Convenience translation into english

III. FOREIGN CURRENCY TRANSACTIONS
Foreign currency denominated monetary assets and liabilities are translated with the exchange rates prevailing at the balance sheet date. Gains and losses arising from such transactions are recognized in the income statement under the account of net foreign exchange income/expense. Foreign currency investments included in non-monetary asset which are carried at historical cost are translated with the exchange rates current at the balance sheet date.

1. 
   Foreign exchange rates applied in the conversion of foreign currency transactions in financial statements:
   

As of 31 March 2004, rates applied for the conversion of foreign currency balances into Turkish lira are TL1,330,000 for USD, TL1,626,457 for EURO and TL12,804 for Yen.

b. Total foreign exchange gains/losses reflected in the current period net income:
The Bank’s foreign exchange gains reflected in the year-end net income amount to TL156,936.
c. Total amount of foreign currency revaluation fund resulting from foreign exchange gains/losses and changes that occurred within the period:
No foreign currency gains/losses were reflected in the revaluation fund.
d. Significant changes in the foreign exchange rates subsequent to the balance sheet date and their impacts on the financial statements:
The Bank does not have a significant net foreign currency position as disclosed in Section IV-note V. Accordingly, the significant changes in the foreign exchange rates will not have a significant impact on the financial statements.