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Convenience Translation of the Auditors’ Report
Originally Prepared and Issued in Turkish (See Section 3 Note I)
To the Board of Directors of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı:
We have audited the unconsolidated balance sheet of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“the Bank”) as at 31 December 2013, the
unconsolidated statements of income, cash flows, changes in shareholders’ equity for the year then ended and a summary of significant accounting
policies and notes to the financial statements.
Disclosure for the responsibility of the Bank’s Board of Directors:
The Bank’s Board of Directors is responsible for establishing and maintaining an effective internal control system over financial reporting to prevent the
misstatements caused by error or fraud, that are material to the financial statements; and for adopting sound accounting policies in compliance with
the “Regulation on Accounting Applications for Banks and Safeguarding of Documents” published on the Official Gazette no. 26333 dated 1 November
2006, Turkish Accounting Standards, Turkish Financial Reporting Standards and other regulations, circular and communiqués published by the Banking
Regulation and Supervision Board and the statements made by the Banking Regulation and Supervision Agency on accounting and financial reporting
principles.
Disclosure for the Responsibility of the Authorized Audit Firm:
Our responsibility, as independent auditors, is to express an opinion on these financial statements based on our audit. Our audit is performed in
accordance with the “Regulation on the Assignment and Activities of the Banks’ Independent Audit Firms” published on the Official Gazette no. 26333
dated 1 November 2006 and International Standards on Auditing. We planned and conducted our audit to obtain reasonable assurance as to whether
the financial statements are free of material misstatement. Our audit includes using the audit techniques for the purpose of obtaining evidence
supporting the amounts and disclosures in the financial statements. The selection of the audit techniques is made in accordance with our professional
judgment by taking the effectiveness of the controls over financial reporting into consideration and assessing the appropriateness of the applied
accounting policies. We believe that our audit provides a reasonable basis for our opinion.
Independent Auditors’ Opinion:
In our opinion, the accompanying unconsolidated financial statements present fairly, in all material respects, the financial position of Türkiye Vakıflar
Bankası Türk Anonim Ortaklığı as at 31 December 2013 and the result of its operations and cash flows for the year then ended in accordance with the
accounting principles and standards as per the existing regulations described in Article 37 of (Turkish) Banking Law No 5411 and other regulations,
circulars and communiqués published by Banking Regulation and Supervision Board and the statements made by the Banking Regulation and
Supervision Agency on accounting and financial reporting principles.
Istanbul, 13 February 2014
Akis Bağımsız Denetim ve Serbest
Muhasebeci Mali Müşavirlik Anonim Şirketi
Erdal Tıkmak
Partner
Additional paragraph for convenience translation to English:
As explained in Section 3 Note I, the accompanying unconsolidated financial statements are not intended to present the financial position and results of
operations in accordance with the accounting principles and practices generally accepted in countries and jurisdictions other than Turkey.