 loans COR (gross) Stage 2 credit impairments C38=246.51 D38=748.876 E38=19.004 F38= 588.762 G38=78.11 H38=70.684 138=1751.946 Loan growth (ppt change from base) $N$7 1=0.15627462350605692 AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05 0 0.05 AD43 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y43=0.15627462350605692 A043-0.05=-0.1500000 0000000002 AP43-0.05=-0.10 -0.05 0 0.05 AR43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM43=0.15627462350605692 -0.05 -0.03 -0.01 0 0.05 BF43+0.05=0.10 0.20 0.30 0.40 0.50 0.60 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Stage 3 cred it impairments (new) M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037 .65 R28+H39=589.523 S28+139=3321.4100000000003 0.20 (=TABLE(T27,T46))=0.1150959976020075 9 (=TABLE(T27,T46))=0.11290534643514785 (=TABLE(T27,T46))=0.11071469526828814 (=TABLE(T27, T46))=0.10852404410142841 (=TABLE(T27,T46))=0.10633339293456869 (=TABLE(T27,T46))=0.10414274 176770896 (=TABLE(T27,T46))=0.09976143943398952 (=TABLE(T27,T46))=0.09538013710027007 (=TA BLE(T27,T46))=0.09099883476655062 (=TABLE(T27,T46))=0.08661753243283117 (=TABLE(T27,T46))=0. 08223623009911173 0.20 (Z44-$AC$48)*10000=-411.7862590404933 (AA44-$AC$48)*10000=-433.692 77070909067 (AB44-$AC$48)*10000=-455.59928237768776 (AC44-$AC$48)*10000=-477.50579404628513 (AD4 4-$AC$48)*10000=-499.41230571488234 (AE44-$AC$48)*10000=-521.3188173834795 (AF44-$AC$48)*10000= - 565.1318407206741 (AG44-$AC$48)*10000=-608.9448640578685 (AH44-$AC$48)*10000=-652.75788739506 3 (A144-$AC$48)*10000=-696.5709107322575 (AJ44-$AC$48)*10000=-740.3839340694519 0.20 244- $N$63=0.021345997602007588 AA44-$N$63=0.019155346435147852 AB44-$N$63=0.016964695268288144 AC44 -$N$63=0.014774044101428407 AD44-$N$63=0.012583392934568685 AE44-$N$63=0.010392741767708963 AF44 -$N$63=0.006011439433989518 AG44-$N$63=0.0016301371002700737 AH44-$N$63=-0.00275116523344 93847 A144-$N$63=-0.007132467567168829 AJ44-$N$63=-0.011513769900888274 Stage 1 C37/C$41*4=0.0010832011970582677 D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922 083402650082 F37/F$41*4=1.1866424843093242E-4 G37/G$41*4=0.0033964737286702467 H37/ H$41*4=0.0029892256760283235 137/1$41*4=0.002669803300368691 Recoveries C49=253 D49=860 E49= 188 F49=432 G49=446 H49=330 149=2509 0.15 (=TABLE(T27,T46))=0.1253219179938684 (=TA BLE(T27,T46))=0.12293663430367709 (=TABLE(T27,T46))=0.12055135061348579 (=TABLE(T27,T46))=0. 11816606692329448 (=TABLE(T27,T46))=0.11578078323310317 (=TABLE(T27,T46))=0.1133954995429118 8 (=TABLE(T27,T46))=0.10862493216252926 (=TABLE(T27,T46))=0.10385436478214666 (=TABLE(T27, T46))=0.09908379740176403 (=TABLE(T27,T46))=0.09431323002138142 (=TABLE(T27,T46))=0.08954266 26409988 0.15 (Z45-$AC$48)*10000=-309.5270551218851 (AA45-$AC$48)*10000=-333.37989202379 833 (AB45-$AC$48)*10000=-357.2327289257113 (AC45-$AC$48)*10000=-381.08556582762435 (AD45-$AC$48 )*10000=-404.9384027295375 (AE45-$AC$48)*10000=-428.7912396314504 (AF45-$AC$48)*10000=-476.496 9134352766 (AG45-$AC$48)*10000=-524.2025872391026 (AH45-$AC$48)*10000=-571.908261042929 (AI4 5-$AC$48)*10000=-619.613934846755 (AJ45-$AC$48)*10000=-667.3196086505811 0.15 Z45-$N$63=0. 03157191799386841 AA45-$N$63=0.029186634303677086 AB45-$N$63=0.02680135061348579 AC45-$N$63=0 .024416066923294483 AD45-$N$63=0.022030783233103174 AE45-$N$63=0.01964549954291188 AF45-$N$63=0 .014874932162529261 AG45-$N$63=0.010104364782146658 AH45-$N$63=0.005333797401764026 A145-$N$63=5 .632300213814223E-4 AJ45-$N$63=-0.004207337359001195 Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294 E-4 F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307 H38/H$41*4=0.0013799 009122543496 138/I$41*4=0.005449686189301761 Gross loans (base) C41=199098.746 D41=219928.4 3 E41=215448.166 F41=249443.2855 G41=197091.47 H41=204895.8715 141=1285905.969 0 0.10 EFTA01437484 (=TABLE(T27,T46))=0.13697374921230654 (=TABLE(127,T46))=0.13436669327819248 (=TABLE(T27,T46))=0. 13175963734407845 (=TABLE(T27,T46))=0.12915258140996438 (=TABLE(T27,T46))=0.1265455254758503 2 (=TABLE(T27,T46))=0.12393846954173628 (=TABLE(T27,T46))=0.11872435767350818 (=TABLE(T27, T46))=0.11351024580528007 (=TABLE(T27,T46))=0.10829613393705197 (=TABLE(T27,T46))=0.10308202 206882386 (=TABLE(T27,T46))=0.09786791020059576 0.10 (Z46-$AC$48)*10000=-193.008742937503 8 (AA46-$AC$48)*10000=-219.0793022786444 (AB46-$AC$48)*10000=-245.14986161978476 (AC46-$AC$48 )*10000=-271.22042096092537 (AD46-$AC$48)*10000=-297.290980302066 (AE46-$AC$48)*10000=-323.361 5396432064 (AF46-$AC$48)*10000=-375.5026583254874 (AG46-$AC$48)*10000=-427.64377700776845 (AH4 6-$AC$48)*10000=-479.78489569004955 (A146-$AC$48)*10000=-531.9260143723307 (AJ46-$AC$48)*10000= -584.0671330546115 0.10 Z46-$N$63=0.04322374921230654 AA46-$N$63=0.04061669327819248 AB46 -$N$63=0.038009637344078445 AC46-$N$63=0.035402581409964384 AD46-$N$63=0.03279552547585032 AE46 -$N$63=0.030188469541736276 AF46-$N$63=0.024974357673508182 AG46-$N$63=0.019760245805280074 AH46 -$N$63=0.014546133937051967 A146-$N$63=0.009332022068823859 AJ46-$N$63=0.004117910200595765 Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592 172 F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932 899 139/I$41*4=0.010331735228145598 Change in loan growth $T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4 6=0 $T$46=0 $T$46=0 0.05 (=TABLE(T27,T46))=0.15032946625568339 (=TABLE(T27,T46))=0.14746820 758876455 (=TABLE(T27,T46))=0.14460694892184575 (=TABLE(T27,T46))=0.14174569025492692 (=TA BLE(T27,T46))=0.1388844315880081 (=TABLE(T27,T46))=0.13602317292108929 (=TABLE(T27,T46))=0. 13030065558725162 (=TABLE(T27,T46))=0.12457813825341399 (=TABLE(T27,T46))=0.1188556209195763 3 (=TABLE(T27,T46))=0.11313310358573868 (=TABLE(T27,T46))=0.10741058625190104 0.05 (Z47 -$AC$48)*10000=-59.45157250373534 (AA47-$AC$48)*10000=-88.06415917292365 (AB47-$AC$48)*10000= -116.67674584211169 (AC47-$AC$48)*10000=-145.2893325113 (AD47-$AC$48)*10000=-173.90191918048 83 (AE47-$AC$48)*10000=-202.51450584967634 (AF47-$AC$48)*10000=-259.73967918805295 (AG47-$AC$48 )*10000=-316.9648525264293 (AH47-$AC$48)*10000=-374.19002586480593 (AI47-$AC$48)*10000=-431.415 1992031824 (AJ47-$AC$48)*10000=-488.64037254155875 0.05 Z47-$N$63=0.056579466255683386 AA47 -$N$63=0.053718207588764555 AB47-$N$63=0.05085694892184575 AC47-$N$63=0.04799569025492692 AD47 -$N$63=0.04513443158800809 AE47-$N$63=0.042273172921089286 AF47-$N$63=0.036550655587251624 AG47 -$N$63=0.03082813825341399 AH47-$N$63=0.025105620919576327 A147-$N$63=0.01938310358573868 AJ47 -$N$63=0.013660586251901044 Total SUM(C45:C47)=0.014026527319262974 SUM(D45:D47)=0.029409476528341517 SUM(E45:E47) =0.0072847405904583095 SUM(F45:F47)=0.018082859961367853 SUM(G45:G47)=0.02604098492948477 SUM(H45:H47)=0.015877860184215574 SUM(145:I47)=0.018451224717816052 Gross loans (new) M46*(1+M47)=199098.746 N46*(1+1(47)=219928.43 046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46* (1+Q47)=197091.47 R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0 (=TABLE(T27,T46))=0. 16573823654689093 (=TABLE(T27,T46))=0.16258369886661292 (=TABLE(T27,T46))=0.1594291611863349 3 (=TABLE(T27,T46))=0.15627462350605692 (=TABLE(T27,T46))=0.1531200858257789 (=TABLE(T27, T46))=0.14996554814550092 (=TABLE(T27,T46))=0.14365647278494492 (=TABLE(T27,T46))=0.13734739 742438892 (=TABLE(T27,T46))=0.1310383220638329 (=TABLE(T27,T46))=0.1247292467032769 (=TA BLE(T27,T46))=0.1184201713427209 0 (Z48-$AC$48)*10000=94.63613040834012 (AA48-$AC$48 )*10000=63.09075360555999 (AB48-$AC$48)*10000=31.545376802780133 (AC48-$AC$48)*10000=0 (AD4 8-$AC$48)*10000=-31.545376802780133 (AE48-$AC$48)*10000=-63.09075360555999 (AF48-$AC$48)*10000= -126.18150721111998 (AG48-$AC$48)*10000=-189.27226081667996 (AH48-$AC$48)*10000=-252.36301442224 024 (A148-$AC$48)*10000=-315.4537680278002 (AJ48-$AC$48)*10000=-378.5445216333602 0 248- $N$63=0.07198823654689093 AA48-$N$63=0.06883369886661292 AB48-$N$63=0.06567916118633493 AC48 -$N$63=0.06252462350605692 AD48-$N$63=0.05937008582577891 AE48-$N$63=0.05621554814550092 AF48 -$N$63=0.04990647278494492 AG48-$N$63=0.04359739742438892 AH48-$N$63=0.037288322063832896 A148 -$N$63=0.030979246703276897 AJ48-$N$63=0.024670171342720898 Recoveries 253 860 188 432 446 330 SUM(C49:H49)=2509 COR (net), B ase C57=0.008943622377209748 D57=0.013768024443224555 E57=0.0037943418836064724 F57=0.011155433566480983 G57=0.01698935017329771 H57=0.009435563468637288 157=0.010646 610506557188 -0.05 (=TABLE(T27,T46))=0.18364347539821713 (=TABLE(T27,T46))=0.1801481427884907 8 (=TABLE(T27,T46))=0.17665281017876447 (=TABLE(T27,T46))=0.17315747756903815 (=TABLE(T27, T46))=0.1696621449593118 (=TABLE(T27,T46))=0.16616681234958552 (=TABLE(T27,T46))=0.15917614 71301329 (=TABLE(T27,T46))=0.15218548191068026 (=TABLE(T27,T46))=0.1451948166912276 (=TA BLE(T27,T46))=0.13820415147177498 (=TABLE(T27,T46))=0.13121348625232232 -0.05 (Z49-$AC$48) *10000=273.68851892160205 (AA49-$AC$48)*10000=238.73519282433864 (AB49-$AC$48)*10000=203.7818 6672707548 (AC49-$AC$48)*10000=168.82854062981235 (AD49-$AC$48)*10000=133.8752145325489 (AE4 9-$AC$48)*10000=98.92188843528604 (AF49-$AC$48)*10000=29.015236240759744 (AG49-$AC$48)*10000= -40.891415953766554 (AH49-$AC$48)*10000=-110.79806814829313 (A149-$AC$48)*10000=-180.70472034281 943 (AJ49-$AC$48)*10000=-250.611372537346 -0.05 Z49-$N$63=0.08989347539821713 AA49-$N$63=0 .08639814278849078 AB49-$N$63=0.08290281017876447 AC49-$N$63=0.07940747756903815 AD49-$N$63=0 .07591214495931181 AE49-$N$63=0.07241681234958552 AF49-$N$63=0.0654261471301329 AG49-$N$63=0 .058435481910680265 AH49-$N$63=0.05144481669122761 A149-$N$63=0.04445415147177498 AJ49-$N$63=0 .03746348625232232 COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748 (N42+N43+N44-N45)/N48*4=0.0137680244 43224555 (042+043+044-045)/048*4=0.0037943418836064724 (P42+P43+P44-P45)/P48*4=0.0111554335 66480983 (Q42+043+044-q45)/q48*4=0.01698935017329771 (R42+R43+R44-R45)/R48*4=0.0094355634 68637288 (S42+543+544-S45)/S48*4=0.010646610506557188 -0.10 (=TABLE(T27,T46))=0.20461510 684801346 (=TABLE(T27,T46))=0.20072061588470727 (=TABLE(T27,T46))=0.1968261249214011 (=TA BLE(T27,T46))=0.19293163395809493 (=TABLE(T27,T46))=0.18903714299478874 (=TABLE(T27,T46))=0. 18514265203148259 (=TABLE(T27,T46))=0.17735367010487024 (=TABLE(T27,T46))=0.1695646881782579 (=TABLE(T27,T46))=0.16177570625164553 (=TABLE(127,T46))=0.1539867243250332 (=TABLE(T27,T46))=0. 14619774239842084 -0.10 (Z50-$AC$48)*10000=483.40483341956536 (AA50-$AC$48)*10000=444.4599 237865035 (AB50-$AC$48)*10000=405.51501415344194 (AC50-$AC$48)*10000=366.5701045203801 (AD5 0-$AC$48)*10000=327.62519488731823 (AE50-$AC$48)*10000=288.68028525425666 (AF50-$AC$48)*10000= 210.79046598813323 (AG50-$AC$48)*10000=132.9006467220098 (AH50-$AC$48)*10000=55.0108274558860 94 (A150-$AC$48)*10000=-22.878991810237338 (AJ50-$AC$48)*10000=-100.76881107636076 -0.10 250- $N$63=0.11086510684801346 AA50-$N$63=0.10697061588470727 AB50-$N$63=0.10307612492140111 AC50 EFTA01437485 -$N$63=0.0991816339S809493 ADS0-$N$63=0.09528714299478874 AES0-$N$63=0.09139265203148259 AFS0 -$N$63=0.08360367010487024 AG50-$N$63=0.0758146881782579 AHS0-$N$63=0.06802570625164553 A1SO -$N$63=0.060236724325033186 AJ50-$N$63=0.052447742398420844 COR (net) Change in COR from base (bps) (M50-M49)*100=0 (NSO-N49)*100=0 (050-049)*100=0 (P50 -P49)*100=0 (00-Q49)*100=0 (RSO-R49)*100=0 (SSO-S49)*100=0 -0.15 (=TABLE(T27,T46)]=0.22939548 310988364 (=TABLE(T27,T46))=0.2250293409918518 (=TABLE(T27,T46))=0.22066319887381997 (=TA BLE(T27,T46))=0.21629705675578811 (=TABLE(T27,T46))=0.2119309146377563 (=TABLE(T27,T46))=0. 20756477251972447 (=TABLE(T27,246)]=0.1988324882836608 (=TABLE(T27,T46))=0.1901002040475971 2 (=TABLE(T27,T46))=0.1813679198115334 (=TABLE(T27,246))=0.17263563557546976 (=TABLE(T27, T46))=0.1639033513394061 -0.15 (251-$AC$48)*10000=731.2085960382672 (AAS1-$AC$48)*10000= 687.5471748579487 (AB51-$AC$48)*10000=643.8857536776304 (ACS1-$AC$48)*10000=600.224332497311 9 (AD51-$AC$48)*10000=556.5629113169937 (AE51-$AC$48)*10000=512.9014901366754 (AF51-$AC$48 )*10000=425.57864777603874 (AG51-$AC$48)*10000=338.25580541540194 (AH51-$AC$48)*10000=250.9329 630547649 (A151-$AC$48)*10000=163.61012069412845 (AJ51-$AC$48)*10000=76.2872783334917 -0.1 5 Z51-$N$63=0.13564548310988364 AA51-$N$63=0.1312793409918518 AB51-$N$63=0.126913198873819 97 AC51-$N$63=0.12254705675578811 AD51-$N$63=0.11818091463775629 AE51-$N$63=0.113814772519724 47 AFS1-$N$63=0.10508248828366079 AGS1-$N$63=0.09635020404759712 AHS1-$N$63=0.087617919811533 41 A151-$N$63=0.07888563557546976 AJ51-$N$63=0.07015335133940609 -0.20 (=TABLE(T27,T46))=0.258965994604517 (=TABLE(T27,T46))=0.25403702947908263 (=TABLE(T27, T46))=0.24910806435364827 (=TABLE(T27,T46))=0.24417909922821388 (=TABLE(T27,T46))=0.23925013 410277948 (=TABLE(T27,T46))=0.23432116897734515 (=TABLE(T27,T46))=0.2244632387264764 (=TA BLE(T27,T46))=0.21460530847560763 (=TABLE(T27,T46))=0.20474737822473885 (=TABLE(T27,T46))=0. 19488944797387012 (=TABLE(T27,T46))=0.18503151772300136 -0.20 (Z52-$AC$48)*10000=1026.9137 10984601 (AA52-$AC$48)*10000=977.6240597302572 (ABS2-$AC$48)*10000=928.3344084759135 (AC5 2-$AC$48)*10000=879.0447572215695 (ADS2-$AC$48)*10000=829.7551059672256 (AES2-$AC$48)*10000= 780.4654547128822 (AF52-$AC$48)*10000=681.8861522041947 (AG52-$AC$48)*10000=583.306849695507 1 (AH52-$AC$48)*10000=484.72754718681927 (A152-$AC$48)*10000=386.14824467813196 (AJ52-$AC$48 )*10000=287.56894216944437 -0.20 Z52-$N$63=0.16521599460451702 AA52-$N$63=0.160287029479082 63 ABS2-$N$63=0.15535806435364827 ACS2-$N$63=0.15042909922821388 AD52-$N$63=0.145500134102779 48 AES2-$N$63=0.14057116897734515 AFS2-$N$63=0.1307132387264764 AGS2-$N$63=0.120855308475607 63 AHS2-$N$63=0.11099737822473885 A1S2-$N$63=0.10113944797387012 AJ52-$N$63=0.091281517723001 36 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average Tier 1 d CAR impact Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total -0.25 (=TA BLE(T27,T46))=0.29464575386113945 (=TABLE(T27,T46))=0.28903768687397857 (=TABLE(T27,T46))=0. 