MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	YAPI VE KREDI BANKASI A.S.
Registered Office :	Yapi Kredi Plaza D Blok Buyukdere Cad., Besiktas Levent Levent, 34330
Country :	Turkey
Financials (as on) :	31.12.2012
Date of Incorporation :	09.09.1944
Legal Form :	Public Subsidiary
Line of Business :	Commercial Banking
No. of Employees :	17,459

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Turkey	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TURKEY - ECONOMIC OVERVIEW

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

Company name and address Top of Form

Bottom of Form

Top of Form

Yapi ve Kredi Bankasi A.S.

Yapi Kredi Plaza D Blok
Buyukdere Cad., Besiktas
Levent
Levent, 34330
Turkey
Tel:	90-212-3397000
Fax:	90-212-3396000
www.yapikredi.com.tr

Employees:

17,459

Company Type:

Public Subsidiary

Corporate Family:

94 Companies

Ultimate Parent:

Koc Holding AS

Traded:

Istanbul Stock Exchange:

YKBNK

Incorporation Date:

09-Sep-1944

Auditor:

Guney Serbest Muhasebeci

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	New Turkish Lira
Annual Sales:	4,414.3 ^1
Net Income:	1,159.2
Total Assets:	73,532.3 ^2
Market Value:	13,631.6
	(29-Mar-2013)

Business Description

Yapi ve Kredi Bankasi AS (Yapi Kredi) is a Turkey-based company that provides a range of banking and financial services to individuals and corporate customers. The Company operates in three main segments: Retail Banking (including SME banking), Private Banking, as well as Wealth Management, and Commercial and Corporate Banking. Its Private Banking and Wealth Management as well as its Retail Banking segments include services such as credit and debit cards, personal loans, overdrafts, insurance products and payroll services. Its Corporate and Commercial Banking segment products and services encompass working capital financing, project and foreign trade finance, letters of credit and guarantees, cash management, investment banking and brokerage services, asset management, factoring and leasing. The Company operates 908 branches located in 70 cities. Yapi Kredi Bank Nederland, Yapi Kredi Bank Moscow and Yapi Kredi Bank Azerbaijan are some of the foreign subsidiaries of the Bank. For the fiscal year ended 31 December 2012, Yapi ve Kredi Bankasi A.S. interest income increased 29% to TRY10.12B. Net interest income after loan loss provision increased 23% to TRY3.55B. Net income decreased 9% to TRY2.09B. Net interest income after loan loss provision reflects Interest on Loans increase of 36% to TRY7.79B, Money Market Trans. increase from TRY33M to TRY146.2M.

Industry

Industry	Commercial Banks
ANZSIC 2006:	6221 - Banking
NACE 2002:	6512 - Other monetary intermediation
NAICS 2002:	52211 - Commercial Banking
UK SIC 2003:	65121 - Banks
UK SIC 2007:	64191 - Banks
US SIC 1987:	6021 - National Commercial Banks

Key Executives

Name	Title
Huseyin Faik Acikalin	Chief Executive Officer (CEO)
Marco Cravario	Vice General Manager - Financial Planning and Administration Management
Mehmet Guray Alpkaya	Vice General Manager - Corporate and Commercial Banking Sales
Cahit Erdogan	Vice General Manager - Information Technologies
Mehmet Erkan Ozdemir	Vice General Manager - Compliance

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	2	Allianz SE Buys Yapi Kredi Sigorta For $883 Million From Koc Holding AS And UniCredit SpA's Yapi ve Kredi Bankasi AS; Dai-ichi Life Insurance Co Ltd, Zurich Insurance Group AG Were In Race-Reuters	27-Mar-2013
Dividends	1	Yapi ve Kredi Bankasi AS Announces Payment Of Dividend For FY 2012	7-Mar-2013

Financial Summary

As of 31-Dec-2012

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.92
Sales 5 Year Growth	8.67	5.95
Net Profit Margin (TTM) %	26.39	13.53
Return on Assets (TTM) %	1.69	0.50
Return on Equity (TTM) %	14.63	5.29

Stock Snapshot

Traded: Istanbul Stock Exchange: YKBNK

As of 29-Mar-2013

   Financials in: TRY

Recent Price	5.68	EPS	0.48
52 Week High	5.90	Price/Sales	3.11
52 Week Low	2.91	Price/Earnings	10.83
Avg. Volume (mil)	24.61	Price/Book	1.55
Market Value (mil)	24,691.25	Beta	1.28

	Price % Change	Rel S&P 500%
4 Week	10.51%	2.75%
13 Week	8.40%	-0.84%
52 Week	60.91%	15.29%
Year to Date	9.23%	-0.55%

1 - Profit & Loss Item Exchange Rate: USD 1 = TRY 1.80096
2 - Balance Sheet Item Exchange Rate: USD 1 = TRY 1.7883

Corporate Overview

Location
Yapi Kredi Plaza D Blok
Buyukdere Cad., Besiktas
Levent
Levent, 34330
Turkey

Tel:	90-212-3397000
Fax:	90-212-3396000

www.yapikredi.com.tr

Quote Symbol - Exchange
YKBNK - Istanbul Stock Exchange
Sales TRY(mil):	7,950.0
Assets TRY(mil):	131,497.8
Employees:	17,459
Fiscal Year End:	31-Dec-2012

Industry:

Commercial Banks

Incorporation Date:	09-Sep-1944
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Chief Executive Officer (CEO):

Huseyin Faik Acikalin

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking
6229	-	Other Depository Financial Intermediation
6411	-	Financial Asset Broking Services
6322	-	General Insurance
6230	-	Non-Depository Financing
301	-	Residential Building Construction
6419	-	Other Auxiliary Finance and Investment Services

NACE 2002 Codes:
6512	-	Other monetary intermediation
6603	-	Non-life insurance
6713	-	Activities auxiliary to financial intermediation not elsewhere classified
6522	-	Other credit granting
6712	-	Security broking and fund management
4521	-	General construction of buildings and civil engineering works

NAICS 2002 Codes:
52211	-	Commercial Banking
523930	-	Investment Advice
522320	-	Financial Transactions Processing, Reserve, and Clearinghouse Activities
522291	-	Consumer Lending
522220	-	Sales Financing
523110	-	Investment Banking and Securities Dealing
522293	-	International Trade Financing
236117	-	New Housing Operative Builders
524127	-	Direct Title Insurance Carriers

US SIC 1987:
6021	-	National Commercial Banks
6159	-	Miscellaneous Business Credit Institutions
6282	-	Investment Advice
6099	-	Functions Related to Depository Banking, Not Elsewhere Classified
6141	-	Personal Credit Institutions
6211	-	Security Brokers, Dealers, and Flotation Companies
6081	-	Branches and Agencies of Foreign Banks
1531	-	Operative Builders
6361	-	Title Insurance

UK SIC 2003:
65121	-	Banks
66031	-	Non-life insurance
6713	-	Activities auxiliary to financial intermediation not elsewhere classified
6522	-	Other credit granting
6712	-	Security broking and fund management
4521	-	General construction of buildings and civil engineering works

UK SIC 2007:
64191	-	Banks
6492	-	Other credit granting
6619	-	Other activities auxiliary to financial services, except insurance and pension funding
6512	-	Non-life insurance
6612	-	Security and commodity contracts brokerage
41	-	Construction of buildings

Business Description

Yapi ve Kredi Bankasi AS (Yapi Kredi) is a Turkey-based company that provides a range of banking and financial services to individuals and corporate customers. The Company operates in three main segments: Retail Banking (including SME banking), Private Banking, as well as Wealth Management, and Commercial and Corporate Banking. Its Private Banking and Wealth Management as well as its Retail Banking segments include services such as credit and debit cards, personal loans, overdrafts, insurance products and payroll services. Its Corporate and Commercial Banking segment products and services encompass working capital financing, project and foreign trade finance, letters of credit and guarantees, cash management, investment banking and brokerage services, asset management, factoring and leasing. The Company operates 908 branches located in 70 cities. Yapi Kredi Bank Nederland, Yapi Kredi Bank Moscow and Yapi Kredi Bank Azerbaijan are some of the foreign subsidiaries of the Bank. For the fiscal year ended 31 December 2012, Yapi ve Kredi Bankasi A.S. interest income increased 29% to TRY10.12B. Net interest income after loan loss provision increased 23% to TRY3.55B. Net income decreased 9% to TRY2.09B. Net interest income after loan loss provision reflects Interest on Loans increase of 36% to TRY7.79B, Money Market Trans. increase from TRY33M to TRY146.2M.

More Business Descriptions

Commercial banking services

Commercial Banking

Yapi ve Kredi Bankasi A.S. (Yapi Kredi) provides a range of banking and financial services in Turkey. The group offers products and services such as credit and debit cards, loans, overdrafts, insurance and payroll services, working capital financing, cash management, investment banking and brokerage services, factoring, and leasing. Yapi Kredi operates through a network of 894 domestic branches, 2,615 ATMs, and international subsidiaries. The group operates through three business segments, namely, Retail Banking, Corporate and Commercial Banking, and Private Banking and Wealth Management. Yapi Kredi’s Retail Banking segment includes credit cards, SME banking, and individual banking. Retail Banking products and services offered by the group include credit cards, general purpose loans, auto loans, mortgages, SME loans, time and demand deposits, investment accounts, life and non-life insurance products, and payroll services. In addition, the credit card operations include the management of products and services for member merchants as well as the sales and marketing of various credit cards. For the fiscal year ended December 2010, the segment reported revenue of TRY2,791.90m, representing 44.7% of the group’s total revenue. The group’s Corporate and Commercial Banking segment is organized into two units, namely, commercial banking, which serves mid-sized company clients; and corporate banking, which serves large sized multinational company clients. The segment provides products and services including, working capital financing, foreign trade finance, project finance, leasing, and factoring. In addition, the segment also offers domestic and international non-cash credit line facilities such as letters of credit and guarantees, cash management, and e-banking services. For the fiscal year ended December 2010, the segment reported revenue of TRY1,326.63m, representing 19.9% of the group’s total revenue. Private Banking and Wealth Management segment of Yapi Kredi serves affluent and high net worth customers. It offers time deposits, fiduciary deposits, derivative products such as forwards, futures and options, mutual funds, personal loans, foreign exchange, pension plans, insurance products, gold and equity trading, safe deposit boxes, and e-banking services. Private banking services are accompanied by investment advisory and portfolio management services provided by the group’s portfolio management and brokerage subsidiaries. For the fiscal year ended December 2010, the segment reported revenue of TRY338.76m, representing 5.1% of the group’s total revenue. Foreign Operations of Yapi Kredi include banking transactions in the Netherlands, Azerbaijan, and Russia. For the fiscal year ended December 2010, the segment reported revenue of TRY167.12m, representing 2.5% of group’s total revenue. The key subsidiaries of the group include Yapi Kredi Leasing, Yapi Kredi Factoring, Yapi Kredi Invest, Yapi Kredi Asset Management, Yapi Kredi Investment Trust, Yapi Kredi Insurance, and Yapi Kredi Pension. The foreign subsidiaries of the group include Yapi Kredi Bank Nederland, Yapi Kredi Bank Moscow, and Yapi Kredi Bank Azerbaijan. Yapi Kredi also operates other subsidiaries, namely, Yapi Kredi Cultural Activities, Arts and Publishing Yapi Kredi Koray, and Banque de Commerce et de Placements. In November 2011, Yapi Kredi resolved to sell a 100% provisioned non-performing loan portfolio of credit cards and individual loans totaling TRY290m (including overdue interest) to LBT Varlik Yonetimi A.S. for a total consideration of TRY45.8m. In September 2011, Yapi Kredi annnounced that it had secured syndication loans worth $285m and €687m. During 2011, Yapi Kredi received awards in a variety of categories such as alternative delivery channels (Second Best Call Center in EMEA, Best Internal Technology Innovation, Global Finance-Best Bill Payment and Presentment in Europe) and credit cards (Interactive Media Awards-Best in Class in Lifestyle Category, Best Customer Satisfaction in Credit Cards).

