EFTA01437401.pdf

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=0.013880050016418