# EDGAR Filing Document

**Accession Number:** 0000869687
**File Stem:** 0001193125-26-012694
**Filing Date:** 2026-1
**Character Count:** 155557
**Document Hash:** 4209becac3791843c938bb1826492fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-012694.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001193125-26-012694

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF TURKEY
- **CENTRAL INDEX KEY:** 0000869687
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-37817
- **FILM NUMBER:** 26532493

**BUSINESS ADDRESS:**
- **STREET 1:** NO: 36 KAT: 13, ISMET INONU BULVARI
- **STREET 2:** 06510 EMEK
- **CITY:** ANKARA
- **STATE:** W8
- **ZIP:** 00000
- **BUSINESS PHONE:** 202-538-1678

**MAIL ADDRESS:**
- **STREET 1:** TURKISH EMBASSY, OFF. ECONOMIC COUNSELOR
- **STREET 2:** 2525 MASSACHUSETTS AVENUE, N.W.
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20008

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT NO. 2** 

**TO** 

**ANNUAL REPORT** 

**OF** 

## THE REPUBLIC OF TURKEY
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

---

| | | |
|:---|:---|:---|
| **Title of Issue** | **Amounts as to**<br> **which registration**<br> **is effective** | **Names of**<br> **exchanges on**<br> **which registered** |
| N/A | N/A | N/A |

---

**Names and address of persons authorized to receive notices** 

**and communications from the Securities and Exchange Commission** 

**TURKISH CONSULATE GENERAL** 

**OFFICE OF THE ATTACHE FOR TREASURY AND FINANCIAL AFFAIRS** 

**821 First Avenue, 4th Floor** 

**New York, N.Y. 10017/U.S.A.** 

**Phone: (212) 351-7239 Fax: (212) 983-1293** 

***Copies to:***

**CHRISTOPHER P. PETERSON, ESQ.** 

**Arnold & Porter Kaye Scholer LLP** 

**250 West 55th Street** 

**New York, NY 10019** 

\* The Registrant is filing this annual report on a voluntary basis.

------

**THE REPUBLIC OF TURKEY** 

The purpose of this Amendment No. 2 is to file with the Securities and Exchange Commission (i) the recent developments in the Republic as of January 7, 2026 which is included as Exhibit D-2 hereto and which updates and amends the Current Description of the Republic previously filed as Exhibit D, (ii) the legal opinions included as Exhibits H and I hereof in accordance with the Registrant's undertaking in the Registration Statement to furnish copies of such legal opinions as may be required (including the opinion of the Legal Advisor to the Registrant) in connection with any issue of securities under the Registration Statement and (iii) the underwriting agreement which is included as Exhibit J hereto.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** |  |
| A |  |
| B |  |
| \* C | [Copy of the 2025 Annual Budget of the Republic (in Turkish)](http://www.sec.gov/Archives/edgar/data/869687/000119312525224762/d40727dex99c.pdf) |
| \* D | [Current Description of the Republic as of September 30, 2025](http://www.sec.gov/Archives/edgar/data/869687/000119312525224762/d40727dex99d.htm) |
| \* D-1 | [Recent Developments in the Republic as of October 27, 2025](http://www.sec.gov/Archives/edgar/data/869687/000119312525264381/d10198dex99d1.htm) |
| D-2 | [Recent Developments in the Republic as of January 7, 2026](d52712dex99d2.htm) |
| \* E | [Opinion of the First Legal Advisor, Ministry of Treasury and Finance of the Republic of Türkiye dated November 4, 2025](http://www.sec.gov/Archives/edgar/data/869687/000119312525264381/d10198dex99e.htm) |
| \* F | [Opinion of Arnold & Porter Kaye Scholer LLP dated November 4, 2025](http://www.sec.gov/Archives/edgar/data/869687/000119312525264381/d10198dex99f.htm) |
| \* G | [Underwriting Agreement dated October 27, 2025](http://www.sec.gov/Archives/edgar/data/869687/000119312525264381/d10198dex99g.htm) |
| H | [Opinion of the First Legal Advisor, Ministry of Treasury and Finance of the Republic of Türkiye dated January 14, 2026](d52712dex99h.htm) |
| I | [Opinion of Arnold & Porter Kaye Scholer LLP dated January 14, 2026](d52712dex99i.htm) |
| J | [Underwriting Agreement dated January 7, 2026](d52712dex99j.htm) |

---

\* Previously filed.

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in Ankara, Türkiye on the 14th day of January, 2026.

---

| | |
|:---|:---|
| REPUBLIC OF TURKEY | REPUBLIC OF TURKEY |
| By: | /s/ Halil İbrahim AZAL |
|  | Halil İbrahim AZAL<br> Director General,<br> Ministry of Treasury and Finance |

---

## Ex-99.D-2

**Exhibit D-2** 

**RECENT DEVELOPMENTS AND SUMMARY** 

*The information included in this section supplements the information about the Republic contained in the Republic's Annual Report for 2024 on Form 18-K filed with the SEC on September 30, 2025, as amended from time to time. To the extent the information in this section is inconsistent with the information contained in the Annual Report for 2024, as amended from time to time, the information in this section supersedes and replaces such information. Capitalized terms not defined in this section have the meanings ascribed to them in the Annual Report for 2024.* 

**GENERAL** 

In 2024, the Republic's GDP increased by 3.3% compared to the previous year. In 2023, the Republic's GDP increased by 4.5% compared to the previous year. See "*— Economic Developments*" for more information.

The Republic's GDP increased by 2.5% in the first quarter of 2025 compared with the same quarter of 2024. The Republic's GDP increased by 4.9% in the second quarter of 2025 compared with the same quarter of 2024. The Republic's GDP increased by 3.7% in the third quarter of 2025 compared with the same quarter of 2024. See "*— Economic Developments*" for more information.

The Republic's presidential and parliamentary elections are held every five years on the same date. The next presidential and parliamentary elections are scheduled to be held on May 14, 2028.

**POLITICAL CONDITIONS** 

The following table sets forth the composition of the Grand National Assembly of Türkiye by total number of seats as of January 2, 2026:

---

| | |
|:---|:---|
|  | **Number of<br>Seats** |
|  Justice and Development Party (AKP) | 272 |
|  Republican People's Party (CHP) | 138 |
|  Peoples' Equality and Democracy Party (DEM Party) | 56 |
|  Nationalist Action Party (MHP) | 47 |
|  İYİ Party | 29 |
|  New Path Party (YYP) | 21 |
|  New Welfare Party (YRP) | 4 |
|  Free Cause Party (HÜDA PAR) | 4 |
|  Turkish Workers Party (TİP) | 3 |
|  Democratic Regions Party (DBP) | 2 |
|  Labour Party (EMEP) | 2 |
|  Felicity Party (SP) | 1 |
|  Democratic Party (DP) | 1 |
|  Democratic Left Party (DSP) | 1 |
|  Independent | 11 |
|  **Total** | **592** |

---

*Source*: The Grand National Assembly of Türkiye

------

**FOREIGN POLICY AND INTERNATIONAL RELATIONS** 

***Russia & Ukraine***

On November 19, 2025, Türkiye's President Recep Tayyip Erdogan welcomed Ukrainian President Volodymyr Zelenskyy in Ankara. President Erdogan stated at the news conference with his Ukrainian counterpart that Türkiye believes it would be beneficial for the Istanbul process on the Ukraine war to be implemented with a comprehensive framework that can address acute problems, and urged all partners who want to stop the bloodshed between Russia and Ukraine to take a constructive stance on the Istanbul process.

On December 12, 2025, Türkiye's President Recep Tayyip Erdogan and Russian President Vladimir Putin met on the margins of the International Peace and Trust Forum in Turkmenistan's capital Ashgabat and discussed bilateral ties and the comprehensive peace efforts regarding the Russia-Ukraine war. President Erdogan said he is following closely peace talks to end the ongoing Russia-Ukraine war, adding that Ankara can host the peace talks.

***Palestine & Israel***

At the Doha Forum in Qatar on December 6, 2025, Turkish Foreign Minister Hakan Fidan stated that Türkiye is ready to "do whatever it takes" to contribute to ongoing Gaza peace efforts, including participation in an International Stabilization Force in the Gaza Strip.

On December 19, 2025, the United States, Türkiye, Egypt, and Qatar held a meeting in Miami to discuss the parameters for moving to the second phase of the Gaza Peace Plan.

***Iraq & Syria***

On October 21, 2025, The Turkish parliament extended the Turkish armed forces' mandate to operate in Iraq and Syria until October 30, 2028.

On October 26, 2025, the PKK declared that its armed elements within Türkiye's borders are in the process of withdrawing to Iraq.

On November 28, 2025, the Turkish Ministry of Foreign Affairs stated that Israel's attacks on the town of Beit Jinn on the outskirts of Damascus violated Syria's sovereignty and territorial integrity and had to brought to an end immediately.

***South Caucasus***

On December 29, 2025, Turkish Foreign Ministry declared that Türkiye and Armenia have agreed to mutually facilitate visa procedures for their diplomatic, service, and special passport holders. The Foreign Ministry added that Ankara and Yerevan also reaffirm their commitment to continuing the normalization process between the two countries unconditionally, with the goal of full normalization.

***United Kingdom***

On July 23, 2025, Turkish Minister of National Defense Yasar Güler and John Healey, UK Secretary of State for Defence, signed a MoU regarding the potential procurement of up to 40 Eurofighter Typhoon jets.

***Africa***

On December 17, 2025, Türkiye's industrial group OYAK and Somalia's Fisheries and Blue Economy Ministry on Wednesday signed a strategic cooperation and services agreement to cooperate in the fisheries sector. The agreement aims to ensure that fisheries activities in Somalia are carried out under a centralized, sustainable, and fully registered framework. As part of the agreement, SOMTURK, a company established within this framework, will be responsible for managing all licensing processes related to fisheries activities in Somalia's exclusive economic zone. Fishing permits in Somali territorial waters will be issued exclusively by SOMTURK.

------

On December 30, 2025, Turkish President Recep Tayyip Erdogan received his Somali counterpart Hassan Sheikh Mohamud. Israel's decision to recognize Somaliland is illegitimate and unacceptable, the Turkish president said in news conference with Somali counterpart. President Erdogan reiterated that the preservation of Somalia's unity and integrity under all circumstances is a priority for Türkiye. As Somalia faces threats to its territorial integrity and sovereignty, it has felt the support of Türkiye and the Turkish people, Somali President Mohamud said for his part.

On December 22, 2025, The Turkish parliament extended the Turkish armed forces' mandate to operate in Libya by two more years.

***Migration Issues***

The Republic is continuing its humanitarian efforts to provide shelter to those fleeing the conflict in Syria. As of December 25, 2025, Türkiye had granted temporary protection to 2,353,402 Syrians.

**ECONOMIC DEVELOPMENTS** 

Nominal GDP was approximately TL 27,091 billion in 2023. In the first quarter of 2024, nominal GDP was TL 9,076 billion. In the second quarter of 2024, nominal GDP was TL 10,142 billion. In the third quarter of 2024, nominal GDP was TL 12,308 billion. In the fourth quarter of 2024, Türkiye's nominal GDP was TL 13,061 billion. Nominal GDP was approximately TL 44,587 billion in 2024. In the first quarter of 2025, nominal GDP was TL 12,538 billion. In the second quarter of 2025, nominal GDP was TL 14,606 billion. In the third quarter of 2025, nominal GDP was TL 17,425 billion.

The following table sets forth the percentage of GDP represented by type of economic activity (at current prices, expressed in percentages, and calculated in constant TL with a purchasing power set as of May 30, 2025) for the periods indicated:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **GDP by Type of Economic Activity\* (in %)** | **GDP by Type of Economic Activity\* (in %)** | **2024<br>Q1** | **2024<br>Q2** | **2024<br>Q3** | **2024<br>Q4** | **2025<br>Q1** | **2025<br>Q2** | **2025<br>Q3** |
| 1. | A- Agriculture, forestry and fishing | 2.5 | 4.3 | 10.2 | 5.2 | 2.4 | 3.8 | 8.8 |
| 2. | BCDE- Industry | 21.5 | 19.8 | 18.7 | 19.3 | 18.7 | 18.5 | 17.4 |
| 3. | F- Construction | 5.9 | 6.4 | 5.8 | 5.4 | 5.9 | 6.5 | 6.0 |
| 4. | GHI- Services | 24.5 | 25.2 | 24.3 | 25.5 | 23.4 | 25.3 | 23.8 |
| 5. | J- Information and communication | 2.3 | 2.5 | 2.3 | 2.9 | 2.4 | 2.6 | 2.5 |
| 6. | K- Financial and insurance activities | 4.2 | 3.6 | 3.0 | 2.8 | 4.0 | 3.9 | 3.7 |
| 7. | L- Real estate activities | 7.2 | 8.0 | 7.6 | 7.7 | 10.0 | 9.5 | 9.4 |
| 8. | MN- Professional, administrative and support service activities | 5.3 | 5.4 | 4.7 | 6.1 | 5.4 | 5.5 | 4.8 |
| 9. | OPQ- Public administration, education, human health and social work activities | 13.0 | 11.7 | 11.1 | 10.9 | 13.6 | 11.4 | 11.1 |
| 10. | RST- Other service activities | 3.0 | 1.9 | 1.6 | 2.5 | 2.9 | 1.8 | 1.6 |
| 11. | Sectoral total | 89.3 | 88.8 | 89.3 | 88.2 | 89.0 | 88.8 | 89.1 |
| 12. | Taxes-Subsidies | 10.7 | 11.2 | 10.7 | 11.8 | 11.0 | 11.2 | 10.9 |
| 13. | Gross Domestic Product (Purchaser's Price) | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |

---

\* Based on the statistical classification of economic activities in the European Community, NACE Rev. 2

*Source*: TURKSTAT

In November 2025, the Republic's monthly CPI increased by 0.87% and domestic PPI increased by 0.84% compared to the previous month. In November 2025, the Republic's annual CPI and domestic PPI increased by 31.07% and 27.23%, respectively, as compared to the same month of the previous year.

