The Communiqué (published in the Official Gazette dated November 16, 2005 and numbered 25995) has been amended by the: (i) Communiqué I (published in the Official Gazette dated October 6, 2011 and numbered 28076); (ii) Communiqué II (published in the Official Gazette dated October 7, 2011 and numbered 28077); (iii) Communiqué III (published in the Official Gazette dated October 28, 2011 and numbered 28098) (iv) Communiqué IV (published in the Official Gazette dated November 2, 2011 and numbered 28103); and (v) Communiqué V (published in the Official Gazette dated November 4, 2011 and numbered 28105) (collectively the “Communiqués”)

whereby the legal reserve ratio regarding: (i) FX demand deposits, future deposits and FX private current accounts, deposits/participation accounts up to one month, up to three months, up to six months and up to one year maturities has been decreased to 11%; and (ii) FX deposits/participation accounts with a one year or longer maturity and cumulative FX deposits/participation accounts has been decreased to 9%.

The legal reserve ratio for other foreign currency liabilities of banks regarding (i) future transactions up to a one year maturity has been set at 11%, (ii) future transactions up to three years maturity has been set at 9% and (iii) future transactions with a maturity of more than three years has been set at 6%.

Additionally, the legal reserve ratio for accounts in Turkish lira has been set at (i) 11% for demand and future deposits and private current accounts and future/participation accounts with maturities of up to one month and three months and (ii) 8% for future/participation accounts with a maturity up to six months.

Furthermore, 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 US dollars and/or in Euro for their liabilities in foreign currency. However, pursuant to Article 6 of the Communiqué, banks may set aside 40% of their Turkish lira liabilities in foreign currency and 10% of their Turkish lira liabilities in gold.