Obligation Turkey 4.75% ( US900123DB31 ) en USD

Turkey

91.708 % ⇌

Turquie

US900123DB31 ( en USD )

4.75% par an ( paiement semestriel )

25/01/2026

Prospectus brochure de l'obligation Turkey US900123DB31 en USD 4.75%, échéance 25/01/2026

26/07/2024 ( Dans 70 jours )

L'Obligation émise par Turkey ( Turquie ) , en USD, avec le code ISIN US900123DB31, paye un coupon de 4.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 25/01/2026

PROSPECTUS SUPPLEMENT
(To the Prospectus dated May 6, 2020)

$3,500,000,000

TÜRKYE CUMHURYET

(The Republic of Turkey)
$1,750,000,000 4.750% Notes due January 26, 2026
$1,750,000,000 5.875% Notes due June 26, 2031

The Republic of Turkey (the "Republic" or "Turkey") is offering $1,750,000,000 principal amount of its 4.750% Notes due January
26, 2026 (the "2026 notes") and $1,750,000,000 principal amount of its 5.875% Notes due June 26, 2031 (the "2031 notes" and, together
with the 2026 notes, the "notes"). The notes will constitute direct, general and unconditional obligations of the Republic. The full faith
and credit of the Republic will be pledged for the due and punctual payment of all principal and interest on the notes. The Republic will
pay interest on the notes, with respect to the 2026 notes, on January 26 and July 26 of each year, commencing on July 26, 2021, and
with respect to the 2031 notes, on June 26 and December 26 of each year, commencing with a short first coupon payable June 26, 2021
(such short first coupon in respect of the period from and including the Issue Date to but excluding June 26, 2021).

This prospectus supplement and accompanying prospectus dated May 6, 2020 constitute a prospectus for the purposes of Article 6 of
Regulation (EU) 2017/1129 (the "Prospectus Regulation").

This prospectus supplement and the accompanying prospectus has been approved by the Commission de Surveillance du Secteur
Financier of the Grand Duchy of Luxembourg (the "CSSF"), as competent authority under the Prospectus Regulation. Application is
being made to list on the Official List and trade the notes on the Regulated Market "Bourse de Luxembourg" of the Luxembourg Stock
Exchange, which is a regulated market for the purposes of the Market in Financial Instruments Directive (2014/65/EU), as amended
("MiFiD II"). The CSSF only approves this prospectus supplement and the accompanying prospectus dated May 6, 2020 as meeting the
standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be
considered as an endorsement of the Republic or the quality of the notes that are the subject of this prospectus supplement and investors
should make their own assessment as to the suitability of investing in the notes. The CSSF assumes no responsibility as to the economic
and financial soundness of the transaction and the quality or solvency of the Republic in line with the provisions of Article 6(4) of the
Luxembourg Prospectus Law.

See the section entitled "Risk Factors" for a discussion of certain factors you should consider before investing in the notes.

The notes will be designated collective action securities and will, therefore, contain "collective action clauses". Under these provisions,
which are described beginning on page 14 of the accompanying prospectus dated May 6, 2020, the Republic may amend the payment
provisions of the notes and other "reserved matters" listed in the fiscal agency agreement with the consent of the holders of: (1) with
respect to a single series of notes, more than 75% of the aggregate principal amount of the outstanding notes of such series; (2) with
respect to two or more series of notes, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal
amount of the outstanding notes of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or
more series of notes, more than 66% of the aggregate principal amount of the outstanding notes of all series affected by the proposed
modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding notes of each series

affected by the proposed modification, taken individually. "Reserved matters" include, among other things, changes in the dates on
which any amounts are payable on the debt securities, reductions in principal amounts or interest rates on the debt securities, a change
in the currency of the debt securities, any change in the identity of the obligor under the debt securities, or a change in the status of the
debt securities.

2026

2031

Per Note
Total

Per Note
Total
Public Offering Price.....................
99.342%
$1,738,485,000

99.430%
$1,740,025,000
Underwriting discount.....................
0.070%
$122,500,000

0.070%
$122,500,000
Proceeds, before expenses, to the Republic
99.272%
$1,737,260,000

99.360%
$1,738,800,000
of Turkey.......................

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
notes or determined that this prospectus supplement or the accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

The underwriters are offering the notes subject to various conditions. The underwriters expect to deliver the notes on or about January 26,
2021 (the "Issue Date"), through the book-entry facilities of The Depository Trust Company ("DTC"), against payment in same-day funds.

