Sabanci 08 Fara En

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    CONVENIENCE TRANSLATION INTO ENGLISH OFINDEPENDENT AUDITORS REPORTORIGINALLY ISSUED IN TURKISH

    INDEPENDENT AUDITORS REPORT

    To the Board of Directors ofHac mer Sabanc Holding A..

    1. We have audited the accompanying consolidated financial statements of Hac mer Sabanc Holding A.. and its subsidiaries (the Group) which comprise theconsolidated balance sheet as of 31 December 2008 and the consolidated statement of income, consolidated statement of changes in equity and the consolidatedstatement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.

    Managements Responsibility for the Financial Statements

    2. The Group management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the f inancial reportingstandards endorsed by the Capital Markets Board (CMB). This responsibility includes, designing, implementing and maintaining internal control relevant to thepreparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error, selecting and applyingappropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

    Auditors Responsibility

    3. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the auditingstandards issued by the CMB. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whetherthe consolidated financial statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selecteddepend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In makingthose risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the consolidated financial statements inorder to design audit procedures that are appropriate in the ci rcumstances, but not for the purpose of expressing an opinion on the effecti veness of the entitys internalcontrol. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide a b asis for our audit opinion.

    Opinion4. In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position of Hac mer Sabanc Holding A.. as

    of 31 December 2008, and of its financial performance and its cash flows for the year then ended in accordance with the f inancial reporting standards endorsed by theCMB (Note 2).

    Emphasis of matter

    5. The consolidated financial statements include the accounts of Hac mer Sabanc Holding (the Holding), the parent company, its Subsidiaries and Joint Ventures.In these consolidated financial statements, subsidiaries are companies in which the Holding exercises a dominant influence and power to govern the financial andoperating policies through the exercise of voting power relating to shares held by the Holding and its Subsidiaries together with voting power which the Holdingeffectively exercises relating to shares held by Sabanc family members. Joint Ventures are companies in respect of which there are contractual arrangements throughwhich an economic activity is undertaken subject to joint control by the Holding and one or more other parti es. In effect the Sabanc family members allow the Holdingto exercise voting power in respect of their shares held in these companies. In these consolidated financial statements the shares held by Sabanc family members in theconsolidated subsidiaries are treated as minority interests.

    Additional paragraph for US Dollar (USD) translation

    6. As explained in Note 2 to the consolidated financial statements, USD amounts presented in the accompanying consolidated financial statements have been includedsolely for the convenience of the reader of the consolidated financial statements, USD amounts do not form part of these consolidated financial statements and havebeen translated from Turkish Lira (TL), as a matter of arithmetic computation only, at the official USD bid rate announced by the Central Bank of the Republic of Turkey(CBRT) at 31 December 2008 for the consolidated balance sheet and the official USD average CBRT bid rate of the year 2008 for the consolidated statement of incomeand consolidated statement of cash flows. The resulting difference from the use of average CBRT rate for the translation of consolidated statement of income and the useof bid rate at the balance sheet date for the translation of the consolidated balance sheet is included in translation reserves under shareholders equity in accordancewith the translation requirements of IAS 21 The effects of Changes in Foreign Exchange Rates when the financial statements are presented in a currency other thanthe functional currency.

    Additional paragraph for convenience translation into English

    7. The accounting principles described in Note 2 to the consolidated financial statements (defined as CMB Financial Reporti ng Standards) differ from InternationalFinancial Reporting Standards (IFRS) issued by the International Accounting Standards Board with respect to the application of inflation accounting for the periodbetween 1 January-31 December 2005. Accordingly, the accompanying consolidated financial statements are not intended to present the financial position and resultsof operations in accordance with IFRS.

    Baaran Nas Bamsz Denetim veSerbest Muhasebeci Mali Mavirlik A..a member of

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