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İşBank GMBH Offices in eurOpe

Frankfurt (Head Office)

Roßmarkt 9

60311 Frankfurt am Main

Tel. + 49 / 69 / 2 99 01- 0

Fax + 49 / 69 / 28 75 87

Telex 4189 385

S.W.I.F.T.-Code: ISBKDEFX

Frankfurt (Branch)

Roßmarkt 9


Tel. + 49 / 69 / 2 99 01- 0

Fax + 49 / 69 / 28 75 87

Telex 4189 385

Berlin (Branch)

Müllerstraße 150

13353 Berlin

Tel. + 49 / 30 / 254 22 70

Fax + 49 / 30 / 254 22 777

Berlin-Kreuzberg (Branch)

Kottbusser Straße 2

10999 Berlin

Tel. + 49 / 30 / 616 95 50

Fax + 49 / 30 / 614 89 88

München (Branch)

Goethestraße 21

80336 München

Tel. + 49 / 89 / 5 30 79 23

Fax + 49 / 89 / 5 38 03 02

Düsseldorf (Branch)

Graf-Adolf-Straße 73

40210 Düsseldorf

Tel. + 49 / 211 / 38 80 10

Fax + 49 / 211 / 38 80 130

Mannheim (Branch)

U 1,8

68161 Mannheim

Tel. + 49 / 621 / 397 49 80

Fax + 49 / 621 / 156 994 22

Gelsenkirchen (Branch)

Arminstraße 11

45879 Gelsenkirchen

Tel. + 49 / 209 / 177 073 14

Fax + 49 / 209 / 177 073 19

Hamburg (Branch)

Ballindamm 8

20095 Hamburg

Tel. + 49 / 40 / 30 29 01 0

Fax + 49 / 40 / 30 29 01 22

Köln (Branch)

Unter Sachsenhausen 35

50667 Köln

Tel. + 49 / 221 / 91 38 21 0

Fax + 49 / 221 / 91 38 21 20

Karlsruhe (Branch)

Amalienstraße 23

76133 Karlsruhe

Tel. + 49 / 721 / 257 35

Fax + 49 / 721 / 266 24

Stuttgart (Branch)

Friedrichstraße 9 –11a

70174 Stuttgart

Tel. + 49 / 711 / 22 29 91 6

Fax + 49 / 711 / 22 29 91 77

Nürnberg (Branch)

Am Plärrer 6

90429 Nürnberg

Tel. + 49 / 911 / 92 99 53 80

Fax + 49 / 911 / 92 99 53 82 0

Paris (Branch)

13, Place Kossuth, 75009 Paris

Tel. + 33 / 1 / 43 12 93 70

Fax + 33 / 1 / 48 78 02 70

S.W.I.F.T.-Code: ISBKDEFXPAR

Amsterdam (Branch)

World Trade Center

Strawinskylaan 841, Tower C,

Level 8

1077 XX Amsterdam

Tel. + 31 / 20 / 5 30 63 33

Fax + 31 / 20 / 5 30 63 40

S.W.I.F.T.-Code: ISBKDEFXAMS

Zürich (Branch)

Löwenstraße 61, 8021 Zürich

Tel. + 41 / 44 / 2 26 41-00

Fax + 41 / 44 / 2 26 41-09

S.W.I.F.T.-Code: ISBKDEFXZUR

Sofia (Branch)

2, Pozitano Sq.

Perform Business Center

1000 Sofia

Tel. + 359 2 402 20 00-02

Fax + 359 2 402 20 15

Roßmarkt 960311 Frankfurt am MainTel. +49 / 69 / 2 99 01-0Fax +49 / 69 / 28 75 87www.isbank.de

cOntents

İşbank GmbH Annual Report 2011

key figures 5-year comparison

01 editorial03 report of the supervisory Board04 interview with Bayram Öztürk, selami Düz

and Burkhard von Wallenberg10 interview with Okan Özoğlu, Deniz tüzün

and Ozan akar12 Management13 Management report 24 range of services 26 contacts at Head Office 27 Balance sheet 36 executive Bodies auditors’ report

Offices Legal notice

Bank in TRanSiTiOn: STaBLE GROWTH BUiLDS COnFiDEnCE

a n n ua L r e p O r t 2 0 1 1

371,761

68,734

62,640

65,725

541,867

540,029

2,293

4,085

266,251

341,476

365,361

414,730

684,068 4,509

460,298

72,438

106,772

793,969

931,566

5,832

6,084

400,246

556,161

550,639

708,605

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

keY fiGures 5-Year cOMparisOn


Dec. 31, 2010in thousands EUR


Changein %

Total assets 793,969 931,565 17.33

Capital and reserves 72,438 106,772 47.40

Tangible assets 16,207 17,244 6.40

Cash funds 18,746 13,915 –25.77

Bonds and securities 60,855 37,969 –37.61

Due from banks 296,698 302,261 1.87

Due from customers 400,246 556,161 38.95

Due to banks 162,687 108,864 –33.08

Due to customers 550,639 708,605 28.69

Risk-weighted assets 645,498 888,462 37.64

interest income 31,559 39,808 26.14

Commission income 10,012 10,877 8.64

net income for the year 5,832 6,084 4.32

% %

Equity ratio 9.60 11.30

Return on equity before taxes 10.65 8.80

Return on equity after taxes 8.80 6.06

Capital and reserves in thousands EUR

Total assets in thousands EUR Net retained profi t in thousands EUR

Due from customers in thousands EUR Due to customers in thousands EUR

Offices WOrLDWiDe tÜrkiYe İş Bankasi a.ş. Offices WOrLDWiDe

Germany

United Kingdom

Turkey

Turkish Republic of Northern Cyprus

Netherlands

Switzerland

France

Head Office

İş Towers

Büyükdere Cad.

Pembegül Sok.

34330 Levent-İstanbul

Turkey

Tel. + 90 / 212 / 316 00 00

Fax + 90 / 212 / 316 09 00

www.isbank.com.tr

1.184 Branches in Turkey

Central Foreign Department

Tel. + 90 / 212 / 316 28 02

Fax + 90 / 212 / 316 08 28

Turkish Republic of

Northern Cyprus

Central Office

Girne Cad. No: 9

Lefkoşa

Tel. + 90 / 3 92 / 228 31 33

Fax + 90 / 3 92 / 227 83 15

14 Branches in Cyprus

United Kingdom

Princes Court

8, Princes Street

London EC2R 8 HL

Tel. + 44 / 207 / 606 71 51

Fax + 44 / 207 / 726 25 66

Bahrain

Al Jasrah Tower, 8th Floor

Diplomatic Area

Pbx: 10205 Manama

Tel. + 973 / 17 549 222

Fax + 973 / 17 549 218

Iraq

Gulan Street

Ainkawa Road

Duty Free Complex

Erbil

Tel. + 964 / 750 / 386 23 05

China

4407 Jin Mao Tower

88 Century Boulevard

200121 Pudong New Area

Shanghai

Tel. +86 / 2150 / 47 08 82

Fax +86 / 2150 / 47 08 85

Egypt

Nile City Towers

2005 C Cornish El Nil

North Tower, 27th Floor

Cairo

Tel. +20 / 22 461 98 13-14

Fax +20 / 22 461 98 10

Legal Notice

Published by:İŞBANK GmbHRoßmarkt 960311 Frankfurt am MainTel. +49 / 69 / 2 99 01-0Fax +49 / 69 / 28 75 87www.isbank.de

Concept, editorial, design:thema ag, Offenbach am Main

Photography:Norbert Miguletz, Uwe Nölke

Production: printmedia, Frankfurt

This annual report is also available in German.

© İŞBANK GmbH, 2011Printed in Germany. All rights reserved. No reproduction in any form without permission.

Egypt

Irak

Bahrain

China

Bulgaria

For many years, Turkey’s economy has been characterised by high levels of economic growth. The development of business relations with European countries has also been extremely dynamic. This offers significant development opportunities for the İşbank Group, which is represented with around 1,100 Türkiye İş Bankası A.Ş. branches throughout Turkey and currently 16 İşbank GmbH branches in Germany, France, the Netherlands, Switzerland and Bulgaria. İşbank GmbH has positioned itself as a universal bank for individuals and businesses of Turkish origin in Europe and as a specialist bank for European companies that engage in business with Turkey.

It is said that Turkey and its citizens have the ability to reinvent them-selves again and again, and this is a virtue that we at İşbank GmbH are proud of too. Not only have we been offering our clients all types of traditional banking products for many years – we also constantly “invent” new products and services that our clients expect from a modern bank. This includes in particular being able to withdraw cash anywhere from the 10,000 cash machines of around 220 private banks in Germany, and the ongoing development of our online banking service as well as the possibility to conduct transactions directly via the İşbank GmbH website. To our corporate clients, our expertise in trade and investment financing with Turkey is of utmost importance.

EdITorIAl

01

Isbank GmbH Annual Report 2011

02

like no other, İşbank GmbH is positioned to promote economic trade between western Europe and Turkey. But we also aim to exploit business opportunities at home that have arisen from the withdrawal of a number of banks from certain businesses. We plan to expand our client base as well as our range of products and services, and for this reason we are investing in the relationships with our clients and plan to open further branches at home and abroad.

03

In the 2011 fiscal year the Supervisory Board met three times at the Bank’s Head office in Frankfurt/Main. In several additional telephone conferences and written reports the Supervisory Board was infor-med about the development of business in general and events of special importance. The 2011 financials and the targets for 2011 were discussed in detail. The Supervisory Board has performed its own checks to ensure proper management of the Bank’s business.

