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Istanbul October 21, 2011 JCR-Eurasia Rating has revised the overall Compliance with Corporate Governance Principles rating of ALBARAKA TRK KATILIM BANKASI A.. as 8.28 along with a Stable outlook.
JCR-ER has revised ALBARAKA TRK KATILIM BANKASI A..s compliance with CMB Corporate Governance Principles score as 8.28 along with a Stable outlook. The Banks compliance levels in each of the four main sections for both periods can be seen in the table below.
Main Sections
Shareholders Disclosure and Transparency Stakeholders Board of Directors and Executives Corporate Governance Overall Score
By virtue of the fact that the Bank's compliance with the corporate governance principles notes are above [(7) Threshold Score], Albaraka Trk is entitled to continue to be included in the ISE Corporate Governance Index. Along with these compliance analyses according to CMB regulations, in order to further strengthen the level of discrimination and provide sectoral and international comparison, additional detailed levels determined by and included in JCR-ER's original methodology and reached by the Bank are included in the table below:
Evaluated According to CMB Regulations ALABARAKA TRK KATILIM BANKASI A.. Corporate Governance Overall Score
Corporate Governance Overall Score
Numerical Level
8.28
7.71 9.04 8.10 7.95
bbb (Outstanding)
Stable
Stable Stable Stable Stable
Comparable with sector Below the sector
AA(Trk)
Merit Compliance
bb
Good
AAA(Trk)
Distinctive Compliance
aa
Superior
AA(Trk)
Merit Compliance
bbb
Outstanding
AA(Trk)
Merit Compliance
bb
Good
Beyond the sector
%10
%90
According to JCR ER's methodological infrastructure and notation representation, the level of overall convergence of Albaraka Trk with the principles of corporate governance corresponds to [AA (Trk) / Merit] category and its degree to the level of [bbb / Outstanding]. While maintaining the levels reached in the previous years note, the Bank has shown small but positive developments in the areas of Shareholders, Stakeholders and the Board of Directors. The improved working environment for employees and status produced by the move at the beginning of 2011 to the new headquarters building, the quality of communication between upper-level managers and the performance exhibited by the Investor Relations Department are the reasons driving this increase. JCR ER is of the opinion that the Bank will be able to maintain its compliance level over the next 12 month activity period and has thus determined the Banks outlook as Stable. According to peer group comparisons based on the criteria chosen by JCR ER under the title of Best Practices regarding the Corporate Governance field, it is confirmed that 90% of practices within Albaraka Trk show Comparable with practices of the Banking sector, and 10% are Beyond. The revised report taken in conjunction with the initial report published on October 21, 2010 will provide investors and interested parties with a better assessment of the justifications behind the given notes. For more information regarding the rating results, you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Ceyhun KIR.