The Communiqué on Legal Reserves (published in the Official Gazette dated November 16, 2005 and numbered 25995) (the “Communiqué”) has been amended by the Communiqué enacted by the Central Bank of the Republic of Turkey (published in the Official Gazette dated September 12, 2011 and numbered 28052) (“Amendment to the Communiqué”) which abolished the gold reserve accounts among the deductible items enumerated under Article 4. Additionally, the legal reserve ratio regarding (i) FX demand deposits, notice deposits and FX private current accounts, deposits/participation accounts up to one month, three months, six months and one year maturities has been decreased to 11% from 11.5% and (ii) FX deposits/participation accounts with one year and longer maturity and cumulative FX deposits/participation account has been decreased to 9% from 9.5%. Banks are required to set aside their mandatory reserves in their accounts kept by the Central Bank of the Republic of Turkey in Turkish lira for their Turkish lira liabilities and in USD and/or in Euro for their liabilities in foreign currency. However, pursuant to Article 6 of the Communiqué, banks may set aside 10% of their Turkish lira liabilities in a foreign currency. Such ratio has been increased to 20% by the Amendment to the Communiqué.

The abovementioned amendments will be effective as of the calculation period dated 30 September 2011 and the legal reserves calculated using the new ratios will be maintained starting from 14 October 2011.