------

On December 10, 2025, the Government offered an interest rate of 37.72% for its 672-day TL denominated fixed coupon Government Bond, compared to 43.85% for its 602-day TL denominated fixed coupon Government Bond on December 18, 2024.

On December 10, 2025, the Government offered an interest rate of 34.49% for its 1757-day TL denominated fixed coupon bond issuance compared to 34.45% for its 1736-day TL denominated fixed coupon Government Bond on December 11, 2024.

The industrial production index increased by 2.2% in October 2025 compared to the same month of the previous year.

In November 2025, the seasonally adjusted unemployment rate increased by 0.1 percentage points to 8.6% as compared to the previous month. In November 2025, the seasonally adjusted employment rate increased by 0.1 percentage points to 49.2% and the number of employed people increased by 75,000 to 32,737 million. The following table indicates seasonally adjusted unemployment figures for the periods indicated:

---

| | | |
|:---|:---|:---|
| **2025** | **Unemployment<br>Rate**<br> **(%)** | **Unemployment**<br> **(thousands)** |
|  January | 8.5 | 3004 |
|  February | 8.2 | 2896 |
|  March | 8.0 | 2853 |
|  April | 8.6 | 3056 |
|  May | 8.4 | 2996 |
|  June | 8.6 | 3048 |
|  July | 8.2 | 2887 |
|  August | 8.6 | 3059 |
|  September | 8.6 | 3070 |
|  October | 8.5 | 3044 |
|  November | 8.6 | 3098 |

---

*Source*: TURKSTAT

On September 8, 2025 the Medium-Term Program (MTP) for the period covering 2026-2028 was announced. The MTP outlines key economic targets for the upcoming years. According to the MTP, the Turkish government aims to increase GDP growth to 3.3% in 2025, 3.8% in 2026, 4.3% in 2027, and 5% in 2028. Inflation is expected to be 28.5% by the end of 2025, 16% in 2026, 9% in 2027, and 8% in 2028. On the other hand, the budget deficit is projected to be 3.5% of GDP in 2026 and 2.8% at the end of the program period. The unemployment rate is projected to be 8.5% at the end of this year, with a target of 8.4% for 2026, 8.2% for 2027, and 7.8% for 2028.

**TOURISM** 

In 2024, the number of foreign visitors visiting the Republic increased by 6.95% to 52,629,283 people compared to the previous year. In November 2025, the number of foreign visitors visiting the Republic increased by 2.61% to 2,804,911 people compared to the same month in 2024. In the fourth quarter of 2024, tourism revenues increased by 14.5% compared to the same period of 2023 and reached U.S.$13,788,036,000. In 2024, tourism income increased by 8.3% and reached U.S.$61,103,419,000 compared to the previous year. In the third quarter of 2025, tourism income increased by 3.9% compared to the same period of 2024 and reached U.S.$24,257,815,000.

**EMPLOYMENT AND WAGES** 

In 2024, the total civilian employment was 32.620 million and the labor force participation rate was at 54.2%, which represented a 0.9 percentage point increase compared to the previous year. In the third quarter of 2025, the seasonally adjusted total civilian employment was 32.558 million and the seasonally adjusted labor force participation rate was at 53.5% with 0.1 percentage point decrease compared to the previous quarter. In November 2025, the seasonally adjusted total civilian employment was 32.737 million and the seasonally adjusted labor force participation rate was at 53.8% with 0.1 percentage point increase compared to the previous month.

------

On December 23, 2025, Turkish Labor and Social Security Minister Vedat Işıkhan announced that the minimum wage in the Republic for 2026 will be increased by 27% to TL 28,075 from TL 22,104, and that government support for the minimum wage will be increased from TL 1,000 to TL 1,270.

As of November 2025, the total asset value of the Unemployment Insurance Fund amounted to approximately TL 593.660 billion.

As of November 2025, 76.54 % of the Unemployment Insurance Fund was invested in bonds, 23.46% of the assets were held in deposits.

As of December 2025, there were 394 pension funds offered to the public. As of December 30, 2025, the total net asset value of these funds increased to approximately TL 2.151 billion from approximately TL 1.240 billion in December 2024.

**FOREIGN TRADE AND BALANCE OF PAYMENTS** 

In October 2025, the trade balance posted a deficit of U.S.$7.580 billion, with a 27.6% increase compared with October 2024. In October 2025, total goods imported (c.i.f.), including gold imports increased by 7.2% over the same in October 2024, reaching U.S.$31.521 billion. In October 2025, the import of capital goods, which are used in the production of physical capital, increased by 20.2% over the same period in 2024; the import of intermediate goods such as partly finished goods and raw materials, which are used in the production of other goods, increased by 7.3% over the same period in 2024; and the import of consumption goods decreased by 4.3% over the same period in 2024. In October 2025, total goods exported (f.o.b.), increased by 2.0% to U.S.$23.941 billion, as compared to approximately U.S.$23.473 billion during the same period of 2024. As of October 2025, 12 months rolling total exports (f.o.b.) were approximately U.S$270.1 billion. Total exports (f.o.b.) and imports (c.i.f.) for 2024 amounted to U.S.$261.8 billion and U.S.$344.0 billion respectively. According to provisional data, foreign direct investment inflows into Türkiye amounted to U.S.$567 million in October 2025. The following table summarizes the balance of payments of Türkiye for the period indicated:

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| | |
|:---|:---|
|  | **October 2025\*** |
|  | *in millions of U.S.<br>Dollars* |
|  **CURRENT ACCOUNT** | **457** |
|  Trade Balance | -5963 |
|  Goods Exports | 23482 |
|  Goods Imports | 29445 |
|  Services | 7588 |
|  Primary Income | -1132 |
|  Secondary Income | -36 |
|  **CAPITAL ACCOUNT** | **13** |
|  **FINANCIAL ACCOUNT** | **-1073** |
|  Direct Investment: Net acquisition of financial assets | 966 |
|  Direct Investment: Net incurrence of liabilities | 128 |
|  Portfolio Investment: Net acquisition of financial assets | 1204 |
|  Portfolio Investment: Net incurrence of liabilities | 181 |
|  Other Investment: Net acquisition of financial assets | 3354 |
|  Other Investment: Net incurrence of liabilities | 6288 |
|  RESERVE ASSETS | -1610 |
|  **NET ERRORS AND OMISSIONS** | **-3153** |

---

\* Analytic Presentation

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In October 2025, the volume of crude oil imports increased by 21.79% compared to October 2024. In October 2025, natural gas imports increased by 3.86% to 4,104.81 million cubic meters compared to 3,952.22 million cubic meters in October 2024. In October 2025, liquefied petroleum gas imports decreased by 17.01% to 251,262.90 tons compared to 302,766.51 tons in October 2024.

As of November 2025, total gross international reserves were U.S.$183,241 million (compared to U.S.$157,738 million as of November 2024). As of November 2025, gold reserves were U.S.$107,629 million (compared to U.S.$64,920 million as of November 2024) and the Central Bank gross foreign exchange reserves were U.S.$67,956 million as of November 2025 (compared to U.S.$85,416 million as of November 2024).

As of November 2025, the Central Bank reported contingent liabilities in foreign currency, including commercial banks' reserve requirements held at the Central Bank, to be approximately U.S.$62,847 million (compared to approximately U.S.$49,149 million as of November 2024). As of November 2025, the Central Bank reported foreign currency loans, securities and deposits to be approximately U.S.$42,128 million (compared to approximately U.S.$42,769 million as of November 2024).

As of December 29, 2025, the Central Bank held approximately TL 476.26 billion in public sector deposits.

**MONETARY POLICY** 

On November 7, 2025, the CBRT released the fourth Inflation Report of 2025. In this report, the Central Bank stated that the interim inflation targets for 2025, 2026, and 2027 were kept unchanged at 24%, 16%, and 9%, respectively.

On December 29, 2025, the Central Bank foreign exchange buying rate for U.S. Dollars was TL 42.8542 per U.S. Dollar. The following table displays the period-end foreign exchange buying rate of Turkish Lira per U.S. Dollar, euro, and Japanese Yen and against the U.S. Dollar-euro currency basket:

---

| | | |
|:---|:---|:---|
| **Period-End Exchange Rates** | **2024\*\*** | **2024\*\*** |
|  Turkish Lira per U.S. Dollar |  | 35.28 |
|  Turkish Lira per euro |  | 36.74 |
|  Turkish Lira per 100 Japanese Yen |  | 22.49 |
|  Turkish Lira per Currency Basket\* |  | 36.01 |

---

\* The basket consists of U.S.$0.5 and €0.5. 

\*\* As of December 31, 2024.

*Source*: Central Bank

In the most recent Central Bank Monetary Policy Committee (the "**Committee**") meeting on December 11, 2025, the Committee decided to reduce the policy rate (the one-week repo auction rate) from 39.5% to 38%. The Committee also lowered the Central Bank overnight lending rate from 42.5% to 41% and the overnight borrowing rate from 38% to 36.5%. The Committee stated that the tight monetary policy stance, which will be maintained until price stability is achieved, strengthen the disinflation process through demand, exchange rate, and expectation channels. The Committee will determine the policy rate by taking into account realized and expected inflation and its underlying trend in a way to ensure the tightness required by the projected disinflation path in line with the interim targets, with the step size to be reviewed prudently on a meeting-by-meeting basis with a focus on the inflation outlook. Monetary policy stance will be tightened in case of a significant deviation in inflation outlook from the interim targets. The Committee added that in case of unanticipated developments in credit and deposit markets, monetary transmission mechanism would be supported via additional macroprudential measures, and that liquidity conditions would continue to be closely monitored and liquidity management tools would continue to be used effectively. The next meeting of the Committee is scheduled for January 22, 2026.

------

As of December 26, 2025, the Central Bank's international reserve level was approximately U.S.$193.8 billion. The Republic considers both official reserves and external foreign exchange deposits of the banking system and corporations when evaluating the adequacy of all reserve assets held against external liabilities, due to the typical inclination of households and corporations towards foreign exchange deposits in the banking sector. The Central Bank aims to strengthen its international reserves and effectively manage its reserves. However, as a result of the implementation of certain monetary and exchange rate policies, short-term fluctuations can be observed in the level of foreign exchange reserves. Of these policies, banks' use of the foreign exchange and gold swap facilities provided by the Central Bank has been the main cause of temporary fluctuations in the level of foreign exchange reserves. Other factors affecting foreign exchange reserves include changes in foreign exchange and Turkish Lira required reserve ratios, changes in banks' free foreign currency accounts, foreign exchange sales to energy importing state-owned enterprises, foreign debt and other current foreign exchange transactions carried out on behalf of the Ministry of Treasury and Finance, onshore and offshore foreign exchange denominated issuances by the Ministry of Treasury and Finance, and export rediscount credit foreign exchange repayments.

**BANKING SYSTEM** 

As of October 2025, the banking system in the Republic had a capital adequacy ratio of 18.88% and a relatively low non-performing loan ratio of 2.39%.

As of October 2025, the loan to deposit ratio and return on average assets of the banking sector were 88.21% and 2.38%, respectively.

With its decision dated November 27, 2025 (published in the Official Gazette dated December 5, 2025), the BRSA granted an operating license to Hayhay Finansman A.Ş., which was granted an establishment license pursuant to the Board's Decision dated November 27, 2025.

**PUBLIC FINANCE AND BUDGET** 

From January to November 2025, the Central Government consolidated budget expenditures were approximately TL 12,842.57 billion (compared to approximately TL 9,070.22 billion in the same period in 2024), the Central Government consolidated budget revenues were approximately TL 11,571.58 billion (compared to approximately TL 7,793.28 billion in 2024), the Central Government consolidated budget deficit was approximately TL 1,270.99 billion (compared to a deficit of approximately TL 1,276.93 billion in 2024), and the Central Government consolidated budget primary surplus was approximately TL 666.72 billion (compared to a deficit of approximately TL 81.73 billion in 2024).

In November 2025, the Central Government consolidated budget expenditures were approximately TL 1,250.10 billion (compared to approximately TL 956.11 billion during the same month of 2024), the Central Government consolidated budget revenues were approximately TL 1,419.59 billion (compared to approximately TL 939.46 billion during the same month of 2024), the Central Government consolidated budget surplus was approximately TL 169.49 billion (compared to a deficit of approximately TL 16.65 billion during the same month of 2024), and the Central Government consolidated budget primary surplus was approximately TL 287.41 billion (compared to a surplus of approximately TL 129.65 billion during the same month of 2024).

On December 31, 2025, the 2026 Central Government Budget Law was published in the Official Gazette No. 33124. According to the 2026 Central Government Budget Law, the general budget expenditures and revenues for 2026 are forecasted to be TL 18,801,514,833,000 and TL 16,082,032,487,000 respectively.

