Investor PresentationInvestor Presentation

TAS Bank Only ResultsTAS Bank Only Results3rd Quarter 2007November 2007November, 2007

11

Hi tHistoryHistory

Established in April 1954 under the special law “Türkiye Vakıflar Bankasi Türk Anonim OrtaklığıKanunu” to manage cash derived from revenues and expenditures of charitable organisations set up during the Ottoman Empire period, conducting banking activities with branch offices in p g p p , g gAnkara, Istanbul and IzmirAnkara, Istanbul and IzmirIn 1957 made its first venture towards broadening its sevices by establishing Güneş InsuranceIn 1957, made its first venture towards broadening its sevices by establishing Güneş Insurance CCompanyOver the next 20 years continued to expand its geographic presence in Turkey reaching 206 y p g g p p y gbranches by 1977ySince the early 1990s Vakifbank has increased the scope of its retail banking and diversifiedSince the early 1990s, Vakifbank has increased the scope of its retail banking and diversified its loan portfolio by including equipment financing enterprise loans auto loans mortgageits loan portfolio by including equipment financing, enterprise loans, auto loans, mortgage l d dit d I 2000 V kifb k b ff i i t t b ki iloans, and credit cards. In 2000, Vakifbank began offering internet banking servicesVakifbank is now a full service commercial and retail bank headquartered in Ankara, providing q , p gretail, commercial and investment banking services through a network of 329 branches, 112retail, commercial and investment banking services through a network of 329 branches, 112 satellite branches and five mobile branches covering 81 Turkish citiessatellite branches and five mobile branches, covering 81 Turkish citiesI t ti ll V kifb k h b idi i i A t i ( hi h t b h i F kf t dInternationally, Vakifbank has subsidiaries in Austria (which operates a branch in Frankfurt and a branch in Köln) and the Turkish Republic of Northern Cyprus and two branches in New York and Bahrain.

22

F ll i f l IPO i N b 2005Following successful IPO in November 2005, c. g ,25% of Vakifbank of is now listed25% of Vakifbank of is now listed

M i Sh h ldMain Shareholders G l Di t t f F d ti

Ownership structureGeneral Directorate of Foundations Th GDF f d ti i 58 45% f th hThe GDF manages foundations owning 58.45% of the sharesin the Bank (43 0% in the form of Class A shares and 15 45%

General Di t tFree floatin the Bank (43.0% in the form of Class A shares and 15.45%

in the form of Class B shares). The GDF was established inDirectorate

of FoundationsFree float25 18%)

1924 to administer and regulate existing and future Turkish of Foundations58 45%

25,18%

charitable foundations as a state entity directly reporting to thePrime Minister

58,45%Prime Minister.Non Affiliated FoundationsNon-Affiliated Foundations The non affiliated foundations are independent foundations

Other0 27%The non-affiliated foundations are independent foundations

with separate boards of trustees They currently hold Class B0,27%

with separate boards of trustees. They currently hold Class Bshares, constituting 0.19% of the Bank’s equity.g q yVakifbank Pension Fund VakifBank

E lThe Vakifbank Pension Fund has a 16.10% stake in the Employee Pension fundBank’s capital as a Class C shareholder. The Bank’s

l t ib t t th V kifb k P i F dPension fund

16 10%employees contribute to the Vakifbank Pension Fund asopposed to the mandatory social security coverage provided

16,10%opposed to the mandatory social security coverage providedby the state Social Insurance Institution.by e s a e Soc a su a ce s u oOther Shareholders The other shareholders consist of individual or legal entitiesgthat together own 0.08% of the Bank’s equity as Class CSh h ldShareholders.F Fl tFree Float P bli d ti d i t ti l h h ldPublic domestic and international shareholders.