Joint Book-Running Managers
Citigroup
Goldman Sachs
J.P. Morgan
International

The date of this prospectus supplement is January 27, 2021.

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ABOUT THIS PROSPECTUS SUPPLEMENT

The Republic accepts responsibility for the information contained within this prospectus supplement and accompanying prospectus. The
Republic declares that to the best of their knowledge, the information contained in this prospectus supplement and accompanying
prospectus is in accordance with the facts and makes no omission likely to affect its import.

Unless otherwise stated, all annual information, including budgetary information, is based upon calendar years. Figures included in
this prospectus supplement and the accompanying prospectus have been subject to rounding adjustments; accordingly, figures shown
for the same item of information may vary, and figures that are totals may not be an arithmetical aggregate of their components.

This prospectus supplement and the accompanying prospectus have been prepared for the purpose of giving information with regard
to the Republic, which, according to the particular nature of the Republic and the notes, is necessary to enable investors to make an
informed assessment of the rights attaching to the notes and the reasons for the issuance of notes and its impact on the Republic.

You should rely only on the information contained in this prospectus supplement and the accompanying prospectus, including the
documents incorporated by reference, in making your investment decision. The Republic has not authorized anyone to provide you with
any other information. If you receive any unauthorized information, you must not rely on it.

The Republic is offering to sell the notes only in places where offers and sales are permitted.

You should not assume that the information contained in this prospectus supplement or the accompanying prospectus is accurate as
of any date other than its respective date.

FORWARD-LOOKING STATEMENTS

The Republic has made forward-looking statements in this prospectus supplement. Statements that are not historical facts are forward-
looking statements. These statements are based on the Republic's current plans, estimates, assumptions and projections. Therefore, you
should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. The Republic undertakes
no obligation to update any of them in light of new information or future events.

Forward-looking statements involve inherent risks. The Republic cautions you that a number of factors could cause actual
results to differ materially from those contained in any forward-looking statements. These factors include, but are not limited to:
·
External factors, such as:
·
interest rates in financial markets outside Turkey;
·
the impact of changes in the credit ratings of Turkey;
·
the impact of changes in the international prices of commodities;
·
economic conditions in Turkey's major export markets;
·
the decisions of international financial institutions regarding the terms of their financial arrangements with Turkey;
·
the impact of any delays or other adverse developments in Turkey's accession to the European Union;
·
the impact of adverse developments in the region where Turkey is located; and
·
the effects of a regional or global health pandemic, including COVID-19, and the impact of actions taken to mitigate

such a pandemic.

·
Internal factors, such as:
·
general economic and business conditions in Turkey;
·
political, military or internal security events in Turkey;
·
present and future exchange rates of the Turkish currency;
·
foreign currency reserves;

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·
the level of domestic debt;
·
domestic inflation;
·
natural events, such as climatic changes, earthquakes and floods;
·
the ability of Turkey to effect key economic reforms;
·
the level of foreign direct and portfolio investment in Turkey; and
·
the level of Turkish domestic interest rates.

SOVEREIGN IMMUNITY AND ARBITRATION

The Republic is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of courts
in the United States against the Republic. See "Debt Securities -- Governing Law and Consent to Service" in the accompanying
prospectus.

CURRENCY AND EXCHANGE RATE DATA

References to "Turkish Lira" and "TL" in this prospectus supplement in the context of a point in time after January 1, 2009 are to the
Turkish Lira, the Republic's new official currency, which was introduced on January 1, 2009 in place of the New Turkish Lira;
references in this prospectus supplement to "New Turkish Lira" and "YTL" are to the lawful currency of the Republic for the period
beginning on January 1, 2005 and ending on December 31, 2008; and references to "Turkish Lira" and "TL" in this prospectus
supplement in the context of a point in time prior to January 1, 2005 are to the Turkish Lira before it was replaced with New Turkish
Lira. References to "U.S.$", "$", "U.S. dollars" and "dollars" in this prospectus supplement are to lawful money of the United States of
America. References to "" and "euro" in this prospectus supplement are to the lawful currency of the European Union.

