BRSA Consolidated Earnings Presentation, March 31, 2012

March 31, 2012
BRSA Consolidated Earnings Presentation

Investor Relations / BRSA Consolidated Earnings Presentation 3M12

1Q 2012 Macro Highlights

Improving liquidity • Mixed messages from the US and the Eurozone economic indicators
and risk appetite
• Weak import demand from all three major regions in the global economy
followed by doubts
about the strength • Uncertainty around further easing by FED and ECB gained ground
and sustainability of • Commodity prices are on the rise -- Gold was up by 7% & oil by ~20%.
growth

• Y-o-Y GDP growth rate in 4Q11 fell to 5.2% from 8.4% in 3Q11 -- An encouraging rebalancing is occurring within GDP
o In 4Q11, highest positive contribution from foreign demand since 2Q09
Economy heading for a o Private consumption & investments decelerated significantly in 4Q11
soft landing • Current account deficit ended the year at a decelerated level at US$ 77.2bn & improved financing quality
• Annual CPI at the end of 1Q12 was 10.43% -- Even though core inflation started to come down, energy prices keep
the headline CPI high
• The policy interest rate was unchanged at 5.75% and the upper band of interest rate corridor was lowered from
12.5% to 11.5%
o Interest rate corridor has been actively used since the end of 2011
o Average CBT funding rate surged in CBT’s effort to fight the inflationary pressures due to currency pass through
o Taking the liquidity projections into account, the ranges for weekly and monthly Turkish lira funding were
revised. Additionally, fraction of TL required reserves that can be held in gold were increased from 10% to 20%.
This action alone released TL 6.1bn of reserves and increased banks’ liquidity
• During 1Q12, TL appreciated by 1.6% and 1.5% against USD and Euro, respectively while benchmark bond yield was
at 9.4% on a monthly average at the end of 1Q12
• Liquidity conversion ratio of issued bonds was reduced from 100% to 50% upon BRSA’s amendment in February
• Effective as of January 1st, 2012, liquid fund management fee cap was decreased to 1.10% from 2.73%

2


1Q 2012 Highlights

Customer-oriented, liquid, low-risk and well-capitalized balance sheet
Balance sheet
Maintained focus on profitable growth – selective lending continues on high margin products
strength: TL lending growth 2.5% q-o-q, at a slower pace vs. sector
distinguishing • Healthy market share gains in high margin retail products with no pricing competition
feature of Garanti... (Mortgage: 1.2% q-o-q vs. sector’s 0.8%; GPL: 4.2% q-o-q vs. sector’s 3.6%)
• Intentional market share loss in TL commercial lending to maintain rational pricing and defend margins
FX lending growth 4.3% q-o-q, driven by commercial lending
FRN heavy securities book remain as a hedge -- FRN in total slightly down to 56% in 1Q 12 vs. 58% at YE 11, due to
redemptions replaced with favorable fixed rate TL securities
Asset quality remained intact
• Slight pick-up in NPL ratio (1Q 12: 2.1%) -- as expected, across the board, at a lower pace vs. sector
• Collections -- still strong, however at a normalizing pace
• Comfortable provisioning level -- Gross CoR <100 bps, in line with budget guidance
Solid funding mix -- Actively managed and diversified
• Deposit heavy funding remains with emphasis on sustainable and lower cost mass deposits
• Opportunistic utilization of repos & money market funding to support margins
• Sustained high demand deposit levels -- demand deposits / total deposits: 20%
• Loans to Deposits @ 98%, LTD:77% when mortgages, project finance & invesment loans (mat.>4 years) are excluded
Strong capitalization bolstered by high internal capital generation capacity: CAR: 16%, Leverage:8x

