Table of Contents 1 522

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Section I: Introduction 8
Agenda of the 65th Ordinary General Assembly Meeting 8
Dividend Policy 8
Compliance Opinion on the Annual Report 10
Declaration of Responsibility 10
VakıfBank in Brief 12
VakıfBank’s Cornerstones 12
Amendments to the Articles of Incorporation 14
Key Financial Indicators 18
Key Ratios 20
History and Ownership Structure 14
Message from the Deputy Chairman 24
Message from the General Manager 26
The World and Turkey in 2018 30
2018 at a Glance 38
Review of Operations in 2018 42
Corporate Social Responsibility 92
Affiliates and Subsidiaries 94
Section II: Management and Corporate Governance Principles 96
Summary Report of the Board of Directors 96
Board of Directors 96
Board of Statutory Auditors 100
Executive Management 100
Internal Control Systems Executives 106
Committees 106
Human Resources Practices 108
Outsourced Support Services 112
Transactions with the Bank’s Risk Group 112
Corporate Governance Principles Compliance Statement 113
Part III: Financial Highlights and Assessment of Risk Management 114
Statutory Auditor’s Report 114
Assessment of the InternalSystems and 2018 Operations 114
Risk Management Policies Applied by Risk Type 118
Unconsolidated Financial Statements, Explanations and Footnotes and Independent Auditors’ Report as of December 31, 2018 120
Consolidated Financial Statements, Explanations and Footnotes, Independent Auditors’ Report as of December 31, 2018 312
Evaluation of the Bank’s Financial Position, Profitability and Solvency 516
International Credit Ratings 518
Five-Year Summary Financial Information 518

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