The economic development and the situation at the financial markets, especially in Europe, and their possible effects on the business and liquidity of the Bank were regular topics of the Supervisory Board’s discussions with the Bank’s General Management throughout the year 2011. opportunities and risks associated with the Bank’s strategy in this environment and measures considered appropriate to imple-ment this strategy were repeatedly analysed with the Bank’s General Management. General Manage-ment also informed the Supervisory Board about the progress with regard to the planned conversion of İşbank GmbH from a limited liability company to a joint-stock company. Within the framework of its selective expansion strategy, in August 2011 the Bank opened a branch office in Sofia/Bulgaria, a coun-try with close trade and foreign direct investment ties with both Germany and Turkey.

Securing sufficient liquidity at all times, the further boosting of profitability and the development of the Bank’s credit portfolio – as usual, but especially in the current crisis environment – again constituted important subjects of the Supervisory Board’s discussions with General Management. Considering both the increasing regulatory requirements and the Bank’s planned further growth the upgrading of the Bank’s IT environment also was accorded high importance in our discussions.

The recruitment and development of the Bank’s personnel on all levels is considered a key element within the framework of the Bank’s growth strategy and was therefore discussed at length in the Super-visory Board too. In this context, for years the Bank has consistently relied on locally hired employees with comprehensive knowledge of the markets in which the Bank operates. We therefore take the opportunity to extend our sincerest thanks to the employees of the Bank for their continued commit-ment in a highly dynamic environment which contributed to İşbank GmbH’s closing fiscal 2011 successfully again.

We would also like to thank our clients for their continued trust and support, and the General Manage-ment for their always good cooperation without which İşbank GmbH could not have successfully achie-ved its targets in 2011.

The accounts and the financial statements for the fiscal year from 1 January to 31 december 2011, were audited by KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, which issued an unqualified audit opinion. The Supervisory Board approved the results of the audit and adopted both the annual financial statements as at 31 december 2011 and the management report.

Frankfurt/Main, 24 May 2012

A. Erdal AralChairman of the Supervisory Board

rEPorT oF THE SuPErvISory BoArd


04

Mr Öztürk, the stability of banks and the global debt crisis were major topics once again in the world of European finance in 2011. How was the past business year for İşbank GmbH?Bayram Öztürk: When we look back at 2011, we can see a two-pronged development, which is very similar to the situation in the two preceding years : on the one hand, we have seen the continued strain on the financial markets and an ongoing climate of mistrust among the banks. on the other hand, we have seen very positive de-velopments at İşbank GmbH, which enjoys a very high level of trust among its customers. This has enabled us to expand our business significantly in the year under review and we have recorded profit increases for the sixth year in a row. The growth of our total assets, which, in addition to earnings is one of the biggest indicators of success in the banking sector, amounted to 17.3%.

How do you explain this surprisingly stable upward trend in light of the highly turbulent general environment?Bayram Öztürk: The formula is very simple: our aim is to provi-de products for a clearly defined target group which meet their requirements and needs. At the same time, we continuously work to improve this range of products. our customers don’t want to be experimental when it comes to their financial affairs, they want a reliable partner – and we aim to provide just this. We are simply very conservative bankers. And not just in terms of our clear busi-ness focus but also in terms of our financial endowments. In order to underpin our growth with sufficient equity capital we increased our share capital in 2011 by around one third to €100 million. As at 31/12/2011, our core capital ratio stood at a healthy 11.30%.

In order to expand your business, however, you not only need the necessary financial basis but also the structural foundation. What does the strong growth of the past few years mean for İşbank GmbH from an organisational point of view?Bayram Öztürk: This is a very important point, and one that affects the whole bank – from the operational entities to the supervisory board. In the course of the business year, 46 new employees were hired, meaning the bank had a total of 209 employees at the end of 2011. In 2011, we opened branch number 15 in Mannheim, Germany, and branch number 16 in the Bulgarian capital, Sofia. The increasing size of the bank is presenting new challenges in terms of organisation as well as for the bank’s IT environment, particularly in the cost-intensive retail banking sector.

INTErvIEW

»WE ARE VERY ConsERVAtiVEbAnkERs.«Interview with Bayram Öztürk, Selami Düz and Burkhard von Wallenberg

Burkhard von Wallenberg,

Assistant General Manager

05

„We have seen very positive developments – as a result of a high level of trust among our customers.“

Bayram Öztürk, General Manager


06

Selami Düz, Assistant General Manager

„The continuous training of our employees is a basic requirement for successful customer advice and thus for the success of our business pay a double dividend.

07

The reorganisation of the supervisory board last year in preparation of the planned conversation of İşbank GmbH to İşbank AG saw the board increase from four to six members who will be on hand to advise the management on a wide range of topics in their respective individual areas of expertise.

That brings us to the topic of qualifications and training. How do you go about improving your own standards within the bank?Selami düz: We work very closely with our Turkish parent company Türkiye İş Bankası A.Ş., which, as the largest private bank in the country, offers a comprehensive range of training opportunities. last year, we launched a partnership with the renowned Frankfurt School of Finance and Management that complements our emplo-yee training programme. In addition to a wide range of product and management seminars, we also offer our employees the opportu-nity to complete external studies parallel to their jobs in business management while we subsidise these courses. The product range is becoming more complex in the private and business customer sector too, and our range of services ever more comprehensive. We therefore see the continuous training of our employees as a basic requirement for successful customer advice and thus for the success of our business as a whole. We believe that investments in this area pay a double dividend.

Can you give us a few examples of your new products?Burkhard von Wallenberg: There was a whole host of new products in 2011. With İŞWEB, for example, we have launched a brand that represents a whole family of products. The name İŞWEB covers services where new customers do not need to come into a branch to sign up for a product. This is made possible via the “Postident” process, which enables the secure identification of persons. The first two products launched were the İŞWEB account and the İŞWEB time deposit account. In 2012, we will expand the range with the İŞWEB credit product. our aim is clear – to expand our reach, even beyond the catchment areas of our branches.

Selami düz: Another key innovation in 2011 was the launch of real-time customer transfers to Turkey. This enables the account holder to transfer money online anywhere and at any time – immediately, and without having to visit a branch – to recipients in one of over 1,100 branches owned by our parent company, Türkiye İş Bankası A.Ş.

you also redesigned your website in 2011.Burkhard von Wallenberg: For a bank that wants to address customers on a national level, but that does not have an extensive network of branch offices, the internet naturally plays a major role in customer acquisition. For this reason, the website must adhere to the standard requirements of the market at the very least. our web-site will not only look more modern – more importantly, it’s going to be more informative and more user-friendly as well. Customers should get an impression of the broad range of our products and services, be able to find what they’re looking for quickly and easily and be able to make contact with us or sign up for a product there and then. In addition, it is also more cost-effective for us if our customers make full use of the services available online.


08

Was the focus primarily on internet banking in 2011?Burkhard von Wallenberg: The new website and the option to sign up for products online was definitely a key focus in 2011 – but by no means the only focus. We also rolled out the new design for our branch offices. And one of the most important changes was a big benefit for all our customers: now, all İşbank account holders can withdraw money free of charge from over 10,000 cash machines of around 220 banks affiliated with the Bundesverband deutscher Banken (Federal Association of German Banks). Whether they contact us online or in the branch office, the main thing is that our customers are happy with our service. And that appears to be the case, as shown by the latest customer satisfaction survey, conducted in June 2011: İşbank has increased its lead even further among Turkish banks in Germany. The key reason for this, according to the results of the survey, is our wide range of high-quality products and our high level of customer service.

What does that mean for the future expansion of the branch network?Bayram Öztürk: We are currently assessing the benefits of opening further branches. Even if we can reach all four corners of the coun-try via the internet, the physical presence of a bank is a major plus for many of our current and potential customers. We see plenty of potential for expanding our network of branches in Germany.

What concrete plans are on the agenda for 2012?Bayram Öztürk: We want to reflect the new size of the bank in legal form, which is why we are preparing to switch from being a limited liability company (GmbH) to a joint-stock-company (AG).

Burkhard von Wallenberg: of course we want to work on further expanding our range of products and services. In addition to the İŞWEB credit product I mentioned earlier, the expansion of our property financing product range is also a high priority – something that we will round off with building society savings accounts. These products will be brought to our customers in cooperation with experienced sales partners.

Selami düz: And last but not least, we also want to strengthen our trade finance activities. The ongoing dynamic development of trade relations between Germany and Turkey also is a key driver for our growth. Trade with corporate customers in Europe and Turkey is a pillar of our business that will continue to gain significance.

Thank you for your time.

09

„We want to work on further expanding our range of products and services.“


10

dEvEloPMENTS 2011

From current accounts and financing options to insurance and retirement provisions, İşbank offers the complete spectrum of products that today’s customers expect from their bank.The idea is not to sell customers as many of our own products as possible but to offer ser-vices in all categories that can offer competitive conditions across the board. For this reason, İşbank has set up partnerships in areas such as insurance: in conjunction with HdI Gerling, İşbank is able to offer solutions in the form of German “riester” pension contracts, pensi-on insurance, occupational disability insurance, funeral expense insurance and term life insurance. Within Germany, the bank also provi-des property financing solutions at excellent conditions via the dr. Klein online platform. In 2012, the range is set to be expanded further with a building society savings account.one of the most important changes in 2011 has been that İşbank’s current account customers can now withdraw money free of charge at over 10,000 cash machines of around 220 private banks affiliated with the Bundesverband der deutschen Banken (Federal Associa-tion of German Banks) – making it a nationwide service. of course İşbank cash machines can still be used free of charge throughout Europe too. In addition, cash withdrawals can also be made from all cash points and branches owned by our parent company, Türkiye İş Bankası A.Ş.

Most banking customers take internet banking for granted and primarily use it because it is convenient. İşbank offers its account hol-ders various channels that they can use depending on their requirements and the situation.The modernisation of the İşbank GmbH website was a major project in 2011. It was not only done in order to update the design and change the layout, but also to improve user-friendliness: a more intuitive design, coupled with a clearer presentation, enables users to find what they are looking for more quickly and enables them to access the various categories with just a few clicks. Because not all products and services are available to the same degree across all five countries where İşbank GmbH has its branch offices, localised versions of the website are currently being prepared.