33

Vakıfbank: An Overview of 3Q 2007 resultsVakıfbank: An Overview of 3Q 2007 results

YTL mn USD mn QoQ GrowthYoY Growth YTD GrowthUSD=1.2100 YTL

Total Assets 40.081,45 33.125,17 15,0% 2,3% 8,7%, , , , ,

Total Loans 20 832 51 17 216 95 27 0% 10 5% 15 5%Total Loans 20.832,51 17.216,95 27,0% 10,5% 15,5%

S iti 11 463 83 9 474 24 17 9% 3 6% 9 9%Securities 11.463,83 9.474.24 17,9% 3,6% 9,9%

Total Deposits 26.936,30 22.261,41 15,5% 4,3% 8,4%

Shareholders’ Equity 4.992,9 4.126,3 20,9% 8,7% 11,9%Shareholders Equity 4.992,9 4.126,3 20,9% 8,7% 11,9%

Net Interest Income 1 224 6 1 012 1 10 4% 13 7%Net Interest Income 1.224,6 1.012,1 10,4% 13,7%

Operating Income 1.971,2 1.629,1 28,0% 16,3%

Net Income 808,7 668,3 45,5% 27,2%, , , ,

Branch Network 329Branch Network 329

C N b O 7 2 illiCustomer Number Over 7.2 million

44

V kifB k i k t l d ti l l iVakifBank is a market leader, particularly inVakifBank is a market leader, particularly in t il d SME firetail and SME financeretail and SME finance

Total market share (%) (30.09.2007)Total market share (%) (30.09.2007)

28,0%

21 9%21,9%

13 0%8 1% 9,8% 8 3% 8 2%

13,0%10,5%

8,1% ,

4 6%8,3% 8,2%

4 2% 5,5%4,6%2,3% 4,2% ,

Total Payroll YTL Mutual Total Retail Credit Card Com Inst ATMs Branches Debit Card Credit CardTotal Deposits

Payroll YTL deposits

Mutual funds

Total Loans

Retail loans**

Credit Card Com. Inst. Loans

ATMs Branches Debit Card #

Credit Card #

D it / F di C dit Di t ib tiDeposits / Funding Credits Distribution

Source: BRSA weekly reports, Capital Markets Board* VakıfBank estimates** Includes home, auto and other. Credit card loans, overdrafts not included, ,

55

Yi ld L & C t f F diYield on Loans & Cost of FundingYield on Loans & Cost of Funding

Further move toward higher margin loans in YTL.Further move toward higher margin loans in YTL.D i t f YTL d itDecreasing cost of YTL deposits.

Yield on loans&securities Spreads NIM

2Q07 3Q07 2Q07 3Q07 2Q07 3Q072Q07 3Q07 2Q07 3Q07 2Q07 3Q07

YTL Loans 20,26% 19,83% YTL Loans 5,27% 5,04% 4,48% 4,89%

FX Loans 6,90% 6,59% FX Loans 2,92% 2,87%, , , ,

YTL Securities 17,56% 17,85% YTL Securities 2,57% 3,06%

FX Securities 6,45% 7,16% FX Securities 2,47% 3,44%

Cost of depositsCost of deposits

YTL Deposits 14 99% 14 79%YTL Deposits 14,99% 14,79%

FX Deposits 3 98% 3 72%6

FX Deposits 3,98% 3,72%6

Di ifi ti f t i t dDiversification of asset mix towardsDiversification of asset mix towards i t t i tinterest-earning assetsinterest earning assets

Breakdown of assets (YTLbn) Interest earning assets (YTLbn)Other Fixed assetsOther Fixed assetsLoans SecuritiesInterbank Cash and central bankInterbank Cash and central bank

L S iti I t b k40.1

0 90 40,6 Loans Securities Interbank36.9

0 90,9

1,00,4

36.434.9

0,90,9, 36.4

32 420 8

30.132.4

16,418,0 20,8

16,4

18 020,8

16,4 18,0

10 4 11 59,7 10,4 11,5

9 7 10 4 11 54 0 3 9

9,7 10,4 11,5

2 3 2,8 1 64,0 3,9 4,2 4,0 3,9 4,22,3 2,8 1,6

3Q06 2006 3Q07

, , ,3Q06 2006 3Q073Q06 2006 3Q07 3Q06 2006 3Q07

Strong growth in interest earning assets increased by 21% YoY 5 4% QoQ driven by rapidStrong growth in interest earning assets – increased by 21% YoY, 5.4% QoQ- driven by rapid expansion of loan portfolioexpansion of loan portfolioContinued diversification away from securities–from 34.8% of total assets in 2005 to 28.6% in