Yapi ve Kredi Bankasi A.S. (Yapi Kredi) is a Turkey-based privately-owned bank. The group offers individual banking, SME banking, corporate and commercial banking, credit card, and private banking services to over six million customers including 5.4 million retail customers. Yapi Kredi is also involved in other financial services such as asset management, leasing, factoring, private pension funds, insurance, equity brokerage and investment banking. The group operates through a network of 894 branches and 2,615 ATMs spanning across 70 cities in Turkey. Yapi Kredi has international banking operations in the Netherlands, Russia, and Azerbaijan. Yapi Kredi is headquartered in Istanbul, Turkey. Yapi Kredi focuses on funding diversification with continuing access to international markets. It also aims to maintain a strong market position in leasing, factoring, asset management, brokerage, private pension funds and life and non-life insurance.The bank reported interest income of (Turkish Lira) TRY 7,839.56 million during the fiscal year ended December 2011, an increase of 22.69% over 2010. The net interest income after loan loss provision of the bank was TRY 2,884.59 million during the fiscal year 2011, an increase of 19.21% over 2010. The net profit of the bank was TRY 2,284.70 million during the fiscal year 2011, an increase of 1.63% over 2010.

Headquartered in Istanbul, Yapi ve Kredi Bankasi A.S. is one of the leading commercial and retail banks in Turkey. Established in 1944 as Turkey's first nationwide privately-held bank, Yapi ve Kredi today is the fourth largest private bank based on total assets. In 2006 the bank merged with Koçbank. One of the biggest mergers in the history of the Turkish banking, the unified Yapi ve Kredi and Koçbank became a premier franchise in Turkey with the size and scope to offer the best in financial services to its customers. The bank offers its over 13 million customers, through more than 638 branches throughout the country and various alternative distribution channels, a broad range of financial products and services in retail (including credit cards), private, corporate, commercial and SME banking, asset management, leasing, factoring, insurance and brokerage. In addition to its strong domestic presence including its financial subsidiaries, Yapi ve Kredi owns subsidiary banks in the Netherlands, Germany, Russia and Azerbaijan.

Financial Data

Financials in:	TRY(mil)
Revenue:	7,950.0
Net Income:	2,087.7
Assets:	131,497.8
Long Term Debt:	0.0
Total Liabilities:	115,523.0
Date of Financial Data:	31-Dec-2012

1 Year Growth

12.8%

-8.6%

12.0%

Market Data

Quote Symbol:	YKBNK
Exchange:	Istanbul Stock Exchange
Currency:	TRY
Stock Price:	5.7
Stock Price Date:	03-29-2013
52 Week Price Change %:	60.9
Market Value (mil):	24,691,250.0
SEDOL:	B03MZJ6
ISIN:	TRAYKBNK91N6
Equity and Dept Distribution:
Report Stds:"SeriXI/21, Inf.Adj.Cons.TAS". 04/2006, Scrip Issue, 1.521 new shares for every 1 share held. 05/2007, Scrip Issue, 0.002 new shares for every 1 share held. 07/2008, Rights Issue, 0.269 new shares for every 1 share held @ TRY 1 (Factor: 1.14809).

Subsidiaries

Company	Percentage Owned	Country
Yapi Kredi Sigorta AS	53.1%	TURKEY
Yapi Kredi Bank		BAHRAIN
Yapi Kredi Finansal Kiralama AO	98.85%	TURKEY
Yapi Kredi Bank Nederland NV	67.24%	NETHERLANDS

Shareholders

Major Shareholders

Koç Finansal Hizmetler AS (81.8%)

Key Corporate Relationships

Auditor:	Guney Serbest Muhasebeci
Auditor:	Guney Serbest Muhasebeci, Basaran Nas Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik AS, a member of PricewaterhouseCoopers

Corporate Structure News

Yapi ve Kredi Bankasi A.S.
Total Corporate Family Members: 94

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Koc Holding AS	Parent	Uskudar	Turkey	Natural Gas Utilities	47,104.5	82,158
Arcelik AS	Subsidiary	Beyoglu	Turkey	Appliance and Tool	5,861.8	22,839
Arctic SA	Subsidiary	Bucharest	Romania	Appliance and Tool		2,532
Ardem Pisirici Ve Isitici Cihazlar Sanayi A S	Subsidiary	Istanbul (Anatolia)	Turkey	Appliance and Tool		945
Arcelik Motor Plants	Subsidiary	Tekirdag	Turkey	Miscellaneous Capital Goods		800
Blomberg Werke GmbH	Subsidiary	Neu-Isenburg, Hessen	Germany	Appliance and Tool		270
Beko Deutschland Gesellschaft mit beschränkter Haftung	Subsidiary	Neu-Isenburg, Hessen	Germany	Appliance and Tool		121
Grundig Multimedia B.V.	Subsidiary	Amsterdam Zuidoost, Noord-Holland	Netherlands	Miscellaneous Financial Services
Grundig Polska Sp Z O O	Subsidiary	Warszawa	Poland	Appliance and Tool	43.9	50
Turkiye Petrol Rafinerileri A.S.	Subsidiary	Korfez	Turkey	Oil and Gas Operations	26,152.2	5,714
Beko Elektronik AS	Subsidiary	Istanbul	Turkey	Communications Equipment		3,766
Beko PLC	Subsidiary	Watford	United Kingdom	Appliance and Tool	512.1	186
Leisure Consumer Products Ltd.	Subsidiary	Watford	United Kingdom	Appliance and Tool
Beko Polska SA	Subsidiary	Warsaw	Poland	Communications Equipment		40
Beko France	Subsidiary	Saint Denis	France	Retail (Specialty)	230.3	34
Beko Ticaret AS	Subsidiary	Istanbul	Turkey	Communications Equipment
Defy Appliances (Proprietary) Limited	Subsidiary	Durban	South Africa	Appliance and Tool		2,600
Otokar Otomotiv ve Savunma Sanayi AS	Subsidiary	Istanbul	Turkey	Auto and Truck Manufacturers	494.5	2,281
Aygaz AS	Subsidiary	Zincirlikuyu	Turkey	Oil and Gas Operations	3,101.7	1,413
Duzey Tuketim Mallari Sanayi Pazarlama A.S.	Subsidiary	Istanbul	Turkey	Personal and Household Products		1,000
Opet Petrolcülük AS	Subsidiary	Istanbul	Turkey	Retail (Specialty)		900
TBS Denizcilik ve Petrol Urunleri Dis Ticaret AS	Subsidiary	Istanbul	Turkey	Oil Well Services and Equipment
Izocam Tic. San. AS	Subsidiary	Gebze	Turkey	Construction - Supplies and Fixtures		440
Kav Danismanlik Pazarlama ve Ticaret AS	Subsidiary	Istanbul	Turkey	Business Services		213
Koçtas Yapi Marketleri AS	Joint Venture	Istanbul	Turkey	Retail (Home Improvement)		200
Harranova Besi ve Tarim Urunleri A.S.	Subsidiary	Sanliurfa	Turkey	Crops		200
Birlesik Denizcilik ve Armatorluk Sanayi ve Ticaret AS	Subsidiary	Istanbul	Turkey	Water Transportation		170
Yapi Kredi Yatirim Menkul Degerler A.S.	Subsidiary	Istanbul	Turkey	Investment Services		150
Mogaz Petrol Gazlari AS	Subsidiary	Istanbul	Turkey	Natural Gas Utilities		137
Grundig Intermedia GmbH	Subsidiary	Nürnberg, Bayern	Germany	Audio and Video Equipment	261.8	120
GRUNDIG Business Systems GmbH	Subsidiary	Bayreuth, Bayern	Germany	Electronic Instruments and Controls	21.4	114
Grundig Nordic AS	Subsidiary	Ski	Norway	Appliance and Tool	22.9	8
Tat Konserve San. AS	Subsidiary	Istanbul	Turkey	Food Processing		120
Divan AS	Subsidiary	Istanbul, Umraniye	Turkey	Hotels and Motels		100
Akpa A.S.	Subsidiary	Bursa	Turkey	Retail (Specialty)		99
Tani Pazarlama ve Iletisim Hizmetleri A.S.	Subsidiary	Istanbul	Turkey	Business Services		90
RMK Marine AS	Subsidiary	Istanbul, Tuzla	Turkey	Water Transportation		80
Yapi Kredi Kultur ve Sanat Yayincilik Tic.ve San.A.S.	Subsidiary	Istanbul	Turkey	Printing and Publishing		80
KaTron Savunma Uzay ve Simulasyon Teknolojileri A.S.	Subsidiary	Istanbul	Turkey	Software and Programming		50
Otokoc Otomotiv Tic. ve San. A.S.	Subsidiary	Istanbul	Turkey	Rental and Leasing		50
Akpa Dayanikli Tuketim LPG ve Akaryakit Urunleri Pazarlama A.S.	Subsidiary	Istanbul	Turkey	Retail (Specialty)		50
Aygaz Dogal Gaz Toptan Satis A.S.	Subsidiary	Istanbul	Turkey	Natural Gas Utilities		40
Ditas Deniz Isletmeciligi ve Tankerciligi A.S.	Subsidiary	Istanbul	Turkey	Water Transportation		40
Elektra Bregenz Aktiengesellschaft	Subsidiary	Wien	Austria	Appliance and Tool	36.6	37
Beko Electronics España Sl	Subsidiary	Barcelona	Spain	Appliance and Tool	83.6	26
Ram Dis Ticaret AS	Subsidiary	Istanbul	Turkey	Business Services		25
Ayvalik Marina ve Yat Isletmeciligi San. ve Tic. A.S.	Subsidiary	Balikesir	Turkey	Miscellaneous Transportation		21
Ram Pacific Ltd.	Subsidiary	Shenzhen, Shekou	China	Miscellaneous Capital Goods		20
Kofisa SA	Subsidiary	Geneva	Switzerland	Consumer Financial Services	2,132.4	16
Grundig Nordic AB	Subsidiary	Kista	Sweden	Appliance and Tool	13.3	11
Otokar Europe SAS	Subsidiary	Roissy-en-France	France	Auto and Truck Manufacturers		10
Beko Cesko S.R.O.	Subsidiary	Prague	Czech Republic	Appliance and Tool		7
Yapi Kredi B Tipi Yatirim Ortakligi AS	Subsidiary	Levent	Turkey	Miscellaneous Financial Services	424.3	3
Yapi ve Kredi Bankasi A.S.	Subsidiary	Levent	Turkey	Commercial Banks	4,414.3	17,459
Yapi Kredi Sigorta A.S.	Subsidiary	Levent	Turkey	Insurance (Life)	492.7	1,825
Yapi Kredi Emeklilik A S	Subsidiary	Istanbul (Europe)	Turkey	Insurance (Life)	184.9	814
Yapi Kredi Bank Nederland NV	Subsidiary	Amsterdam	Netherlands	Commercial Banks		44
Yapi Kredi Bank	Branch	Manama	Bahrain	Commercial Banks
Yapi Kredi Finansal Kiralama AO	Subsidiary	Istanbul	Turkey	Rental and Leasing
Koratrade Mtmc Limited	Subsidiary	Dublin	Ireland	Food Processing	15.5	3
Ramerica International Inc	Subsidiary	New York, NY	United States	Food Processing	0.2	2
Vodafone Net Iletisim Hizmetleri A S	Subsidiary	Istanbul (Europe)	Turkey	Computer Services	101.1
Setur Marinalari Marina ve Yat Isletmeciligi	Subsidiary	Istanbul	Turkey	Miscellaneous Transportation
Demir Export AS	Subsidiary	Ankara	Turkey	Metal Mining
Ark Insaat AS	Subsidiary	Istanbul	Turkey	Communications Services
Kocbank AS	Subsidiary	Istanbul	Turkey	Commercial Banks
Setair Hava Tasimaciligi ve Hizm AS	Subsidiary	Istanbul	Turkey	Rental and Leasing
Koc Bilgi Grubu Iletisim ve Teknoloji Sirketleri AS	Subsidiary	Istanbul	Turkey	Business Services
KocSistem Bilgi ve Iletisim Hizm. AS	Subsidiary	Istanbul, Uskudar	Turkey	Business Services		410
Koc Bryce Teknoloji Egitim Hizmetleri AS	Subsidiary	Istanbul	Turkey	Public Sector and Government		25
PROMENA Elektronik Ticaret AS	Subsidiary	Istanbul	Turkey	Business Services		20
Bilkom AS	Subsidiary	Istanbul, Uskudar	Turkey	Printing and Publishing
Biletix Bilet Dagitim ve Basim Tic AS	Subsidiary	Istanbul	Turkey	Business Services
Kobiline	Subsidiary	Istanbul	Turkey	Printing and Publishing
Kav Danismanlik Paz. Tic. AS	Subsidiary	Istanbul	Turkey	Construction - Supplies and Fixtures
Beykoz Tankercilik A.S.	Subsidiary	Istanbul	Turkey	Miscellaneous Transportation
Zer Merkezi Hizmetler ve Ticaret A.S.	Subsidiary	Istanbul	Turkey	Business Services
Bilkom Bilisim Hizmetleri A.S.	Subsidiary	Istanbul	Turkey	Software and Programming
Setur Servis Turistik A.S.	Subsidiary	Istanbul	Turkey	Personal Services
Beko A and NZ Pty Ltd.	Subsidiary	Cleveland, QLD	Australia	Appliance and Tool
Grundig Multimedia B.V.	Subsidiary	Ridderkerk	Netherlands	Appliance and Tool
Duzey A.S.	Subsidiary	Istanbul	Turkey	Appliance and Tool
Kadikoy Tankercilik A.S.	Subsidiary	Istanbul	Turkey	Electronic Instruments and Controls
Opet Fuchs Madeni Yag A.S.	Subsidiary	Izmir	Turkey	Oil and Gas Operations
Sariyer Tankercilik A.S.	Subsidiary	Istanbul	Turkey	Miscellaneous Transportation
Uskudar Tankercilik A.S.	Subsidiary	Istanbul	Turkey	Miscellaneous Transportation
Divan Turizm Isletmeleri A.S.	Subsidiary	Istanbul	Turkey	Personal Services
Otokoc Sigorta Aracilik Hizmetleri A.S.	Subsidiary	Istanbul	Turkey	Auto and Truck Manufacturers
Palmira Turizm Ticaret A.S.	Subsidiary	Istanbul	Turkey	Hotels and Motels
Koc Bilgi ve Savunma Teknolojileri A.S.	Subsidiary	Ankara	Turkey	Software and Programming
Yapi Kredi Bank Azerbaycan CJSC	Subsidiary	Baku	Azerbaijan	Commercial Banks
Setur Yalova Marina Isletmeciligi A.S.	Subsidiary	Yalova	Turkey	Water Transportation
Beko S.A. Czech Republic	Subsidiary	Prague	Czech Republic	Appliance and Tool
Beko Italy SRL	Subsidiary	Saronno, Varese	Italy	Appliance and Tool