2834296198868177 (=TABLE(T27,T46))=0.27782155289965677 (=TABLE(T27,T46))=0.2722134859124958 3 (=TABLE(T27,T46))=0.266605418925335 (=TABLE(T27,T46))=0.2553892849510132 (=TABLE(T27, T46)]=0.24417315097669143 (=TABLE(T27,T46))=0.23295701700236962 (=TABLE(T27,T46))=0.22174088 302804784 (=TABLE(T27,T46))=0.21052474905372606 -0.25 (253-$AC$48)*10000=1383.711303550825 3 (AA53-$AC$48)*10000=1327.6306336792165 (AB53-$AC$48)*10000=1271.5499638076078 (ACS3-$AC$48 )*10000=1215.4692939359984 (ADS3-$AC$48)*10000=1159.3886240643892 (AE53-$AC$48)*10000=1103.307 954192781 (AFS3-$AC$48)*10000=991.1466144495629 (AG53-$AC$48)*10000=878.9852747063451 (AH5 3-$AC$48)*10000=766.823934963127 (A153-$AC$48)*10000=654.6625952199092 (AJ53-$AC$48)*10000= 542.5012554766914 -0.25 Z53-$N$63=0.20089575386113945 AA53-$N$63=0.19528768687397857 ABS3 -$N$63=0.1896796198868177 ACS3-$N$63=0.18407155289965677 ADS3-$N$63=0.17846348591249583 AE53 -$N$63=0.172855418925335 AFS3-$N$63=0.1616392849510132 AG53-$N$63=0.15042315097669143 AH53 -$N$63=0.13920701700236962 A1S3-$N$63=0.12799088302804784 AJ53-$N$63=0.11677474905372606 Stage 1 Base Case (2018E) Stage 2 Total RWAs 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$585=302875.679288 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$585=344418.17760000005 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410 0002 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006 SUM(M55:1155)=1674676.3345584 502 Stage 3 (C39-C49)/C41*4=0.0029079037996552724 (D39-D49)/D41*4=-0.006762891000495025 (E39-E49)/E4 1*4=0.0016493062187403346 (F39-F49)/F41*4=0.0015955530701186181 (G39-G49)/G41*4=0.0120076226 53583133 (H39-H49)/H41*4=0.005066436880354615 (139-149)/141*4=0.002527121016886734 Shar eholders equity 1 11:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$112=46285.562756758685 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 1 11:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$112=47900.06103707109 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411 7375 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914 SUM(M56:1156)=231943.64101575 254 Total (C40-C49)/C41*4=0.008943622377209748 (D4O-D49)/D41*4=0.013768024443224555 (E40-E49)/E4 1*4=0.0037943418836064724 (F40-F49)/F41*4=0.011155433566480983 (G40-G49)/G41*4=0.0169893501 7329771 (H4O-H49)/H41*4=0.009435563468637288 (140-149)/I41*4=0.010646610506557188 Tier 1 Capit al 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574= EFTA01437486 45591.27931540731 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=46942.05981632967 1 11:\Hank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=25908.277007035027 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365 SUM(M57:R57)=224142.46766948313 HALK BANK HALKBANK HALKBANK Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$575=7161.802715988953 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 1 11:\Hank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)'!$BK$575=8622.010986672796 'R:\Bank models\Turkish Bank Model with 2020 Estimat es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217 583 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CLAPI KREDI MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$565=9992.644555895582 SUM(M58:R58)=41212.154475211 28 Y42=Tier 1 capital ratio % of Stage 2 loans transferred to Stage 3 loans AM42=Tier 1 capital ratio: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans BA42=Headroo m above threshold 8 of Stage 2 loans transferred to Stage 3 loans Deductions 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'! $BK$577=34.580451246550766 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 'R:\Bank mod els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F orecast (TRY)° !$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe ✓ RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$577=2.643701735411738 Bank models\Turkish Bank Model with 2020 Estimates\Higher RFRWIAPI KREDI MODEL- Higher RFR and Lowe ✓ NIM.xlsxjForecast (TRY)° !$BK$572=301.6647413100553 SUM(M59:R59)=414.06463687359906 Loan growth (ppt change from base) $O$71=0.11928556821019161 AA59-0.05=-0.15000000000000002 AB59-0.05=-0 .10 -0.05 0 0.05 AD59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y59=0.119285 56821019161 A059-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05 0 0.05 AR59+0.05=0. 10 0.20 0.30 0.40 0.50 0.60 AM59=0.11928556821019161 -0.05 -0.03 -0.0 1 0 0.05 BF59+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Capital base M57+M58-M59=50193.48681901117 N57+N58-N59=52718.501580149714 057+058-059=31142.88 3697848178 P57+P58-P59=55516.17074196539 Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18 2285329174 257+558-559=264940.55750782083 0.20 (=TABLE(T27,T46))=0.0845984782870507 (=TA BLE(T27,T46))=0.08401138557335593 (=TABLE(T27,T46))=0.08342429285966117 (=TABLE(T27,T46))=0. 08283720014596639 (=TABLE(T27,T46))=0.08225010743227162 (=TABLE(T27,T46))=0.0816630147185768 7 (=TABLE(T27,T46))=0.08048882929118732 (=TABLE(T27,T46))=0.0793146438637978 (=TABLE(T27, T46))=0.07814045843640825 (=TABLE(T27,T46))=0.07696627300901873 (=TABLE(T27,T46))=0.07579208 75816292 0.20 (Z60-$AC$64)*10000=-346.87089923140917 (AA60-$AC$64)*10000=-352.74182636835 684 (AB60-$AC$64)*10000=-358.61275350530434 (AC60-$AC$64)*10000=-364.4836806422522 (AD60-$AC$64 )*10000=-370.35460777919985 (AE60-$AC$64)*10000=-376.22553491614735 (AF60-$AC$64)*10000=-387.967 38919004287 (AG60-$AC$64)*10000=-399.7092434639381 (AH60-$AC$64)*10000=-411.45109773783355 (A16 0-$AC$64)*10000=-423.1929520117288 (AJ60-$AC$64)*10000=-434.9348062856241 0.20 Z60-$O$63=-0 .004151521712949316 AA60-$O$63=-0.004738614426644083 AB60-$O$63=-0.005325707140338837 AC60-$O$63=-0.005912799854033618 AD60-$O$63=-0.006499892567728385 AE60-$O$63=-0.007086 985281423139 AF60-$O$63=-0.008261170708812687 AG60-$O$63=-0.009435356136202208 AH60 -$0$63=-0.010609541563591757 A160-$0$63=-0.011783726990981278 AJ60-$O$63=-0.01295791241837 0812 Tier 1 capital ratio (base) M57/M55=0.1456790194134188 N57/N55=0.15627462350605692 057/ 055=0.11928556821019161 P57/P55=0.13629379303797134 057/Q55=0.11876636214990284 R57/R55=0.11 874779030119209 257/S55=0.13384226136364502 0.15 (=TABLE(T27,T46))=0.09211478921236524 (=TA BLE(T27,T46))=0.09147553514225525 (=TABLE(T27,T46))=0.09083628107214525 (=TABLE(T27,T46))=0. 09019702700203526 (=TABLE(T27,T46))=0.08955777293192527 (=TABLE(T27,T46))=0.0889185188618152 9 (=TABLE(T27,T46))=0.08764001072159529 (=TABLE(T27,T46))=0.08636150258137532 (=TABLE(T27, T46))=0.08508299444115533 (=TABLE(T27,T46))=0.08380448630093534 (=TABLE(T27,T46))=0.08252597 816071537 0.15 (Z61-$AC$64)*10000=-271.7077899782637 (AA61-$AC$64)*10000=-278.10033067936 365 (AB61-$AC$64)*10000=-284.49287138046355 (AC61-$AC$64)*10000=-290.8854120815635 (AD61-$AC$64 )*10000=-297.2779527826634 (AE61-$AC$64)*10000=-303.6704934837632 (AF61-$AC$64)*10000=-316.455 5748859632 (AG61-$AC$64)*10000=-329.24065628816294 (AH61-$AC$64)*10000=-342.0257376903628 (A16 1-$AC$64)*10000=-354.81081909256267 (AJ61-$AC$64)*10000=-367.59590049476236 0.15 Z61-$O$63=0. 0033647892123652295 AA61-$O$63=0.0027255351422552365 AB61-$0$63=0.0020862810721452435 AC61-$O$63=0.0014470270020352505 AD61-$0$63=8.077729319252575E-4 AE61-$O$63=1.685188618152783 E-4 AF61-$O$63=-0.0011099892784047216 AG61-$O$63=-0.0023884974186246938 AH61-$0$63=- 0.00366700555884468 A161-$O$63=-0.004945513699064666 AJ61-$0$63=-0.006224021839284638 CAR (base) M60/M55=0.165723068081947 N60/N55=0.18070482140335967 060/055=0.1325895606 6465483 P60/P55=0.16118827156225388 Q60/055=0.1472339320162418 R60/R55=0.15303788255670486 S60/555=0.15820403742534273 0.10 (=TABLE(T27,T46))=0.10067918077136609 (=TABLE(T27,T46))=0. 09998049192201033 (=TABLE(T27,T46))=0.09928180307265458 (=TABLE(T27,T46))=0.0985831142232988 2 (=TABLE(T27,T46))=0.09788442537394307 (=TABLE(T27,T46))=0.09718573652458731 (=TABLE(T27, T46))=0.0957883588258758 (=TABLE(T27,T46))=0.09439098112716429 (=TABLE(T27,T46))=0.09299360 342845278 (=TABLE(T27,T46))=0.09159622572974127 (=TABLE(T27,T46))=0.09019884803102976 0.10 (Z62-$AC$64)*10000=-186.0638743882552 (AA62-$AC$64)*10000=-193.05076288181274 (AB62-$AC$64)*10000= -200.0376513753703 (AC62-$AC$64)*10000=-207.02453986892786 (AD62-$AC$64)*10000=-214.01142836248 542 (AE62-$AC$64)*10000=-220.99831685604295 (AF62-$AC$64)*10000=-234.97209384315806 (AG62-$AC$64 EFTA01437487 )*10000=-248.94587083027318 (AH62-$AC$64)*10000=-262.9196478173883 (A162-$AC$64)*10000=-276.893 42480450335 (AJ62-$AC$64)*10000=-290.86720179161847 0.10 Z62-$0$63=0.01192918077136608 AA62 -$0$63=0.011230491922010324 AB62-$0$63=0.01053180307265457 AC62-$0$63=0.009833114223298814 AD62 -$0$63=0.009134425373943059 AE62-$0$63=0.008435736524587303 AF62-$O$63=0.007038358825875793 AG62 -$0$63=0.005640981127164282 AH62-$0$63=0.004243603428452772 A162-$O$63=0.0028462257297412613 AJ62-$0$63=0.0014488480310297508 Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001 0.09375 0.08875000000000001 0.09125 AVERAGE(M63:R63)=0.09166666666666667 0.05 (=TABLE(T27,T46))=0.11049597164022947 (=TA BLE(T27,T46))=0.10972915666724038 (=TABLE(T27,T46))=0.10896234169425131 (=TABLE(T27,T46))=0. 10819552672126222 (=TABLE(T27,T46))=0.10742871174827313 (=TABLE(T27,T46))=0.1066618967752840 7 (=TABLE(T27,T46))=0.10512826682930589 (=TABLE(T27,T46))=0.10359463688332772 (=TABLE(T27, T46))=0.10206100693734955 (=TABLE(T27,T46))=0.10052737699137139 (=TABLE(T27,T46))=0.09899374 704539322 0.05 (Z63-$AC$64)*10000=-87.89596569962144 (AA63-$AC$64)*10000=-95.564115429512 27 (AB63-$AC$64)*10000=-103.23226515940296 (AC63-$AC$64)*10000=-110.90041488929391 (AD63-$AC$64 )*10000=-118.56856461918474 (AE63-$AC$64)*10000=-126.23671434907544 (AF63-$AC$64)*10000=-141.573 01380885724 (AG63-$AC$64)*10000=-156.9093132686389 (AH63-$AC$64)*10000=-172.24561272842053 (A16 3-$AC$64)*10000=-187.58191218820218 (AJ63-$AC$64)*10000=-202.91821164798384 0.05 Z63-$0$63=0. 021745971640229456 AA63-$0$63=0.020979156667240373 AB63-$0$63=0.020212341694251304 AC63-$O$63=0 .019445526721262207 AD63-$0$63=0.018678711748273125 AE63-$0$63=0.017911896775284056 AF63-$O$63=0 .016378266829305876 AG63-$0$63=0.014844636883327711 AH63-$0$63=0.013311006937349545 A163-$O$63=0 .01177737699137138 AJ63-$0$63=0.010243747045393214 CAR threshold (2018) 0.12 0.12 0.12 0.12 0.12 0.12 AVERAGE(M64:R64)=0.12 0 (=TABLE(T27,T46))=0.12182180873335301 (=TABLE(T27,T46))=0.12097639522563253 (=TABLE(T27,T46))=0. 12013098171791207 (=TABLE(T27,T46))=0.11928556821019161 (=TABLE(T27,T46))=0.1184401547024711 4 (=TABLE(T27,T46))=0.11759474119475069 (=TABLE(T27,T46))=0.11590391417930974 (=TABLE(T27, T46))=0.11421308716386883 (=TABLE(T27,T46))=0.1125222601484279 (=TABLE(T27,T46))=0.11083143 313298696 (=TABLE(T27,T46))=0.10914060611754604 0 (264-$AC$64)*10000=25.36240523161398 4 (AA64-$AC$64)*10000=16.908270154409184 (AB64-$AC$64)*10000=8.454135077204661 (AC64-$AC$64 )*10000=0 (AD64-$AC$64)*10000=-8.454135077204661 (AE64-$AC$64)*10000=-16.908270154409184 (AF6 4-$AC$64)*10000=-33.816540308818645 (AG64-$AC$64)*10000=-50.724810463227826 (AH64-$AC$64)*10000= -67.63308061763715 (A164-$AC$64)*10000=-84.54135077204647 (AJ64-$AC$64)*10000=-101.44962092645 565 0 Z64-$0$63=0.033071808733353 AA64-$0$63=0.03222639522563252 AB64-$0$63=0.0313809 81717912065 AC64-$O$63=0.0305355682101916 AD64-$0$63=0.029690154702471133 AE64-$0$63=0.0288447 4119475068 AF64-$0$63=0.027153914179309735 AG64-$0$63=0.025463087163868817 AH64-$0$63=0.0237722 60148427884 A164-$0$63=0.022081433132986952 AJ64-$0$63=0.020390606117546034 Tier 1 capital headroom M61-M63=0.05192901941341879 N61-N63=0.06252462350605692 061-063=0.03 05355682101916 P61-P63=0.042543793037971345 Q61-Q63=0.03001636214990283 R61-R63=0.0274977903 01192093 S61-563=0.04217559469697835 -0.05 (=TABLE(T27,T46))=0.13498261355496177 (=TA BLE(T27,T46))=0.13404586728601944 (=TABLE(T27,T46))=0.13310912101707711 (=TABLE(T27,T46))=0. 13217237474813476 (=TABLE(T27,T46))=0.1312356284791924 (=TABLE(T27,T46))=0.1302988822102500 7 (=TABLE(T27,T46))=0.1284253896723654 (=TABLE(T27,T46))=0.1265518971344807 (=TABLE(T27, T46))=0.12467840459659602 (=TABLE(T27,T46))=0.12280491205871133 (=TABLE(T27,T46))=0.12093141 952082666 -0.05 (Z65-$AC$64)*10000=156.97045344770163 (AA65-$AC$64)*10000=147.602990758278 34 (AB65-$AC$64)*10000=138.23552806885505 (AC65-$AC$64)*10000=128.8680653794315 (AD65-$AC$64 )*10000=119.50060269000792 (AE65-$AC$64)*10000=110.13314000058463 (AF65-$AC$64)*10000=91.39821 462173778 (AG65-$AC$64)*10000=72.66328924289093 (AH65-$AC$64)*10000=53.928363864044066 (A16 5-$AC$64)*10000=35.19343848519721 (AJ65-$AC$64)*10000=16.45851310635049 -0.05 Z65-$0$63=0. 04623261355496176 AA65-$0$63=0.045295867286019434 AB65-$0$63=0.044359121017077105 AC65-$0$63=0 .04342237474813475 AD65-$0$63=0.04248562847919239 AE65-$0$63=0.04154888221025006 AF65-$0$63=0 .03967538967236538 AG65-$0$63=0.03780189713448069 AH65-$0$63=0.035928404596596006 A165-$0$63=0 .03405491205871132 AJ65-$0$63=0.03218141952082665 CAR headroom M62-M64=0.04572306808194701 N62-N64=0.06070482140335967 062-064=0.0125895606 6465483 P62-P64=0.04118827156225388 Q62-064=0.027233932016241802 R62-R64=0.03303788255670487 S62-S64=0.03820403742534273 -0.10 (=TABLE(T27,T46))=0.15039729473253458 (=TABLE(T27,T46))=0. 14935357435263277 (=TABLE(T27,T46))=0.14830985397273097 (=TABLE(T27,T46))=0.1472661335928291 4 (=TABLE(T27,T46))=0.14622241321292734 (=TABLE(T27,T46))=0.14517869283302554 (=TABLE(T27, T46))=0.14309125207322193 (=TABLE(T27,T46))=0.1410038113134183 (=TABLE(T27,T46))=0.13891637 05536147 (=TABLE(T27,T46))=0.1368289297938111 (=TABLE(T27,T46))=0.13474148903400746 -0.1 0 (Z66-$AC$64)*10000=311.1172652234297 (AA66-$AC$64)*10000=300.68006142441163 (AB66-$AC$64 )*10000=290.24285762539364 (AC66-$AC$64)*10000=279.8056538263753 (AD66-$AC$64)*10000=269.3684 500273573 (AE66-$AC$64)*10000=258.93124622833926 (AF66-$AC$64)*10000=238.05683863030322 (AG6 6-$AC$64)*10000=217.1824310322669 (AH66-$AC$64)*10000=196.30802343423085 (A166-$AC$64)*10000= 175.4336158361948 (AJ66-$AC$64)*10000=154.55920823815848 -0.10 Z66-$0$63=0.0616472947325345 66 AA66-$0$63=0.060603574352632764 AB66-$0$63=0.05955985397273096 AC66-$0$63=0.058516133592829 13 AD66-$0$63=0.05747241321292733 AE66-$0$63=0.056428692833025526 AF66-$0$63=0.054341252073221 92 AG66-$0$63=0.05225381131341829 AH66-$0$63=0.050166370553614684 A166-$0$63=0.048078929793811 08 AJ66-$0$63=0.045991489034007446 Stage 1 Impact of weaker asset quality (2018E) -0.15 (=TABLE(T27,T46))=0.16861149997695918 (=TA BLE(T27,T46))=0.16744137747492394 (=TABLE(T27,T46))=0.1662712549728887 (=TABLE(T27,T46))=0. 16510113247085345 (=TABLE(T27,T46))=0.1639310099688182 (=TABLE(T27,T46))=0.1627608874667829 7 (=TABLE(T27,T46))=0.16042064246271248 (=TABLE(T27,T46))=0.158080397458642 (=TABLE(T27, T46))=0.15574015245457148 (=TABLE(T27,T46))=0.153399907450501 (=TABLE(T27,T46))=0.15105966 244643051 -0.15 (Z67-$AC$64)*10000=493.2593176676757 (AA67-$AC$64)*10000=481.558092647323 3 (AB67-$AC$64)*10000=469.8568676269708 (AC67-$AC$64)*10000=458.1556426066184 (AD67-$AC$64 )*10000=446.454417586266 (AE67-$AC$64)*10000=434.7531925659136 (AF67-$AC$64)*10000=411.3507 425252087 (AG67-$AC$64)*10000=387.9482924845039 (AH67-$AC$64)*10000=364.54584244379873 (A16 7-$AC$64)*10000=341.1433924030939 (AJ67-$AC$64)*10000=317.74094236238903 -0.15 Z67-$0$63=0. 07986149997695917 AA67-$0$63=0.07869137747492393 AB67-$0$63=0.07752125497288868 AC67-$0$63=0 .07635113247085344 AD67-$0$63=0.0751810099688182 AE67-$0$63=0.07401088746678296 AF67-$0$63=0 EFTA01437488 .07167064246271247 AG67-$0$63=0.06933039745864199 AH67-$O$63=0.06699015245457147 A167-$O$63=0 .06464990745050099 AJ67-$0$63=0.062309662446430505 Total RWAs (new) M55*(1+$T$46)=302875.679288 N55*(1+$T$46)=291738.2124657 055*(1+$T$46 )=234881.86808775 P55*(1+$T$46)=344418.17760000005 Q55*(1+$T$46)=218144.90684100002 R55*(1+$T$46)=282617.49027600006 SUM(M68:R68)=1674676.3345584502 -0.20 (=TABLE(T27,T46))=0. 19034657614586403 (=TABLE(T27,246))=0.1890256175400508 (=TABLE(T27,T46))=0.1877046589342375 7 (=TABLE(T27,T46))=0.18638370032842436 (=TABLE(T27,T46))=0.1850627417226111 (=TABLE(T27, T46))=0.18374178311679792 (=TABLE(T27,T46))=0.18109986590517144 (=TABLE(T27,246))=0.17845794 8693545 (=TABLE(T27,T46))=0.17581603148191854 (=TABLE(T27,T46))=0.1731741142702921 (=TABLE(T27, T46))=0.17053219705866565 -0.20 (268-$AC$64)*10000=710.6100793567242 (AA68-$AC$64)*10000= 697.4004932985918 (AB68-$AC$64)*10000=684.1909072404596 (AC68-$AC$64)*10000=670.981321182327 5 (AD68-$AC$64)*10000=657.7717351241951 (AE68-$AC$64)*10000=644.5621490660632 (AF6B-$AC$64 )*10000=618.1429769497983 (AG68-$AC$64)*10000=591.7238048335339 (AH68-$AC$64)*10000=565.3046 327172693 (A168-$AC$64)*10000=538.885460601005 (AJ68-$AC$64)*10000=512.4662884847404 -0.2 0 Z68-$0$63=0.10159657614586402 AA68-$0$63=0.10027561754005078 AB68-$0$63=0.098954658934237 56 AC68-$0$63=0.09763370032842435 AD68-$0$63=0.0963127417226111 AE68-$0$63=0.094991783116797 91 AF68-$0$63=0.09234986590517143 AG68-$0$63=0.089707948693545 AH68-$0$63=0.087066031481918 53 A168-$0$63=0.0844241142702921 AJ68-$0$63=0.08178219705866564 Tier 1 capital (TRYm) M57-(M$28*0.8)=44122.63196284895 N57-(N$28*0.8)=45591.27931540731 057-(0$28*0.8)=28018.01709711853 P57-(P$28*0.8)=46942.05981632967 Q57-(Q$28*0.8)=25908 .277007035027 R57-(R$28*0.8)=33560.20247074365 S57-(S$28*0.8)=224142.46766948313 -0.2 5 (=TABLE(T27,T46))=0.21657210441484973 (=TABLE(T27,T46))=0.21506914706779112 (=TABLE(T27, T46))=0.21356618972073255 (=TABLE(T27,T46))=0.21206323237367394 (=TABLE(T27,T46))=0.21056027 50266153 (=TABLE(T27,T46))=0.20905731767955674 (=TABLE(T27,T46))=0.2060514029854395 (=TA BLE(T27,T46))=0.20304548829132232 (=TABLE(T27,T46))=0.2000395735972051 (=TABLE(T27,T46))=0. 