Investor Relations PERFORMANCE & FINANCIAL RESULTS – 2009H1 August 27, 2009

Investor Relations Performance & Financial Results – 2009H1 1 About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year

Investor Relations About Us ActivitiesParticipations 2 Corporate Finance Public Offerings Mergers & Acquisitions Project Finance Privatization Advisory Strategic Planning Private Equity Asset Management Discretionary Portfolio Management Mutual Funds Management Private Funds Management Investment Advisory Individual Clients Corporate Clients Institutional Sales Research Macroeconomy Sector Research Company Analysis Fixed Income Securities Analysis Strategy Reports and Presentations Brokerage & Trading TL/FX Stocks TL/FX Treasury Bond/ Government Bond TL/FX Private Sector Bonds TL/FX Derivatives Maxis Securities: (Share: 100%) London headquartered B Group capital markets licenced subsidiary Camiş Investment: (Share: 99.79%) Turkeys one of the long-established brokerage houses IS Asset Management: (Share: 70%) Turkeys leading Portfolio Management Company managing İş Group funds IS Investment Trust (Share: 29.1%) Turkeys leading Investment Trust IS Private Equity: (Share: 29%) Turkeys largest Private Equity Shareholder Structure

Investor Relations About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 2009H1 3

Investor Relations Overview of Capital Markets Equity Market Volume (In TL Billion)Derivatives Market Volume (In TL Billion) H12009H12008H12009H % 30.4% Source: Source: Higher volume and better market performance in the first half of 2009

Investor Relations Overview of Capital Markets H12009H % Source: Bills & Bonds Market Volume (In TL Billion) Lower interest rates and higher volume

Investor Relations Overview of Capital Markets Asset Management Remarkable growth continues on the pension fund side H12009H1 24,439 5,167 28,347 7,672 Source: Pension Funds Mutual Funds* Pension Funds grew 48.5% with respect to the same period of 2008 Asset Management ( In TL Million) *A Type and B Type Funds.

Investor Relations About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 2009H1 7

Investor Relations Our Performance Equity Market Volume and Market Share (In TL Billion) Derivatives Market Volume and Market Share (In TL Billion) H12009H12008H12009H % Source: Source: Our trading volume increased 52.1% on annual basis, more than trippling the total market volume increase over the same period Sustained leadership 6.15% 8.08% 15.16% 11.72%

Investor Relations Our Performance 9 Continued to provide services in alternative markets tailored for the needs of our investors 2008H12009H % Source: % 10.64% *Among Brokerage Houses Bills & Bonds Market Volume and Market Share* (In TL Billion)

Investor Relations Our Performance Assets Under Management AuM size reached TL 9 billion surging by 28.6% on annual basis, while pension funds and mutual funds registered 55.1% and 20.8% growth rates respectively H12009H1 5, ,400 1,500 Source:IS Investment Pension Funds Mutual Funds** Pension Funds portfolio size represents 19.5% of the total pension funds AuM – IS Asset Management & IS Investment (TL Million)* * Other Funds: Portfolio size of TL 733 mn and TL mn for other funds for the periods of 2008H1 and 2009H1 respectively. Mutual Funds portfolio size represents 22.6% of the market **A Type and B Type Funds.

Investor Relations About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 2009H1 11

Investor Relations Robust financial perfomance Financial Results Main Financial Figures* 12 * Consolidatd IS Investment H12009H1 YoY TL (000) Total Assets1,482,839 1,288,6862,199, % Shareholders' Equity 272, ,923296, % Net Profit 44,705 12,58734, %

Investor Relations Financial Results Breakdown of Operating Revenues 13 Breakdown of Operating Revenues (TL 000)

Investor Relations Financial Results Asset Management Q22009Q12008Q12008H12009H12009Q2 Asset Management Commissions TL(000) We raised our management fees 58.8% when compared to 2008H1, while total portfolio size of mutual and pension funds grew 21% - The positive effect of our prime brokerage services has yet started to be seen on revenues

