Dear Stakeholders,

Emerging economies such as our country was affected adversely by the US Central Bank’s (FED) decision to end its asset purchases by gradually withdrawing from expansionist monetary policies due to relatively strong performance of the US economy in 2014 while a considerable portion of the world still struggled with stagnancy. In the next stage, FED is expected to enter a period of moderate interest rate hikes depending on the positive developments in the US economy despite the lingering global sensitivity. The liquidity outflow and increase in costs as will be triggered by the interest rate hikes will have negative impacts on the developing countries who suffer from structural problems and are struggling with the inflation. In addition, Eurozone which is undergoing a weaker-than-expected recovery decelerates the global growth, while the performance of many developing countries such as China is also frustrated by geopolitical tensions, financial risks, weak domestic demand and some other structural problems.

The inflation in Turkey which increased trend in 2014 due to reasons such as foreign exchange rates, drought and the food prices ended the year at 8.17%. Economic growth performance has been slow for the last three years as a result of economic and political developments inside and outside the country. Turkish economy which is estimated to have about 3% growth performance as of the end of 2014 is expected to continue a slow but balanced growth process in the coming years.

General elections that will be held in 2015 and the political tensions that may increase thereafter may have negative effects on the environment of investment, while uncertainty about the economic policies that will be adopted after the elections and deferral of the decisions that should be taken for the structural reforms Turkey needs already have their effects on the expectations of the investors. Additionally, the developments in our nearby geography and the policies that will be adopted on these policies are other significant risk factors on the environment of confidence and the economy as a whole.

The performance of the financial leasing sector, which maintained the growth trend and development fuelled by the enhanced product variety introduced by the Financial Leasing, Factoring and Finance Companies Law and imposition of VAT and Corporate Tax exemptions on the sell-and-lease-back products, continued to rise in 2014, and the industry reached a transaction volume of USD 7.6 billion in 2014. Demand for the sell sell-and-lease-back products increased in demand sharply in 2014, acquiring a significant share of 30% in the transaction volume of the entire sector.

Our company showed its difference by growing despite the fierce competitive conditions in 2014 with the outstanding efforts of all our employees without compromising from its asset quality and profitability in line with the strategies it established with the target of achieving sustainable growth, and its transaction volume reached USD 728 million with an increase of 49% from the last year, and it obtained a market share of 9.53%. Our Company which focused on profitable projects with a high added value and did not compromise from its service quality also showed an excellent performance in portfolio and risk management. Our Company which we believe will maintain its stable growth in 2015 has completed 2014 with highly successful results by being by the side of all investors that add value to the country’s economy.

We kindly present our activity report, financial statements and our statement of net profit approriation offer for 2014 which we have prepared in accordance with the Capital Markets Law and other applicable laws and regulations.

I would like to thank, personally and on behalf of the Board of Directors, all our business partners who have supported our Company since its foundation, our customers, and our employees who have had a crucial role in the success of our services and the quality of these services.