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Recent News 2010

02.07.2010 Capital Increase of Vakifbank International A.G

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject: Capital increase of Vakifbank International A.G
Date : 02.07.2010

Vakifbank’s Board of Directors, at its meeting on June 30, 2010 decided to begin the process of increasing paid-in capital of Vakifbank International A.G, established in Austria with offices in Vienna, Cologne and Frankfurt, from EUR 20.000.000 to EUR 45.000.000. The total additional paid-in capital of EUR 25.000.000 will be through cash payments.

Aiming to support the growth strategy of Vakifbank International A.G in Europe and in Balkans through the aforementioned capital increase; it has also been resolved at the meeting that the participation of EUR 22.500.000 rights issue corresponding to 90% share of Vakifbank to be used to the full extent.

We hereby declare that our above statements conform with the principles included in the Board’s Communiqué, Serial VIII Nr.39, that it reflects the information we received exactly; that the information complies with our records, books and documents; that we did our best to obtain the correct and complete information relative to this subject and that we are responsible for the declarations made in this regard.

Yours sincerely,

Vakifbank

19.03.2010 Vakifbank Annual General Assembly

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Vakifbank Annual General Assembly
Date : 19.03.2010

Vakifbank's 56th Annual General Assembly took place in Ankara on March 19th, 2010.

Operating accounts for 2009 were examined and approved at the meeting held in the headquarters.

It is decided on the General Assembly Meeting held on the date 19.03.2010 to distribute TRY 120.764.143,54 to shareholders which is 9,81% of the distributable profits TRY 1.231.045.844,63 after deducting TRY 20.160.081,73 deferred tax asset net revenues from TRY 1.251.205.926,36 total net profits of 2009.

The proposed dividend payment, which represents 9,65% payout ratio, is gross TRY 0.04830 per 1 TRY share, to shareholders who are full-fledged taxpayers and receive their dividends through an office in Turkey or a regular agent; net 0.04106 TRY per 1 TRY share to shareholders who are full-fledged taxpayer natural persons.

In the Vakifbank's 56th Annual General Assembly; the Board of Directors were composed of Hasan SEZER and Ahmet CANDAN representing Class A; Sabahattin BİRDAL representing Class B, Selahattin TORAMAN representing Class C; independent members are İsmail ALPTEKİN, Ramazan GÜNDÜZ and Serdar TUNÇBİLEK; and Süleyman KALKAN who is appointed as CEO effective March 19th, 2010. Mehmet HALTAŞ and Yunus ARICI are appointed as Statutory Auditors.

The compensation of the Chairman and Members of the Board of Directors are determined as TRY 6.726,87 net per month and statutory auditors' compensation as TRY 4.843,35 net per month for year 2010, which is the same compensation amount of year 2009.

Yours sincerely,

VakifBank

19.03.2010 Departure of CEO Bilal KARAMAN

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Departure of CEO Bilal KARAMAN
Date : 19.03.2010

Following the departure of Mr. Bilal KARAMAN as Chief Executive Officer, Mr. Süleyman KALKAN will serve as the acting CEO effective March 19, 2010.

We hereby declare that our above statements conform with the principles included in the Board's Communiqué, Serial VIII Nr.39, that it reflects the information we received exactly; that the information complies with our records, books and documents; that we did our best to obtain the correct and complete information relative to this subject and that we are responsible for the declarations made in this regard.

Yours sincerely,

VakifBank

10.03.2010 Syndication Mandate Letter

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Syndication Mandate Letter
Date : 10.03.2010

On March 9, Vakifbank has signed a mandate letter in order to grant a new syndicated facility which will be coordinated by WestLB AG.

Yours sincerely,

VakifBank

18.02.2010 VakifBank Annual General Assembly

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : VakifBank Annual General Assembly
Date : 18.02.2010

VakifBank's Annual General Assembly for 2009 will take place on March 19th, 2010 at 2 p.m in the conference hall at Headquarters which is located on Ataturk Avenue, No:207 Kavaklidere/ ANKARA. A copy of the agenda is written below.

The Agenda of Ordinary General Assembly on March 19, 2010:

1. Opening and the formation of presidency council.
2. Authorization of the President and vote collectors for the signing of General Assembly Minutes.
3. Readings and consultation of reports by Board of Directors, Auditors, Superior Supervisory Board on 2009 financials.
4. Reading, consultation and approval of independent auditor financial reports for year 2009 in regards.
5. Discharge of the Members of the Board of Directors regarding the 2009 financials.
6. Discharge of the Members of the Auditors regarding the 2009 financials.
7. The acceptance or decline of the dividend distribution proposal by the Board of Directors.
8. Presentation of dividend policy for year 2009 and thereafter to General Assembly.
9. The renewal of elections for the Board of Directors.
10. The renewal of elections for the Auditors.
11. Determination on the compensation of the Chairman, the Board of Directors and the Auditors.
12. Approval of the external audit firm election by General Assembly.
13. Approval to the General Assembly for the authorization of the Board of
Directors to make amendments and readjustment regarding the Personnel Regulation.
14. Presentation of donations made during the year to the shareholders.

Yours sincerely,

VakifBank

14.12.2009 Rating Upgrade of Vakifbank

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
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e-mail: investor.relations@vakifbank.com.tr
Subject : Rating Upgrade of Vakifbank
Date : 14.12.2009

Fitch Ratings upgraded Vakifbank's Long Term Foreign Currency IDR "two notches" to "BB+" from "BB-" and Long Term Local Currency IDR to "BB+ from BB". Long term IDRs were removed from Rating Watch Positive and assigned a Stable Outlook. Vakıfbank's Support Rating Floor was also revised to 'BB+' from 'BB-'; being removed from Rating Watch Positive.

Fitch affirmed our Short Term Foreign Currrency IDR and Short Term Local Currency IDR at "B", National Long-term Rating at "AA+(TUR)" , Individual Rating at "C/D" and Support Rating at "3".

Yours sincerely,

Vakifbank

11.12.2009 Establishment of a bank in Syria

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Establishment of a bank in Syria
Date : 11.12.2009

At its meeting dated November 10, Vakifbank’s Board of Directors, in line with the bank’s international expansion strategy amongst the potential countries screened, gave a preliminary approval for exploring the opportunities in establishing a banking operation in Syria.

Further information about the progress of mentioned process will be disclosed.