Translations of amounts from Turkish Lira to dollars are solely for the convenience of the reader and, unless otherwise stated, are
made at the exchange rate prevailing at the time as of which such amounts are specified. No representation is made that the Turkish Lira
or dollar amounts referred to herein could have been or could be converted into dollars or Turkish Lira, as the case may be, at any
particular rate or at all.
THE NOTES MAY NOT BE A SUITABLE INVESTMENT FOR ALL INVESTORS.

You must determine the suitability of investment in the notes in the light of your own circumstances. In particular, you should:
(i) have sufficient knowledge and experience to make a meaningful evaluation of the notes and the merits and risks of
investing in the notes;
(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of your particular financial
situation, an investment in the notes and the impact the notes will have on your overall investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the notes, including where
the currency for principal or interest payments is different from your currency;
(iv) understand thoroughly the terms of the notes and be familiar with the behaviour of any relevant indices and financial
markets; and
(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate
and other factors that may affect your investment and your ability to bear the applicable risks.

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TABLE OF CONTENTS
Page
Prospectus Supplement
Risk Factors ........................................................................................................................................................................................... S-6
Overview .............................................................................................................................................................................................. S-16
Recent Developments and Overview ................................................................................................................................................... S-20
Description of the Notes ...................................................................................................................................................................... S-72
Global Clearance and Settlement ......................................................................................................................................................... S-79
Taxation ............................................................................................................................................................................................... S-83
Underwriting ........................................................................................................................................................................................ S-89
Legal Matters ....................................................................................................................................................................................... S-93
Table of References ............................................................................................................................................................................. S-94

Prospectus
Where You Can Find More Information .................................................................................................................................................... 2
Data Dissemination .................................................................................................................................................................................... 2
Use of Proceeds ......................................................................................................................................................................................... 3
Debt Securities ........................................................................................................................................................................................... 3
Plan of Distribution .................................................................................................................................................................................. 18
Debt Record ............................................................................................................................................................................................. 19
Validity of the Securities ......................................................................................................................................................................... 19
Official Statements .................................................................................................................................................................................. 20
Authorized Agent ..................................................................................................................................................................................... 20

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RISK FACTORS
You should read this entire prospectus supplement and the accompanying prospectus carefully. Words and expressions defined
elsewhere in this prospectus supplement and the accompanying prospectus have the same meanings in this section. Investing in the
notes involves certain risks. In addition, the purchase of the notes may involve substantial risks and be suitable only for investors who
have the knowledge and experience in financial and business matters to enable them to evaluate the risks and merits of an investment
in the notes. You should make your own inquiries as you deem necessary without relying on the Republic or any underwriter and should
consult with your financial, tax, legal, accounting and other advisers, prior to deciding whether to make an investment in the notes. You
should consider, among other things, the following:
Risks Relating to the Notes
The trading market for the notes may be volatile and may be adversely impacted by many events.
The market for the notes is expected to be influenced by economic, political, social and market conditions and, to varying degrees,
interest rates, currency exchange rates and inflation rates in the United States and Europe and other countries. There can be no assurance
that events in Turkey, the United States, Europe or elsewhere will not cause market volatility or that such volatility will not adversely
affect the price of the notes or that economic, political, social and market conditions will not have any other adverse effect.
There may be no active trading market for the notes.
There can be no assurance that an active trading market for the notes will develop, or, if one does develop, that it will be
maintained. If an active trading market for the notes does not develop or is not maintained, the market or trading price and liquidity of
the notes may be adversely affected. If the notes are traded after their initial issuance, they may trade at a discount to their initial offering
price, depending upon prevailing interest rates, the market for similar securities, general economic conditions and the financial condition
of the Republic. Although an application will be made to list on the Official List and trade the notes on the Regulated Market "Bourse
de Luxembourg" of the Luxembourg Stock Exchange, there is no assurance that such application will be accepted or that an active
trading market will develop.
The notes are unsecured.
The notes constitute unsecured obligations of the Republic.
The notes contain provisions that permit the Republic to amend the payment terms without the consent of all holders.
The notes contain provisions regarding acceleration and voting on amendments, modifications, changes and waivers, which are
commonly referred to as "collective action clauses". Under these provisions, certain key provisions of the notes may be amended,
including the maturity date, interest rate and other payment terms, with the consent of the holders of 75% of the aggregate principal
amount of the outstanding notes. See "Description of the Notes -- Default; "--Acceleration of Maturity" and "--Amendments and
Waivers" in this prospectus supplement and "Debt Securities -- Collective Action Securities Issued On or After January 1, 2015" in
the accompanying prospectus.
There can be no assurance that the laws of the State of New York in effect as at the date of this prospectus supplement will
not be modified.
The conditions of the notes are based on the laws of the State of New York in effect as at the date of this prospectus supplement.
No assurance can be given as to the impact of any possible judicial decision or change to New York law or administrative practice after
the date of this prospectus supplement.
Legal investment considerations may restrict certain investments.

