Convenience translation into english

SECTION SIX

OTHER EXPLANATIONS AND NOTES

1. 
   OTHER EXPLANATIONS RELATED TO BANK’S OPERATIONS
   

None.

2. 
   EXPLANATION ADDED FOR CONVENIENCE TRANSLATION INTO ENGLISH
   

The effects of differences between accounting principles and standards set out by regulations in conformity with the Article 13 of the Banking Act No. 4389, accounting principles generally accepted in countries in which these financial statements are to be distributed and International Financial Reporting Standards (“IFRS”) have not been quantified in these financial statements. Accordingly, these financial statements are not intended to present the financial position, results of operations and changes in the financial position and cash flows in accordance with the accounting principles generally accepted in such countries and IFRS.

SECTION SEVEN

EXPLANATIONS ON AUDITOR’S REVIEW REPORT

1. 
   EXPLANATION ON REVIEW REPORT
   

The financial statements as at and for the period ended 31 March 2004 have been reviewed by Başaran Nas Serbest Muhasebeci ve Mali Müşavirlik A.Ş. (a member of PricewaterhouseCoopers), and in the auditor’s review report dated 5 May 2004 it is stated that nothing has come to their attention to believe that the financial statements do not give a true and fair view of the financial position of the Bank at 31 March 2004 and the result of its operations for the period then ended in accordance with accounting principles and standards set out by the regulations in conformity with Article 13 of the Banking Act.

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