Yapi ve Kredi Bankasi A.S.

Competitors Report

CompanyName	Location	Employees	Ownership
Akbank T.A.S.	Istanbul, Turkey	16,515	Public
Turkiye Garanti Bankasi A.S.	Levent, Turkey	20,287	Public
Turkiye Is Bankasi A.S.	Levent, Turkey	28,134	Public

Executives Report

Board of Directors

Name	Title	Function
Mustafa Vehbi Koc	Chairman of the Board	Chairman
Biography: Mr. Mustafa Vehbi Koc serves as Chairman of the Board of Yapi ve Kredi Bankasi AS. He has also been performing as Non-Executive Chairman of the Board of Directors of Koc Holding A.S. since April 4, 2003. He is active in many boards and organizations in various positions, including Member of the Istanbul Chamber of Industry, Chairman of the High Advisory Council of the Turkish Industrialists and Businessmen’s Association, Honorary Consul General of Finland for Istanbul, and Member of the Foreign Economic Relations Board, National Bank of Kuwait, International Advisory Board and the Young Presidents’ Organization. He is a member of Rolls Royce International Advisory Board, and a member of the board of the Vehbi Koc Foundation, as well as of the Board of Trustees of the Educational Volunteers Foundation. Mr. Koc was elected Vice Chairman of the Turkish-American Business Council in 2005. He joined the JP Morgan International Council in June 2004. Mr. Koc received his BA degree in Business Administration from George Washington University in 1984. Age: 53 Education: George Washington University, BA (Business Administration)
Gianni Franco Giacomo Papa	Vice Chairman	Vice-Chairman
Gianni Franco G. Papa	Vice Chairman of the Board	Vice-Chairman
Biography: Mr. Gianni Franco G. Papa serves as Vice Chairman of the Board of Yapi ve Kredi Bankasi AS. He is also Chairman of the Audit Committee and Member of the Governance Committee of the Company. He has been Member of the Supervisory Board at UniCreditBank ZAO since January 24, 2011. In addition, since December 15, 2010, he has served as Senior Executive Vice President, Head of CEE Division at UniCredit SpA. Apart from that, he is Chairman of the Supervisory Board of UniCredit Leasing Ukraine and Ferrotrade ASCJ, Ukraine. Between November 2010 and December 12, 2010, he acted as Executive Vice President, Head of CEE Corporate and Investment Banking at UniCredit Bank Austria AG. From February 2008 to November 2010, he was First Deputy Chairman of the Board and General Manager of UkrsotsBank, Ukraine. In his professional career, he also acted as Chairman of the Board of Directors and General Manager of UniCredit Bank, Slovakia; General Manager and COO of UniBanka as; General Manager of New York Branch and Director for the Americas for UniCredit Group; General Manager Singapore Branch and Director for Asia (ex China) for UniCredit Group, as well as Deputy General Manager Singapore Branch of Credito Italiano/UCI and Assistant General Manager at Credito Italiano/ Milan, among many others. Mr. Papa holds a Bachelor degree in Law from Catholic University, Milan, which he obtained in 1981. Education: Catholic University, B (Law)
Huseyin Faik Acikalin	Executive Member of the Board, General Manager	Director/Board Member
Biography: Mr. Huseyin Faik Acikalin has been performing as General Manager of Yapi ve Kredi Bankasi A.S. since May 1, 2009, and as Executive Board Member of the Bank since April 27, 2009. He is also Chairman of the Executive Committee. He also acts as Chairman of the Credits Committee of the Bank. Mr. Acikalin began his career in Interbank as Management Trainee. Between 1992 and 1998, He worked at Marmarabank, Kentbank, Finansbank and Demirbank, where he hold various posts. He joined Disbank as Vice General Manager responsible for the main branch in May 1998, and also became General Secretary of the bank in December 1998. He was appointed as Vice General Manager and Board Member of the bank in 1999, and as General Manager of the bank in December 2000. He was also elected as Vice Chairman of the Management Board of the bank in 2005. Mr. Acikalin holds position in the international management of Fortis. He became Chief Executive Officer of Dogan Gazetecilik in 2007. Mr. Acikalin received his Business Administration degree from Middle East Technical University in 1987. Age: 51 Education: Middle East Technical University (Business Administration)
F. Fusun Akkal Bozok	Member of the Board	Director/Board Member
Biography: Ms. F. Fusun Akkal Bozok joined Yapi ve Kredi Bankasi A.S. on September 28, 2005, as Member of the Board, and has been performing in this position since then. She also acts as Member of the Audit and Credit Committees of the Bank. She acted as Member of the Audit Committee of the Bank until 2007, and reappointed to the Committee on January 28, 2009. She started her working career in Arthur Andersen Auditing Company in 1980, and joined the Koc Group in the same year, where she assumed the position of Coordinator of the Audit and Financial Group in 1992, and served in this position for eleven years. As Finance Group Coordinator between 2003 and 2006, Ms. Akkal Bozok still works as an assistant professor in Koc and Sabanci Universities. Ms. Akkal Bozok received her Bachelors degree and Ph.D. (Faculty of Administration) degree in Business from Istanbul Universitesi. She also has an MBA degree from the Faculty of Administrative Sciences of Bogazici Universitesi. Age: 56 Education: Istanbul Universitesi, PHD Bogazici Universitesi, MBA Istanbul Universitesi, B
Ahmet Fadil Ashaboglu	Member of the Board	Director/Board Member
Biography: Mr. Ahmet Fadil Ashaboglu has been performing as Board Member of Yapi ve Kredi Bankasi A.S. since September 28, 2005. He also served as Member of the Audit Committee of the Bank from April 26, 2007 until January 28, 2009. He received his Bachelors and Master of Science degrees in Mechanical Engineering, from Tufts University and Massachusetts Institute of Technology (MIT), respectively. After his graduation, he served as a research assistant at MIT for more than a year. He worked in UBS AG as Risk Manager and Director (1996-1999), and in McKinsey & Company as Consultant (1999-2003) until he joined Koc Holding A.S. as Finance Group Coordinator in 2003. Mr. Ashaboglu has been Chief Financial Officer in Koc Holding since January 2006. Age: 42 Education: Massachusetts Institute of Technology, MS (Mechanical Engineering) Tufts University, BS (Mechanical Engineering)
F Füsun Akkal Bozok	Director	Director/Board Member
Osman Turgay Durak	Member of the Board	Director/Board Member
Biography: Mr. Osman Turgay Durak has been performing as Board Member of Yapi ve Kredi Bankasi A.S. since April 6, 2009. He is also Member in the Corporate Governance Committee. After graduating from Robert College in Istanbul and Northwestern University, with a Bachelors degree fro, Department of Mechanical Engineering, in the USA, he also received a Masters degree from Nortwestern University, Department of Mechanical Engineering and started his career in Ford Otosan as Assistant General Manager responsible for marketing. He served as Assistant General Manager responsible for purchasing between 1987 and 1999. He was appointed as the CEO of Ford Otosan in 2002 and left this position in 2007. Age: 61 Education: Northwestern University, M (Mechanical Engineering) Northwestern University, BA (Mechanical Engineering)
Massimiliano Fossati	Member of the Board	Director/Board Member
Biography: Mr. Massimiliano Fossati is performing as Member of the Board of Yapi ve Kredi Bankasi AS since July 27, 2010. He is also Member of the Credit Committee of the Company. Mr. Fossati was performing as Vice General Manager of Risk Management and Member of the Management Board of Yapi ve Kredi Bankasi AS from January 30, 2009 to June 9, 2010. From October 2008 he was acting as Vice General Manager of Corporate and Commercial Credits Management. He joined the Bank as Vice General Manager responsible for Credit Management on September 24, 2008. He is a graduate of Universita Commerciale Luigi Bocconi. He also has a Masters degree in Bank Management. He began his career as a Financial Analyst in the Credits Department of Centrobanca S.p.A. (Banca Popolare di Bergamo Group) in 1995. Later, he worked as Communications and Relations Manager of the bank between 1998 and 1999, and as Senior Analyst of the bank between 1999 and 2000. Mr. Fossati moved to Locat S.p.A. (Univerdito Italiano Group) as Senior Analyst in the Credits Department in 2000. Later, he served as Functional Analyst of the bank's Organizations Department between 2001 and 2002. He joined Unicredito Italiano S.p.A. in 2002. After working in the International Banks' Credits of the Credits Department of the bank, in 2004, he was appointed as Credit Management Director, and Member of the ALCO Board and Management Committee of Zivnostenska banka a.s., a Unicredito Italiano Group company. Between 2005 and 2006, Mr. Fossati acted as Board Member of the same bank responsible for Credit Risk Management and Organizations, and as IT Integration Processes Project Manager. From 2007 until January 2008, he worked in Prag Unicredit Bank CZ (Unicredito Italiano Group) as Global Banking Services Unit Manager, as well as Board Member responsible for Global Banking Services. Education: Universita Commerciale Luigi Bocconi
Abdullah Geçer	Member	Director/Board Member
Francesco Giordano	Member of the Board	Director/Board Member
Laura Stefania Penna	Member of the Board	Director/Board Member
Biography: Ms. Laura Stefania Penna is Board Member of Yapi ve Kredi Bankasi AS. She has served as Member of the Supervisory Board of Bank Polska Kasa Opieki SA since June 1, 2012. In January of 1990 she began her career in the field of strategic consulting and until 1999 she worked at Accenture as Senior Manager for strategic services. In November 1999 she joined Rolo Banca as Head of Planning and Control and in June 2001 she was appointed Head of Group Planning of UniCredit Group which post she held until 2005. Subsequently she was entrusted with responsibility for financial controlling within the Integration Office, the unit established to carry out the integration of HVB within the UniCredit Group. In 2007 she was appointed Head of UniCredit Management Consultancy. She also served as Member of the Board of Directors and the Audit Committee at UniCredit Business Integrated Solutions SCPA, Member of the Board of Directors at Finecobank SpA, Member of the Board of Directors at Blanket Finansal Hizmetler AS, Member of the Board of Directors at Yapi Ve Kredi Bankasi AS. She graduated in management from Universita Commerciale Luigi Bocconi of Milan in 1989. Education: Universita Commerciale Luigi Bocconi (Management)
Ali Tarik Uzun	Member	Director/Board Member
Carlo Vivaldi	Executive Member of the Board, Vice General Manager	Director/Board Member
Biography: Mr. Carlo Vivaldi is performing as Vice General Manager and Executive Board Member at Yapi ve Kredi Bankasi AS since January 24, 2011. He also acts as the Vice Chairman of the Credit Committee of the Company. He previously performed as Vice General Manager of Financial Planning, Financial Affairs and Control Management of the Company between November 30, 2005 and October 1, 2007. Mr. Vivaldi completed his higher education in Ca Foscari University Venice majoring in Trade and Management. He started his banking career in 1991, and worked in various organizations. Education: Universita Ca Foscari di Venezia (Management)