»ouR WidE RAngE of sERViCEs EnsuREs WE stAY onE stEp AhEAd of thE CompEtition With tuRkish bAnks on thE gERmAn mARkEt.”«

CLEAR GUIDANCE

“The top priority for all products and services must be the benefits they bring to the customer.”

Ozan Akar, Asst. Manager

11

At the same time, the range of specific internet products was also improved in 2011. under the İŞWEB brand, İşbank now offers a family of products that can all be acquired directly online – with the aid of the “Postident” process, the customer no longer needs to come into the bank in order to open an account or make time deposits, for example. Personal authentication is done via deutsche Post. This is a major plus for customers who do not live near a branch of the bank and enables İşbank to reach customers wherever there is an internet connection – that is to say, practically everywhere. The İŞWEB account is free of account maintenance charges and its holders earn interest on their credit balance above €1. The İŞWEB time deposit account is another product in the range: Account holders with over €2,500 in funds can make time deposits for periods of one month to five years, all at İşbank’s usual excellent conditions. The launch of the İŞWEB credit product is planned for 2012.

WWW.ISBANK.DE

»Internet banking increases convenience for the customer as well as the reach of the bank.”

Okan Özoglu, Asst. General Manager

The bank’s future development will not just concentrate on internet banking. İşbank is also investing in its branch offices. In 2011, a more customer-friendly design was rolled out across all branch offices. Nevertheless, we permanently work on improving the design of our branches. With our twelfth office opening in Mannheim, Germany, the network of branch offices has also been expanded. The branch in Sofia marks our presence in another market outside Germany, in addition to the Netherlands, Switzerland and France. As a result of its extensive trade links with Turkey, Bulgaria is of particular interest in terms of business from corporate customers. other potential locations are also currently being reviewed.

NEW BRANCHES

»If you want to improve customer proximity, you can’t just be availa-ble online.«

Deniz Tüzün, Manager


12

Bayram Öztürk (Left)

General Manager

Selami Düz (Middle)


Burkhard von Wallenberg (Right)


MANAGEMENT

13

Business and overall environment

The first half of 2011 was shaped by a series of shocks: the earthquake in Japan, rocketing oil prices in the wake of the political upheaval in the Arab world and the escalation of the debt crisis in the eurozone, which caused continuing financial insecurity. While newly industrialised countries recovered more quickly, development in those countries directly affected by these crises was slow. In general, however, the economy showed a comparatively positive trend.

In comparison to other industrialised countries, Germany experienced an economic upturn once again in 2011 in spite of the crisis, with GDP up by 3.0% in real terms. This powerful upswing is, however, largely due to a high level of demand from abroad, with a reported increase in exports of over 8.2%. Exports were valued at EUR 1,060 billion, breaking the billion mark for the first time. Private consumer spending also supported economic growth, increasing more than it has in the previous five years with a rise of 1.5% adjusted for inflation.

While some industrialised countries had to struggle with unresolved debt issues and the subsequent increase in insecurity in 2011, the Turkish economy was able to grow by 8.2% in the third quarter of the year. Thanks to this strong growth in Turkey, 2011 also saw a continuation of the upward trend in Turkish exports. With a total volume of USD 375.8 billion, exports have more than quadrupled since 2000 (USD 82.3 billion). Imports increased by almost 30% to record levels of over USD 240 billion and exports also exceeded their previous 2008 record by 2% with USD 135 billion. The main export item was once again the car, and the main imports were oil and natural gas.

Germany was once again Turkey’s main trading partner in 2011. Bilateral trade volume saw an increase of 27.3% to USD 36.9 billion in 2011. This development proves the increasing importance of our niche market and of the target group of companies engaged in trading between Germany and Turkey. The number of German or Turkish companies with German equity participation in Turkey has risen to over 4,700. They are engaged in fields as diverse as industrial manufacturing and sales to all kinds of services. In turn, around 75,000 entrepreneurs of Turkish origin employ some 370,000 people in Germany, with an annual turnover of approx. EUR 35 billion.

The sovereign debt and banking crisis also saw the credit ratings of several countries and a large number of banks downgraded by ratings agencies, which also had an effect on the ratings of Turkish banks. On the other hand, the Turkish banking sector continued to show a robust capital structure and good profitability so that Turkish banks ended 2011 successfully, despite the global financial crisis.

MANAGEMENT REPORT


14

Business development in 2011

Facts

The first half of the year saw an increase in share capital of EUR 48.9 million, EUR 30 million of which was financed by the parent company and EUR 18.9 million of which were revenue reserves transferred to the subscribed capital, bringing the total subscribed capital to EUR 100 million. Despite the ongoing crisis in the global economy, İşbank GmbH was able to expand its business activities in 2011 and record a 17.3% growth in total assets, totalling EUR 931.6 million.

The successful performance in recent years has contributed to profit after tax of EUR 6.1 million. Growth in the lending and deposit business has been particularly notable, with İşbank GmbH’s equity and liquidity base remaining solid. Thanks to the dynamic growth of both assets and liabilities, the company was able to continue the positive development of the past few years in 2011 too.

Owing to changes in management at the parent company in the first half of the year, there were also changes to the İşbank GmbH supervisory board, which now comprises six members.

Changes to the organisational structure as a result of newly formed departments (project management and trade finance) and reorganisation of departments into various areas of responsibility formed the basis for the optimisation of processes.

Innovation

2011 was characterised by various product innovations, the most important of which for İşbank customers was the new ordinance on fees for cash withdrawals from cash machines, which was introduced on 15 January 2011 by the Association of German Banks. Following this ordinance, İşbank GmbH customers can now withdraw money free of charge from more than 10,000 cash machines from the pool of around 220 banks affiliated with the Association of German Banks. This has enabled İşbank GmbH to take a significant step forward in its ‘main bank’ strategy. Parallel to this, the Bank has also addressed the problem of gaps in the branch network with the Bank’s innovative İŞWEB account. With this new type of account, customers have the option of opening an account via the PostIdent process – without having to go into a branch.

In the highdemand area of funds transfers to Turkey investments in technology over the past year have also enabled such transfers to be carried out online in real time. In light of the high demand for property among our clientele, we are now able to provide our customers with longterm property financing options with particularly favourable conditions, thanks to our partnership with Hypoport AG.

Growth

In accordance with the Bank’s business strategy, our focus in the 2011 financial year was on the continuation of our activities to broaden and diversify our market footprint. In addition to the innovations in products and services already listed, new markets were also tapped in 2011. The existing branch network in Germany was expanded with a branch office in Mannheim, because of its very promising customer potential. Tying in with our parent company’s activities in entering new markets, such as the recent acquisition of a Russian bank, we opened a branch office in the Bulgarian capital Sofia in August 2011, which will initially be geared solely towards business with corporate clients. This means that İşbank GmbH now operates in five European countries. As the Bank has grown, a considerable number of new employees have also joined its ranks.

15

Customer satisfaction

Thanks to our many years of experience we can provide expert financial advice to our private and corporate customers. İşbank GmbH’s aim is to provide customer proximity, and with it the best possible advice and service for our customers throughout all stages of their lives. As confirmed once again in a customer satisfaction survey conducted in June 2011, we continue to enjoy a very high level of trust from our customers. Unprompted brand recognition of 28% among German and Turkish banks and top familiarity levels among Turkish banks are testament to our leading position within this niche market. These results were also borne out in the customer satisfaction survey conducted back in December 2008.

Our branches and employees

In line with our ongoing growth strategy, we are working towards optimising our branch network. İşbank GmbH currently runs 12 national branch offices and, following the opening of a new branch in Mannheim, is now represented in all of the key regions for its niche market. However, the ongoing growth in demand among target groups requires us to consider further branches, and not just in new regions within Germany but also as additional points of contact to be opened in major cities that already have a branch office.

The considerations in recent years of opening a branch in Bulgaria in light of the close trade and investment links of Bulgaria with Germany and Turkey were brought to life in 2011. With its new branch in Sofia, İşbank GmbH is now represented in a major eastern European city along with the other major European locations of Amsterdam, Zurich and Paris. The new branch will initially focus primarily on corporate clients.

2011 saw the continuation of the project to optimise the design of our branch offices with regard to technical equipment, office layout and design, which has been running for two years now. The Düsseldorf branch was able to move into its new offices in October, while the Munich office was completely renovated and redesigned to make it more customerfriendly. As part of a stronger sales focus for the Bank, the window displays and entrance areas of our branches were equipped with more modern advertising materials. The Bank’s aim is to meet growing customer requirements and demands not only with product innovations and cuttingedge technology but also from a sales and marketing point of view.

Offering the bestpossible advice and customer service requires highly motivated, highachieving employees who are experts in their field. İşbank GmbH attaches great importance to these criteria when selecting its employees and has therefore started working with a professional external recruitment agency in 2011. In addition to being bilingual with a good educational background, employees must also be able to work well in a team, with the aim of translating this team work into highquality customer service. Despite the crisis, İşbank GmbH made further investments in its personnel in the year under review, hiring a total of 46 new employees. The ongoing training of our employees comprised a range of measures both internally and externally through seminars provided by the Frankfurt School of Finance and Management, with whom we have launched a partnership to provide services in this area. Investments in highly qualified employees and their training will continue to be of great importance to the company in the future too.


16

Annual fi nancial statements as at 31 December 2011

Balance Sheet

Pursuing its business strategy of sustainable growth, İşbank GmbH made the most of opportunities turning up in 2011, enabling the company to increase its total assets by 17.3% to EUR 931.6 million (2010: EUR 794.0 million). Business volume, made up of assets and off balance sheet liabilities, came to EUR 964.9 million (2010: EUR 821.6 million), representing a growth of 17.4%.

