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 : 24.11.2008

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% Vakýf Finansal Kiralama A.Þ., 0.05% Vakýf Deniz Finansal Kiralama A.Þ. and 0.05% Güneþ Sigorta A.Þ. shares in Vakýf Giriþim Sermayesi Yatýrým Ortaklýðý A.Þ. (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.

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

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

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 Ulaþým 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

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 Vakýf Giriþim Sermayesi Yatýrým Ortaklýðý A.Þ (Vakif Venture Capital Investment) to Multinet Kurumsal Hizmetler A.Þ; and the sale of 0.15% Vakýf Finansal Kiralama A.Þ (0.05% Group B), Vakýf Deniz Finansal Kiralama A.Þ (0.05% Group B) and Güneþ Sigorta A.Þ (0.05% Group B) to CFK Kurumsal Danýþmanlýk A.Þ. 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

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 Güneþ Sigorta A.Þ. (Güneþ Insurance Company) and Vakif Emeklilik A.Þ. (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.

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

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 YTL, marking the growth potential in YTL 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

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

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 -1H2008 earnings results- on 14.08.2008.
Date : 25.07.2008

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)

or

follow the link below

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

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

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."

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 Ýzmir 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

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.Þ.) 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.Þ.) will be able to see the amount of their dividends on T+2 date 03.06.2008 regarding the Securities Legislation.

Yours sincerely,

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 : 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 Güneþ Sigorta A.Þ. (Güneþ Insurance Company) and Vakif Emeklilik A.Þ. (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

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 1Q 2008 Financials
Date : 15.05.2008

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

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

Vakif Deniz Leasing

Yours sincerely,

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

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

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 Beyazýt, Hasan Özer, Cem Demirað, 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 Eroðlu were elected as Supervisory Board Members representing Class A and C respectively while Aydýn 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

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

Vakýfbank’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.

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:

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

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

     VakifBank rolled over its one year maturity USD 375 million tranche of the USD 700 million syndicated loan borrowed in December 2006 by raising the same amount from a consortium of 23 banks. The loan has an interest of Libor+ %0.25.

     VakifBank General Manager Bilal Karaman stated ‘’ Volatility, intensifying and turning into a crisis in international markets, caused liquidity narrowing in debt markets. Foreign banks became overcautious in lending, due to the unexpected huge losses related to their mortgage portfolios. Under these circumstances, Vakifbank managed to roll over USD 375 million tranche with the lowest possible price. This confirms the ongoing trust to Turkey and VakifBank . We will use the syndicated loan for our customers pre-export finance needs.’’

     VakifBank, according to the financials for the period January 1-September 30 2007, increased its gross profit to TRY 1.252 million. The bank's net profit after tax & provisions for the same period reached TRY 809 million, up by %46 YoY and % 27 QoQ.VakifBank's total assets rose to TRY 40 billion, ROA was %3,3. ROAE was up from %19,65 in 3Q06 to %27,6 in 3Q07.

     General Manager Bilal Karaman stated " Thanks to the rapid loan growth and drop in the cost of deposits in the third quarter, VakifBank's 3Q 2007 net profit reached TRY 809, up by %46 YoY. Net fee & commision income with a %13 increase YoY has been one of the drivers of increased profitability.

     At the end of 3Q 2007, total loan portfolio was up by %15,5 YTD, while TRY loans were up by a stronger %22,5 YTD. Thus the rations of loan to total assets and loan to deposits were up to %52 and %77 repectively.General purpose consumer and housing loans were the two main performers with %35 and %14 growth respectively.

     VakifBank opened 33 new branches this year. By reaching 385 branches at the end 2007 we are aiming to pursue the loan growth strategy especially in consumer and SME loans."

     Vakifbank, in order to implement its growth strategy by way of co-branding with one of the existing credit card brands, has chosen to team-up with Yapi Kredi Bank within the context of World Credit Card Programme.

     Vakifbank's Board of Directors has authorized its General Manager to proceed and complete the signing of the final agreement.

     Vakifbank, according to the financials for the period January 1 – June 30 2007, increased its gross profit to TRY 797 million. The bank’s net profit after tax & provisions for the same period reached TRY 479 million, an increase of % 32 YoY and % 18,5 QoQ. While Vakifbank’s total assets rose to TRY 39,2 billion; ROA was %2,7. ROAE increased to %23,4 compared to %17,3 at the end of year 2006.

    General manager Bilal Karaman stated ‘’ Vakifbank, in 2Q of 2007, raised its net interest income to TRY 790 million, total operating income to TRY 1.256 million and gross profit before tax & provisions to TRY 797 million with increases of %9, %19, %23 YoY respectively. Accordingly, our Bank’s net profit in 1H 2007 reached TRY 479 million, an increase of %32 YoY.

    Vakifbank’s loan portfolio grew by %17 compared to same period in previous year, reaching TRY 18,9 billion. Thanks to %13 increase YTD in TRY loans, the ratios of loan to total assets and loan to deposits were %48,1 and %73 respectively. While highest growth rate came in retail loans with %12, general purpose consumer loans was the best performer in retail loans with an increase of %22.