------

The following table sets forth the details of the Central Government budget for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2023** | **2024 (January-<br>December<br>Cumulative)** | **2025 (November)** |
|  **Budget Expenditures** | **2942748** | **6588016** | **10780614** | **1250103** |
|  **1-Excluding Interest** | **2631845** | **5913401** | **9510159** | **1132181** |
|  Compensation of Employees | 615296 | 1324584 | 2666027 | **326745** |
|  Social Security Contributions | 96864 | 185783 | 332217 | **39379** |
|  Purchase of Goods and Services | 257660 | 453895 | 747046 | **103943** |
|  Current Transfers | 1126363 | 2373847 | 3863915 | **451579** |
|  Capital Expenditures | 276896 | 544011 | 944083 | **113800** |
|  Capital Transfers | 48822 | 858256 | 640357 | **67139** |
|  Lending | 209944 | 173025 | 316513 | **29595** |
|  **2-Interest** | **310903** | **674615** | **1270455** | **117922** |
|  **Budget Revenues** | **2800088** | **5207566** | **8672832** | **1419589** |
|  **1-General Budget Revenues** | **2738809** | **5097258** | **8443014** | **1391109** |
|  Taxes | 2353438 | 4501109 | 7305279 | **1272481** |
|  Property Income | 104705 | 133137 | 135666 | **15827** |
|  Grants and Aids and Special Revenues | 28000 | 24987 | 165866 | **6834** |
|  Interest, Shares and Fines | 237727 | 413162 | 792085 | **94391** |
|  Capital Revenues | 12357 | 17507 | 32390 | **1515** |
|  Collections from Loans | 2583 | 7356 | 11727 | **60** |
|  **2-Special Budget Institutions** | **48430** | **85135** | **185839** | **24006** |
|  **3-Regularity & Supervisory Institutions** | **12849** | **25174** | **43979** | **4474** |
|  **Budget Balance** | **-142660** | **-1380450** | **-2107782** | **169486** |
|  **Balance Excluding Interest** | **168243** | **-705835** | **-837327** | **287408** |

---

*Source*: Ministry of Treasury and Finance

According to the Medium Term Program covering the period 2025-2027, primary surplus/GDP projections are 0% for 2025, 0.3% for 2026 and 0.6% for 2027.

**PRIVATIZATION** 

As of December 30, 2025, the privatization implementations of Türkiye amounted to approximately U.S.$121.7 million in 2024 and approximately U.S.$1.904 billion in 2025.

Total privatization proceeds realized by the Turkish Privatization Administration since 1986 amounted to approximately U.S.$73.51 billion as of December 30, 2025.

**DEBT** 

As of November 2025, the average maturity of the Republic's domestic cash borrowing was 33.3 months, as compared to 48.0 months as of November 2024. The average annual interest rate on domestic cash borrowing (including discounted treasury bills/government bonds) on a compounded basis was 38.86% as of November 2025, compared to 38.01% as of November 2024.

------

The total gross outstanding external debt of the Republic was approximately U.S.$547,698 million (at then- current exchange rates) at the end of the second quarter of 2025. The following table summarizes the gross external debt profile of the Republic (at period end):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross External Debt Profile (in millions of U.S. Dollars)** | **2024<br>Q1** | **2024<br>Q2** | **2024<br>Q3** | **2024<br>Q4** | **2025<br>Q1** | **2025<br>Q2** |
|  GROSS EXTERNAL DEBT | 494407 | 505530 | 518506 | 517391 | 522985 | 547698 |
|  SHORT-TERM | 173918 | 178613 | 177599 | 180093 | 174769 | 172937 |
|  Public Sector | 39233 | 39998 | 42879 | 43726 | 44396 | 42465 |
|  Central Bank | 46158 | 44691 | 38367 | 34701 | 30096 | 29335 |
|  Private Sector | 88527 | 93924 | 96353 | 101666 | 100277 | 101137 |
|  LONG-TERM | 320489 | 326917 | 340.907 | 337.298 | 348.216 | 374761 |
|  Public Sector | 169.523 | 172.776 | 180.371 | 176.416 | 176.519 | 185839 |
|  Central Bank | 0 | 0 | 0 | 0 | 0 | 0 |
|  Private Sector | 150.966 | 154.141 | 160.535 | 160.881 | 171.697 | 188922 |

---

*Source*: Ministry of Treasury and Finance

The Republic's EU-defined general government gross debt to GDP ratio was 24.1% in the second quarter of 2025. The Republic also maintains a large cash balance to cover its financing needs. As of December 29, 2025, the Republic's cash account with CBRT was approximately TL 958,4 billion.

**SUMMARY OF KEY ECONOMIC INDICATORS** 

The following table summarizes the key economic indicators of Türkiye for the periods indicated:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |  |
|  Nominal GDP (in billions of TL) | 5142 | 7434 | 15326 | 27091 | 44587 | 17425 | \*\* |
|  Real GDP Growth (%) | 1.8 | 11.8 | 5.4 | 5.0 | 3.3 | 3.7 | \*\* |
|  Unemployment (%) | 13.1 | 12.0 | 10.4 | 9.4 | 8.7 | 8.6 | \*\*\*\* |
|  Consumer Price Index (%) | 14.60 | 36.08 | 64.27 | 64.77 | 44.38 | 31.07 | \*\*\*\* |
|  Domestic Producer Price Index (%) | 25.15 | 79.89 | 97.72 | 44.22 | 28.52 | 27.23 | \*\*\*\* |
|  Current Account Balance (in millions of U.S.$) | -30980 | -6221 | -46283 | -41469 | -10457 | 457 | \*\*\* |
|  Central Government External Debt Stock (in millions of U.S.$) | 102317 | 109732 | 113715 | 119607 | 121785 | 126889 | \*\*\*\* |
|  Public Sector Borrowing Requirement/GDP (%) | 3.93 | 2.54 | 2.38 | 5.62 | 5.8 \* | 3.5 | † |

---

\* 2026-2028 Medium Term Program.

\*\* As of Q3.

\*\*\* As of October 2025.

\*\*\*\* As of November 2025. Unemployment data for November 2025 is seasonally adjusted.

† Provisional.

*Sources*: TURKSTAT, Central Bank, Ministry of Treasury and Finance

From October 23, 2025 to December 30, 2025, the İstanbul Stock Exchange National 100 Index increased by 5.77%.

## Ex-99.H

**Exhibit H** 

REPUBLIC OF TÜRKİYE

MINISTRY OF TREASURY AND FINANCE

Chief Legal Advisory and Directorate General of Trials

The Republic of Türkiye

Ministry of Treasury and Finance

Ankara/TÜRKİYE

January 14, 2026

Re: The Republic of Türkiye<u> </u>

<u>Registration Statement No.</u> <u>333-275976</u>

Ladies and Gentlemen:

I, Chief Legal Advisor and Director General of Trials, Ministry of Treasury and Finance, the Republic of Türkiye, have reviewed the above-referenced Registration Statement (the "Registration Statement"), the Prospectus dated April 19, 2024 (the "Prospectus"), the Prospectus Supplement dated January 7, 2026 (the "Prospectus Supplement"), the Fiscal Agency Agreement dated as of March 23, 2015, as amended by Amendment No. 1 dated March 15, 2017, between the Republic of Türkiye (the "Republic") and The Bank of New York Mellon (the "Fiscal Agency Agreement"), and the Underwriting Agreement dated as of January 7, 2026 (the "Underwriting Agreement") by and among the Republic, Abu Dhabi Commercial Bank PJSC, BNP PARIBAS, Citigroup Global Markets Limited, Goldman Sachs International and Standard Chartered Bank, pursuant to which the Republic has issued and offered for sale 6.300% notes due March 14, 2033 (the "2033 Notes") in the aggregate principal amount of $2,000,000,000 and 6.875% notes due January 14, 2038 in the aggregate principal amount of $1,500,000,000 (collectively with the 2033 Notes, the "Notes").

The issuance of the Notes has been authorized pursuant to the provisions of Articles 4 and 7 of the Law Regarding the Regulation of Public Finance and Debt Management of the Republic (Law No. 4749).

It is my opinion that the Notes have been duly authorized and when duly executed and delivered by the Republic, authenticated in accordance with the Fiscal Agency Agreement and delivered by and paid for in accordance with the terms of the Underwriting Agreement, will constitute valid and legally binding obligations of the Republic under and with respect to the present laws of the Republic.

I consent to the filing of this opinion as an exhibit to the Annual Report of the Republic of Türkiye on Form 18-K and to the use of my name and the making of statements with respect to me which are set forth under the caption "Validity of the Securities" in the Prospectus forming a part of the Registration Statement, and appearing under the caption "Legal Matters" in the Prospectus Supplement forming a part of the Registration Statement.

[Signature Page Follows]

------

---

| |
|:---|
| Very truly yours, |
| /s/ Hakan GÜZEL |
| Hakan GÜZEL |
| Chief Legal Advisor and Director General of Trials |
| Ministry of Treasury and Finance |
| The Republic of Türkiye |

---

[*Signature Page to the Turkish Validity Opinion*]

## Ex-99.I

**Exhibit I**![LOGO](g52712g27k96.jpg)

January 14, 2026

Republic of Türkiye

Ministry of Treasury and Finance

General Directorate of Public Finance

Saray Mah. Dr. Adnan Büyükdeniz Cad.

No:8 Kat 5, Ümraniye

İstanbul 34768 Türkiye

Ladies and Gentlemen:

We have acted as special United States counsel for the Republic of Türkiye (the "Republic") in connection with the issuance and offering for sale (the "Offering") of U.S.$2,000,000,000 principal amount of the Republic's 6.300% notes due March 14, 2033 (the "2033 Notes") and $1,500,000,000 principal amount of the Republic's 6.875% notes due January 14, 2038 (the "2038 Notes" and, collectively with the 2033 Notes, the "Notes") in the form of a takedown from the Republic's Registration Statement No. 333-275976 under Schedule B (the "Registration Statement"). In connection with the Offering we have reviewed the Registration Statement, the Prospectus dated April 19, 2024 (the "Prospectus"), the Prospectus Supplement dated January 7, 2026 (the "Prospectus Supplement"), the Fiscal Agency Agreement dated as of March 23, 2015, between the Republic and The Bank of New York Mellon, as amended by Amendment No. 1 dated March 15, 2017 (the "Fiscal Agency Agreement"), and the Underwriting Agreement, dated as of January 7, 2026 (the "Underwriting Agreement"), by and among the Republic and Abu Dhabi Commercial Bank PJSC, BNP PARIBAS, Citigroup Global Markets Limited, Goldman Sachs International and Standard Chartered Bank.

It is our opinion that, assuming due authorization, execution and delivery by the Republic, the Notes, when duly authenticated in accordance with the terms of the Fiscal Agency Agreement and delivered and paid for in accordance with the terms of the Underwriting Agreement, will constitute valid and binding obligations of the Republic under the laws of the State of New York.

Insofar as the opinion set forth herein relates to matters of the law of the Republic, we have relied upon the opinion of the Chief Legal Advisor and Director General of Trials, Ministry of Treasury and Finance, Republic of Türkiye, dated of even date herewith, and our opinion herein is subject to any and all exceptions and reservations set forth therein.

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| | |
|:---|:---|
| ![LOGO](g52712g0113205454397.jpg)  | **Arnold & Porter Kaye Scholer LLP**<br> 250 West 55th Street **\|** New York, NY 10019-9710 **\| www.arnoldporter.com** |

---

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![LOGO](g52712g01j38.jpg)

Republic of Türkiye

January 14, 2026

We consent to the filing of this opinion as an exhibit to the Annual Report of the Republic of Türkiye on Form 18-K and to the references to our firm appearing under the caption "Validity of the Securities" in the Prospectus forming a part of the Registration Statement, and appearing under the caption "Legal Matters" in the Prospectus Supplement forming a part of the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the United States Securities and Exchange Commission.

---

| |
|:---|
| Very truly yours, |
| /s/Arnold & Porter Kaye Scholer LLP |

---

## Ex-99.J

**Exhibit J** 

**The Republic of Türkiye** 

**Underwriting Agreement** 

Abu Dhabi Commercial Bank PJSC

Head Office Building

Sheikh Zayed bin Sultan Street

P.O. Box 939

Abu Dhabi

United Arab Emirates

BNP PARIBAS

16, boulevard des Italiens

75009 Paris

France

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Goldman Sachs International

Plumtree Court

25 Shoe Lane

London EC4A 4AU

United Kingdom

Standard Chartered Bank

7th Floor Building One, Gate Precinct

Dubai International Financial Centre

P. O. Box 999

Dubai

United Arab Emirates

The Republic of Türkiye ("**The Republic**" or the "**State**") acting by and through its Minister of Treasury and Finance, proposes to sell to the underwriters named in Schedule II hereto (the "**Underwriters**"), for whom you (the "**Representatives**") are acting as representatives, the principal amount of its securities identified in Schedule I hereto (the "**Securities**"), to be issued under a fiscal agency agreement identified in Schedule I hereto (the "**Fiscal Agency Agreement**") between The Republic and the fiscal agent identified in Schedule I hereto (the "**Fiscal Agent**"). If the firm or firms listed in Schedule II hereto include only the firm or firms listed in Schedule I hereto, then the terms "Underwriters" and "Representatives", as used herein, shall each be deemed to refer to such firm or firms.