Executives

Name	Title	Function
Huseyin Faik Acikalin	Chief Executive Officer (CEO)	Chief Executive Officer
Huseyin Faik Acikalin	Executive Member of the Board, General Manager	Division Head Executive
Biography: Mr. Huseyin Faik Acikalin has been performing as General Manager of Yapi ve Kredi Bankasi A.S. since May 1, 2009, and as Executive Board Member of the Bank since April 27, 2009. He is also Chairman of the Executive Committee. He also acts as Chairman of the Credits Committee of the Bank. Mr. Acikalin began his career in Interbank as Management Trainee. Between 1992 and 1998, He worked at Marmarabank, Kentbank, Finansbank and Demirbank, where he hold various posts. He joined Disbank as Vice General Manager responsible for the main branch in May 1998, and also became General Secretary of the bank in December 1998. He was appointed as Vice General Manager and Board Member of the bank in 1999, and as General Manager of the bank in December 2000. He was also elected as Vice Chairman of the Management Board of the bank in 2005. Mr. Acikalin holds position in the international management of Fortis. He became Chief Executive Officer of Dogan Gazetecilik in 2007. Mr. Acikalin received his Business Administration degree from Middle East Technical University in 1987. Age: 51 Education: Middle East Technical University (Business Administration)
Yuksel Rizeli	Vice General Manager - Operations and Information Technologies	Operations Executive
Biography: Ms. Yuksel Rizeli has been performing as Vice General Manager of Operations and Information Technologies of Yapi ve Kredi Bankasi A.S. since January 30, 2009. She has also been Member of the Executive Committee of the Company since November 2009. Prior to her current post, she was acting as Operations Manager of the Bank, a post she held from February 2006. Previously, she held the same post in Kocbank A.S. She worked as Garanti Bankasi Operations Director for 10 years and as Garanti Bankasi Project Execution Manager. Later on, Ms. Rizeli performed as Executive Manager at Osmanli Bankasi. Until 2002, she worked in the fields of process design operations, business process restructuring, system analysis and organization as Director. She managed the Osmanli Bankasi - Korfezbank and Garanti Bankasi - Osmanli Bankasi mergers in the second half of 2001. Ms. Rizeli has 35 years of banking operations experience, 14 of which are in the capacity of Head of Operations.
Marco Cravario	Vice General Manager - Financial Planning and Administration Management	Administration Executive
Biography: Mr. Marco Cravario has been performing as Vice General Manager of Financial Planning and Administration Management of Yapi ve Kredi Bankasi A.S. since January 7, 2008. He acts as Member of the Asset and Liability and Executive Committees of the Bank. He began his career at Reconta Ernst & Young, Turin, and held various positions in Ernst & Young, Prague, and Ernst & Young Corporate Finance in Milan. Mr. Cravario joined UniCredit Group in 2001, and headed the group’s New Europe Division M&A Unit, Planning Unit and Organization Unit. After a period spent in the Retail Division to follow business development projects in the consumer credit card area, Mr. Cravario served as Chief Financial Officer and Executive Board Member at UniCredit's Tiriac Bank in Romania. Mr. Cravario graduated from the Department of Economics of Universita di Torino, and gained a degree from INSEAD (European Institute for Business Administration). Education: Universita di Torino (Economics) INSEAD or Institut Europeen d'Administration des Affaires, France
Mert Oncu	Vice General Manager - Treasury Management	Treasurer
Biography: Mr. Mert Oncu is Vice General Manager of Treasury Management at Yapi ve Kredi Bankasi AS. After graduating from Istanbul Technical University, Electronics and Telecomminication Engineering Department in 1992 he completed his MBA degree in DePaul University in 1994 and doctoral degree in Marmara University in 2001. He started his career in DePaul University where he worked as graduate assistant and between 1993-1994. In 1994 he worked at Chicago Mercantile Exchange. He joined Kocbank in 1994 and worked at the Currency Risk and Asset Management departments respectively as Senior Dealer, Section Head, Group Manager and Asset Management TL/FX Supervisor. Between 2003 and 2006, he worked as the Head of Money and FX Markets Unit. Between 2006 and 2009, he worked as Head of Money and FX Markets Unit in Yapi Kredi. In 2010, he started to work as Money and FX Markets Executive Vice President. Education: Marmara Universitesi, PHD DePaul University, MBA Istanbul Teknik Universitesi (Electronics and Communications Engineering)
Suleyman Cihangir Kavuncu	Executive Vice President Human Resource Management	Human Resources Executive
Suleyman Cihangir Kavuncu	Vice General Manager - Human Resources and Organization Management	Human Resources Executive
Biography: Mr. Suleyman Cihangir Kavuncu joined Yapi ve Kredi Bankasi A.S. on February 28, 2006, as Vice General Manager responsible for Human Resources and Organization Management, and has been performing in this post since then. He has also been Member of the Executive Committee of the Bank since January 30, 2009. He started his working career in Arthur Andersen as an Auditor in 1983. He served as Foreign Funds Manager at the Treasury Division of Interbank between 1985 and 1989, and served as Financial Controller, and later as Human Resources Director at Coca-Cola bottling company. He worked at Cukurova Holding as Administrative Affairs Coordinator, and at Colgate Palmolive as Human Resources Director. Mr. Kavuncu was appointed as Vice General Manager at Kocbank in August 2004. Mr. Kavuncu holds a Bachelors degree from the Department of Economics of Ankara Universitesi, and an MBA degree from University of Bridgeport. Age: 54 Education: University of Bridgeport, MBA Ankara Universitesi, B (Economics)
Mehmet Guray Alpkaya	Vice General Manager - Corporate and Commercial Banking Sales	Sales Executive
Biography: Mr. Mehmet Guray Alpkaya is performing as Vice General Manager of Yapi ve Kredi Bankasi A.S. responsible for Corporate and Commercial Banking Sales. He also acts as Member of the Asset and Liability Committee of the Bank. He joined the Bank as Vice General Manager responsible for Credits Management on February 28, 2006, and performed in this position until August 1, 2008. He began his working career at Import and Export Bank of Turkey in 1989, where he served as Assistant Manager in the Credit and Marketing Department before moving to Istanbul branch of the Chase Manhattan Bank N.A. in 1991. He was Vice President and Head of Corporate Client Management Group at Chase before moving to Kocbank in 1999, to establish and develop the Project and Structured Finance function. In Kocbank between 1999 and 2003, he served as Head of the Project and Structured Finance Group, and then as Head of the Credit Underwriting Division between 2003 and 2006. Prior to joining the Bank, he was performing as Credit Rating and Allocation Director at Kocbank. Mr. Alpkaya received his Bachelors degree from Istanbul Universitesi, and gained a Master of Science degree in Finance from the same university. Later, he earned his MBA degree from Koc Universitesi on Management. Age: 45 Education: Koc Universitesi, MBA (Management) Istanbul Universitesi, MS (Finance) Istanbul Universitesi, B
Hale Tunaboylu	Head-Investor Relations & Strategic Planning	Investor Relations Executive
Gulsevin Tuncay Yilmaz	Head-Equity Investor Relations	Investor Relations Executive
Cahit Erdogan	Vice General Manager - Information Technologies	Information Executive
Biography: Mr. Cahit Erdogan serves as Vice General Manager of Information Technologies at Yapi ve Kredi Bankasi AS. He graduated from Faculty of Mechanical Engineering at Istanbul Technical University, and he earned his MBA degree from Rochester Institute of Technology. Starting his professional career at Xerox Corporation (Rochester, NY) as a Business Analyst, Mr. Erdogan moved to Accenture Istanbul Office in 2000 as a Management Consultant, where he was promoted to Manager and Senior Manager positions. He was appointed as Turkey Country Lead for Management Consulting Growth Platform in February 2008, before he left Accenture in November 2009. Education: Rochester Institute of Technology, MBA Istanbul Teknik Universitesi (Mechanical Engineering)
Mert Guvenen	Executive Vice President Corporate and Commercial Banking	Commercial Executive
Mehmet Erkan Ozdemir	Vice General Manager - Compliance	Legal Executive
Biography: Mr. Mehmet Erkan Ozdemir has been performing as Vice General Manager of Compliance of Yapi ve Kredi Bankasi A.S. since April 1, 2008. He served as the Sworn Bank Auditor under the Board of Sworn Bank Auditors at the Banking Regulation and Supervision Agency between April 1994 and August 2001. He joined the Koc Group in August 2001, and currently serves as Audit Coordinator under the Auditing Group. Mr. Ozdemir graduated from Middle East Technical University with a degree in Economics in 1989. Education: Middle East Technical University (Economics)
Cemal Aybars Sanal	Vice General Manager - Legal Affairs Management	Legal Executive
Biography: Mr. Cemal Aybars Sanal has been performing as Vice General Manager of Legal Affairs Management of Yapi ve Kredi Bankasi A.S. since June 30, 2008. He began his career in 1986, at Sanal & Sanal Law Office. He joined Shell in 1992, as Corporate Lawyer. He continued his career at White & Case until 1998. He rejoined Shell in 1998, and worked as Legal Manager. In 1999, he started working at Boyner Holding as Legal Affairs Vice President until 2006. After one year of Freelance Legal Consulting experience, he joined ELIG Attorney At Law as Senior Counsel, where he continued working until 2008. Mr. Sanal graduated from the Faculty of Law of Istanbul Universitesi. Education: Istanbul Universitesi (Law)
