GALATA WIND ENERJİ A.Ş.

Regulatory Filings • Mar 28, 2024

RATING ANNOUNCEMENT FORM

Rating Agency	: JCR AVRASYA DERECELENDİRME A.Ş.
Rated Institution	: Galata Wind Enerji A.Ş.
Address	: Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, İstanbul-Türkiye
Telephone and Fax No	: 0212 352 56 73 – 0212 352 56 75
Date	: 28 / 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

"Galata Wind Enerji A.Ş." has been evaluated by JCR Eurasia.

• Consistency in the profitability margins over the periods despite partial shrinkage,

• Robust leverage metrics promoting financials in the reviewed period,

• Strong level of equity base despite dividend payment,

• Ongoing investments are expected to support EBITDA generation,

• Capability to meet a great portion of its financing needs with international sources,

• Favorable location with wind and solar energy potential supporting efficiency,

• High support level of sectoral authority encouraging the use of renewable energy sources together with advantages of WPPs and SPPs especially low carbon foot printing,

• High level of compliance with corporate governance practices,

• Reputable brand name with a proven track record in various business segments, financial and operational strength of Doğan Group and the synergy created,

• Exposure to FX position mainly stemming from long-term weighted project loans despite hedging with derivative instruments to a certain extent,

• Dependency of renewable energy sources on weather conditions,

• Potential changes in regulatory environment creating uncertainty in business strategies.

Essentially, within the scope of the above issues, "Galata Wind Enerji A.Ş." has been affirmed at 'AA (tr)' in its Long-Term National Issuer Credit Rating and its other ratings are as follows.

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 effective date of interim reviews cannot exceed the effective date of the original report.

Regards, JCR AVRASYA DERECELENDİRME A.Ş.

Zeki Metin ÇOKTAN Executive Vice President

Prof. Dr. Feyzullah YETGİN General Manager

Copyright © 2007 by JCR Eurasia Rating Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, Istanbul- Türkiye Telephone: +90 212 352 56 73 Fax: +90 (212) 352 56 75 Reproduction is prohibited except by permission. All rights reserved. All of the information has been obtained from sources JCR ER believes are reliable and information/clarifications provided by the Company. However, JCR-ER does not guaranty the truth, accuracy, adequacy of this information. A JCR ER Rating is an objective and independent opinion as to the creditworthiness of a security and issuer, not a recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets Board of Turkey) regulations and internationally accepted rating principles and guidelines but is not covered by the NRSRO regulations. http://www.jcrer.com.tr