73Q07

7

E i f l tf li ti dExpansion of loan portfolio continued…Expansion of loan portfolio continued…Loans (YTLmm) Comments( )

L tf li i t d 27 0%20 83318 043

Loan portfolio registered 27.0%i Y Y

20.833

16.40718.043 increase YoY

YTL loans grew by 40 6% while FXYTL 10 777 YTL; 12.366

YTL; 15.156 YTL loans grew by 40.6% while FX loans increased by 0 8% YoY due to

72.8%YTL; 10.777 YTL; 12.366 loans increased by 0.8% YoY due to

currency depreciationcurrency depreciation

FX 5 630 FX 5 677 FX 5 677 27 2%FX; 5.630 FX; 5.677 FX; 5.677 27.2%

3Q06 2006 3Q073Q06 2006 3Q07

L /A t (%)Loan/Deposit (%) Loan/Asset (%)Loan/Deposit (%)

47 1% 48 9% 52 0%70,4% 72,6% 77,3%47,1% 48,9% 52,0%,

3Q06 2006 3Q073Q06 2006 3Q07

88

ith t f t il d SME…with strong focus on retail and SME…with strong focus on retail and SMEl dilending…lending…

Breakdown of loans by sector Commentsy

3Q06 Good position in traditionally 3Q06 3Q07A t Gen Pur strong regions of central and

t T kOverdraftAuto1,4%

Gen. Pur.Consumer

10 6%Overdraft

2 5%Auto0 7%

Gen. Pur.Consumer eastern Turkey Overdraft

2,6%10,6%

Credit card

2,5% 0,7%11,8%

• Selective expansion in Credit card3 9%

Credit card2,7%

Istanbul region 3,9%

To strengthen its retail f f 689

CommercialMortgages CommercialMortgagesfranchise, VakifBank has 689SME tf li 462

49,9%Mortgages

11,6%Commercial

52,6%

g g10,9%

SME portfolio managers, 462retail portfolio managers andretail portfolio managers and 411 marketing associates as ofSME 411 marketing associates as of 3Q07SME

20 0%

SME18,7% 3Q07

As a result of these20,0%

As a result of these initiatives, cross-selling ratio , gfor SME portfolio managers is Guarantees and Commitments (million YTL) p g2.50x and for retail portfolio Guarantees and Commitments (million YTL)managers is 2.32x as of 3Q07Sustainable growth rate of off-

5.746 5 381 balance sheet5.7464.872 5.381

3 0004.024

2.920 3.000

3Q06 2006 3Q073Q06 2006 3Q07

9Guaratees Commitments

9

d i ti l hi h i d t…and in particular on high margin products…and in particular on high margin productsR t il SME d COMM l (YTL ) Loan growths by product inRetail, SME and COMM. loans (YTLmm) Loan growths by product in

3Q07 (%)Other Auto Overdraft Credit cards 3Q07 (%)Mortgages * SME Commercial YoY QoQ YTD

20,833 Home Loans 20% 6% 14%18 043 Gen Pur Consumer

150

2.46518,043

16 406

Gen. Pur. Consumer Loans 42% 10% 35%

568517 1501.829

16,406 Loans 42% 10% 35%

2.278642

458 2211.732

1 994640

642422 232

1.732

Auto Loans -35% -13% -32%3.8901.905

1.994640 Auto Loans 35% 13% 32%

T t l R t il L 26% 8% 21%3.5721.905 Total Retail Loans 26% 8% 21%

3.287

C C % % %Credit Cards -11% -3% -11%

9 32810.964

8.189 9.328

Overdraft 23% 5% 13%

3Q06 2006 3Q073Q06 2006 3Q07 SME Loans 18% 4% 9%

Com.&Cor. Loans 34% 15% 18%

10*:Includes Housing Loans+TOKI.