...leads to consistent Strong profitability backed by well-defended margins, sustainable income sources & efficiently managed costs
ROAE: 21%; ROAA: 2.4%
delivery of strong Margins holding-up well -- almost flattish when quarterly fluctuating CPI book is excluded
results • Ongoing positive effect of timely and proactive loan re-pricing on loan yields
• Managed lending growth with higher weight in lucrative products and rational pricing
Net fees and commissions -- Sustained double digit growth momentum on a comparable basis via highly diversified fee sources
Commitment to strict cost discipline - single digit growth in real terms
• Opex/ Avg assets: 2.3% in 3M12 vs. 2.5% in 3M11
• Fees/OPEX: 65% on adjusted basis1 vs. 57% on reported basis
• Investment in distribution network continued (avg branch additions: ~50 y-o-y)

1 Adjusted with the effect of decreased cap on fund management fees and accounting methodology change for cash loan origination fees
3


Strategically and actively managed balance sheet leading to strong levels of
core banking revenues & ROAE of 21%
+5% q-o-q
Quarterly net income (TL million) Improving Core
Other
Banking Revenues income
Inc. on Inc. on Coll’n
5% CPI-linkers RRR 120
10 % 962
1,475 1 33 50

(TL million)
Regulatory
913 Net 488 effect on
878 945
ROAE: 21% Fees&Comm.
75
Trading
73
gen. prov.

ROAA: 2.4% Prov.adj.*

1Q12 Net income
NII-exc. inc.
541
on CPI-linkers Net
Sustained high & RR OPEX 265 Income
profitability Other
Provisions
& Tax
962
1Q11 4Q11 1Q12 1009 962

• Ongoing positive effect of timely loan-repricing Other
Inc. on Inc. on income
limited the pressure of increasing funding costs
CPI-linkers RRR Coll’n 140
4 108 105
• Robust & growing fee base
(TL million)
1,411 Regulatory&
666 One-off effects
despite negative effects of decreased cap on fund Net on prov. 1,170
management fees & accounting methodology Fees&Comm. Trading
change on cash loan origination fees 142 88
4Q11 Net income

NII-exc. inc.
500 Prov.adj.*
on CPI-linkers
• Although lower, still strong contribution from & RR Net
CPI-linkers OPEX 259 Income

Other
• Normalizing collections, as expected Provisions
1,053 878
& Tax
877

* 1Q 12 and 4Q 11 provisions are adjusted for the effects of BRSA’s recent regulations on general reserves -- TL 33mn in 1Q 12, TL 17 mn in 4Q11
4
4Q 11 provisions are adjusted for the one-off effect on specific provisions resulting from NPL inflows of TL 91mn , which are related to a few commercial files with strong collateralization


Customer-oriented asset mix -- Loans/Assets back to pre-crisis levels

Total Assets (TL/USD billion) Composition of Assets1
1Q12 Other Growth-1Q12
IEAs
Reserve req.
1% 9.8% 5.5%
21% Non-IEAs
165.7 13.1%
In line with economic
163.5 Others
7.6% slowdown, moderating lending
Loans
54.1%
growth
137.4
Loans3 1%
99.7
Securities
23.0%
Securities 11%
92.3
IEA / Assets: 87%
84.1

Loans/Assets
2011
Other
IEAs
Reserve req.
4.4%
54.1%
12.6% Non-IEAs
11.9%
Others vs. 54.5% at YE 11
7.5%

38.1 37.5 Loans
34.8
54.5%
Liquidity Ratio2
Securities
1Q 11
1Q 11
TL FC (USD)
2011
2011 2012
1Q12
Total Assets (TL)
21.0%
31%
IEA / Assets: 88%

1 Accrued interest on B/S items are shown in non-IEAs
2 (Cash and banks + Trading securities + AFS)/Total Assets 5
3 Performing cash loans


FRN heavy securities book continues to serve as a hedge -- redemptions
replaced with favourable fixed rate TL securities
Total Securities (TL billion) TL Securities (TL billion)
Securities2/Assets
13% 13%
41.0
36.3
15%
36.8
16%
39.5
18%
37.0
17%
15%
30.8 31.0
32.6
30.7
34.8
23%
1%
7% (6%) 11%
1% 5% (6%) 13% up from 21% at YE 11
83% 85% CPI: CPI: CPI: CPI:
84% 82% CPI:
85% 30% 32% 30% 29%
32%
FRNs: FRNs: FRNs: FRNs:
FRNs:
36% 36% 30% 30%
29%