Increased loan sales eff orts primarily served to boost total assets: receivables from clients increased by 38.9% in 2011, with the eff ect that this balance sheet item accounted for EUR 556.2 million (2010: EUR 400.2 million) on 31 December 2011. Part of this positive development was also due to the promotion and expansion of our trade fi nance business.

Receivables from banks increased slightly by EUR 5.6 million from EUR 296.7 million last year to EUR 302.3 million in 2011, which was due to participation in syndicated fi nancing, amongst other things. Bonds and other fi xedincome securities on the banking book totalled EUR 38.0 million at the end of the year under review.

Despite the ongoing fi nancial crisis, İşbank GmbH had various re fi nancing options at its disposal to support new business.

Growth in deposits formed the basis for the increase in liabilities. Liabilities to customers recorded an increase of 28.7% to EUR 708.6 million.

With the increase in share capital in 2011, subscribed capital increased to EUR 100 million, ensuring a suffi cient and solid equity base.

As a result of the increase in share capital, liabilities to banks decreased by 33.1% to EUR 108.9 million. Th e strong performance in the deposits business and the related increase in time deposits are a result of our competitive interest rates, particularly in the longerterm maturities, which were the basis of the decision by online portal fmh and TV channel ntv to once again crown İşbank GmbH the best time deposit bank in 2011.

Assets, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand

Due from customers

556,161

Due from banks

302,261

Other assets

1,074Cash funds

13,915

Tangible assets

17,244

Securities

37,969

17

Income statement

Along with the growth in receivables from clients, a 39.9% increase in net interest income to EUR 26.8 million was also achieved, in which the increase in interest revenue of EUR 8.2 million played a major role. Net commission income rose slightly by 7.3% to EUR 10.6 million in the year under review, primarily due to increases in commission revenue from foreign business, which grew by 76.5% in comparison to the previous year.

General administrative expenses increased by 15.2% to EUR 24.0 million in the year under review. Th is increase was due to the expenditure arising from renovating existing branches and opening new branch offi ces, IT investments and expenses associated with advertising campaigns.

In the 2011 fi nancial year, net risk provisions of EUR 2.7 million were set aside as compared to EUR 1.2 million the previous year.

Th anks to its successful operating activities, İşbank GmbH was able to increase its profi t on ordinary activities to EUR 8.8 million in 2011. Aft er deduction of taxes, the Bank closed the 2011 business year with net income for the year of EUR 6.084 million.

Liquidity situation

İşbank GmbH retained its solvency throughout the 2011 business year, and the liquidity ratios stipulated by supervisory law were maintained at all times.

Liabilities, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand

Other liabilities

2,807

Due to customers

708,605

Due to banks

108,864

Provisions

2,117

Capital and reserves

106,772106,772


18

Overall bank management and risk report

In the course of our business activities, we are subject to a host of risks that must be managed so that we can continue to play a successful, active role on the market. İşbank GmbH therefore places a high level of importance on a responsible approach to risk and a proactive and prudent risk management strategy in all its business dealings to assure that the bank controls risks in the most appropriate way.

İşbank GmbH has dealt with the diffi cult general economic situation on the markets and the fi nancial crisis with a forwardlooking and selective risk policy in its trading business and on the capital market, and, thanks to its comfortable equity and liquidity levels in combination with a permanently refi ned risk management strategy, sees itself well equipped for the future.

İşbank GmbH’s business strategy focuses on continuously increasing profi tability, while prudently assessing the risks. In practice this means that the Bank focuses specifi cally on several geographical and productrelated markets as well as on carefully selected business partners both in the corporate and banking sectors.

Overall risk profi le

Th e Bank’s risk management system as well as processes for identifying, quantifying, evaluating, managing, monitoring and communicating the individual types of risks are described in detail in the İşbank GmbH risk handbook as well as in a series of supplementary operational guidelines. A method of evaluating the level of risk is described for all types of risk and, where relevant, for their individual manifestations. Major risks include counterparty default risk, market price risk and liquidity risk. Th ese types of risk as well as operational risk are managed via limits in line with the Bank’s riskbearing capacity.

Organisation of risk management

Overall responsibility for risk management lies with the Bank’s man agement. In operative terms, the management team is supported by the risk management department, the risk committee, the asset and liability management committee and the internal auditing department.

Th e risk management department is responsible for the central management, monitoring and control of the Bank’s risk areas both at home and abroad.

One of the main duties of the risk management team is to ensure that the management is kept informed. Th e provision of information on all of the Bank’s key risk positions on an ongoing basis allows the management team to eff ectively assume overall responsibility for all risk areas, and to take any measures required to manage and minimise these risks in good time.

Income, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand Expenses, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand

Interest income

39,808

Other income

340

Commission income

10,877

Interest expenses

12,978

Other expenses

47

Commision expenses

281

Personnel expenses

12,744

Administrative expenses

11,280

Write-downs and valuation allowances

5,510

19

Th e risk management department prepares a risk report at regular intervals, which documents the risk situation taking into account all key types of risks at overall bank level, as well as key structural characteristics of the lending business.

Th e credit department, which reports directly to the General Manager, is responsible for monitoring the Bank’s lending business as regards compliance with the statutory requirements and internal competence regulations. It monitors the Bank’s trading areas with the help of ITbased tools, and ensures that the trading limits that have been set are adhered to. Th e department also maintains close contact with the corresponding departments at the Bank’s parent company in Turkey, allowing it to build on their expertise, particularly as regards counterparty and market price risks in Turkey and in issues relating to country risks.

Risk-bearing capacity and stress testing

Th e management and monitoring of signifi cant risks across the entire bank is based on a riskbearing capacity concept that is based on the income statement and the going concern approach. Limits are then defi ned for signifi cant risks and those risks are compared with the risk coverage potential as well as the total limit derived from this.

Riskbearing capacity requires that all signifi cant risks are covered by risk coverage potential. Th e degree of risk coverage, expressed as a ratio of the aggregate risk cover available to the quantifi ed risks, was 114.8% as at 31 December 2011 and the limit utilisation level for all risks was 92.8%, which means the riskbearing capacity of the Bank was assured.

Taking risk concentrations into account, İşbank GmbH carries out regular stress tests for the most important risks to the Bank. Keeping the Bank’s strategy in mind, these tests are based on suitable past scenarios as well as hypothetical scenarios. Th e evaluation of the riskbearing capacity in stress situations is also done based on the utilisation level of the risk coverage potential.

Counterparty default risk

Th e risk of default on contractually agreed payments generally relates to the lending segment. Th e Bank performs a detailed credit analysis on all borrowers and counterparties based on extensive requirements and operational guidelines. Th e competence system is continually monitored, with the help of ITbased tools, by the risk management department in terms of country, sector and volume limits. Th e Bank works with a risk classifi cation system that is reviewed and optimised as part of an ongoing process, which enables the early detection of risk in order to protect the bank.

Th e clear separation of front and backoffi ce operations and the involvement of the parent company in the event that specifi c business volumes are exceeded mean that objective, riskcommensurate decisions can be taken on the basis of detailed analyses and market observations.

Loans in EUR thousand

to Banksto CustomersLoans

244,665

371,761

616,426

233,158 147,583

341,476

489,059

266,251

499,409

2007 2008 2009 2010 2011

296,698

400,246

696,944

302,261

556,161

858,422


20

ITbased monitoring systems allow the Bank to assess current contracts as regards compliance, and to assess the credit rating of borrowers and counterparties, on a regular basis. Standardised procedures set out in the Bank’s operational guidelines are applied in cases of default. In cases in which there appears to be a risk that payment will not be made, corresponding risk provisions are set aside.

Country risks are reduced by concentrating on a small number of selected markets and assigning appropriate country limits. Country risks are assessed based on the Bank’s own evaluations, as well as on the credit ratings awarded by external rating agencies and the analyses performed by the parent company’s economics department. Furthermore, the Bank restricts itself mainly to trade and shortterm fi nancing, meaning that its country risk is deemed to be manageable.

While our business is predominantly German/European, Turkish business, too, plays a key role at our Bank. We analyse the economic and political risks associated with this area of business in close cooperation with our parent company, and develop suitable business strategies to counter these risks. A balanced business policy helps to minimise the potential risk. We aim to further expand both our German/European business and our Turkish activities. With regard to the latter, we are focusing fi rst and foremost on loans to Turkish and international companies in the upper SME segment and large companies, as well as on forfaiting transactions with these companies.

Liquidity risks

Ensuring stable refi nancing and thus guaranteeing the Bank’s solvency at all times has a high priority in the liquidity risk management system.

Th e Bank’s liquidity position is measured, analysed, monitored and managed every month based on the liquidity principle, and on an ongoing basis by the trading department. A liquidity risk management guideline is also available, which summarises, and in some cases supplements, the existing guidelines.

Th e Bank also draws up a liquidity report, which is used to plan mediumterm liquidity and shows a static comparison of the Bank’s cash and cash equivalents on the one hand and its payment obligations, based on their term, on the other. An aggregate overall analysis is produced on the basis of the separate reports on cash fl ow per currency.

In addition to the static comparison, the trading department is also responsible for performing scenario analyses based on the static liquidity report. A dynamic analysis of the liquidity position is performed every quarter, taking into account the emergency liquidity plan in place at the Bank and possible fl uctuations in value.

Total Assets and Business Volume in EUR thousand

Total assetsBusiness Volume

2007 2008 2009 2010 2011

684,068

708,895

541,867 540,029

569,373576,280

793,969 931,566

821,603 964,920

21

Market price risks

Market price risks mainly originate from trading operations as well as from risks associated with changes in interest rates or interestdriven price changes in the bonds portfolio. Since no strategic foreign currency positions are held, exchange rate risks are of secondary importance.

Market risks arising due to changes in the market prices of currencies and derivatives, as well as changes in interest rates or interest rate structures, are monitored and managed by the trading department on an ongoing basis within prescribed limits.