Yours sincerely,

Vakifbank

28.08.2009 The sale of Vakif Venture Capital

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : The sale of Vakif Venture Capital
Date : 28.08.2009

VakıfBank and RHEA Gayrimenkul Yatırım Proje Geliştirme Šnşaat Sanayi ve Ticaret Ltd. Şti. reached an agreement regarding the transfer of 31,15% VakıfBank shares held in Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Vakif Venture Capital Investment) for TL 2.150.302,50.

The aforementioned agreement is subject to the approvals to be obtained from VakıfBank’s Board of Directors and Capital Markets Board of Turkey (CMT) .

Yours sincerely,

Vakifbank

12.11.2009 Vakifbank 3Q 2009 Financials

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Vakifbank 3Q 2009 Financials
Date : 12.11.2009

Vakifbank's net profits are TRY 345,3 million in 3Q09.

Vakifbank generated a net profit of TRY 940 million in the first nine months of 2009, representing a 65% y-o-y increase.

Vakifbank's total assets reached TRY 61 billion, up 17%, year to date. Total cash loans increased by 8,5% to TRY 33 billion and total deposits rose by 15% to TRY 42,7 billion.

Vakifbank's CEO Bilal Karaman stated:

"Outperforming the sector in loan growth, the bank increased its profitability which led to a net profit of TRY 345,3 million in the third quarter of 2009 and TRY 940 million ytd.

Despite the sector performed 20% down, Vakifbank achieved a 15% quarterly increase in net profits; thanks to profitability which was mainly derived from net interest income up 60% y-o-y.

Cash loan growth in the first nine months reached to 8,5% which is higher than the sector average of 2,3%. This considerable growth was generated by 15% deposit growth which is over the sector average of 7,6%.

Originated from General Purpose Consumer Loans, up by 11%, and Housing Loans, up by 17,6%; 12,4% ytd retail loan growth is expected to continue. By following a strategic approach in the third quarter especially in housing loans, VakıfBank provided the one fourth of housing loans in the sector.

While cash and non-cash loans injected to real economy amounted TRY 42 billion, Capital Adequacy Ratio reached to 15,04%, thanks to the high profitability sustained year to date.

Despite the still-continuing growth in non performing loans; 9,3% NPL ratio which is under the sector average of 13% q-o-q, is mainly attributed to the proactive risk management applications.

Adding 19 new branches in 2009, our total branch number reached 544. Expanding the branch network in accordance wtith the new economic situation, Vakifbank will continue its steady growth and profitability."

Yours sincerely,

Vakifbank

28.08.2009 The sale of Vakif Venture Capital

The aforementioned agreement is subject to the approvals to be obtained from VakıfBank’s Board of Directors and Capital Markets Board of Turkey (CMT) .

Yours sincerely,

Vakifbank

14.08.2009 Vakifbank 1H 2009 Financials

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Vakifbank 1H 2009 Financials
Date : 14.08.2009

VakıfBank, in the first half of this year, achieved a net profit of TRY 595 million which is year on year up by 26%.

Vakifbank’s CEO Bilal Karaman stated:

Maintaining a 26% year over year growth in net profits, VakıfBank generated total revenues of TRY 1,922 million. Total revenues, y-o-y up by 38%, was mainly driven by 61% growth in net interest income. As of June, the asset size of VakıfBank hit TRY 59 billion with an increase of 22%. The bank’s cash loans grew by 13,5% and reached TRY 32 billion while the volume of total deposits are up by 21% and amounted to TRY 42 billion

We continued our steady growth in the second quarter of 2009. In particular, achieving a 7,4% retail loan growth is seen as a signal of permanent growth. As the major contributors of retail loan growth, we are especially pleased with General Purpose Consumer Loans and Mortgages which are up by 9,8% and 4,5% respectively.

Despite the difficult market conditions, VakıfBank continued its core lending business in the first six months of 2009. Outperforming the sector by 6% with 54% Loans to Asset, securities portfolio remained below the sector average of 29% with 23% of our assets. Hence, increased profitability was derived from sustainable core banking activities and not by any one-offs. Consequently, ROAE was up from 18% to 20% .

While total loans grew by 13,5% y-o-y, Capital Adequacy Ratio was up by 1% to 14,6%. Despite higher lending to the real economy and the individuals, NPL growth has eased off and outperformed the sector average thanks to our effective risk management applications.

We think that the worst of the economic crisis is over and it can only get better from now on. Therefore we are encouraged to resume new branch opennings which we and the sector have previously slowed down.

Yours sincerely,

Vakifbank

30.07.2009 The disposal of Vakif Venture Capital

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : The disposal of Vakif Venture Capital
Date : 30.07.2009

Vakifbank’s Board of Directors, at its meeting on July 23, decided on the complete disposal of 31% VakıfBank shares in Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Vakif Venture Capital Investment). It was also announced that the process will be as a block sale of TL 279.000 VakıfBank shares to the local and foreign investors.

Aforementioned sale process is outlined below.

(31.07.2009) Delivery of introductory documents to the prospect buyers
(31.07.2009-20.08.2009) The examination of company books under the seal of secrecy
(21.08.2009) Collection of binding offers
(25.08.2009) Signing of the sales contract

Yours sincerely,

Vakifbank

29.07.2009 Vakifbank Conference Call -1H 2009 Earnings Results- on 14.08.2009

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Vakifbank Conference Call -1H 2009 Earnings Results- on 14.08.2009
Date : 29.07.2009

You are kindly invited to participate in a conference call on Friday, August 14 at 17:30 PM Turkish time (15:30 PM UK time, 10:30 AM ET) following the announcement of 1H 2009 financial results. The event will be hosted by Mr. Tanju YUKSEL, Executive Vice President responsible for International Banking and Investor Relations and a Q&A session will follow the presentation.

To attend the meeting,

Either you may dial in +44 (0)20 7162 0025 (UK) or +1 334 323 6201 (USA)

or

follow the link below

https://eventreg1.conferencing.com/webportal3/reg.html?Acc=856248&Conf=167751

If you choose to register for the meeting through the link, you will be sent a specific telephone number, Conference PIN and Participant User PIN so that you will connect to the call directly without going through operator on the meeting day.

