Turkiye Garanti Bankasi A.S.: Garanti BBVA report on the voluntary tender offer process

TO: Investment Community

FROM : Garanti BBVA / Investor Relations

SUBJECT: Garanti BBVA report on the voluntary tender offer process

DATE: March 31, 2022

Re: Public disclosures dated 15.11.2021, 18.11.2021 and 31.03.2022

As per as per Article 21 of the Communiqué on Takeover Bids (Pay Alm Teklifi Teblii) no. II-26.1, the board of directors of our company, Türkiye Garanti Bankas Anonim irketi ("Garanti BBVA" or "Company") is required to publish a board report  to represent its views on the voluntary tender offer ("Voluntary Tender Offer") to be conducted by our principal shareholder, Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") one business day prior to the start of the offer period, which will be April 4, 2022 as disclosed on March 31, 2022.

The report of our Company's board of directors reflecting its opinions on the takeover bid, and the justifications of its opinions, also including its opinions on strategic plans of BBVA, which is the legal entity making the voluntary takeover bid, with regard to the our Company, and as to probable impacts and effects of these plans on the areas and places of activity of the target corporation and on the employment level in Garanti BBVA is attached.

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