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Investor Presentation Brsa Bank-Only Q108 July 2008

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Page 1: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

Investor PresentationBrsa Bank-Only Q108July 2008

Page 2: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Leading franchise in the fast growing Turkish market;

Strong presence in all key growth segments;

Extensive nationwide branch and 3rd largest ATM network with particular strengths in Ankara and East region;

Retail franchise of over 7,5 mio total customers with leading position among middle-class population segment;

Leading long-lasting SME franchise and strong project finance expertise;

Unique access and understanding of State and State related companies thanks to long standing relationship and loyalty of the segment;

Significant recent investment is unlocking important cross-selling potential in both Retail and SME Banking;

Solid balance sheet with diversified sources of funding, strong YTL funding base;

Cost conscious culture with focus on profitability instead of market share;

Investor-friendly corporate governance fully supported by key shareholders;

VakifBank at a glance

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

GDF

General Directorate of Foundations manages foundations owning58,45% (43,0% Class A, 15,45% Class B) of the shares in thebank. The GDF was established in 1924 to administer andregulate Turkish charitable foundations as a state entity directlyreporting to the Prime Minister.

VB Pension Fund*

The VakifBank Pension Fund has a 16,10% stake in the Bank’scapital as a Class C shareholder. All the Bank’s employeescontribute to the Vakifbank Pension Fund as opposed to themandatory social security coverage by the state Social InsuranceInstitution

Free Float

Listed in IMKB as VAKBN and mainly held by internationalinstitutional investors.

Other

Non-affiliated foundations with seperate board of trustees & individual or legal entities.

Ownership StructureOwnership Structure

*As of, 29.05.2008 the actuarial report indicates that Vakifbank Pension Fund has a surplus with real interest rate of %9,8

Page 4: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Subsidiaries & AffiliatesFinancial Subsidiaries Share (%)

Güneş Insurance 36,35

Vakıf Pension Funds 53,90

Vakıf Leasing 58,71

Vakıf Deniz Leasing 68,55

Vakıf Finance Factoring 78,39

Vakıf Investment 99,00

Vakıfbank International AG 90,00

World Vakif Offshore Banking Ltd. 82,00

Vakıf Portfolio Management 99,99

Vakıf Real Estate Investment Fund 28,00

Vakif Investment Fund 12,00

Cyprus Foundations Bank Ltd. 15,00

Other Financial Subsidiaries Share (%)

Takasbank 4,90

BKM (Card Centre of Banks) 9,70

KKB (Credit Registration Bureau) 9,10

TSKB 8,40

Non-Financial Subsidiaries Share (%)

Vakif System Corp. 73,00

Vakif Energy 66,00

Taksim Hotels 51,00

Ataköy Trade Corp. 46,00

İşkur Corp. 25,00

Vakif Expertise Corp. 20,00

Roketsan Rockets 10,00

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Work Under Progress Vakifbank expands itsgeographic presence all overTurkey with focus on Istanbuland Marmara region.Two important projects in credit cards; Vakif World & Vakif Rail&Miles.Upgrade of IT system tosupport the growth of theBank in all business lines.HQ will move to capital of financial sector, Istanbul.New corporate identity, new logo & new colours.

workunder

progress

branchnetwork

expansion

IT transform

ation

HQ moveto

Istanbul

New Corporateidentity

stepsforward in

creditcard

business

Page 6: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Vakif World and Vakif Rail&Miles rises Vakif World;As a first step, Vakifbank aims to include its one million inactive credit card customers into active customer pool of one million.

Vakif Rail & Miles;Aiming to access upper classes due to implementation of high speed train services.

Boost to Net F&C Income and doublingof market share by 2010

Vakif Rail & Miles Card Project, specialcredit card to be used in intercityrailways launched in March 2008.

Vakif World, the co-branded credit cardwith leading brand in this business linewill be the biggest of its kind in Turkey.