------

1. <u>Representations and Warranties</u>. The Republic represents and warrants to, and agrees with, each
Underwriter as set forth below in this Section 1, including any affiliate acting on their behalf in connection with this transaction. Certain terms used in this Agreement are defined in paragraph (r) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic meets the requirements for use of Schedule B under the Securities Act of 1933 (the
" **Act** "), is a "seasoned foreign government" within the meaning of the Release and has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement (the file number of
which is set forth in Schedule I hereto), including a form of Base Prospectus, for registration under the Act of the offering and sale of the Securities. The Republic may have filed with the Commission one or more amendments to such registration
statement, and may have used a Preliminary Prospectus, each of which has previously been furnished to the Representatives. Such registration statement, as so amended, initially became effective on April 19, 2024. At the time and to the extent
required under the Act, The Republic will file a new shelf registration statement relating to the Securities, in a form satisfactory to the Representatives, will use its best efforts to cause such registration statement to be declared effective
within 180 days of filing, and will take all other action necessary or appropriate to permit the public offering and sale of the Securities, including any Securities that remain unsold by the Underwriters, to continue as contemplated in the
registration statement relating to such Securities.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the earliest time after the filing of the Registration Statement that The Republic or another offering
participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the date hereof, The Republic was not and is not an "ineligible issuer," as defined in Rule 405,
without taking into account any determination by the Commission pursuant to Rule 405 that it is not necessary that The Republic be considered an "ineligible issuer." Although the Base Prospectus may not include all the information with
respect to the Securities and the offering thereof required by the Act and the rules thereunder to be included in the Final Prospectus, the Base Prospectus includes all such information required by the Act and the rules thereunder as applicable
pursuant to the Release to be included therein as of the Effective Date. The Republic will hereafter file with the Commission pursuant to the Release and Rule 415 and 424(b)(2) or (5) either (x) a final supplement to the Base Prospectus, or
(y) an amendment to such registration statement, including such final prospectus supplement. In the case of clause (x), The Republic has included in such registration statement, as amended at the most recent Effective Date, the information
required for making such a filing pursuant to the Release. As filed, such final prospectus supplement or such amendment and final prospectus supplement shall include all such required information with respect to the Securities and the offering
thereof and, except to the extent the Representatives shall agree in writing to any modification thereof, shall be in all substantive respects in the form furnished to the Representatives prior to the Execution Time or, to the extent not completed
at the Execution Time, shall be in such form with only such specific additional information and other changes (beyond that contained in the Base Prospectus and any Preliminary Prospectus) as The Republic has advised the Representatives, prior to the
Execution Time, will be included or made therein and to which the Representatives shall have agreed.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Effective Date, the Registration Statement did or will, and, when the Final Prospectus is first filed
(if required) in accordance with Rule 424(b) and on the Closing Date, the Final Prospectus (as supplemented in the case of the Closing Date) will, comply in all material respects with the applicable requirements of the Act, the rules thereunder and
the Release; on the Effective Date, the Registration Statement did not or will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein
not misleading; and, on the Effective Date, the Final Prospectus, if not filed pursuant to Rule 424(b), did not or will not, and, on the date of any filing pursuant to Rule 424(b) and on the Closing Date, the Final Prospectus (as supplemented in the
case of the Closing Date) will not, include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; as
of the Applicable Time, neither (i) the Republic General Free Writing Prospectus(es) issued at or prior to the Applicable Time, the Statutory Prospectus and the pricing term sheet attached as Schedule IV hereto, together with the expected
ratings of the Securities set forth in the preliminary prospectus supplement filed with the Commission on January 7, 2026, with an effective filing date of January 7, 2026 all considered together (collectively, the "**General Disclosure Package** "), nor (ii) any individual Republic Limited-Use Free Writing Prospectus, when considered together with the General Disclosure Package, included any untrue statement of a
material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading provided, however, that The Republic makes no representations or
warranties as to the information contained in or omitted from the Registration Statement or the Final Prospectus (or any supplement thereto) in reliance upon and in conformity with information furnished in writing to The Republic by or on behalf of
any Underwriter through the Representatives specifically for inclusion in the Registration Statement or the Final Prospectus (or any supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Republic Free Writing Prospectus, as of its issue date and at all subsequent times through the completion
of the public offer and sale of the Securities or until any earlier date that The Republic notified or notifies the Representatives as described in the next sentence, did not, does not and will not include any information that conflicted, conflicts
or will conflict with the information contained in the Registration Statement, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof that has not been superseded or modified. If at any
time following issuance of a Republic Free Writing Prospectus there occurred or occurs an event or development as a result of which such Republic Free Writing Prospectus conflicted or would conflict with the information contained in the Registration

------

Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, The Republic has promptly notified or will promptly notify the Representatives and has promptly amended or will promptly amend or supplement, as its own expense, such Republic Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission; <u>provided</u>, <u>however</u>, that The Republic makes no representations or warranties as to the information contained in or omitted from any Republic Free Writing Prospectus based upon and in conformity with written information furnished to the Republic by or on behalf of any Underwriter through the Representatives specifically for inclusion in such Republic Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The issuance and sale of the Securities have been duly authorized, and when duly executed, authenticated,
issued and delivered as provided in the Fiscal Agency Agreement and paid for in accordance with the terms hereof, will be duly and validly issued and outstanding, and will constitute valid and binding obligations of The Republic for the payment and
performance of which the full faith and credit of The Republic will be pledged; the Securities will constitute direct, general, unconditional and unsubordinated public External Indebtedness (as defined in the Securities) of The Republic for which
the full faith and credit of the Republic is pledged. The Securities rank and will rank without any preference among themselves and equally with all other unsubordinated public External Indebtedness of the republic. It is understood that this
provision shall not be construed so as to require the Republic to make payment under the Securities ratably with payments being made under any other public External Indebtedness; and the Securities, when issued and delivered, will conform to the
description thereof contained in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Republic is a member of the International Monetary Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All necessary action by or on behalf of The Republic has been taken and any necessary authorizations, approvals
or consents required under the laws of The Republic have been or will, by the Closing Date, be duly obtained, and are or will, by the Closing Date, be in full force and effect, for the authorization, execution and delivery of this Agreement, the
Fiscal Agency Agreement, the distribution of any prospectus or other offering materials and for the issuance and sale of Securities by The Republic under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The obligations of The Republic under this Agreement, the Fiscal Agency Agreement and the Securities are legal
and valid obligations binding on The Republic in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The issuance and sale of the Securities and the execution, delivery and performance of this Agreement, the
Fiscal Agency Agreement and the Securities by The Republic do not and will not (i) violate any treaty, convention, law, decree, regulation, communiqué, ordinance or similar enactment that applies to The Republic or any of The
Republic's property or (ii) violate any decision or judgment of any court or other tribunal or regulatory authority or any arbitral award in each case binding on The Republic or any of The Republic's properties or (iii) violate
or contravene, conflict with or result in a breach of any existing agreement or other instrument to which The Republic is a party or which is binding on The Republic or any of The Republic's properties or (iv) result in the creation or
imposition of any lien upon any of the present or future revenues or assets of The Republic.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No litigation or administrative proceeding is pending or, to its knowledge, threatened against or affecting it
(i) in which there is a reasonable possibility of an adverse decision which would materially affect its ability to perform its obligations in respect of this Agreement, the Fiscal Agency Agreement or the Securities or (ii) which questions
the legality, validity or binding effect of any material provision of this Agreement, the Fiscal Agency Agreement or the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Article 30 of the Corporation Tax Law of The Republic (Law No. 5520) (the "**Corporation Tax Law**") requires The Republic to withhold 15% (fifteen percent) withholding tax from the interest on the Securities received by limited tax liability persons, being legal entities resident outside The Republic. Article 94 of the Income Tax
Law (Law No. 193) (the "**Income Tax Law**") requires The Republic to withhold 25% (twenty-five percent) withholding tax from the interest on the Securities received by limited tax liability persons, being individuals resident
outside the Republic. However, according to Temporary Article 67 of the Income Tax Law, as a result of the decrees of the Council of Ministers of The Republic (Decree Nos. 2009/14593 and 2009/14592) as currently in effect, such Turkish withholding
taxes have been reduced to 0%. Furthermore, according to Article 15(b) of the Law Regarding the Regulation of Public Finance and Debt Management (Law No. 4749) (the "**Law No. 4749** "), the principal amount of
the Securities and the interest thereon on each interest payment date shall be considered part of the consolidated debt of the State and as a result shall be exempt from any and all Turkish taxes, including withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Republic and its affiliated purchasers (as defined in Regulation M under the Securities Exchange Act of
1934, as amended ()"**Regulation M** ")) (other than the Representatives, as to which The Republic makes no representation), have not taken and will not take, directly or indirectly, any action prohibited by Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Under the laws of Türkiye, The Republic is subject to civil and commercial law with respect to its
obligations under the Securities, this Agreement, and the Fiscal Agency Agreement and the issue, sale and delivery of the Securities and the execution, delivery and performance by The Republic of its obligations under this Agreement, the Fiscal
Agency Agreement and the Securities constitute, and The Republic's exercise of its rights and performance of any and all of its payment obligations here or thereunder will constitute, private and commercial acts rather than governmental or
public acts. The Republic hereby irrevocably waives, to the fullest extent permitted by law, with respect to any of its property, any right of immunity (sovereign or otherwise) from the jurisdiction of courts, suit, execution upon a judgment, from
attachment prior to judgment or in aid of execution upon a judgment or any other legal process with respect to its obligations under this Agreement, the Fiscal Agency Agreement or the Securities, and such waiver is effective and fully enforceable
under the laws of The Republic, except that under the laws of The Republic, assets of The Republic are immune from attachment or other forms of execution, whether before or after judgment. Notwithstanding the foregoing, no such waiver of immunity
shall be interpreted to include actions brought under the United States federal securities laws or any securities laws of any state of the United States.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Securities are backed by the full faith and credit of The Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Republic is a "foreign government" within the meaning of Rule 3b-4 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Neither The Republic, nor any person acting on its behalf (other than the Underwriters, as to whom The Republic
makes no representation) has engaged or will engage in any directed selling efforts, within the meaning of Rule 902(c)(1) of Regulation S under the Securities Act, with respect to the Securities that are not registered by The Republic under the
registration statement referred to in subsection 1(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (i) Neither the Republic nor, to the best of The Republic's knowledge and belief, any official or agent
of The Republic is an individual or entity ()"**Person**") currently the subject or target of any sanctions administered or enforced by the United States Government (including, without limitation, by the U.S. Department of the
Treasury's Office of Foreign Assets Control, the U.S. Department of Commerce, the U.S. Department of State), the United Nations Security Council, the European Union, the United Kingdom, or other relevant sanctions authority (collectively,
" **Sanctions** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute
or otherwise make available such proceeds to any other Person, (a) to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or (b) in any other
manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; provided that the undertakings in (i) and (ii) are only sought
and given to the extent that to do so does not result in any violation of (A) Regulation (EC) 2271/96, any associated and applicable national law, instrument or regulation related thereto, (B) any similar blocking or anti-boycott law in
the United Kingdom or (C) in the case of an Underwriter incorporated or organised under the laws of the Federal Republic of Germany, Section 7 of the German Foreign Trade Ordinance (*Au ß enwirtschaftsverordnung*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The terms which follow, when used in this Agreement, shall have the meanings indicated.

"**Applicable Time**" shall mean 5:06 p.m. New York City time on the date of this Agreement.

"**Bail-in Legislation**" means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.

------

"**Bail-in Powers**" means any Write-down and Conversion Powers as defined in relation to the relevant Bail-in Legislation.

"**Base Prospectus**" shall mean the prospectus referred to in paragraph (a) above contained in the Registration Statement at the Effective Date.

"**BRRD**" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended.

"**BRRD Party**" means any party to this Agreement subject to the Bail-in Legislation.

"**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**Effective Date**" shall mean each date that the Registration Statement and any post- effective amendment or amendments thereto became or becomes effective and each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2).

"**EU Bail-in Legislation Schedule**" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/.

"**Execution Time**" shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

"**Final Prospectus**" shall mean the prospectus supplement relating to the Securities that is first filed pursuant to Rule 424(b) after the Execution Time, together with the Base Prospectus or, if no filing pursuant to Rule 424(b) is required, shall mean the form of final prospectus relating to the Securities, including the Base Prospectus, included in the Registration Statement at the Effective Date.

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"**Preliminary Prospectus**" shall mean the preliminary prospectus supplement to the Base Prospectus which describes the Securities and the offering thereof filed with the Commission at 1.32 p.m. New York City time, on January 7, 2026.

"**Registration Statement**" shall mean the registration statement referred to in paragraph (a) above, as amended at the Execution Time (or, if not effective at the Execution Time, in the form in which it shall become effective) and, in the event any post-effective amendment thereto becomes effective prior to the Closing Date (as hereinafter defined), shall also mean such registration statement as so amended. Such term shall include any Rule 430B Information deemed to be included therein at the Effective Date as provided by Rule 430B. References to the "Registration Statement" shall include any new shelf registration statement relating to the Securities which is filed prior to the completion of the offering of these Securities.

"**Release**" shall mean Release No. 33-6424 under the Act relating to delayed offerings by foreign governments or political subdivisions thereof.

"**Relevant Resolution Authority**" means the resolution authority with the ability to exercise any Bail-in Powers in relation to the relevant BRRD Party.

"**Republic Free Writing Prospectus**" shall mean any "issuer free writing prospectus," as defined in Rule 433, relating to the Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in The Republic's records pursuant to Rule 433(g).

"**Republic General Free Writing Prospectus**" shall mean any Republic Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its being specified in Schedule III hereto.

"**Republic Limited-Use Free Writing Prospectus**" shall mean any Republic Free Writing Prospectus that is not a Republic General Free Writing Prospectus.

"**Rule 415**", "**Rule 424**" and "**Rule 430B**" refer to such rules under the Act as applicable to registration statements subject to Schedule B under the Act in accordance with the Release and, to the extent any such rule is not directly applicable, means the provisions thereunder as made applicable by the Release.

"**Rule 430B Information**" means information with respect to the Securities and the offering thereof permitted to be omitted from the Registration Statement when it becomes effective pursuant to Rule 430B.

"**Statutory Prospectus**" as of any time shall mean the prospectus relating to the Securities that is included in the Registration Statement immediately prior to that time, including any document incorporated by reference therein and any prospectus supplement or preliminary prospectus supplement deemed to be a part thereof. For purposes of this definition, information contained in a form of prospectus that is deemed retroactively to be a part of the Registration Statement pursuant to Rule 430B shall be considered to be included in the Statutory Prospectus as of the actual time that form of prospectus is filed with the Commission pursuant to Rule 424(b).

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"**UK Bail-in Legislation**" means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**UK Bail-in Liability**" means a liability in respect of which the UK Bail-in Powers may be exercised.