Yours sincerely,

Vakifbank

23.07.2009 The disposal of Vakif Venture Capital

At its meeting on July 23, Vakifbank’s Board of Directors decided on the complete disposal of 31% (25 % Group A; 6% Group B ) VakıfBank shares in Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Vakif Venture Capital Investment). The process will be as a block sale of TL 279.000 VakıfBank shares to the local and foreign investors.

Further information about the progress of mentioned sale process will be disclosed.

Yours sincerely,

Vakifbank

15.05.2009 Vakifbank 1Q 2009 Financials

Vakifbank’s net profits are TRY 294,2 million in 1Q 2009.

As of March 31, 2009; Vakifbank’s unconsolidated net profits are TRY 294,2 million while its asset size reached TRY 56,2 billion, up by 8% YtD.

Vakifbank’s CEO Bilal Karaman stated:

“Following solid financial results in the last quarter of 2008, we achieved a 20% ROE with TRY 294,2 million net profits.

While Vakifbank’s asset size reached TRY 56,2 billion up by 8% YtD; cash loans increased to TRY 31,1 billion and total deposits rose to TRY 39,5 billion up by 6,5% YtD, a growth rate outperforming the sector average.

With its deposit heavy funding structure, Vakifbank has consolidated its position in the banking sector.

Boosting our support to the economy, we increased total of cash and non-cash loans to almost TRY 40 billion. Growth in total loans continued in 1Q 2009 even though the pace eased compared to last year. We foresee that positive outlook in the economy will last and lending will pick up in 2H 2009.

As the banking sector, we go through a period in which strong players standing by its customers at difficult times started to increase their market shares in all segments and competition is not shaped by short term pricing but by reliability, reciprocity and service quality.

Having reached a solid shareholders’ equity of TRY 6 billion, Vakifbank will continue to be on forefront of this competition, fund real sector and create value added for the economy.’’

Yours sincerely,

Vakifbank

27.04.2009 New Member of Vakifbank Board of Directors

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : New Member of Vakifbank Board of Directors
Date : 27.04.2009

Mr.Halim Kanatçı was elected as the ninth member of Vakifbank’s Board of Directors to represent Group A shareholders.

Yours sincerely,

Vakifbank

07.04.2009 Change to the Board of Directors

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Change to the Board of Directors
Date : 08.04.2009

At its meeting on April 7, Vakifbank’s Board of Directors elected Yusuf BEYAZIT as Chairman and Ragıp DOGU as Vice-Chairman. The roles and responsibilities of the Board members were specified during the meeting.

Board committees are composed of the following members:

Audit Committee: Ragip DOGU, Sabahattin BİRDAL

Corporate Governance and Appointments Committee: Ismail Alptekin, Hasan ÖZER

Credit Committee: Ramazan GUNDUZ, Serdar TUNCBILEK

We declare that our above statements are in conformity with the principles included in the Board’s Communiqué, Serial VIII Nr. 54. that it exactly reflects the information we received; that the information complies with our records, books and documents; that we did our best to obtain the correct and complete information relative to this subject and that we are responsible for the declarations made in this regard.

Yours sincerely,

Vakifbank

03.04.2009 Vakifbank Annual General Assembly

Vakifbank’s 55th Annual General Assembly took place in Ankara on April 3rd, 2009. Operating accounts for 2008 were examined and approved at the meeting held in the headquarters.

Operation income of Vakifbank reached to TRY 2.869 from TRY 2.621 million with a 10% increase and Vakifbank recorded a net income of TRY 753 million in 2008.

Vakifbank’s CEO Bilal Karaman stated: “In the context of economic crisis and our prudent provisioning policies, Vakifbank performed unconsolidated net income of TRY 753 million and consolidated net income of TRY 810 million in 2008.

Vakifbank kept its growth path in 2008. Increasing by 23% in 2008, total assets reached TRY 52,2 billion and total shareholders’ equity stood at TRY 5,7 billion with an increase of 9%. While our cash loans amounted to TRY 30,4 billion with an increase of 30%; total deposits rose to TRY 37,1 billion up by 29%, a growth rate outperforming the sector average thanks to 51% strong growth in demand deposits.

Total amount of cash and non-cash loans injected to the local economy reached TRY 38,4 billion. While loans to total assets ratio was 58%, Vakifbank recorded loans to deposit ratio of 82% in 2008. NPL ratio for Vakifbank decreased from 4.64% to 4.57%.

2008 was the year of sustainable growth for Vakifbank. It was also the year for accomplishment of reconstruction and change process which started in 2005. In the light of renewing our corporate identity, we shared the change in business and service structure of Vakifbank with the public. We started to take the advantages of “customer focused” business approach based on our long term change plan. We targeted to provide more profitable and more effective banking operations. To reach this target, “customer focused” perspective became widely dominant in Vakifbank. Our main motivation is having seen that this perspective was highly appreciated by our customers.

Vakifbank opened 57 new branches in 2008 and has been serving with 525 branches, 2163 ATMs and 9600 employees.

In 2008, Vakifbank outperformed the sector average regarding NPL thanks to its strong lending policy and effective risk management. We will carry this momentum into 2009.

Looking at the first three months of 2009, Vakifbank continued to outperform the sector in asset quality and gained strength in profitability. We are targeting 10% growth in TL Loans. Regarding credit card business, we aim at keeping our strong growth started in late 2008.

We expect to fulfill our invetsments on Informations Technologies until the end of this year.

Vakifbank will continue its strategy of organic growth by increasing its number of branches and regions.

Our goal is to keep strong capital base, increase profitability and strengthen capital regarding the foreseen growth in the sector for 2010.

We are going to reach our 2009 targets with all our shareholders and employees.”

According to the General Assembly resolution, after the legal reserves were deducted from the net profits, the remaining balance will not be distributed to the shareholders and will be kept within the Bank.

At the end of Vakifbank’s 55th Annual General Assembly; the Board of Directors were composed of Yusuf BEYAZIT, Bilal KARAMAN, Ragıp DOĞU, İsmail ALPTEKİN, Sabahattin BİRDAL, Hasan ÖZER, Ramazan GÜNDÜZ and Serdar TUNÇBİLEK.

Yours sincerely,

Vakifbank

19.03.2009 Items to be presented to the approvel of General Assembly

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Items to be presented to the approval of General Assembly.
Date : 19.03.2009

At its meeting on March 19, Vakifbank’s Board of Directors decided to present following items to the approval of General Assembly to be held on April 3.

