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4
COMPLIANCE OPINION ON THE ANNUAL REPORT
FIrst
Branches
I
According to the Türkiye Vakıflar
Bankası T.A.O. Law dated 1954 and
the Articles of Incorporation, the
Headquarters of VakıfBank will be
in the capital city Ankara, the center
of governmental administration and
bureaucracy. The Bank opened its first
branch in Ankara and commenced
operations under the management
of Tarık Gürerk. The Ankara branch
was followed by the Istanbul branch
in the Marmara region and the Izmir
branch in the Aegean region. In
1956, following the required market
research and feasibility studies
made within the country’s important
economic hubs, the number of
branches increased to ten.
Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.,
a Turkish Corporation and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative, a Swiss entity.
To the Board of Directors of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı:
We have been authorized to audit the Annual Report of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“The Bank”) as of December 31, 2013. The
Annual Report is under the responsibility of the Bank management. Our responsibility as the independent audit firm is to express an opinion on the
compliance of the financial information presented in the Annual Report with the independently audited financial statements and explanatory notes.
The audit has been undertaken in accordance with the principles and standards governing the preparation and publication of Annual Reports as per
Banking Law No. 5411, and with the regulations concerning the principles of independent audit. The regulations require the audit to be planned and
implemented so as to provide reassurance that there is no material error in the conformity between the financial information in the Annual Report and
the independently audited financial statements and explanatory notes. We believe that the audit presents a sufficient and reasonable basis to allow us
to formulate an opinion.
In our opinion, the consolidated financial statements in the accompanying Annual Report present fairly, in all material respects, the financial position of
Türkiye Vakıflar Bankası Türk Anonim Ortaklığı and its subsidiaries as of December 31, 2013 in accordance with the principles and standards described in
Article 40 of Turkish Banking Law No. 5411, and include the Summary Report of the Board of Directors and the independent audit opinion presented to
us; all of which are in compliance with the information presented in the independently audited financial statements and explanatory notes.
Istanbul
February 28, 2014
Akis Bağımsız Denetim ve
Serbest Muhasebeci Mali Müşavirlik
Anonim Şirketi
Erdal Tıkmak
Responsible Partner, Chief Auditor