"**UK Bail-in Powers**" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

"**UK BRRD Party**" means any party to this Agreement that is subject to the UK Bail-in Powers.

"**U.S. Special Resolution Regime**" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

2. <u>Purchase and Sale</u>. Subject to the terms and conditions and in reliance upon the representations and
warranties herein set forth, The Republic agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from The Republic, at the purchase price set forth in Schedule I hereto the principal amount of the
Securities set forth opposite such Underwriter's name in Schedule II hereto.

3. <u>Delivery and Payment</u>. Delivery of and payment for the Securities shall be made on the date and at the
time specified in Schedule I hereto (or such later date or time not later than five business days after such specified date on such date and at such time as the Representatives shall designate), which date and time may be postponed by agreement
between the Representatives and The Republic or as provided in Section 10 hereof (such date and time of delivery and payment for the Securities being herein called the "**Closing Date** "). Delivery of the Securities shall be made
to the Representatives for the respective accounts of the several Underwriters against payment by the several Underwriters through the Representatives of the purchase price thereof to or upon the order of The Republic by official bank check or wire
transfer payable in immediately available funds. Delivery of and payment for the Securities shall be made at the location specified in Schedule I hereto or as the Representatives shall reasonably designate otherwise at least one business day in
advance of the Closing Date. Certificates for the Securities shall be in fully registered form and shall be registered in such names and in such denominations as the Representatives may request not less than three full business days in advance of
the Closing Date.

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Upon the request of the Representatives, The Republic agrees to have the Securities available for inspection, checking and any packaging by the Representatives in New York, New York, not later than 1:00 p.m. on the business day prior to the Closing Date.

4. Solely for the purposes of the requirements of Article 9(8) of the MIFID Product Governance rules under EU
Delegated Directive 2017/593 (the "**Product Governance Rules**") regarding the mutual responsibilities of manufacturers under the Product Governance Rules, Goldman Sachs International (the "**EU Manufacturer** ")
acknowledges that it understands the responsibilities conferred upon it under the Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Securities and
the related information set out in the prospectus supplement in connection with the Notes. Each of the Republic, Abu Dhabi Commercial Bank PJSC, BNP PARIBAS, Citigroup Global Markets Limited and Standard Chartered Bank notes the application of the
Product Governance Rules and acknowledges the target market and distribution channels identified as applying to the Securities by the EU Manufacturer and the related information set out in the prospectus supplement in connection with the Notes.

5. Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules, each of BNP PARIBAS, Citigroup Global Markets Limited, Goldman
Sachs International and Standard Chartered Bank (the "**UK Manufacturers**") understands the responsibilities conferred upon it under the UK MiFIR Product Governance Rules relating to each of the product approval process, the target
market and the proposed distribution channels as applying to the Securities and the related information set out in the prospectus supplement in connection with the Notes. Each of the Republic and Abu Dhabi Commercial Bank PJSC notes the application
of the UK MiFIR Product Governance Rules and acknowledges the target market and distribution channels identified as applying to the Securities by the UK Manufacturers and the related information set out in the prospectus supplement in connection
with the Notes.

6. <u>Agreements</u>. The Republic agrees with the several Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic will use its best efforts to cause the Registration Statement, if not effective at the Execution
Time, and any amendment thereto, to become effective as soon as reasonably practicable thereafter. Prior to the termination of the offering of the Securities, The Republic will not file any amendment of the Registration Statement or supplement
(including the Final Prospectus or any Preliminary Prospectus) to the Base Prospectus unless The Republic has furnished the Representatives a copy for their review prior to filing and will not file any such proposed amendment or supplement to which
the Representatives reasonably object, unless The Republic is otherwise advised by its U.S. counsel that such filing is required under the Act. Subject to the foregoing sentence, The Republic will cause the Final Prospectus, properly completed, and
any supplement thereto to be filed with the Commission pursuant to the applicable paragraph of Rule 424(b) within the time period prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Republic will
promptly advise the Representatives (i) when the Registration Statement, if not effective at the Execution Time, and any amendment thereto, shall have

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become effective, (ii) when the Final Prospectus, and any supplement thereto, shall have been filed with the Commission pursuant to Rule 424(b), (iii) when, prior to termination of the offering of the Securities, any amendment to the Registration Statement shall have been filed or become effective, (iv) of any request by the Commission for any amendment of the Registration Statement or supplement to the Final Prospectus or for any additional information, (v) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution or threatening of any proceeding for that purpose and (vi) of the receipt by The Republic of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. The Republic will use its best efforts to prevent the issuance of any such stop order or the suspension of any such qualification and, if issued or suspended, to obtain as soon as possible the withdrawal thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at any time when a prospectus relating to the Securities is required to be delivered under the Act, any
event occurs as a result of which the Final Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under
which they were made not misleading, or if it shall be necessary to amend the Registration Statement or supplement the Final Prospectus to comply with the Act or the respective rules thereunder, The Republic promptly will (i) prepare and file
with the Commission, subject to the second sentence of paragraph (a) of this Section 6, an amendment or supplement which will correct such statement or omission or effect such compliance and (ii) supply any supplemented Final
Prospectus to the Representatives in such quantities as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The prospectus to be submitted for admission for listing on the Official List of the Luxembourg Stock Exchange
will contain all information which, according to the particular nature of The Republic and of the Securities being offered to the public or admitted to trading on a regulated market, is necessary to enable investors to make an informed assessment of
the assets and liabilities, financial position, profit and losses, and prospects of The Republic, and of the rights attaching to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as practicable, The Republic will make generally available to the holders of the Securities in the
United States and to the Representatives a statement in reasonable detail in the English language of the revenues and expenditures of The Republic covering the first full fiscal year of The Republic commencing after the date of this Agreement, which
will satisfy the provisions of Section 11(a) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic will furnish to the Representatives and counsel for the Underwriters, without charge, copies of
the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by an Underwriter or dealer may be required by the Act, as many copies of any Preliminary Prospectus, Republic Free Writing Prospectus and the Final
Prospectus and any supplement thereto as the Representatives may reasonably request. The Republic will pay the expenses of printing or other production of all documents relating to the offering of Securities pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Republic will endeavour to qualify the Securities for sale under the laws of such jurisdictions as the
Representatives may designate, will maintain such qualifications in effect so long as required for the distribution of the Securities, provided that The Republic shall not be required to take any action which would subject it to general or unlimited
service of process in any jurisdiction, and will arrange for the determination of the legality of the Securities for purchase by institutional investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subject to a limit on total expenses as may otherwise have been agreed in writing between The Republic and the
Representatives, The Republic shall pay all costs and expenses incident to the performance of its obligations hereunder, including without limiting the generality of the foregoing, (i) all costs and expenses, including any tax, incident to the
preparation, engraving, issuance, execution, authentication and delivery of the Securities, including the fees and expenses of the Fiscal Agent, (ii) all costs and expenses incident to the preparing, printing and filing under the Act of the
Registration Statement, the Base Prospectus, the Final Prospectus, any Republic Free Writing Prospectus and any preliminary prospectus (including in each case all exhibits, amendments and supplements thereto) (iii) all costs and expenses
incurred in accordance with paragraph (e) above in connection with the registration or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Underwriters may designate
(including fees of United States counsel for the Underwriters and their disbursements), (iv) all costs and expenses related to the eligibility and acceptance of the Securities for deposit with The Depository Trust Company (including fees of counsel
to The Republic and/or the Underwriters and their disbursements in connection therewith), (v) any fees and expenses in connection with the listing and registration of the Securities if so listed and registered, (vi) all costs and expenses in
connection with the printing (including word processing and duplication costs) and delivery of this Agreement, the Fiscal Agency Agreement, the Preliminary and Supplemental Blue Sky Memoranda and the furnishing to the Underwriters and dealers of
copies of the Registration Statement and the Prospectus, including mailing and shipping, as herein provided, (vii) any fees payable to rating agencies in connection with the rating of the securities, (viii) costs and expenses of
advertising, (ix) all costs of travel and other expenses related to investor presentations (excluding travel expenses of the Representatives but including the costs of presentations, room rentals and other similar expenses) and (x) any fee
of the Financial Industry Regulatory Authority, Inc., in connection with its review of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To pay the Underwriters on the Closing Date the amount specified in Schedule I in respect of out of pocket
expenses (including fees and expenses of their counsel) incurred by the Underwriters in connection with this Agreement and the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) So long as the Securities are outstanding, The Republic will furnish to the Representatives copies of all
reports and financial statements, if any, filed with the Commission or any national securities exchange in the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Republic will use its best efforts to obtain the admission of the Securities on the Official List of the
Luxembourg Stock Exchange (the "**Stock Exchange**") as soon as practicable after the Closing Date, shall furnish to such Stock Exchange all documents, information and undertakings and publish all advertisements or other material that
may be necessary in order to effect such listing and shall cause such listing to be continued so long as any of the Securities remain outstanding; <u>provided</u>, <u>however</u>, that if, in the opinion of The Republic, the continuation of such
listing shall become unduly onerous, then The Republic may delist the Securities from any such Stock Exchange, in which case, at the request of the Representatives, The Republic will use its best efforts to obtain the listing of the Securities on
another recognized stock exchange reasonably acceptable to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All payments made by The Republic under this Agreement shall be made in U.S. dollars, free and clear of, and
without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature, unless such withholding or deduction is required by law, in which event The Republic shall pay such additional amounts as will result in
the receipt by the recipient of such amounts as would have been received by it if no such withholding or deduction had been required. In the event any transaction or payment made pursuant to this Agreement or in connection with the enforcement of
this Agreement should be subject to any stamp duty, or other issue, transaction, value added or any other tax or duty (including court charges) payable in Türkiye, The Republic will pay such additional amounts as may be necessary to ensure that
the actual amount received equals the amount that would have been received had the payments not been subject to such duty or tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Issuer free writing prospectuses</u>. The Republic represents and agrees that, unless it obtains the prior
written consent of the Representatives, and each Underwriter represents and agrees that, unless it obtains the prior written consent of The Republic and the Representatives, it has not made and will not make any offer relating the Securities that
(a) would constitute an "issuer free writing prospectus," as defined in Rule 433, or (b) would otherwise constitute a "free writing prospectus," as defined in Rule 405, required to be filed with the Commission. Any
such free writing prospectus consented to by The Republic and the Representatives is hereinafter referred to as a "**Permitted Free Writing Prospectus** ". The Republic represents that it has treated each Permitted Free Writing
Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including
timely Commission filing where required, legending and record keeping.

7. <u>Conditions to the Obligations of the Underwriters</u>. The obligations of the Underwriters to purchase the
Securities shall be subject to the accuracy of the representations and warranties on the part of The Republic contained herein as of the Execution Time and the Closing Date, to the accuracy of the statements of The Republic made in any certificates
pursuant to the provisions hereof, to the performance by The Republic of its obligations hereunder and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Registration Statement has not become effective prior to the Execution Time, unless the Representatives
agree in writing to a later time, the Registration Statement will become effective not later than (i) 6:00 p.m. New

