Obligation Turkiye 6.5% ( US900123DD96 ) en USD

Turkiye

100.27 % ▲

Turquie

US900123DD96 ( en USD )

6.5% par an ( paiement semestriel )

19/09/2033

Prospectus brochure de l'obligation Turkey US900123DD96 en USD 6.5%, échéance 19/09/2033

200 000 USD

1 500 000 000 USD

900123DD9

20/03/2026 ( Dans 133 jours )

La Turquie est un pays transcontinental situé à la fois en Europe et en Asie, possédant un riche héritage culturel et historique qui englobe des influences byzantines, ottomanes et anatoliennes.

L'Obligation émise par Turkiye ( Turquie ) , en USD, avec le code ISIN US900123DD96, paye un coupon de 6.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/09/2033

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

TÜRKYE CUMHURYET

(The Republic of Turkey)
$750,000,000 6.125% Notes due October 24, 2028
$1,500,000,000 6.500% Notes due September 20, 2033

The Republic of Turkey (the "Republic" or "Turkey") is offering $750,000,000 principal amount of its 6.125% Notes due October
24, 2028 (the "2028 notes") and $1,500,000,000 principal amount of its 6.500% Notes due September 20, 2033 (the "2033 notes" and,
collectively with the 2028 notes, the "notes"). As of their issuance, the 2028 notes will be a further issuance of, and will be consolidated,
form a single series, and be fully fungible with our outstanding 6.125% Notes due October 24, 2028, issued in an aggregate principal
amount of $2,000,000,000 on April 24, 2018 (the "original notes"). The total principal amount of the original notes and the 2028 notes
now being issued will be $2,750,000,000. 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 2028 notes, on April 24 and October 24 of each year, commencing on October
24, 2021, and, with respect to the 2033 notes, on March 20 and September 20 of each year, commencing on March 20, 2022.

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.

2028 notes

2033 notes

Per Note
Total

Per Note
Total
Public Offering Price.....................
102.445%
$768,337,500(1)

100.000%
$1,500,000,000
Underwriting discount.....................
0.070%
$525,000

0.070%
$1,050,000
Proceeds, before expenses, to the Republic
102.375%
$767,812,500

99.930%
$1,498,950,000
of Turkey........................

(1)
Plus accrued and unpaid interest, from and including April 24, 2021 to but excluding the Issue Date, in the amount of
$18,630,208.33. Purchasers of the 2028 notes will be entitled to receive the semi-annual regular interest payments on April 24
and October 24 of each year.

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
September 20, 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
J.P. Morgan
Société Générale
Corporate & Investment Banking

The date of this prospectus supplement is September 20, 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.

UNSECURED OBLIGATIONS
The notes constitute unsecured obligations of the Republic.

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

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(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.
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.

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TABLE OF CONTENTS
Page
Prospectus Supplement
Risk Factors ........................................................................................................................................................................................... S-7
Overview .............................................................................................................................................................................................. S-18
Recent Developments and Overview ................................................................................................................................................... S-22
Description of the Notes ...................................................................................................................................................................... S-77
Global Clearance and Settlement ......................................................................................................................................................... S-84
Taxation ............................................................................................................................................................................................... S-88
Underwriting ........................................................................................................................................................................................ S-95
Legal Matters ....................................................................................................................................................................................... S-99
Table of References ........................................................................................................................................................................... S-100

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 and limited liquidity for noteholders.
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 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, consents 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.
Risks Relating to the Republic
The novel coronavirus (COVID-19) has had an adverse effect on the Republic's economy.
The outbreak of COVID-19 is currently having an indeterminable adverse impact on the world economy. COVID-19 was
reportedly first detected in Wuhan, Hubei Province, China, and first reported to the World Health Organization ("WHO") country office
in China on December 31, 2019. On January 30, 2020, the WHO declared COVID-19 a public health emergency of international concern

