Regarding the decision not to exercise the call option for the Tier 2 Notes due 2028

Türkiye İş Bankası A.Ş. (İşbank) informs its investors that it has decided not to exercise the call option on its US$500,000,000 Fixed Rate Resettable Tier 2 Notes due 2028 (the “Notes") (ISIN: XS1623796072/US90016BAF58) on its call date, which is 29 June 2023. The Notes will reset to a new fixed coupon at 5-Year USD Mid-Swap Rate plus 5.117% (reset margin) from 29 June 2023 until the final maturity date.

The decision not to call the Notes has been taken following a careful evaluation of various factors, including the market conditions, refinancing costs and continuing recognition of the Notes as Tier 2 capital.

The decision does not reflect a pre-determined outcome for future call options, as İşbank will assess and decide whether to exercise its call rights in other notes on a case-by-case basis going forward.

​As of 31 March 2023, İşbank reported a CET and Total Capital ratio of 17.4% and 20.8%, respectively, on an unconsolidated basis.