1970336589030879 (=TABLE(T27,T46))=0.1940277442089707 -0.25 (Z69-$AC$64)*10000=972.86536 20465811 (AA69-$AC$64)*10000=957.8357885759951 (AB69-$AC$64)*10000=942.8062151054094 (AC6 9-$AC$64)*10000=927.7766416348234 (AD69-$AC$64)*10000=912.747068164237 (AE69-$AC$64)*10000= 897.7174946936512 (AF69-$AC$64)*10000=867.6583477524789 (AG69-$AC$64)*10000=837.599200811307 1 (AH69-$AC$64)*10000=807.5400538701348 (A169-$AC$64)*10000=777.480906928963 (AJ69-$AC$64 )*10000=747.421759987791 -0.25 Z69-$0$63=0.1278221044148497 AA69-$0$63=0.126319147067791 13 AB69-$0$63=0.12481618972073254 AC69-$0$63=0.12331323237367393 AD69-$0$63=0.121810275026615 3 AE69-$0$63=0.12030731767955673 AF69-$O$63=0.11730140298543949 AG69-$0$63=0.114295488291322 31 AH69-$0$63=0.11128957359720508 A169-$0$63=0.1082836589030879 AJ69-$0$63=0.105277744208970 7 Capital base (TRYm) M60-(M$28*0.8)=50193.48681901117 N60-(N$28*0.8)=52718.501580149714 060-(0$28*0.8)=31142.883697848178 P60-(P$28*0.8)=55516.17074196539 Q60-(Q$28*0.8)=32118 .332383517198 R60-(R$28*0.8)=43251.182285329174 S60-(S$28*0.8)=264940.55750782083 Tier 1 capital ratio (new) M69/(M68*(1+$T$46))=0.1456790194134188 N69/(N68*(1+$T$46))=0.156274 62350605692 069/(068*(1+$T$46))=0.11928556821019161 P69/(P68*(1+$T$46))=0.13629379303797134 Q69/ (Q68*(1+$T$46))=0.11876636214990284 R69/(R68*(1+$T$46))=0.11874779030119209 S69/S55=0.1338422613 6364502 CAR (new) M70/M68=0.165723068081947 N70/N68=0.18070482140335967 070/068=0.1325895606 6465483 P70/P68=0.16118827156225388 Q70/Q68=0.1472339320162418 R70/R68=0.15303788255670486 S70/555=0.15820403742534273 COR (net) Tier 1 capital ratio - chg. from base (bps) (M71-M61)*100=0 (N71-N61)*100=0 (071 -061)*100=0 (P71-P61)*100=0 (Q71-Q61)*100=0 (R71-R61)*100=0 (S71-561)*100=0 ISBANK ISBANK ISBA NK CAR - chg. from base (bps) (M72-M62)*100=0 (N72-N62)*100=0 (072-062)*100=0 (P72-P62)*100=0 (Q72 -Q62)*100=0 (R72-R62)*100=0 (S72-562)*100=0 Y58=Tier 1 capital ratio % of Stage 2 loans t ransferred to Stage 3 loans AM58=Tier 1 capital ratio: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans BA58=Headroom above threshold % of Stage 2 loans transferr ed to Stage 3 loans Tier 1 capital headroom M71-M63=0.05192901941341879 N71-N63=0.06252462350605692 071-063=0.03 05355682101916 P71-P63=0.042543793037971345 Q71-Q63=0.03001636214990283 R71-R63=0.0274977903 01192093 S71-S63=0.04217559469697835 Loan growth (ppt change from base) $P$71=0.1362 9379303797134 AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05 0 0.05 AD75+0.05=0. 10 0.20 0.30 0.40 0.50 0.60 Y75=0.13629379303797134 A075-0.05=-0.150000000000000 02 AP75-0.05=-0.10 -0.05 0 0.05 AR75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM75=0.13629379303797134 -0.05 -0.03 -0.01 0 0.05 BF75+0.05=0.10 0.20 0.30 0.40 0.50 0.60 CAR headroom M72-M64=0.04572306808194701 N72-N64=0.06070482140335967 072-064=0.0125895606 6465483 P72-P64=0.04118827156225388 Q72-Q64=0.027233932016241802 R72-R64=0.03303788255670487 S72-S64=0.03820403742534273 0.20 (=TABLE(T27,T46))=0.09780050867702982 (=TABLE(T27,T46))=0. 09674982824717993 (=TABLE(T27,T46))=0.09569914781733001 (=TABLE(T27,T46))=0.0946484673874801 (=TABLE(T27,T46))=0.0935977869576302 (=TABLE(T27,T46))=0.0925471065277803 (=TABLE(T27,T46))=0. 09044574566808049 (=TABLE(T27,T46))=0.08834438480838068 (=TABLE(T27,T46))=0.0862430239486808 7 (=TABLE(T27,T46))=0.08414166308898106 (=TABLE(T27,246))=0.08204030222928124 0.20 (Z76 -$AC$80)*10000=-384.9328436094153 (AA76-$AC$80)*10000=-395.4396479079142 (AB76-$AC$80)*10000= -405.94645220641337 (AC76-$AC$80)*10000=-416.4532565049124 (AD76-$AC$80)*10000=-426.96006080341 147 (AE76-$AC$80)*10000=-437.4668651019105 (AF76-$AC$80)*10000=-458.48047369890855 (AG76-$AC$80 )*10000=-479.49408229590665 (AH76-$AC$80)*10000=-500.50769089290475 (A176-$AC$80)*10000=-521.521 2994899028 (AJ76-$AC$80)*10000=-542.534908086901 0.20 Z76-$P$63=0.004050508677029815 AA76 -$P$63=0.0029998282471799254 AB76-$P$63=0.0019491478173300075 AC76-$P$63=8.984673874801036 E-4 AD76-$P$63=-1.5221304236980036E-4 AE76-$P$63=-0.0012028934722197043 AF76-$P$63=- 0.0033042543319195122 AG76-$P$63=-0.00540561519161932 AH76-$P$63=-0.007506976051319128 A176 -$P$63=-0.009608336911018936 AJ76-$P$63=-0.011709697770718758 TRYm Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Average 0.15 (=TA BLE(T27,T46))=0.10648977882413835 (=TABLE(T27,T46))=0.10534574871526588 (=TABLE(T27,T46))=0. EFTA01437489 10420171860639338 (=TABLE(T27,T46))=0.1030576884975209 (=TABLE(T27,T46))=0.1019136583886484 1 (=TABLE(T27,T46))=0.10076962827977591 (=TABLE(T27,T46))=0.09848156806203096 (=TABLE(T27, T46))=0.09619350784428597 (=TABLE(T27,T46))=0.093905447626541 (=TABLE(T27,T46))=0.09161738 740879603 (=TABLE(T27,T46))=0.08932932719105105 0.15 (277-$AC$80)*10000=-298.040142138329 94 (AA77-$AC$80)*10000=-309.48044322705465 (AB77-$AC$80)*10000=-320.92074431577964 (AC77-$AC$80 )*10000=-332.3610454045045 (AD77-$AC$80)*10000=-343.80134649322935 (AE77-$AC$80)*10000=-355.241 64758195434 (AF77-$AC$80)*10000=-378.12224975940387 (AG77-$AC$80)*10000=-401.00285193685374 (AH7 7-$AC$80)*10000=-423.88345411430345 (A177-$AC$80)*10000=-446.7640562917531 (AJ77-$AC$80)*10000= -469.64465846920297 0.15 Z77-$P$63=0.012739778824138348 AA77-$P$63=0.011595748715265877 AB77 -$P$63=0.010451718606393379 AC77-$P$63=0.009307688497520894 AD77-$P$63=0.00816365838864841 AE77 -$P$63=0.007019628279775911 AF77-$P$63=0.004731568062030955 AG77-$P$63=0.002443507844285972 AH77 -$P$63=1.5544762654100264E-4 A177-$P$63=-0.0021326125912039667 AJ77-$P$63=-0.00442067280894 895 Valuation Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Total 0.10 (=TABLE(T27,T46))=0.11639068801233297 (=TABLE(T27,T46))=0.11514029146771823 (=TABLE(T27,T46))=0. 11388989492310346 (=TABLE(T27,T46))=0.1126394983784887 (=TABLE(T27,T46))=0.1113891018338739 3 (=TABLE(T27,T46))=0.11013870528925916 (=TABLE(T27,T46))=0.10763791220002965 (=TABLE(T27, T46))=0.10513711911080012 (=TABLE(T27,T46))=0.1026363260215706 (=TABLE(T27,T46))=0.10013553 293234108 (=TABLE(T27,T46))=0.09763473984311154 0.10 (278-$AC$80)*10000=-199.031050256383 7 (AA78-$AC$80)*10000=-211.53501570253113 (AB78-$AC$80)*10000=-224.03898114867886 (AC78-$AC$80 )*10000=-236.54294659482642 (AD78-$AC$80)*10000=-249.04691204097412 (AE78-$AC$80)*10000=-261.550 87748712185 (AF78-$AC$80)*10000=-286.558808379417 (AG78-$AC$80)*10000=-311.56673927171227 (AH7 8-$AC$80)*10000=-336.5746701640074 (A178-$AC$80)*10000=-361.5826010563027 (AJ78-$AC$80)*10000= - 386.5905319485981 0.10 Z78-$P$63=0.022640688012332974 AA78-$P$63=0.02139029146771823 AB78 -$P$63=0.02013989492310346 AC78-$P$63=0.018889498378488703 AD78-$P$63=0.017639101833873932 AE78 -$P$63=0.01638870528925916 AF78-$P$63=0.013887912200029648 AG78-$P$63=0.01138711911080012 AH78 -$P$63=0.008886326021570606 A178-$P$63=0.006385532932341079 AJ78-$P$63=0.003884739843111537 Net profit (base) M30=6405.467516045113 N30=7118.518599790241 030=3809.28613779219 P30= 6242.064735470831 Q30=3822.804240772133 R30=3853.9025619301465 S30=31252.043791800654 0.05 (=TABLE(T27,T46))=0.127739439904692 (=TABLE(T27,T46))=0.12636712260856153 (=TABLE(T27,T46))=0. 12499480531243104 (=TABLE(T27,T46))=0.12362248801630055 (=TABLE(T27,T46))=0.1222501707201700 5 (=TABLE(T27,T46))=0.12087785342403956 (=TABLE(T27,T46))=0.1181332188317786 (=TABLE(T27, T46))=0.11538858423951762 (=TABLE(T27,T46))=0.11264394964725666 (=TABLE(T27,T46))=0.10989931 505499567 (=TABLE(T27,T46))=0.10715468046273469 0.05 (279-$AC$80)*10000=-85.5435313327934 6 (AA79-$AC$80)*10000=-99.26670429409812 (AB79-$AC$80)*10000=-112.98987725540304 (AC79-$AC$80 )*10000=-126.71305021670798 (AD79-$AC$80)*10000=-140.4362231780129 (AE79-$AC$80)*10000=-154.159 39613931783 (AF79-$AC$80)*10000=-181.60574206192743 (AG79-$AC$80)*10000=-209.05208798453728 (AH7 9-$AC$80)*10000=-236.49843390714688 (A179-$AC$80)*10000=-263.9447798297567 (AJ79-$AC$80)*10000= -291.3911257523666 0.05 Z79-$P$63=0.033989439904692 AA79-$P$63=0.03261712260856153 AB79 -$P$63=0.03124480531243104 AC79-$P$63=0.029872488016300547 AD79-$P$63=0.028500170720170054 AE79 -$P$63=0.02712785342403956 AF79-$P$63=0.024383218831778602 AG79-$P$63=0.021638584239517616 AH79 -$P$63=0.018893949647256658 A179-$P$63=0.016149315054995672 AJ79-$P$63=0.013404680462734686 Net profit (new) M31=6405.467516045113 N31=7118.518599790241 031=3809.28613779219 P31= 6242.064735470831 Q31=3822.804240772133 R31=3853.9025619301465 S31=31252.043791800654 0 (=TABLE(T27,T46))=0.14083273249492292 (=TABLE(T27,T46))=0.13931975267593907 (=TABLE(T27,T46))=0. 13780677285695522 (=TABLE(T27,T46))=0.13629379303797134 (=TABLE(T27,T46))=0.1347808132189875 (=TABLE(T27,T46))=0.13326783340000362 (=TABLE(T27,T46))=0.13024187376203591 (=TABLE(T27,T46))=0. 12721591412406816 (=TABLE(T27,T46))=0.12418995448610046 (=TABLE(T27,T46))=0.1211639948481327 1 (=TABLE(T27,T46))=0.11813803521016498 0 (Z80-$AC$80)*10000=45.389394569515794 (AAB 0-$AC$80)*10000=30.25959637967729 (AB80-$AC$80)*10000=15.129798189838784 (AC80-$AC$80)*10000= 0 (AD80-$AC$80)*10000=-15.129798189838507 (AE80-$AC$80)*10000=-30.25959637967729 (AF80-$AC$80 )*10000=-60.519192759354304 (AG80-$AC$80)*10000=-90.77878913903187 (AH80-$AC$80)*10000=-121.038 38551870888 (A180-$AC$80)*10000=-151.2979818983863 (AJ80-$AC$80)*10000=-181.5575782780636 0 Z80-$P$63=0.047082732494922924 AA80-$P$63=0.045569752675939074 AB80-$P$63=0.04405677285695522 AC80 - $P$63=0.042543793037971345 AD80-$P$63=0.041030813218987494 AE80-$P$63=0.039517833400003616 AF80 - $P$63=0.036491873762035915 AG80-$P$63=0.03346591412406816 AH80-$P$63=0.030439954486100457 A180 -$P$63=0.027413994848132714 AJ80-$P$63=0.024388035210164985 Book value (base) M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56= 47900.06103707109 Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 -0.0 5 (=TABLE(T27,T46))=0.15604734902484535 (=TABLE(T27,T46))=0.1543709170924533 (=TABLE(T27, T46))=0.15269448516006118 (=TABLE(T27,T46))=0.1510180532276691 (=TABLE(T27,T46))=0.14934162 1295277 (=TABLE(T27,T46))=0.1476651893628849 (=TABLE(T27,T46))=0.14431232549810072 (=TABLE(T27, T46))=0.14095946163331655 (=TABLE(T27,T46))=0.13760659776853237 (=TABLE(T27,T46))=0.13425373 390374817 (=TABLE(T27,T46))=0.13090087003896397 -0.05 (281-$AC$80)*10000=197.5355598687400 5 (AA81-$AC$80)*10000=180.77124054481948 (AB81-$AC$80)*10000=164.00692122089833 (AC81-$AC$80 )*10000=147.24260189697748 (AD81-$AC$80)*10000=130.47828257305662 (AE81-$AC$80)*10000=113.7139 6324913546 (AF81-$AC$80)*10000=80.18532460129374 (AG81-$AC$80)*10000=46.65668595345201 (AH8 1-$AC$80)*10000=13.128047305610291 (A181-$AC$80)*10000=-20.40059134223171 (AJ81-$AC$80)*10000= -53.929229990073715 -0.05 Z81-$P$63=0.06229734902484535 AA81-$P$63=0.06062091709245329 AB81 -$P$63=0.05894448516006118 AC81-$P$63=0.05726805322766909 AD81-$P$63=0.055591621295277005 AE81 -$P$63=0.05391518936288489 AF81-$P$63=0.05056232549810072 AG81-$P$63=0.047209461633316546 AH81 -$P$63=0.043856597768532374 A181-$P$63=0.040503733903748174 AJ81-$P$63=0.03715087003896397 Book value (new) M56-(M28*0.8)=45023.093839641784 N56-(N28*0.8)=46285.562756758685 056-(028*0.8)=28589.813364406662 P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411 7375 R56-(R28*0.8)=37708.092663756914 S56-(S28*0.8)=231943.64101575254 -0.10 (=TA BLE(T27,T46))=0.17386757098138633 (=TABLE(T27,T46))=0.17199969466165319 (=TABLE(T27,T46))=0. 17013181834192 (=TABLE(T27,T46))=0.16826394202218684 (=TABLE(T27,T46))=0.1663960657024537 (=TA BLE(T27,T46))=0.1645281893827205 (=TABLE(T27,T46))=0.1607924367432542 (=TABLE(T27,T46))=0. 15705668410378784 (=TABLE(T27,T46))=0.15332093146432155 (=TABLE(T27,T46))=0.1495851788248552 EFTA01437490 (=TABLE(T27,T46))=0.14584942618538888 -0.10 (Z82-$AC$80)*10000=375.7377794341499 (AA82-$AC$80 )*10000=357.0590162368184 (AB82-$AC$80)*10000=338.38025303948666 (AC82-$AC$80)*10000=319.7014 898421549 (AD82-$AC$80)*10000=301.0227266448234 (AE82-$AC$80)*10000=282.34396344749166 (AFB 2-$AC$80)*10000=244.98643705282848 (AG82-$AC$80)*10000=207.62891065816495 (AH82-$AC$80)*10000= 170.27138426350203 (A182-$AC$80)*10000=132.91385786883853 (AJ82-$AC$80)*10000=95.5563314741753 1 -0.10 Z82-$P$63=0.08011757098138633 AA82-$P$63=0.07824969466165319 AB82-$P$63=0.0763818 1834192001 AC82-$P$63=0.07451394202218684 AD82-$P$63=0.07264606570245369 AE82-$P$63=0.0707781 8938272051 AF82-$P$63=0.06704243674325419 AG82-$P$63=0.06330668410378784 AH82-$P$63=0.0595709 3146432155 A182-$P$63=0.0558351788248552 AJ82-$P$63=0.052099426185388875 Price (TRY/shr) 6.60 7 6.40 4.94 4.06 2.2 -0.15 (=TABLE(T27,246)]=0.19492419 722480683 (=TABLE(T27,T46))=0.1928301075099503 (=TABLE(T27,T46))=0.19073601779509375 (=TA BLE(T27,T46))=0.18864192808023716 (=TABLE(T27,T46))=0.1865478383653806 (=TABLE(T27,T46))=0. 18445374865052405 (=TABLE(T27,T46))=0.18026556922081094 (=TABLE(T27,T46))=0.1760773897910978 3 (=TABLE(T27,T46))=0.17188921036138471 (=TABLE(T27,T46)]=0.1677010309316716 (=TABLE(T27, T46))=0.16351285150195846 -0.15 (283-$AC$80)*10000=586.3040418683548 (AA83-$AC$80)*10000= 565.3631447197896 (AB83-$AC$80)*10000=544.422247571224 (AC83-$AC$80)*10000=523.481350422658 2 (AD83-$AC$80)*10000=502.5404532740926 (AE83-$AC$80)*10000=481.5995561255271 (AF83-$AC$80 )*10000=439.71776182839596 (AG83-$AC$80)*10000=397.8359675312648 (AH83-$AC$80)*10000=355.9541 732341337 (A183-$AC$80)*10000=314.07237893700255 (AJ83-$AC$80)*10000=272.1905846398712 -0.1 5 Z83-$P$63=0.10117419722480683 AA83-$P$63=0.0990801075099503 AB83-$P$63=0.096986017795093 75 AC83-$P$63=0.09489192808023716 AD83-$P$63=0.09279783836538061 AE83-$P$63=0.090703748650524 05 AF83-$P$63=0.08651556922081094 AG83-$P$63=0.08232738979109783 AH83-$P$63=0.078139210361384 71 A183-$P$63=0.0739510309316716 AJ83-$P$63=0.06976285150195846 Paid-in cap (TRYm) 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MO DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w ith 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113= 4200 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4500 'R:\ Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe r RFR\(YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.20 (=TA BLE(T27,T46))=0.22005114452331706 (=TABLE(T27,T46))=0.2176871135561548 (=TABLE(T27,T46) 1=0. 