The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by
certain authorities. Prospective investors should consult their legal advisers to determine whether and to what extent: (1) the notes are
legal investments for such prospective investors; (2) the notes can be used as collateral for various types of borrowing; and (3) other
restrictions apply to their purchase or pledge of any notes. Financial institutions should consult their legal advisors or the appropriate
regulators to determine the appropriate treatment of notes under any applicable risk based capital or similar rules.
Risks Relating to the Republic
The Republic is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
The Republic is a sovereign state. Consequently, the ability of noteholders to sue the Republic may be limited.
The Republic has not consented to service or waived sovereign immunity with respect to actions brought against it under United
States federal securities laws or any State securities laws. In the absence of a waiver of immunity by the Republic with respect to these
actions, it would not be possible to obtain judgment in such an action brought against the Republic in a court in the United States unless
the court were to determine that the Republic is not entitled under the Foreign Sovereign Immunities Act to sovereign immunity with
respect to such action. Further, even if a United States judgment could be obtained in such an action, it may not be possible to enforce
in the Republic a judgment based on such a United States judgment. Execution upon property of the Republic located in the United
States to enforce a United States judgment may not be possible except under the limited circumstances specified in the Foreign Sovereign
Immunities Act.
There can be no assurance that the Republic's credit ratings will not change.
Long-term foreign currency debt of the Republic of Turkey is currently rated sub-investment grade by four nationally recognized
statistical rating organizations, Fitch Ratings Limited ("Fitch"), S & P Global Ratings Europe Limited ("Standard & Poor's"), Moody's
Investors Service Ltd. ("Moody's") and Japan Credit Rating Agency, Ltd. ("Japan Credit Rating").
On July 13, 2018, Fitch downgraded Turkey's long-term foreign currency issuer default rating and senior unsecured foreign
currency bond rating and assigned a negative outlook. Fitch indicated that downside risks to macroeconomic stability have intensified
due to the widening in the current account deficit, a more challenging global external financing environment and the jump in inflation
and the impact of the plunge in the exchange rate on the private sector. In addition, Fitch stated that economic policy credibility has
deteriorated in recent months and initial policy actions following elections in June have heightened uncertainty. Fitch indicated that the
following factors, individually or collectively, could lead to a downgrade: (1) a sudden stop to capital inflows or hard landing of the
economy, particularly if it heightens stresses in the corporate or banking sectors; (2) failure to rebalance the economy and implement
reforms that provide a path to addressing structural deficiencies and reducing inflation and external vulnerabilities; (3) a marked increase
in the government debt/GDP ratio to a level closer to the peer median; and (4) a serious deterioration in the political or security situation.
On November 1, 2019, Fitch revised Turkey's outlook from "negative" to "stable" and affirmed its "BB-" rating. Fitch stated that
Turkey has continued to make progress in rebalancing and stabilizing its economy, leading to an easing in downside risks since Fitch's
previous review in July 2019. On February 21, 2020, Fitch affirmed Turkey's current rating and outlook. On August 21, 2020, Fitch
affirmed Turkey's current rating but revised its outlook to "negative" from "stable".
On August 17, 2018, Standard & Poor's lowered Turkey's foreign currency and local currency long term credit ratings and
assigned a stable outlook. Standard & Poor's stated that the downgrade reflects its expectations that the extreme volatility of the Turkish
Lira and the resulting projected sharp balance of payments adjustment will undermine Turkey's economy. Standard & Poor's also noted
that the weakening of the Lira is putting pressure on the indebted corporate sector and has considerably increased the funding risk for
Turkey's banks. Standard & Poor's indicated that it could lower the Republic's credit ratings if (1) it sees an increasing likelihood of a
systemic banking crisis with the potential to undermine the country's fiscal position or (2) Turkey's economic growth turned out to be
materially weaker than currently projected, with a deeper recession taking place over the four-year forecast horizon. On May 6, 2020
and on July 24, 2020, Standard & Poor's affirmed Turkey's credit rating outlook.