- The renewal of agreement with KPMG for the independent audit of 2009 financials.

- Not to distribute any dividends to the shareholders from year 2008 profits.

Yours sincerely,

Vakifbank

23.02.2009 Vakifbank YE 2008 Financial Results

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Vakifbank YE 2008 Financials
Date : 23.02.2009

Vakifbank’s unconsolidated net profits are TRY 753 million in 2008.

Vakifbank’s net profits are TRY 753 million in 2008.

Vakifbank’s CEO Bilal Karaman stated: “Vakifbank’s asset size, up by 23% YOY, reached to TRY 52 billion. While our cash loans amounted to TRY 30,4 billion with an increase of 30 %; total deposits rose to TRY 37,1 billion up by 29%, a growth rate outperforming the sector average thanks to 51 % strong growth in demand deposits .

2008 was the year of change and progress for Vakifbank. As we completed the restructuring process at our bank, we also renewed our corporate identity. Initiating Vakif World and transportation card projects, we expanded our product line. We gained market share in general purpose consumer, housing and total retail loans. Vakifbank showed a strong upward move in the last quarter of 2008, after launching the new credit card, Vakif World.

We achieved 18% increase in net interest income. Despite significant contraction of the sector, our net interest margin climbed. As we benefited from the fruits of restructuring, net fee and commissions income was up by 11% QoQ and 29% YoY.

With 57 branch openings and 900 new employees, we managed to have increasing efficiency via our customer-focused business strategy. In 2008, we improved our service quality in all areas.

While growth in balance sheet was dominated by loan book expansion, we had no deterioration in our asset quality. Our NPL ratio was down from 4,64% to 4,57% YoY. Our CAR is 14,3% up by 54 bps and 82% loan to deposits ratio is a proof of strong balance sheet.

High liquidity, sound balance sheet structure and deposit based funding strengthened the position of Vakifbank in the current crisis environment. We will keep revitalizing and supporting the real sector of the economy. Total cash and non-cash loans injected to the national economy reached TRY 38,4 billion. With an expected loan book growth rate of 15% in 2009, Vakifbank will continue funding the real sector aimed at boosting the contribution to the national economy.”

Yours sincerely,

Vakifbank

23.02.2009 Annual General Assembly April 2009

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Annual General Assembly
Date : 23.02.2009

Vakifbank’s Annual General Assembly for 2008 will take place on April 3rd, 2009 at 2 p.m in the conference hall at Headquarters which is located on Ataturk Avenue, No:207 Kavaklidere/ ANKARA. A copy of the agenda is written below.

The Agenda of General Assembly on April 03, 2009:

1. Opening and the formation of presidency council.

2. Authorization of the President and vote collectors for the signing of General Assembly Minutes.

3. Readings and consultation of reports by Board of Directors, Auditors, Superior Supervisory Board on 2008 financials.

4. Reading, consultation and approval of independent auditor financial reports for year 2008 in regards.

5. Discharge of the Members of the Board of Directors regarding the 2008 financials.

6. Discharge of the Members of the Auditors regarding the 2008 financials.

7. The acceptance or decline of the dividend distribution proposal by the Board of Directors.

8. Presentation of dividend policy for year 2009 and thereafter to General Assembly.

9. The renewal of elections for the Board of Directors.

10. The renewal of elections for the Auditors.

11. Determination on the compensation of the Chairman, the Board of Directors and the Auditors.

12. Approval of the external audit firm election by General Assembly.

13. Presentation of donations made during the year to the shareholders.

Yours sincerely,

Vakifbank

05.02.2009 Cancellation of subsidiaries disposal mandate.

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Cancellation of subsidiaries disposal mandate.
Date : 05.02.2009

As it was announced on May 16, 2008, Vakifbank had given a mandate to JP Morgan Chase to work on the partial or complete disposal of bank’s share in Güneş Sigorta A.Ş. (Güneş Insurance Company) and Vakif Emeklilik A.Ş. (Vakif Pension Fund).

After having considered adverse economic conditions and ongoing financial turmoil in international markets; Vakifbank’s Board of Directors, at its meeting held on February 5, 2009, decided to cancel the process for the disposal of its shares in Gunes Insurance and Vakifbank Pension Fund.

Yours sincerely,

Vakifbank

19.12.2008 Vakifbank Borrowed USD 335 Million Syndicated Loan

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Syndicated loan agreement signed
Date : 19.12.2008

Vakifbank borrowed USD 335 million syndicated loan.

Vakifbank has signed a total amount of USD 335 milllion syndicated loan agreement.

Coordinated by West LB AG; the loan, raised by a consortium of 12 banks consisting of USD and EURO tranches, has an all in cost of Libor+2,00% and Euribor+2,00% for USD and EURO tranches respectively.

Vakifbank’s CEO Mr. KARAMAN stated that "Despite the severe market conditions where deleveraging was the order of the day, appetite for new risk was at its all time low globally ; we, as Vakifbank reaped a great success. The 90% roll-over of USD 375 million syndicated loan in 2007 with a total amount of USD 335 million has once again confirmed the reputation of Vakifbank and Turkish banking system."

Yours sincerely,

Vakifbank

24.11.2008 The sale of Vakif Venture Capital

At its meeting on November 20, Vakifbank’s Board of Directors decided to continue the process for the sale of 31% (25 % Group A; 6% Group B ) Vakifbank, 0.05% Vakıf Finansal Kiralama A.Ş., 0.05% Vakıf Deniz Finansal Kiralama A.Ş. and 0.05% Güneş Sigorta A.Ş. shares in Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Vakif Venture Capital Investment).

Thus, it was also decided that the company will continue its operations as a venture capital investment but an application will be made to the CMB for an additional period of one year in order to form venture capital portfolio.

Further information about the progress of mentioned sale process will be disclosed.

Yours sincerely,

Vakifbank

14.11.2008 VakifBank's 3Q 2008 net profits are TRY 568,6 Million

To : Investor Community
From : VakifBank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : VakifBank 3Q 2008 Financial Results.
Date : 14.11.2008

VakifBank's 3Q 2008 net profits are TRY 568,6 million

VakifBank's CEO Bilal Karaman stated "Despite negative outlook due to rising concerns regarding financial problems, VakifBank continued its strong operating results in 3Q 2008 as well.

