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.