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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 consolidated balance sheet of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“the Bank”) and its financial subsidiaries as at
31 December 2013 and the consolidated statements of income, changes in shareholders’ equity and cash flows for the year then ended, and notes
comprising a summary of significant accounting policies and other explanatory information. The financial statements of a consolidated subsidiary which
constitutes 1.88% of total assets and 0.73% of consolidated operating income for the year ended 31 December 2013, were audited by another auditor
whose report has been furnished to us, and our audit report, in so far as it relates to the amounts included for this financial subsidiary is based solely on
the report of the other auditor.
Disclosure for the responsibility of the Bank’s Board of Directors:
The Bank’s Board of Directors is responsible for designing, implementing and maintaining effective internal control 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 communiqués, disclosures and circulars on accounting and financial
reporting principles issued by the Banking Regulation and Supervision Board and explanations by Banking Regulation and Supervision Agency.
Disclosure for the Responsibility of the Authorized Audit Firm:
Our responsibility, as independent auditors, is to express an opinion on these consolidated 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 consolidated 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 consolidated 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 consolidated financial statements present fairly, in all material respects, the financial position of Türkiye Vakıflar
Bankası Türk Anonim Ortaklığı and its financial subsidiaries 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 that are based on the current regulations described in Article 37 and Article 38 of the
(Turkish) Banking Law No 5411; and other communiqués, disclosures and circulars on accounting and financial reporting principles issued by the Banking
Regulation and Supervision Board and explanations by Banking Regulation and Supervision Agency.
İstanbul, 28 February 2014
Akis Bağımsız Denetim ve Serbest
Muhasebeci Mali Müşavirlik Anonim Şirketi
Erdal Tıkmak
Sorumlu Ortak, Başdenetçi
Additional paragraph for convenience translation to English:
As explained in Section 3 Note I, the accompanying consolidated 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.