While VakifBank's asset size reached TRY 50 billion, up by 18% YtD; loan growth was 28% rising to TRY 30,1 billion and deposits increased to TRY 35 billion up by 24%, a growth rate outperforming the sector average.

Third quarter of 2008 was a period in which we speeded up our investments to establish tomorrow’s VakifBank. We renewed our corporate identity and completed restructuring in credit cards. Furthermore, we launched pay-pass card projects starting with the AntKart scheme in Antalya.

Adding 80 new branches in one year, we have now reached to 521 branches and headcount rose to 9600, an increase of almost 1000. We will continue to open new practical branches focusing on retail banking services. While growth in our balance sheet is dominated by loan book expansion, we maintain our asset quality. NPL ratio came down to 4,2% from 5,2% a year ago. The loans to deposits ratio was 84% and equity was up by 4,9% QoQ.

VakifBank continued to support the real economy with cash loans reaching 60% of the total assets up from 52% a year before. Total cash and non-cash lending in the first 9 months was 37,7 billion up from 26,2 billion in the previous year.

VakifBank will continue to support the real economy prudently with priority over staying liquid in a deteriorating environment."

Yours sincerely,

Vakifbank

03.11.2008 Vakifbank Transportation Card Initiative in Antalya

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail: investor.relations@vakifbank.com.tr
Subject : Vakifbank Transportation Card Initiative in Antalya.
Date : 03.11.2008

Vakifbank brought together transportation and banking service under same platform with a single card.

Vakifbank, with AntKart, starts a new era in Antalya, tourism capital of Turkey.

Signing an agreement with AntKart company, Vakifbank put into service in Antalya debit and credit cards that can be used for local transportation payments. Consequently; a single card can be used for trasportation, shopping, banking transactions and any payments to be made. Moreover, Vakifbank and AntKart customers can also benefit from all these services using NFC (Near Field Communication) compatible mobile phones, watches and key rings.

Having completed necessary technological infrastructure supporting NFC system with its technology-business partner Verisoft; Vakifbank, first time in Turkey, starts contactless payment with mobile phones in transportation and shopping. Vakifbank and AntKart, adapting state-of-the-art technology into transportation, cooperated for Ulaşım Kart, which will simplify everyday life in Antalya.

With this new initiative, residents of Antalya may use high-tech Vakifbank debit and credit cards and NFC compatible mobile phones to travel by 161 buses, 660 minibuses, 3 tramcars. Currently, Antalya has a population of 800.000 and 500.000 AntKart are in use.

Vakifbank CEO Bilal Karaman stated ‘We bring the newest and highest technology available to Turkey and aim to extend pay-pass transportation card solutions to other cities as well. Our target is serving our customers to simplify their lives not only in banking but also in every field of daily life. We will continue our pioneering services in the context of customer focused business understanding’

Yours sincerely,

Vakifbank

31.10.2008 News regarding the evaluation of turnover application of Vakif Venture Capital by CMB

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : News regarding the evaluation of turnover application of Vakif Venture Capital by CMB.
Date : 31.10.2008

As it was previously announced on 07.03.2008; Vakifbank signed an agreement for the sale of 31% (25 % Group A; 6% Group B ) Vakifbank shares in Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş (Vakif Venture Capital Investment) to Multinet Kurumsal Hizmetler A.Ş; and the sale of 0.15% Vakıf Finansal Kiralama A.Ş (0.05% Group B), Vakıf Deniz Finansal Kiralama A.Ş (0.05% Group B) and Güneş Sigorta A.Ş (0.05% Group B) to CFK Kurumsal Danışmanlık A.Ş. which was subject to the approval of Board of Capital Markets (CMB).

It was announced on October 24 that at its meeting on October 15, the CMB decided not to evaluate the application of turnover. No further details are available from CMB yet.

Additional information will be given after the evaluation of developments by the Board of Directors of both Vakifbank and Multinet.

Yours sincerely

Vakifbank

14.10.2008 Sale of Vakifbank Subsdiaries

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Sale of Vakifbank Subsdiaries
Date : 14.10.2008

As it was previously announced, Vakifbank’s Board of Directors decided to give a mandate to JP Morgan Chase to work on the partial or complete disposal of banks share in Güneş Sigorta A.Ş. (Güneş Insurance Company) and Vakif Emeklilik A.Ş. (Vakif Pension Fund) at the board meeting held on the date 15.05.2008.

Efforts for the sale of both subsdiaries continue and further information about the progress of the mentioned sale process will be disclosed.

Yours sincerely,

Vakifbank

15.08.2008 Vakifbank 1H 2008 Financial Results

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Vakifbank 1H 2008 Financial Results
Date : 15.08.2008

Vakifbank's 1H 2008 net profits are TRY 473 million, up by 41% QoQ

Having changed its service understanding from top to bottom besides its new corporate identity; Vakifbank increases its growth and profitability while taking further innovative steps. 1H 2008 financials firmly displayed that year 2008 will be a year of growth and leap for Vakifbank. Thanks to net interest income rising to TRY 949,2 million, up by 20% YoY; net profits reached TRY 472,7 million.

Vakifbank CEO Mr.Bilal KARAMAN stated "Reaping the benefits of restructuring efforts in last three years; Vakifbank carried growth momentum gained in 1Q 2008 into 2Q 2008 with increase in profitability despite economic slowdown. The Bank's 2Q 2008 net profits are TRY 276,3 million, up by 41% QoQ. Vakifbank's total assets were to TRY 48,5 billion, up by 14% YTD; while loan growth was 20% reaching TRY 28,2 billion and total deposits rose to TRY 34,8 billion, up by 20% outperforming the sector average. Thanks to higher profitability since 1Q 2008, ROAE was up to 21,4%.

Boosted by increased product mix and effective utilization of distribution channels, general purpose consumer loans and housing loans grew by 61% and 44% YoY and 22% and 23% YTD respectively. Accordingly, we gained market share in retail loans. Compared to 1H 2007, SME loans rose by 34%. Consequently, total cash loans were up by 50% YoY. Although growth in our balance sheet is dominated by loan book expansion, asset quality continues to improve. NPL ratio is down to 4.16% in 1H 2008 from 5.44% in the same period last year. While total deposits were up by 35% YoY, demand deposits grew by 63% and the share of demand deposits in total deposits increased to 16% from 13%. As a result, we were able to gain market share in total deposits without raising our cost of funding. The loans to assets ratio were up to 58% and the share of securities in total assets was down to 24.5%. While the ratio of loans to deposits rose to 81%; it was 77% for the TL, marking the growth potential in TL lending business.