and on March 11, 2020, declared the outbreak a pandemic. COVID-19 has begun to have numerous worldwide effects on general
commercial activity.
The long-term effects to the global economy and the Turkish economy of epidemics and other public health crises, such as the
on-going COVID-19 outbreak, are difficult to assess or predict, and may include risks to Turkish citizens' health and safety, as well as
reduced economic activity, which in turn could result in decreased revenue for the Turkish government and increased expenditures. It
is unclear whether these challenges and uncertainties will be contained or resolved, and what effects they may have on the global political
and economic conditions in the long term. Additionally, the Republic cannot predict the evolution of the disease in Turkey, nor any
additional restrictions that might need to be imposed. However, COVID-19 is expected to have a significant adverse effect on the world
economy, which may in turn negatively affect the Republic's economy due to, among other things, decreased demand for its exports.
Accordingly, since March 2020 the Turkish government has implemented a series of protective measures designed to address the
COVID-19 outbreak. See "Recent Developments and Overview -- General -- COVID-19". The measures implemented so far have
resulted in a significant slowdown in economic activity that adversely affected economic growth in 2020 and may affect the economic
growth in 2021, to a degree that the Republic cannot quantify as of the date hereof. Any prolonged restrictive measures put in place in
order to control an outbreak of contagious disease or other adverse public health development in Turkey may have a longer lasting
material and adverse effect on Turkey's economy. While the economic cost of COVID-19 is difficult to quantify or predict, it may
adversely affect Republic's otherwise expected GDP growth and fiscal deficit in 2021, which may lead to a deterioration in financial
conditions. In order to accelerate the normalization in daily life and to enhance the level of openness of the economy, the vaccination
process is being carried out throughout the country. The Turkish Government has made deals with the relevant international parties on
purchasing the COVID-19 vaccines. There is also a domestic effort to develop a COVID-19 vaccine. Any delay or failure in the
vaccination supply from the outside world may negatively affect the normalization of the economy during the post-COVID-19 period.
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 or the securities laws of any other jurisdiction. 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.
The courts of Turkey will not enforce a judgment obtained in a court established in a country other than Turkey unless:
· There is in effect a treaty between such country and Turkey providing for reciprocal enforcement of court judgments;
· There is de facto reciprocity in such country of judgments rendered by Turkish courts; or
· There is a provision in the laws of such country that provides for the enforcement of judgments of the Turkish courts.
There is no treaty between the United States and Turkey providing for reciprocal enforcement of judgments. There is no de facto
reciprocity between the United States and Turkey. Moreover, there is uncertainty as to the ability of an investor to bring an original
action in Turkey based on U.S. federal or non Turkish securities laws.

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Turkish courts have rendered at least one judgment in the past confirming de facto reciprocity between the courts of New York
State and Turkey. However, since de facto reciprocity is decided by the relevant court on a case by case basis, there is uncertainty as to
the enforceability of court judgments obtained in the United States or the United Kingdom by Turkish courts.
In addition, the Turkish courts will not enforce any judgment obtained in a court established in a country other than Turkey if:
· the defendant was not duly summoned or represented;
· the defendant's fundamental procedural rights were not observed and the defendant brings an objection before the Turkish
court against the request for enforcement on either of these grounds;
· the judgment in question was rendered with respect to a matter within the exclusive jurisdiction of the Turkish courts;
· the judgment is incompatible with a judgment of a Turkish court between the same parties and relating to the same issues or,
as the case may be, with an earlier foreign judgment on the same issue and enforceable in Turkey;
· the judgment is not of a civil nature;
· the judgment is clearly against public policy rules of Turkey;
· the court rendering the judgment did not have jurisdiction to render such judgment;
· the judgment is not final and binding with no further recourse for appeal under the laws of the country where the judgment
has been rendered; or
· the judgment was rendered by a foreign court which treated itself as competent even though it had no actual relationship with
the parties or the subject matter at hand and the defendant brings an objection before the Turkish court against the request for enforcement
on this ground.
Furthermore, to be enforceable under the laws of Turkey, the choice of laws of a foreign jurisdiction or submission to the
jurisdiction of the courts of such a foreign jurisdiction should indicate the competent courts with sufficient precision. Therefore, lack of
precision while determining the competent court of a foreign jurisdiction may render the choice of foreign court unenforceable. Also,
Turkish law enables the parties' ability to choose the law applicable to claims relating to tort and/or unjust enrichment only after the
commitment or occurrence of the relevant tortious act or the relevant unjust enrichment.
As a result, it may not be possible to:
· effect service of process outside Turkey upon any of the directors and official officers named in this prospectus; or
· enforce, in Turkey, court judgments obtained in courts of jurisdictions other than Turkey against the Republic or any of the
directors and official officers named in this prospectus in any action.
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 Inc. ("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

S-9

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 February 19, 2021, Fitch affirmed Turkey's current rating
at "BB-" and revised its outlook to "stable" from "negative". On August 13, 2021, Fitch kept Turkey's credit rating and outlook
unchanged.
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,
on July 24, 2020, on January 22, 2021, and on May 28, 2021 Standard & Poor's kept Turkey's credit rating and outlook unchanged.
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 crystallize 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; and (iii) Turkey's fiscal
buffers, which have been a source of credit strength for many years, are eroding. On December 4, 2020 and on June 4, 2021, Moody's
kept Turkey's credit rating and outlook unchanged. The next announced date of Moody's for its solicited and unsolicited review of
credit rating actions with respect to Turkey is scheduled for December 3, 2021.
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. On May 31, 2021, Japan Credit Rating downgraded Turkey's long-term issuer and senior unsecured
debt ratings from BB+ to BB and assigned a stable outlook.
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

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Document Outline

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