TURKEY

Publication Date: May 15, 2013 “Global Knowledge supported by Local Experience” Copyright © 2011 by JCR Eurasia Rating. Nispetiye Cad.Firuze Sok. Ceylan Apt. No:1-D:8 Akatlar/İSTANBUL Telephone: +90.212.352.56.73 Fax: +90 (212) 352.56.75

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security and issuer, not a recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets

Board of Turkey) regulations and internationally accepted rating principles and guidelines but is not covered by the NRSRO regulations. http://www.jcrer.com.tr

Corporate Credit Rating

Factoring

Long Term Short Term

Inte

rnatio

nal Foreign Currency BB B

Local Currency BB B

Outlook FC Stable Stable

LC Positive Stable

Natio

nal

Local Rating BBB- (Trk) A-3 (Trk)

Outlook Positive Positive

Sponsor Support 2 -

Stand-Alone B -

So

vere

ign

*

Foreign Currency BB B

Local Currency BB B

Outlook FC Stable Stable

LC Positive Stable

*Assigned by Japan Credit Rating Agency, JCR on June 28, 2012

Analyst: Gökhan IYIGUN/+90 212 352 56 74 gokhani@jcrer.com.tr

AKDENİZ FAKTORİNG HİZMETLERİ A.Ş.

F i n a n c i a l D a t a 2012* 2011* 2010* 2009* 2008*

Total Assets (000 USD) 79,830 63,923 64,977 42,207 28,318

Total Assets (000 TRY) 141,905 120,745 99,908 62,774 43,095

Equity (000 TRY) 12,005 11,774 10,472 9,837 8,511

Net Profit (000 TRY) 231 1,247 689 1,326 1,221

Market Share (%) 0.78 0.77 0.69 0.60 0.55

ROAA (%) 0.73 1.28 0.91 2.88 3.06

ROAE (%) 8.07 12.65 7.29 16.63 17.47

Equity/Assets (%) 8.46 9.75 10.48 15.67 19.75

NPL (%) 4.43 2.19 2.45 4.14 8.92

Growth Rate (%) 17.52 20.86 59.16 45.66 -8.56

*End of year

Company Overview Akdeniz Faktoring Hizmetleri A.Ş. (hereinafter referred to as Akdeniz Faktoring or the Company), founded in 1993, operates in the Turkish Factoring Sector and offers cash-financing to sellers in return for their receivables, based on invoices or other certifying documents representing the domestic sales of goods and services, by undertaking their collection. The activities of the Company are regulated and supervised by the Banking Regulation and Supervision Agency (BRSA). The Company’s utmost qualified shareholder, Mr. İsfendiyar ZÜLFİKARİ, is also the chairman of the Company. Akdeniz Faktoring, a ZÜLFİKARLAR Group company, carried out its fully domestic and revocable factoring transactions

through its headquarters in İstanbul and representative office in Ankara. The Company employed a staff of 20 and had no subsidiaries or affiliates as of FYE2012.

ZÜLFİKARLAR Group incorporates four companies excluding Akdeniz Faktoring operating in the fields of petroleum and petroleum products, power generation

and wholesale, transportation and production and trading of chemicals.

Strengths

Above sector average growth rates for the last four years and continuous improvement in market share

Ongoing improvement in operating expenses falling below sector averages,

Full coverage collateral level and above sector average provisions contributing to asset quality

Low level of FX position and absence of off balance sheet commitments and contingencies contributing to risk level

Robust sponsor support

Low level of sector penetration along with recent sector legislation promising further room for future growth

Constraints

Below sector average interest margin and above sector average financial expenses suppressing profitability

Equity level meeting legal requirements but remarkably below sector averages along with a general assembly decision regarding capital increase in the very near feature

Scarce network externalities compared to bank-related companies

Improvement needed in customer base regarding diversity and income generation

Fierce competition throughout the sector

Country-wide issue of remarkable increases in the number and volume of dishonored checks in the completed fiscal year

Short-term funding inherit in the sector

0.780.770.690.600.55

0.00

1.00

Market Share (%)

1821

5946

-9

-30

70

Growth Rate (%)

0.731.280.91

2.883.06

0.00

5.00

ROAA (%)

813

7

1717

0

20

ROAE (%)

810101620

0

30

12111098

Equity/Assets (%)

4.42.22.5

4.1

8.9

0.00

10.00

12111098

NPL (%)