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York City time, on the date of determination of the public offering price, if such determination occurred at or prior to 3:00 p.m. New York City time on such date or (ii) 12:00 Noon on the business day following the day on which the public offering price was determined, if such determination occurred after 3:00 p.m. New York City time on such date; if filing of the Final Prospectus, or any supplement thereto, is required pursuant to Rule 424(b), the Final Prospectus, and any such supplement, shall have been filed in the manner within the time period required by Rule 424(b) and in accordance with Section 6(a) of this Agreement; no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or threatened; and any request of the Commission for additional information shall have been complied with to the satisfaction of the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic shall have furnished to the Representatives the written opinion, satisfactory to the
Representatives, of the Chief Legal Advisor and Director General of Trials, Ministry of Treasury and Finance of The Republic of Türkiye (the "**Chief Legal Advisor** "), dated the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Securities have been duly and validly authorized and executed in accordance with the Constitution and laws
of The Republic and, when duly authenticated in accordance with the terms of the Fiscal Agency Agreement and delivered and paid for in accordance with the terms of this Agreement, the Securities will be valid and binding obligations of The Republic
entitled to the benefits of the Fiscal Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the obligations of The Republic under the Fiscal Agency Agreement, this Agreement and the Securities are and
will be direct, general and unconditional obligations of The Republic, are subject to civil and commercial substantive and procedural law and to the procedural requirements relating to enforcement and recognition of foreign judgments set forth in
Articles 50 through 63 of the Act on International Private Law and Procedural Law (Law No. 5718) (the "**International Private Law** "), except that, under the laws of The Republic, assets of The Republic are immune from
attachment or other forms of execution, whether before or after judgment, and, in the case of payment obligations thereunder, will constitute direct, general, unconditional and unsubordinated public External Indebtedness (as defined in the
Securities) of The Republic for which the full faith and credit of the Republic is pledged. The Securities rank and will rank without any preference among themselves and equally with all other unsubordinated public External Indebtedness of the
republic. It is understood that this provision shall not be construed so as to require the Republic to make payment under the Securities ratably with payments being made under any other public External Indebtedness; the full faith and credit of The
Republic has been pledged for the due and punctual payment of the principal of and interest on the Securities and for the performance of the obligations of The Republic with respect thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Securities and the Fiscal Agency Agreement conform to the descriptions thereof in the Final Prospectus and
in the General Disclosure Package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Republic has the power and authority required for the execution and delivery of the Fiscal Agency
Agreement, this Agreement, the issuance of the Securities and the performance by The Republic of its obligations thereunder and qualifies as a "seasoned foreign government" pursuant to the Release; and all authorizations, approvals,
waivers or consents (including, without limitation, the authorisation under Articles 4, 5 and 7 of the Law No. 4749) and all registrations and qualifications with, any court or governmental agency, body or official of The Republic required for
the execution and delivery of the Fiscal Agency Agreement and this Agreement, the issuance of the Securities and the performance by The Republic of its obligations thereunder have been obtained and are in full force and effect and all conditions
contained therein (if any) required to be satisfied on or prior to the Closing Date have been duly satisfied, and all authorizations, approvals, consents, waivers, registrations and filings, if any, which are required under the laws of The Republic
to permit the purchase by The Republic of the United States dollars needed to pay the principal of and interest on the Securities have been obtained and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Fiscal Agency Agreement has been duly authorized, executed and delivered by The Republic in accordance with
the Constitution and laws of The Republic and is a valid and binding agreement of The Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) this Agreement has been duly authorized, executed and delivered by The Republic in accordance with the
Constitution and laws of The Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all statements in the Registration Statement, the Final Prospectus and the General Disclosure Package with
respect to or involving the Constitution, laws, statutes and regulations of or pertaining to The Republic are accurate and complete and fairly present the information purported to be shown;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) under the laws of The Republic, The Republic would not be entitled to plead, or cause to be pleaded on its
behalf, immunity (sovereign or otherwise) from the jurisdiction of the courts of The Republic and the State and Federal courts in New York, New York, in respect of any suit, action or proceeding arising out of or relating to its obligations under or
by virtue of the Securities, the Fiscal Agency Agreement, or this Agreement, and such courts would have jurisdiction in respect of such suits, actions or proceedings, except that, under the laws of The Republic, assets of The Republic are immune
from attachment or other forms of execution, whether before or after judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) no stamp or similar taxes under the laws of The Republic are payable in connection with the issuance of the
Securities or the execution and delivery of this Agreement or the Fiscal Agency Agreement and no transfer taxes or similar taxes under the laws of The Republic are payable in connection with the transfer of the Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the choice of New York law to govern the validity, construction and performance of this Agreement, the
Securities and the Fiscal Agency Agreement would be upheld by a Turkish court as a valid and effective choice of law under the laws of The Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the execution, issuance, sale and delivery of the Securities, compliance by The Republic with all of the
provisions of the Fiscal Agency Agreement, this Agreement and the Securities and the consummation of the transactions contemplated by the Fiscal Agency Agreement and this Agreement do not conflict with or result in a breach or violation of any of
the terms or provisions of, or constitute a default under, or create or result in any lien, security interest or other encumbrance upon any assets of The Republic under the provisions of, any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument in respect of borrowed money known to such Chief Legal Advisor to which The Republic is a party or by which The Republic is bound, nor do such actions result in a violation of any provision of the Constitution or laws
of The Republic or any order, rule or regulation of any court or governmental agency or body of The Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) other than as may be set forth in the Final Prospectus and in the General Disclosure Package, there are no
material legal or governmental proceedings pending to which The Republic is a party or to which any property of The Republic is subject, and to the knowledge of such Chief Legal Advisor no such proceedings are threatened or contemplated by
governmental authorities or threatened by others and there is no contract or other document which is required to be described in the Registration Statement, the Final Prospectus or the General Disclosure Package or to be filed as an exhibit to the
Registration Statement which is not described or filed as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Republic has validly submitted to the nonexclusive jurisdiction of the United States District Court for the
Southern District of New York, the Supreme Court of the State of New York, New York County, and the respective appellate courts therefrom in any suit, action or proceeding for the enforcement of the Fiscal Agency Agreement, this Agreement or the
Securities; a final judgment against The Republic in any such suit, action or proceeding brought in any such courts would be conclusive and binding upon The Republic and may be enforced in the courts of The Republic, without retrial or re-examination but subject to the procedural requirements relating to enforcement and recognition of foreign judgments set forth in Articles 50 through 63 of the International Private Law, except that under the laws
of The Republic, assets of The Republic are immune from attachment or other forms of execution, whether before or after judgment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to ensure the legality, validity and enforceability of this Agreement, the Fiscal Agency Agreement or the
Securities, or admissibility in evidence of this Agreement, the Fiscal Agency Agreement or the Securities, it is not necessary that this Agreement, the Fiscal Agency Agreement or the Securities or any other document be filed, registered or recorded
with, or executed or notarized before, any court or other authority in The Republic, or that any registration charge or stamp or similar tax be paid on or in respect of this Agreement, the Fiscal Agency Agreement or the Securities, or any other
document other than (i) court charges imposed pursuant to the Law on Charges (Law No. 492) in the amount of 6.831% of the Turkish Lira equivalent of the amount in controversy (one quarter of which is payable at the commencement of any suit
or action and the remainder of which is payable within one month following the notification of the judgment), (ii) court charges payable in connection with the making of an appeal for an adverse judgment, (iii) the deposit, at the court's
discretion, of security for costs and (iv) lawyer's fees payable in accordance with the most recent tariff in force at the time of judgment as published in the Official Gazette of The Republic together with other court expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Article 30 of the Corporation Tax Law requires The Republic to withhold 15% (fifteen per cent.) withholding tax
from the interest on the Securities received by limited tax liability persons, whom are legal entities resident outside The Republic. Article 94 of the Income Tax Law requires The Republic to withhold 25% (twenty-five per cent.) withholding tax from
the interest on the Securities received by limited tax liability persons, whom are individuals resident outside The Republic. However, according to Temporary Article 67 of the Income Tax Law, as a result of the Decrees of the Council of Ministers of
The Republic (Decree Nos. 2009/14593 and 2009/14592) as currently in effect, such Turkish withholding taxes have been reduced to 0%. Furthermore, according to Article 15(b) of the Law No. 4749, the principal amount of the Securities and the
interest thereon on each interest payment date shall be considered part of the consolidated State debt and as a result shall be exempt from any and all Turkish taxes, including withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the Registration Statement, as amended, the Preliminary Prospectus, the Final Prospectus, as supplemented, and
any Republic Free Writing Prospectus, and their filing with the Commission have been duly authorized by and on behalf of The Republic, the Registration Statement has been duly executed on behalf of The Republic and become effective under the Act
and, to the best of the knowledge of such Chief Legal Advisor, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose are pending before or threatened by the Commission;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) such Chief Legal Advisor believes that (except as to the financial statements and other financial and
statistical data contained therein as to which such Chief Legal Advisor need not express any belief) the Registration Statement and the prospectus included therein at the time the Registration Statement became effective did not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make statements therein not misleading, and the Final Prospectus, as of its date and the Closing Date does not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) such Chief Legal Advisor believes that (except as to the financial statements and other financial and
statistical data contained therein as to which such Chief Legal Advisor need not express any belief) the documents specified in a schedule to its opinion, consisting of those included in the General Disclosure Package, as of the Applicable Time and
as of the Closing Date, did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the information contained in the Final Prospectus, as of its date and the Closing Date, and in the General
Disclosure Package, as of the Applicable Time and the Closing Date, under the captions "Taxation— The Republic of Türkiye," "Debt Securities—Governing Law and Consent to Service" are accurate in all material
respects and fairly summarize the provisions of Turkish law therein described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the appointment of the Authorized Agent in Section 17 below and any waiver in that section by The Republic
in respect thereto are legal, valid and binding in accordance with their respective terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any judgment obtained against The Republic in the foreign courts mentioned in this Agreement, the Fiscal Agency
Agreement and the Securities in respect of any sum payable by it under such agreements would be recognized and enforced by the courts in The Republic without re-examination of the issues as long as the
judgment is not clearly against public policy rules of The Republic and where the person against whom enforcement is sought does not raise objections in the Turkish courts to the effect that such person was not duly summoned to or represented at the
foreign court or that the judgment was rendered in such person's absence in violation of the laws of the foreign country. In the opinion of the Chief Legal Advisor, none of the terms of this Agreement, the Fiscal Agency Agreement and the
Securities violates public policy rules of The Republic and, accordingly, a judgment to enforce any such terms would not violate public policy rules of The Republic.

In rendering such opinion, such Chief Legal Advisor may rely without independent investigation on the opinion pursuant to paragraph (c) below as to matters of New York and United States Federal law. References to the Final Prospectus in this paragraph (b) include any supplements thereto at the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Representatives shall have received an opinion dated the Closing Date, satisfactory to the Representatives,
of Arnold & Porter Kaye Scholer LLP, special United States counsel to The Republic, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the statements in the Registration Statement under the caption "Debt Securities" in the Final
Prospectus and in the General Disclosure Package under the caption "Description of the Notes" are accurate in all material respects and fairly summarize the provisions of the Securities and the Fiscal Agency Agreement purported to be
summarized therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the statements in the Registration Statement, the Final Prospectus and the General Disclosure Package under the
caption "Taxation—United States" are accurate in all material respects and fairly present the information purported to be shown therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this Agreement is a legal, valid and binding obligation of The Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Fiscal Agency Agreement is a legal, valid and binding obligation of The Republic enforceable against The
Republic in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and to the possible judicial application of laws or governmental action
affecting the enforcement of creditors' rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Securities, when duly authenticated in accordance with the terms of the Fiscal Agency Agreement and
delivered and paid for in accordance with the terms of this Agreement, will constitute legal, valid and binding obligations of The Republic enforceable against The Republic in accordance with their terms and entitled to the benefits of the Fiscal
Agency Agreement, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and to the possible judicial application of laws or governmental action affecting the enforcement
of creditors' rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Republic has validly submitted, under the laws of the State of New York, and the Federal Laws of the United
States, to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York, the Supreme Court of the State of New York, New York County, and the respective appellate courts therefrom in any suit, action or
proceeding arising out of or based on this Agreement, the Fiscal Agency Agreement or the Securities, has to the fullest extent permitted by law, validly and irrevocably waived any objection to the laying of venue of any such action, suit or
proceeding in any such court, and the appointment of the Authorized Agent (as defined in this Agreement) as its authorized agent for purposes described in Section 17 of this Agreement is valid and legally binding on The Republic and any service
of process effected on such agent in the manner set for therein will be effective to confer valid personal jurisdiction over The Republic to the extent of any action referred to therein, subject to the limitations of the Foreign Sovereign Immunities
Act of 1976, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the agreement of The Republic contained in the Agreement, the Securities and the Fiscal Agency Agreement that
each will be governed and construed in accordance with the laws of the State of New York, except with respect to its authorization and execution by and on behalf of The Republic, is valid and binding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Securities are exempt from the provision of the Trust Indenture Act of 1939, as amended, under
Section 304(a)(6) of said Act and no indenture in respect of the Securities need be qualified under said Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) considered in light of such counsel's understanding of the applicable law (including the requirements of
Schedule B and the Release and the character of the Final Prospectus) and such counsel's experience thereunder, the Registration Statement and the Final Prospectus (other than financial statements and other financial and statistical
information as to which such counsel need not express any opinion) appeared on their face to be appropriately responsive in all material respects to the Act, the rules thereunder and the Release.

The Republic confirms that the Registration Statement has become effective under the Act as of the date and time specified in such opinion, and, to the best of the knowledge of such counsel, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose are pending before or threatened by the Commission.

In giving such opinion, Arnold & Porter Kaye Scholer LLP may (i) assume that the Fiscal Agency Agreement, the Securities and this Agreement have been duly authorized, executed and delivered by the appropriate party or parties thereto and that each such party has adequate power and authority to enter thereinto and (ii) rely without independent investigation on the opinion delivered pursuant to paragraph (b) above as to matters governed by the laws of The Republic and such opinion shall be subject to any limitations and exceptions contained in the opinion delivered pursuant to paragraph (b) above. References to the Final Prospectus in this paragraph (c) include any supplements thereto at the Closing Date.

In addition, Arnold & Porter Kaye Scholer LLP shall confirm that (except as to the financial statements and other financial and statistical information and data contained therein as to which counsel need not express any belief) nothing has come to such counsel's attention that would lead such counsel to believe that the Registration Statement and the prospectus included therein at the time the Registration Statement became effective contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make statements therein not misleading, that the Final Prospectus, as of its date and the Closing Date as applicable, contains or contained any untrue statement of a material fact or omits or omitted to state a material fact, necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or that the documents specified in a schedule to its opinion, consisting of those included in the General Disclosure Package, as of the Applicable Time and as of the Closing Date, did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Reference to the Final Prospectus in this paragraph (c) includes any supplements thereto at the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representatives shall have received from Clifford Chance LLP, counsel for the Underwriters, such opinion or
opinions, dated the Closing Date, with respect to the issuance and sale of the Securities, the Fiscal Agency Agreement, the Registration Statement, the Final Prospectus (together with any supplement thereto), the General Disclosure Package and other
related matters as the Representatives may reasonably require, and The Republic shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. In giving such opinion, Clifford Chance
LLP may rely without independent investigation on the opinion delivered pursuant to paragraph 7(b) above as to the matters governed by the laws of The Republic and such opinion shall be subject to any limitations and exceptions contained in the
opinion delivered pursuant to paragraph (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Representatives shall have received from Pekin & Pekin, Turkish counsel to the Representatives, an
opinion or opinions, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives. In rendering any such opinion, such Turkish counsel may rely, without independent investigation on its part, as to matters governed by
United States Federal and New York law upon New York counsel to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Republic shall have furnished to the Representatives a certificate of The Republic, signed by the Ministry
of Treasury and Finance of The Republic of Türkiye, dated the Closing Date, to the effect that the signer of such certificate has carefully examined the Registration Statement, the Final Prospectus, any supplement to the Final Prospectus, the
General Disclosure Package and this Agreement and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties of The Republic in this Agreement are true and correct in all material
respects on and as of the Closing Date with the same effect as if made on the Closing Date and were true and correct in all material respects on and as of the Applicable Time with the same effect as if made at the Applicable Time and The Republic
has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for
that purpose have been instituted or, to The Republic's knowledge, threatened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there has been no material adverse change or any development which would reasonably be expected to result in a
material adverse change in the condition (financial, economic or political) of The Republic from that set forth in the Final Prospectus (exclusive of any supplement thereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration
Statement (exclusive of any amendment thereof) and the Final Prospectus (exclusive of any supplement thereto), there shall not have been any change or any development which would reasonably be expected to result in a change in the condition
(financial, economic or political) or foreign exchange controls of The Republic from that set forth in the Registration Statement that, in the judgment of the Representatives, is material and adverse and makes it impractical or inadvisable to
proceed with the offering or delivery of the Securities as contemplated by the Registration Statement (exclusive of any amendment thereof) and the Final Prospectus (exclusive of any supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subsequent to the Execution Time, there shall not have been (A) any downgrading in the rating accorded The
Republic's debt securities by any rating agency set forth in Schedule I hereto or (B) any public announcement that the rating of any of The Republic's debt securities is under surveillance or review, with possible negative
implications, by any rating agency set forth in Schedule I hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subsequent to the Execution Time, no proceeding shall be pending or threatened to restrain or enjoin the
issuance, sale or delivery of the Securities or in any manner to question the laws, proceedings, directives, resolutions, approvals, consents or orders under which the Securities are to be issued or to question the validity of the Securities, and
none of such laws, proceedings, directives, resolutions, approvals, consents or orders shall have been repealed, revoked or rescinded in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subsequent to the Execution Time, The Republic shall have not ceased to be a member of the International
Monetary Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Prior to the Closing Date, The Republic shall have furnished to the Representatives such further information,
certificates, opinions and other documents as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Representatives shall have received letters confirming on the Closing Date the rating of the Securities set
forth in the preliminary prospectus supplement filed with the Commission on January 7, 2026, with an effective filing date of January 7, 2026 by the rating agencies set forth on Schedule I hereto.