10Total Loans 27% 10% 15%

St d i t i t litSteady improvement in asset qualitySteady improvement in asset quality

Gross NPLs as % of gross loans Commentsg

Despite expansion of the p ploan portfolio, NPLs -0.9p.p. pcontinued to decrease

6,1% 5 3% 5 2% reaching 5.15% of total 5,3% 5,2% ggross loan portfolio in g p3Q07 compared to 6.1% in Q p3Q06

3Q06 2006 3Q073Q06Since 2003 loan lossSince 2003, loan loss

i i 100% fprovisions cover 100% of NPLG NPL d i i (YTL ) NPLsGross NPLs and provisions (YTLmm)

1 069 596 1 131 1581 069 596 1 131 1581.069.596 1.002.047 1.131.1581.069.596 1.002.047 1.131.158

3Q06 2006 3Q07

Gross NPLs Provisions

1111

S iti tf li l tiSecurities portfolio evolutionSecurities portfolio evolution

CommentsSecurities (YTLmm)( )Securities held to maturity Portfolio available for sale Trading securities portfolio

11 464 The securities portfolio 1116

y g

9 72611,464

10,432 9 7% pincreased by 17.9% YoY, -46 48 11169,726 , 9.7%0.5%0.5% y % ,3.6% QoQ and its share in86 8%95 0% 3.6% QoQ and its share in total assets continued to9 212 9 906 9 952

94.7%86.8%95.0%

total assets continued to decline from 34 8% in

9.212 9.906 9.952

decline—from 34.8% in 2005 t 28 6% i 3Q07

3.5%2005 to 28.6% in 3Q07469 480 396

4.8% 4.6%

Portfolio of securities3Q06 2006 3Q07 Portfolio of securities available for sale stood atavailable for sale stood at 86 8% of total securitiesSecurity portfolio breakdown by interest 3Q07 86.8% of total securities

tf li i 3Q07Security portfolio breakdown by interest 3Q07

portfolio in 3Q07YTL FX

For the 3Q07; averageYTL FX

For the 3Q07; average yield on YTL securityyield on YTL security portfolio is 18 3% and

Floatingportfolio is 18.3% and

i ld FXFloating 41,5% average yield on FX Floating

49 1% ,security portfolio is 7.0%Fixed 49,1%

Fixed50,9%58,5%

1212

Growth supported by strong&stable depositGrowth supported by strong&stable deposit franchise with ample room for further growthfranchise with ample room for further growth

Breakdown of liabilities&shareholders equity (YTLbn) Commentsq y ( )

& %Other Shareholders equity Provisions Deposits

Total liabilities&shareholders equity grew by 15% YoY and 2 3% QoQ driven by increase in external

40 1Other Shareholders equity Provisions Deposits YoY and 2.3% QoQ, driven by increase in external

funding and continued expansion of deposit base

2 936 940,1 funding and continued expansion of deposit base

External Borrowings decreased by 2 4% YoY due to2,936,9 External Borrowings decreased by 2,4% YoY, due to currency depreciation effect in 3Q0734 9

4 92 02,2

currency depreciation effect in 3Q07Deposits posted a 15 5% growth YoY and12.2%

34,9

0,44,54,92,0 Deposits posted a 15.5% growth YoY and

accounted for 67% of total liabilities and12.2%

12.2%

4,70 40,4

,4,1

, accounted for 67% of total liabilities and shareholders’ equity11.7%

11 7%

4 95

,0,4 q y13.5%

11.7%

4,9 Loans and deposits (YTLbn)14.0%

Deposits Loans Loans/Deposits

77.3%

24 8 26,9 70.3% 72.5%67 2% 67%

77.3%

23,3 24,866 9%

67.2% 67%

26 9

66.9%

23,3 24,8 26,9

16 4 18,0 20,816,4 18,0

3Q06 2006 3Q07 3Q06 2006 3Q07

1313

D it b iti d l tiDeposit base composition and evolutionDeposit base composition and evolution