The increase in our operating revenues is quite impressive as well. As net fee & commission income was up by 43% YoY, the share of net fee & commission income in operating income increased to 17.5%. Having transformed into a more dynamic and fast moving organization thanks to restructuring efforts, Vakifbank carried this change forward by renewing its corporate identity. Taking necessary steps in parallel to its modern banking understanding and presenting various innovative products one after another in the market, the Bank also made a strong comeback in credit cards with Vakif World, its co-branded credit card. Thanks to the growth in credit cards segment we seek in the near future, we will scale up our net profits to a higher level."

Yours sincerely,

Vakifbank

05.08.2008 Vakifbank Co-branded Credit Card launched

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Vakifbank Co-branded Credit Card launched.
Date : 05.08.2008

Aiming to have a strong presence in all business lines of banking, Vakifbank took another step forward in order to achieve its growth strategy in credit card business. Having signed the preliminary agreement with Yapi Kredi Bank late last year, Vakifbank launched "VakifWorld", its co-branded credit card as of today. With this new initiative, Vakifbank customers will enjoy all benefits World Credit Card programme presents.

Vakifbank CEO Bilal Karaman stated "Having considered all options to improve the Bank’s position in credit card business, Vakifbank chose to team up with Yapi Kredi within the context of World Credit Card programme. With this cooperation, we aim to triple the credit card volume in two years time."

Yours sincerely,

Vakifbank

25.07.2008 Vakifbank Conference Call -1H2008 earnings results- on 14.08.2008

You are kindly invited to participate in a conference call on Thursday, August 14 at 18:00 PM Turkish time (16 PM UK time, 11 AM ET) following the announcement of 1H 2008 financial results. The event will be hosted by Mr.Tanju YUKSEL, Assistant General Manager responsible for International Banking and Investor Relations and a Q&A session will follow the presentation.

Either you may dial in +44 207 162 0025 (UK) or +1 334 323 6201 (USA)

follow the link below

https://eventreg1.conferencing.com/webportal3/reg.html?Acc=222055&Conf=159343

Yours sincerely,

Vakifbank

23.07.2008 Syndicated loan agreement signed

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Syndicated loan agreement signed.
Date : 23.07.2008

Vakifbank borrowed USD 750 million syndicated loan

As one of the long established banks in Turkey; Vakifbank, in the process of changing its corporate identity and service understanding, raised USD 750 million through a one-year term loan facility.

The loan, raised by a consortium of 25 banks from 12 countries and consisting of USD and EURO tranches, has an all in cost of Libor+%0,77 and Euribor+%0,77 for USD and EURO tranches respectively.

Vakifbank's CEO Mr. Bilal KARAMAN stated "Despite the ongoing financial turmoil in global markets; we, as Vakifbank, raised USD 750 million. The roll-over of USD 700 million syndicated loan in 2007 with an increase of USD 50 million with participation of 25 banks from 12 countries is an indicator of continuing trust to potential and bright prospects of both Turkey and Vakifbank. We will increase our support to industry with this new loan secured for pre-export finance and contribute Turkish exports especially through SMEs."

10.09.2008 New Corporate Identity of Vakifbank

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : New Corporate Identity of Vakifbank
Date : 10.09.2008

Vakifbank changed its corporate identity, here is the new Vakifbank!

As one of the most long standing banks in Turkey, Vakifbank changed its corporate identity and service concept radically.

Vakifbank's CEO Mr. Bilal KARAMAN, who implied that Vakifbank had changed from a stagnant structure into a dynamic thought stated;

"Today I'm proud to tell that we achieved difficult goals. My dream was to make Vakifbank one of the most prosperous actors in the modern banking sector. We enjoy the excitement of achieving that."

In the meeting launched for the press members, Mr. Bilal KARAMAN said below in summary;

"Vakifbank is now operating with 394 branches and 102 sub branches, at total 496 points. We plan to establish 350 new branches in three years and reach 846 service points thus

Mr. Karaman emphasized that Vakifbank determined to be in the top three banks in mortgage lending and revealed "Real Estate Agency Loyalty Program" which is one of its kind regarding to the mortgage lending marketing.

Vakifbank starts a new era in the transportation sector in order to increase the services to ease the daily life of its customers. All the Vakifbank debit cards will be able to be used as Transportation Card, a pay-pass card. We will start to furnish that service in İzmir and Adana."

Vakifbank's CEO Mr. Karaman also stated;

"According to the recently announced balance sheets dated 31 March 2008, Vakifbank is number one among the 10 biggest banks in terms of deposit and loan per branch and per employee. Vakifbank's total assets were up by 43% at the end of March 2008, from the end of 2005. Vakifbank's target for 2010 is TRY 82,5 billion total assets with 77% growth. At the end of March 2008, total loans were up by 118% from the end of 2005. Vakifbank‟s target for 2010 is TRY 55 billion with 110% growth. At the end of March 2008 deposit growth was 38% from year end 2005 and our target for 2010 is TRY 60 billion with 88% growth.

Total cost for new corporate identity will reach 15 million USD and technological infrastructure investment reached 65 million USD between 2005 and 2007. We plan to invest an additional 75 million USD on technology between 2008 and 2010. Total cost of our transformation program is projected as 155 million USD over a period of 6 years time."

Yours sincerely,

Vakifbank

28.05.2008 Divident distribution Schedule

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Divident distribution schedule.
Date : 28.05.2008

It is decided on the General Assembly Meeting held on the date 21.03.2008 to distribute 5,688% (0.05688 TRY per 1 TRY share) to shareholders who are full-fledged taxpayers and receive their dividends through an office in Turkey or a regular agent; 4,8345% (0.04835 TRY per 1 TRY share) to shareholders who are full-fledged taxpayer natural persons, shareholders who are exempt from income and corporate tax and foreign based taxpayers, shareholders who are not corporate taxpayers and natural persons who are foreign based taxpayers.

Payments of dividend will start on the date 30.05.2008.

Shareholders will receive dividend in transit regarding the dematerialization by the Central Registry Agency (MKK A.Ş.) in terms of Securities Legislation.

