• 57th Ordinary General Assembly Meeting Agenda
• Summary Report of the Board of Directors
• Statutory Auditors' Report
• Profit Distribution Proposal for 2010 and Profit Distribution Policy
• Compliance Opinion on the Annual Report
• VakıfBank in Brief
• VakıfBank at the onset of 2011
• Shareholding Structure
• Credit Ratings
• Key Financial Indicators
• Key Ratios
• Message from the Board of Directors
• General Manager's Message
• 2010 in the World and in Turkey
• 2010 Activities
• Subsidiaries

• Board of Directors and Statutory Auditors
• Senior Management
• Heads of Internal Systems
• Committees
• Human Resources Applications
• Outsourced Support Services
• Related Party Transactions
• Corporate Governance Principles Compliance Report

• Assessment of the Functioning of Internal Systems and Activities Performed during the Year
• Risk Management Policies by Types of Risks
• Independent Auditors' Report
• Assessment of Financial Position, Profitability and Debt Servicing Ability
• Five-Year Summary Financial Information

Statutory Auditors' Report

To the General Assembly of Shareholders of Türkiye Vakıflar Bankası T.A.O.;

The activities of Türkiye Vakıflar Bankası T.A.O. for 2010 were audited in accordance with the provisions and practices of the Bank’s Charter Act, Articles of Incorporation, the Banking Law and the Turkish Commercial Code.

There has not been any change in the shareholding structure of the Bank during 2010. The Bank’s issued capital is TL 2,500,000,000 within its authorized capital limit of TL 5,000,000,000; VakıfBank’s total shareholders’ equity grew 16% over the previous year and reached TL 8,558,503,000. The Bank’s unconsolidated capital adequacy ratio stands at 14.35% at year-end 2010.

The Bank’s total assets grew 14.1% year-over-year in 2010 and reached TL 73,961,687,000. VakıfBank’s loan book and total deposits increased 29.8% and 6.8%, respectively, in 2010 compared to the previous year.

The Bank continued to make investments to improve its information technology infrastructure in 2010.

Within the frame of its growth efforts, the Bank opened a total of 100 branches during 2010, and increased its domestic network to 634 branches. Along this line, the Bank employed a total of 1,330 people to assistant inspector, assistant financial analyst, assistant specialist and officer positions by way of exams opened in the reporting period, whereby the number of its employees rose to 11,077 people. In regards to continuing training of the personnel, we have observed that the Bank employees attend internal on-the-job training sessions as well as externally-organized domestic and international training programs.

We have observed that the Bank’s audit mechanisms function effectively and maximum efforts are expended to keep in check any risky and fraudulent transactions by means of continuous on-site inspections performed by the internal control unit as well as both on-site and centralized audits performed by the Bank’s inspectors.

The Bank’s records and documents were kept in compliance with the laws and regulations; therefore, we kindly request that the independently-audited balance sheet and the profit and loss accounts for 2010 are ratified and the Board of Directors is released from liability.

Yours sincerely,