Deposit breakdown by type and currency CommentsDeposit breakdown by type and currency Comments3Q06 3Q07YTL-

d dEnsured strong profitability by

YTL3Q06 3Q07

demand11,0% maintaining liquidity levels and

t lli i t tYTL-

demandFX- FX term,FX-term24 1%

controlling interest expenses through controlled 15 5% YoY

9,5%FX

demand3 1%

FX-term19,1%

YTL tFX-

demand24,1% through controlled 15.5% YoY

and 4 3% QoQ deposit growth3,1%

YTL-term58,5%

demand6,4%

and 4.3% QoQ deposit growthYTL D it th 29 5%

YTL-term,

YTL Deposit growth was 29.5% where FX Deposit growth was

term68,3%

where FX Deposit growth was -15 8% YoYTotal: YTL23 322 1 million Total: YTL26 936 73million -15.8% YoY.F YTL i

Total: YTL23.322,1 million Total: YTL26.936,73million

Focus on YTL saving deposits with an increase of

Customer Deposit composition by typedeposits, with an increase of 27 2% YoY3Q06 3Q07 27.2% YoY3Q06

Amount % Amount %3Q07

(YTLmm) Amount % Amount %(YTLmm)Saving deposits¹ 5.277 22.8% 6.715 25.2%g pDemand 669 2.9% 704 2.6%Term 4.609 19.9% 6.011 22.6%Public and Commercial² 10.778 46,5% 13.827 52.2%Demand 1 870 8 1% 1 849 7 0%Demand 1.870 8.1% 1,849 7.0%Term 8 909 38 4% 11 978 45 2%Term 8,909 38.4% 11.978 45.2%Foreign currency 7.118 30.7% 5.984 22.6%g yDemand 1.503 6.5% 839 3.2%Term 5.615 24.2% 5.145 19.4%Total³ 23.174 100.0% 26.526 100.0%

¹ Represents deposits taken from retail customers² Represents deposits taken from government related corporates SMEs and other entities which are not individuals Represents deposits taken from government related corporates, SMEs and other entities which are not individuals³ Totals do not include Interbank deposits and accrued interests for deposits

1414

F R t il D itFocus on Retail DepositsFocus on Retail DepositsSt t d it l tiState deposits evolutionState deposits evolution

CommentsRetail Deposits (mmYTL) Demand Deposits (%) Commentsp ( )

D d D it

Demand Deposits (%)

State deposits up by 6,5 % Retail Deposits Share of retail deposits36 8%

Demand Deposits

Share of demand depositsQoQ, down by 1.2% YTD

p p36,8%

37,8%Share of demand deposits

9 900

,17,5%

8.8079.900

12,6%

4.074 3 3933.393

3Q06 3Q07 3Q06 3Q07

State deposits (YTLmm)State deposits (YTLmm)State Deposits Share of state deposits

31 8%State Deposits Share of state deposits

27 6%31,8%

27,6%

21 8%7.307 21,9% 21,8%7.307

19,5% 20,0%

4 8535.442 5.607

5 045 5.376,

4.853 5.045

2004 2005 2006 1Q07 2Q07 3Q0715

2004 2005 2006 1Q07 2Q07 3Q0715

St th d it li ti t tStrengthened capitalisation to supportStrengthened capitalisation to support id thrapid growthrapid growth

Capital position CommentsCapital position Comments

3Q06 2006YE 3Q07(YTLmm)

Operational risk is addedPaid in share capital 1 279 0 2 500 0 2 500 0 Operational risk is added to CAR calculation in 2nd

Paid in share capital 1.279,0 2,500.0 2,500.0Adjustment to paid in capital 605 8 to CAR calculation in 2nd