21532308258899252 (=TABLE(T27,246)]=0.2129590516218302 (=TABLE(T27,T46))=0.2105950206546679 2 (=TABLE(T27,T46))=0.20823098968750564 (=TABLE(T27,246))=0.20350292775318107 (=TABLE(T27, T46))=0.1987748658188565 (=TABLE(T27,T46))=0.19404680388453194 (=TABLE(T27,T46)]=0.18931874 195020737 (=TABLE(T27,T46))=0.18459068001588277 -0.20 (284-$AC$80)*10000=837.5735148534571 (AA84-$AC$80)*10000=813.9332051818346 (AB84-$AC$80)*10000=790.2928955102118 (AC84-$AC$80)*10000= 766.6525858385886 (AD84-$AC$80)*10000=743.0122761669658 (AE84-$AC$80)*10000=719.371966495342 9 (AF84-$AC$80)*10000=672.0913471520973 (AG84-$AC$80)*10000=624.8107278088517 (AH84-$AC$80 )*10000=577.530108465606 (A184-$AC$80)*10000=530.2494891223603 (AJ84-$AC$80)*10000=482.9688 697791143 -0.20 284-$P$63=0.12630114452331706 AA84-$P$63=0.1239371135561548 AB84-$P$63=0 .12157308258899252 AC84-$P$63=0.11920905162183021 AD84-$P$63=0.11684502065466792 AE84-$P$63=0 .11448098968750564 AF84-$P$63=0.10975292775318107 AG84-$P$63=0.1050248658188565 AH84-$P$63=0 .10029680388453194 A184-$P$63=0.09556874195020737 AJ84-$P$63=0.09084068001588277 M.Cap (TRYm) M83*M84=26400 N83*N84=29400 083*084=8000 P83*P84=22230 Q83*Q84=10149.999999 999998 R83*R84=18583.5122 -0.25 (=TABLE(T27,T46))=0.2503693022131963 (=TABLE(T27,T46))=0. 2476795603127806 (=TABLE(T27,T46))=0.24498981841236483 (=TABLE(T27,T46))=0.2423000765119490 7 (=TABLE(T27,T46) 1=0.2396103346115333 (=TABLE(T27,T46)]=0.23692059271111754 (=TABLE(T27, T46))=0.23154110891028604 (=TABLE(T27,T46))=0.22616162510945453 (=TABLE(T27,T46))=0.22078214 130862303 (=TABLE(T27,T46))=0.2154026575077915 (=TABLE(T27,T46))=0.21002317370695997 -0.2 5 (Z85-$AC$80)*10000=1140.7550917522497 (AA85-$AC$80)*10000=1113.8576727480925 (AB85-$AC$80 *10000=1086.9602537439348 (AC85-$AC$80)*10000=1060.0628347397771 (AD85-$AC$80)*10000=1033.165 4157356195 (AE85-$AC$80)*10000=1006.267996731462 (AF85-$AC$80)*10000=952.4731587231469 (AGB 5-$AC$80)*10000=898.6783207148319 (AH85-$AC$80)*10000=844.8834827065168 (A185-$AC$80)*10000= 791.0886446982015 (AJ85-$AC$80)*10000=737.2938066898863 -0.25 285-$P$63=0.1566193022131963 AA85-$P$63=0.1539295603127806 AB85-$P$63=0.15123981841236483 AC85-$P$63=0.14855007651194907 AD85 -$P$63=0.1458603346115333 AE85-$P$63=0.14317059271111754 AF85-$P$63=0.13779110891028604 AG85 -$P$63=0.13241162510945453 AH85-$P$63=0.12703214130862303 A185-$P$63=0.1216526575077915 AJ85 -$P$63=0.11627317370695997 P/E (2018E), base (x) M$85/M79=4.121479023017509 N$85/N79=4.130072793638036 0$85/079=2.1 00131024716534 P$85/P79=3.5613216046410034 Q$85/Q79=2.6551189547571217 R$85/R79=4.821998455 169255 AVERAGE(M87:R87)=3.565020309323243 P/E (2018E), implied (x) M$85/M80=4.121479023017509 N$85/N80=4.130072793638036 0$85 /080=2.100131024716534 P$85/P80=3.5613216046410034 Q$85/Q80=2.6551189547571217 R$85/R80=4.8 21998455169255 AVERAGE(M88:R88)=3.565020309323243 (=TABLE(T27,T46))=0 Change from base M88/M87-1=0 N88/N87-1=0 088/087-1=0 P88/P87-1=0 Q88/Q87-1=0 R88/R87-1=0 S88/S87-1=0 VAKIFBANK VAKIFBANK VAKIFBANK Y74=Tier 1 capital ratio % of Stage 2 loans transferred to Stage 3 loans AM74=Tier 1 capital ratio: change from base (bps) % of Stage 2 loans transferred to Stage 3 loans BA74=Headroom above threshold % of Stage 2 loans transferred to Stage 3 loans P/BV (2018E), base (x) M$85/M81=0.5863657458554173 N$85/N81=0.6351872646445671 O$851081=0.2 7981994488847295 P$85/P81=0.4640912666644752 4$85/Q81=0.38393135897454816 R$85/R81=0.4 928255683921537 AVERAGE(M91:R91)=0.47370352490327244 Loan growth (ppt change from base) $Q$7 1=0.11876636214990284 AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05 0 0.05 AD91 +0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y91=0.11876636214990284 A091-0.05=-0.1500000 0000000002 AP91-0.05=-0.10 -0.05 0 0.05 AR91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM91=0.11876636214990284 -0.05 -0.03 -0.01 0 0.05 BF91+0.05=0.10 0.20 0.30 0.40 0.50 0.60 EFTA01437491 P/BV (2018E), implied (x) M$85/M82=0.5863657458554173 N$85/N82=0.6351872646445671 0$85 /082=0.27981994488847295 P$85/P82=0.4640912666644752 Q$85/Q82=0.38393135897454816 R$85 /R82=0.4928255683921537 AVERAGE(M92:R92)=0.47370352490327244 0.20 (=TABLE(T27,T46))=0.08390277 567196999 (=TABLE(T27,T46))=0.083427397241939 (=TABLE(T27,T46))=0.08295201881190799 (=TA BLE(T27,T46))=0.08247664038187699 (=TABLE(T27,T46))=0.082001261951846 (=TABLE(T27,T46))=0. 08152588352181499 (=TABLE(T27,T46))=0.08057512666175298 (=TABLE(T27,T46))=0.0796243698016909 8 (=TABLE(T27,T46))=0.07867361294162899 (=TABLE(T27,246))=0.07772285608156698 (=TABLE(T27, T46))=0.07677209922150499 0.20 (292-$AC$96)*10000=-348.6358647793285 (AA92-$AC$96)*10000= - 353.38964907963845 (AB92-$AC$96)*10000=-358.14343337994853 (AC92-$AC$96)*10000=-362.89721768025 85 (AD92-$AC$96)*10000=-367.6510019805684 (AE92-$AC$96)*10000=-372.4047862808785 (AF92-$AC$96 )*10000=-381.9123548814986 (AG92-$AC$96)*10000=-391.41992348211863 (AH92-$AC$96)*10000=-400.927 4920827385 (A192-$AC$96)*10000=-410.4350606833586 (AJ92-$AC$96)*10000=-419.9426292839785 0.20 Z92-$Q$63=-0.004847224328030017 AA92-$Q$63=-0.0053226027580610125 AB92-$Q$63=-0.00579798118809 2022 AC92-$Q$63=-0.006273359618123017 AD92-$Q$63=-0.006748738048154013 AE92-$Q$63=- 0.007224116478185022 AF92-$Q$63=-0.008174873338247027 AG92-$Q$63=-0.009125630198309032 AH92-$Q$63=-0.010076387058371022 A192-$Q$63=-0.011027143918433027 AJ92-$Q$63=-0.011977 900778495018 Stage 1 change from base M92/M91-1=0 N92/N91-1=0 092/091-1=0 P92/P91-1=0 Q92/ Q91-1=0 R92/R91-1=0 S92/S91-1=0 0.15 (=TABLE(T27,T46))=0.0913572755898955 (=TABLE(T27, T46))=0.0908396612691056 (=TABLE(T27,T46))=0.09032204694831569 (=TABLE(T27,T46))=0.08980443 26275258 (=TABLE(T27,T46))=0.0892868183067359 (=TABLE(T27,T46))=0.088769203985946 (=TA BLE(T27,T46))=0.08773397534436621 (=TABLE(T27,T46))=0.0866987467027864 (=TABLE(T27,T46))=0. 08566351806120662 (=TABLE(T27,T46))=0.08462828941962681 (=TABLE(T27,T46))=0.0835930607780470 3 0.15 (293-$AC$96)*10000=-274.09086560007347 (AA93-$AC$96)*10000=-279.2670088079724 (AB9 3-$AC$96)*10000=-284.4431520158715 (AC93-$AC$96)*10000=-289.6192952237704 (AD93-$AC$96)*10000= -294.79543843166937 (AE93-$AC$96)*10000=-299.97158163956846 (AF93-$AC$96)*10000=-310.32386805536 635 (AG93-$AC$96)*10000=-320.67615447116435 (AH93-$AC$96)*10000=-331.02844088696224 (A193-$AC$96 )*10000=-341.38072730276025 (AJ93-$AC$96)*10000=-351.73301371855814 0.15 Z93-$Q$63=0.00260727 5589895486 AA93-$Q$63=0.0020896612691055916 AB93-$Q$63=0.0015720469483156835 AC93 - $Q$63=0.0010544326275257893 AD93-$Q$63=5.36818306735895E-4 AE93-$Q$63=1.9203985945986934E-5 AF93-$Q$63=-0.0010160246556338015 AG93-$Q$63=-0.002051253297213604 AH93-$Q$63=-0.003086 4819387933923 A193-$Q$63=-0.004121710580373195 AJ93-$Q$63=-0.005156939221952983 Discount to MSCI EM Banks 0.10 (=TABLE(T27,T46))=0.09985123716333615 (=TABLE(T27,T46))=0. 0992854975441257 (=TABLE(T27,T46))=0.09871975792491525 (=TABLE(T27,T46))=0.0981540183057048 (=TABLE(T27,T46))=0.09758827868649436 (=TABLE(T27,T46))=0.0970225390672839 (=TABLE(T27,T46))=0. 09589105982886302 (=TABLE(T27,T46))=0.09475958059044212 (=TABLE(T27,T46))=0.0936281013520212 4 (=TABLE(T27,T46))=0.09249662211360034 (=TABLE(T27,T46))=0.09136514287517945 0.10 (Z94 -$AC$96)*10000=-189.15124986566695 (AA94-$AC$96)*10000=-194.80864605777137 (AB94-$AC$96)*10000= -200.46604224987593 (AC94-$AC$96)*10000=-206.12343844198037 (AD94-$AC$96)*10000=-211.78083463408 478 (AE94-$AC$96)*10000=-217.43823082618934 (AF94-$AC$96)*10000=-228.7530232103982 (AG94-$AC$96 )*10000=-240.0678155946072 (AH94-$AC$96)*10000=-251.38260797881603 (A194-$AC$96)*10000=-262.697 400363025 (AJ94-$AC$96)*10000=-274.0121927472339 0.10 Z94-$Q$63=0.011101237163336136 AA94 -$Q$63=0.010535497544125694 AB94-$Q$63=0.009969757924915237 AC94-$Q$63=0.009404018305704795 AD94 -$Q$63=0.008838278686494352 AE94-$Q$63=0.008272539067283896 AF94-$Q$63=0.007141059828863011 AG94 -$Q$63=0.006009580590442112 AH94-$Q$63=0.004878101352021227 A194-$Q$63=0.0037466221136003286 AJ94-$Q$63=0.0026151428751794437 P/E (2018E), base (x) M87/$M$110-1=-0.45555098771235025 N87/$M$110-1=-0.4544157472076571 087/$M$110-1=-0.7225718593505239 P87/$M$110-1=-0.5295480046709375 Q87/$M$110-1=-0.6492 577338497858 R87/$M$110-1=-0.36301209310842075 AVERAGE(M95:R95)=-0.5290594043166126 0.05 (=TABLE(T27,T46))=0.10958729883685875 (=TABLE(T27,T46))=0.10896639639763459 (=TABLE(T27,T46))=0. 10834549395841041 (=TABLE(T27,T46))=0.10772459151918624 (=TABLE(T27,T46))=0.1071036890799621 (=TABLE(T27,T46))=0.10648278664073792 (=TABLE(T27,T46))=0.1052409817622896 (=TABLE(T27,T46))=0. 10399917688384126 (=TABLE(T27,T46))=0.10275737200539295 (=TABLE(T27,T46))=0.1015155671269446 1 (=TABLE(T27,T46))=0.1002737622484963 0.05 (Z95-$AC$96)*10000=-91.79063313044092 (AA9 5-$AC$96)*10000=-97.99965752268255 (AB95-$AC$96)*10000=-104.20868191492433 (AC95-$AC$96)*10000= - 110.41770630716596 (AD95-$AC$96)*10000=-116.62673069940746 (AE95-$AC$96)*10000=-122.83575509164 923 (AF95-$AC$96)*10000=-135.25380387613237 (AG95-$AC$96)*10000=-147.67185266061577 (AH95-$AC$96 )*10000=-160.08990144509892 (A195-$AC$96)*10000=-172.50795022958232 (AJ95-$AC$96)*10000=-184.925 99901406544 0.05 Z95-$Q$63=0.02083729883685874 AA95-$Q$63=0.020216396397634576 AB95-$Q$63=0 .019595493958410398 AC95-$Q$63=0.018974591519186235 AD95-$Q$63=0.018353689079962085 AE95-$Q$63=0 .017732786640737908 AF95-$Q$63=0.016490981762289594 AG95-$Q$63=0.015249176883841253 AH95-$Q$63=0 .01400737200539294 A195-$Q$63=0.0127655671269446 AJ95-$Q$63=0.011523762248496286 P/E (2018E), implied (x) M88/$M$110-1=-0.45555098771235025 N88/$M$110-1=-0.454415747207 6571 088/$M$110-1=-0.7225718593505239 P88/$M$110-1=-0.5295480046709375 Q88/$M$110-1 =-0.6492577338497858 R88/$M$110-1=-0.36301209310842075 AVERAGE(M96:R96)=-0.5290594043166126 O (=TABLE(T27,T46))=0.12081999696763678 (=TABLE(T27,T46))=0.12013545202839214 (=TABLE(T27, T46))=0.11945090708914748 (=TABLE(T27,T46))=0.11876636214990284 (=TABLE(T27,T46))=0.11808181 72106582 (=TABLE(T27,T46))=0.11739727227141356 (=TABLE(T27,T46))=0.11602818239292428 (=TA BLE(T27,T46))=0.114659092514435 (=TABLE(T27,T46))=0.11329000263594573 (=TABLE(T27,T46))=0.11192091 275745644 (=TABLE(T27,T46))=0.11055182287896717 0 (296-$AC$96)*10000=20.53634817733935 (AA96-$AC$96)*10000=13.69089878489299 (AB96-$AC$96)*10000=6.845449392446357 (AC96-$AC$96)*10000= O (AD96-$AC$96)*10000=-6.845449392446357 (AE96-$AC$96)*10000=-13.690898784892852 (AF96-$AC$96 )*10000=-27.381797569785565 (AG96-$AC$96)*10000=-41.07269635467842 (AH96-$AC$96)*10000=-54.7635 9513957113 (A196-$AC$96)*10000=-68.45449392446399 (AJ96-$AC$96)*10000=-82.1453927093567 0 Z96-$Q$63=0.032069996967636766 AA96-$Q$63=0.03138545202839213 AB96-$Q$63=0.030700907089147467 AC96 -$Q$63=0.03001636214990283 AD96-$Q$63=0.029331817210658195 AE96-$Q$63=0.028647272271413546 AF96 -$Q$63=0.027278182392924274 AG96-$Q$63=0.02590909251443499 AH96-$Q$63=0.024540002635945718 A196 -$Q$63=0.023170912757456433 AJ96-$Q$63=0.02180182287896716 3Y average discount M122/$M$114-1=-0.11901840490797555 N122/$M$114-1=-0.14723926380368102 EFTA01437492 0122/$M$114-1=-0.46871165644171786 P122/$M$114-1=-0.2601226993865031 Q122/$M$114-1=-0.354 6012269938651 R122/$M$114-1=-0.2834355828220859 AVERAGE(M97:R97)=-0.2721881390593048 -0.0 5 (=TABLE(T27,T46))=0.1338725728173261 (=TABLE(T27,T46))=0.1331140742696866 (=TABLE(T27, T46))=0.1323555757220471 (=TABLE(T27,T46))=0.1315970771744076 (=TABLE(T27,T46))=0.13083857 862676812 (=TABLE(T27,T46))=0.1300800800791286 (=TABLE(T27,T46))=0.12856308298384964 (=TA BLE(T27,T46))=0.12704608588857066 (=TABLE(T27,T46))=0.1255290887932917 (=TABLE(T27,T46))=0. 1240120916980127 (=TABLE(T27,T46))=0.12249509460273372 -0.05 (Z97-$AC$96)*10000=151.06210 66742325 (AA97-$AC$96)*10000=143.47712119783765 (AB97-$AC$96)*10000=135.89213572144251 (AC9 7-$AC$96)*10000=128.30715024504767 (AD97-$AC$96)*10000=120.7221647686528 (AE97-$AC$96)*10000= 113.13717929225767 (AF97-$AC$96)*10000=97.96720833946796 (AG97-$AC$96)*10000=82.7972373866782 5 (AH97-$AC$96)*10000=67.62726643388852 (A197-$AC$96)*10000=52.457295481098534 (AJ97-$AC$96 )*10000=37.28732452830882 -0.05 Z97-$Q$63=0.04512257281732608 AA97-$Q$63=0.044364074269686 596 AB97-$Q$63=0.04360557572204708 AC97-$Q$63=0.0428470771744076 AD97-$Q$63=0.042088578626768 11 AE97-$Q$63=0.0413300800791286 AF97-$Q$63=0.039813082983849626 AG97-$Q$63=0.038296085888570 655 AH97-$Q$63=0.036779088793291684 A197-$Q$63=0.035262091698012685 AJ97-$Q$63=0.033745094602733 71 -0.10 (=TABLE(T27,T46))=0.14916049008350216 (=TABLE(T27,T46))=0.14831537287455818 (=TABLE(T27, T46))=0.14747025566561414 (=TABLE(T27,T46))=0.14662513845667016 (=TABLE(T27,T46))=0.14578002 124772615 (=TABLE(T27,T46))=0.14493490403878215 (=TABLE(T27,T46))=0.14324466962089416 (=TA BLE(T27,T46))=0.14155443520300615 (=TABLE(T27,T46))=0.13986420078511816 (=TABLE(T27,T46))=0. 13817396636723014 (=TABLE(T27,246))=0.13648373194934216 -0.10 (Z98-$AC$96)*10000=303.94127 933599316 (AA98-$AC$96)*10000=295.49010724655335 (AB98-$AC$96)*10000=287.03893515711303 (AC9 8-$AC$96)*10000=278.5877630676732 (AD98-$AC$96)*10000=270.13659097823313 (AE98-$AC$96)*10000= 261.6854188887931 (AF98-$AC$96)*10000=244.7830747099132 (AG98-$AC$96)*10000=227.880730531033 07 (AH98-$AC$96)*10000=210.9783863521532 (A198-$AC$96)*10000=194.07604217327304 (AJ98-$AC$96 )*10000=177.17369799439317 -0.10 Z98-$Q$63=0.06041049008350215 AA98-$Q$63=0.059565372874558 17 AB98-$Q$63=0.05872025566561413 AC98-$Q$63=0.05787513845667015 AD98-$Q$63=0.057030021247726 145 AE98-$Q$63=0.05618490403878214 AF98-$Q$63=0.05449466962089415 AG98-$Q$63=0.052804435203006 136 AH98-$Q$63=0.05111420078511815 A198-$Q$63=0.049423966367230135 AJ98-$Q$63=0.047733731949342 15 P/BV (2018E), base (x) M91/$M$111-1=-0.4415564325186502 N91/$M$111-1=-0.39505974795755516 091/$M$111-1=-0.7335048143919305 P91/$M$111-1=-0.5580083174624046 Q91/$M$111-1=-0.6343 510866909066 R91/$M$111-1=-0.5306423158169965 AVERAGE(M99:R99)=-0.5488537858064072 -0.1 5 (=TABLE(T27,T46))=0.16722490929776715 (=TABLE(T27,T46))=0.16627744225382995 (=TABLE(T27, T46))=0.1653299752098927 (=TABLE(T27,T46))=0.16438250816595548 (=TABLE(T27,T46))=0.16343504 11220183 (=TABLE(T27,T46))=0.16248757407808104 (=TABLE(T27,T46))=0.16059263999020662 (=TA BLE(T27,T46))=0.15869770590233218 (=TABLE(T27,T46))=0.15680277181445776 (=TABLE(T27,T46))=0. 15490783772658331 (=TABLE(T27,T46))=0.1530129036387089 -0.15 (Z99-$AC$96)*10000=484.58547 14786431 (AA99-$AC$96)*10000=475.11080103927117 (AB99-$AC$96)*10000=465.63613059989865 (AC9 9-$AC$96)*10000=456.1614601605264 (AD99-$AC$96)*10000=446.68678972115447 (AE99-$AC$96)*10000= 437.21211928178195 (AF99-$AC$96)*10000=418.26277840303777 (AG99-$AC$96)*10000=399.313437524293 36 (AH99-$AC$96)*10000=380.3640966455492 (A199-$AC$96)*10000=361.4147557668047 (AJ99-$AC$96 )*10000=342.4654148880606 -0.15 Z99-$Q$63=0.07847490929776714 AA99-$Q$63=0.077527442253829 95 AB99-$Q$63=0.0765799752098927 AC99-$Q$63=0.07563250816595547 AD99-$Q$63=0.074685041122018 28 AE99-$Q$63=0.07373757407808103 AF99-$Q$63=0.07184263999020661 AG99-$Q$63=0.069947705902332 17 AH99-$Q$63=0.06805277181445775 A199-$Q$63=0.0661578377265833 AJ99-$Q$63=0.064262903638708 89 P/BV (2018E), implied (x) M92/$M$111-1=-0.4415564325186502 N92/$M$111-1=-0.395059747957 55516 092/$M$111-1=-0.7335048143919305 P92/$M$111-1=-0.5580083174624046 Q92/$M$111-1 =-0.6343510866909066 R92/$M$111-1=-0.5306423158169965 AVERAGE(M100:R100)=-0.54885378580640 72 -0.20 (=TABLE(T27,T46))=0.1887812452619324 (=TABLE(T27,T46))=0.18771164379436267 (=TA BLE(T27,T46))=0.1866420423267929 (=TABLE(T27,T46))=0.18557244085922317 (=TABLE(T27,T46))=0. 