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Heavier usage of technology, higher the market share

ATM

www.vakifbank.com.tr

GSM

DOKUNMATIK

Extensive use of alternative distribution channels contribute strong general purpose consumer loan growth

Page 8: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

A Technological Step From Vakifbank

Restructuringprogram startedin early 2005 with McKinsey

Front Office, CRM, MIS andData Warehouseapplications willbe implemented

Higher cross-selling ratios, fee & commissions & revenues,Increased IT capacity enabling faster and higher quality customerservice, necessary database and reporting standards for Vakifbank’sroadmap in transition to Basel II.

IBM & Cisco started to work on IT Transformation project in 2007

Page 9: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Growth in consumer lending, market share increase on both retail and

mortgage

Higher lending in every segment

# 1 in payroll business with increasing market share

Accelerated momentum in fees & commissions

Sustainable spreads and margins

Improving asset quality

New products and diversified channels continue to contribute growth

25 new branch openings

Operating expenses are under control

2008 Q1 Highlights

Page 10: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Diversification of Asset Mix Towards IEATotal Assets (TRY bio)

Interest Earning Assets (TRY bio)

Breakdown of Assets (TRY bio)

Asset Growth;Ytd

%10YoY +22,8 %

Ytd +9,2 %

YoY +22,2%

Ytd +10,0 %

IEA33,6

IEA37,9

IEA41,4

Page 11: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Expansion of Loan Portfolio ContinuedTotal Loans (TRY bio)

Loan/Deposits (%)

Breakdown of Loans (TRY bio)

YoY +967 bps

Ytd +4 bps

YoY +41,3%

Ytd +11,1% Total Loans growth;

Ytd

%11,1FX Loans Growth in USD;

Ytd

%14,9

*Includes credit cards and overdrafts.

13,2

16,7

18,65,2

6,7

7,5

Page 12: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Strong Retail Loan GrowthGeneral Purpose Consumer Residential Mortgages1

Retail Cross-Selling RatioTotal Retail2

YoY +73,5%

Ytd +10,6%

YoY +39,5

Ytd +15,4%

YoY +51,1%

Ytd +12,2%

YoY +37 bps

Market Share Gain in;

Total Retail 32 bps,Mortgage 45 bps.

1 Includes TOKI.2 Excludes credit cards and overdrafts.

Page 13: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Commercial, Corporate and SME EvolutionCommercial & Corporate SME (Commercial Installments)

SME Cross-Selling RatioGuarantees

YoY +47,1%

Ytd +14,5

YoY +25,5%

Ytd +2,4%

YoY +42,7%

Ytd +21,3%

YoY +61 bps

Commercial & Corporate Loan Growth;

Ytd

%14,5

Page 14: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Market Shares (%)Deposits and Funding Loans

# 1 in payroll

# 1 in debit card #

Distribution #

Market shares are calculated using weekly BRSA reports.1 Vakifbank estimates. 2 Includes home, auto and other, credit card loans and overdrafts not included.

Payroll 1 Total Deposits YTL Deposits

Branch ATM Debit Card

Total Loans Retail Loans 2 SME Installment

+2 +0,3 +0,1+0,3 -0,7

+0,1+0,2

Page 15: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Deposit EvolutionBreakdown of Liabilities (%)Loans and Deposits (TRY,bio)

Loan/Deposit

Total Deposits Growth;

Ytd

%11

Page 16: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Strong Deposit GrowthBreakdown of deposits (%)Deposit Composition (TRY,bio)*

*Total deposits do not include interbank deposits and accrued interests for deposits.1Represents deposits taken from retail customers. 2Represents deposits taken from government related companies, SME’s and other entities.