The ongoing monitoring of these risk positions and checks to ensure that the limits imposed are being adhered to fall within the area of responsibility of the risk management department, which reports to an Assistant General Manager. The management team is informed of the latest developments, as well as of the profit and loss situation, in a timely manner. Ongoing reporting by the risk management department is stepped up in phases characterised by unusual market developments, and the competence hierarchy is adjusted ac cordingly. Derivatives are used for hedging purposes only. This kind of transaction occurred infrequently in the year under review. The Bank is active in proprietary trading in securities transactions.

Risks associated with changes in interest rates are monitored by the risk management department. The greatest source of risk lies in the different maturities of receivables and liabilities resulting from balance sheet transactions.

Operational risks

Operational risks include the risk of losses due to human error, shortcomings in internal processes and systems, and external events.

A selfassessment is conducted in order to identify operational risks, addressing specific risks and including an evaluation of the possible extent of damage and probability of occurrence.

Risk due to shortcomings in internal processes or bad decisionmaking are minimised by the controlling system in place, as well as via operational guidelines and clear competence regulations.

The Bank also maintains a loss database that records and analyses actual losses resulting from operational risks, and uses this database to monitor all information on operational errors, including the nature, reason, frequency and amount. In cooperation with the risk management department, measures are developed and introduced to prevent the operational risk from arising in the department in question in the future. In order to comply with the German Solvency Regulation [SolvV] and calculate the necessary equity to back the operational risks, the basic indicator approach is used to determine the operational risk as set out in the German Solvency Regulation.


22

Legal risks are limited by using standardised forms and contracts wherever possible. In the case of complex transactions, the professional expertise of external legal and tax consultants is sought.

Technical risks relate mainly to the IT area. The Bank has developed extensive operational guidelines, and signed corresponding contractual agreements with external providers, to take account of these risks. A backup system ensures the required functionality in the event of an emergency. The IT systems are assessed by external auditors on a regular basis.

Reputational risks

Reputational risks are the risk of events that have a damaging effect on the level of trust in İşbank GmbH held by the public or the media, among employees, clients or business partners.

The operating business units and branch offices are directly responsible for reputational risks in their business arising from their respective activities.

Thanks to its name and relationship with its parent company Türkiye İş Bankası A.Ş., İşbank GmbH benefits in particular from the transfer of trust among customers who are familiar with the Bank from the Turkish market. Even today, it is still a very important criterion for many clients to know that the Türkiye İş Bankası A.Ş. Group with its vast economic potential stands behind İşbank GmbH as shareholder. Over the past three decades however, İşbank GmbH has also developed its own good reputation.

In addition to its high profile among the Turkish population in Europe, reputational risk is taken into account in İşbank GmbH’s risk strategy by requiring fair dealings with all business partners and to exclude dealings with individuals and companies of dubious reputation.

Concentration risks

Generally speaking, concentration risk at İşbank GmbH primarily focuses on counterparty default risk. A concentration in counterparty default risk occurs when the risk intensifies as a result of certain factors and thus limits the diversification of the portfolio. In line with our risk strategy, the credit portfolio is diversified on the basis of defined limits for sector, country and volume so that concentrations in certain areas can be largely avoided where possible. For İşbank GmbH, concentration risks mainly arise with respect to Turkey. This concen tration risk is monitored carefully and borne within the framework of the Bank’s business strategy.

Membership in associations

The Bank is a member of both the Association of German Banks (Bundesverband deutscher Banken e.V.) and regional banking associations. It also belongs to the Association of Foreign Banks in Germany (Verband der Auslandsbanken e.V.). As a member of the Auditing Association of German Banks (Prüfungsverband deutscher Banken e.V.), it is part of the German Deposit Protection Fund (Einlagensicherungsfonds) for private banks.

23

Major developments since the end of the financial year

On the basis of the ongoing growth of the company and a possible future refinancing in the capital market, the longawaited conversion into a public limited company is expected to occur in the first half of 2012. The application process has already been started by the notary.

Otherwise, there have been no major developments since the end of the financial year.

Opportunities and risks

The financial markets continue to indicate significant risks. Together with the looming changes to the regulatory environment and the possible resultant consequences for the further development of the financial sector, this gives rise to a high degree of insecurity.

Against this background, İşbank GmbH will continue to pursue its traditional, prudent yet opportunityfocussed business strategy and give the highest priority to credit and liquidity risks in particular in 2012.

Across Europe, we want to continue to grow both in the private and corporate sectors by taking full advantage of potential. By reorganising and strengthening our trade finance activities, we are wellprepared for growth in this field too. In terms of products and services, further innovations are also in the pipeline (e.g. sale of building society products).

Outlook

Turkey is expecting to see a high growth rate of 4% in 2012 too. As a result of the close trade and investment ties between Turkey and Germany/Europe, there is a growing business potential for our Bank, which is active in this niche market, whether it is in supporting German/European companies on the Turkish market, or in business with Turkish corporate clients from our parent company who want to become more active in Europe. For this reason, and in spite of the ongoing insecurity on the market, we expect to see further growth in 2012 and an annual result that once again exceeds that of the previous year.

Frankfurt/Main, March 22, 2012

Bayram Öztürk Selami Düz Burkhard von WallenbergGeneral Manager Assistant General Manager Assistant General Manager


24

İşbank GmbH offers a range of services that has been supporting the longstanding trade ties between Turkey and Europe for 30 years. With extensive knowledge of the specific needs of clients conducting their business and private affairs in both Turkey and Europe, İşbank GmbH is in a position to provide a spectrum of products and services tailored to these customers.

As a leading Turkish retail bank in Europe, İşbank GmbH focuses on private and corporate clients.

Private clients: funds transfers a traditional mainstay

The product range offered by İşbank GmbH emerged as a direct result of its history and specific client structure. The Bank’s roots in Europe lie in its workers’ remittances business. Turkish guest workers used this facility to send money to Turkey and fund transfers continue to be a key element of the services provided today. With more than 1,100 branches, our parent company Türkiye İş Bankası A.Ş. occupies a unique market position in Turkey. A highly developed IT system linked directly to the branch network of İşbank GmbH ensures that money can be transferred to Turkey quickly and economically.

While standard products remain a core part of our business, İşbank GmbH also offers more specialised products that are customised to the needs and individual requirements of its clients. These include financing for Turkish (holiday) properties as well as loans backed by assets in Turkey.

İşbank GmbH offers its private clients a comprehensive range of products:_ Current accounts in Euros and in other currencies_ Salary accounts with special terms and conditions_ Property financing_ Credit cards_ Investment funds_ Online banking_ Savings accounts_ Time deposit accounts_ Instalment credit_ Funds transfer_ Insurance

Corporate clients: focus on loans and foreign trade financing

As Turkey has opened up to the modern business world over the last decades, so have the trade transactions conducted between Turkey and Europe. Before economies became as interlinked as they are today, the foreign business activities of corporate clients mainly involved letters of credit that were needed to guarantee payments. Gradually, however, clients’ needs have changed. Today, the financing of foreign trade forms a significant part of our business with corporate clients. Apart from letters of credit export prefinancing

RANGE Of sERvicEs

25

and forfaiting have all become indispensible in trade with Turkey and are a key element of İşbank GmbH’s product range.

The Bank provides support to companies and individuals with ties to Turkey who are based abroad and wish to invest in Europe. It does this by initiating financing and private business transactions. The Bank also acts as an intermediary for companies located in Europe that want to invest in Turkey and as an advisor to these companies by drawing on the expertise of its parent company, Türkiye İş Bankası A.Ş.

_ The product range for corporate clients covers:_ Loans in Euros, US Dollars and other currencies_ Discounting of bills_ Export prefinancing_ Letters of credit and documentary collection_ Internet banking, POS_ Receivables purchasing_ Forfaiting_ Deposits _ Guarantees

Türkisfund: an excellent investment in the Turkish economy

Besides its traditional products for private and corporate clients, İşbank GmbH’s range also includes Türkisfunds – investment products which are modern and meet the sophisticated needs of investors. These securities funds, which operate under Luxembourg law, enable investors to target growth opportunities in the Turkish economy. They are the first Eurodenominated investment funds in Europe that invest in both fixedincome securities and equity portfolios in Turkey. The funds are managed by experts of İş Asset Management, a subsidiary of Türkiye İş Bankası A.Ş. as well as Turkey’s largest asset manager.

As Turkey becomes more and more integrated into the global economy, it is becoming increasingly attractive to the capital markets. The growing interest of investors is reflected in the increase in the leading index of the Istanbul stock exchange, the ISE National30, which has risen by more than 100% in the last five years. Investors wishing to profit from the further development of the Turkish market, can invest in the subfund Türkisfund Equities, which has once again been awarded a top rating of five stars by the rating agency Morningstar, at any branch office of İşbank GmbH. The fund was also rated as having the lowest risk of all funds that invest in Turkey.

Alternatively, investors can invest in Turkish fixedincome securities and Turkish euro government bonds via the subfund Türkisfund Bonds.

“With extensive knowledge of the specific needs of a client group that conducts its business and private affairs in both Turkey and Europe, İşbank GmbH is in a position to provide a spectrum of products and services tailored to these customers.”