1Q 11 2Q 11 3Q 11 2011 1Q12
FRN mix1 in total
1Q 11 2Q 11 3Q 11 2011 1Q12
TL FC

Total Securities Composition FC Securities (USD Billion)
56%
(3%) from 58% at YE 11
3.8
3.6 3.6 3.5
AFS 89.1% 3.4
Trading 3.4%

HTM 7.5% 5% (12%)
1% 4%

FRNs: FRNs:
FRNs: FRNs: FRNs:
Unrealized gain 42% 32%
29% 31% 30%
as of Mar 30,2012 ~TL 420 mn1
1Q 11 2Q 11 3Q 11 2011 1Q12

1 Based on bank-only MIS data
2 Excluding accruals
6
Note: Fixed / Floating breakdown of securities portfolio is based on bank-only MIS data


Moderating loan growth in line with economic slow down -- Retail lending
remains as the growth driver
Total Loan1 Growth & Loans by LOB2 (TL million)
TL Loan Growth3:
Bank-only - Q-o-Q
1%

20% 88.1
2%
90.3 90.9 1.7% vs. Sector’s 4.1%

81.3  Mainly driven by lucrative
18.2% 16.3%
Total 76.0 18.5% retail loans
18.4%  Refraining from pricing
Corporate 20.1% competition in commercial
lending to defend margins
39.5% 39.4%
39.0%
38.0% market share: 11.0% in 1Q 12
Commercial 37.7% vs. 11.3% at YE 11

11.8% 12.8%
12.8%
SME 12.6%
13.1% FC Loan Growth3:
Bank-only - Q-o-Q and US$
11.6% 11.9% 12.2% based
11.9%
Credit Cards

Consumer
11.5%

18.0% 18.4% 18.1% 18.5% 19.3%
1.8% vs. Sector’s 2.2%
 Healthy growth without
sacrifying loan yields
1Q 11 1H 11 9M 11 2011 1Q12
TL (% in total) 54% 55% 55% 55% 56%
market share: 18.4% in 1Q 12
FC (% in total) 46% 45% 45% 45% 44%
vs. 18.5% at YE 11
US$/TL 1.530 1.600 1.820 1.865 1.760

2 Based on bank-only MIS data 7
3 Based on bank-only financials for fair comparison with the sector. Sector data is based on BRSA weekly data for commercial banks


Sustained upward trend in loan yields -- positive result of selective growth
strategy and timely re-pricing
TL Loans1 (TL billion) Interest Income on loans (quarterly – TL billion)

24% 2,174
50.0 51.2 2,063
48.5 1,900
41.2 44.4
1,556 1,632
2%
3%
9% 11.63% Total Yield2
8%
16.05% TL Yield2 10.72%
15.17%
14.75% 9.93% 9.92% 10.26%
14.47% 14.33%

1Q 11 2Q 11 3Q 11 2011 1Q12 1Q 11 2Q 11 3Q 11 2011 1Q12

FC Loans1 (US$ billion)

(1%)
Ongoing positive effect of
22.7 23.1
21.8 21.6 22.6 timely loan re-pricing & selective
1% (6%)
4% growth in high-yielding loans
(1%)
2
bolstered the yields
5.55% FC Yield
4.75% 5.12%
4.50% 4.51%

1Q 11 2Q 11 3Q 11 2011 1Q12

2 Based on MIS data and calculated using daily averages 8


Selective growth focus -- Healthy market share gains in high-margin retail loans

Retail Loans1 (TL billion) Mortgage (TL billion)

GPL & Mortgage
23% 40.2 41.2 10% Market Share
36.6 38.6
9.7 10.0 10.2 10.3 (qoq)
33.6 11.0 11.4 9.4 0.6 0.6 ,
10.9 0.6 0.6
10.5 0.6
9.5
4% 3% 3% 2% 1% +10 bps in GPL
9% 6% 4%

