HACI ÖMER SABANCI HOLDİNG A.Ş.

Regulatory Filings • Feb 23, 2024

RATING ANNOUNCEMENT FORM

Rating Agency Rated Institution Address	: :JCR AVRASYA DERECELENDİRME A.Ş. : :Hacı Ömer Sabancı Holding A.Ş. : Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Bl :: ok Kat:2 34485 Sarıyer, İstanbul- Türkiye
Telephone and Fax No	: :0212 352 56 73 – 0212 352 56 75
Date	: :23/02/2024
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

"Hacı Ömer Sabancı Holding A.Ş." has been evaluated by JCR Eurasia.

• Ongoing improvement in EBITDA generation capacity and profitability,
  • Decreasing trend in net debt to EBITDA multiplier together with maintaining improvement in cash flow from operations,
  • Sustainable dividend income stream through well-positioned Group companies,
  • Segmental and geographic diversification along with presence in strategic industries with high barriers to entry,
  • Conformity to meet financing needs with national/international sources,
  • Competitive advantages via its subsidiaries with high market shares and having partnerships with worldwide recognized powerful brands,
  • High level of compliance regarding corporate governance & sustainability implementations and well-established risk management structure,
  • Deep-rooted operating history and proven track record in banking and financial services industry,
  • Maintaining low level of equity compared to consolidated asset size,
  • Concentration of banking and financial services industry in the portfolio to some extent, though expected to decrease with new economy investments including energy & climate, advanced materials and digital technologies,
  • Leading economic indicators signal global economic slowdown whereas 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 "Hacı Ömer Sabancı Holding A.Ş." has been affirmed at 'AAA (tr)' and rating notes are determined as follows considering the above issues.

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

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

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