Dividents will be paid to shareholders by all the branches of Vakifbank.

In order to certify the partnership of full-fledged corporations, a copy of Trade Registry Gazette, tax sheet, list of authorized signatures must be certified.

The dividends that the shareholders of Vakifbank’s A, B, C Group will be transferred to their investment accounts on the date 30.05.3008.

Shareholders who have accounts by Central Registry Agency (MKK A.Ş.) will be able to see the amount of their dividends on T+2 date 03.06.2008 regarding the Securities Legislation.

Yours sincerely,

Vakifbank

16.05.2008 Subsidiaries disposal mandate.

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Subsidiaries disposal mandate.
Date : 16.05.2008

Vakifbank decided to give a mandate to JP Morgan Chase to work on the partial or complete disposal of banks share in Güneş Sigorta A.Ş. (Güneş Insurance Company) and Vakif Emeklilik A.Ş. (Vakif Pension Fund) at the board meeting held on the date 15.05.2008.

Further information about the progress of the mentioned sale process will be disclosed.

The board also decided to buy the nominal 620.000 TRY part of the Vakifbank Pension Fund’s shares in Vakif Expertise Company which is %31 of total shares, with a price that is confirmed by an independent auditing firm. The capital of Vakif Expertise Company is 2.000.000 TRY and Vakifbank’s share is %20 with 400.000 TRY in nominal terms. The share of Vakifbank Pension Fund is 1.100.000 TRY nominal with a stake of %55.

Yours sincerely,

Vakifbank

15.05.2008 Vakifbank 1Q 2008 Financials

Vakifbank’s 1Q 2008 net profits are TRY 196,4 million

According to Vakifbank’s 1Q 2008 financials; gross profits are TRY 253 million and net profits after tax & provisions are TRY 196,4 million.

General Manager Bilal Karaman stated;

"Vakifbank continues its growth momentum gained in year 2007 in 2008 as well.

Vakifbank’s total assets were up by % 10 to TRY 46,6 billion, while loan growth was % 11.1 reaching to TRY 26 billion and deposits rose to TRY 32 billion up by % 11, a growth rate outperforming the sector average and resulting in new market shares gained.

While growth in our balance sheet is dominated by loan book expansion, asset quality continues to improve. YTD increases in total cash loans, FX loans in terms of USD and non-cash loans were % 11.1, % 14,9 and % 21.3 respectively; providing Turkish economy with a total of TRY 33.147 million lending both cash and non cash.

With increased product mix and effective utilization of distribution channels; we grew general purpose consumer loans by %10.6 and housing loans by %15.4, which resulted market share gains in retail loans and housing loans to % 9 and % 8.2 respectively.

Due to the one-time gains in 1Q 2007, our net profits were down by % 10 to TRY 196.4 million. However our operating results are strong and revenues continue to increase. Thanks to reduced cost of funding despite new market share gain in deposits and a %18.3 growth in net interest income; NIM was up. Increased cross-sell and strong loan book expansion resulted in a record breaking % 59 increase of net fee & commission income YoY. This hefty increase is a messenger to strong effect of the continuing restructuring efforts for three years period on the revenues. Vakifbank will maintain this growth momentum and will achieve its year end profitability targets.

Adding 25 new branches by end of March 2008, we have now reached to a total of 385 branches. Expanding the branch network further and maintaining our profitable growth, we will continue to create value added for the national economy."

Yours sincerely,

Vakifbank

16.04.2008 Merger of Vakif Leasing and Vakif Leasing

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Merger of Vakif Financial Leasing and Vakif Deniz Financial Leasing
Date : 16.04.2008

Vakifbank’s Board of Directors decided to start the process for the merger of Vakif Leasing which is listed in ISE with code of VAKFN and Vakif Deniz Leasing. Disclosures will be made regarding further developments in the process of merger. You can find the information regarding the ownership structures of two susbsdiaries below.

Vakif Leasing

	Amount (TRY)	Share (%)
Vakifbank	11.742.441,41	58,71
Gunes Insurance	3.129.797,36	15,65
Vakifbank Pension Fund	412.354,09	2,06
Vakifbank Private Pension Fund	207.795,83	1,04
Free Float	4.339.304,36	21,69
Other	168.306.959,00	0,85

Vakif Deniz Leasing

	Amount (TRY)	Share (%)
Vakifbank	17.103.312,32	58,71
Gunes Insurance	2.422.662,46	9,71
Vakifbank Pension Fund	2.282.129,10	9,15
Vakifbank Private Pension Fund	2.418.520,77	9,69
Vakif Financial Leasing	723.375,35	2,9

Yours sincerely,

Vakifbank

09.04.2008 Sale of Vakifbank’s share in Roketsan Roket Sanayi A.S.

Board of Directors decided to start the process for the sale of Vakifbank’s % 10 share in Roketsan Roket Sanayi A.S. which has a nominal value of TRY 14.600.000 to company’s current shareholders or third parties. Disclosures will be made regarding further developments in the process of sale.

Yours sincerely,

Vakifbank

21.03.2008 Vakifbank Annual General Assembly

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Vakifbank Annual General Assembly
Date : 21.03.2008

Turkiye Vakiflar Bankasi T.A.O General Assembly approved the following resolutions at its meeting dated 21.03.2008

1. Independently audited 2007 balance sheet and profit/loss accounts were examined and approved.

2. 2007 financials were examined and the Members of the Board of Directors and auditors were discharged seperately regarding 2007 financials.

3. Gross TRY 142.200.000 from year 2007 profits of TRY 1.030.700.529,55 will be paid as dividend to the shareholders in accordance with title 9 of our Bank Act and title 84 of Articles of Association until 31.05.2008.

4. Dividend pay-out policy for 2008 and thereafter is as follows: In accordance with the legal framework; following the deduction of deferred tax asset income not subject to dividend distribution, the remaining balance of profit after the application of a,b,c articles of title 84 of Articles of Association, with the proposal from General Management and approval by the Board of Directors, will be distributed as dividend after considering the CAR, economic conditions and future expectations in a way not against the regulations of the CMB and BRSA.

5. The assignments of Mehmet Çekinmez and Serdar Tunçbilek as the Member of Board of Directors for places which became vacant during the year were approved.

