Yukarı

Independent Auditors’ Report: Introduction and Opinion

Introduction

We have audited the accompanying consolidated balance sheet of Koç Holding Anonim Şirketi (“the Company”), its subsidiaries and its joint ventures (together will be referred to as the “Group’’) as of 31 December 2013 and the related consolidated statement of income, consolidated statement of other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year-end and a summary of significant accounting policies and explanatory notes.

Opinion

In our opinion, the accompanying consolidated financial statements present fairly the financial position of Koç Holding Anonim Şirketi, its subsidiaries and its joint ventures as of 31 December 2013 and their financial performance and cash flows for the year-end in accordance with the TAS (Note 2).

Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi
A member firm of Ernst & Young Global Limited

Ethem Kutucular, SMMM
Partner

21 February 2014
Istanbul, Turkey