18450283939165343 (=TABLE(T27,T46))=0.18343323792408364 (=TABLE(T27,T46))=0.1812940349889441 7 (=TABLE(T27,T46))=0.17915483205380467 (=TABLE(T27,246))=0.17701562911866517 (=TABLE(T27, T46))=0.17487642618352567 (=TABLE(T27,T46))=0.17273722324838617 -0.20 (Z100-$AC$96)*10000= 700.1488311202957 (AA100-$AC$96)*10000=689.4528164445983 (AB100-$AC$96)*10000=678.75680176890 07 (AC100-$AC$96)*10000=668.0607870932033 (AD100-$AC$96)*10000=657.364772417506 (AE100-$AC$9 6)*10000=646.668757741808 (AF100-$AC$96)*10000=625.2767283904133 (AG100-$AC$96)*10000=603.884 6990390183 (AH100-$AC$96)*10000=582.4926696876233 (AI100-$AC$96)*10000=561.1006403362283 (AJ1 00-$AC$96)*10000=539.7086109848333 -0.20 2100-$Q$63=0.1000312452619324 AA100-$Q$63=0.098961 64379436266 AB100-$Q$63=0.0978920423267929 AC100-$Q$63=0.09682244085922316 AD100-$Q$63=0.095752 83939165342 AE100-$Q$63=0.09468323792408363 AF100-$Q$63=0.09254403498894416 AG100-$Q$63=0.090404 83205380466 AH100-$Q$63=0.08826562911866516 AI100-$Q$63=0.08612642618352566 AJ100-$Q$63=0.083987 22324838616 Stage 1 3Y average discount M123/$M$115-1=-0.010204081632653073 N123/$M$115-1=-0.01020408163 2653073 0123/$M$115-1=-0.41836734693877553 P123/$M$115-1=-0.29591836734693877 Q123/$M$115- 1=-0.3571428571428571 R123/$M$115-1=-0.3571428571428571 AVERAGE(M101:R101)=-0.24149659863945 58 -0.25 (=TABLE(T27,T46))=0.21479110572024315 (=TABLE(T27,T46))=0.2135741369393638 (=TA BLE(T27,T46))=0.21235716815848443 (=TABLE(T27,T46))=0.2111401993776051 (=TABLE(T27,T46))=0. 20992323059672574 (=TABLE(T27,246))=0.20870626181584634 (=TABLE(T27,T46))=0.2062723242540876 5 (=TABLE(T27,T46))=0.2038383866923289 (=TABLE(T27,T46))=0.2014044491305702 (=TABLE(T27, T46))=0.19897051156881146 (=TABLE(T27,T46))=0.19653657400705277 -0.25 (Z101-$AC$96)*10000= 960.2474357034031 (AA101-$AC$96)*10000=948.0777478946096 (AB101-$AC$96)*10000=935.90806008581 59 (AC101-$AC$96)*10000=923.7383722770224 (AD101-$AC$96)*10000=911.568684468229 (AE101-$AC$9 6)*10000=899.3989966594349 (AF101-$AC$96)*10000=875.0596210418481 (AG101-$AC$96)*10000=850.720 2454242606 (AH101-$AC$96)*10000=826.3808698066737 (AI101-$AC$96)*10000=802.0414941890862 (AJ1 01-$AC$96)*10000=777.7021185714992 -0.25 2101-$Q$63=0.12604110572024313 AA101-$Q$63=0.124824 1369393638 AB101-$Q$63=0.12360716815848442 AC101-$Q$63=0.12239019937760508 AD101-$Q$63=0.121173 23059672573 AE101-$Q$63=0.11995626181584633 AF101-$Q$63=0.11752232425408764 AG101-$Q$63=0.115088 EFTA01437493 38669232889 AH101-$Q$63=0.1126544491305702 AI101-$Q$63=0.11022051156881145 AJ101-$Q$63=0.107786 57400705276 Discount to own historical average P/E (2018E), base (x) M87/$M$118-1=-0.3426668224852458 N87/$M$118-1=-0.3412962051613977 087/$M$118-1=-0.6650508732509515 P87/$M$118-1=-0.43200612366172186 Q87/$M$118-1=-0.5765 360518728673 R87/$M$118-1=-0.23094123522021448 AVERAGE(M103:R103)=-0.4314162186087331 P/E (2018E), implied (x) M88/$M$118-1=-0.3426668224852458 N88/$M$118-1=-0.341296205161 3977 088/$M$118-1=-0.6650508732509515 P88/$M$118-1=-0.43200612366172186 Q88/$M$118-1 =-0.5765360518728673 R88/$M$118-1=-0.23094123522021448 AVERAGE(M104:R104)=-0.43141621860873 31 YAPI KREDI YAPI KREDI YAPI KREDI P/BV (2018E), base (x) M91/$M$119-1=-0.2760916717834354 N91/$M$119-1=-0.21581819179683082 091/$M$119-1=-0.6545432779154655 P91/$M$119-1=-0.4270478189327467 091/$M$119-1=-0.5260 106679326566 R91/$M$119-1=-0.3915733723553658 AVERAGE(M106:R106)=-0.4151808334527502 Y90= Tier 1 capital ratio t of Stage 2 loans transferred to Stage 3 loans AM90=Tier 1 capital ratio: c hangs from base (bps) t of Stage 2 loans transferred to Stage 3 loans BA90=Headroom above threshol d t of Stage 2 loans transferred to Stage 3 loans P/BV (2018E), implied (x) M92/$M$119-1=-0.2760916717834354 N92/$M$119-1=-0.215818191796 83082 092/$M$119-1=-0.6545432779154655 P92/$M$119-1=-0.4270478189327467 Q92/$M$119-1 =-0.5260106679326566 R92/$M$119-1=-0.3915733723553658 AVERAGE(M107:R107)=-0.41518083345275 02 Loan growth (ppt change from base) $R$71=0.11874779030119209 AA107-0.05=-0.150000 00000000002 AB107-0.05=-0.10 -0.05 0 0.05 AD107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 Y107=0.11874779030119209 A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10 -0.05 0 0.05 AR107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 AM107=0.118747790301 19209 -0.05 -0.03 -0.01 0 0.05 BF107+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (=TABLE(T27,T46))=0.08405256566761009 (=TABLE(T27,T46))=0.08352295819997899 (=TABLE(T27, T46))=0.08299335073234787 (=TABLE(T27,T46))=0.08246374326471674 (=TABLE(T27,T46))=0.08193413 579708562 (=TABLE(T27,T46))=0.08140452832945451 (=TABLE(T27,T46))=0.08034531339419229 (=TA BLE(T27,T46))=0.07928609845893006 (=TABLE(T27,T46))=0.07822688352366784 (=TABLE(T27,T46))=0. 07716766858840561 (=TABLE(T27,246))=0.07610845365314338 0.20 (Z108-$AC$112)*10000=-346.95 224633582 (AA108-$AC$112)*10000=-352.24832101213104 (AB108-$AC$112)*10000=-357.544395688 4422 (AC108-$AC$112)*10000=-362.8404703647535 (AD108-$AC$112)*10000=-368.13654504106466 (AE108-$AC$112)*10000=-373.4326197173758 (AF108-$AC$112)*10000=-384.024769069998 (AG108-$AC$1 12)*10000=-394.6169184226203 (AH108-$AC$112)*10000=-405.2090677752425 (AI108-$AC$112)*1000 0=-415.8012171278648 (AJ108-$AC$112)*10000=-426.39336648048715 0.20 Z108-$R$63=-0.007197 43433238991 AA108-$R$63=-0.007727041800021012 AB108-$R$63=-0.008256649267652127 AC10 8-$R$63=-0.008786256735283257 AD108-$R$63=-0.009315864202914373 AE108-$R$63=-0.0098454716705 45489 AF108-$R$63=-0.010904686605807706 AG108-$R$63=-0.011963901541069938 AH108-$R$63= -0.013023116476332156 A1108-$R$63=-0.014082331411594387 AJ108-$R$63=-0.015141546346856619 MSCI EM Banks 2018E 0.15 (=TABLE(T27,T46))=0.09152037395943932 (=TABLE(T27,T46))=0.09094371 252020395 (=TABLE(T27,T46))=0.09036705108096856 (=TABLE(T27,T46))=0.08979038964173316 (=TA BLE(T27,T46))=0.08921372820249776 (=TABLE(T27,T46))=0.08863706676326237 (=TABLE(T27,T46))=0. 0874837438847916 (=TABLE(T27,T46))=0.08633042100632082 (=TABLE(T27,T46))=0.0851770981278500 4 (=TABLE(T27,T46))=0.08402377524937926 (=TABLE(T27,T46))=0.08287045237090848 0.15 (Z10 9-$AC$112)*10000=-272.2741634175277 (AA109-$AC$112)*10000=-278.04077780988143 (AB109-$AC$1 12)*10000=-283.80739220223535 (AC109-$AC$112)*10000=-289.57400659458926 (AD109-$AC$112)*1000 0=-295.3406209869433 (AE109-$AC$112)*10000=-301.1072353792972 (AF109-$AC$112)*10000=-312.6 4046416400487 (AG109-$AC$112)*10000=-324.1736929487127 (AH109-$AC$112)*10000=-335.706921733 4205 (AI109-$AC$112)*10000=-347.2401505181283 (AJ109-$AC$112)*10000=-358.7733793028361 0.15 Z109-$R$63=2.7037395943932396E-4 AA109-$R$63=-3.062874797960524E-4 AB109-$R$63= -6.629489190314427E-4 AC109-$R$63=-0.001459610358266833 AD109-$R$63=-0.002036271797502237 AE109-$R$63=-0.0026129332367376273 AF109-$R$63=-0.003766256115208394 AG109-$R$63=-0.00491 95789936791745 AH109-$R$63=-0.006072901872149955 AI109-$R$63=-0.0072262247506207355 AJ10 9-$R$63=-0.008379547629091516 P/E (x) 7.57 0.10 (=TABLE(T27,T46))=0.10002949963748634 (=TABLE(T27,T46))=0.0993992229817931 3 (=TABLE(T27,T46))=0.0987689463260999 (=TABLE(T27,T46))=0.09813866967040666 (=TABLE(T27, T46))=0.09750839301471342 (=TABLE(T27,T46))=0.0968781163590202 (=TABLE(T27,T46))=0.09561756 304763376 (=TABLE(T27,T46))=0.0943570097362473 (=TABLE(T27,T46))=0.09309645642486085 (=TA BLE(T27,T46))=0.0918359031134744 (=TABLE(T27,T46))=0.09057534980208795 0.10 (2110-$AC$11 2)*10000=-187.18290663705756 (AA110-$AC$112)*10000=-193.48567319398964 (AB110-$AC$112)*1000 0=-199.78843975092198 (AC110-$AC$112)*10000=-206.09120630785432 (AD110-$AC$112)*10000=-212.3 9397286478666 (AE110-$AC$112)*10000=-218.6967394217189 (AF110-$AC$112)*10000=-231.302272535 5833 (AG110-$AC$112)*10000=-243.90780564944785 (AH110-$AC$112)*10000=-256.51333876331245 (AI110-$AC$112)*10000=-269.11887187717664 (AJ110-$AC$112)*10000=-281.7244049910414 0.10 2110-$R$63=0.008779499637486338 AA110-$R$63=0.00814922298179313 AB110-$R$63=0.007518946326099896 AC110-$R$63=0.006888669670406661 AD110-$R$63=0.006258393014713426 AE110-$R$63=0.005628 116359020205 AF110-$R$63=0.004367563047633763 AG110-$R$63=0.003107009736247307 AH11 0-$R$63=0.0018464564248608512 AI110-$R$63=5.859031134744092E-4 AJ110-$R$63=-6.7465019791204 67E-4 P/BV (x) 1.05 0.05 (=TABLE(T27,T46))=0.10978294291279682 (=TABLE(T27,T46))=0.10909121 07101766 (=TABLE(T27,T46))=0.10839947850755637 (=TABLE(T27,T46))=0.10770774630493613 (=TA BLE(T27,T46))=0.1070160141023159 (=TABLE(T27,T46))=0.10632428189969566 (=TABLE(T27,T46))=0. 1049408174944552 (=TABLE(T27,T46))=0.10355735308921475 (=TABLE(T27,T46))=0.1021738886839742 8 (=TABLE(T27,T46))=0.10079042427873383 (=TABLE(T27,T46))=0.09940695987349338 0.05 (Z11 1-$AC$112)*10000=-89.64847388395272 (AA111-$AC$112)*10000=-96.56579591015485 (AB111-$AC$1 12)*10000=-103.48311793635726 (AC111-$AC$112)*10000=-110.40043996255966 (AD111-$AC$112)*1000 0=-117.31776198876193 (AE111-$AC$112)*10000=-124.23508401496433 (AF111-$AC$112)*10000=-138.0 6972806736886 (AG111-$AC$112)*10000=-151.9043721197734 (AH111-$AC$112)*10000=-165.739016172 17805 (AI111-$AC$112)*10000=-179.5736602245826 (AJ111-$AC$112)*10000=-193.40830427698714 EFTA01437494 0.05 Z111-$R$63=0.01853294291279682 AA111-$R$63=0.017841210710176608 AB111-$R$63=0.017149 478507556368 AC111-$R$63=0.016457746304936127 AD111-$R$63=0.0157660141023159 AE111-$R$63= 0.01507428189969566 AF111-$R$63=0.013690817494455207 AG111-$R$63=0.012307353089214754 AH111-$R$63=0.010923888683974287 AI111-$R$63=0.009540424278733833 AJ111-$R$63=0.008156 95987349338 0 (=TABLE(T27,T46))=0.1210356945613585 (=TABLE(T27,T46))=0.12027305980796972 (=TABLE(T27, T46))=0.1195104250545809 (=TABLE(T27,T46))=0.11874779030119209 (=TABLE(T27,T46))=0.11798515 554780328 (=TABLE(T27,T46))=0.11722252079441448 (=TABLE(T27,T46))=0.11569725128763687 (=TA BLE(T27,T46))=0.11417198178085927 (=TABLE(T27,T46))=0.11264671227408167 (=TABLE(T27,T46))=0. 11112144276730405 (=TABLE(T27,T46))=0.10959617326052645 0 (Z112-$AC$112)*10000=22.8790 42601664096 (AA112-$AC$112)*10000=15.252695067776296 (AB112-$AC$112)*10000=7.626347533888 078 (AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=-7.626347533888078 (AE112-$AC$112)*1000 0=-15.252695067776155 (AF112-$AC$112)*10000=-30.505390135552172 (AG112-$AC$112)*10000=-45.75 808520332819 (AH112-$AC$112)*10000=-61.01078027110421 (A1112-$AC$112)*10000=-76.2634753388 8037 (AJ112-$AC$112)*10000=-91.51617040665639 0 Z112-$R$63=0.029785694561358503 AA11 2-$R$63=0.029023059807969723 AB112-$R$63=0.0282604250545809 AC112-$R$63=0.027497790301192093 AD112-$R$63=0.026735155547803285 AE112-$R$63=0.025972520794414478 AF112-$R$63=0.024447 251287636876 AG112-$R$63=0.022921981780859274 AH112-$R$63=0.021396712274081672 AI11 2-$R$63=0.019871442767304057 AJ112-$R$63=0.018346173260526455 MSCI EM Banks 3Y average -0.05 (=TABLE(T27,T46))=0.13411157292117287 (=TABLE(T27,T46))=0. 13326654826367837 (=TABLE(T27,T46))=0.13242152360618384 (=TABLE(T27,T46))=0.1315764989486893 (=TABLE(T27,T46))=0.13073147429119478 (=TABLE(T27,T46))=0.12988644963370027 (=TABLE(T27,T46))=0. 12819640031871124 (=TABLE(T27,T46))=0.1265063510037222 (=TABLE(T27,T46))=0.1248163016887331 6 (=TABLE(T27,T46))=0.12312625237374412 (=TABLE(T27,T46))=0.12143620305875508 -0.05 (Z11 3-$AC$112)*10000=153.63782619980782 (AA113-$AC$112)*10000=145.1875796248628 (AB113-$AC$112)*1000 0=136.73733304991748 (AC113-$AC$112)*10000=128.28708647497217 (AD113-$AC$112)*10000=119.83 683990002686 (AE113-$AC$112)*10000=111.38659332508183 (AF113-$AC$112)*10000=94.48610017519 15 (AG113-$AC$112)*10000=77.58560702530116 (AH113-$AC$112)*10000=60.68511387541067 (A1113-$AC$1 12)*10000=43.784620725520334 (AJ113-$AC$112)*10000=26.884127575629858 -0.05 Z113-$R$63=0 .042861572921172875 AA113-$R$63=0.04201654826367837 AB113-$R$63=0.04117152360618384 AC113-$R$63= 0.04032649894868931 AD113-$R$63=0.03948147429119478 AE113-$R$63=0.038636449633700276 AF11 3-$R$63=0.03694640031871124 AG113-$R$63=0.03525635100372221 AH113-$R$63=0.03356630168873316 A111 3-$R$63=0.03187625237374413 AJ113-$R$63=0.03018620305875508 P/E (x) 8.15 -0.10 (=TABLE(T27,T46))=0.14942678340908455 (=TABLE(T27,T46))=0.1484852590221848 2 (=TABLE(T27,T46))=0.14754373463528506 (=TABLE(T27,T46))=0.1466022102483853 (=TABLE(T27, T46))=0.14566068586148553 (=TABLE(T27,T46))=0.14471916147458574 (=TABLE(T27,T46))=0.14283611 270078625 (=TABLE(T27,T46))=0.14095306392698675 (=TABLE(T27,T46))=0.13907001515318723 (=TA BLE(T27,T46))=0.1371869663793877 (=TABLE(T27,T46))=0.13530391760558821 -0.10 (2114-$AC$11 2)*10000=306.7899310789246 (AA114-$AC$112)*10000=297.3746872099273 (AB114-$AC$112)*10000=287.95 94433409297 (AC114-$AC$112)*10000=278.544199471932 (AD114-$AC$112)*10000=269.1289556029344 (AE1 14-$AC$112)*10000=259.7137117339365 (AF114-$AC$112)*10000=240.8832239959416 (AG114-$AC$112)*1000 0=222.05273625794663 (AH114-$AC$112)*10000=203.22224851995142 (A1114-$AC$112)*10000=184.39 176078195618 (AJ114-$AC$112)*10000=165.56127304396122 -0.10 2114-$R$63=0.058176783409084 554 AA114-$R$63=0.05723525902218482 AB114-$R$63=0.05629373463528506 AC114-$R$63=0.05535221024838 53 AD114-$R$63=0.054410685861485536 AE114-$R$63=0.05346916147458575 AF114-$R$63=0.051586 11270078625 AG114-$R$63=0.04970306392698676 AH114-$R$63=0.047820015153187234 AI114-$R$63= 0.04593696637938771 AJ114-$R$63=0.044053917605588216 P/BV (x) 0.98 -0.15 (=TABLE(T27,T46))=0.16752345268008098 (=TABLE(T27,T46))=0.16646790 2848401 (=TABLE(T27,T46))=0.165412353016721 (=TABLE(T27,T46))=0.16435680318504098 (=TABLE(T27, T46))=0.16330125335336096 (=TABLE(T27,T46))=0.16224570352168094 (=TABLE(T27,T46))=0.16013460 385832096 (=TABLE(T27,T46))=0.15802350419496095 (=TABLE(T27,T46))=0.15591240453160093 (=TA BLE(T27,T46))=0.15380130486824092 (=TABLE(T27,T46))=0.1516902052048809 -0.15 (2115-$AC$11 2)*10000=487.7566237888889 (AA115-$AC$112)*10000=477.20112547208896 (AB115-$AC$112)*1000 0=466.64562715528905 (AC115-$AC$112)*10000=456.09012883848885 (AD115-$AC$112)*10000=445.53 463052168865 (AE115-$AC$112)*10000=434.97913220488846 (AF115-$AC$112)*10000=413.8681355712 8863 (AG115-$AC$112)*10000=392.7571389376885 (AH115-$AC$112)*10000=371.6461423040884 (AI115-$AC$1 12)*10000=350.5351456704883 (AJ115-$AC$112)*10000=329.4241490368882 -0.15 Z115-$R$63=0.0762734 5268008098 AA115-$R$63=0.07521790284840099 AB115-$R$63=0.074162353016721 AC115-$R$63=0.073106 80318504098 AD115-$R$63=0.07205125335336096 AE115-$R$63=0.07099570352168094 AF115-$R$63=0.068884 60385832096 AG115-$R$63=0.06677350419496095 AH115-$R$63=0.06466240453160094 A1115-$R$63=0.062551 30486824093 AJ115-$R$63=0.060440205204880915 -0.20 (=TABLE(T27,T46))=0.18911827275212265 (=TABLE(T27,T46))=0.18792665594995267 (=TABLE(T27, T46))=0.18673503914778264 (=TABLE(T27,T46))=0.18554342234561264 (=TABLE(T27,T46))=0.18435180 55434426 (=TABLE(T27,T46))=0.1831601887412726 (=TABLE(T27,T46))=0.18077695513693262 (=TA BLE(T27,T46))=0.1783937215325926 (=TABLE(T27,T46))=0.17601048792825258 (=TABLE(T27,T46))=0. 17362725432391257 (=TABLE(T27,T46))=0.17124402071957256 -0.20 (Z116-$AC$112)*10000=703.704 8245093056 (AA116-$AC$112)*10000=691.7886564876057 (AB116-$AC$112)*10000=679.8724884659055 (AC1 16-$AC$112)*10000=667.9563204442054 (AD116-$AC$112)*10000=656.0401524225051 (AE116-$AC$112)*1000 0=644.123984400805 (AF116-$AC$112)*10000=620.2916483574053 (AG116-$AC$112)*10000=596.4593123140 049 (AH116-$AC$112)*10000=572.6269762706049 (A1116-$AC$112)*10000=548.7946402272048 (AJ116-$AC$1 12)*10000=524.9623041838047 -0.20 Z116-$R$63=0.09786827275212265 AA116-$R$63=0.09667665594995 267 AB116-$R$63=0.09548503914778264 AC116-$R$63=0.09429342234561264 AD116-$R$63=0.09310180554344 26 AE116-$R$63=0.0919101887412726 AF116-$R$63=0.08952695513693262 AG116-$R$63=0.08714372153259 259 AH116-$R$63=0.08476048792825258 AI116-$R$63=0.08237725432391257 AJ116-$R$63=0.07999402071957 257 Turkish banks 3Y average -0.25 (=TABLE(T27,T46))=0.21517456810908178 (=TABLE(T27,T46))=0. 