6. Yusuf Beyazıt, Hasan Özer, Cem Demirağ, Erkan Topal, Serdar Tunçbilek and Mehmet Çekinmez, current members of the Board of Directors will serve their remaining one year. Sabahattin Birdal was assigned as the Member of Board of Directors and will succeed Serdar Toraman to serve remaining one year.

7. In accordance with the title 43 of Bank’s Articles of Association; Ahmet Tanyolaç and Faruk Eroğlu were elected as Supervisory Board Members representing Class A and C respectively while Aydın Seçkin and Fahrettin Bayraktar were elected for Reserve Supervisory Board memberships, representing Class A and C respectively.

8. The compensation of the Chairman and Members of the Board of Directors and auditors was decided to continue in compliance with ongoing regulations, rising by a ratio equal to percentage increase in personnel remuneration.

9. The renewal of agreement with KPMG for the independent audit of 2008 financials was approved.

10. Changes made in Personnel Regulations were approved.

11. The General Assembly was informed regarding the donations made in year 2007.

Yours sincerely,

Vakifbank

29.02.2008 Vakifbank 2007 YE Financials

To : Investor Community
From : Vakifbank
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Vakifbank 2007 YE Financials
Date : 29.02.2008

VakıfBank’s net profits are up by % 35 to TRY 1.031 million in 2007.

Vakifbank, according to 2007 year end financials, increased its gross profit to TRY 1.627 million while net profit after tax & provisions for the same period reached TRY 1.031 million, up by % 35,3 YoY.

Vakifbank’s total assets rose to TRY 42,4 billion while loan growth was % 30 reaching to TRY 23,5 and total deposits up by % 16 to TRY 28,9 billion.Thanks to higher profitability, ROAA increased to % 2,6 from % 2,2 in 2006 and ROAE was up from % 17,3 to % 21,3 for the same period.

General Manager Bilal Karaman stated ‘’ Vakifbank, in parallel to its profitable growth strategy, outperformed the expectations for year 2007.

Thanks to our focus on real banking operations; while the loans to deposits rose to % 81,3 in 2007 from %72,6 in 2006 and the ratio of loan to total assets was % 55,3 up from % 48,9 in 2006, securities were down to %25,9 of the total assets from % 28,3 in 2006.

With the momentum of the new retail loans offered, general purpose consumer loans were up by % 61 YoY and % 20 QoQ while housing loans were up by % 26 YoY and %10 QoQ. Starting to reap the benefits of ongoing restructuring program and rapid loan growth, Vakifbank registered a % 25 growth in net fee and commission income reaching TRY 360,5 million.

Vakifbank projects a % 30 loan growth in 2008 thanks to its loans to deposits of % 81, giving ample room for growth. The momentum gained in 4Q 2007 keeps its pace and we foresee market share gains in retail and SME segments with added value from new branch openings. Having restructured its Corporate & Commercial banking businesses, the bank will gain market shares in lending to such as well as foreign trade business that comes with it.

The bank opened 49 branches in 2007 and closed the year with 360 branches. In the first two months of 2008, opened another 25 to reach 385. The bank will continue its branch expansion strategy in 2008. Furthermore, operating expenses were only up by %4,65 despite fast branch expansion, proving the efficiency & savings achieved from the restructuring program.

20.02.2008 News regarding the Foundation Act under discussion in parliament

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : News regarding the Foundation Act under discussion in parliament
Date : 20.02.2008

There have been news on daily papers regarding 2nd clause of Article 28 of No.5555 Foundations Act, which has not come into effect yet but is under discussion in Turkish Parliament. The above mentioned regulation states that enterprises and subsdiaries with more than 50 % of its capital owned by recorded foundations, will transfer 10 % of its corporate tax base to the General Directorate of Foundations (GDF) for use in the restoration of cultural properties under the management of recorded foundations which lack necessary funds for this purpose.

In this context, Vakifbank’s ownersip structure is as follows:

Group	Shareholder	Amount of the share (Nominal)	Share (%)
A	Recorded foundations represented and administered by GDF	1.075.058.639,56	43,0023
B	Affiliated Foundations	386.224.784,72	15,4490
B	Other Affiliated Foundations	4.681.052,45	0,1872
C	Vakifbank Pension Fund	402.552.666,42	16,1021
C	Other Real and Legal Persons	1.886.448,60	0,0755
D	Free Float	629.596.408,24	25,1839
Total		2.500.000.000,00

As it is seen from the table above, the share of recorded foundations in our Bank accounts for only % 43,0023 of the total.

In brief, the above mentioned regulation will not affect Vakifbank in any way whatsoever.

Yours sincerely,

VakifBank

11.02.2008 Annual General Assembly

To : Investor Community
From : Vakifbank – Investor Relations
Tel :(90-212) 316 7120
Fax :(90-212) 316 7126
e-mail : investor.relations@vakifbank.com.tr
Subject : Annual General Assembly
Date : 11.02.2008

Vakifbank’s Annual General Assembly for 2007 will take place on March 21st, 2008 at 2 p.m in the conference hall at Headquarters which is located on Ataturk Avenue, No:207 Kavaklidere/ ANKARA. A copy of the agenda is written below.

Shareholders not be able to attend in person can be represented by proxy holder. Any shareholder who has 10 shares or any proxy holder who represents this amount of shares will have one vote.

The Agenda of General Assembly on March 21, 2008:

1. Opening and the formation of presidency council.
2. Authorization of the President and vote collectors for the signing of General Assembly Minutes.
3. Readings and consultation of reports by Board of Directors, Auditors, Superior Supervisory Board on 2007 financials.
4. Reading, consultation and approval of independent auditor financial reports for year 2007 in regards.
5. Discharge of the Members of the Board of Directors and the Auditors regarding the 2007 financials.
6. The acceptance or decline of the dividend distribution proposal by the Board of Directors.
7. Presentation of dividend policy for year 2008 and thereafter to General Assembly.
8. Approval of assignments to the Board of Directors for places which became vacant during the year.
9. The renewal of elections for the Board of Directors.
10. The renewal of elections for the Auditors.
11. Determination on the compensation of the Chairman, the Board of Directors and the Auditors.
12. Approval of the external audit firm election by General Assembly.
13. Submission of changes made in Personnel Regulations to the approval of General Assembly.
14. Presentation of donations made during the year to the shareholders.

Yours sincerely,

VakifBank

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