FX Deposits Growth in USD;

Ytd

%12,2TRY

%75,8

TRY%78,3

TRY%75,5

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Focus on Retail DepositsRetail Deposits (TRY, bio) Demand Deposits (%)

State Deposits (TRY, mio)

YoY +14,5 %

Ytd +11,4 %

YoY +10,1%

Ytd +1,5%

YoY +38,9%

Ytd +9,1%

Retail Deposits Growth;

Ytd

%11,4State Deposit Share in Total;

%32 in YE05%24 in Q108

Page 18: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Securities Portfolio EvolutionTotal Securities (TRY, mio) Portfolio Structure

YoY +%1,1

Ytd +%6,0 YTL

FX

FX Securities Fixed Rate share;

in Q107,

%55,5in Q108,

%73,5FX margins up thanks to Fed Rate Cuts

11520

10986

11641

Page 19: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Asset Quality Continue to ImproveNPL Ratio & Provisions Coverage Loan / Assets (%)

YoY -88 bps

Ytd -20 bps

YoY +754 bps

Ytd +54 bps

No write-offs &

No asset sale on NPL

Page 20: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Capital Position & CAR(TRY-mio) YE2006 YE2007 Q12008

Paid in Capital 2.500 2.500 2.500

Share Premium 724 724 724

Reserves 255 624 1.521

Net Profit 762 1.031 196

Prepaid Expense (-) 49 204 227

Intangible Assets 5 13 16

Core Capital 4.313 4.887 4.941

Supplementary Capital 227 362 313

General Provisions 130 174 224

Bonus Shares of Sub.&Aff.

35 64 64

%45 of Sec.value inc. 61 124 25

Capital 4.540 5.249 5.254

Deductions FromCapital

219 449 420

Total ShareholdersEquity

4.320 4.780 4.834

(TRY-mio) YE2006 YE2007 Q12008

Total RWA 20.841 31.268 35.899

Total Credit RWA 20.626 26.976 30.361

%20 Risk Weighted 747 913 671

%50 Risk Weighted 2.311 2.605 2.668

%100 Risk Weighted 17.565 23.458 27.002

%150 Risk Weighted1 N.A. N.A. 20

%200 Risk Weighted1 N.A. N.A. 0,05

Value at Market Risk2 215 650 1.407

Value at Operational Risk3 N.A. 3.642 4.131

CAR %20,73 %15,35 %13,47

1New regulation imposed by BRSA for long term credit card exposure. 2AFS securities portfolio is added to the computations.3Added to the CAR calculations fter 2H07.

TRY 9.572 mio worth AFS Securities are added to Value at Market Risk Computations in 2008 imposed by BRSA

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Earnings Summary(TRY-mio, %) Q12007 Q12008 Growth

Net Interest Income 407.8 482.2 18.3%

Net F&C Income 67.4 107.2 59.0%

Net Trading Income 48.7 -17.9 n.a.

Divident Income 19.9 2.3 -88.6%

Other Operating Income

96.5 103.0 6.7%

Total OperatingIncome

640.3 676.8 5.7%

Total OperatingExpenses (-)

241.5 277.5 14.9%

Operating Profit 398.9 399.3 0.1%

Provisions (-) 125.4 146.4 16.7%

Tax Provisions (-) 54.4 56.5 3.8%

Income frominvestments

0 0 n.a.

Net MonetaryGain/Loss

0 0 n. a.

Net Income 219.0 196.4 -10.3%

Net Banking Income Composition

YoY +8,7 %

QoQ +3,8 %

New Branch # New Employee #

YoY 61 YoY +1000

Ytd 25 Ytd +130

Page 22: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

P & L ParticipantsInterest Income (TRY, mio) Net Interest Income

Net F & C Income/Op. IncomeNet F & C Income (TRY, mio)

YoY +14,4%

QoQ +5,6%

YoY +18,3%

QoQ +6,9%

YoY +59%

QoQ -6,4%YoY +532 bps

QoQ +210 bps

Net Interest Income Growth;

Ytd

%6,9Net F&C Income Growth;

YoY

%59

Page 23: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Earnings RatiosROA1 ROE1

Earnings Per Share (EPS)

*Tax return of TRY 125 mio in 3Q 2007 and one-off divident of TRY 19,5 mio in Q1 2007 are excluded on 2007 income items.1Ratios are calculated on quarterly participants.