If any of the conditions specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters, this Agreement and all obligations of the Underwriters hereunder may be cancelled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to The Republic in writing or by telephone or telegraph confirmed in writing.

8. <u>Reimbursement of Underwriters' Expenses</u>. If the sale of the Securities provided for herein is not
consummated because any condition to the obligations of the Underwriters set forth in Section 7 hereof is not satisfied, because of any termination pursuant to Section 11 hereof or because of any refusal, inability or failure on the part
of The Republic to perform any agreement herein or comply with any provision hereof, The

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Republic will reimburse the Underwriters severally upon demand in writing for all reasonably documented reasonable out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities.

9. <u>Indemnification and Contribution.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic shall indemnify and hold harmless each Underwriter, including any affiliate acting on their behalf
in connection with this transaction, and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Securities Exchange Act of 1934, from and against any loss, claim, damage or
liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of Securities), to which that Underwriter or controlling person may become
subject, under the Act or otherwise, insofar as such loss, claim, damage, liability (or any action in respect thereof) arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the
Base Prospectus, any Preliminary Prospectus, any Republic Free Writing Prospectus, the Registration Statement, the General Disclosure Package or the Final Prospectus or in any amendment or supplement thereto or (ii) the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Underwriter and each such controlling person promptly upon demand in writing for any legal
or other expenses reasonably incurred by that Underwriter or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred; <u>provided</u>, <u>however</u>, that The Republic shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or
omission or alleged omission made in the Base Prospectus, any Preliminary Prospectus or the Final Prospectus or in any such amendment or supplement in reliance upon and in conformity with written information furnished to The Republic through the
Representatives by or on behalf of any Underwriter specifically for inclusion therein. The foregoing indemnity agreement is in addition to any liability that The Republic may otherwise have to any Underwriter or to any controlling person of that
Underwriter. The Republic further agrees to indemnify and hold harmless each Underwriter against any requirement under the laws of The Republic to pay any stamp or similar taxes in connection with the issuance of the Securities to such Underwriter
by The Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, shall indemnify and hold harmless The Republic and each of its
officials from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of Securities), to which
The Republic or any such official may become subject, under the Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact
contained in the Base Prospectus, any Preliminary Prospectus or the Final Prospectus or in any amendment or

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supplement thereto or (ii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to The Republic through the Representatives by or on behalf of that Underwriter specifically for inclusion therein, and shall promptly reimburse The Republic and any such official for any legal or other expenses reasonably incurred by The Republic or any such official in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity agreement is in addition to any liability that any Underwriter may otherwise have to The Republic or any such official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt of an indemnified party under this Section 9 of notice of any claim or the
commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify the indemnifying party in writing of the claim or the commencement of that action;
provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 9 except to the extent it has been materially prejudiced by such failure; and provided further
that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 9. If any such claim or action shall be brought against any indemnified party,
and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified
party under this Section 9 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the Representatives shall
have the right to employ counsel to represent jointly the Representatives and those other Underwriters and their respective controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by
the Underwriters against The Republic under this Section 9 if (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties in any such proceeding (including
any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would in the judgment of any such party or counsel thereto be inappropriate due to the actual or potential
differing interests between such parties, and in each such event the fees and expenses of such separate counsel shall be paid by The Republic. It is understood that the indemnifying party shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for fees and expenses of more than one separate counsel (in addition to any local counsel) for all indemnified parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 9 shall for any reason be unavailable to or
insufficient to hold harmless an indemnified party under Section 8(a) or 8(b) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying
such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the
relative benefits received by The Republic on the one hand and the Underwriters on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or if the
indemnified party failed to give the notice required under Section 9(c) and as a result is not entitled to indemnification thereunder, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of The Republic on the one hand and the Underwriters on the other with respect to the statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well
as any other relevant equitable considerations. The relative benefits received by The Republic on the one hand and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds
from the offering of the Securities purchased under this Agreement (before deducting expenses) received by The Republic bear to the total underwriting discounts and commissions received by the Underwriters with respect to the shares of the
Securities purchased under this Agreement, in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information supplied by The Republic or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Republic and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 9(d) were to be determined by *pro rata* allocation (even if the Underwriters were treated as
one entity for such purpose) or by any other method of allocation which does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for purposes of this Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9(d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities
underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The
Underwriters' obligations to contribute as provided in this Section 9(d) are several in proportion to their respective underwriting obligations and not joint. Each party entitled to contribution agrees that, upon the service of a summons

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or other initial legal process upon it in any action instituted against it in respect to which contribution may be sought, it shall promptly give written notice of such service to the party or parties from whom contribution may be sought, but the omission so to notify such party or parties of any such service shall not relieve the party from whom contribution may be sought from any obligation it may have hereunder or otherwise (except as specifically set forth in subsection (c) hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters severally confirm that the statements with respect to distribution by the Underwriters of the
Securities set forth on the cover page of, and under the caption "Underwriting" or "Plan of Distribution" in, the Final Prospectus are correct and constitute the only information furnished in writing to The Republic by or on
behalf of the Underwriters specifically for inclusion in the Registration Statement and the Final Prospectus.

10. <u>Default by an Underwriter</u>. If any one or more Underwriters shall fail to purchase and pay for any of the
Securities agreed to be purchased by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining non- defaulting Underwriters shall be obligated severally to purchase and pay for (in the respective proportions which the amount of Securities set forth opposite their names in Schedule II hereto bears to the
aggregate amount of Securities set forth opposite the names of all the remaining Underwriters) the Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase; provided, however, that the remaining non-defaulting Underwriters shall not be obligated to purchase any of the Securities if the aggregate principal amount of Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase
exceeds 9.09% of the aggregate principal amount of Securities and any remaining non-defaulting Underwriter shall not be obligated to purchase more than 110% of the principal amount of Securities set forth
opposite its name in Schedule II hereto. If the foregoing maximums are exceeded, the remaining non-defaulting Underwriters, or those other underwriters satisfactory to the Representatives who so agree, shall
have the right, but shall not be obligated, to purchase, in such proportion as may be agreed upon among them, all the Securities to be purchased by the defaulting Underwriter or Underwriters. If the remaining Underwriters or other underwriters
satisfactory to the Representatives do not elect to purchase Securities that the defaulting Underwriter or Underwriters agreed but failed to purchase within 36 hours after such default, this Agreement shall terminate without liability on the part of
any non-defaulting Underwriter or The Republic. As used in this Agreement, the term "Underwriter" includes, for all purposes of this Agreement unless the context requires otherwise, any party not
listed in Schedule II hereto who, pursuant to this Section 10, purchases Securities that a defaulting Underwriter agreed but failed to purchase.

Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to The Republic for damages caused by its default. If other underwriters are obligated or agree to purchase the Securities of a defaulting or withdrawing Underwriter, either the Representatives or The Republic may postpone the Closing Date for up to seven full business days in order to effect any changes that in the opinion of counsel for The Republic or counsel for the Underwriters may be necessary in the Registration Statement, the Final Prospectus or in any other document or arrangement.

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11. <u>Termination</u>. This Agreement shall be subject to termination in the absolute discretion of the
Representatives, by notice given to The Republic prior to delivery of and payment for the Securities, if prior to such time (i) trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the over the counter
market shall have been suspended or limited or minimum prices shall have been established on either of such exchanges or such market by the Commission or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking
moratorium shall have been declared by United States Federal or New York, California or Illinois state authorities, or authorities of The Republic, (iii) there shall have been any outbreak of or escalation in hostilities involving The Republic
or the United States or there shall have been a declaration of a national emergency or war by The Republic or the United States or (iv) there shall have occurred such a material adverse change in general economic, political or financial
conditions, or foreign exchange controls, of The Republic or the United States (or the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representatives,
impracticable or inadvisable to proceed with the public offering or delivery of the Securities on the terms and in the manner contemplated by the Final Prospectus (exclusive of any supplement thereto).

12. <u>Representations and Indemnities to Survive</u>. The respective agreements, representations, warranties,
indemnities and other statements of The Republic or its officials and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter
or The Republic or any of the officials or controlling persons referred to in Section 9 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 6(g), 8 and 9 hereof shall survive the termination or
cancellation of this Agreement.

13. <u>Notices</u>. All communications hereunder will be in writing and effective only on receipt, and, if sent to
the Representatives, will be mailed, delivered or telegraphed and confirmed to them, at the address specified in Schedule I hereto; or, if sent to The Republic, will be mailed, delivered or telegraphed and confirmed to it at: attention of General
Directorate of Public Finance (address: Devlet Mahallesi, Dikmen Caddesi, No: 12, 06420, Çankaya, Ankara; facsimile: +90 312 204 7145).

14. <u>Successors</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors and the officials and controlling persons referred to in Section 9 hereof, and no other person will have any right or obligation hereunder.

15. <u>Applicable Law</u>. This Agreement will be governed by and construed in accordance with the laws of the
State of New York except with respect to its authorization and execution by and on behalf of The Republic.

16. <u>Language</u>. All communications hereunder and all documents to be furnished hereunder will be in the
English language or accompanied by an English translation thereof.

17. <u>Jurisdiction; Service of Process, Etc</u>. The Republic hereby appoints each of (i) the Treasury and
Financial Attaché at the Turkish Consulate General of The Republic of Türkiye in New York, 821 First Avenue, 4th Floor, New York, New York 10017, and (ii) the Treasury and Financial Counselor at the Embassy of The Republic of
Türkiye, 2525 Massachusetts Avenue, N.W. Washington, D.C. 20008, as its Authorized Agents

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(each an "**Authorized Agent**") upon whom process may be served in any action by the Representatives, or by any persons controlling the Representatives, arising out of or based upon this Agreement which may be instituted in each of the United States District Court for the Southern District of New York, the Supreme Court of the State of New York, New York County, and the respective appellate courts therefrom; and each of the parties hereto irrevocably submits to the jurisdiction of any such court in respect of any such action and irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such action in any such court and The Republic waives any right to which it may be entitled on account of residence or domicile. The Republic hereby irrevocably agrees that a final judgment in any such suit, action or proceeding brought in any such courts shall be conclusive and binding upon The Republic and, to the fullest extent permitted by law, may be enforced in the competent courts of any other jurisdiction, including The Republic. The Republic hereby irrevocably and expressly waives the diplomatic immunity of its Authorized Agents at the Turkish Consulate General of The Republic of Türkiye in New York and at the Embassy of The Republic of Türkiye in Washington, D.C. with respect to the acceptance of the service of process referred to herein pursuant to Article 32 of the Vienna Convention on Diplomatic Relations. The Republic will maintain at all times in the Borough of Manhattan, The City of New York or Washington, D.C., a person acting as Authorized Agent as long as any of the Securities remain outstanding. The Republic will take any and all action, including the filing of any and all documents and instruments, which may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon either or any Authorized Agent at the address indicated for such agent in this Section 17, or at such other address in Borough of Manhattan, The City of New York and Washington, D.C. as may be the office of the Authorized Agent, The Republic of Türkiye at the time of the service or service of process mailed and delivered to The Republic at its address and facsimile numbers set forth in Section 13 hereof shall be deemed, in each case and in every respect, effective service of process upon The Republic in New York. Upon receipt of such service of process, the relevant Authorized Agent shall advise the Ambassador of The Republic to the United States of America and the Ministry of Treasury and Finance of The Republic of Türkiye promptly by telex of its receipt thereof, but the failure to so advise shall have no effect on the validity or timeliness of such service. Notwithstanding the foregoing, any such action may be instituted in any competent court in The Republic. The Republic hereby irrevocably waives, to the fullest extent permitted by law, any immunity from jurisdiction to which it might otherwise be entitled (including sovereign immunity and immunity from pre judgment attachment, post judgment attachment and execution) in any such action in each of the United States District Court for the Southern District of New York, the Supreme Court of the State of New York, New York County, and the respective appellate courts therefrom, or in any competent court in The Republic. It is understood that the foregoing waiver does not apply to any assets of The Republic located in The Republic and also does not apply to the assets of The Republic outside The Republic that are used in the exercise of sovereign authority. No waiver of immunity by The Republic shall be interpreted to include a waiver of immunity against actions brought under the U.S. federal securities laws or any securities laws of any state of the United States. In addition, under the laws of The Republic, assets of The Republic are immune from attachment or other forms of execution, whether before or after judgment.