Mutlu Atakisi	VP-Internal Control	Other
Yakup Dogan	Vice General Manager - Alternative Distribution Channels Management	Other
Biography: Mr. Yakup Dogan serves as Vice General Manager responsible for Alternative Distribution Channels Management of Yapi ve Kredi Bankasi AS. Prior to his current post, he was acting as Head of Alternative Distribution Channels of Yapi ve Kredi Bankasi A.S., a post he held from February 2006. He graduated from Cukurova Universitesi in Adana with a BA in Management. Prior to joining the Bank, he was with Kocbank for five years as Group Head in the Alternative Delivery Channels Department. Education: Cukurova Universitesi, BA (Management)
Mehmet Murat Ermert	Vice General Manager - Corporate Communications Management	Other
Biography: Mr. Mehmet Murat Ermert has been performing as Vice General Manager of Corporate Communications Management of Yapi ve Kredi Bankasi A.S. since June 2008. He began his career in 1987, at Leo Burnett Advertising Agency. Between 1989 and 1993, he worked in Advertising and Public Relations Department of the Bank. He later worked as Media Marketing Manager of Dogan Media Group. Mr. Ermert joined Demirbank in 1996, as Vice President of Advertising and Public Relations, and performed in this post until 2000. He later joined Disbank - Fortis as Vice General Manager responsible for Corporate Communications, and also served in the Global Marketing and Communication Management (Brussels) of Fortis from 2000 until 2008. He was a faculty member at Anadolu University and Bahcesehir University. Mr. Ermert graduated from Marmara Universitesi with a degree in Business Administration. Age: 47 Education: Marmara Universitesi (Business Administration)
Vittorio G M Ogliengo	Director	Other
Stefano Perazzini	Vice General Manager - Internal Auditing Management	Other
Biography: Mr. Stefano Perazzini has been performing as Vice General Manager responsible for Internal Auditing Management of Yapi ve Kredi Bankasi A.S. since March 16, 2006. He started his career in San Paolo IMI Bank's branch in 1987, where he worked for two years. After he worked at the Honeywell Bull Planning and Control Department between 1989 and 1992, Mr. Perazzini served as Information Technology Auditor at Banca CRT Head Office, and as Internal Auditor in the bank’s foreign branches in London and Paris. Assuming the position of Internal Auditor in UniCredit Holding in September 1999, he was then appointed as Deputy Manager of the Internal Audit Department at Bank Pekao in 2001, under the umbrella of the UniCredit Group. He served as Vice General Manager responsible for Internal Audit at Koc Financial Services from March 2003 until his current post in the Bank. Mr. Perazzini graduated from the Faculty of Economics of Universita di Torino (Torino University). He also received his Certified Information System Audit and Control Qualification from the Association of ISACA in 1996. Age: 50 Education: Universita di Torino
Wolfgang Schlik	Vice General Manager - Risk Management	Other
Biography: Mr. Wolfgang Schlik is performing as Vice General Manager responsible for Risk Management at Yapi ve Kredi Bankasi AS. He graduated from the University of Vienna, Faculty of Law in 1992. Mr. Schlik started his career at Creditanstalt-Bankverein (CA-BV) as graduate trainee and completed this program. Between 1994 and 1996, he worked as Restructuring Executive responsible for Corporate Banking at CA-BV. He worked as Credit Unit Manager of Bank Austria Creditanstalt from 1996 to 2004, and was appointed as Regional Office Manager responsbile for Corporate Banking in 2004, and as Regional Officer Manager responsible for Private and SME Banking in 2006.Between 2007 and 2010, he performed as Risk Manager responsible for private and SME banking. He has acted in the Supervisory Boards of Bank Austria Mobile Sales Channel Sub-organization (BAF) and Leasfinanz Bank (UniCredit Leasing Sub-organization), and in the Advisory Boards of IRG Immobilien Rating GmbH (Bank Austria Real Estate Valuation Sub-organization). Education: University of Vienna (Law)
Zeynep Nazan Somer	Vice General Manager - Retail Banking	Other
Biography: Ms. Zeynep Nazan Somer is performing as Vice General Manager responsible for Retail Banking of Yapi ve Kredi Bankasi A.S. She has also been Member of the Executive Committee of the Bank since February 2009. She acts as Member of the Asset and Liability Committee of the Bank. She began her career at her family company. In 1988, she joined Arthur Andersen, and following her responsibilities as Team Leader and Senior Manager, she became partner in charge of finance sector between 1999 and 2000. She joined the Bank as Vice General Manager of Retail Banking and Credit Cards in September 2000. Ms. Somer graduated from the Faculty of Business Administration of Bogazici Universitesi with a degree in Business Administration. Age: 50 Education: Bogazici Universitesi (Business Administration)
Feza Tan	Vice General Manager - Corporate and Commercial Banking	Other
Biography: Ms. Feza Tan has been performing as Vice General Manager of Yapi ve Kredi Bankasi A.S. responsible for Corporate and Commercial Banking, since February 4, 2013. She started her professional career in the Bank's Corporate and Commercial Credits section in 1993, as a trainee. She held various positions in the same unit as Specialist, Assistant Manager, Manager, Unit Manager and Section Manager. In 2006, she was appointed as Head of Corporate and Commercial Credits Underwriting Unit, and served in this post until her current appointment. Ms. Tan graduated from Bogazici Universitesi with an Economics degree in 1993. Education: Bogazici Universitesi (Economics)
Selim Hakki Tezel	Vice General Manager - Retail and SME Credit Management	Other
Biography: Mr. Selim Hakki Tezel has been performing as Vice General Manager of Retail and SME Credit Management of Yapi ve Kredi Bankasi A.S. since December 2008. He joined the Bank as Manager responsible for credit cards, financial planning and accounting in 1999, and later served as Credit Cards, Financial Planning and Risk Manager, and Risk Group President of Credit Cards and Consumer Credits, respectively. Prior to joining the Company, he worked at Arthur Andersen as a senior auditor between 1995 and 1999. Mr. Tezel graduated from Bogazici Universitesi with a degree in Business Administration. He has served as Board Member of Kredi Kayit Burosu, as well as committee member of Turkiye Bankalar Birligi. Education: Bogazici Universitesi (Business Administration)
Mehmet Gokmen Ucar	Vice General Manager - Retail Credits	Other
Biography: Mr. Mehmet Gokmen Ucar is Vice General Manager of Retail Credits at Yapi ve Kredi Bankasi AS. He graduated from Bogazici University Faculty of Economics and Administrative Sciences Economics Department in 1998. Between 1998 and 2002, he worked in Basaran Nas Bagimsiz Denetim ve S.M.M.M. A.S. (PwC) as an independent auditor and obtained the Certified Public Accountant qualification. He joined Koçbank in 2002 and worked at Budget Control and Planning as Budget Planning and MIS Supervisor until 2005. Between 2005 and 2007, he took several management responsibilities over strategy, budgeting and planning areas under UniCredit Group in Italy, Germany and Austria. He returned to Yapi ve Kredi Bankasi in 2008 and worked as Capital Management, Cost Control and Allocation Supervisor, Financial Reporting Head and Financial Reporting and Accounting Vice President, respectively. Education: Bogazici Universitesi (Economics)
Mert Yazicioglu	Vice General Manager - Private Banking and Asset Management	Other
Biography: Mr. Mert Yazicioglu serves as Vice General Manager of Private Banking and Asset Management of Yapi ve Kredi Bankasi AS. He also acts as Member of the Asset and Liability and Executive Committees of the Bank. He began his working career in S. Boston and Sons as International Relations Officer in 1987. He joined Kocbank in 1989, where he worked for 16, holding several posts, including Customer Relations Officer, Dealer, Senior Dealer and Assistant Manager. In Kocbank, he was promoted to Group Manager in TL/FX Management under the Treasury in 1996, and Vice General Manager in 1999. Mr. Yazicioglu received his Masters degree in Business Administration of Istanbul Teknik Universitesi. Age: 46 Education: Istanbul Teknik Universitesi, M (Business Administration)

Significant Developments

Allianz SE Buys Yapi Kredi Sigorta For $883 Million From Koc Holding AS And UniCredit SpA's Yapi ve Kredi Bankasi AS; Dai-ichi Life Insurance Co Ltd, Zurich Insurance Group AG Were In Race-Reuters

Mar 27, 2013

Reuters reported that Allianz SE agreed to buy insurance business Yapi Kredi Sigorta A.S. from Turkish lender Yapi ve Kredi Bankasi AS to secure a bigger slice of a fast expanding market. The net purchase price for Yapi Kredi's 93.9% stake in Yapi Kredi Sigorta was TRY1.60 billion ($883 million). After closing of the deal, Allianz will make a mandatory tender offer for the remaining 6.1% stake. Yapi Kredi will retain a 20% stake in Yapi Kredi Emeklilik, the life and pension subsidiary of Yapi Kredi Sigorta. Under a so-called bancassurance agreement over 15 years, Allianz also gets the right to sell insurances through Yapi Kredi's network of bank branches. Yapi Kredi Bank, owned by Turkish group Koc Holding AS and Italy's UniCredit SpA, had said on Tuesday that talks were continuing on a sale of its insurance business after sources told Reuters that Allianz had agreed to buy it. The sources said at the time that Japan's Dai-ichi Life Insurance Co Ltd and Zurich Insurance Group AG had also been in the race for Yapi Kredi Sigorta.