   At the end of 1H 2007, thanks to %12 YTD increase in TRY deposits, our total deposits were up by %14 YoY reaching TRY 25,8 billion.

   With 11 branches opened in 1H 2007, we will continue to pursue our growth strategy in Consumer & SME businesses with another 60 branches opened up by end of the year.’’

     Vakifbank raised USD 700 million through a one-year term loan facility from international debt markets for pre-export finance. The loan was oversubscribed by USD 140 million, total demand reaching USD 840 million. However, Vakifbank, in line with its needs, preferred to draw USD 700 million.

    Raised by 29 banks of 13 countries, the loan has an all in cost of Libor + % 0.475.

    Abn Amro, American Express Bank Ltd, The Bank of New York, The Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ Ltd., BayernLB, Citibank N.A., Commerzbank Aktiengesellschaft, Depfa Bank Plc, Deutsche Bank AG, Dresdner Kleinwort, DZ Bank AG, Fortis Bank S.A./N.V., The Governor and Company of the Bank of Ireland, ING Bank N.V., J.P. Morgan Plc, Mashreqbank PSC, Natixis, Unicredit Group, Wachovia Bank N.A. and WestLB AG were the Mandated Lead Arrangers; other arrangers were Barclays Bank Plc, BHF-Bank AG, HSH Nordbank AG, Intesa San Paola SpA, The Saudi National Commercial Bank, Dexia Bank Belgium SA, Habib Bank AG Zurich and UBS AG.’’

   The loan agreement was signed on July 12, 2007 in Istanbul with the attendance of Vakifbank General Manager Bilal Karaman and senior representatives of creditor institutions.

   Vakifbank General Manager Bilal Karaman stated "Vakifbank will increase its support to the real sector with this new loan secured for pre-export finance. We will contribute to the competitiveness of the real sector and therefore to the Turkish Exports especially through SMEs. A total of USD 840 million demand from international markets for the loan during a period of parliamentary and presidential elections, was obtained with the lowest possible price paid to such facilities, confirms the trust in Turkey and Vakifbank."

     Vakifbank reached an agreement with IBM on Customer Oriented Transformation Project Vakifbank, continuing its innovational practices with investments in technological infrastructure, in parallel to its Customer Oriented Banking understanding, shook hands with IBM for the transformation project. Within the context of the agreement which will be valid for two years and cost approximately USD 25 million, IBM will provide Vakifbank with services of front office, CRM, MIS (Customer Relations Management, Management Information Systems) and Data Warehouse Solutions and will set up software and hardware for these. Vakifbank’s customer oriented transformation project includes very basic changes and implementations at the branches, which are the most extensively used distribution channel. This project aims to improve Vakifbank’s relations with its corporate, commercial and retail clients, increase its performance in gaining new customers, ensure faster and higher quality services oriented to the needs of different customer segments.

    IBM, integrating Oracle Siebel products, will be responsible for tailoring these products to the needs of Vakifbank and enable improvements in business processes at all points where Vakifbank is in touch with its customers. Additionally, IBM will provide the middleware and hardware necessary for the integration.

    Regarding the agreement, Vakifbank General Manager Bilal Karaman stated: “Banks, operating under global competition, have to follow the technological developments closely. To sustain competitiveness and growth in the sector seems possible only through investments in technological infrastructure. The transformation process in our bank, continuing for two years is customer oriented restructuring projects. With investments made in our technological infrastructure, we aim to provide the fastest solutions to the customer, respond to rising customer expectations faster and more effectively as well as with an innovational broad service understanding, in line with our customer satisfaction oriented service understanding. Our cooperation with IBM is a part of this process. As a result of this investment, we will also access the database and reporting standards which are necessary for Vakifbank’s roadmap in transition to Basel II regarding the credit, market and operational risk management. Estimated cost of the restructuring project which started in 2005 and the technological infrastructure and equipment investments in the context of this project is close to USD 200 million. Vakifbank, developing growth oriented projects and putting these into practice in recent years, will continue to undertake more important projects."

    IBM Turk General Manager Eray Yüksek stated: “We are proud to be with Vakifbank in this very important project per our mission to lead the technological development of the Turkish Banking Industry. Thanks to our presence in Turkish financial sector for 70 years and our experience from countless global transformation projects, we are starting a long-term partnership with Vakifbank. It is widely accepted that one of the most important success criteria in banking over the next 20 years will be customer orientation. Transferring our global expertise to all platforms where Vakifbank is in touch with its customers, we will carry our customer to a more competitive position.’’

Arranged under the leadership of ABN Amro Bank NV, Citibank N.A. and ING Bank N.V., transaction has one tranche of USD 150 million with 8-year maturity and two transactions USD 350 million with 10 year-maturity.

While tranche of USD 150 million with 8 year maturity and USD 150 million with 10 year maturity were rated by Moody’s and S&P as Baa2 and BBB-, respectively; tranche of USD 200 million with 10 year maturity, wrapped by MBIA and was rated as AAA.

Accordingly, Vakifbank, including the transaction of USD 915 million executed in 2006, has a long-run funding of USD 1,415 million.