24.1 26.1 27.7 29.2 29.8 8.8 9.1 9.4 9.6 9.7 +12 bps in Mortgage

1Q 11 2Q 11 3Q 11 2011 1Q 12 1Q 11 2Q 11 3Q 11 2011 1Q 12
Consumer Loans Commercial Installment Loans

Auto Loan (TL billion) General Purpose Loan5 (TL billion) Market Shares2,3

QtD Mar 12 Rank4
23% 2.8
31% 18.0
16.7 17.3
Mortgage 13.4% #1
15.4
13.8
8.3 8.7
8.3 Auto 15.0% #3
2.6 2.8 2.8 7.9
2.5 7.1
2.3 General
1.7 1.7 4% 4% 10.8% #2
1.6 1.6 12% 8% Purpose5
1.5
7% 1% 8.3 8.9 9.3
3% 6.6 7.5
10%
1.0 1.1 1.1 Retail1 12.9% #2
0.8 0.9

1Q 11 2Q 11 3Q 11 2011 1Q 12 1Q 11 2Q 11 3Q 11 2011 1Q 12

1 Including consumer, commercial installment, overdraft accounts, credit cards and other 4 As of 2011 among private banks
2 Including consumer and commercial installment loans 5 Including other loans and verdrafts
9
3 Sector figures are based on bank-only BRSA weekly data, commercial banks only


Strength in card business – a good contributor to sustainable revenues

Issuing Volume (TL billion) Acquiring Volume (TL billion)
#1 in card business
20% 14.7 17%
15.1
Per Debit Card Spending
12.3 13.0 ~2.5x the sector
... with the ultimate aim of creating
cashless society
Per Card Spending
(TL, Mar 122)
6,750

6,183
1Q11 1Q12 1Q11 1Q12
Garanti Sector

No. of Credit Cards (thousand) Credit Card Balances (TL billion)
Market Shares

717 24% QTD ∆ Mar 12 Rank
262 10.0 10.1
8,806 9.4 Acquiring -115 bps 18.8% #2
8.1 9.0
8,544
8,089 Issuing -56 bps 18.4% #1
6% 1%
5% # of
10% +24bps 16.9% #1
Credit Cards

POS1 +75 bps 18.3% #1

1Q11 2011 1Q12 1Q 11 2Q 11 3Q 11 2011 1Q 12 ATM -4 bps 10.0% #3

1 Including shared POS
2 Annualized
10
Note: All figures are bank-only except for Credit Card Balances


Asset quality remained intact…

NPL Ratio1 Net Quarterly NPLs1 (TL billion)
Garanti 2.4% 2.2% 2.0% 2.1% 2.1%
982,3
(Cons.) 532
4.4%
59
44 1002
3.9% 3.7% 3.7% -391 -50 73
3.3% 3.8%
243 253
2.9% 2.6% 73 128 129 167 New NPL
2.7% 2.7% 86 84
2.9%
2.6% 2.4% 2.4% 2.5% Collections
1.9% -141 -98 -106
2.1% 1.9% 1.8% 1.8% -168 Write-offs
-298

1Q 11 2Q 11 3Q 11 2011 1Q12
Garanti Sector Garanti excld.NPL sales & write-offs* Sector w/ no NPL sales & write-offs* -2004 NPL sale

* Adjusted with write-offs in 2008,2009,2010 and 2011. 2010 and 2011 sector NPL sales & write-offs total: TL ~2.7 bn and ~TL 1.9 bn,
respectively. Garanti sold NPLs in 1Q 11 amounting to TL 484mn, of which TL 200mn relates to the NPL portfolio with 100% coverage 1Q11 2Q11 3Q11 4Q11 1Q12
and the rest being from previously written-off NPLs. Gross income booked amounts TL 54mn.