Yapi ve Kredi Bankasi AS Sells Its Stake In Yapi Kredi Sigorta AS

Mar 27, 2013

Yapi ve Kredi Bankasi AS announced that it has sold its 74.01% stake in Yapi Kredi Sigorta AS to Allianz SE for a total of TRY 1,410,079,178.

Yapi ve Kredi Bankasi AS Announces Payment Of Dividend For FY 2012

Mar 07, 2013

Yapi ve Kredi Bankasi AS announced that it will distribute gross TRY 0.0690100 per share and net TRY 0.0586600 per share, cash dividends for the fiscal year 2012.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.80096	1.679558	1.507473	1.553646	1.304493
Auditor	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	4,326.5	3,416.8	3,084.2	3,392.7	4,051.3
Interest & Dividends on Investment Securities	919.0	937.4	830.0	935.3	1,256.8
Interest on Deposits	71.4	69.1	89.0	116.8	270.2
Other Interest Income	300.8	244.3	235.5	304.6	373.8
Interest Income, Bank	5,617.6	4,667.6	4,238.7	4,749.4	5,952.1
Interest on Deposit	2,241.2	1,867.9	1,546.1	1,863.1	3,172.0
Interest on Other Borrowings	629.2	569.8	316.3	378.1	602.1
Total Interest Expense	2,870.4	2,437.8	1,862.4	2,241.2	3,774.2
Net Interest Income	2,747.2	2,229.9	2,376.3	2,508.2	2,177.9
Loan Loss Provision	777.5	512.4	771.0	1,061.2	480.6
Net Interest Income after Loan Loss Provision	1,969.7	1,717.5	1,605.2	1,447.0	1,697.4
Fees & Commissions from Operations	1,299.5	1,410.6	1,374.0	1,230.8	1,315.1
Dealer Trading Account Profit	-247.5	-297.2	-235.7	314.1	196.1
Investment Securities Gains	266.9	219.0	215.1	-73.1	-126.2
Other Revenue	348.2	633.8	902.2	146.1	368.9
Non-Interest Income, Bank	1,667.1	1,966.2	2,255.6	1,618.0	1,753.8
Other Unusual Expense	-0.1	-0.5	-	-	-
Other Expense	-2,125.0	-1,970.7	-2,007.6	-1,836.6	-2,213.6
Non-Interest Expense, Bank	-2,125.1	-1,971.3	-2,007.6	-1,836.6	-2,213.6
Income Before Tax	1,511.8	1,712.5	1,853.2	1,228.4	1,237.6
Total Income Tax	347.0	348.2	357.5	228.7	267.8
Income After Tax	1,164.8	1,364.3	1,495.7	999.7	969.8
Minority Interest	-5.6	-4.0	-4.4	-6.6	-2.9
Net Income Before Extraord Items	1,159.2	1,360.3	1,491.3	993.1	967.0
Net Income	1,159.2	1,360.3	1,491.3	993.1	967.0
Income Available to Common Excl Extraord Items	1,159.2	1,360.3	1,491.3	993.1	967.0
Income Available to Common Incl Extraord Items	1,159.2	1,360.3	1,491.3	993.1	967.0
Basic/Primary Weighted Average Shares	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Basic EPS Excl Extraord Items	0.27	0.31	0.34	0.23	0.22
Basic/Primary EPS Incl Extraord Items	0.27	0.31	0.34	0.23	0.22
Diluted Net Income	1,159.2	1,360.3	1,491.3	993.1	967.0
Diluted Weighted Average Shares	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Diluted EPS Excl Extraord Items	0.27	0.31	0.34	0.23	0.22
Diluted EPS Incl Extraord Items	0.27	0.31	0.34	0.23	0.22
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	-
Gross Dividends - Common Stock	-	0.0	0.0	0.0	-
Depreciation, Supplemental	90.1	91.4	94.8	92.8	95.3
Total Special Items	0.1	0.5	-1.9	-0.2	-0.5
Normalized Income Before Tax	1,511.9	1,713.0	1,851.3	1,228.2	1,237.2
Effect of Special Items on Income Taxes	0.0	0.1	-0.4	0.0	-0.1
Inc Tax Ex Impact of Sp Items	347.0	348.3	357.2	228.6	267.7
Normalized Income After Tax	1,164.9	1,364.7	1,494.1	999.5	969.5
Normalized Inc. Avail to Com.	1,159.3	1,360.7	1,489.7	993.0	966.6
Basic Normalized EPS	0.27	0.31	0.34	0.23	0.22
Diluted Normalized EPS	0.27	0.31	0.34	0.23	0.22
Amort of Intangibles, Supplemental	40.5	35.7	30.6	24.6	30.9
Rental Expenses	83.4	77.8	75.1	70.3	68.7
Advertising Expense, Supplemental	48.9	44.4	54.7	40.8	69.7
Bank Total Revenue	4,414.3	4,196.1	4,631.8	4,126.2	3,931.8
Current Tax - Domestic	428.6	305.0	365.3	309.5	195.7
Current Tax - Total	428.6	305.0	365.3	309.5	195.7
Deferred Tax - Domestic	-81.6	43.1	-7.7	-80.9	72.1
Deferred Tax - Total	-81.6	43.1	-7.7	-80.9	72.1
Income Tax - Total	347.0	348.2	357.5	228.7	267.8
Discount Rate - Domestic	3.86%	4.66%	4.66%	5.92%	6.26%

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.7883	1.8886	1.539	1.49895	1.5435
Auditor	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	6,423.9	5,338.2	3,921.0	2,821.5	3,056.1
Interest-earning Deposits	2,987.5	1,815.4	1,665.8	1,597.6	2,204.1
Securities Held	3,258.8	6,730.2	8,430.8	8,885.4	8,231.8
Securities for Sale	10,941.3	5,742.5	5,197.8	3,120.6	1,941.7
Total Investment Securities	14,200.1	12,472.7	13,628.6	12,005.9	10,173.5
Other Earning Assets	52.7	199.8	24.8	85.8	0.0
Other Earning Assets, Total	17,240.2	14,487.8	15,319.3	13,689.3	12,377.7
Loan Loss Allowances	-893.5	-737.7	-958.5	-1,477.6	-713.6
Net Loans	46,706.6	39,529.9	38,005.4	28,611.4	28,056.7
Buildings	1,121.4	1,065.6	1,365.7	1,427.8	1,456.1
Machinery/Equipment	1.5	1.8	3.4	3.6	4.1
Other Property/Plant/Equipment	771.4	690.9	794.9	757.4	705.6
Property/Plant/Equipment - Gross	1,894.3	1,758.3	2,164.0	2,188.9	2,165.9
Accumulated Depreciation	-1,304.1	-1,195.2	-1,412.5	-1,423.3	-1,385.1
Property/Plant/Equipment - Net	590.2	563.1	751.5	765.6	780.8
Goodwill, Net	547.7	518.6	636.4	653.5	634.6
Intangibles, Net	213.6	161.3	171.3	143.5	115.5
LT Investment - Affiliate Companies	122.6	111.4	65.2	59.9	58.3
Long Term Investments	122.6	111.4	65.2	59.9	58.3
Deferred Income Tax - Long Term Asset	93.7	191.6	206.8	207.6	123.3
Other Long Term Assets, Total	93.7	191.6	206.8	207.6	123.3
Other Assets	1,593.8	1,287.1	1,231.1	904.2	713.7
Other Assets, Total	1,593.8	1,287.1	1,231.1	904.2	713.7
Total Assets	73,532.3	62,189.0	60,308.0	47,856.5	45,916.6
Accrued Expenses	245.4	155.3	187.8	138.3	129.9
Interest Bearing Deposits	43,402.7	38,691.3	38,244.3	29,794.5	29,204.0
Other Deposits	2,206.8	1,720.2	906.4	1,163.8	1,273.9
Total Deposits	45,609.6	40,411.5	39,150.7	30,958.3	30,477.9
Other Bearing Liabilities	7,648.7	4,728.1	4,782.8	4,254.0	4,197.4
Other Bearing Liabilities, Total	7,648.7	4,728.1	4,782.8	4,254.0	4,197.4
Total Short Term Borrowings	8,208.2	8,060.6	6,778.6	4,422.3	4,827.6
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	8,208.2	8,060.6	6,778.6	4,422.3	4,827.6
Minority Interest	36.2	35.6	41.0	38.2	31.1
Reserves	2,345.4	1,877.0	2,131.1	2,183.7	1,837.0
Other Liabilities	505.9	266.3	294.8	238.6	-
Other Liabilities, Total	2,851.2	2,143.3	2,425.9	2,422.3	1,837.0
Total Liabilities	64,599.3	55,534.3	53,366.7	42,233.3	41,500.8
Common Stock	2,430.8	2,301.7	2,824.6	2,900.1	2,816.4
Common Stock	2,430.8	2,301.7	2,824.6	2,900.1	2,816.4
Additional Paid-In Capital	932.4	81.3	476.9	473.7	386.4
Retained Earnings (Accumulated Deficit)	5,569.7	4,271.7	3,639.8	2,249.4	1,213.0
Total Equity	8,932.9	6,654.7	6,941.3	5,623.2	4,415.7
Total Liabilities & Shareholders’ Equity	73,532.3	62,189.0	60,308.0	47,856.5	45,916.6
Shares Outstanding - Common Stock Primary Issue	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Total Common Shares Outstanding	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Employees	17,459	17,306	16,780	16,713	14,795
Accumulated Intangible Amort, Suppl.	-	-	-	-	26.1
Total Risk-Weighted Capital	-	39.6	39.9	30.8	29.9
Total Capital %	15.19%	14.88%	15.43%	16.52%	14.24%
Total Capital Leases, Supplemental	-	-	0.0	0.1	0.2
Capital Lease Payments Due in Year 1	-	-	0.0	0.1	0.2
Capital Lease Payments Due in Year 2	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 3	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 4	-	-	0.0	0.0	0.0
Capital Lease Payments Due in 2-3 Years	-	-	0.0	0.0	0.0
Capital Lease Payments Due in 4-5 Years	-	-	0.0	0.0	0.0
Discount Rate - Domestic	3.86%	4.66%	4.66%	5.92%	6.26%

