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CONVENIENCE TRANSLATION OF THE INDEPENDENT AUDITOR’S
REPORT ORIGINALLY PREPARED AND ISSUED IN TURKISH
To the Board of Directors of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı:
We have audited the accompanying unconsolidated balance sheet of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“the Bank”) at 31 December 2014 and the related
unconsolidated statements of income, cash flows and changes in shareholders’ equity for the period then ended and a summary of significant accounting policies and other
explanatory 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 effective internal control over financial reporting to prevent the misstatements caused by error or
fraud, that are material to the financial statements; and for selecting and applying appropriate accounting policies in compliance with the “Regulation on Accounting Applications
for Banks and Safeguarding of Document” published on the Official Gazette No.26333 dated 1 November 2006, Turkish Accounting Standards (“TAS”), Turkish Financial Reporting
Standards (“TFRS”) and other regulations, interpretations and circulars published or declared by the Banking Regulation and Supervision Agency (the “BRSA”) 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 independent audit has been implemented in accordance
with “Regulation on Authorisation and Activities of Institutions to Conduct Independent Audit in Banks” published on the Official Gazette No.26333 dated 1 November 2006 and
Independent Auditing Standards that are part of Turkish Standards on Auditing issued by the Public Oversight Accounting and Auditing Standards Authority (“POA”). 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 these audit techniques is made in accordance with our
professional judgment by taking the effectiveness of the controls over financial reporting process into consideration and assessing the appropriateness of the applied accounting
policies. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion stated below.
Independent Auditor’s 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
at 31 December 2014 and the results of its operations and its cash flows for the period then ended in accordance with accounting principles and standards set out by regulations
in conformity with article 37 of the Banking Act No. 5411 and other regulations, communiques, interpretations and circulars published by the BRSA on accounting and financial
reporting principles.
Other matters:
The unconsolidated financial statements of the Bank as at and for the year ended 31 December 2013 were audited by another auditor whose report dated 13 February 2014
expressed an unqualified opinion.
Report on independent auditor’s other responsibilities arising from regulatory requirements:
1. In accordance with Article 402 paragraph 4 of the Turkish Commercial Code (“TCC”) No. 6102; no significant matter has come to our attention that causes us to believe that the
Bank’s bookkeeping activities for the period 1 January - 31 December 2014 are not in compliance with the TCC and provisions of the Bank’s articles of association in relation to
financial reporting.
2. In accordance with Article 402 paragraph 4 of TCC; the Board of Directors submitted to us the necessary explanations and provided required documents within the context of
audit.
Additional paragraph for convenience translation:
As explained in Note I. of Section Three, the effects of differences between accounting principles and standards set out by regulations in conformity with Article 37 of Banking
Law No. 5411, accounting principles generally accepted in countries in which the accompanying unconsolidated financial statements are to be distributed and International
Financial Reporting Standards (“IFRS”) have not been quantified in the accompanying unconsolidated financial statements. Accordingly, the accompanying unconsolidated financial
statements are not intended to present the financial position, results of operations and changes in financial position and cash flows in accordance with the accounting principles
generally accepted in such countries and IFRS.
Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
a member of PricewaterhouseCoopers
Zeynep Uras, SMMM
Partner
Istanbul,16 February 2015