Q 2007.Adjustment to paid-in capital 605,8 - -Share premium 1 172 1 723 9 723 9 QShare premium 1.172,1 723.9 723.9Reserves 423 8 254 6 624 2Reserves 423,8 254,6 624,2Profit 609 2 761 6 808 6Profit 609,2 761,6 808,6Prior year income/loss 51 7 7 9Prior year income/loss - 51,7 7.9General provisioning (up to 25% of Tier 1) 21 0 1General provisioning (up to 25% of Tier 1) - 21.0 1Total core capital 4 090 4 312 5 4 665 6Total core capital 4.090 4.312,5 4,665,6Supplementary capital 308 1 226 9 326 3Supplementary capital 308,1 226,9 326,3Total capital 4 398 1 4 539 7 4 992Total capital 4.398,1 4.539,7 4.992Deductions 401 0 219 3 426 4Deductions -401,0 -219,3 -426,4Total shareholders’ equity 3 997 1 4 320 4 4 565 5Total shareholders’ equity 3.997,1 4.320,4 4.565,5

RWA 18 518 3 20 625 7 23 402 6RWA 18.518,3 20.625,7 23.402,6Market risk 1 376 1 215 1 542 5Market risk 1.376,1 215,1 542,5Operational risk 3 642 1Operational risk - - 3,642.1

CAR 20.09% 20.73% 16.55%

1616

N t b ki i t d h lth thNet banking income posted healthy growthNet banking income posted healthy growth

Net banking income grew by 26,2% YoYg g y(YTLmm) 3Q06 3Q07 2005 2006 (YTLmm) 3Q06 3Q07 2005 2006 Net interest income 1 109 6 1 224 6 1 319 4 1 585 3

Net banking income composition (YTLmm)Net interest income 1.109,6 1.224,6 1.319,4 1.585,3

Net F&C income 217 6 245 9 293 7 288 4Net banking income composition (YTLmm) Net F&C income 217.6 245,9 293.7 288.4

Net trading income 10 9 160 175 7 47 8Net trading income -10,9 160 175.7 47.8

Dividend income 6 3 34 7 10 3 16 6Dividend income 6,3 34,7 10.3 16.6

Oth ti 217 9 305 8 129 0 343 31 936 4 Other operating income

217,9 305,8 129.0 343.3 1.936,4305,8 Total operating 1.540,5 1.971,1 1,928.0 2,281.3 1 534 1160

217 9

gincome 1,534,1

217 6245,9217,9 Total operating

expenses (-)609,3 719,2 731.7 943.5

217,6 expenses ( ) Operating profit 931,1 1.252 1,196.3 1,337.8Operating profit 931,1 1.252 1,196.3 1,337.8

Provisions (-) 179,2 282,3 444.9 323.4

1 110 6 1.225,0Provisions ( ) 179,2 282,3 444.9 323.4

Tax provisions (-) 196 2 160 8 223 9 252 91.110,6 , Tax provisions (-) 196,2 160,8 223.9 252.9

Income from 0 0 0 0Income from investments and

0 0 0 0

-10,9 associates N t t i /l 0 0 0 03Q06 3Q07 Net monetary gain/loss 0 0 0 0

Other Net trading income Net F&C income Net interest incomeNet income 555,6 808,6 527.6 761.6

1717

Strong growth in interest income & non-interestStrong growth in interest income & non-interest incomeincome

N t F&C i % f ti iNet F&C income % of operating incomeNon-interest income composition (YTLmm)35

Dividend Other Net F&C Trading Income 747

306

4316

4316

246218 12 8% 12 6% 11 8%246 12,8% 12,6% 11,8%

160218

160

-113Q06 3Q07 3Q06 2006 3Q073Q06 3Q07 3Q06 2006 3Q07

Net interest income(YTLmm) Interest income (YTLmm)

26 4%22 7%3 592 4,409 3.119 3.944

26.4%22.7%

1.225 11,0% 11 5% 10,5% 11,2%3,592 4,409 3.119 3.944

1 1101.225 11,0% 11,5% 10,5% 11,2%

1.110 52,3% 56,4% 57,0% 59,1%

36,7% 32,1% 32,5% 29,7%

2005 2006 3Q06 3Q073Q06 3Q07

2005 2006 3Q06 3Q07

18 Securities Loans Other18

Operating expenses under controlOperating expenses under control

Controlled growth in costs, despite Other expenses composition (YTLmm)g pongoing restructuring at branch 609 719943ongoing restructuring at branch

d h d t l l609 719943

and headquarter level.