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.80096	1.679558	1.507473	1.553646	1.304493
Auditor	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	4,588.1	4,522.6	4,062.7	5,198.4	5,560.3
Cash Payments	-2,775.6	-2,315.8	-1,830.7	-2,392.6	-3,670.5
Cash Taxes Paid	-426.9	-361.3	-403.2	-341.9	-444.2
Other Assets	-2,753.2	-748.6	-564.5	394.0	-707.6
Other Liabilities	4,624.8	11,633.0	11,675.1	-1,855.8	9,042.3
Other Operating Cash Flow	2,400.2	-638.8	358.1	-47.5	-1,995.7
Investment Securities, Gains/Losses	-159.6	37.1	-2.3	5.1	-70.4
Loans, Gains/Losses	-6,370.9	-10,353.9	-10,964.0	-1,001.0	-8,418.4
Changes in Working Capital	-2,258.6	-71.1	502.4	-2,505.3	-2,149.7
Cash from Operating Activities	-872.9	1,774.5	2,331.1	-41.4	-704.0
Acquisition of Business	-12.3	-	-	-	-271.1
Sale/Maturity of Investment	2,555.4	2,908.4	6,271.5	1,618.4	2,491.8
Purchase of Investments	-2,296.4	-3,140.0	-8,544.1	-2,376.0	-2,100.1
Other Investing Cash Flow	-	-	-	-	737.6
Other Investing Cash Flow Items, Total	246.7	-231.5	-2,272.6	-757.6	858.1
Cash from Investing Activities	246.7	-231.5	-2,272.6	-757.6	858.1
Other Financing Cash Flow	0.0	0.0	-0.1	-0.1	707.1
Financing Cash Flow Items	0.0	0.0	-0.1	-0.1	707.1
Cash Dividends Paid - Common	-1.7	-1.1	-0.5	-0.9	-1.1
Total Cash Dividends Paid	-1.7	-1.1	-0.5	-0.9	-1.1
Total Debt Issued	4,326.5	3,762.6	2,137.6	1,332.0	-
Total Debt Reduction	-3,920.0	-2,502.6	-1,516.2	0.0	-
Issuance (Retirement) of Debt, Net	406.6	1,260.0	621.4	1,332.0	-
Cash from Financing Activities	404.9	1,258.9	620.9	1,330.9	706.0
Foreign Exchange Effects	-129.6	389.1	-35.9	21.1	484.9
Net Change in Cash	-351.0	3,190.9	643.5	553.0	1,345.0
Net Cash - Beginning Balance	6,365.7	3,634.9	3,348.5	2,696.0	1,866.0
Net Cash - Ending Balance	6,014.7	6,825.8	3,992.0	3,249.0	3,211.0
Depreciation	90.1	91.4	94.8	92.8	-

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.80096	1.679558	1.507473	1.553646	1.304493
Auditor	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Basaran Nas Bagimsiz Denetim	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest on Loans	4,326.5	3,416.8	3,084.2	3,392.7	4,051.3
Reserve Deposits	0.1	0.3	38.8	73.8	167.7
Banks	71.3	68.8	50.2	43.0	102.6
Money Market Trans.	81.2	19.7	31.1	57.4	33.6
Mktbl. Secs. Portfolio	919.0	937.4	830.0	935.3	1,256.8
Fianancial Lease/ Income	132.1	132.4	132.3	163.9	227.8
Other Interest Income	87.5	92.3	72.1	83.3	112.4
Total Revenue	5,617.6	4,667.6	4,238.7	4,749.4	5,952.1
Interest on Deposits	2,241.2	1,867.9	1,546.1	1,863.1	3,172.0
Funds Borrowed	347.2	320.1	250.5	307.2	443.0
Money Market Trans.	154.4	188.8	44.1	41.3	95.5
Int. on Securities Issued	122.0	46.1	16.4	28.9	63.3
Other Interest Expense	5.5	14.8	5.3	0.8	0.4
Loan Loss Provision	777.5	512.4	771.0	1,061.2	480.6
Total Operating Expense	3,647.9	2,950.2	2,633.5	3,302.4	4,254.7
Fees&Comm. Income	1,299.5	1,410.6	1,374.0	1,230.8	1,315.1
Fees&Comm. Expense	-304.9	-238.2	-221.0	-220.9	-251.0
Trading Acc. Secs.	-247.5	-297.2	-235.7	314.1	196.1
Foreign Exchange	266.0	215.5	214.4	-75.3	-158.1
Dividend Income	0.9	3.5	0.7	2.2	31.9
Other Income	338.3	625.2	897.9	144.9	366.1
Loss on Sale of Assets	-0.1	-0.5	-	-	-
Other Expense	-1,820.0	-1,732.6	-1,786.6	-1,615.7	-1,962.6
Inc. from Assoc.&Subs.	9.9	8.6	4.3	1.2	2.8
Total Non-Interest Revenue	1,667.1	1,966.2	2,255.6	1,618.0	1,753.8
Total Non-Interest Expense	-2,125.1	-1,971.3	-2,007.6	-1,836.6	-2,213.6
Net Income Before Taxes	1,511.8	1,712.5	1,853.2	1,228.4	1,237.6
Provision for Income Taxes	347.0	348.2	357.5	228.7	267.8
Net Income After Taxes	1,164.8	1,364.3	1,495.7	999.7	969.8
Minority Interest	-5.6	-4.0	-4.4	-6.6	-2.9
Net Income Before Extra. Items	1,159.2	1,360.3	1,491.3	993.1	967.0
Net Income	1,159.2	1,360.3	1,491.3	993.1	967.0
Income Available to Com Excl ExtraOrd	1,159.2	1,360.3	1,491.3	993.1	967.0
Income Available to Com Incl ExtraOrd	1,159.2	1,360.3	1,491.3	993.1	967.0
Basic Weighted Average Shares	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Basic EPS Excluding ExtraOrdinary Items	0.27	0.31	0.34	0.23	0.22
Basic EPS Including ExtraOrdinary Item	0.27	0.31	0.34	0.23	0.22
Diluted Net Income	1,159.2	1,360.3	1,491.3	993.1	967.0
Diluted Weighted Average Shares	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Diluted EPS Excluding ExtraOrd Items	0.27	0.31	0.34	0.23	0.22
Diluted EPS Including ExtraOrd Items	0.27	0.31	0.34	0.23	0.22
DPS-Common Stock	-	0.00	0.00	0.00	-
Gross Dividends - Common Stock	-	0.0	0.0	0.0	-
Normalized Income Before Taxes	1,511.9	1,713.0	1,851.3	1,228.2	1,237.2
Inc Tax Ex Impact of Sp Items	347.0	348.3	357.2	228.6	267.7
Normalized Income After Taxes	1,164.9	1,364.7	1,494.1	999.5	969.5
Normalized Inc. Avail to Com.	1,159.3	1,360.7	1,489.7	993.0	966.6
Basic Normalized EPS	0.27	0.31	0.34	0.23	0.22
Diluted Normalized EPS	0.27	0.31	0.34	0.23	0.22
Advertising Expense	48.9	44.4	54.7	40.8	69.7
Amort of Intangibles	40.5	35.7	30.6	24.6	30.9
Depreciation	90.1	91.4	94.8	92.8	95.3
Rental Expense	83.4	77.8	75.1	70.3	68.7
Current Tax	428.6	305.0	365.3	309.5	195.7
Current Tax - Total	428.6	305.0	365.3	309.5	195.7
Deferred Tax	-81.6	43.1	-7.7	-80.9	72.1
Deferred Tax - Total	-81.6	43.1	-7.7	-80.9	72.1
Income Tax - Total	347.0	348.2	357.5	228.7	267.8
Discount Rate	3.86%	4.66%	4.66%	5.92%	6.26%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.7883	1.8886	1.539	1.49895	1.5435
Auditor	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Basaran Nas Bagimsiz Denetim	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash&Balances with Cent. Bank	6,423.9	5,338.2	3,921.0	2,821.5	3,056.1
Trading Securities	560.9	294.8	695.3	656.2	537.8
Banks and Other Fin. Inst.	2,987.5	1,815.4	1,665.8	1,597.6	2,204.1
Money Market Secs.	1,550.8	1,150.9	630.9	1,055.0	147.7
Inv. Secs.-Avail.-for-Sale	8,751.6	4,241.9	3,818.1	1,350.2	1,197.9
Loans	43,512.1	36,707.6	35,245.6	25,926.7	25,209.3
Loans Under Follow-up	1,439.4	1,132.1	1,239.7	1,749.7	1,131.0
Special Provisions	-893.5	-737.7	-958.5	-1,477.6	-713.6
Factoring Rcvbls	917.1	948.2	1,185.8	954.9	677.9
Inv. Secs.- Held-to.Mat.	3,258.8	6,730.2	8,430.8	8,885.4	8,231.8
Inv. and Associates	111.0	99.8	49.3	41.9	38.6
Subsidiaries	11.6	11.6	16.0	17.9	19.7
Finance Lease Rcvbls.	1,731.5	1,479.7	1,292.8	1,457.8	1,752.1
Derivatives	52.7	199.8	24.8	85.8	0.0
Real Estates	1,121.4	1,065.6	1,365.7	1,427.8	1,456.1
Tangibles/Leased	255.7	230.2	250.4	226.7	200.7
Vehicles	1.5	1.8	3.4	3.6	4.1
Other Tangibles	515.7	460.7	544.5	530.7	504.9
Depreciation	-1,304.1	-1,195.2	-1,412.5	-1,423.3	-1,385.1
Goodwill	547.7	518.6	636.4	653.5	634.6
Intangibles, Net	213.6	161.3	171.3	143.5	115.5
Current Tax Asset	0.4	1.4	0.8	0.2	9.9
Deferred Tax Asset	93.7	191.6	206.8	207.6	123.3
Investment/Held-to-Mat.	78.1	54.8	53.6	59.2	58.3
Other Assets	1,593.4	1,285.7	1,230.3	904.1	703.8
Total Assets	73,532.3	62,189.0	60,308.0	47,856.5	45,916.6
Deposits	39,782.7	35,045.3	35,872.0	28,936.8	28,686.6
Financial Borrowings/Trading	215.0	286.1	233.4	179.1	143.0
Interbank Money Market	3,620.0	3,646.0	2,372.3	857.6	517.4
Borrowings from Banks	7,993.3	7,774.5	6,545.2	4,243.1	4,684.6
Marketable Securities	2,206.8	1,720.2	906.4	1,163.8	1,273.9
Misc. Payables	3,229.6	2,539.2	2,732.9	2,165.4	1,794.2
Other External Resources	1,513.8	852.5	678.7	604.8	964.3
Taxes&Duties Payable	245.4	155.3	187.8	138.3	129.9
Derivatives	505.9	266.3	294.8	238.6	-
Finance Lease Payables	0.0	0.0	0.0	0.1	0.2
Provisions	2,345.4	1,877.0	2,131.1	2,183.7	1,837.0
Tier 2 Capital	2,905.4	1,336.3	1,371.2	1,483.7	1,438.7
Minority Interest	36.2	35.6	41.0	38.2	31.1
Total Liabilities	64,599.3	55,534.3	53,366.7	42,233.3	41,500.8
Share Capital	2,430.8	2,301.7	2,824.6	2,900.1	2,816.4
Capital Reserves	932.4	81.3	476.9	473.7	386.4
Profit Reserves	3,980.7	2,882.5	2,080.9	1,244.8	561.5
Prior Year Income/Loss	421.5	179.4	98.2	-24.7	-165.8
Net Profit/Loss	1,167.4	1,209.7	1,460.7	1,029.4	817.2
Total Equity	8,932.9	6,654.7	6,941.3	5,623.2	4,415.7
Total Liabilities & Shareholders' Equity	73,532.3	62,189.0	60,308.0	47,856.5	45,916.6
S/O-Common Stock	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Total Common Shares Outstanding	4,347.1	4,347.1	4,347.1	4,347.1	4,347.1
Accumulated Intangible Amortization	-	-	-	-	26.1
Total Risk-Weighted Assets	-	39,638.3	39,901.6	30,770.6	29,869.9
Total Capital Ratio	15.19%	14.88%	15.43%	16.52%	14.24%
Full-Time Employees	17,459	17,306	16,780	16,713	14,795
Capital Lease Within 1 Year	-	-	0.0	0.1	0.2
Capital Lease Within 1-4 Years	-	-	0.0	0.0	0.0
Total Capital Leases	-	-	0.0	0.1	0.2
Discount Rate	3.86%	4.66%	4.66%	5.92%	6.26%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.80096	1.679558	1.507473	1.553646	1.304493
Auditor	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Guney Serbest Muhasebeci	Basaran Nas Bagimsiz Denetim	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest Received	4,588.1	4,522.6	4,062.7	5,198.4	5,560.3
Interest Paid	-2,775.6	-2,315.8	-1,830.7	-2,392.6	-3,670.5
Dividend Income	0.9	3.5	0.7	2.2	31.9
Amortization of Intangibles	40.5	35.7	30.6	24.6	-
Commissions&Fees	1,299.8	1,414.0	1,374.2	1,229.9	1,306.8
Other Income	172.9	197.2	-340.6	397.8	302.3
Reversal of Provisions&Rcvbls.	882.1	801.6	1,057.7	1,099.4	645.2
Employee Payments	-1,540.7	-1,627.4	-1,594.4	-1,496.5	-1,736.5
Taxes Paid	-426.9	-361.3	-403.2	-341.9	-444.2
Other Operating C.F.	1,585.3	-1,427.6	-139.5	-1,280.4	-2,545.3
Trading Securities	-159.6	37.1	-2.3	5.1	-70.4
Balances with Banks	-2,522.3	-453.3	-249.3	639.3	-790.4
Loans, Net	-6,370.9	-10,353.9	-10,964.0	-1,001.0	-8,418.4
Other Current Assets	-230.9	-295.3	-315.2	-245.3	82.9
Bank Deposits	-49.7	-139.5	294.6	703.2	-1,191.1
Other Deposits	2,804.8	6,587.8	7,538.2	-868.1	7,950.4
Funds Borrowed	-775.5	4,246.7	3,165.8	-1,845.5	2,219.2
Other Payables	2,645.1	938.0	676.6	154.6	63.8
Cash from Operating Activities	-872.9	1,774.5	2,331.1	-41.4	-704.0
Acq. of Subs.&Assoc.	-12.3	-	-	-	-271.1
Purch. of Secs. and R.E. Inv.	-175.7	-147.4	-155.8	-131.1	-216.4
Sale of Secs. and R.E. Inv.	25.6	112.5	30.1	28.3	93.9
Purch. of Sec. - Avail. for Sale	-2,092.7	-2,656.9	-6,384.8	-952.5	-1,462.2
Sale of Secs. - Avail. for Sale	2,004.3	1,306.5	3,996.9	857.0	853.3
Purch. of Secs.-Held to Mat.	-27.9	-335.6	-2,003.5	-1,292.5	-421.5
Sale of Secs.-Held to Mat.	525.5	1,489.4	2,244.5	733.2	1,544.6
Other	-	-	-	-	737.6
Cash from Investing Activities	246.7	-231.5	-2,272.6	-757.6	858.1
Dividend Payments	-1.7	-1.1	-0.5	-0.9	-1.1
Payments for Fin. Leases	0.0	0.0	-0.1	-0.1	0.1
Capital Instruments	-	-	-	-	707.0
Cash Outflow/Credits & Marketable Secur.	-3,920.0	-2,502.6	-1,516.2	0.0	-
Gain/Credits and Marketable Secur.	4,326.5	3,762.6	2,137.6	1,332.0	-
Cash from Financing Activities	404.9	1,258.9	620.9	1,330.9	706.0
Foreign Exchange Effects	-129.6	389.1	-35.9	21.1	484.9
Net Change in Cash	-351.0	3,190.9	643.5	553.0	1,345.0
Net Cash - Beginning Balance	6,365.7	3,634.9	3,348.5	2,696.0	1,866.0
Net Cash - Ending Balance	6,014.7	6,825.8	3,992.0	3,249.0	3,211.0
Depreciation	90.1	91.4	94.8	92.8	-

