Subsidiaries

The Bank conducts its operations both domestically and internationally, through its branches and through its subsidiaries and affiliate companies. Twenty-three of VakıfBank’s subsidiaries operate 4 in banking, 2 in insurance and 7 in other financial lines of business and ten are non-financial companies. The following are VakifBank’s principle subsidiaries and affiliates (with ownership percentages expressed in this section reflecting ownership by members of VakifBank’s group):

FINANCIAL SUBSIDIARIES AND AFFILIATES

VakıfBank International AG.

VakıfBank International AG was established in 1999 to increase VakıfBank’s international operations in line with its strategy to expand abroad. VakıfBank controls a 90% stake in the Company’s capital of EUR 70 million.

Kıbrıs Vakıflar Bankası Ltd.

In 1989, VakıfBank particapated in Kıbrıs Vakıflar Bankası, which was established in Turkish Republic of Northern Cyprus in 1982 by the Directorate of Cyprus Foundations. Vakıflar Bankası Ltd. Owns a 15% stake in Kıbrıs Vakıflar Bankası Ltfd., which has a capital of TL 70 million.

Türkiye Sınai Kalkınma Bankası A.Ş.

Established in 1950, Türkiye Sınai Kalkınma Bankası A.Ş. provides long-term funds for medium and large scale investment projects, engages in investment banking activities, and offers corporate finance services. VakıfBank owns an 8.38% stake in the Bank’s share capital of TL 2.400 million.

İstanbul Takas ve Saklama Bankası A.Ş.

İstanbul Takas ve Saklama Bankası A.Ş. (Takasbank) is engaged in clearing and custody services as well as investment banking services. VakıfBank owns a 4.37% stake in the Bank’s share capital of TL 600 million.

Güneş Sigorta A.Ş.

Güneş Sigorta is a general (nonlife) insurer originally established in 1957 under VakıfBank’s direction. VakıfBank owns a 48,02% stake in the Company’s share capital of TL 270 million.

Vakıf Emeklilik ve Hayat A.Ş.

Vakıf Emeklilik ve Hayat A.Ş. was established in 1991 as a life insurer. On August 1, 2003, the Company acquired a license to sell private pensions pursuant to Private Pension Saving and Investment System Law No. 4632; on September 5, 2003, the Company received a license to establish private pension funds. VakıfBank owns a 53.90% stake in the Company’s share capital of TL 26.5 million.

Vakıf Finansal Kiralama A.Ş.

Vakıf Finansal Kiralama A.Ş. was founded in 1988 to provide a comprehensive range of leasing services. VakıfBank owns a 58.71% stake in the Company’s share capital of TL 109 million.

Vakıf Menkul Kıymet Yatırım Ortaklığı A.Ş.

Established in 1991 as a publicly held company, Vakıf Menkul Kıymet Yatırım Ortaklığı A.Ş. is an investment trust. It professionally manages the assets of small and individual investors in the stock exchange, facilitates the trading of marketable securities and maximizes the returns of its portfolio by closely monitoring foreign exchange, stock and Money markets. VakıfBank owns an 22.89% stake in the Company’s share capital of TL 20 million.

Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş.

Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş. was founded under the guidance of VakıfBank as the first real estate investment trust in Turkey and with issued capital of TL 250,000. The Company was set up to establish and manage a portfolio of real estate properties and real estate backed capital markets instruments. VakıfBank owns a 38.70% stake in the Company’s share capital of TL 217,5 million.

Vakıf Faktoring A.Ş.

Vakıf Faktoring A.Ş. was established in 1998 to provide factoring services for domestic and international commercial ventures. VakıfBank owns a 78.39% stake in the Company’s share capital of TL 70 million.

Vakıf Yatırım Menkul Değerler A.Ş.

Vakıf Yatırım Menkul Değerler A.Ş. was originally established as Vakıf Yatırım A.Ş. ( Vakıf Investment Inc.) under the direction of VakıfBank to conduct capital market activities in the same year pursuant to the Capital Markets Board’s resolutions dated August 15, 1996 VakıfBank owns a 99% stake in the Company’s share capital of TL 35 million.