45 YTL f th i i i48,3% 54,3% 45,7%

45 mn YTL of other provisioning7 7% 7,9%

comes from employee dividend7,7% 6,8%

7,9%

comes from employee dividendi i i i 3Q07 hi h i

44,0% 38,9% 46,4%provisioning in 3Q07 which isrequired by BRSA under new 3Q06 2006 3Q07required by BRSA under newaccounting standardsaccounting standards. Other Expenses Amortisation Personnel Expenses

Cost over assets (%)Provisioning Expenses (YTLmm) Cost over assets (%)Provisioning Expenses (YTLmm)282 3

81,0Other General NPL282,3

81,0Other General NPL

179 2 13,3179,232,229,0

2 6% 2 6%188,0

2,3% 2,6% 2,6%118,0

193Q06 2006 3Q073Q06 3Q07

19

Strong NIM expansionStrong NIM expansion

NIM (%) Due to the increase in loan volumes and decrease in deposit costs NIM rose by 41 b Q Q5,20 5,23 4,93 4,89 bps QoQ .4,93

4,48 4,89Further rate cuts to provide more supportFurther rate cuts to provide more support to Vakifbanks NIMReturn on average assets (ROAA) is 3 33%Return on average assets (ROAA) is 3,33% in 3Q07 2 68% in 2Q07 and 2 19% in 2006in 3Q07, 2.68% in 2Q07 and 2.19% in 2006.NIM= Net Interest Income / Average

3Q06 4Q06 1Q07 2Q07 3Q07 Interest Earning Assets (Interbank + S )Securities + Loans)

ROE (%) Cost/Income (%)26 5

( ) ( )26,5

42,1 41,422,6

,35 3 36,5

18,617 1

35,3 ,

17,1

203Q06 4Q06 2Q07 3Q07 3Q06 4Q06 2Q07 3Q07203Q06 4Q06 2Q07 3Q07 3Q06 4Q06 2Q07 3Q07

B l Sh t D t il f 3Q 2007 A tBalance Sheet Details for 3Q 2007: AssetsBalance Sheet Details for 3Q 2007: Assets(Thousand YTL) 3Q2007 3Q2006 Growth %(Thousand YTL) 3Q2007 3Q2006 Growth %

Cash&Balances with Central Bank 1 584 937 2 251 803 (29 6)Cash&Balances with Central Bank 1.584.937 2.251.803 (29,6)

I t b k 4 150 334 3 986 951 4 1Interbank 4.150.334 3.986.951 4,1

Securities 11.463.832 9.726.968 17,9

Trading Securities 395.893 469.412 (15,7)g ( , )

Available for Sale Portfolio 9 951 893 9 211 890 8 0Available for Sale Portfolio 9.951.893 9.211.890 8,0

Held to Maturity Securities 1 116 046 45 666 2344 0Held to Maturity Securities 1.116.046 45.666 2344,0

L 20 832 508 16 406 949 27 0Loans 20.832.508 16.406.949 27,0

Subsidiaries&Investments 540.872 584.245 (7,4)

Property&Equipment 861.795 872.204 (1,2)p y q p ( , )

Other 647 175 1 032 682 (37 3)Other 647.175 1.032.682 (37,3)

21Total Assets 40.081.453 34.861.802 15,021

Balance Sheet Details for 3Q 2007: LiabilitiesBalance Sheet Details for 3Q 2007: LiabilitiesOff-Balance Sheet Details for 3Q 2007Off Balance Sheet Details for 3Q 2007

(Th d YTL) 3Q2007 3Q2006 G th %(Thousand YTL) 3Q2007 3Q2006 Growth %

D it 26 936 302 23 322 188 15 5Deposits 26.936.302 23.322.188 15,5

F d &F d B d 4 797 257 4 916 400 (2 4)Funds&Funds Borrowed 4.797.257 4.916.400 (2,4)

