Companies Subject to Independent Audit

March 5, 2014

Companies subject to independent audit were specified in the Resolution No.2012/4213, published in the Official Gazette dated January 23, 2013. Resolution No.2012/4213 is amended by the Resolution No.2014/5973, Published in the Official Gazette dated March 14, 2014 and No.28941, extending the scope of the companies to be subject to independent audit. As per the said resolution; 1) Changes are made to cover all equity companies. Companies that satisfy two of the conditions below in two consecutive accounting periods will be subject to independent audit. a) Total assets amounting to 75 million Turkish Lira or more (150 million Turkish Lira or more in the previous resolution). b) Annual net sales turnover amounting to 150 million Turkish Lira or more (200 million Turkish Lira or more in the previous resolution). c) Total number of employees 250 or more (500 or more in the previous resolution). 2) The statement "i) Joint stock companies that issue capital market instruments, excluding shares, to be sold to qualified investors" is added as the first paragraph of the list number (I) annexed to the same Resolution. 3) The statement "by becoming a member to the Istanbul Gold Exchange" in paragraph four of the list number (I) annexed to the same Resolution is amended as "in the Borsa Istanbul markets". 4) The sub-paragraphs (a), (b) and (c) of paragraph six of the list number (II) annexed to the same Resolution are amended as follows. Criteria regarding subsidiaries of the Savings Deposit Insurance Fund and the companies the audit and management of which are taken over by the Fund as per the abolished Banking Law No.4389 and the Banking Law No.5411 (excluding subsidiaries or companies that are inactive, or activities of which are temporarily suspended or canceled) are amended in paragraph 6 of the List No.(II) providing special criteria for certain sectors, and the said companies will be subject to independent audit if they satisfy at least two of the three criteria provided below. a) Total assets amounting to seventy five million (75,000,000) Turkish Lira or more (previous version: Total assets amounting to one hundred fifty million Turkish Lira or more.) b) Annual sales turnover amounting to one hundred fifty million (150,000,000) Turkish Lira or more (previous version: Annual sales turnover amounting to two hundred million (200,000,000) Turkish Lira or more.) c) Number of employees two hundred fifty (250) or more (previous version: Number of employees five hundred (500) or more.)

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