In addition to providing brokerage services, Vakıf Yatırım Menkul Değerler A.Ş. performs repurchasing agreements of securities (repo transactions), and provides investment consultancy, and portfolio management and asset management services.

Vakıf Portföy Yönetimi A.Ş.

Vakıf Portföy Yönetimi A.Ş. was established to manage client portfolios consisting of capital markets instruments as the authorized agent under discretionary portfolio management agreements pursuant to the Capital Market Law and other applicable legislation. The Company also provides investment advisory and capital market services. VakıfBank owns a 100.00% stake in the Company’s share capital of TL 12 million.

Kredi Garanti Fonu A.Ş.

Kredi Garanti Fonu A.Ş. was established in 1991 to provide all types of loan guarantees for SMEs, farmers, artisans, craftsmen and the self-employed. VakıfBank participated in the Company in 2009 and owns a 1.54% stake in its share capital of TL 318 million.

NON-FINANCIAL SUBSIDIARIES AND AFFILIATES

Taksim Otelcilik A.Ş.

Taksim Otelcilik A.Ş. was established in 1966 to build, contract out and manage hotels, motels and similar facilities capable of increasing Turkey’s incoming tourism potential. VakıfBank owns a 51% stake in the Company’s share capital of TL 334,25 million.

Vakıf Gayrimenkul Değerleme A.Ş.

Vakıf Gayrimenkul Değerleme A.Ş. was established in 1995 to provide appraisal and evaluation services for all types of real estate properties. VakıfBank owns a 54.29% stake in the Company’s share capital of TL 14 million.

Vakıf Enerji ve Madencilik A.Ş.

Vakıf Enerji ve Madencilik A.Ş. was founded to build electric and heat energy generation facilities, to generate energy at these facilities and to sell the energy it produces within the framework of current laws, regulations and administrative provisions. VakıfBank owns a 65.50% stake in Company’s share capital of TL 85 million.

Vakıf Pazarlama Sanayi ve Ticaret A.Ş.

VakıfBank owns a 69.33% stake in the TL 30.2 million share capital of the Company, which engages in the sale of stationery and computer supplies; sale and maintenance of print, photocopy and fax machines; and sale and design of electronics, electro-mechanical systems, equipment and components.

Roketsan Roket Sanayii ve Ticaret A.Ş.

Roketsan Roket Sanayii ve Ticaret A.Ş. engages in the production, manufacturing and the sale of rocket fuel as well as missiles, rockets and rocket launchers, and their engines. VakıfBank owns a 9.93% stake in the Company’s share of 147 million.

Güçbirliği Holding A.Ş.

GüçBirliği Holding A.Ş. was established in 1995. VakıfBank owns a 0.07% stake in the Company’s share capital of TL 30 million.

İzmir Enternasyonel Otelcilik A.Ş.

İzmir Enternasyonel Otelcilik A.Ş. engages in the contracting out of the building and the management of hotels and commercial centers. VakıfBank owns a 5% stake in the Company’s share capital of TL 120,000.

Kredi Kayıt Bürosu A.Ş. (KKB)

Kredi Kayıt Bürosu A.Ş was established in 1995 to manage the flow of credit information. VakıfBank owns a 9.09% stake in the Company’s share capital of TL 7.4 million.

Bankalararası Kart Merkezi A.Ş.

Bankalararası Kart Merkezi A.Ş. was founded in 1990 to conduct card based payment systems, clearing and provisioning services. VakıfBank owns a 9,70% stake in the Company’s share capital of TL 14 million.

Twenty-three of VakıfBank’s subsidiaries operate 4 in banking, 2 in insurance and 7 in other financial lines of business and ten are non-financial companies.

Tasfiye Halinde World Vakıf UBB Ltd.

Founded in 1993 in the Turkish Republic of Northern Cyprus with capital of USD 500,000 and serves as an international banking unit. VakıfBank owns an 82% stake in World Vakıf UBB Ltd. The Company is in liquidation.