Other 2 913 033 2 023 888 43 9Other 2.913.033 2.023.888 43,9

Provisions 441 996 469 676 (5 9)Provisions 441.996 469.676 (5,9)

Shareholder’s Equity 4.992.865 4.129.650 20,9

Total Liability 40.081.453 34.861.802 15,0

Off SOff-Balance Sheet

Guarantees 5.381.181 5.746.141 (6,4)Guarantees 5.381.181 5.746.141 (6,4)

Commitments 4 023 961 2 918 856 37 9Commitments 4.023.961 2.918.856 37,9

Derivatives 1.015.232 409.287 148,022

,22

P&L f 3Q 2007P&L for 3Q 2007P&L for 3Q 2007(Thousand YTL) 3Q2007 3Q2006 Growth %( )

Net Interest Income 1 224 646 1 109 626 10 4Net Interest Income 1.224.646 1.109.626 10,4

Net F&C Income 245.961 217.624 13,0

Di id d I 34 718 6 376 444 5Dividend Income 34.718 6.376 444,5

Net Trading Income 160 065 (10 954) 1 561 2Net Trading Income 160.065 (10.954) 1.561,2

Other Income 305.789 217.901 40,3Other Income 305.789 217.901 40,3

Total Revenues 1.971.179 1.540.573 28,0

Operating Expenses (719 240) (609 377) 18 0Operating Expenses (719.240) (609.377) 18,0

Provisions (282.378) (179.276) 57,5

Tax Provisions (160.880) (196.257) (18,0)Tax Provisions (160.880) (196.257) (18,0)

N t I 808 681 555 663 45 5Net Income 808.681 555.663 45,5

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S b idi i d ffili tSubsidiaries and affiliatesSubsidiaries and affiliatesTürkiye Vakıflar Bankasi y

T.A.O

Financial Subsidiaries Non-Financial Subsidiaries

Vakıf Yatırım Menkul Degerler A Ş 99% V k f Si t P Y S Ti S A ŞVakıf Yatırım Menkul Degerler A.Ş 99% V kifb k I t ti l A G

Vakıf Sistem Paz.Yaz.Ser.Tic San A.Ş 73% Vakifbank International A.G 90% Vakıf Enerji ve Madencilik A.Ş 66% World Vakıf Off Shore Banking Ltd. 82%

Taksim Otelcilik A Ş %Vakıf Finans Factoring Hizmetleri A.Ş 78% Taksim Otelcilik A.Ş 51%

Vakıf Deniz Finansal Kiralama A.Ş 69% Ataköy Mağazacılık Ticaret A.Ş. 46%Vakıf Finansal Kiralama A.Ş 59% İ k İ i İ d Ki K A Ş 25%

Ş 59% Vakıf Emeklilik A.Ş 54%

İşkur İşçi İşadamı Kimya Kur. A.Ş. 25%Vakıf Emeklilik A.Ş 54% Güneş Sigorta A Ş 36%

Vakıf Gayrimenkul Ekspertiz ve Deg. A.Ş 20% Güneş Sigorta A.Ş 36% Vakıf Girişim Sermayesi Yatırım Ortaklığı A Ş 31% Roketsan Roket Sanayii ve Tic A Ş 10%Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş 31% Roketsan Roket Sanayii ve Tic. A.Ş 10%

Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş 28% Kıbrıs Vakıflar Bankası Ltd. 15% Vakıf Menkul Kıymetler Yatırım Ortaklığı A.Ş 12%IMKB Takas ve Saklama Bankası A.Ş 4.9%4.9%Bankalararası Kart Merkezi A.Ş 9 7%Bankalararası Kart Merkezi A.Ş 9.7%Kredi Kayıt Bürosu A Ş 9 1%Kredi Kayıt Bürosu A.Ş 9.1%T Sınai Kalkınma Bankası A Ş %

24T.Sınai Kalkınma Bankası A.Ş 8.4%

24

THANK YOUTHANK YOU

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90 212 3167121+90-212-3167121

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