Turkiye Garanti Bankasi A.S.: Establishment of a subsidiary

TO: Investment Community

FROM : Garanti BBVA / Investor Relations

SUBJECT: Establishment of a subsidiary

DATE: March 16, 2022

Our Bank has applied to the Banking Regulation and Supervision Agency for the permission of establishing a joint stock company in registered capital system with a total capital of 10.000.000 TRY (ten million Turkish Lira) which will be operating in the fields of payment services and electronic money under the Law on Payments and Securities Settlement Systems, Payment Services and Electronic Money Institutions No:6493, and owned 50% by our Bank and 50% by our Bank's subsidiary Garanti Ödeme Sistemleri A.Ş. Banking Regulation and Supervision Agency approved our Bank's application and allowed our Bank to establish such company.

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: [email protected]

www.garantibbvainvestorrelations.com