21381877299194615 (=TABLE(T27,T46))=0.2124629778748105 (=TABLE(T27,T46))=0.2111071827576748 4 (=TABLE(T27,T46))=0.2097513876405392 (=TABLE(T27,T46))=0.2083955925234035 (=TABLE(T27, T46))=0.20568400228913225 (=TABLE(T27,T46))=0.20297241205486094 (=TABLE(T27,T46))=0.20026082 EFTA01437495 182058963 (=TABLE(T27,T46))=0.19754923158631835 (=TABLE(T27,T46) 1=0.19483764135204704 -0.2 $ (Z117-$AC$112)*10000=964.2677780788969 (AA117-$AC$112)*10000=950.7098269075407 (AB117-$AC$1 12)*10000=937.1518757361841 (AC117-$AC$112)*10000=923.5939245648275 (AD117-$AC$112)*10000=910.03 5973393471 (AE117-$AC$112)*10000=896.4780222221142 (AF117-$AC$112)*10000=869.3621198794016 (AG1 17-$AC$112)*10000=842.2462175366885 (AH117-$AC$112)*10000=815.1303151939754 (A1117-$AC$112)*1000 0=788.0144128512626 (AJ117-$AC$112)*10000=760.8985105085494 -0.25 2117-$R$63=0.123924568109081 78 AA117-$R$63=0.12256877299194616 AB117-$R$63=0.1212129778748105 AC117-$R$63=0.11985718275767 485 AD117-$R$63=0.11850138764053919 AE117-$R$63=0.11714559252340351 AF117-$R$63=0.11443400228913 225 AG117-$R$63=0.11172241205486094 AH117-$R$63=0.10901082182058963 AI117-$R$63=0.10629923158631 835 AJ117-$R$63=0.10358764135204704 P/E (x) 6.27 P/BV (x) 0.81 3Y Historical average Akbank Garanti Halkbank Isbank Vakifbank Yapi Kredi Tota 1 Average Average Average P/E (x) 7.18 6.95 4.33 6.03 5.26 5.84 AVERAGE(M122:R122)=5.9316666666666675 Y106 =Tier 1 capital ratio t of Stage 2 loans transferred to Stage 3 loans AM106=Tier 1 capital ratio: change from base (bps) t of Stage 2 loans transferred to Stage 3 loans BA106=Headroom above thresho Id t of Stage 2 loans transferred to Stage 3 loans P/BV (x) 0.97 0.97 0.57 0.69 0.63 0.63 AVERAGE(M123:R123)=0.743333333333333 3 Loan growth (ppt change from base) AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10 -0.05 0 0.05 AD123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 A0123-0.05=-0.150000 00000000002 AP123-0.05=-0.10 -0.05 0 0.05 AR123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 -0.05 -0.03 -0.01 0 0.05 BF123+0.05=0.10 0.20 0.30 0.40 0.50 0.60 0.20 (Z28+Z44+260+Z76+Z92+2108)/6=0.09490160491470033 (AA2B+AA44+AA60+AA76+AA92+AA108)/6=0 .09394085222009087 (AB28+AB44+AB60+AB76+AB92+AB108)/6=0.09298009952548142 (AC28+AC44+AC60+AC76 +AC92+AC108)/6=0.09201934683087194 (AD2B+AD44+AD6O+AD76+AD92+AD108)/6=0.0910585941362625 (AE2 8+AE44+AE60+AE76+AE92+AE108)/6=0.09009784144165305 (AF28+AF44+AF60+AF76+AF92+AF108)/6=0.0881763 3605243412 (AG28+AG44+AG60+AG76+AG92+AG108)/6=0.08625483066321521 (AH28+AH44+AH6O+AH76+AH92+AH 108)/6=0.08433332527399628 (A128+A144+A160+A176+A192+AI108)/6=0.08241161988477737 (AJ28+AJ44+A J60+AJ76+AJ92+AJ108)/6=0.08049031449555845 0.20 (AN28+AN44+AN60+AN76+AN92+AN108)/6=-376.0625 452175527 (A028+A044+A060+A076+A092+A0108)/6=-385.67007216364726 (AP28+AP44+AP6O+AP76+AP92+AP 108)/6=-395.2775991097419 (AQ28+AQ44+AQ60+AQ76+AQ92+AQ108)/6=-404.8851260558365 (AR2B+AR44+A R6O+AR76+AR92+AR108)/6=-414.4926530019311 (AS28+AS44+AS60+AS76+AS92+AS108)/6=-424.100179948025 7 (AT28+AT44+AT6O+AT76+AT92+AT108)/6=-443.3152338402149 (AU2B+AU44+AU6O+AU76+AU92+AU108)/6=- 462.530287732404 (AV28+AV44+AV60+AV76+AV92+AV108)/6=-481.7453416245932 (AW28+AW44+AW60+AW76 +AW92+AW108)/6=-500.9603955167824 (AX28+AX44+AX60+AX76+AX92+AX108)/6=-520.1754494089715 0.20 (BB28+BB44+BB6O+BB76+BB92+B5108)/6=0.003234938248033658 (BC28+BC44+BC6O+BC76+BC92+BC108)/6=0.0022741 85553424205 (BD2B+BD44+BD6O+BD76+BD92+BD108)/6=0.0013134328588147448 (BE28+BE44+BE6O+BE76 +BE92+BE108)/6=3.5266016420528003E-4 (BF28+BF44+BF6O+BF76+BF92+BF108)/6=-6.080725304041776E-4 (BG28+BG44+BG60+BG76+BG92+BG108)/6=-0.001568825225013638 (BH2B+BH44+BH6O+BH76+BH92+BH108)/6=- 0.0034903306142325535 (B128+B144+B160+B176+B192+BI108)/6=-0.0054118360034514715 (BJ28+BJ44+B J60+BJ76+BJ92+BJ108)/6=-0.007333341392670389 (BK28+BK44+BK6O+BK76+BK92+BK108)/6=-0.00925484678188 9306 (BL28+BL44+BL6O+BL76+BL92+BL108)/6=-0.011176352171108225 0.15 (Z29+Z45+261+Z77+Z93+2109)/6=0.10333331650447523 (AA29+AA45+AA61+AA77+AA93+AA109)/6=0 .10228720392962637 (AB29+AB45+AB61+AB77+AB93+AB109)/6=0.10124109135477749 (AC29+AC45+AC61+AC77 +AC93+AC109)/6=0.10019497877992863 (AD29+AD45+AD61+AD77+AD93+AD109)/6=0.09914886620507977 (AE2 9+AE45+AE61+AE77+AE93+AE109)/6=0.09810275363023091 (AF29+AF45+AF61+AF77+AF93+AF109)/6=0.0960105 284805332 (AG29+AG45+AG61+AG77+AG93+AG109)/6=0.09391830333083546 (AH29+AH45+AH61+AH77+AH93+AH 109)/6=0.09182607818113774 (A129+A145+A161+A177+A193+AI109)/6=0.08973365303144003 (AJ29+AJ45+A J61+AJ77+AJ93+AJ109)/6=0.08764162788174229 0.15 (AN29+AN45+AN61+AN77+AN93+AN109)/6=-291.7454 293198037 (A029+A045+A061+A077+A093+A0109)/6=-302.2065550682923 (AP29+AP45+AP61+AP77+AP93+AP 109)/6=-312.667680816781 (AQ29+AQ45+AQ61+AQ77+AQ93+AQ109)/6=-323.1288065652696 (AR29+AR45+A R61+AR77+AR93+AR109)/6=-333.5899323137582 (AS29+AS45+AS61+AS77+AS93+AS109)/6=-344.051058062246 9 (AT29+AT45+AT61+AT77+AT93+AT109)/6=-364.9733095592241 (AU29+AU45+AU61+AU77+AU93+AU109)/6=- 385.89556105620136 (AV29+AV45+AV61+AV77+AV93+AV109)/6=-406.8178125531786 (AW29+AW45+AW61+AW77 +AW93+AW109)/6=-427.7400640501558 (AX29+AX45+AX61+AX77+AX93+AX109)/6=-448.6623155471331 0.15 (BB29+BB45+BB61+BB77+BB93+BB109)/6=0.011666649837808558 (BC29+BC45+BC61+BC77+BC93+BC109)/6=0.0106205 372629597 (BD29+BD45+BD61+BD77+BD93+BD109)/6=0.009574424688110832 (BE29+BE45+BE61+BE77+BE93+BE 109)/6=0.00852831211326197 (BF29+BF45+BF61+BF77+BF93+BF109)/6=0.007482199538413108 (BG29+BG45+B G61+BG77+BG93+BG109)/6=0.006436086963564243 (BH29+BH45+BH61+BH77+BH93+BH109)/6=0.004343861813866 523 (8129+B145+B161+B177+B193+B1109)/6=0.0022516366641687977 (BJ29+B,745+BJ61+BJ77+BJ93+BJ 109)/6=1.594115144710681E-4 (BK29+BK45+BK61+BK77+BK93+BK109)/6=-0.0019328136352266545 (BL2 9+BL45+BL61+BL77+BL93+BL109)/6=-0.00402503878492438 0.10 (Z30+Z46+262+Z78+Z94+2110)/6=0.11294075295633754 (AA30+AA46+AA62+AA78+AA94+AA110)/6=0 .11179737784870315 (AB30+AB46+AB62+AB78+AB94+AB110)/6=0.11065400274106875 (AC30+AC46+AC62+AC78 +AC94+AC110)/6=0.10951062763343435 (AD3O+AD46+AD62+AD78+AD94+AD110)/6=0.10836725252579997 (AE3 0+AE46+AE62+AE7B+AE94+AE110)/6=0.10722387741816557 (AF30+AF46+AF62+AF78+AF94+AF110)/6=0.1049371 2720289677 (AG30+AG46+AG62+AG78+AG94+AG110)/6=0.10265037698762797 (AH3O+AH46+AH62+AH78+AH94+AH 110)/6=0.10036362677235917 (A130+A146+A162+A178+A194+AI110)/6=0.0980768765570904 (AJ30+AJ46+A J62+AJ78+AJ94+AJ110)/6=0.0957901263418216 0.10 (AN30+AN46+AN62+AN7B+AN94+AN110)/6=-195.6710 6480118048 (A030+A046+A062+A078+A094+A0110)/6=-207.1048158775244 (AP3O+AP46+AP62+AP78+AP94+AP 110)/6=-218.53856695386844 (AQ30+AQ46+AQ62+AQ7B+AQ94+AQ110)/6=-229.97231803021236 (AR3O+AR46+A R62+AR78+AR94+AR110)/6=-241.4060691065564 (AS30+AS46+AS62+AS78+AS94+AS110)/6=-252.839820182900 35 (AT3O+AT46+AT62+AT7B+AT94+AT110)/6=-275.70732233558823 (AU3O+AU46+AU62+AU78+AU94+AU110)/6=- 298.5748244882763 (AV30+AV46+AV62+AV78+AV94+AV110)/6=-321.44232664096415 (AW3O+AW46+AW62+AW78 +AW94+AW110)/6=-344.3098287936521 (AX30+AX46+AX62+AX78+AX94+AX110)/6=-367.1773309463401 0.10 (BB3O+BB46+BB62+BB78+BB94+BB110)/6=0.02127408628967088 (BC3O+BC46+BC62+BC78+BC94+BC110)/6=0.0201307 1118203649 (BD3O+BD46+BD62+BD78+BD94+BD110)/6=0.018987336074402086 (BE3O+BE46+BE62+BE78+BE94+BE EFTA01437496 110)/6=0.01784396096676769 (BF30+BF46+BF62+BF7B+BF94+BF110)/6=0.01670058585913329 (BG30+BG46+B G62+BG78+BG94+BG110)/6=0.015557210751498891 (BH30+BH46+BH62+BH78+BH94+BH110)/6=0.013270460536230 105 (B130+B146+B162+B178+B194+BI110)/6=0.010983710320961305 (BJ30+BJ46+Ba62+B,178+HJ94+BJ110)/6=0 .008696960105692512 (BK30+BK46+BK62+BK78+BK94+BK110)/6=0.006410209890423718 (31.30+BL46+BL62+61.78 +BL94+BL110)/6=0.004123459675154924 0.05 (z31+z47+263+279+Z95+2111)/6=0.12395311662328205 (AA31+AA47+AA63+AA79+AA95+AA111)/6=0 .12269825596093499 (AB31+AB47+AB63+AB79+AB95+AB111)/6=0.12144339529858796 (Ac31+AC47+AC63+Ac79 +Ac95+AC111)/6=0.12018853463624087 (AD31+AD47+A063+A079+AD95+AD111)/6=0.11893367397389386 (AE3 1+AE47+AE63+AE79+AE95+AE111)/6=0.11767881331154682 (Ap31+AP47+AF63+AF79+AP95+AF111)/6=0.1151690 919868527 (AG31+AG47+AG63+AG79+AG95+AG111)/6=0.11265937066215863 (AH31+AH47+AH63+AH79+AH95+AH 111)/6=0.11014964933746452 (A131+A147+A163+A179+A195+AI111)/6=0.10763992801277043 (AJ31+Aa47+A J63+AJ79+Aa95+AJ111)/6=0.10513020668807632 0.05 (AN31+AN47+AN63+AN79+AN95+AN111)/6=-85.54742 813173556 (AO31+AO47+AO63+AO79+AO95+AO111)/6=-98.09603475520596 (Ap31+AP47+AP63+AP79+AP95+AP 111)/6=-110.6446413786765 (AQ31+AQ47+AQ63+AQ79+AQ95+AQ111)/6=-123.19324800214703 (AR31+AR47+A R63+AR79+AR95+AR111)/6=-135.74185462561744 (As31+AS47+AS63+AS79+AS95+AS111)/6=-148.290461249087 94 (AT31+AT47+AT63+AT79+AT95+AT111)/6=-173.3876744960289 (AU31+AU47+AU63+Au79+Au95+Au111)/6- 198.4848877429699 (AV31+Av47+Av63+AV79+AV95+Av111)/6=-223.58210098991083 (AW31+AW47+AW63+AW79 +AW95+AW111)/6=-248.6793142368518 (AX31+AX47+Ax63+Ax79+AX95+AX111)/6=-273.77652748379273 0.05 (HB31+BB47+BB63+BB79+BB95+BH111)/6=0.03228644995661537 (BC31+BC47+BC63+Bc79+Bc95+BC111)/6=0.0310315 89294268334 (BD31+BD47+B063+B079+B095+BD111)/6=0.029776728631921278 (BE31+BE47+BE63+BE79+BE95+BE 111)/6=0.02852186796957423 (BP31+BF47+BF63+BF79+BP95+BP111)/6=0.027267007307227184 (BG31+BG47+B G63+BG79+BG95+BG111)/6=0.026012146644880135 (BH31+BH47+BH63+BH79+BH95+BH111)/6=0.023502425320186 048 (8131+B147+B163+B179+B195+BI111)/6=0.02099270399549194 (BJ31+BJ47+B.763+B,179+B,195+BJ111)/6=0 .018482982670797846 (HK31+BA47+BK63+BK79+BK95+Bx111)/6=0.01597326134610375 (BL31+BL47+BL63+BL79 +HL95+BL111)/6=0.013463540021409655 0 (z32+z4B+z64+z80+z96+z112)/6=0.13665831107716847 (AA32+AA48+AA64+AA80+AA96+AA112)/6=0 .13527482719693087 (AB32+AB48+AB64+AB80+AB96+AB112)/6=0.13389134331669322 (Ac32+AC48+AC64+Ac80 +Ac96+AC112)/6=0.1325078594364556 (AD32+AD48+Au64+A080+AD96+AD112)/6=0.131124375556218 (AE3 2+AE48+AE64+AE80+AE96+AE112)/6=0.12974089167598035 (Ap32+AP48+AF64+AF80+AP96+AF112)/6=0.1269739 239155051 (AG32+AG48+AG64+AG80+AG96+AG112)/6=0.12420695615502987 (AH32+AN48+AH64+AH80+AR96+AH 112)/6=0.12143998839455462 (A132+A148+A164+A180+A196+AI112)/6=0.1186730206340794 (AJ32+Aa48+A J64+AJ80+Aa96+AJ112)/6=0.11590605287360416 0 (AN32+AN48+AN64+AN80+AN96+AN112)/6=41.504516 40712864 (AO32+AO48+AO64+AO80+AO96+AO112)/6=27.669677604752476 (AD32+AF48+AP64+AP80+AP96+AP 112)/6=13.834838802376238 (Ao32+Ao48+AQ64+AQ80+Ao96+A0112)/6=0 (AB32+AR48+AB64+AR80+AR96+AR 112)/6=-13.83483880237619 (As32+AS48+AS64+AS80+As96+AS112)/6=-27.669677604752426 (AT32+AT48+A T64+AT80+AT96+AT112)/6=-55.33935520950481 (AD32+AD48+AQ64+AU80+AD96+AU112)/6=-83.0090328142572 5 (Av32+Av48+AV64+AV80+Av96+Av112)/6=-110.67871041900968 (AW32+AW48+AW64+AW80+AW96+AW112)/6=- 138.3483880237621 (AX32+Ax48+Ax64+AX80+AX96+Ax112)/6=-166.01806562851448 0 (BB32+BB48+B B64+BB80+BB96+BB112)/6=0.044991644410501797 (Hc32+Bc48+BC64+BC80+BC96+Bc112)/6=0.043608160530264 17 (2032+Bu48+BD64+BD8O+B096+B0112)/6=0.04222467665002655 (BE32+BE48+BE64+BE80+BE96+BE112)/6=0 .04084119276978893 (BF32+BP48+BF64+BF80+BF96+BP112)/6=0.03945770888955131 (BG32+BG48+BG64+BG80 +BG96+BG112)/6=0.038074225009313685 (BH32+BH46+BH64+BH80+BH96+BH112)/6=0.03530725724883845 (B13 2+B148+B164+B180+B196+BI112)/6=0.032540289488363204 (2.732+B.748+BJ64+BJ80+B.796+BJ112)/6=0.0297733 21727887964 (BK32+BK48+Bx64+BA80+BA96+BK112)/6=0.027006353967412727 (HL32+BL48+BL64+BL80+BL96+BL 112)/6=0.024239386206937483 -0.05 (z33+z49+265+281+Z97+2113)/6=0.15142195133204264 (AA33+AA49+AA65+AA81+AA97+AA113)/6=0 .14988900520435552 (AB33+AB49+AB65+AB81+AB97+AB113)/6=0.1483560590766684 (Ac33+AC49+AC65+Ac81 +Ac97+AC113)/6=0.1468231129489813 (AD33+AD49+Au65+A081+AD97+AD113)/6=0.14529016682129417 (AE3 3+AE49+AE65+AE81+AE97+AE113)/6=0.14375722069360705 (Ap33+AP49+AF65+AF81+AP97+AF113)/6=0.1406913 2843823284 (AG33+AG49+AG65+AG81+AG97+AG113)/6=0.1376254361828586 (AH33+AH49+AH65+AH81+AH97+AH 113)/6=0.1345595439274844 (A133+A149+A165+A181+A197+AI113)/6=0.13149365167211016 (AJ33+Aa49+A J65+AJ81+Aa97+AJ113)/6=0.1284277594167359 -0.05 (AN33+AN49+AN65+AN81+AN97+AN113)/6=189.14091 895587035 (AO33+AO49+AO65+AO81+AO97+AO113)/6=173.8114576789993 (AP33+AP49+AP65+AP81+AP97+Ap 113)/6=158.48199640212803 (A033+AQ49+AQ65+AQ81+A097+A0113)/6=143.1525351252569 (AR33+AR49+A R65+AR81+AR97+AR113)/6=127.8230738483857 (As33+As49+AS65+AS81+AS97+As113)/6=112.4936125715145 2 (AT33+AT49+AT65+AT81+AT97+AT113)/6=81.83469001777235 (AU33+AU49+Au65+AU81+AU97+AU113)/6=5 1.17576746403008 (AV33+Av49+Av65+AV81+AV97+Av113)/6=20.516844910287777 (Aw33+AW49+AW65+Aw81 +AW97+AW113)/6=-10.142077643454533 (AX33+AX49+Ax65+Ax81+AX97+AX113)/6=-40.801000197196856 -0.0 5 (BH33+BB49+B865+BH81+BH97+BH113)/6=0.05975528466537596 (BC33+BC49+Bc65+BC81+HC97+BC113)/6=0 .05822233853768886 (31333+B049+B065+BD81+BD97+Hz113)/6=0.05668939241000174 (BE33+BE49+BE65+BE81 +BE97+BE113)/6=0.05515644628231462 (HF33+BF49+Hp65+BP81+HF97+BF113)/6=0.0536235001546275 (BG3 3+BG49+BG65+BG81+BG97+BG113)/6=0.052090554026940385 (BH33+BH49+BH65+BH81+BH97+BH113)/6=0.0490246 6177156617 (8133+BI49+B165+B181+B197+BI113)/6=0.04595876951619194 (HJ33+B,749+BJ65+BJ81+BJ97+Bui 113)/6=0.042892877260817704 (BA33+BX49+BX65+BX81+BA97+BA113)/6=0.03982698500544348 (BL33+BL49+B L65+BL81+BL97+BL113)/6=0.036761092750069245 -0.10 (z34+z50+z66+z82+z98+z114)/6=0.16871396429280058 (AA34+AA50+AA66+AA82+AA98+AA114)/6=0 .16700595950238376 (AB34+AB50+AB66+AB82+AB98+AB114)/6=0.16529795471196693 (Ac34+AC50+AC66+Ac82 +AC98+AC114)/6=0.1635899499215501 (AD34+AD5O+A066+A082+AD98+AD114)/6=0.16188194513113327 (AE3 4+AE50+AE66+AE82+AE98+AE114)/6=0.16017394034071647 (AF34+AF50+AF66+AF82+AF96+AF114)/6=0.1567579 3075988284 (AG34+AG50+AG66+AG82+AG98+AG114)/6=0.1533419211790492 (AH34+AH50+AN66+AH82+AH98+AH 114)/6=0.14992591159821558 (A134+A150+A166+A182+A198+AI114)/6=0.14650990201738196 (AJ34+Aa50+A J66+AJ82+Aa98+AJ114)/6=0.14309389243654833 -0.10 (AN34+AN50+AN66+AN82+AN98+AN114)/6=362.06104 856344956 (AO34+AO50+AO66+AO82+AO98+AO114)/6=344.98100065928156 (AF34+AP50+AP66+AP82+AP98+AP 114)/6=327.90095275511334 (AQ34+AQ50+AQ66+AQ82+AQ96+AQ114)/6=310.8209048509451 (AR34+AR5O+A R66+AR82+AR98+AR114)/6=293.740856946777 (AS34+AS50+As66+As82+AS98+AS114)/6=276.6608090426087 (AT3 4+AT50+AT66+AT82+AT96+AT114)/6=242.50071323427255 (AD34+AU50+AQ66+AD82+AD98+AU114)/6=208.34061 74259362 (Av34+AV50+Av66+Av82+Av98+AV114)/6=174.1805216175999 (AW34+AW50+AW66+AW82+AW98+AW 114)/6=140.02042580926363 (Ax34+Ax50+AX66+AX82+Ax98+AX114)/6=105.8603300009273 -0.10 (BB3 4+BB50+BB66+BB82+BB98+BB114)/6=0.07704729762613386 (BC34+BC50+BC66+BC82+BC98+BC114)/6=0.0753392 EFTA01437497 9283571707 (BD34+BD50+Bu66+B082+B098+BD114)/6=0.07363128804530027 (BE34+BE50+BE66+BE82+BE98+BE 114)/6=0.07192328325488345 (BF34+BF5O+BF66+BF82+BF98+BF114)/6=0.07021527846446662 (BG34+BG50+B G66+BG82+BG98+BG114)/6=0.06850727367404981 (BB34+BH50+Bw66+Bw82+Bw98+Bw114)/6=0.065091264093216 18 (9134+9150+9166+B182+B198+BI114)/6=0.06167525451238256 (BJ34+B.150+B.166+BJ82+BJ98+BJ114)/6=0 .05825924493154893 (BK34+Bx50+Bx66+BK82+BK98+Bx114)/6=0.05484323535071529 (B1.34+BL5O+BL66+BL82 +BL98+BL114)/6=0.05142722576988166 -0.15 (z35+z51+267+283+Z99+z115)/6=0.18914645131788022 (AA35+AA51+AA67+AA83+AA99+AA115)/6=0 .1872315947362365 (AB35+AB51+AB67+AB83+AB99+AB115)/6=0.1853167381545927 (Ac35+AC51+AC67+Ac83 +AC99+AC115)/6=0.18340188157294893 (AD35+AD51+Ap67+3083+AD99+AD115)/6=0.18148702499130517 (AE3 5+AE51+AE67+AE83+AE99+AE115)/6=0.1795721684096614 (AF35+AF51+AF67+AF83+AF99+AF115)/6=0.1757424 5524637386 (AG35+AG51+AG67+AG83+AG99+AG115)/6=0.17191274208308635 (Aw35+Aw51+AH67+AH83+AH99+Aw 