S-7

On June 14, 2019, Moody's downgraded Turkey's long-term issuer and senior unsecured debt ratings and assigned a negative
outlook. According to Moody's, its credit view of Turkey balances the large, diversified economy and still-moderate levels of
government indebtedness against heightened external vulnerabilities and a continued erosion of institutional strength and policy
effectiveness. Moody's indicated that economic policy uncertainty persists despite the tighter fiscal and monetary policies in place since
September 2018. Moody's underlined that external refinancing requirements remain high and costly and the risk of a balance of
payments crisis continues to rise. On September 11, 2020, Moody's downgraded Turkey's long-term issuer and senior unsecured debt
ratings and affirmed its "negative" outlook. Moody's stated that the three key drivers for the downgrade were as follows: (i) Turkey's
external vulnerabilities are increasingly likely to crystallise in a balance of payments crisis; (ii) As the risks to Turkey's credit profile
increase, the country's institutions appear to be unwilling or unable to effectively address these challenges; (iii) Turkey's fiscal buffers,
which have been a source of credit strength for many years, are eroding. The next announced date ofMoody's for its solicited and
unsolicited review of credit rating actions with respect to Turkey was scheduled for December 4, 2020. On this date, Moody's announced
the completion of the periodic review of the ratings of Turkey, but the agency explicitly added that this publication does not include a
new credit rating action on the country, contrary to what was planned previously.
On April 10, 2020, Japan Credit Rating lowered Turkey's long-term issuer and senior unsecured debt ratings to sub-investment
grade and assigned a negative outlook. Japan Credit Rating stated that the outlook for the Syrian situation and for the Coronavirus
disease 2019 ("COVID-19") remained highly uncertain, and the downward pressure on the Turkish Lira was likely to lead to further
decline in Turkey's foreign exchange reserves and would put further pressure on external financing by the private sector if the problems
related to Syria and COVID-19 became serious and prolonged. Japan Credit Rating indicated that further fiscal stimulus might be
required to prevent economic bottoms, and the general government debt, which stood at 33% of GDP at the end of 2019, was likely to
increase significantly in the future.
A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal
at any time by the assigning rating agency. Any adverse change in an applicable credit rating could adversely affect the trading price for
the notes and have the potential to affect the Republic's cost of funds in the international capital markets and the liquidity of and demand
for the Republic's debt securities. Any adverse change in outlook or credit watch by Standard & Poor's, Fitch, Moody's or Japan Credit
Rating could have similar adverse effects. The Republic's current long-term debt ratings consist of sub-investment grade ratings from
Standard & Poor's, Moody's, Fitch, and Japan Credit Rating. These ratings indicate that the notes are regarded as having significant
speculative characteristics, and that there are major ongoing uncertainties or exposure to financial or economic conditions which could
compromise the Republic's capacity to meet its financial commitment on the notes.
Risks associated with political and economic environment.
The Republic has from time to time experienced volatile political, economic and social conditions, including two financial crises
in 1994 and 2000/2001 and a failed coup d'état attempt in July 2016. The Republic's economy was also impacted by the 2008-2009
global financial crisis. If similar conditions recur or if the current global economic slowdown persists or worsens, this may adversely
affect the Republic's economy and financial condition. The Republic has not defaulted on any principal or interest of any external debt
represented by bonds issued in public international markets since it began issuing such bonds in 1988. In 1978, 1979 and 1980, the
Republic rescheduled an aggregate amount of approximately U.S.$3.95 billion of its external debt consisting of commercial and
government credits, which represented 20.6% of the Republic's total outstanding external debt at that time. The Republic initiated the
rescheduling to avoid a possible default under its external debt. Since that rescheduling, the Republic has always paid, when due, the
full amount of principal and interest on its direct and indirect external debt. The Republic completed all payments under the rescheduling
in July 1992.
The Republic had been a parliamentary democracy since its formation in 1923, during which the Republic had sixty-six
governments, until the launch of the new executive presidential system in 2018. Political disagreements frequently resulted in early
elections.
On May 24, 2016, the new Prime Minister, Binali Yildirim, formed the 65th government of the Republic. On July 19, 2017,
Prime Minister Binali Yildirim announced a Cabinet reshuffle, forming the 66th government of the Republic.