26

Phone (switchboard)

Roßmarkt 9 60311 Frankfurt am MainTel. +49 / 69 / 29 90 1- 0

Trade Finance- Marketing-PR

Okan Özoglu Asst. General Manager Tel. +49 / 69 / 29 90 11 09

ContaCts at Head offiCe

Compliance

Ali şimşek Asst. ManagerTel. +49 / 69 / 29 90 11 61

Barış Harman Asst. Manager Tel. +49 / 69 / 29 90 11 70

Internal Audit

Dursun Başkaya Head of Department Tel. +49 / 69 / 29 90 11 59

Service Center-Remittances-Project- Management

Müge Yazgan Group Manager Tel. +49 / 69 / 29 90 11 83

IT

Özgür Özyar ManagerTel. +49 / 69 / 29 90 11 39

Organisation – Foreign Branches

Deniz Tüzün Manager Tel. +49 / 69 / 29 90 12 03

Credit Management

Ferhat Kelleli Manager Tel. +49 / 69 / 29 90 13 02

Fikret Zeki AyıkGroup ManagerTel. +49 / 69 / 29 90 11 52

Accounting

Fikri ÇolakAsst. ManagerTel. +49 / 69 / 29 90 11 57

Ozan Akar Asst. Manager Tel. +49 / 69 / 29 90 11 08

Treasury

Cem Mercikoğlu Group Manager Tel. +49 / 69 / 29 90 11 69

Financial Institutions

Zeynep Akşay Murr Asst. Manager Tel. +49 / 69 / 29 90 12 28

27

BAlANcE shEET As Of DEcEMBER 31, 2011


28

Assets

Dec. 31, 2011 in EUR Previous year in EUR

1. Liquid funds

a) Cash 3,166,146.71 4,200,060.33

b) Balances with central banks thereof with Deutsche Bundesbank: EUR 4,649,320.72

(previous year: EUR 8,478,764.12) 10,749,027.00 14,546,318.11

13,915,173.71 18,746,378.44

2. Receivables from banks

a) Due at sight 5,444,018.57 19,297,583.29

b) Other receivables 296,816,834.97 277,400,406.08

302,260,853.54 296,697,989.37

3. Receivables from customers

thereof: secured by mortgages: EUR 258,709,771.00 (previous year: EUR 240,853,836.00)

loans granted by local authorities: EUR 0.00 (previous year: EUR 0.00)

556,161,422.25 400,246,406.81

4. Debentures and other fixed interest securities

Bonds and debt securities issued by public bodies thereof: eligible as collateral with Deutsche Bundesbank

EUR 0.00 (previous year: EUR 17,237,000.00) 10,377,901.87 23,870,733.70

Other securities thereof: eligible as collateral with Deutsche Bundesbank EUR 17,092,707.07

(previous year: EUR 27,935,169.19) 27,590,614.76 36,984,398.65

37,968,516.63 60,855,132.35

5. Shares and other non-fixed interest bearing securities 2,636,941.44 0.00

6. Intangible assets

concessions, industrial property rights and similar rights purchasedand licences for such rights and assets 181,175.68 229,980.88

181,175.68 229,980.88

7. Tangible fixed assets 17,244,093.15 16,206,879.42

8. Other assets 1,074,062.87 927,761.23

9. Prepaid and deferred assets 123,466.68 58,910.52

Total assets 931,565,705.95 793,969,439.02

29

Liabilities


1. Liabilities to banks

a) Payable on demand 11,434,490.44 18,162,577.60

b) With an agreed term or notice period 97,429,207.91 144,524,020.89

108,863,698.35 162,686,598.49

2. Liabilities to customers

a) Saving deposits aa) With an agreed notice period of up to three months ab) With an agreed notice period of more than three months

22,658,855.26 724,953.20

23,268,278.09 553,095.56

b) Other liabilities ba) Payable on demand bb) With an agreed term of notice period

114,321,827.83 570,899,294.33

98,667,860.90 428,150,093.38

708,604,930.62 550,639,327.93

3. Other liabilities 2,807,302.76 4,893,595.87

4. Deferred expenses and accrued income 1,887,183.77 972,378.14

5. Deferred tax liabilities 513,652.77 579,770.53

6. Accruals

a) Tax accruals 1,019,999.11 588,065.27

b) Other accruals 1,096,895.70 1,172,157.03

2,116,894.81 1,760,222.30

7. Equity

a) Subscribed capital 100,000,000.00 51,129,188.12

b) Capital reserves 315,292.40 315,292.40

c) Revenue reserves Other revenue reserves 372,254.23 15,160,840.90

d) Unappropriated earnings 6,084,496.23 5,832,224.34

106,772,042.86 72,437,545.76

Total liabilities and equity 931,565,705.95 793,969,439.02

1. Contingent liabilities

Contingent liabilities from guarantees indemnity agreements 25,518,322.95 18,816,474.13

2. Other liabilities

Irrevocable credit commitments 7,835,795.18 8,816,635.31

33,354,118.13 27,633,109.44


30

Statement of Income


1. Interest income from

a) Loans and money market transactions 37,689,190.03 29,928,909.20

b) Fixed-interest securities and debentures 2,119,036.86 1,629,980.37

39,808,226.89 31,558,889.57

2. Interest Expense 12,978,101.22 12,384,214.26

26,830,125.67 19,174,675.31

3. Commission Income 10,877,339.46 10.012.165,35

4. Commission Expense 281,428.89 134.004,52

10,595,910.57 9,878,160.83

5. Other operating income 340,218.46 138,326.43

6. General administrative expense

a) Personnel expenses aa) Wages and salaries ab) Social security contributions, pensions and

welfare expense thereof: pension expenses EUR 56,120.73)

(Previous year: EUR 48,339.89)

10,996,564.37

1,747,125.17

10,052,843.79

1,617,901.72

12,743,689.54 11,670,745.51

b) Other administrative expenses 11,280,222.55 9,177,497.24

24,023,912.09 20,848,242.75

7. Write-downs and value adjustments on intangible and tangible fixed assets 924,636.27 856,714.62

8. Other operating expenses 47,488.84 55,940.49

9. Write-downs and value adjustments on receivables and certain securities, as well as allocations to provisions in the lending business 3,160,744.20 1,318,509.18

10. Income from reversals of write-downs of receivables and certain securities, as well as income from release of accruals relating to the lending business 497,081.85 118,877.44

–2,663,662.35 –1,199,631.74

11. Depreciation and value adjustments on participations, shares in affiliated companies and securities held as fixed assets 1,424,558.56 78,500.00

12. Income from participations, shares in affiliated companies and securities held as fixed assets

152,890.54 903,532.34

13. Result from ordinary operations 8,834,887.12 7,055,665.31

14. Taxes on income and earnings 2,670,694.10 1,094,612.36

15. Other taxes, unless shown under item 8 79,696.78 128,828.61

2,750,390.88 1,223,440.97

16. Profit brought forward from the previous year 6,084,496.23 5,832,224.34

17. Unappropriated earnings 6,084,496.23 5,832,224.34

31

Preliminary Note

The annual financial statements of İşbank GmbH for financial year 2011 were prepared in accordance with the provisions of the Handelsgesetzbuch (HGB – German Commercial Code), the Verordnung über die Rechnungslegung der Kreditinstitute und FinanzdienstleistungsInstitute (RechKredV – German Accounting Directive for Banks) and the Gesetz betreffend die Gesellschaften mit beschränkter Haftung (GmbHG – Private Limited Companies Act).

Accounting Policies

Cash funds are carried at their principal amount.

Receivables are carried at their principal amount plus deferred interest. Specific valuation allowances or provisions and global valuation allowances are recognized for identifiable credit risks and transfer risks in the lending business.

Bonds and notes are classified as longterm investments. Total hold ings of EUR 37,969 thousand are valued at the lower of cost and market. As of the balance sheet date hidden reserves of EUR 77 and hidden burdens of EUR 1,607 thousand existed. Fixed income securities purchased at less than the par value are written back at the nominal value appropriate for the period, while fixedincome securities purchased above par are written off at the nominal value appropriate for the period.

Stock and other non fixedincome securities exist only in the form of shares in special investment assets, which are completely

attrib utable to fixed assets and whose investment objective is to achieve an appropriate longterm rate of return from equity growth and capital yield. These instruments are valued at the lower of cost and market. At the balance sheet date, writeoffs were performed at a lower market value.

Tangible assets and intangible assets with finite useful lives are depreciated and amortized over their expected useful lives. Minorvalue goods of up to EUR 150 are written off fully in the year acquired. Goods with a purchase cost of EUR 150 – 1,000 are capitalized and written back off on a straightline basis over five years.

Other assets are carried at their principal amount.

Liabilities are carried at the amount to be paid plus deferred interest. If the redemption amount of a liability is higher than the issuing amount, the difference is recognized as a prepaid expense in accordance with section 250 (3) HGB in conjunction with section 340e (2) sentence 3 HGB and reduced by annual amortization over the life of the liability. Deferred items are written back off on a straightline basis over the service life of the liability.

Tax provisions and other provisions take all recognizable risks into account and were calculated to the amount required in accordance with Section 253, Para. 1 of the German Commercial Code (HGB) as deemed necessary based on prudent commercial judgement.

A)

NOTEs TO ThE ANNuAl fiNANciAl sTATEMENTs fOR fiNANciAl YEAR 2011

B)


32

C) Balance Sheet Disclosures

Maturity structure of receivables, securities and liabilities. In accordance with section 11 RechKredV, the maturity structure includes ratable interest.

The subscribed capital of EUR 100 million was carried at its notional amount.

Expenses and income were recognized in the period in which they arose. Account fees are recognized on a quarterly basis; loan charges are recognized immediately upon conclusion of the transaction.

Assets and liabilities denominated in foreign currencies were translated at the mean spot rate as of the balance sheet date. Where residual maturities are less than one year the principle of the lower of cost and market is strictly applied.

Investment fund shares in the Türkisfund (nominal value: EUR 4,000 thousand) were evaluated at the balance sheet date, showing a loss of EUR 1,363 thousand which was charged off.

Intangible longterm assets mainly comprise computer software.

Receivables due from customers are secured by mortgage liens to an amount of EUR 258,710 (previous year EUR 240,853 thousand).