Investor Relations Financial Results Price Performance 15 ISMEN Closing Price TL ROE ISMENs price has increased more than 170% with respect to January 2, 2009 in addition to the high amount of cash dividend payment on May 4, 2009 A visible ROE expansion on the back of robust operating performance

Investor Relations Financial Results Dividend Policy 16 Is Investments Board of Directors declared the companys dividend policy as distributing at least 30% of the attributable profit as in cash and/or bonus shares

Investor Relations About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 2009H1 17

Investor Relations Expectations for the Rest of 2009 Our Maslak Branch and Suadiye liaison office are up and running in Istanbul despite the consolidation. We will be more active in international capital markets through our Dubai liaison office as of end of We keep our growing policy by openning new branches. We have increased our market share in 2009 to clinch our uncontested leadership, our market performance approved this tendency as of 2009H1. Single stock futures are expected to be seen in the last quarter of the year. Extending Prime Brokerage service to new coming Asset Management Companies. We have been assisting to establish new funds and intermediating for new funds. 18

Investor Relations 19 Mr. Mert Erdoğmuş Assistant General Manager Phone : Fax : Mr. Ozan Altan Vice President Phone: Fax: The Investor Relations Department is responsible for the timely communication of necessary, accurate, complete, comprehensible and easily accessible information and explanations, which are not considered to be trade secrets to its shareholders and stakeholders.

Investor Relations Disclaimer The information in this report is prepared by IS YATIRIM MENKUL DEGERLER A.S. (IS Investment) and it is not to be construed as an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and comments contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Therefore, making decisions with respect to the information in this report cause inappropriate results. All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of this report is strictly prohibited. The information presented in this report has been obtained from sources believed to be reliable. Is Investment cannot be held responsible for any errors or omissions or for results obtained from the use of such information. 20

Investor Relations IS Investment 21 İş Kuleleri Kule-2 Kat:12 HEAD OFFICE Levent İSTANBUL TURKEY Tel: Fax: Rüzgarlıbahçe Mevkii Kavacık Kavşağı Köybaşı Caddesi İskele Çıkmazı No: 6 KAVACIKSismer Plaza Kat:4YENİKÖY34464 Yeniköy İSTANBUL TURKEY AUXILIARY34805 Kavacık İSTANBUL TURKEYBRANCHTel: OFFICETel: Fax: Fax: Süleyman Seba Cd. No:44 B1 Blok D:10 Havalimanı Kavşağı EGS Business Park AKARETLER34357 Akaretler İSTANBUL TURKEYYEŞİLKÖYB3 Blok No:470 BRANCHTel: BRANCH34149 Yeşilköy İSTANBUL TURKEY Fax: Tel: Fax: Tahran Cd. No:3/8 Yapı Kredi Plaza C Blok K: 9 Bölüm 25/B ANKARA06700 Kavaklıdere ANKARA TURKEYLEVENT Levent İSTANBUL TURKEY BRANCHTel: REP. OFFICETel: Fax: Fax: Akdeniz Cd. No:14 Birsel İş Merkezi D:501 Bağdat Cd. Kılıçoğlu Ap. No:451 K:1 D:4 İZMİR35210 Alsancak İZMİR TURKEYSUADİYE34740 Suadiye İSTANBUL BRANCHTel: REP. OFFICETel: Fax: Fax: Fener Kalamış Cd. Jeltozbekova Street KALAMIŞTibaş-Belvü Sitesi A2 Blok D:3ALMA ATA97 Block A2 Floor:2 BRANCH34726 Fenerbahçe İSTANBUL TURKEYREP. OFFICE ALMAATA KAZAKHSTAN Tel: Tel: Fax: Fax: Büyükdere Cd. MAXIS SECURITIES LTD MASLAKNurol Plaza No:71/16 8 Princes Street BRANCH34398 Maslak İSTANBULSUBSIDIARYLondon EC2R 8HL UNITED KINGDOM Tel: Tel: Fax: Fax:

Investor Relations PERFORMANCE & FINANCIAL RESULTS – 2009H1 August 27, 2009