115)/6=0.16808302891979884 (A135+A151+A167+A183+A199+AI115)/6=0.16425331575651128 (AJ35+AJ51+A J67+AJ83+AJ99+AJ115)/6=0.16042360259322375 -0.15 (AN35+AN51+AN67+AN83+AN99+AN115)/6=566.38591 88142463 (A035+A051+A067+A083+A099+A0115)/6=547.2373529978087 (Ap35+Ap51+AP67+AP83+AP99+Ap 115)/6=528.088787181371 (AQ35+A051+AQ67+AQ83+AQ99+A0115)/6=508.9402213649334 (AR35+AR51+AR67+AR83 +AR99+AR115)/6=489.7916555484957 (AS35+AS51+As67+AS83+AS99+AS115)/6=470.64308973205806 (AT3 5+AT51+Ar67+Ar83+AT99+AT115)/6=432.3459580991828 (Au35+Au51+AU67+Au83+Au99+AU115)/6=394.04882 646630745 (AV35+AV51+Av67+Av83+Av99+AV115)/6=355.75169483343205 (Aw35+Aw51+AW67+AW83+AW99+Aw 115)/6=317.45456320055683 (Ax35+Ax51+AX67+AX83+Ax99+Ax115)/6=279.15743156768144 -0.15 (BB3 5+BB51+BB67+BB83+BB99+BB115)/6=0.09747978465121356 (Bc35+Bc51+BC67+Bc83+Bc99+BC115)/6=0.0955649 280695698 (BD35+BD51+Bu67+B083+B099+BD115)/6=0.09365007148792603 (BE35+BE51+BE67+BE83+BE99+BE 115)/6=0.09173521490628227 (BF35+BF51+BF67+BF83+BF99+BF115)/6=0.08982035832463851 (BG35+BG51+B G67+BG83+BG99+BG115)/6=0.08790550174299472 (BB35+BB51+BH67+BH83+BH99+Bw115)/6=0.084075788579707 21 (B135+B151+B167+B183+B199+BI115)/6=0.08024607541641966 (BJ35+BJ51+B.167+BJ83+BJ99+BJ115)/6=0 .07641636225313213 (BK35+Bx51+Bx67+BK83+BK99+Bx115)/6=0.07258664908984462 (BL35+BL51+BL67+BL83 +BL99+BL115)/6=0.06875693592655707 -0.20 (z36+z52+268+284+Z100+z116)/6=0.21352861105807566 (AA36+AA52+AA68+AA84+AA100+AA116)/6= 0.21136691749520442 (AB36+AB52+AB68+AB84+AB100+AB116)/6=0.20920522393233312 (Ac36+AC52+AC68+Ac84 +AC100+Ac116)/6=0.20704353036946188 (AD36+AD52+A068+3084+AD100+AD116)/6=0.20488183680659056 (AE3 6+AE52+AE68+AE84+AE100+AE116)/6=0.20272014324371926 (AF36+AF52+AF68+AF84+AF100+AF116)/6=0.198396 75611797677 (AG36+AG52+AG68+AG84+AG100+AG116)/6=0.19407336899223415 (Aw36+Aw52+AH68+AH84+AH100+A H116)/6=0.1897499818664916 (A136+A152+A168+A184+AI100+A1116)/6=0.18542659474074905 (AJ36+AJ52+A J68+AJ84+AJ100+AJ116)/6=0.18110320761500645 -0.20 (AN36+AN52+AN68+AN84+AN100+AN116)/6=810.2075 16216201 (A036+A052+A068+A084+A0100+A0116)/6=788.5905805874881 (Ap36+Ap52+AP68+AP84+AP100+A P116)/6=766.9736449587754 (A036+A052+AQ68+AQ84+A0100+A0116)/6=745.3567093300626 (AR36+AR52+A R68+AR84+AR100+AR116)/6=723.7397737013497 (As36+As52+AS68+AS84+AS100+AS116)/6=702.122838072636 7 (Ar36+Ar52+AT68+AT84+Ar100+Ar116)/6=658.8889668152111 (AU36+AU52+Au68+AU84+AU100+Au116)/6= 615.6550955577856 (AV36+Av52+Av68+AV84+AV100+Av116)/6=572.4212243003598 (AW36+AW52+AW68+AW84 +Aw100+Aw116)/6=529.1873530429343 (AX36+AX52+Ax68+Ax84+AX100+AX116)/6=485.9534817855086 -0.2 0 (BB36+BB52+BB68+BB84+BB100+BB116)/6=0.12186194439140903 (BC36+Bc52+Bc68+BC84+BC100+BC116)/6= 0.11970025082853775 (BD36+B052+B068+BD84+BD100+Bui16)/6=0.11753855726566646 (BE36+BE52+BE68+BE84 +BE100+BE116)/6=0.1153768637027952 (BF36+BF52+BF68+BF84+BF100+BF116)/6=0.1132151701399239 (BG3 6+BG52+BG68+BG84+BG100+BG116)/6=0.1110534765770526 (BH36+BH52+BH68+BH84+BH100+BH116)/6=0.106730 08945131006 (B136+B152+6168+B184+BI100+B1116)/6=0.10240670232556748 (3,136+BJ52+BJ68+BJ84+BJ100+B J116)/6=0.0980833151998249 (BK36+BK52+BK68+BK84+BK100+BK116)/6=0.09375992807408236 (BL36+BL52+B L68+BL84+BL100+BL116)/6=0.08943654094833979 -0.25 (z37+z53+269+285+Z101+z117)/6=0.24294810858163282 (AA37+AA53+AA69+AA85+AA101+AA117)/6= 0.2404885816834326 (AB37+AB53+AB69+AB85+AB101+AB117)/6=0.2380290547852324 (Ac37+AC53+AC69+Ac85 +Ac101+AC117)/6=0.23556952788703223 (AD37+AD53+A069+3085+AD101+AD117)/6=0.23311000098883197 (AE3 7+AE53+AE69+AE85+AE101+AE117)/6=0.23065047409063175 (AF37+AF53+AF69+AF85+AF101+AF117)/6=0.225731 42029423132 (AG37+AG53+AG69+AG85+AG101+AG117)/6=0.2208123664978309 (Aw37+Aw53+AH69+AH85+AH101+A H117)/6=0.2158933127014305 (A137+A153+A169+A185+AI101+A1117)/6=0.21097425890503005 (AJ37+AJ53+A J69+AJ85+AJ101+AJ117)/6=0.2060552051086296 -0.25 (AN37+AN53+AN69+AN85+AN101+AN117)/6=1104.402 4914517722 (A037+A053+A069+Ao85+A0101+A0117)/6=1079.80722246977 (Ap37+Ap53+AP69+AP85+AP101+A P117)/6=1055.2119534877681 (A037+A053+AQ69+AQ85+A0101+A0117)/6=1030.616684505766 (AR37+AR53+A R69+AR85+AR101+AR117)/6=1006.0214155237636 (As37+As53+AS69+AS85+AS101+AS117)/6=981.426146541761 3 (Ar37+Ar53+AT69+AT85+Ar101+Ar117)/6=932.2356085777574 (AU37+AU53+Au69+AU85+AU101+Au117)/6= 883.045070613753 (AV37+Av53+Av69+AV85+AV101+Av117)/6=833.8545326497488 (Aw37+AW53+AW69+Aw85 +Aw101+AW117)/6=784.6639946857445 (AX37+AX53+Ax69+Ax85+AX101+AX117)/6=735.4734567217401 -0.2 5 (BB37+BB53+BB69+BB85+BB101+BB117)/6=0.15128144191496615 (BC37+BC53+Bc69+BC85+BC101+Bc117)/6= 0.14882191501676595 (BD37+B053+BD69+BD85+BD101+Bui17)/6=0.14636238811856572 (BE37+BE53+BE69+BE85 +BE101+BE117)/6=0.14390286122036552 (BF37+BF53+BF69+BF85+BF101+BF117)/6=0.14144333432216527 (BG3 7+BG53+BG69+BG85+BG101+BG117)/6=0.13898380742396507 (BH37+BH53+BH69+BH85+BH101+BH117)/6=0.134064 75362756465 (B137+B153+6169+B185+BI101+B1117)/6=0.12914569983116422 (BJ37+BJ53+BJ69+BJ85+BJ101+B J117)/6=0.1242266460347638 (Bx37+BX53+BX69+BX85+Bx101+BK117)/6=0.11930759223836336 (BL37+BL53+B L69+B1.85+BL101+BL117)/6=0.11438853844196294 (Cycle)(10)(accentl}(accent2)(accent3)(accent4)(accentS)laccent6)(60000)(80000)(20000)(80000)(60000) (40000)(50000)(70000)(30000)(70000)(50000)(50000) (201)(0)(0)(0 )(minor)(tx1)(65000)(35000)(1000)(1200)(0)(0)(0)(minor)itx1)(65000)(35000)(9525)(flat)f sng)(ctr)(tx1)(15000)(85000)(900)(1200)fallowNoFill0verride allowNoLineOverridel(0)(0)(0)(minor)Itx1 I(bg1)(9525)(flat)(sng)(ctr)(tx1)(15000)(85000)(1000)(1200)(0)(0)(0)(minor)ftx11(750001125000)(900)( 1200)(0)(0)(0)(minor)(dkl)(65000)(35000)(1t1)(dkl)(25000)(75000)(900)(1200)(0)(1)(clip)iclip)(horz)f EFTA01437498 square)(36576)(18288)(36576)(18288)(ctr)(1)(0)(1)(auto)(0)(minor)(tx1)(0)(1)(auto)(0)(minor)ftx1)(0) (aot0)(1)(0)(minor)(tx1)(28575)(rnd)(phclr)(0)(aut0)(1)(auto)(0)(minor)(tx1)(9525)(Dhelr)(circle)(5) (0)(auto)(1)(0)(minor)(tx1)(9525)(rnd)(phC1r)(0)(0)(0)(minor)(tx1)(65000)(35000)(9525)(flat)fsnglict r)(tx1)(15000)(85000)(900)(12001(0)(0)(0)(minor)(dkl)(dkl)(65000)(35000)(9525)(tx1)(65000)(35000)(0) (0)(0)(minor)(tx1)(9525)(flat)(sno)(ctr)(tx1)(35000)(65000)(0)(0)(0)(minor)ftx1)(9525)(flatl(sng)(ct r)(tx1)(65000)(35000)(0)(01(0)(minor)ftx1)(0)(0)(0)(minor)(tx1)(9525)(flat)fsnoifctr)(tx1)(15000)(85 000)(0)(0)(0)(minor)(tx1)(9525)(flatlisnglictr)(tx1)(5000)(95000)(0)(0)(0)(minor)(tx1)(9525)(flat)(s ng)(ctr)(tx1)(75000)(25000)(0)(0)(0)(minor)(tx1)(9525)(flat)(snO)(ctr)(tx1)(35000)(65000)(0)(0)(0)(m inor)(tx1)(65000)(35000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0)(minoriftx1)(al lowNoFillOverride allowNoLineOverride)(0)(0)(0)(minor)(tx1)(0)(0)(0)(minor)ftx1)(65000)(35000)(900)( 1200)(0)(0)(0)(minor)(tx1)(9525)(flat)(sno)(ctr)(tx1)(35000)(65000)(0)(0)(0)(minor)(tx1)(65000)(3500 0)(1400)(0)(1200)(0)(0)(0)(auto)(0)(0)(minor)(tx1)(19050)(rnd)(phClr)(sysDot)(0)(0)(0)(minor)(tx1)(6 5000)(35000)(900)(1200)(0)(0)(0)(minor)idkliflt1)(9525)(tx1)(15000)(85000)(0)(0)(0)(minor)(tx1)(6500 0)(35000)(900)(1200)(0)(0)(0)(minor)(tx1) (0)(en-US1(0)(014)(102)(2)(1)IC011(clostered)(0)(0)(0)1 FX loans'!$C$19(1)(0)FX loans USD mn(accentl) (50000)(0)(0)(1)(ellipsis)(horz)fsquare)(38100)(19050)(38100)(190501(ctr)(1)(1000)(1)(0)(none)(noStr ike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)(+mn-cs)fen-US)(0)(1)(0)(0)(0)(0)(0)(fCE6537A1-D6FC- 4f65-9D91-7224C49458BB))(1)(9525)(flat)fsnelictr)(tx1)(35000)(65000)'FX loans'!$B$20:$B$25(6)(0)Isba nk(1)Yapi Kredif2)Halkbank(3)Garanti(4)Akbank(5)Vakifbank'FX loans'!$C$20:$C$2540,10(6)(0)19736.6870 10309281(1)15247.577113402062(2)13835.030103092784(3)13780.62(4)12908.517113402067(5)11864.071752577 32(0)(0)(0)(0)(0)(0)(80)(-27)(2069713336)(2069713728)(2069713336)(minMax)(0)(b)(General)(1)(none)(no ne)fnextTo)(9525)(flat)(smifictr)(tx1)(15000)(85000)(-60000000)(1)(ellipsis)(horz)(square)(ctr)(1)(9 00)(0)(0)(none)inoStrike)(1200)(0)(tx1)(65000)(35000)(+mn-lt)(+mn-ea)(+mn-cs)(en-US)(2069713728)(aut oZero)(1)(ctr)(100)(01(20697137281(minMax)(0)(1)(9525)(flat)(sng)(ctr1(1,#40)(1)(none)(none)fnextTo) (-60000000)(1)(ellipsis)(horz)(square)(ctr)(1)(900)(0)(0)(none)(noStrike)(1200)(0)(tx1)(65000)(35000 )f+mn-lt)(+mn-ea)(+mn-cs)(en-US)12069713336)(autoZero)(betseen)(1)(gap)(0)(bg1)(9525)(flat)(ong)(Ctr )(tx1)(15000)(85000)(en-US)(0.75)(0.7)(0.7)(0.75)(0.3)(0.3) (0)(en-US)(0)(014)(102)(2)(11(col)(percentStacked)(0)(0)(0)1 FX loans'!$(3$4(1)(0)TRL Loans(tx2)(20000 )(80000)(0)(0)(1)(ellipsis)ihorz)(square)(38100)(19050)(38100)(19050)(Ctr)(1)(900)(1)(0)(none)lnoStr ike)(1200)(0)its')(75000)(25000)f+mn-lt)(+mn-ea)(+mn-cs)fen-US)40)(1)(0 )(0) 40)(0)(0 )( iCE6537S1-D6FC- 4f65-9D91-7224C49458BB))(1)(9525)(flat)fsnglictriftx1)(35000)(65000)1 FX loans'!$C$3:$11$3(6)(0)Akbank (1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yapi Kredi'FX loans'!$C$4:$H$4#,#10(6)(0)134151.96(1)14 7845.886(2)148284.09299999999(3)148967.89300000001(4)137593.37(5)122529.94899999999(1)(1)'FX loans'! $B$5(1)(0)FX Loans(accent1)(75000)(0)(0)(1)(ellipsis)(horz)(square)(38100)(19050)(38100)(19050)(ctr) (1)(900)(1)(0)(nOne)fuoStrike)(1200)(0)(bgl)f+mn-lt)(+mn-ea)(+mn-cs)fen-US)(0)(1)(0)(0)(0)(0)(0)(fCE 6537A1-D6FC-4f65-9D91-7224C49458BB))(1)(9525)(flat)fsnglictriftx1)(35000)(65000)1 FX loans'!$C$3:$1.1$3 (6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yapi Kredi'FX loane!$C$5:$H$5#,110(6)(0)62 606.308000000019(1)66836.006999999998(2)67099.895999999993(3)95722.932000000001(4157540.748(5173950. 748999999996(0)(0)(0)(0)(0)(0)(80)(100)(2069709024)(2069709416)(2069709024)(minMax)(0)(b)(General)(1 )(none)(none)(nextro)(9525)(flat)(SnO(ctr)(tx1)(15000)(85000)(-60000000)(1)(ellipsis)(hors)iscuare) (ctr)(11(900)(0)(0)(nonelinoStrike)(1200)(01(tx1)(65000)(35000)(+mn-lt)(+mn-ea)(+mn-cs)ien-US)(20697 09416)(aotoZero)(1)(ctr)(100)(0)(2069709416)(minMax)(0)(1)(9525)(flat)(sno)ictr)(0%)(1)(none)(none)f nextio)(-60000000)(1)(ellipsis)(horz)(square)(ctr)(1)(900)(0)(0)(none)(noStrike)(1200)(0)(tx1)(65000 )(35000)f+mn-lt)(+mn-ea)(+mn-cs)fen-US1(2069709024)(autoZerolfbetweenl(b)40)(0)(1)(ellipsis)ihors)(s quare)(ctr)(1)(900)(0)(0)(none)(noStrike)(1200)(0)(tx1)(65000)(35000)(+mn-lt)(+mn-ealf+mn-cs)(en-US) (1)(gap)(0)(bg1)(9525)(flat)(sng)(ctr)(tx1)(15000)(85000)(en-US)(0.75)(0.7)(0.7)(0.75)(0.3)(0.3) (297)(0)(0)(0)(minor)(tx1)(65000)(35000)(1000)(1200)(0)(0)(0)(minor)ftx1)(65000)435000)(9525)(flat)f sng)(ctr)(tx1)(15000)(85000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0)(minor)(tx1 )flogl)(9525)(flat)(sne)(ctr)(tx1)(15000)(85000)(1000)(1200)(0)(0)(0)(minor)ftx1)(75000)(25000)(900)f 1200)(0)(0)(0)(minor)(dkl)(65000)(35000)(1t1)(dkl)(25000)(75000)(900)(1200)(0)(1)(clip)fclip)(horz)f square)(36576)(18288)(36576)(18288)Ictr)(1)(0)(1)(auto)(0)(minor)(tx1)(0)(1)(auto)(0)(minorlitx1)(0) (aotO)(1)(0)(minor)(tx1)(28575)(rnO)(DhClr)(0)(auto)(1)(aoto)(0)(minor)(tx1)(9525)(Dhelr)(circle)45) (0)(auto)(1)(0)(minor)(tx1)(9525)(rnd)(phClr)(0)(0)(0)(minor)(tx1)(65000)(35000)(9525)(flat)isng)(ct r)(ts1)(15000)(85000)(900)(1200)(0)(0)(0)(minor)(txl)(dkl)(75000) (25000) (9525) (flat) (sag) (ctr) (txl){ 65000)(35000)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)ictriftx1)(35000).(65000)40)(0)(0)(minor)(tx1)(952 5)(flat)(snglictr)(tx1)(65000)(35000)(0)(0)(0)(minor)(tx1)(0)(0)(0)(minor)(tx1)(9525)(flat)(sne)(ctr )itx1)(15000)(85000)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)(Ctr)ftkli(5000)(95000)(0)(0)(0)(minor)(tx 1)(9525)(flat)(omg)(ctr)(tx1)(50000)(50000)(0)(0)(0)(minor)(tx1)(9525)(flat)(snc)(ctr)(tx1)(35000)(6 5000)(0)(0)(0)(minor)(tx1)(65000)(35000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0 )(minor)ftx1)(allowNoFillOverride allowNoLineOverride)(0)(0)(0)(minor)(tx1)(0)(0)(0)(minor)(tx1)(650 00)(35000)(900)(1200)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)(ctr)(tx1)(35000)(65000)(0)(0)(0)(minor)f tx1)(65000)(35000)(1400)(0)(1200)(0)(0)(0)(auto)(0)(0)(minor)(tx1)(19050)(rnd)(phClr)(sysDot)(0)(0)f 0)(minor)(tx1)(65000)(35000)(900)(1200)(0)(0)(0)(minor)(tx1)(1t1)(9525)(flat)(snO)(ctr)(tx1)(65000)4 35000)(0)(0)(0)(minor)(tx1)(65000)(35000)(900)(1200)(0)(0)(0)(minor)ftx1) (cycle)(10)(accentl)faccent2)(accent3)(accent4)(accent5)(accent6)(60000)(80000)(20000)(80000)(60000) (40000)(50000)(70000)(30000)(70000)(50000)(50000) EFTA01437499 (0)(en-US)(0)(014)(102)(2)(1)(ool)(peroentStacked)(0)(0)(0)1 FX loans'!$B$11(1)(0)7111. Loans(tx2)(2000 0)(80000)(0)(0)(1)(ellipais)(horz)(square)(38100)(190501(38100)(19050)(etr)(1)(1000)(1)40)(none)(noS trike)(1200)(0)(tkl)(750001(250001(+mn-lt)(+mn-ea)(+mn-Oa)(en-US)(0)41)(0)(0)(0)40)(0)(ICE6537A1-D6F C-4665-9D91-7224C49458BB))(1)(9525)(flat)(sno)(ctr)ftx1)(35000)(650001'FX loans'!$C$10:$H$10(6)(0)Ak bank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yapi Kredi'FX loane!$C$11:$H$1104(6)(0)0.681811043 3864969(110.66867422368033626(210.68846386255758307(3)0.60880048526543651(4)0.70512205354063195(5)0. 62362333932669567(1)(1)1 FX loane!$B$12(1)(0)FX Loans(accent1)(75000)(0)(0)(1)(ellipais)(horz)(squar e)(38100)(19050)(38100)(19050)(ctr)(1)(1000)41)(0)(none)inoStrike)(1200)(0)(bo1)(+mn-lt)(+mn-ea)(+mn -co)(en-US)(0)(1)(0)40)(0)(0)(01((CE6537A1-D6FC-4665-9091-7224C49458BB))(1)(9525)(flat)fsnglictriftx 1)(35000)(65000)'FX loans'!$C$10:$H$10(6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yao1 Kredi'FX loana'!$C$12:$H$120%(6)(0)0.3181889566135031(110.31132577631966385(2)0.31153613744241682(3) 0.39119951473456349(4)0.29487794645936905(5)0.37637666067330444(0)(0)(0)(0)40)(0)(80)(100)(206971216 0)(2069712552)(2069712160)(minMax)(0)(b)(General)(1)(none)(none)(nextro)(9525)(flat)(ang)(etr)(tx1)( 15000)(85000)(-60000000)(1)(ellipsisilhorrl(squarelictr)(1)(900)(0)(0)(none)(noStrike)(1200)(0)Itkl) (65000)(35000)(+mn-lt)(+mn-ea)(+mn-cs)(en-US)(2069712552)(autoZero)(1)(ctr)(100)(0)(2069712552)(minM ar)(0)(1)(9525)(flat)(ang)(ctr)(04)(1)(nonefinone)(nektio)(-60000000)(1)(ellipsis)(horz)($quare)(ctr )41)(900)(0)(0)(none)(noStrike)(1200)(0)(tkl)(65000)(35000)(+mn-lt)(+mn-ea)(+mn-cs)(en-US)(206971216 0)(autoZero)(between)(b)(0)03)(1)(ellipais)(horz)fsquare)(ctr)(1)(900)(0)(0)(none)(noStrike)(1200)(0 )(kr')(65000)(350001 f+mn-lt)(+mn-ea)1+mn-os)fen-US)(1)(gap)(0)(bgl)(9525) Mat) fang)(Ctr)(tx1)(15000 )(85000)(en-US)(0.75)(0.7)(0.7)(0.75)(0.3)(0.3) (297)(0)03)(0)(minor)(tkl)(65000)(35000)(1000)(1200)(0)(0)(0)(minor)ftkl)(650001435000)(9525)(flat)f ang)(ctr)(tkl)(15000)(85000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0)(minor)(tx1 )flogl)(9525)(flat)(ang)(ctr)(tkl)(15000)(85000)(1000)(1200)(0)(0)(0)(minor)(tx1)4750001425000)(900)f 1200)(0)(0)(0)(minor)(dkl)(65000)(35000)(1t1)(dkl)(25000)(75000)(900)(1200)(0)(1)(clip)(clip)(horz)f aquare)(36576)(18288)(36576)(18268)(etr)(1)(0)(1)(auto)(0)(minor)(tx1)(0)(1)(autol(0)(minorlitx1)(0) (auto)(1)(0)(minor)(tx1)(29575)(rnd)(pbc1r)(0)(awro)(1)(auto)(0)(minor)(bw1)(9525)(phClr)(circle)45) (0)(auto)(1)(0)(minoriltx11(9525)(rnd)(phClr)(0)(0)40)(minor)(tx1)(65000)(35000)(9525)(flat)isnglict r)(tx1)(15000)(85000)(900)(1200)(0)(0)(0)(minor)(tx1)(dk1)(75000)(25000)(9525)(flat)(ano)(ctr)(tx1)f 65000)(35000)(0)(0)(0)(minor)(tx1)(9525)(flat)lsnep(ctr)ftkl)(35000)(65000)(0)(0)(0)(minor)(tx1)(952 5)(flat)feng)(ctr)(tx1)(65000)(35000)(0)(0)(0)(minor)(tx1)(0)(0)(0)(minor)(tkl)(9525)(flat)(on9)(Ctr )(tx1)(15000)(85000)40)(0)(0)(minor)(tx1)(9525)(flat)(snO)(etr)fbxlif5000)(95000)(0)(0)(0)(minor)(tx 1)(9525)(flat)(sng)(ctr)(tx1)(50000)(50000)(0)(0)(0)(minor)(tx1)(9525)(flat)(ano)(ctr)(tx1)(35000)(6 5000)(0).