Other assets totalling EUR 1,074 thousand (previous year: EUR 928 thousand) are mainly made up of EUR 539 thousand in receivables from public tax offices and municipal authorities for claims to reimbursement of trade, sales and corporation tax and the solidarity surcharge, plus EUR 121 thousand of as yet unapproved customer orders, EUR 127 thousand in accrued interest and EUR 16 thousand for the rental deposit for the Paris branch office.

The prepaid expenses of EUR 123 thousand (previous year: EUR 59 thousand) include EUR 35 thousand in advance payments for rent at the branch office in Amsterdam and Paris and EUR 88 thousand in prepaid invoices.

Tangible assets include land and buildings with an unamortized cost of EUR 13,945 thousand at yearend which are largely used by the company itself.

To cover loans granted in USD, the Bank held three foreign exchange swaps at yearend (nominal value: EUR 20,069 thousand). At the balance sheet date, these swaps accounted for interest expenditures of EUR 2 thousand.

Dec. 31, 2011 in EUR thousand Previous year in EUR thousand

Due from banks

– Daily debt due 5,444 19,298

– Up to three months 141,777 122,824

– Three months to one year 154,676 154,526

– One to five years 364 50

– More than five years 0 0

Due from customers



– One to five years 127,054 107,709

– More than five years 110,737 86,432

– Undated 84,943 63,858

Bonds and notes held

Issued by public-sector issuers – of which bonds and debentures sold under repo Agreements (book values)

10,3770

23,8710

Issued by other issuers – of which bonds and debentures sold under repo Agreements (book values)

27,5910

36,9840

Maturing in the following year 4,207 23,439

* All securities are marketable and listed.

* *

* *

3333

Statement of changes in fixed assets as of December 31, 2011 in EUR thousand


Due to banks

– Daily debt due 11,435 18,163


– Three months to one year 14,016 415



Due to customers (saving deposits)

– Up to three months 0 0

– Three months to one year 140 103



Due to customers



– One to five years 114,667 20,273

– More than five years 11,070 12,929

Receivables from and liabilities to affiliated companies are included in the following items:

Due from banks – thereof from the shareholder

4,969 4,969

6,647 6,647

Due from customers 35,439 28,041

Due to banks – thereof to the shareholder

49,987 49,987

33,731 33,731

Due to customers 2,316 14,271

Liabilities due to banks are not collateralized. However, the liabilities include EUR 11,593 thousand secured in the framework of open market transactions with the German Bundesbank by securities assigned to the German Bundesbank’s custody account for deposits.

Other liabilities amounted to EUR 2,807 thousand (previous year: EUR 4,894 thousand), primarily comprising as yet unapproved customer orders worth EUR 846 thousand, liabilities to public tax offices as a result of EUR 96 thousand in taxes still to be paid and liabilities from salaries totalling EUR 185 thousand, as well as outstanding flatrate withholding tax and solidarity surcharge payments of EUR 153 thousand.

Acquisition/manu-

factoring costs

Balance at Jan. 1, 2011 Additions Disposals Transfers

Depre-ciation and

amorti-zation

Balance at Dec. 31,

2011

Depre-ciation and

amorti-zation for

the year

Book valuesBalance at

Dec. 31, 2011

Book valuesBalance at

Dec. 31, 2011

Intangible assets

Software 6,536 61 0 1 6,416 110 181 230

Tangible fixed assets

1. Office and operating equipment 8,974 1,874 22 0 7,523 488 3,299 1,935

2. Own-use land and buildings 19,864 0 0 0 5,919 327 13,945 14,272

28,838 1,874 22 0 13,442 815 17,244 16,207

Securities classified as long-term investments 60,855 15,479 34,219 73 0 1,583 40,605* 60,855

96,229 17,414 34,241 74 19,858 2,508 58,030 77,292

*plus accrued interest in the amount of EUR 1,115 thousand


34

D) Statement of Income Disclosures

The statement of income is prepared using the vertical format.

Income is broken down by locations as follows:

No resolution has yet been adopted about the utilization of net profit for the year. The Shareholder’s Meeting will come to a decision on this issue at a later date.

Offices in Germany

in EUR thousand

Office in the Netherlands

in EUR thousand

Office in France

in EUR thousand

Office in Switzerland

in EUR thousand

Office in Bulgaria

in EUR thousandTotal

in EUR thousand

Interest Income 26,063 11,479 1,937 328 1 39,808

Commission Income 8,352 536 921 1,047 21 10,877

Net income for the year 2,894 2,655 925 97 – 487 6,084


Subscribed capital 100,000 51,129

Capital reserves 315 315

Revenue reserves 372 15,161

Revenue 6,085 5,832

106,772 72,438

Other provisions mainly relate to annual leave entitlements of EUR 392 thousand, the employer’s contribution for staff de ployed in Turkey of EUR 252 thousand, and IT services in Turkey of EUR 140 thousand.

Deferred income primarily consists of upfront fees of EUR 1,832 thousand related to syndicated loans bought in the secondary market.

Subscribed capital was increased from EUR 51,129 thousand to EUR 100,000 thousand in the year under review, comprising EUR 30,000 thousand in cash from the parent company and the conversion of revenue reserves amounting to EUR 18,871 thousand.

Equity can be broken down as follows:

In foreign currencies:


Assets 93,450 62,594

Liabilities 73,785 62,334

The shareholder accounts for EUR 31 thousand of the guarantees and warranty agreements.

The irrevocable loan commitments totaled EUR 7,836 thousand in 2011.

Deferred tax liabilities primarily result from differences in the valuation of land and property on the tax balance sheet. Deferred tax receivables (EUR 511 thousand) were netted with deferred tax liabilities (EUR 1,025 thousand). As of yearend, income of EUR 66 thousand was recognised. This valuation was carried out applying a tax rate of 31.61%.

Liabilities on guarantees and warranty agreements are broken down as follows:


Letters of Credit 6,306 5,203

Warranties and guarantee agreements 19,212 13,613

25,518 18,816

35

Other operating income of EUR 340 thousand (previous year: EUR 138 thousand) mainly stems from accruals written back totalling EUR 123 thousand (previous year: EUR 34 thousand) and rental income of EUR 86 thousand (previous year: 86 thousand).

Other operating expenses mainly comprise the expenses incurred by company events, at EUR 34 thousand.

Taxes on income and earnings of EUR 2,671 thousand only relate to the result from ordinary activities.

Auditing fees of EUR 105 thousand were also recognised in the reporting year.

Allocation of the unappropriated profits for the year: By resolution of the Ordinary General Meeting of June 3, 2011, EUR 1,750,000.00 was disbursed to the parent company Türkiye İş Bankası A.Ş. The remaining figure of EUR 4,082,224.34 was allocated to the revenue reserves.

Special assets

Book value Dec. 31, 2011

in EUR

Market value Dec. 31, 2011

in EUR

Difference Market/

book valueDistribution

2011

Dailyrefunds

possibleOmitted

writeoffs

Türkisfund Equities class A 1,234,577.16 1,234,577.16 0,00 0,00 Yes No

Other financial obligations Other financial obligations can be broken down as follows:

E) Other Disclosures

Employees The Bank employed an average of 197 employees during the financial year, of which

Due to our membership in the deposit protection fund scheme of the Association of German Banks (Bundesverband deutscher

Banken e.V.), there exists a call liablity under certain circumstances. No call has been made so far.

The renumeration of Management amounted to EUR 622 thousand (previous year: 620 EUR).

The members of the Supervisory Board were paid expense allowances during the financial year in accordance with section 285 no. 9a HGB amounting to EUR 71 thousand (previous year: EUR 48 thousand).

2011 Previous year

Prokuristen (authorised signatories) 21 21

Salaried employees 176 167

197 178

2012 in EUR thousand

2013 – 2014 in EUR thousand

2015 onwards in EUR thousand

Total in EUR thousand

Rental agreements 1,545 1,836 1,661 5,042

Leases 291 356 155 802

Other agreements 35 32 2 69

Special assets:Overview according to Section 285 of the German Commercial Code (HGB) Para. 26:


36

Group Relationships

İşbank GmbH, Frankfurt am Main, is a wholly-owned subsidiary of Türkiye İş Bankası A.Ş., Büyükdere Cad. Pembegül Sok, 34330, Levent-Istanbul, Turkey. The parent company Türkiye İş Bankası A.Ş. prepares consolidated financial statements as of December 31, 2011, which are also available from the parent company.

Auditor’s Report

We have audited the annual financial statements – comprising the balance sheet, the income statement and the notes to the annual financial statements – together with the bookkeeping system and the management report of İşbank GmbH, Frankfurt am Main, for the financial year from January 1 to December 31, 2011. The main-tenance of the books and records and the preparation of the annual financial statements and management report in accordance with German commercial law are the responsibility of the Company’s management. Our responsibility is to express an opin ion on the annual financial statements, together with the book keeping system, and the management report based on our audit.

We conducted our audit of the annual financial statements in accord ance with section 317 of the Handelsgesetzbuch (HGB – German Commercial Code) and the generally accepted German standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the annual financial statements in accord-ance with German principles of proper accounting and in the manage-ment report are detected with reasonable assurance. Knowledge

of the business activities and the economic and legal environment of the Company and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effec-tiveness of the internal control system and the evidence supporting the disclosures in the books and records, the annual financial state-ments and the management report are examined primarily on a test basis within the framework of the audit. The audit includes assess-ing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the annual financial statements and management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the annual finan-cial statements comply with the legal requirements and give a true and fair view of the net assets, financial position and results of operations of the Company in accordance with German generally accepted accounting principles of proper accounting. The manage-ment report is consistent with the annual financial statements, as a whole provides a suitable understanding of the Company’s posi-tion and suitably presents the opportunities and risks of future development.

