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INTRODUCTION
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TO THE BOARD OF DIRECTORS OF TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI:
We have assessed, whether or not the financial data stated in the Türkiye Vakıflar Bankası T.A.Ş (“Bank”) Annual Report issued on the date of December 31,
2014 is accurate and complies with the independent audit reports issued as of the end of the related accounting period. The annual report assessed in this
audit report is the Bank management’s responsibility. Our responsibility as an independent audit company is to state our opinions on the annual report that
is audited regarding the conformity of the financial data specified in the Annual Report with the Bank’s non-consolidated financial statements assessed in the
independent audit report that is issued on the date of February 16, 2015.
The assessment was made in conformity: with the procedures and principles that entered into force as per the Banking Law n.5411 regarding the preparation
and issuing of the annual report; with the Independent Audit Standards that are part of the Turkish Audit Standards published by the Public Oversight
Accounting and Auditing Standards Authority (“KGK”); with the regulations regarding the 397
th
Article of the Turkish Commercial Code n.6102. These regulations
stipulate that the audit shall be planned and carried out for the purpose of providing a reasonable assurance on the issue of whether there is a significant
misstatement in the Annual Report or not. 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, 2014 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.
Other Liabilities Arising From the Legislation
As per the 3
rd
paragraph of the 402
nd
Article of the Turkish Commercial Code, we did not encounter any significant issues that must be reported about Türkiye
Vakıflar Bankası T.A.Ş.’s potential inability to continue its activities in the foreseeable future within the framework of BDS 570 “Business Continuity”.
Zeynep Uras, SMMM
Responsible Partner, Chief Auditor
Istanbul, February 2015
COMPLIANCE OPINION ON
THE ANNUAL REPORT