Turkey: Fitch upgrades the outlook of Aadolu Efes long-term foreign currency rating

Efes Beverage Group announced on December 13 that Fitch Ratings has changed the outlooks on the Republic of Turkey's Long-term foreign currencyand local currency ratings to ‘Positive’ from 'Stable'. As a result it has changed the Outlook of itsratings on a number of Turkish industrial and commercial companies including Anadolu Efes.

Therefore our Long-term local currency rating was affirmed at 'BB+' with its Outlook remaining
‘Stable’ while our Long-term foreign currency rating was affirmed at 'BB-' and the Outlook was
revised to ‘Positive’ from ‘Stable’.

Our Long-term local currency rating is two notches above the sovereign rating and is one of the highest among the public ratings by Turkish corporations, whereas our Long-term foreign currency rating is capped by the sovereign rating of Turkey.

Separately, our assigned national rating is ‘AA (tur)’ which is also one of the highest among the
public ratings by Turkish corporations.