İş Yatırım Menkul Değerler A.Ş. Ocak 2005 PERFORMANCE & FINANCIAL RESULTS 2008/Q3 December, 2008

ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS A NEW PRODUCT - EXPECTATIONS FOR HE REST OF THE YEAR

IS Investment offers variety of domestic and international services, such as;  Brokerage  Investment Advisory  Asset Management  Corporate Finance  Research THE ONLY LISTED INVESTMENT HOUSE - ISE The leading investment house in Turkey and the investment arm of IS Bank FITCH: “AAA(tur)”

4 ABOUT US OVERVIEW OF TURKISH CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR

5 TURKISH CAPITAL MARKETS Equity Market Volume (YTL Billion) 2007/Q32008/Q3 Derivatives Market Volume (YTL Billion) 2007/Q32008/Q3 2007/Q32008/Q3 Bills & Bonds Market Volume (YTL Billion) 3,5% Derivative Market – Impressive Growth continues Eurobond Volume (YTL Billion) 2008/Q3 Turkish Eurobond transaction volume increased despite the wide spread conditions in the market 2008/Q % Global slowdown affected the Equity Market Bills & Bonds market negatively affected by the volatility

6 ASSET MANAGEMENT Asset Management (USD Million) Global turmoil hit the asset management business Source: /Q3 Pension Funds Total 2008Q % -5%

7 P/EP/BVEV/EBITDA CountryCurrent2008E2009E2008E2009E2008E2009EYtd Return % 1 yr Return (%) Argentina5,45,55,01,01,87,16,2-52,1-55,3 Brazil8,37,16,21,21,16,25,7-44,0-44,6 Chile13,611,312,92,74,19,79,0-14,4-20,3 Czech Rep.6,87,16,41,1 15,514,7-54,0-54,4 Egypt8,17,47,21,71,67,8 -51,7-45,3 Hungary3,95,05,50,9 8,79,5-54,8-55,2 Poland6,36,97,11,11,08,88,9-48,7-50,1 Russia3,43,03,40,60,56,56,9-71,7-71,1 South Africa7,06,46,01,21,17,97,6-30,8-34,5 China16,015,313,02,72,411,711,2-61,7-62,8 Averages6,6 6,41,2 8,28,0-46,9-47,8 Dow Jones10,210,110,92,62,59,99,6-34,3-34,0 Turkey4,95,14,90,90,85,95,6-52,8-52,9 EMERGING PEERS Turkey has a potential among the emerging peers

8 ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR

9 LEADER IN THE MARKETS Equity Market - (YTL Billion) We increased our market share Derivative Market - (YTL Billion) Still the uncontested leadership Eurobond Market – (YTL Billion) 2008/Q2 2008/Q3 Our trading volume growth in 2008/Q3 confirms our clear leadership among the brokerage houses Bills&Bonds Market - (YTL Billion) 2007/Q32008/Q3 We rank first among the brokerage houses since 2008Q1 2007/Q32008/Q3 2007/Q32008/Q3 2,5 3,0 9,34% 7,09% 36,3 30,7 6,64% 6,33% 11,3 13,7 16,53% 12,43% 25,2 17,53% 46,2 14,19%

10 ASSET UNDER MANAGEMENT AuM - IS Asset Management (USD Million) There is a net growth on the pension fund side despite the overall negative climate Mutual Funds portfolio size represent 22,8% of the market /Q2 Source: IS Investment 2008/Q3 Pension Funds Total Pension Funds portfolio size represent 24,6% of the market 100% 8% % 2%

11 INTERNATIONAL CAPITAL MARKETS Fixed Income & Equity - (USD Million) 2007/Q32008/Q3 Respectable increase on the execution of client orders for both domestic and international capital markets Source: IS Investment Derivative - (# of Contracts) 2007/Q32008/Q3 Equity Fixed Income 469% Source: IS Investment ,6%

12 ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR

13 MAIN FINANCIAL FIGURES IS Investment YTL (000) 2008/Q32008/H1 YoY ▲% Total Assets ,9 Shareholders’ Equity ,8 Total assets of IS Investment represent more than 30% of the sector Net Profit (Declared to the tax authority) Consolidated Net Profit , ,4 QoQ ▲% ,5 192,4 2007/Q

14 P/E and P/BV – ISMEN P/E P/BV ,38 11, ,48 6, ,40 * Daily values 4,49

15 ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE A NEW PRODUCT - EXPECTATIONS FOR THE REST OF THE YEAR FINANCIAL RESULTS

16 THE FIRST HEDGE FUND OF TURKEY  Fund would perform arbitrage operations on money market instruments, spot and derivative market instruments and also the other instruments in the markets.  Fund will use different trading strategies to enhance its return by taking very limited risk. The main strategy of the Fund is targeting profit from arbitrage operations

17 EXPECTATIONS FOR THE REST OF THE YEAR  Benefiting from the strong equity and cash.  The competition structure in the domestic capital markets is changing dramatically.  Single stock futures are still on the way, waiting for CMB’s approval.  Extending Prime Brokerage service to newcoming Asset Management Companies.  Trading foreign securities continue to boom.  Assets Under Management continue to grow constantly as a result of ‘flight to quality’ in the volatile domestic capital market environment.

18 INVESTOR RELATIONS Mr. Mert Erdoğmuş Assistant General Manager Phone : Fax : Mr. Ozan Altan Senior Associate Phone: Fax: The Investor Relations Department is responsible for the timely communication of necessary, accurate, complete, comprehensible and easily accessible information and explanations

19 The information in this report is prepared by “IS YATIRIM MENKUL DEGERLER A.S.” (İş 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.

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