İş Yatırım Menkul Değerler A.Ş. Ocak 2005 PERFORMANCE & FINANCIAL RESULTS 2008-Q1 June 19, 2008

ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS 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 BANKING INSTITUTION - ISE The leading investment banking institution in Turkey and the investment arm of IS Bank FITCH: “AAA(tur)”

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

5 PERFORMANCE OF TURKISH CAPITAL MARKETS Equity Market (YTL Billion) 2007/Q12008/Q1 Derivative Market (YTL Billion) 2007/Q12008/Q1 Despite the fluctuation in international markets, equity market increased its trading volume 2007/Q12008/Q1 Bills & Bonds Market (YTL Billion) 3,5% Derivative market’s performance beyond the expectations Eurobonds (YTL Billion) 2008/Q The trading volume of Turkish Eurobonds in 2008/Q1 as YTL 16.4 bn B&B Market displayed almost the same performance ,4% %

6 ASSET MANAGEMENT Pension Funds* (USD Million) Portfolio size of pension funds continue to confirm our claims to be the locomotive of fund business in near future, reaching USD mn. despite the weaker performance of the markets Source: /

7 ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST OF THE YEAR

8 LEADER IN THE MARKETS Equity Markets - IS Investment (YTL Billion) 2007/Q12008/Q1 Despite rising trading volumes and international newcomers, we maintain market leadership 2007/Q12008/Q1 Derivative Markets - IS Investment (YTL Billion) Our derivative market trading volume almost four-fold the same period of Unconstent leadership Eurobond Market - IS Investment (YTL Million) 2007/Q12008/Q1 Our trading volume growth in 2008/Q1 confirms our clear market leadership among the brokerage houses 6,18% 6,31% ,9% 15,94% 16,73% Bills&Bonds Market - IS Investment (YTL Billion) 2007/Q12008/Q1 23,91% 14,64% We recaptured our leadership position among the brokerage houses in the market 289% 63% ,90% 144%

9 ASSET UNDER MANAGEMENT AuM & Pension Funds Portfolio Size - IS Asset Management (YTL Million) We believe that asset management business is the ascending business of the markets AuM & Pension Funds portfolio size represent 19,6% and 18,7% of the funds market respectively /H12007/Q32007 Source: Is Investment 2008/Q

10 INTERNATIONAL CAPITAL MARKETS Fixed Income & Equity - IS Investment (USD Million) 2007/Q12008/Q1 Fixed income & equity trading volume reached USD 2.3 bn from USD 750 mn surging 206% with respect to the same period of 2007, while performing derivative contracts which mainly comes from our e-trading platform; TradeMaster International Source: Is Investment Derivative - IS Investment (# of Contracts) 2007/Q12008/Q1 206% 408% TMI Equity Fixed Income

11 CORPORATE FINANCE M&As Size (USD Million) - IS Investment is the year of M&A rather than public offerings 2007/Q12008/Q Source: Is Investment A remarkable performance

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

13 MAIN FINANCIAL FIGURES IS Investment YTL (000) 2007/Q12008/Q1 YoY ▲% Total Assets Shareholders’ Equity * Total assets coincide with one third of the whole sector *Implementation of the new IFRS methodology caused a decrease in Shareholders’ equity due to acqusition of IS Asset Management Net Profit (Declared to the tax authority) Consolidated Net Profit n.m.

14 CONSOLIDATION EFFECT Profit is in line with expectations except for the consolidation and the marked to market effect of subsidiaries IS Investment Only (Declared to the Tax Authority) Consolidation Effect IS Asset Management IS Inv.Trust Marked to Market Effect IS Private Equity Other Consolidated Net Profit (YTL 000)

15 ISE PERFORMANCE OF OUR SUBSIDIARIES Price performance of subsidiaries has smoothed since 2008/Q1 Performance of ISE-100 Index (2008/Q1) ISE-100 IS Investment Trust IS Private Equity

16 OPERATING EXPENSES YTL (000) 2007/Q1 2007/Q4 2008Q1 QoQ ▲ YoY ▲ General Administrative Exp Marketing and Dist.Exp Other Total Increase in operating expenses stemmed from consolidation effect of IS Asset Management

17 ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE EXPECTATIONS FOR THE REST OF THE YEAR FINANCIAL RESULTS

18 EXPECTATIONS FOR THE REST OF THE YEAR  Consolidation effect of subsidiaries is expected to be better  Single stock futures are on the way  We are about to launch two new products  Public offerings are on the pipeline depending on the market conditions  Private Equity Company announced two new exits  Trading foreign securities is booming  Maxis Securities is up and running  Our sixth branch “Yesilkoy-Istanbul” is in operation

19 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, which are not considered to be trade secrets to its shareholders and stakeholders

20 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.

21 IS INVESTMENT isyatirim.com.tr isinvestment.com

İş Yatırım Menkul Değerler A.Ş. Ocak 2005 Performance & Financial Results 2008-Q1 June 2008