YÜNSA YÜNLÜ SANAYİ VE TİCARET A.Ş.

Regulatory Filings • Mar 29, 2024

RATING ANNOUNCEMENT FORM

Rating Agency Rated Institution Address Telephone and Fax No Date	: JCR AVRASYA DERECELENDİRME A.Ş. : : :Yünsa Yünlü Sanayi ve Ticaret A.Ş. : Maslak Mahalle :: si Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, İstanbul- Türkiye : 0212 352 56 73 : – 0212 352 56 75 : :29.03.2024
Subject	: :Article 26 of the CMB Serial VIII, No. 51 Communiqué on Principles

To the CMB- Department of Accounting Standards Central Securities Depository of Turkey- Public Disclosure Platform

"Yünsa Yünlü Sanayi ve Ticaret A.Ş." has been evaluated by JCR Eurasia.

• Consistent increase in EBITDA generation performance and profitability margins,
• Foreign currency denominated revenue providing a natural hedging mechanism for FX risk to a certain extent,
• Maintaining cash surplus position in 3Q2023 indicating favorable level of leverage,
• Satisfactory level of collection performance through credit risk management practices,
• Cost and time efficiency provided by integrated production facility,
• International client base and diversified product portfolio together with strong sales and marketing channels,
• Import dependency on raw materials and possible risks related to supply chain and logistics,
• Leading economic indicators signal global economic slowdown as quantitative tightening actions aim to restrict consumption growth and achieve a soft-landing in the domestic side.

Essentially, the Long-Term National Issuer Credit Rating of "Yünsa Yünlü Sanayi ve Ticaret A.Ş." has been affirmed at "AA+ (tr)" and rating notes are determined as follows considering the above issues.

Long-Term National Issuer Credit Rating	:	AA+ (tr) / (Stable Outlook)
Short-Term National Issuer Credit Rating	:	J1+ (tr) / (Stable Outlook)
Long-Term International Foreign Currency Issuer Credit Rating	:	BB / (Negative Outlook)
Long-Term International Local Currency Issuer Credit Rating	:	BB / (Negative Outlook)

NOTE: JCR Eurasia Rating ratings are objective and independent opinions as to the creditworthiness of a security and issuer and not to be considered a recommendation to buy, hold or sell any security or to issue a loan. Rating reports are valid for 1 year from the date of publication unless otherwise stated. The validity date of interim reviews cannot exceed the validity date of the original report.

Regards, JCR AVRASYA DERECELENDİRME A.Ş.

Zeki Metin ÇOKTAN Executive Vice President

Prof. Dr. Feyzullah YETGİN General Manager