(0)(0)(minor)(tkl)(65000)(35000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0 )(minor)fiklifallowNoFillOverride allowNoldneOverride)(0)(0)(0)(minor)ltkl)(0)(0)(0)(minor)(tx1)(650 00).(35000)(900)(1200)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)(ctr)(tkl)(35000)(65000)(0)(0)(0)(minor)f tx1)(65000)(35000)(1400)(0)41200)(0)(0)(0)(auto)(0)(0)(minor)(tx1)(19050)(rnd)(phClr)isy$D0k)(0)(0)4 0)(minor)(tkl)(650°0)(35000)(900)(1200)(0)(0)(0)(minor)(kx1)(1t1)(6525)(flat)(sn011ekr)ftkl)(650001( 35000)(0)(0)(0)iminor)(bk1)(65000)(35000)(900)(1200)(0)(0)(0)(minor)fix1) (cycle)(10)(accentl)faccent2)(accent3)(accent4)(aecent5)(accent6)(60000)(60000)(20000)(60000)(60000) (40000)(50000)(70000)(30000)(70000)(50000)(50000) (297)(0).(0)(0)(minor)(tx1)(65000)(35000)(1000)(1200)(0)(0)(0)(minor)itkl)(65000)(350001(9525)(flat)f ang)(ctr)(tkl)(15000)(85000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0)(minor)(twl )(bo1)(9525)(flat)(eng)(etr)(tx1)(15000)(85000)(1000)(1200)(0)(0)(0)(minorlitx1)(750001(25000)(900)( 1200)(0)(0)(0)(minor)(dkl)(65000)(35000)(1[1)(dkl)(25000)(75000)(900)(12001(0)(1)(clip)Iclip)(horz)f aquare)(36576)(18288)(36576)(182681(Ckr)(1)(0)(1)(aoto)(0)(minor)(tx1)(0)(1)(auto)(0)(minor)ftkl)(0) (aorO)(1)(0)(minor)(tx1)(28575)(rnd)(15bC1r)(0)(auto)(1)(auto)(0)(minor)(kr1)(9525)(pbC1r)(circle)45) (0)(auto)(1)(0)(minori(tx1)(9525)(rnd)(phClr)(0)(0)40)(minor)(tx1)(65000)(35000)(9525)(flat)isng)(ct r)(tkl)(15000)(85000)(900)(1200)(0)(0)(0)(minor)(kr1)(dk1)(75000)(25000)(9525)(flat)(sng)(rrrl(kk1)4 65000)(35000)(0)(0)(0)(minor)(tx1)(9525)Iflati(anglictrIftkl)(35000)(65000)(0)(0)(01(minor)(tx1)(952 5)(flat)iSng)ictr)(tx1)(65000)135000)(0)(0)(0)(minor)!tx1)(0)(0)(0)(minor)(tkl)(9525)(flat)(sng)(ctr )ikr11(15000)195000)(0)(0)(0)(minor)(tx1)(9525)(flat)(snO)(ctr)ftkl)(5000)(95000)(0)(0)(0)(minor)(tx 1)(9525)(flat)(sno)(ctr)(tx1)(50000)(50000)(0)(0)(0)(minor)(tx1)(9525)(flat)(ang)(ctr)(tkl)(35000)(6 5000)(0)(0)(0)(minor)(tkl)(65000)(35000)(900)(1200)(allowNoFillOverride allowNoLineOverride)(0)(0)(0 )iMinorlitklifallowNoFillOverride allowmoLioaowerride)(0)(0)(0)(minori(tkl)(0)(0)(0)(minor)(tx1)(650 00).(35000)(900).(1200)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)(ctr)(tkl)(35000)(65000)(0)(0)(0)(minor)f tr1)(65000)(35000)(1400)(0)41200)(0)(0)(0)(aok0)(0)(0)(minor)(tx1)(19050)(rndl(phclr)(sysnot)(0)(0)4 0)(minor)(tx1)(65000)(35000)(900)(1200)40)(0)(0)(minor)(tx1)(1t1)(9525)(flat)(sng)(ctr)ftkl)(65000)! 35000)(0)(0)(0)(minor)(bk1)(65000)(35000)(900)(1200)(0)(0)(0)(minor)ftx1) (0)(en-US)(0)(014)(102)(2)(1)IO011(staoked)(0)(0)(0)1(71Loan breakdown'!$1O28(1)40)Corporate & Comme rcial(accent1)(50000)(0)(0.004)(0)(0)(1)(ellipais)(horz)isquare)(38100)(19050)(38100)(19050)(ctr)(1) (1100)(1)(0)(nOne)(noStrike)(1200)(0)(bo1)(+mn-lt)(+mn-ea)(+mn-os)(en-US)(0)(1)(0)(0)(0)(0)(01((CE65 37A1-D6FC-4665-9091-7224C4945SSE))(1)(9525)(flatlfsng)(ctr)(tx1)(35000)(65000)1(71Loan breakdown'!$L $27:$N$27(3)(0)2015(1)2016(2)9M171 (7)Loan breakdown'!$L$29:$N$28General(3)(0)0.50382694313371046(1)0 .53959454271149321(2)0.53462184044278149(1)(1)'[7]Loan breakdown'!$K$29(1)(0)SME loans(accentl)(6000 0)(40000)(0)(0.004)(0)(0)41)(elliosis)(hOrr)iaquare)(38100)(19050)(38100)(19050)(ctr)(1)(1100)(1)(0) EFTA01437500 (none)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)(+mn-cs)ien-US)(0)(1)(0)(0)(0)(0)(0)(fCE 6537A1-D6FC-4665-9D91-7224C49458BB))(1)(9525)(flat)fsng)(ctr)ftx1)(35000)(65000)'(7)Loan breakdown'! $L$27:$N$27(3)(0)2015(1)2016(2)9M171 (7)Loan breakdown'!$L$29:$N$29General(3)(0)0.22836395511186433(1 )0.21120589729780082(2)0.22144550448252742(2)(2)'[7]Loan breakdown'!$K$30(1)(0)Mortgage loans(tx2)(6 0000)(40000)(0)(0.00%)(0)(0)(1)(ellipsis)(horz)(square)(38100)(19050)(38100)(19050)(ctr)(1)(1100)(1) (0)(none)(nostrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)f+mn-cs)(en-US)(0)(1)(0)(0)(0)(0)(0)( (CE6537A1-D6FC-4665-9D91-7224C49458BB))(1)(9525)(flat)(sng)(ctr)(tx1)(35000)(65000)1 (71Loan breakdow n'!$L$27:$N$27(3)(0)2015(1)2016(2)9M171 [7]Loan breakdown'!$L$30:$N$30General(3)(0)9.540289611819612E -2(119.0617971573371189E-2(2)8.8634559566164076E-2(3)(3)'(7)Loan breakdown'!$K$31(1)(0)Personal need loanslaccentlf(20000)(80000)(0)(0.00%)(0)(0)(1)(ellipsis)(horz)(square)(38100)(19050)(38100)(19050) (ctr)(1)(1100)(1)(0)(none)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)f+mn-cs)(en-US)(0)(1 )(0)(0)(0)(0)(0)((CE6537A1-D6FC-4665-9D91-7224C49458B8))(1)(9525)(flat)(sng)(ctr)(tx1)(35000)(65000) '(7)Loan breakdown'!$L$27:$N$27(3)(0)2015(1)2016(2)9M171 [7]Loan breakdown'!$L$31:$N$31General(3)(0)0 .10071120980293519(1)9.3187578751762451E-2(2)9.2487621956279312E-2(4)(4)'[7]Loan breakdown'!$K$32(1) (0)Auto loans(accent5)(0)1 (7)Loan breakdown'!$L$27:$N$27(3)(0)2015(1)2016(2)9M171 (7)Loan breakdown'! $L$32:$N$32General(3)(0)4.3489510186939884E-3(1)3.9460741932042876E-3(2)3.404783930175861E-3{5)15)'[ 7)Loan breakdown'!$K$33(1)(0)Credit cards(accent6)(0)(0.00%)(0)(0)(1)(ellipsis)(horz)(square)(38100) (19050)(38100)(19050)(ctr)(1)(1100)(1)(0)(none)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea 1 f+mn- Cs)(en-BS)(0)(1)(0)(0)(0)(01(0) (CE6537M-D6FC-4665-9D91-7224C49458BB))(1)(9525)(flat)fsng)(et r)(tx1)(35000)(65000)1 (7)Loan breakdown'!$L$27:$N$27(3)(0)2015(1)2016(2)9M171 (7)Loan breakdown'!$L$3 3:$N$33General(3)(0)(5.1887333541080523E-2(1)5.6163636001645173E-2(2)5.3736744537656991E-2(6)(6)'(7)L oan breakdown'!$K$34(1)(0)0ther consumer loans(tx1)(0)(0)(0)(-1.920768065239568E-2)(0)(1)(0)(0)(0)(0 ){(CE6537A1-D6FC-4665-9D91-7224C49458BB))(1)(0)(-1.9207680652395694E-2)(0)(1)(0)(0)(0)(0)((CE6537A1- D6FC-4665-9D91-7224C49458BB))(2)(0)(-2.2408960761128291E-2)(0)(1)(0)(0)(0)(0)((CE6537A1-D6FC-4665-9D 91-7224C49458BB))(0.00%)(0)(0)(1)(ellipsis)(horz)(square)(38100)(19050)(38100)(19050)(Ctr)(1)(1100)( 1)(0)(none)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)(+mn-csifen-US)(0)(1)(0)(0)(0)(0)(0 )f(CE6537A1-D6FC-4665-9D91-7224C49458BB))(1)(9525)(flat)fsnglictr)(tx1)(35000)(65000)'(7)Loan breakd own'!$L$27:$N$27(3)(0)2015(1)2016(2)9M171 (7)Loan breakdown'!$L$34:$N$34General(3)(0)5.45871127351938 66E-3(1)5.2842994707229599E-3(2)5.6689450844148856E-3(0)(0)(0)(0)(0)(0)(801(100)(2069706280)(2069707 064)(2069706280)(minMax)(0)(b)(General)(1)(none)(none)(nextio)(9525)(flat)(sng)(ctr)(tx1)(15000)(850 00)(-60000000)(1)(ellipsis)fhorz)(square)(ctr)(1)(900)(0)(0)(none)(noStrike)(1200)(0)(tx1)(65000)(35 000)(+mn-lt)(+mn-ea)f+mn-cs)(en-US)(2069707064)(autoZero)(1)(ctr)(100)(0)(2069707064)(minMax)(0)(1)( 9525)(flat)(sng)(ctr)(tx1)(15000)(85000)(0%)(0)(none)(none)(nextTo)(-60000000)(1)(ellipsis)(horz)(sq uare)(etr)(1)(900)(0)(0)(none)(noStrike)(1200)(0Htx1)(65000) O5000)0-mn-lt)(+mn-ea)(+mn-cs)(en-US) 2069706280)(autoZero)(between)(b)(0)(0)(1)(ellipsis)(horx)lsquare)(ctr)(1)(900)(0)(0)(none)(noStrike )(1200)(0)(tx1)(65000)(35000)(+mn-lt)(+mn-ea)(+mn-cs)(en-US)(1)(gap)(0)(b91)(9525)(flat)(sng)(ctr)(t xl)(15000)(85000)(en-US)(0.75)(0.7)(0.7)(0.75)(0.3)(0.3) (297)(0)(0)(0)(minor)(tx1)(65000)(35000)(1000)(1200)(0)(0)(0)(minor)ftx1)(65000)(35000)(9525)(flat)f sng)(ctr)(tx1)(15000)(85000)(900)(1200)(allowNoFillOverride allowNoLine0verride)(0)(0)(0)(minor)(tx1 )(bg1)(9525)(flat)(sng)(ctr)(tx1)(15000)(85000)(1000)(1200)(0)(0)(0)(minor)ftx1)(75000)(25000)(900)( 1200)(0)(0)(0)(minor)(dkl)(65000)(35000)(1t1)(dkl)(25000)(75000)(900)(1200)(0)(1)(clip)fclip)(horx)f square)(36576)(18288)(36576)(182881(Ctr)(1)(0)(1)(auto)(0)(minor)(tx1)(0)(1)(auto)l0)(minorlitx1)(0) (acto)(1)(0)(minor)(tx1)(28575)(rnd)(PhClr)(0)lauto)(1)(auto)(0)(minor)(tx1)(9525)(phclr)(circle)(5) (0)(auto)(1)(0)(minor)(tx1)(9525)(rnd)(phC1r)(0)(0)(0)(minor)(tx1)(65000)(35000)(9525)(flat)fsnglict r)(tx1)(15000)(85000)(900)(1200)(0)(0)(0)(minor)(tx1)(dk1)(75000)(25000)(9525)(flatl(sng)(ctr)(tx1)( 65000)(35000)(0)(0)(0)(minor)(tx1)(9525)(flat)lsnglictr)(tx1)(35000)(65000)(0)(0)(0)(minor)(tx1)(952 5)(flat)(sng)(ctr)(tx1)(65000)(35000)(0)(0)(0)(minor)(tx1)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)(ctr )(tx1)(15000)(85000)(0)(0)(0)(minor)(tx1)(9525)(flat)(sn9)letriitx1)(5000)(95000)(0)(0)(0)(minor)(tx 1)(9525)(flat)(sng)(ctr)(tx1)(50000)(50000)(0)(0)(0)(minor)(tx1)(9525)(flat)(sng)(ctr)(tx1)(35000)(6 5000)(0)(0)(0)(minor)(tx1)(65000)(35000)(900)(1200)(allowNoFillOverride allowNoLine0verride)(0)(0)(0 liminor)(tx1)(allowNoFillOverride allowNoLineOverride)(0)(0)(0)(minor)(tx1)(0)(0)(0)(minor)(tx1)(650 00)(35000)(900)11200)(0)(0)(0)(minor)(tx1)(9525)(flat)(sn(Wetr)(tx1)(35000)(65000)(0)(0)(0)(minor)f tx1)(65000)(35000)(1400)(0)(1200)(0)(0)(0)(auto)(0)(0)(minor)(tx1)(19050)(rnd)(phClr)(sysDot)(0)(0)( 0)(minor)(tx1)(65000)(35000)(900)(1200)(0)(0)(0)(minor)(tx1)(lt1)(8525)(flat)(sng)(ctr)itx1)(6500014 35000)(0)(0)(0)(minor)(tx1)(65000)(35000)(900)(1200)(0)(0)(0)(minor)ftx1) (cycle)(10)(accent1)(accent2)(accent3)(accent4)(accent5liaccent6)(60000)(80000)(20000)(80000)(60000) (40000)(50000)(70000)(30000)(70000)(50000)(50000) (cycle)(10)(accentl)faccent2)(accent3)(accent4)(accent5)(accent6)(60000)(80000)(20000)(80000)(60000) (40000)(50000)(70000)(30000)(70000)(50000)(50000) (0)(en-US)(0)ic141(1021(2)(1)(col)(stacked)(0)(0)(0)1 (7)Loan breakdown'!$B$45(1)(0)Corporate & Comme rcial(accent1)(50000)(0)(0.00%)(0)(0)(1)(ellipsis)(horz)Isquare)(38100)(19050)(38100)(19050)(ctr)(1) (1050)(1)(0)(none)(noStrike)(1200)(0)(bg1)(+mn-lt)(+mn-ea)(+mn-cs)(en-US)(0)(1)(0)(0)(0)(0)(0)((CE65 37A1-D6FC-4665-9D91-7224C494588B))(1)(9525)(flatifsng)(ctr)(tx1)(35000)(65000)1 (7)Loan breakdown'!$C $44:$1i$44(6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yapi Kred11 (7)Loan breakdown'!$C$4 5:$1045General(6)(0)0.63009311368054843(1)0.48359918240892424(2)0.42268873741422258(3)0.520855514600 16211(4)0.44707303270254295(5)0.673075750050105(1)(1)'[7]Loan breakdown'!$B$46(1)(0)SME loans(accent 1)(40000)(60000)(0)(0.00%)(0)(0)(1)(ellipsis)(horx)isquare)(38100)(19050)(38100)(19050)(ctr)(1)(1050 EFTA01437501 )(1)(0)(nonel(noStrike)(1200)(0)(tx1)(75000)(25000)f+mn-1W+mn-ea)(+mn-cs)fen-USI(0)(1)(0)(0)(0)(0) (0)f(CE6537A1-D6FC-4f65-9D91-7224C494588B))(1)(9525)(flati(sng)ictriftx1)(350001(650001'[7]Loan brea kdown'!$C$44:$H$44(6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(41Vakifbank(5)Yapi Kredi'[7]Loan breakd own'!$C$46:$H$46General(6)(0)0.1542515092602067(1)0.2(2)0.36925919755392816(3)0.23799999999999999(4) 0.28748343127933107(5)0.1056740490941887(2)(2)'[7]Loan breakdown'!$B$47(1)(0)Mortgage loans(tx2)(600 00)4400001(0)40.00W0)(0)(1)(ellipsis)fhorz)(square)(38100)(19050)(38100)(19050)(ctr)(1)(1050)(1)(0 )fnone)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-eal(+mn-cs)(en-US)(0)(11(0)(0)(0)(0)(0)((C E6537A1-D6FC-4f65-9D91-7224C49458BB))(1)(9525)lflatirsng)(ctr)(tx1)(35000)(65000)1 (7)Loan breakdown' !$C$44:$H$44(6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yapi Kredis [71Loan breakdown'!$ C$47:$H$47General(6)(0)6.6376455540775608E-2(1)0.11368745453015731(2)0.10497879334643336(3)8.7287271 566542231E-2(4)0.1039053565023228(5)5.9773089692311716E-2(3)(3)'[7]Loan breakdown'!$B$46(1)(01Person al need loansiaccent6)(20000)(80000)(0)(0.00%)(0)(0)(1)(ellipsis)(horz)[square)(38100)(19050)(38100) (19050)(ctr)(1)41050)(l)(0)(none)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)f+mn-cs)(en-U s)(0)(1)40)(0)(0)(0)40)((CE6537A1-D6FC-4f65-9D91-7224C49458BB)1(1)(9525)(flat)(sngirctri(tx1)(35000) (65000)'[71Loan breakdown'!$C$44:$H$44(6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifbank(5)Yapi Kredi'[7]Loan breakdown'!$C$48:$H$48General(6)(0)6.2898107029571275E-2(1)0.1028970439034529642)8.159 7527559894537E-2(3)9.6598088167376847E-2[4)0.11543227854000565(5)7.9196402896504656E-2(4)(4)'[7]Loan breakdown'!$B$49(1)(0)Auto loans(accent2)(40000)(600001(0)(0)(5.8319654619065887E-2)f-2.23713646532 43847E-3)(0)(1)40)(0)(0)(0)(rCE6537A1-D6FC-4f65-9D91-7224C49458BB))(1)(6.1235637350019163E-2)(0)(0)f 1)(0)(0)03)(0)(fCE6537A1-D6FC-4f65-9D91-7224C49458BB))(2)(5.8319654619065887E-2).(-2.2371364653243847 E-3)(0)(1)(0).(0)(0)(0)((CE6537A1-D6FC-4f65-9D91-7224C49458BB))(3)(6.1235637350019183E-2)(0)(0)(1)40) (0)40)(0)((CE6537A1-D6FC-4f65-9D91-7224C49458BB))44)(5.9777645964542431E-2)40)(0)(l)(0)40)(0)(0)((CE 6537A1-D6FC-4f65-9D91-7224C49458BB))(5)45.8319654619065867E-2)(-2.2371364653244259E-3)(0)(1)40)(0)(0 )(0)[(CE6537A1-D6FC-4f65-9D91-7224C49458BB)1(0.00%)(0)(0)(1)(ellipsis)lhorz)(square)(38100)(19050)(3 8100)(19050)(ctr)Ilif1000)(0)(0)(none)(noStrike)(1200)(0)(tx1)(75000)(25000)(+mn-lt)(+mn-ea)f+mn-cs) ten-US)(0)(1)40)(0)(0)(0)40)(CCE6537A1-D6FC-4f65-9D91-7224C49458BB)1(1)(9525)(flat)(sng)(cer)(tx1)(3 5000)(65000)'[7]Loan breakdown'!$C$44:$H$44(61(0)Akbank(l)Garanti(21Halkbank(3)Isbank(4)Vakifbank(5) Yapi Kredi'[7]Loan breakdown'!$C$49:$H$49General(6)(0)1.4274020259899725E-341)1.0824262256986889E-24 2)1.313264928539075E-3(312.6799464136320464E-3(412.3380615507644451E-3(511.6600005228346104E-3(5)(5) '[7]Loan breakdown'!$B$50(1)(0)Credit cards(accent6)I75000)(0)(0.00%)(0)(0)(1)(ellipsis)(horz)(squar e)(38100)(19050)(38100)(19050)(ctr)(1)(1050)41)(0)(none)(noStrike)(1200)(0)(bgl)f+mn-lt)(+mn-ea)(+mn -cs)(en-US)(0)(1)(0)40)(0)(0)(0)((CE6537A1-D6FC-4f65-9D91-7224C49458BB))(1)(9525)(flat)(sng)ictri(tx 1)(35000)(65000)'(7]Loan breakdown'!$C$44:$H$44(6)(0)Akbank(1)Garanti(2)Halkbank(3)Isbank(4)Vakifban k(5)Yapi Kredis [71Loan breakdown'!$C$50:$H$50General(6)(0)5.7602578532692114E-2(1)8.7069985202195416 E-2(211.5378074610265404E-2(3)5.1355449245810786E-2(412.9753376754979927E-24517.4116191322684932E-2( 6)(6)'[7]Loan breakdown'!$B$51(1)(0)0ther consumer loans4txl)40)(0)(0)(-2.4464826437962641E-2110!(1) (0)(0)(0)(0)(fCE6537A1-D6FC-4f65-9D91-7224C49458BBI)(1)(0)(-1.7474877455701675E-2)(0)41)(0)(0)(0)10) (4CE6537A1-D6FC-4f65-9D91-7224C49458BB1)(2)(1.7813403337670734E-3)(-2.0969852946642265E-2110](1)(0)( 0)(0)(0)((CE6537A1-D6FC-4f65-9D91-7224C49458BB))(31(-1.3063011542601153E-16)(-2.0969852946842248E-2) (0)(1)(0)(0)(0)(0)[(CE6537A1-D6FC-4f65-9D91-7224C49458BB)1(()(-1.3063011542601153E-16)(-2.0969852946 842279E-2)(0)41)(0)(0)(0)40)((CE6537A1-D6FC-4f65-9D91-7224C49458BB))(5)(0)(-1.7474877455701875E-2)(0 )41)(0)(0)(0)(0)((CE6537A1-D6FC-4f65-9D91-7224C49458BB))(0.004)(0)(0)(1)(ellipsis)(horz)isquare)(381 00)4190501(38100)(19050)(ctr)Ilif1000)(0)(0)(none)(noStrike)(1200)(0)(tx1)(75000)(25000)I+mn-lt)(+mn -ea)(+mn-cs)(en-US)(0)(1)(0)(0)(0)(0)(0)((CE6537A1-D6FC-4f65-9D91-7224C49458BB)1(1)(9525)(flat)(sng) (ctr)(tx11(35000)(65000)'[7]Loan breakdown'!$C$44:$H$44(61(0)Akbank(l)Garanti(2)Halkbank(3)Isbanki4) Vakifbank(S)Yapi Kredi'[7]Loan breakdown'!$C$51:$H$51General(6)(0)5.3508339302159556E-341)1.92205169 82831647E-3(2)4.7844043867168659E-3(3)3.0237279864760063E-3(4)1.4014462670053117E-2(5)6.304516421370 0019E-3(0)(0)(0)(0)(0)(0)480)(100)(2069707848)(2069708240)(20697078481(minMax)(0)(b)(General)(1)(non e)(nonel(nextio)(95251(flat)(sng)(ctr)(tx1)(15000)(85000)(-600000001(1)(ellipsis)(horz)fsquareirctr) (1)41000)(0)(01inone)(noStrike)(1200)(0)(tx1)(65000)(35000)(+mn-lt)(+mn-ea)f+mn-cs)(en-US)(206970824 0)(autoZero)Mictri(100)(0)(2069708240)(minMax)(0)(1)(9525)(flat)(sng)(CCr)(Cx1)(15000)(85000)(0%14 0)(none inone)(nextro)l-60000000)(1)(ellipsis)(horz)(square)(ctr)(1)(900)(0)(0)(nonelinoStrike)(1200 )40)(tx1)(65000)(35000)(+mn-lt)(+mn-ea)f+mn-cs)(en-US)(2069707848)(autoZero)(between)fb)(0)(0)(1)(el lipsis)(horz)(square)(ctr)(1)(900)(0)(0)(none)(noStrike)(1200)(0)(tx1)(65000)(35000)(+mn-lt)f+mn-ea) l+mn-csiien-Usif1)(gap)(0)(b91)(9525)(flat)(cng)(ctr)ltx11(15000)(85000)(en-US)(0.75)40.7)(0.7)(0.75 140.3)(0-3) EFTA01437502