NPL Categorisation1
Retail Banking Credit Cards Business Banking Normalizing but still
(Consumer & SME Personal) (Including SME Business)
22% of total loans 12% of total loans 66% of total loans
strong collections

7.7%
Nominal NPLs
2.4% 2.0% 7.0% 6.3% 3.0% 2.7% 2.4%
2.1% 1.9%
2.1% 1.8%
1.9%
6.9% 6.3% 5.8%
5.7% 5.8%
2.5% 2.5%
Slight deteoriation -- 3%
1.6% 1.6% 1.6% 5.7% 5.8%
1.4% 1.2% 1.2% 1.2% 1.3%  as expected
1Q11 2Q11 3Q11 2011 1Q12 1Q11 2Q11 3Q11 2011 1Q12 1Q11 2Q11 3Q11 2011 1Q12  across the board
 at a lower pace than sector
Garanti Sector

1 NPL ratio and NPL categorisation for Garanti and sector figures are per BRSA bank-only data for fair comparison.
2 Including NPL inflows in 4Q 2011, amounting to ~TL100 mn, which are related to a few commercial files with strong collateralization 3 Including the impact of Romanian subsidiary 11
4 Garanti NPL sale amounts TL484 mn, of which TL200 mn relates to NPL portfolio with 100% coverage and the remaining TL284 mn being from the previously written-off NPLs
Source: BRSA, TBA & CBT


…with comfortable levels of coverage and provisioning

Quarterly Loan-Loss Provisions (TL million)
Coverage Ratio
Mar 11 Jun 11 Sept 11 Dec 11 Mar 12
Sector1 86% 87% 83% 82% 82%
Coverage Ratio
Garanti
Garanti
82%

81%
82%

81%
82%

81%
82%

79%
81%

79%
79%
(Cons.) remained strong
Slightly lower consolidated coverage
is due to Romanian subsidiary’s
250 NPL policy

200 192
3
91
49 Specific Gross CoR
86 108
125

67
90
2
22
2
79
105
46bps
17 2 remained flat
84
57 62 63 Regulatory effect on
332 General Provisioning
3
Lower Gen. Prov. due to
-33 change in B/S mix

1Q11 2Q11 3Q11 4Q11 1Q12
General Specific

1 Sector figures are per BRSA weekly data, commercial banks only
2 The effect of BRSA’s recent regulations on general reserve rates for extended loans and GPLs. Regulatory effect on General Provisions in Cost of Risk was 24bps in 1H11, 19bps in 9M11, 16bps in 2011 and 14bps in 3M12.
12
3 TL91mn of provisions resulting from NPL inflows in 4Q 11, which are related to a few commercial files with strong collateralization


Solid funding mix – well diversified and actively managed

Composition of Liabilities Total Deposits (TL billion)

Other 7.0% 7.6% 7.8%
14% (1%)
SHE 12.0% 10.9% 11.6%
93.2 92.6
Demand Deposits 11.6% 12.4% 11.1% 84.5 88.6
81.4
IBL: 48% 49% 49% 49%
IBL: IBL: 49% FC
70%
69% 69% (2%)2 (5%)2 5% 2
Time Deposits 47.4% 44.3% 44.5% 2% 2

2% 0% TL
5% 6%
Bonds Issued 0.6% 2.3% 2.3% 51% 52% 51% 51% 51%
Repos 5.5% 7.2% 7.9%
Funds Borrowed 15.8% 15.3% 14.9%
1Q 11 2Q 11 3Q 11 2011 1Q 12
1Q 11 2011 1Q12 Loans / 93% 96% 99% 97% 98%
Deposits
Cost of Deposits1 (Quarterly Averages)

8.8% 8.8% 9.1%
10.5%
Loans/Deposits
8.7% 8.4% 8.2%
8.8% • Opportunistic and timely
7.7% utilization of alternative

98%
9.0%
7.8% 7.8% 7.8% 7.7% funding sources to support
7.4% 7.4%
6.6% 7.0% margins
3.1% 3.5%
2.6% 2.9% 3.1%
2.1%
2.6%
2.1%
2.6%