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Without limiting the generality of any of the foregoing, The Republic agrees, without prejudice to the enforcement of a judgment obtained in New York, or in any other jurisdiction other than The Republic according to the provision of Article 54 of the International Private Law, that in the event that The Republic is sued in a court in The Republic in connection with this Agreement, such judgment obtained in New York, or in any other jurisdiction other than The Republic shall constitute conclusive evidence of the existence and amount of the claim against The Republic, pursuant to the first paragraph of Article 193 of the Civil Procedure Code of The Republic (Law No. 6100) and Articles 58 and 59 of the International Private Law.

18. <u>Judgment Currency</u>. If, under any applicable law and whether pursuant to a judgment being made or
registered against The Republic or for any other reason, any payment under or in connection with this Agreement is made or fails to be satisfied in a currency (the "**other currency**") other than that in which the relevant payment is
expressed to be due (the "**required currency**") under this Agreement, then, to the extent that the payment (when converted into the required currency at the rate of exchange on the date of payment or, if it is not practicable for
the relevant recipient of the payment to purchase the required currency with the other currency on the date of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so) actually received by the relevant recipient of
the payment falls short of the amount due under the terms of this Agreement, to the extent permitted by law, The Republic undertakes that it shall as a separate and independent obligation, indemnify and hold harmless each relevant recipient of the
payment against the amount of such shortfall. For the purpose of this Section 18, "rate of exchange" shall take into account any premium and other reasonable costs of exchange.

19. <u>No Fiduciary Obligation</u>. For the avoidance of doubt, no Underwriter has a fiduciary duty to The Republic
or its employees in connection with this Agreement.

20. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements,
or understanding between any BRRD Party and The Republic, The Republic acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of Bail-in Powers by the Relevant Resolution
Authority in relation to any BRRD Liability of a BRRD Party to The Republic under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations
of a BRRD Party or another person (and the issue to or conferral on The Republic of such shares, securities or obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the BRRD Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any
payments are due, including by suspending payment for a temporary period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give
effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

21. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements,
or understanding between any UK BRRD Party and The Republic, The Republic acknowledges and accepts that a UK Bail-in Liability arising under this Agreement may be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of UK Bail-in Powers by the relevant UK
resolution authority in relation to any UK Bail-in Liability of a UK BRRD Party to The Republic under this Agreement, that (without limitation) may include and result in any of the following, or some
combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the UK Bail-in Liability or
outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the UK Bail-in Liability into
shares, other securities or other obligations of a UK BRRD Party or another person (and the issue to or conferral on The Republic of such shares, securities or obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the UK Bail-in Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any
payments are due, including by suspending payment for a temporary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority, to
give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

22. Recognition of the U.S. Special Resolution Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if
this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

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23. <u>Counterparts</u>. This Agreement may be signed in two or more counterparts, which together shall constitute
one and the same instruments. Delivery of an electronic signature page to this Agreement by facsimile transmission or other electronic image scan transmission (e.g., "PDF" or "tif" via email) shall be as effective as delivery
of a manually signed counterpart of this Agreement.

24. <u>Agreement Among Managers</u>. The execution of this Agreement on behalf of all parties hereto will
constitute acceptance by each Underwriter of the ICMA Agreement Among Managers New York Version 1 ()"**AAM**") subject to any amendment notified to such Underwriter in writing at any time prior to its execution of this Agreement.
References in the AAM to the "Lead Manager" shall mean the Underwriters and references to the "Settlement Lead Manager" shall mean Citigroup Global Markets Limited. Without prejudice to the obligations of the Underwriters
referred to in Section 2 (Purchase and Sale), the Underwriters agree as between themselves that their respective Commitments (as defined in the AAM) with respect to the Notes shall be as set out in Schedule 2.

If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among The Republic and the several Underwriters.

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Very truly yours,

**THE REPUBLIC OF TÜRKİYE** 

acting by and through its

Minister of Treasury and Finance

By: /s/ Halil İbrahim AZAL

Title: Director General

*[Signature Page to the Underwriting Agreement]* 

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The foregoing Agreement is

hereby confirmed and accepted as of the date specified in Schedule I hereto.

**Abu Dhabi Commercial Bank PJSC** 

By: /s/ Ludovic Nobili

Title: Group Chief Corporate, Wealth & Investment Banking Office

By: /s/ Sami Tabbarah

Title: Executive Head – Investment Banking

*[Signature Page to the Underwriting Agreement]* 

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The foregoing Agreement is

hereby confirmed and accepted as of the date specified in Schedule I hereto.

**BNP PARIBAS** 

By: /s/ Borys Matiash

Title: Director

By: /s/ Robin Hupin

Title: VP DCM CEEMEA

*[Signature Page to the Underwriting Agreement]* 

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The foregoing Agreement is

hereby confirmed and accepted as of the date specified in Schedule I hereto.

**Citigroup Global Markets Limited** 

By: /s/ Blazej Dankowski

Title: Managing Director

*[Signature Page to the Underwriting Agreement]* 

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The foregoing Agreement is

hereby confirmed and accepted as of the date specified in Schedule I hereto.

**Goldman Sachs International** 

By: /s/ Praneil Doolabh

Title: Managing Director

*[Signature Page to the Underwriting Agreement]* 

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The foregoing Agreement is

hereby confirmed and accepted as of the date specified in Schedule I hereto.

**Standard Chartered Bank** 

By: /s/Salman Ansari

Title: Global Head, Capital Markets

*[Signature Page to the Underwriting Agreement]* 

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**SCHEDULE I** 

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| | |
|:---|:---|
| Underwriting Agreement dated: January 7, 2026 | Underwriting Agreement dated: January 7, 2026 |
| Registration Statement No.: No. 333-275976 | Registration Statement No.: No. 333-275976 |
| Representative(s): | Abu Dhabi Commercial Bank PJSC<br> Head Office Building<br> Sheikh Zayed bin Sultan Street<br> P.O. Box 939<br> Abu Dhabi<br> United Arab Emirates<br>BNP PARIBAS<br> 16, boulevard des Italiens<br> 75009 Paris<br> France<br>Citigroup Global Markets Limited<br> Citigroup Centre<br> Canada Square<br> Canary Wharf<br> London E14 5LB<br> United Kingdom<br>Goldman Sachs International<br> Plumtree Court<br> 25 Shoe Lane<br> London EC4A 4AU<br> United Kingdom<br>Standard Chartered Bank<br> 7th Floor Building One, Gate Precinct<br> Dubai International Financial Centre<br> P. O. Box 999<br> Dubai<br> United Arab Emirates |

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Fiscal Agency Agreement dated as of March 23, 2015, as amended by Amendment No. 1 to the Fiscal Agency Agreement dated March 15, 2017.

Fiscal Agent: The Bank of New York Mellon

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Title, Purchase Price and Description of Securities:

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| | |
|:---|:---|
| Title: The Republic of Türkiye<br> 6.300% Notes due March 14, 2033 | The Republic of Türkiye<br> 6.875% Notes due January 14, 2038 |
| Principal amount: $2,000,000,000 | Principal amount: $1,500,000,000 |
| Purchase price: 99.656% of the principal amount of the Notes, representing the public offering price of 99.726% minus the underwriting discount of 0.07% of the principal amount of the Notes. | Purchase price: 99.728% of the principal amount of the Notes, representing the public offering price of 99.798% minus the underwriting discount of 0.07% of the principal amount of the Notes. |
| Amount to be reimbursed under<br> Section 6(h): $0.00 | Amount to be reimbursed under<br> Section 6(h): $0.00 |
| Other provisions: The Republic has agreed not to launch another issue until after the Closing Date of this transaction. | Other provisions: The Republic has agreed not to launch another issue until after the Closing Date of this transaction. |

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Closing Date, Time and Location:

January 14, 2026 10:00 a.m., New York City time

Clifford Chance LLP

10 Upper Bank Street

Canary Wharf

London E14 5JJ

Rating Agencies referred to in Section 7(h):

Fitch Investor Services, Inc.

Moody's Investors Service, Inc.

Standard & Poor's Corporation

Rating Agencies referred to in Section 7(l):

Fitch Ratings Ltd.

Moody's Investors Service, Inc.

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**SCHEDULE II** 

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| | |
|:---|:---|
| **Underwriter** | Principal Amount of Securities<br>to be Purchased<br>$2,000,000,000 6.300% Notes<br>due March 14, 2033 |
|  Abu Dhabi Commercial Bank PJSC | $400000000 |
|  BNP PARIBAS | $400000000 |
|  Citigroup Global Markets Limited | $400000000 |
|  Goldman Sachs International | $400000000 |
|  Standard Chartered Bank | $400000000 |
|  **Total** | $2000000000 |
| **Underwriter** | Principal Amount of Securities<br>to be Purchased<br>$1,500,000,000 6.875% Notes<br>due January 14, 2038 |
|  Abu Dhabi Commercial Bank PJSC | $300000000 |
|  BNP PARIBAS | $300000000 |
|  Citigroup Global Markets Limited | $300000000 |
|  Goldman Sachs International | $300000000 |
|  Standard Chartered Bank | $300000000 |
|  **Total** | $1500000000 |

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**SCHEDULE III** 

**Republic General Free Writing Prospectuses** 

[N/A]

------

**SCHEDULE IV** 

**Filed Pursuant to Rule 433** 

**Registration No. 333-275976** 

**January 7, 2026** 

**Pricing Term Sheet** 

**FINAL PRICING TERMS OF THE REPUBLIC OF TÜRKİYE USD 2,000,000,000 6.300% NOTES DUE MARCH 14, 2033 AND USD 1,500,000,000 6.875% NOTES DUE JANUARY 14, 2038** 

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| | | |
|:---|:---|:---|
| ISSUER: | The Republic of Türkiye | The Republic of Türkiye |
| SECURITIES: | USD 2,000,000,000 6.300% Notes due March 14, 2033 | USD 1,500,000,000 6.875% Notes due January 14, 2038 |
| PRICING DATE: | January 7, 2026 | January 7, 2026 |
| ISSUE FORMAT: | Global (SEC Registered) Offering | Global (SEC Registered) Offering |
| ISSUE SIZE: | USD 2,000,000,000 | USD 1,500,000,000 |
| PRICE TO PUBLIC: | 99.726% | 99.798% |
| TOTAL FEES: | USD 1,400,000 (0.07%) | USD 1,050,000 (0.07%) |
| NET PROCEEDS TO ISSUER: | USD 1,993,120,000 | USD 1,495,920,000 |
| RE-OFFER YIELD: | 6.350% | 6.900% |
| COUPON: | 6.300% | 6.875% |
| MATURITY DATE: | March 14, 2033 | January 14, 2038 |
| SPREAD TO BENCHMARK US TREASURY: | 244.7 bps | 276.2 bps |
| BENCHMARK US TREASURY: | UST 3.875% due December, 2032 | UST 4.000% due November, 2035 |
| BENCHMARK US TREASURY YIELD: | 3.903% | 4.138% |
| DENOMINATIONS: | USD 200,000 / USD 1,000 | USD 200,000 / USD 1,000 |
| INTEREST PAYMENT DATES: | September 14 and March 14, beginning on March 14, 2026 | July 14 and January 14, beginning on July 14, 2026 |

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| | | |
|:---|:---|:---|
| CUSIP / ISIN: | 900123DT4 / US900123DT49 | 900123DU1 / US900123DU12 |
| GOVERNING LAW: | The Notes will be governed by the laws of the State of New York, except with respect to the authorization and execution of the Notes, which will be governed by the laws of The Republic of Türkiye. | The Notes will be governed by the laws of the State of New York, except with respect to the authorization and execution of the Notes, which will be governed by the laws of The Republic of Türkiye. |
| EXPECTED LISTING: | Luxembourg Stock Exchange (Regulated Market) | Luxembourg Stock Exchange (Regulated Market) |
| LEAD-MANAGERS/ BOOKRUNNERS: | Abu Dhabi Commercial Bank PJSC<br>BNP PARIBAS<br>Citigroup Global Markets Limited<br>Goldman Sachs International<br>Standard Chartered Bank | Abu Dhabi Commercial Bank PJSC<br>BNP PARIBAS<br>Citigroup Global Markets Limited<br>Goldman Sachs International<br>Standard Chartered Bank |
| SETTLEMENT DATE: | Expected January 14, 2026 (T+5) through the book-entry facilities of The Depository Trust Company | Expected January 14, 2026 (T+5) through the book-entry facilities of The Depository Trust Company |
| MiFID II/UK MiFIR MANUFACTURER TARGET MARKET: | Professional clients and eligible counterparties (subject to any applicable selling restrictions) (all distribution channels) | Professional clients and eligible counterparties (subject to any applicable selling restrictions) (all distribution channels) |

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This communication is intended for the sole use of the person to whom it is provided by us.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, any prospectus supplement or free writing prospectus for this offering if you request it by calling toll free Abu Dhabi Commercial Bank at +971 23050868, BNP PARIBAS at +1-800-854-5674, Citigroup Global Markets Limited at +44 20 7986 9000, Goldman Sachs International at +1-866-471-2526 or Standard Chartered Bank at +44 207 885 5739.

The preliminary prospectus supplement relating to the Notes is available under the following link: https://www.sec.gov/Archives/edgar/data/869687/000119312526005987/d55131d424b5.htm

You should not reply to this announcement. Any reply email communications, including those you generate using the "Reply" function on your email software will be ignored or rejected.

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