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Following the November 2015 elections, the Government started negotiations to replace the existing constitution, which had
been enacted after the military coup of 1980. On December 10, 2016, a new constitutional reform package was submitted to the
Parliament by the AKP ruling party and the MHP opposition party. The constitutional reform package included the creation of vice-
presidents and the abolition of the office of prime minister, granting new executive powers to the president (such as the ability to appoint
and dismiss ministers, vice presidents, high level diplomats and public officers), lowering the age of candidacy for parliament from 25
to 18, and increasing the number of parliamentarians from 550 to 600. On December 30, 2016, the constitutional reform package was
approved by the Constitutional Committee. On January 20, 2017, the constitutional reform package was approved by Parliament, and
on February 10, 2017, the constitutional reform package was approved by the President. The constitutional reform package was approved
in the public referendum held on April 16, 2017. According to the official results announced by the Supreme Election Council on April
27, 2017, the turnout rate was 85.43%. Supporters of the package had 51.41% of the votes cast and opponents had 48.59% of the votes
cast. The package of constitutional amendments allowed the winner of the presidential election to assume full control of the government
and transform the parliamentary system into an executive presidential system. Among the executive presidential system related articles
in the constitutional reform package, the article that gives the President the right to have a political party affiliation and the articles
related to changes in the judicial system became effective immediately. The new executive presidential system became fully effective
after the first parliamentary and presidential elections under the new constitution were held on June 24, 2018. Both presidential and
parliamentary elections will be held every five-years on the same date.
On June 24, 2018, the general and presidential elections were held to elect the first president and deputies, marking the beginning
of the transition towards an executive presidential system. According to the official results announced by the Supreme Election Council
on July 4, 2018, President Recep Tayyip Erdoan won an absolute majority in the presidential election with 52.59% of the vote. The
AKP garnered 42.56% of the votes, the Republican People's Party ("CHP"), 22.65%, the Nationalist Movement Party ("MHP"), 11.10%,
the Peoples' Democratic Party ("HDP"), 11.70% and the Good Party ("IYI"), 9.96%. Other parties and independent candidates received
2.03% of votes. After the elections, a series of decrees were issued, aiming to integrate the contents of a new governmental system into
the existing legislation. As a step towards this transition into the new system, Statutory Decree No. 703, published on July 9, 2018,
abolished some laws on the organizations and functions of some ministries and institutions. This decree also merged some ministries.
On the same day, in accordance with the new governmental structure, President Erdoan announced the new government. For additional
information, see "Recent Developments and Overview -- Political Conditions".
The Turkish military establishment has historically been an important factor in Turkish government and politics, interfering with
civilian authority three times between 1959 and 2015 (in 1960, 1971 and 1980). Each time, the military withdrew after the election of a
new civilian government and the introduction of changes to the legal and political systems. In July 2016, a faction of the Turkish military
attempted a coup that ultimately failed.
In late May 2013, demonstrations began in Istanbul's Taksim Gezi Park initially with respect to planned urban development,
which were followed by wider protests, demonstrations and strikes in a number of cities. Since these events, the Republic has
experienced other forms of civil unrest, including public demonstrations and political protests. In 2015, there were thousands of anti-
government demonstrations throughout Turkey, some of which were related to the ongoing conflict in Syria and some related to the
conflict between the government and the Kurdistan Workers Party ("PKK"), a terrorist group. The level of conflict between the Republic
and the PKK increased following the end of a two-year cease-fire in July 2015. The violence continued to escalate, resulting in hundreds
of civilian and military casualties, damage to infrastructure in the southeast region of Turkey, and political conflict with the pro-Kurdish
Peoples' Democratic Party. In September 2016, the Turkish government announced a reconstruction program and an investment
incentives package for the country's eastern and southeastern regions.
On July 15, 2016, a coup d'état was attempted in Turkey against state institutions, including, but not limited to the Government
by a faction within the army that is linked to the terrorist group called Fethullah Terrorist Organization ("FETÖ"). The coup plotters
attempted to overthrow the Government by seizing control of several key institutions and buildings in Ankara, Istanbul, and elsewhere,
but failed to do so as there was strong public opposition. During the coup attempt, around 250 people were killed and more than 2,200
were injured while many government buildings, including the Turkish Parliament and the Presidential Palace, were damaged. On July
21, 2016, the Parliament approved the declaration of a three-month state of emergency, under Article 120 of the Constitution, in order
to enable the authorities to take action against those responsible for the failed coup, which also resulted in the temporary suspension of