2.3% 2.4%
2.6%
or 77% when • Deposit costs rising as
expected, however at a
2.1% 2.1% 2.4%
1.8% 2.1% 1.8% mortgages, project finance contained manner due to
1Q 10 2Q 10 3Q 10 2010 1Q 11 2Q 11 3Q 11 2011 1Q 12 & investment loans focus on lower cost mass
TL Time TL Blended
(mat.>4yrs) are excluded deposits
FC Time FC Blended
2 Growth in USD terms 13


Robust deposit base with further emphasis placed on mass deposits and
sustained high weight of demand deposits
Deposits by LOB1 (Excluding bank deposits) Demand Deposits (TL billion)

15%

20.3
Corporate 13.7% 16.8 18.9 0.8 18.3
16.4% 16.3% 16.0 0.5 0.5
0.5 0.6
19.5 17.8
18.4
16.2
21.4% 15.5
Commercial 20.9%
23.6%

16.4%
SME 16.0% 1Q 11 2Q 11 3Q 11 2011 1Q 12
15.4%
Bank Deposits Customer Deposits

Demand Deposits3 / Customer Demand
Consumer 44.6% 46.8%
48.5% Total Deposits Deposits2

19% vs. sector’s 16%
Solid presence in demand
deposits maintained
Sizeable demand deposit Market share: 14.5%
1Q11 2011 1Q12 level maintained

14
2 Sector data is based on BRSA weekly data for commercial banks only
3 Based on bank-only financials for fair comparision with the sector. Demand Deposits/ Total Deposits as per consolidated financials is 20%.


High internal capital generation capability bolsters strong capitalization ratios

CAR Free Funds TL Billion
(Free funds=Free Equity + Demand Deposits)
Free Funds/IEAs

28.9 26.2
18%
Free Equity w/o reserve
15.8% 15.7% 20.3 18.3 Demand Deposits growth:

TIER I
TIER I 8% q-o-q
14.1% 14.7% Increasing free equity and
sizeable demand deposits
continued to support free funds
Recommended
12%

Free Equity including
15.8 17.0
Required
Reserve Requirements
8%
Leverage Ratio
2011
-7.2
1Q12

-9.1
Reserve
Requirements
8x
2011 1Q12 2011 1Q12

Free Equity = SHE - ( Net NPL+ Investment in Associates and Subsidiaries + Tangible and Intangible Assets+ AHR+ Reserve Requirements) 15


Margins held up well, despite the negative quarterly fluctuation of the CPI book
and the duration mismatch
Quarterly NIM (Net Interest Income / Average IEAs)
NIM Adjusted NIM
4.7%
4.1% 4.1% 4.2%
3.8% 4.0%
3.7%
3.4% 3.4%
Quarterly NIM:
2.7%

(60bps) (26bps) ~Flattish when volatility
from CPI linkers are excluded

 Ongoing positive effect of
1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 timely and proactive loan re-
pricing on loan yields
 Managed lending growth
Q-o-Q Evolution of Margin Components (in bps) with higher weight in
lucrative products and
+32 -48 rational pricing
+17 -1 -54
Loans Other Inc.
467 Securities Securities Items -7 407 -30 397
CPI exc. CPI Deposits Other Exp.
+20 Squeeze in Adj. NIM was limited
Items Provisions FX&Trading due to relief in general
provisions

4Q 11 1Q 12 1Q 12
NIM NIM Adj NIM

Adjustments to NIM: Net Interest Income/ Average IEA adjusted by FX gain/loss, provision for loans and securities, and net trading income/loss 16


Healthy Fees & Commissions income supported by strong customer penetration
and cross-sell
Ordinary Banking Income1 Generation
Net fees and comm. Garanti Peers • Leader in interbank money transfer
market share % 18% market share vs. the peer’s average ~10%
25%
• Highest payment systems commissions per volume
20% 1.6% vs the peer’s average 1.3%5
6.3
4.1
15% 4.8 • #1 in bancassurrance
5.1
10%
• Strong presence in brokerage
3.9 ~6% market share
5% 2.7 Ordinary
banking income
(TL Billion)
0%
- 2,000 4,000 6,000 8,000

