VKF_FRAE_2018_uyg11

200 Part III: Financial Highlights and Assessment of Risk Management CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED UNCONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE NOTE I. OF SECTION THREE TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2018 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.) V. STOCK POSITION RISKS Stock position risks arising from banking book items Information on separations of risks according to objectives including their relation with gains presented in equity and strategically reasons, accounting techniques and general information about valuation methods with the related assumptions and factors that affect the valuation and significant changes The accounting applications regarding to share investment that qualifications in associate and subsidiary of are disclosed in Section 3 Note III and Note IV. If carrying value is substantially different from fair value and for publicly traded shares if market value is substantially different from fair value, the comparison with the market prices are shown in the table below: Current Period - December 31, 2018 Comparison Stock Investments Carrying Value Fair Value (*) Market Value (*) Stocks quoted in exchange (*) 704,609 704,609 704,609 1.Stocks Investments Group A 704,609 704,609 704,609 2.Stock Investments Group B - - - 3.Stock Investments Group C - - - Stocks unquoted in exchange (**) 2,419,825 2,364,849 - (*) The values of stocks traded in Stock Exchange are included to both columns assuming the market value is approximate to fair value. (**) The values of stocks unquoted in exchange are determined according to valuation reports prepared by independent valuation companies. Prior Period - December 31, 2017 Comparison Stock Investments Carrying Value Fair Value (*) Market Value (*) Stocks quoted in exchange (*) 871,231 871,231 871,231 1.Stocks Investments Group A 871,231 871,231 871,231 2.Stock Investments Group B - - - 3.Stock Investments Group C - - - Stocks unquoted in exchange (**) 1,735,155 1,634,967 - (*) The values of stocks traded in Stock Exchange are included to both columns assuming the market value is approximate to fair value. (**) The values of stocks unquoted in exchange are determined according to valuation reports prepared by independent valuation companies.