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the European Convention on Human Rights pursuant to Article 15 of the Convention. On August 7, 2016, several million people gathered
in Istanbul for an anti-coup rally organized by the Turkish authorities. The President, Prime Minister and the two leaders of the opposition
parties participated in the anti-coup rally. On each of October 3, 2016, January 3, 2017, April 18, 2017, July 17, 2017, October 17, 2017,
January 18, 2018 and April 18, 2018, the Parliament approved an extension of the state of emergency, declared after the country's failed
military coup, by a further three months. The state of emergency has not been extended beyond July 18, 2018.
Turkish authorities are continuing to search for coup participants and others with alleged links to the FETÖ, and may detain,
arrest, prosecute, fire or suspend more people. These actions have been the subject of criticism by the EU and others and may lead to
strain in the Republic's relationships with other countries, such as the tension with the United States associated with Turkish requests to
extradite Fethullah Gülen.
Any further negative changes in the political environment of the Republic may affect the stability of the Turkish economy or its
institutions. In addition, any instability in the Turkish economy and financial system may adversely affect the Republic's credit quality.
Turkey's gross domestic product recorded two consecutive quarters (quarter over quarter) of slowing economic growth in 2018. The
Turkish economy has contracted 2.7% year-on-year in the fourth quarter of 2018, after growing by 2.5% in the third quarter (from 7.5%
in the first quarter and 5.8% in the second quarter), according to the Turkish Statistical Institute. While GDP in the first and second
quarters of 2019 decreased by 2.6% and 1.7%, respectively; it increased by 1.0% and 6.4% in the third and fourth quarters, against the
same periods in the previous year. In 2020, GDP increased by 4.4% in the first quarter, decreased by 9.9% in the second quarter, and
increased by 6,7% in the third quarter compared to the same periods in 2019.
The failure of the Turkish Government to implement its proposed economic and financial policies, including those set forth in
the Republic's Economic Reform Agenda and the 2021-2023 New Economy Program (see "Recent Developments and Overview" for
further information), may also adversely affect the Turkish economy and the Republic's credit quality.
Risks associated with significant seismic events.
A significant portion of the Republic's population and most of its economic resources are located in a first degree earthquake
risk zone and the Republic has experienced a large number of earthquakes in recent years, some quite significant in magnitude. On
September 26, 2019, an earthquake with a magnitude of 5.8 occurred in the Sea of Marmara, damaging a few buildings in Istanbul. On
January 24, 2020, an earthquake with a magnitude of 6.8 occurred in Elazig, causing the deaths of 41 people and injuring 1,607 people.
On October 30, 2020, an earthquake with a magnitude of 6.6 occurred in Izmir, causing the deaths of 114 people and injuring 1,035
people. In the event of future earthquakes, effects from the direct impact of such events could have a material adverse effect on the
Republic's economy.
Volatile international markets and events may have a negative effect on the Turkish economy.
As a result of economic instability in many developed and emerging markets, the international financial markets have experienced
a significant amount of volatility and many financial market indices have declined significantly. The potential impact of such volatility
on the Turkish market and on securities issued by the Republic, including the notes, is uncertain.
The Republic is located in a region which has been subject to ongoing political and security concerns, especially in recent years.
These concerns in certain neighboring countries, such as Iran, Iraq, Georgia, Armenia and Syria, have been one of the potential risks
associated with investment in securities issued by the Republic. Further, since December 2010, political instability has increased
markedly in a number of countries in the Middle East and North Africa, such as Libya, Tunisia, Egypt, Syria, Jordan, Bahrain and
Yemen. As a result of the anti-government uprising in Syria, more than three million Syrian refugees have fled to the Republic and more
can be expected to cross the Turkish-Syrian border if the unrest in Syria continues or escalates. The ongoing conflict in Syria has been
the subject of significant international attention and its impact and resolution is difficult to predict. Any continuation or escalation of
political instability or international military intervention in Syria and/or a more aggressive stance by Assad's allies, Russia, Iran, and/or
China against Turkey and opposition supporters may act as a destabilizing factor for Turkey. The high number of refugees within
Turkey's borders and foreign intelligence agents infiltrating both refugee camps and local communities remain current threats. For

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