Cost / Income (%)

Cost / Income ratio

% 41

Page 24: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Yield, spread, cost of deposits, NIM (%)Yield on Loans & Securities Cost of Deposits

NIMSpreads

Cost of YTL Deposits Decrease;

Ytd

116 bps

NIM Increase;

Ytd

9 bpsDespite FX assets share increased %2,5

yoy +9 bps

YTL Loans YTL Securities

FX Loans FX Securities

YTL Loans YTL Securities

FX Loans FX Securities

YTL Deposits

FX Deposits

-0,4

+0,5

-0,3

-0,2

+0,7 +0,8

+0,5 -0,3

-1,16

+0,03

Page 25: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

APPENDIX

Page 26: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Vakif with numbersDistribution Channels & Customer Base (#)

Q12008

Branches 385

ATMs 2.041

Personnel 8.833

POS Terminals 90.600

Outstanding Credit Cards 1,96 mn

Debit Cards 13,0 mn

Total Customers 7,5 mn

Total Payroll Customers 2,0 mn

Internet Banking Customers 1,0 mn

Active Mutual Fund Customers 0,92 mn

Efficiency (‘000 TRY) Q12008

Assets per Employee 5.279,8

Assets per Branch 121.133,3

Loans per Employee 2.950,6

Loans per Branch 67.694,7

Deposits per Employee 3.626,6

Deposits per Branch 83.204,4

Most efficient bank in Turkey

Page 27: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Balance Sheet(TRY-mio, %) Q12007 YE2007 Q12008

YoYGrowth

YtdGrowth

Cash & Balances with Central Bank 2.548 2.490 3.259 27.9% 30.9%

Interbank 3.743 3.462 3.684 -1.6% 6.4%

Securities 11.520 10.987 11.641 1.1% 6.0%

Loans 18.444 23.470 26.062 41.3% 11.1%

Subsidiaries & Investments 439 521 423 -3.6% -18.8%

Property & Equipment 895 906 928 3.7% 2.4%

Other 564 573 640 13.4% 11.6%

Total Assets 38.151 42.408 46.636 22.2% 10.0%

Deposits 25.726 28.863 32.034 24.5% 11.0%

Funds Borrowed 4.757 4.693 5.334 12.1% 13.7%

Other 2.977 3.128 3.681 23.7% 17.7%

Provisions 409 499 527 28.7% 5.6%

Shareholders Equity 4.282 5.226 5.061 18.2% -3.2%

Guarantees 4.965 5.841 7.085 42.7% 21.3%

Commitments 2.920 6.029 6.863 135.1% 13.8%

Derivatives 1.226 1.464 816 -33.4% -44.3

Ass

ets

Liab

ilities

& S

HE

Off

-B.S

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INVESTOR RELATIONS Investor Presentation_Bank Only Q108

www.vakifbank.com.tr

Income Statement(TRY-Thousand, %) Q12007 Q42007 Q12008

∆{Q108Q407}

∆{Q108Q107}

Net Interest Income 407.758 451.188 482.156 6.9% 18.3%

Net Fee & Com. Income 67.426 114.529 107.234 -6.4% 59.0%

Divident Income 19.941 0 2.279 - -88.6%

Net Trading Income 48.733 33.284 -17.895 n.a. n.a.

Other Income 96.480 50.924 102.978 102.2% 6.7%

Total Revenues 640.338 649.925 676.752 4.1% 5.7%

Operating Expense 241.456 275.331 277.497 0.8% 14.9%

Provisions 125.429 86.056 146.350 70.1% 16.7%

Tax Provisions 54.426 66.519 56.508 -15.1% 3.8%

Net Income 219.027 222.019 196.397 -11.5% -10.3%

Page 29: Investor Presentation Brsa Bank-Only Q108 · 2014-01-21 · 3 INVESTOR RELATIONS Investor Presentation_Bank Only Q108 GDF General Directorate of Foundations manages foundations owning

Investor Relations Çamlık Cad. Çayır Çimen Sok. No:2 Kat:534330 1. Levent-İstanbul / Turkey E-mail: [email protected] (90-212) 316 7120Fax (90-212) 316 7126www.vakifbank.com.tr