Investor Report related to the Global Covered Bond Programme

IMPORTANT: You must read the following disclaimer before continuing. An electronic version of the Investor Report that you are seeking to access (the “Investor Report”) is being made available on this webpage by Türkiye Vakıflar Bankası T.A.O. (the “Bank”) in accordance with its obligations under Clause 3 of Schedule I to the Security Agency Agreement between the Bank and The Bank of New York Mellon, London Branch, as Security Agent for the Bank’s Global Covered Bond Programme (the “Programme”). Please note that this disclaimer may be altered or updated and so you should ensure that you read it in full each time you visit this webpage and before reading, accessing or making any other use of the accessed document. In accessing the Investor Report, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION OR THE INVESTOR REPORT CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OF AMERICA (WITH ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA, COLLECTIVELY, THE “U.S.”) OR ANY OTHER JURISDICTION. THE COVERED BONDS WITH RESPECT TO WHICH THE INVESTOR REPORT IS REQUIRED TO BE HEREBY PUBLISHED HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR ANY OTHER U.S. JURISDICTION AND SUCH SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S (“REGULATION S”) UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. Access is granted to the Investor Report on the basis that you are a person into whose possession the Investor Report may be lawfully delivered in accordance with the laws or regulations of the jurisdiction in which you are located. The Investor Report (or any part thereof) may not be downloaded or forwarded or distributed to any other person, whether orally or in writing, and may not be reproduced in any manner whatsoever. Any downloading, forwarding, distribution or reproduction of the Investor Report in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

The Investor Report is intended to be distributed only to, and is directed only at: (a) persons who have professional experience in matters relating to investments, falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (b) persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order, and (c) any other persons to whom the Investor Report may otherwise be lawfully communicated. It must not be acted on or relied upon by any other persons.

Before reviewing the Investor Report, you must acknowledge that: (a) you are a person whose ordinary activities involve you in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of your business, (b) you will not offer or sell any securities issued under the Programme other than to persons: (i) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or (ii) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their business, and (c) you have complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 with respect to anything done by you in relation to any securities issued under the Programme in, from or otherwise involving the United Kingdom.

While the Bank has taken all reasonable steps to ensure that the Investor Report is accurate as of the date stated, the Bank excludes to the full extent permitted under applicable laws and regulations any warranties, undertakings or representations that the Investor Report is accurate, current or complete. Except to the extent required by the Programme, neither the Bank nor any other person has any obligation, or has assumed any responsibility, to update the information contained in the Investor Report for facts or events arising after the date of the Investor Report. Any person accessing this website should therefore be aware that the information contained in the Investor Report may be out of date.

A review of the Investor Report is not a substitute for a detailed review of the information contained in the Programme’s base prospectus, as the same may be updated, amended and/or supplemented from time to time. Potential investors in the securities issued under the Programme are required and advised by the Bank to read in full the Programme’s base prospectus, and are reminded that the contents thereof will be updated, amended and/or supplemented from time to time to take account of (among other things) further publicly available information about the Bank.

The Bank acts neither as an adviser to, nor owes any fiduciary duty to, any person accessing the Investor Report. Neither the Bank nor any of its affiliates, agents or representatives makes any representation regarding the possible legal, regulatory, accounting or tax consequences of any investment in the securities issued under the Programme and should make such other investigations as it deems necessary. Any potential investor should also consult its own legal, tax, and other professional advisers prior to making any investment decision. The information contained in the Investor Report does not constitute investment advice.

Some statements in the Investor Report may be deemed to be forward-looking statements. Forward-looking statements include (without limitation) statements concerning the Bank’s plans, objectives, goals, strategies, future operations and performance and the assumptions underlying these forward-looking statements. The words “anticipates," “estimates,” “expects,” “believes,” “intends,” “plans,” “aims,” “seeks,” “may,” “might,” “will,” “should” and any similar expressions generally identify forward-looking statements. These forward-looking statements might include, but are not limited to, statements regarding: strategy and objectives, trends affecting the Bank’s results of operations and financial condition, asset portfolios, loan loss reserves and the Bank’s potential exposure to market risk and other risk factors. Forward-looking statements involve risks, uncertainties and assumptions. You should not place undue reliance upon any forward-looking statements.

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