Auditors' Report

TO THE GENERAL ASSEMBLY OF TÜRKİYE İŞ BANKASI A.Ş.

İSTANBUL

The operations, accounts and records of Türkiye İş Bankası A.Ş. for the year 2011 have been examined, the explanations of the Bank executives have been assessed and it is concluded that operations have been conducted in conformity with the rules and regulations while the balance sheet and income statement are in conformity with accounting records.

The main balance sheet items as well as the profit of the Bank as of 31 December 2011, compared to the previous year, are presented below.

(TL thousand)
	31.12.2011	31.12.2010
Cash and Central Bank of Turkey	13,736,905	8,522,625
Banks	2,254,336	3,185,118
Financial Assets Available for Sale	28,652,848	31,360,414
Loans	91,620,638	64,231,678
Participations and Subsidiaries	6,275,017	6,264,039
Investments Held to Maturity	13,465,702	13,603,985
Tangible and Intangible Assets	1,923,511	1,864,504
Deposits	98,313,134	88,260,157
Money Market Funds	19,461,070	10,158,890
Funds Borrowed	11,148,208	8,042,442
Provisions	4,204,926	3,631,589
Shareholders’ Equity	17,921,364	17,013,804
Profit/Loss	2,667,487	2,982,210

The Board of Directors has prepared the proposal for the distribution of profit in accordance with the Bank’s Articles of Incorporation and the related legislation.

We respectfully request your approval of the Balance Sheet and Profit/Loss Account for 2011.

Sincerely,

Auditor Kemal Ağanoğlu	Auditor A. Taciser Bayer