| PART I: INTRODUCTION | 2 |
| Agenda of the 62nd Ordinary General Assembly Meeting | 2 |
| 2015 Profit Distribution Proposal and Dividend Policy | 3 |
| Compliance Opinion on the Annual Report | 4 |
| Declaration of Responsibility | 5 |
| VakıfBank in Brief | 6 |
| VakıfBank’s Cornerstones | 7 |
| History and Ownership Structure | 10 |
| Amendments to the Articles of Incorporation | 12 |
| Key Financial Indicators | 14 |
| Key Ratios | 18 |
| Message from the Chairman | 20 |
| Message from the General Manager | 22 |
| The World and Turkey in 2015 | 28 |
| 2015 at a Glance | 38 |
| Review of Operations in 2015 | 42 |
| Corporate Social Responsibility | 74 |
| Affiliates and Subsidiaries | 75 |
| PART II: MANAGEMENT AND CORPORATE GOVERNANCE PRACTICES | 78 |
| Summary Report of the Board of Directors | 78 |
| Board of Directors | 80 |
| Board of Statutory Auditors | 83 |
| Executive Management | 84 |
| Internal Control Systems Executives | 87 |
| Committees | 88 |
| Human Resources Practices | 89 |
| Outsourced Support Services | 91 |
| Transactions with the Bank’s Risk Group | 91 |
| Corporate Governance Principles Compliance Report | 92 |
| PART III: FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT | 102 |
| Statutory Auditor’s Report | 102 |
| Assessment of the Internal Systems and 2015 Operations | 103 |
| Risk Management Policies Applied by Risk Type | 105 |
| Independent Auditors’ Report, Unconsolidated Financial Statements, Explanations and Footnotes for the Year Ended December 31, 2015 | 109 |
| Independent Auditors’ Report, Consolidated Financial Statements, Explanations and Footnotes for the Year Ended December 31, 2015 | 217 |
| Evaluation of the Bank’s Financial Position, Profitability and Solvency | 330 |
| International Credit Ratings | 332 |
| Five-Year Summary Financial Information | 333 |