TO: Investment Community

FROM : Garanti BBVA / Investor Relations

SUBJECT: Announcement regarding borrowing instruments issuances limit

DATE: February 24, 2021

Reference: Our Bank's Public Disclosure dated 21/01/2021

On its meeting held on January 14, 2021, the Board of Directors has authorized the Head Office to take the necessary actions, subject to market conditions, to arrange and sign the agreements and all other documents related to the bond or other borrowing instruments issuance transactions up to US$6,000,000,000 in total or equivalent in TL or in any other foreign currency, with different series and maturities and fixed and/or floating interest rates to be determined at the time of issuance in accordance with market conditions, to be sold outside Turkey in one or more issuances without public offering, including the selling and registration of the bond or other borrowing instruments to foreign stock exchanges. The relevant application process to the transaction has been initiated and as a result of the application made to the Capital Markets Board on January 18, 2021, it was announced in the weekly bulletin of the Capital Markets Board ("CMB") numbered 2021/9 that the above-mentioned application has been approved by the CMB.

In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.

We declare that our above statements are in conformity with the principles included in the Board's Communiqué, Serial II Nr.15.1, that it exactly reflects the information we received; that the information complies with our records, books and documents; that we did our best to obtain the correct and complete information relative to this subject and that we are responsible for the declarations made in this regard.

Yours sincerely,

Garanti BBVA

Contact Garanti BBVA Investor Relations:

Tel: +90 212 318 2352

Fax: +90 212 216 5902

E-mail: investorrelations@garantibbva.com.tr

www.garantibbvainvestorrelations.com