TURK EKONOMI BANKASI ANONIM SIRKETI AND ITS FINANCIAL SUBSIDIARIES INDEPENDENT AUDITOR’S REPORT, CONSOLIDATED FINANCIAL STATEMENTS AND NOTES FOR THE YEAR ENDED DECEMBER 31, 2007 Translated into English from the
Original Turkish Report
To the Board of Directors of Türk Ekonomi Bankasi A.S. Istanbul TURK EKONOM I BANKASI ANONIM SIRKETI AND ITS FINANCIAL SUBSIDIARIES INDEPENDENT AUDITORS’ REPORT FOR THE YEAR JANUARY 1, 2007 – DECEMBER 31, 2007 We have audited the accompanying consolidated balance sheet of Türk Ekonomi Bankasi A.S. and its financial subsidiaries (“the Group”) as at December 31, 2007, and the related consolidated statements of income, cash flows and changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s Responsibility for the Financial Statements The Board of Directors of the Bank is responsible for the preparation and fair presentation of the financial statements in accordance with the regulation on “Procedures And Principles Regarding Banks’ Accounting Practices And Maintaining Documents” published in the Official Gazette dated November 1, 2006 and numbered 26333 and Turkish Accounting Standards (“TAS”), Turkish Financial Reporting Standards (“TFRS”) and other regulations, circulars, communiqués and pronouncements in respect of accounting and financial reporting made by Banking Regulation and Supervision Agency (“BRSA”). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the regulation on “Licensing and Operations of Audit Firms in Banking” published in the Official Gazette no: 26333 on November 1, 2006 and the International Standards on Auditing. We planned and performed our audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the consideration of the effectiveness of internal control and appropriateness of accounting policies applied relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independent Auditors’ Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at December 31, 2007 and the results of its operations and its cash flows for the year then ended in accordance with the prevailing accounting principles and standards set out as per the Articles 37 and 38 of the Banking Act No: 5411. Additional paragraph for English translation: The effect of the differences between the accounting principles summarized in Section 3 and the accounting principles generally accepted in countries in which the accompanying financial statements are to be distributed and International Financial Reporting Standards (IFRS) have not been quantified and reflected in the accompanying financial statements. The accounting principles used in the preparation of the accompanying financial statements differ materially from IFRS. Accordingly, the accompanying financial statements are not intended to present the Banks’s financial position and results of its operations in accordance with accounting principles generally accepted in such countries of users of the financial statements and IFRS. DRT BAGIMSIZ DENETIM VE SERBEST MUHASEBECI MALI MÜSAVIRLIK A.S. Member of DELOITTE TOUCHE TOHMATSU Hasan Kiliç Partner Istanbul, February 13, 2008
THE CONSOLIDATED FINANCIAL REPORT OF TÜRK EKONOMI BANKASI A.S. FOR THE YEAR ENDED DECEMBER 31, 2007 Address : Meclis-i Mebusan Caddesi No: 57 Findikli 34427 - Istanbul Telephone : (0 212) 251 21 21 Fax : (0 212) 249 65 68 Web Site : www.teb.com.tr E-mail Address : investor.relations@teb.com.tr The consolidated financial report designed by the Banking Regulation and Supervision Agency in line with Communiqué on Financial Statements to be Publicly Announced and the Related Policies and Disclosures consists of the sections listed below: • GENERAL INFORMATION ABOUT THE PARENT BANK • CONSOLIDATED FINANCIAL STATEMENTS OF THE PARENT BANK • EXPLANATIONS ON THE CORRESPONDING ACCOUNTING POLICIES APPLIED IN THE RELATED PERIOD • INFORMATION ON FINANCIAL STRUCTURE OF THE GROUP WHICH IS UNDER CONSOLIDATION • EXPLANATORY DISCLOSURES AND FOOTNOTES ON CONSOLIDATED FINANCIAL STATEMENTS • OTHER EXPLANATIONS AND FOOTNOTES • INDEPENDENT AUDITORS’ REPORT The subsidiaries, associates and jointly controlled entities, financial statements of which are consolidated within the framework of the reporting package are as follows: Subsidiaries 1. The Economy Bank N.V. 2. Stichting Custody Services TEB 3. Kronenburg Vastgoed B.V. 4. TEB Finansal Kiralama A.S. 5. TEB Factoring A.S. 6. TEB Yatirim Menkul Degerler A.S. 7. TEB Portföy Yönetimi A.S. The consolidated financial statements and the explanatory footnotes and disclosures, unless otherwise indicated, are prepared in thousands of New Turkish Lira , in accordance with the Communique on Banks’ Accounting Practice and Maintaining Documents , Turkish Accounting Standards, Turkish Financial Reporting Standards, related communiqués and the Banks’ records, have been independently audited and presented as attached. February 13, 2008 Patrick Yavuz Canevi Rene Pitton Ismail Yanik Varol Civil B. Ilgaz Dogan President of the Head of Audit Vice Chairman General Manager Assistant General Manager Board of Committee of the Audit Manager Responsible Responsible of Directors Committee of Financial Financial Reporting Reporting Information related to responsible personnel for the questions can be raised about financial statements: Name-Surname / Title: Çigdem Basaran / Investor Relations Director Telephone Number: (0212) 251 21 21 Fax Number: (0212) 249 65 68
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