Frankfurt/Main, May 10, 2012

KPMG AGWirtschaftsprüfungsgesellschaft

Bors, Wirtschaftsprüfer Neuscher, Wirtschaftsprüfer

ExECuTIvE BODIES / GrOuP rELATIONSHIPS / AuDITOr’S rEPOrT

Management

Bayram Öztürk

Frankfurt am Main,

General Manager

Selami Düz

Frankfurt am Main,

Asst. General Manager

Burkhard von Wallenberg

Neu-Isenburg,

Asst. General Manager

A. Erdal Aral

Istanbul/Turkey, Chairman,

Deputy Chief Executive of

Türkiye İş Bankası A.Ş.

(since May 17, 2011)

Burhanettin Kantar

Istanbul/Turkey,

Divisional Director of


Aziz Ferit Eraslan

Istanbul/Turkey,

Divisional Director of



Fikret Utku Özdemir

Istanbul/Turkey,

Group Director

at Türkiye İş Bankası A.Ş.


Ayşe Gülenç Tuna

Istanbul/Turkey,

Divisional Director


(since October 18, 2011)

Ebru Özşuca

Istanbul/Turkey,

Divisional Director


(since October 18, 2011)

A. Aykut Demiray

Istanbul/Turkey, Chairman,

Deputy Chief Executive of


(until May 17, 2011)

Serdar Gençer

Istanbul/Turkey,

Deputy Chief Executive

of Türkiye İş Bankası A.Ş.


Mehmet Turan Ünal

Istanbul/Turkey,

Group Director at Türkiye

İş Bankası A.Ş.


Supervisory Board Memberships

Bundesverband deutscher

Banken e.V., Berlin

Bankenverband in Hessen

e.V., Frankfurt am Main

Verband der Auslandsbanken

e.V., Frankfurt am Main

Prüfungsverband deutscher

Banken e.V., Köln

Einlagensicherungsfonds des

Bundesverbandes deutscher

Banken e.V., Berlin

371,761

68,734

62,640

65,725

541,867

540,029

2,293

4,085

266,251

341,476

365,361

414,730

684,068 4,509

460,298

72,438

106,772

793,969

931,566

5,832

6,084

400,246

556,161

550,639

708,605

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

2011

2010

2009

2008

2007

keY fiGures 5-Year cOMparisOn




Changein %

Total assets 793,969 931,565 17.33

Capital and reserves 72,438 106,772 47.40

Tangible assets 16,207 17,244 6.40

Cash funds 18,746 13,915 –25.77

Bonds and securities 60,855 37,969 –37.61

Due from banks 296,698 302,261 1.87

Due from customers 400,246 556,161 38.95

Due to banks 162,687 108,864 –33.08

Due to customers 550,639 708,605 28.69

Risk-weighted assets 645,498 888,462 37.64

interest income 31,559 39,808 26.14

Commission income 10,012 10,877 8.64

net income for the year 5,832 6,084 4.32

% %

Equity ratio 9.60 11.30

Return on equity before taxes 10.65 8.80

Return on equity after taxes 8.80 6.06

Capital and reserves in thousands EUR

Total assets in thousands EUR Net retained profi t in thousands EUR

Due from customers in thousands EUR Due to customers in thousands EUR

Offices WOrLDWiDe tÜrkiYe İş Bankasi a.ş. Offices WOrLDWiDe

Germany

United Kingdom

Turkey

Turkish Republic of Northern Cyprus

Netherlands

Switzerland

France

Head Office

İş Towers

Büyükdere Cad.

Pembegül Sok.

34330 Levent-İstanbul

Turkey

Tel. + 90 / 212 / 316 00 00

Fax + 90 / 212 / 316 09 00

www.isbank.com.tr

1.184 Branches in Turkey

Central Foreign Department

Tel. + 90 / 212 / 316 28 02

Fax + 90 / 212 / 316 08 28

Turkish Republic of

Northern Cyprus

Central Office

Girne Cad. No: 9

Lefkoşa

Tel. + 90 / 3 92 / 228 31 33

Fax + 90 / 3 92 / 227 83 15

14 Branches in Cyprus

United Kingdom

Princes Court

8, Princes Street

London EC2R 8 HL

Tel. + 44 / 207 / 606 71 51

Fax + 44 / 207 / 726 25 66

Bahrain

Al Jasrah Tower, 8th Floor

Diplomatic Area

Pbx: 10205 Manama

Tel. + 973 / 17 549 222

Fax + 973 / 17 549 218

Iraq

Gulan Street

Ainkawa Road

Duty Free Complex

Erbil

Tel. + 964 / 750 / 386 23 05

China

4407 Jin Mao Tower

88 Century Boulevard

200121 Pudong New Area

Shanghai

Tel. +86 / 2150 / 47 08 82

Fax +86 / 2150 / 47 08 85

Egypt

Nile City Towers

2005 C Cornish El Nil

North Tower, 27th Floor

Cairo

Tel. +20 / 22 461 98 13-14

Fax +20 / 22 461 98 10

Legal Notice

Published by:İŞBANK GmbHRoßmarkt 960311 Frankfurt am MainTel. +49 / 69 / 2 99 01-0Fax +49 / 69 / 28 75 87www.isbank.de

Concept, editorial, design:thema ag, Offenbach am Main

Photography:Norbert Miguletz, Uwe Nölke

Production: printmedia, Frankfurt

This annual report is also available in German.

© İŞBANK GmbH, 2011Printed in Germany. All rights reserved. No reproduction in any form without permission.

Egypt

Irak

Bahrain

China

Bulgaria



Roßmarkt 9


Tel. + 49 / 69 / 2 99 01- 0

Fax + 49 / 69 / 28 75 87

Telex 4189 385


Frankfurt (Branch)

Roßmarkt 9


Tel. + 49 / 69 / 2 99 01- 0

Fax + 49 / 69 / 28 75 87

Telex 4189 385

Berlin (Branch)

Müllerstraße 150

13353 Berlin

Tel. + 49 / 30 / 254 22 70

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10999 Berlin

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München (Branch)

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80336 München

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40210 Düsseldorf

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Mannheim (Branch)

U 1,8

68161 Mannheim

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45879 Gelsenkirchen

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Hamburg (Branch)

Ballindamm 8

20095 Hamburg

Tel. + 49 / 40 / 30 29 01 0

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Köln (Branch)


50667 Köln

Tel. + 49 / 221 / 91 38 21 0

Fax + 49 / 221 / 91 38 21 20

Karlsruhe (Branch)

Amalienstraße 23

76133 Karlsruhe

Tel. + 49 / 721 / 257 35

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Stuttgart (Branch)


70174 Stuttgart

Tel. + 49 / 711 / 22 29 91 6

Fax + 49 / 711 / 22 29 91 77

Nürnberg (Branch)

Am Plärrer 6

90429 Nürnberg

Tel. + 49 / 911 / 92 99 53 80

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Paris (Branch)


Tel. + 33 / 1 / 43 12 93 70

Fax + 33 / 1 / 48 78 02 70


Amsterdam (Branch)

World Trade Center


Level 8

1077 XX Amsterdam

Tel. + 31 / 20 / 5 30 63 33

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Zürich (Branch)


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Sofia (Branch)

2, Pozitano Sq.


1000 Sofia

Tel. + 359 2 402 20 00-02

Fax + 359 2 402 20 15


cOntents











Roßmarkt 9


Tel. + 49 / 69 / 2 99 01- 0

Fax + 49 / 69 / 28 75 87

Telex 4189 385


Frankfurt (Branch)

Roßmarkt 9


Tel. + 49 / 69 / 2 99 01- 0

Fax + 49 / 69 / 28 75 87

Telex 4189 385

Berlin (Branch)

Müllerstraße 150

13353 Berlin

Tel. + 49 / 30 / 254 22 70

Fax + 49 / 30 / 254 22 777



10999 Berlin

Tel. + 49 / 30 / 616 95 50

Fax + 49 / 30 / 614 89 88

München (Branch)

Goethestraße 21

80336 München

Tel. + 49 / 89 / 5 30 79 23

Fax + 49 / 89 / 5 38 03 02



40210 Düsseldorf

Tel. + 49 / 211 / 38 80 10

Fax + 49 / 211 / 38 80 130

Mannheim (Branch)

U 1,8

68161 Mannheim

Tel. + 49 / 621 / 397 49 80

Fax + 49 / 621 / 156 994 22


Arminstraße 11

45879 Gelsenkirchen

Tel. + 49 / 209 / 177 073 14

Fax + 49 / 209 / 177 073 19

Hamburg (Branch)

Ballindamm 8

20095 Hamburg

Tel. + 49 / 40 / 30 29 01 0

Fax + 49 / 40 / 30 29 01 22

Köln (Branch)


50667 Köln

Tel. + 49 / 221 / 91 38 21 0

Fax + 49 / 221 / 91 38 21 20

Karlsruhe (Branch)

Amalienstraße 23

76133 Karlsruhe

Tel. + 49 / 721 / 257 35

Fax + 49 / 721 / 266 24

Stuttgart (Branch)


70174 Stuttgart

Tel. + 49 / 711 / 22 29 91 6

Fax + 49 / 711 / 22 29 91 77

Nürnberg (Branch)

Am Plärrer 6

90429 Nürnberg

Tel. + 49 / 911 / 92 99 53 80

Fax + 49 / 911 / 92 99 53 82 0

Paris (Branch)


Tel. + 33 / 1 / 43 12 93 70

Fax + 33 / 1 / 48 78 02 70


Amsterdam (Branch)

World Trade Center


Level 8

1077 XX Amsterdam

Tel. + 31 / 20 / 5 30 63 33

Fax + 31 / 20 / 5 30 63 40

S.W.I.F.T.-Code: ISBKDEFXAMS

Zürich (Branch)


Tel. + 41 / 44 / 2 26 41-00

Fax + 41 / 44 / 2 26 41-09


Sofia (Branch)

2, Pozitano Sq.


1000 Sofia

Tel. + 359 2 402 20 00-02

Fax + 359 2 402 20 15


cOntents









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