Independent Auditor’s Report
(Introduction & Opinion)

The Independent Audit Report is found on page 133. The Introduction and Opinion sections are presented for your information below:

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 2014 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 then ended and a summary of significant accounting policies and explanatory note.

Opinion

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Koç Holding Anonim Şirketi, its subsidiaries and its joint ventures as of 31 December 2014 and their financial performance and cash flows for the year then ended in accordance with the Turkish Accounting Standards.

Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi

A member firm of Ernst & Young Global Limited

Ethem Kutucular, SMMM
Partner

3 March 2015

İstanbul, Türkiye