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	1,346.4	26.94%	4,414.3	12.81%	7.44%	13.11%
Income Available to Common Excl Extraord Items1 (?)	344.0	-3.10%	1,159.2	-8.62%	10.60%	19.14%
Basic EPS Excl Extraord Items1 (?)	0.08	-3.07%	0.27	-8.62%	10.61%	14.84%
Cash from Operating Activities2 (?)	-872.9	-	-872.9	-	-	-
Free Cash Flow (?)	-879.1	-	-879.1	-	-	-
Total Assets3 (?)	73,532.3	11.96%	73,532.3	11.96%	22.39%	18.56%
Total Liabilities3 (?)	64,599.3	10.15%	64,599.3	10.15%	22.20%	17.57%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	17459	0.88%	1.47%	4.15%
Total Common Shares Outstanding3 (?)	4,347.1	0.00%	4,347.1	0.00%	0.00%	3.75%
1-ExchangeRate: TRY to USD Average for Period	1.794127	Â	1.800960	Â	Â	Â
2-ExchangeRate: TRY to USD Average for Period	1.800960	Â	1.800960	Â	Â	Â
3-ExchangeRate: TRY to USD Period End Date	1.788300	Â	1.788300	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Interest Income, Bank1 (?)	5,617.6	4,667.6	4,238.7	4,749.4	5,952.1
Total Interest Expense1 (?)	2,870.4	2,437.8	1,862.4	2,241.2	3,774.2
Loan Loss Provision1 (?)	777.5	512.4	771.0	1,061.2	480.6
Cash & Due from Banks3 (?)	6,423.9	5,338.2	3,921.0	2,821.5	3,056.1
Total Deposits3 (?)	45,609.6	40,411.5	39,150.7	30,958.3	30,477.9
1-ExchangeRate: TRY to USD Average for Period	1.800960	1.679558	1.507473	1.553646	1.304493
3-ExchangeRate: TRY to USD Period End Date	1.788300	1.888600	1.539000	1.498950	1.543500

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Pretax Margin (?)	26.91%	36.69%	43.72%	25.86%	20.79%
Net Profit Margin (?)	20.64%	29.14%	35.18%	20.91%	16.25%
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.92	1.21	0.98	0.79	1.09
Management Effectiveness
Return on Assets (?)	1.69%	2.18%	2.74%	2.18%	1.99%
Return on Equity (?)	14.63%	19.65%	23.53%	20.24%	21.89%
Efficiency
Receivables Turnover (?)	0.10	0.11	0.14	0.15	0.14
Asset Turnover (?)	0.06	0.07	0.08	0.09	0.08

Market Valuation USD (mil)
P/E (TTM) (?)	11.83	.	Enterprise Value2 (?)	15,627.6
Price/Sales (TTM) (?)	3.11	.	Price/Book (MRQ) (?)	1.55
Enterprise Value/EBITDA (TTM) (?)	6.83	.	Market Cap1 (?)	13,631.6
1-ExchangeRate: TRY to USD on 29-Mar-2013	1.811323
2-ExchangeRate: TRY to USD on 31-Dec-2012	1.788300

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.92	1.21	0.98	0.79	1.09
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.92	1.21	0.98	0.79	1.09
Payout Ratio (?)	-	0.00%	0.00%	0.00%	-
Effective Tax Rate (?)	22.95%	20.33%	19.29%	18.62%	21.64%
Total Capital1 (?)	8,932.9	6,654.7	6,941.3	5,623.2	4,415.7
Efficiency
Asset Turnover (?)	0.06	0.07	0.08	0.09	0.08
Receivables Turnover (?)	0.10	0.11	0.14	0.15	0.14
Days Receivables Outstanding (?)	3,631.20	3,447.88	2,649.72	2,453.78	2,687.97
Revenue/Employee2 (?)	254,630	215,627	270,379	255,891	224,599
Profitability
Pretax Margin (?)	26.91%	36.69%	43.72%	25.86%	20.79%
Net Profit Margin (?)	20.64%	29.14%	35.18%	20.91%	16.25%
Management Effectiveness
Return on Assets (?)	1.69%	2.18%	2.74%	2.18%	1.99%
Return on Equity (?)	14.63%	19.65%	23.53%	20.24%	21.89%
Valuation
Free Cash Flow/Share2 (?)	-0.20	0.36	0.53	-0.01	-0.14
Operating Cash Flow/Share 2 (?)	-0.20	0.36	0.53	-0.01	-0.14
1-ExchangeRate: TRY to USD Period End Date	1.7883	1.8886	1.539	1.49895	1.5435
2-ExchangeRate: TRY to USD Average for Period	1.7883	1.8886	1.539	1.49895	1.5435

Current Market Multiples
Market Cap/Earnings (TTM) (?)	11.83
Market Cap/Equity (MRQ) (?)	1.55
Market Cap/Revenue (TTM) (?)	2.44
Market Cap/EBIT (TTM) (?)	6.40
Market Cap/EBITDA (TTM) (?)	6.04
Enterprise Value/Earnings (TTM) (?)	13.39
Enterprise Value/Equity (MRQ) (?)	1.75
Enterprise Value/Revenue (TTM) (?)	2.76
Enterprise Value/EBIT (TTM) (?)	7.25
Enterprise Value/EBITDA (TTM) (?)	6.83

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.62
UK Pound	1	Rs.83.69
Euro	1	Rs.71.41

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.