Net Fees & Commissions Breakdown 3,4 Net Fees & Commissions TL Million

10%
3M11 Cash Loans 3M12 Effect of accounting
18.6% Cash Loans methodology change
21.0% on loan orig. fees &
decreased cap on
Payment fund management
Systems Non Cash Payment (3%)
Systems
Non Cash 560 2
31.4% Loans Loans 541 Net fees & Comm.
8.8% 39.4%
5.6%
Money 3M11 3M12
Money
Transfer
Transfer
7.7% Money transfer4 14%
Other 8.3%
Insurance
Insurance
14.9% 6.8%
Brokerage 5.0% Cash Loans4 19%
Asset Mgt Other
4.6% Asset Mgt Brokerage
7.4% 15.2% Payment Systems4 32%
1.7% 3.9%

1 Defined as; net interest income adjusted with provisions for loans and securities, net FX and trading gains + net fees and commissions. Based on bank-only financials for fair comparison as of 2011
2 3M12 cash loan origination fees are accounted for on an accrual basis per methodolgy change 17
3 Breakdown is on a comparable basis to same period last year
4 Bank-only MIS data 5 Peer average as of 2011


Differentiated business model leading to consistent delivery of outstanding
results
(TL Million) 1Q 11 1Q 12 % Change
(+) NII- excl. inc on CPIs & RR 965 1,009 5%
(+) Net fees and commissions 560 541 -3%

(-)
Specific LLP & General Prov. -- exc.
-125 -75 -40%
OPEX/Avg. Assets
regulatory effects & one-offs Double-digit growth
in Net Fees &
= CORE BANKING REVENUES 1,400 1,475 5% Commissions sustained
on a comparable basis*
2.3%
(+) Income on RR 0 1 n.m.
(+) Income on CPI linkers 163 488 200%
(-) Regulatory effects on provisions 0 -33 n.m. Fees/OPEX
(+) Trading & FX gains 259 73 -72% Increase in OPEX
(+)

(+)
Collections
Other income -before one-offs
205 50 -76% mainly stemming
from:
65% on adjusted basis*
90 120 33%
(-) OPEX  ~50 average new
vs. 57% on reported basis
-843 -945 12%
branch openings
(-) Taxation and other provisions -313 -265 -15% y-o-y
(+) One-offs (post -tax) -47 0 n.m.  Double-digit Cost/Income
inflation readings
(+) -NPL sale 43 0 n.m. y-o-y
(-) -Free provisions -90 0 n.m. 43.5%
= NET INCOME 913 962 5%
Equity holders of the Bank 911 953 4%
Minority Interest 2 9 n.m.

* Adjusted with the effect of decreased cap on fund management fees and accounting methodology change on cash loan origination fees 18


Appendix


Balance Sheet - Summary

(TL million) Mar-11 Dec-11 Mar-12 YTD Change
ASSETS
Cash &Banks1 10,655 17,851 13,403 -25%
Reserve Requirements 5,906 7,185 9,101 27%
Securities 36,293 36,992 40,974 11%
Performing Loans 75,962 90,329 90,922 1%
Fixed Assets & Subsidiaries 1,532 1,662 1,639 -1%
Other 7,019 9,457 9,658 2%
TOTAL ASSETS 137,367 163,475 165,696 1%

LIABILITIES & SHE
Deposits 81,395 93,236 92,607 -1%
Repos & Interbank 7,604 11,738 13,173 12%
Bonds Issued 828 3,742 3,751 0%
Funds Borrowed2 21,942 25,297 24,856 -2%
Other 9,171 11,562 12,143 5%
SHE 16,427 17,900 19,166 7%
TOTAL LIABILITIES & SHE 137,367 163,475 165,696 1%

1 Includes banks, interbank, other financial institutions
2 Includes funds borrowed and sub-debt 20

BRSA Consolidated Earnings Presentation, March 31, 2012

BRSA Consolidated Earnings Presentation, March 31, 2012

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BRSA Consolidated Earnings Presentation, March 31, 2012