İş Yatırım Menkul Değerler A.Ş.

Ocak 2005

PERFORMANCE & FINANCIAL RESULTS

2008/Q3

December, 2008

2

ABOUT US

OVERVIEW OF CAPITAL MARKETS

OUR PERFORMANCE

FINANCIAL RESULTS

A NEW PRODUCT - EXPECTATIONS FOR HE REST OF THE YEAR

3

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/Q3 2008/Q3

Derivatives Market Volume (YTL Billion)

2007/Q3 2008/Q3

2007/Q3 2008/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/Q2

27.3

43.2

144.1

352.3574.5

519.5

575.5

499.2

58.2%

Global slowdown affected the Equity MarketGlobal slowdown affected the Equity Market

Bills & Bonds market negatively affected by the volatilityBills & Bonds market negatively affected by the volatility

6

ASSET MANAGEMENT

21.4

144.1

913

3.677

25.010

Asset Management (USD Million)

Global turmoil hit the asset management business

2006 2007

Source: www.tspakb.org.tr

2008/Q3

Pension FundsTotal

2008Q2

2.048 3.518 4.223 3.619

20.271

29.57426.731

25.508

-17%

-5%

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  P/E P/BV EV/EBITDA    

Country Current 2008E 2009E 2008E 2009E 2008E 2009E Ytd Return %1 yr Return

(%)

Argentina 5,4 5,5 5,0 1,0 1,8 7,1 6,2 -52,1 -55,3

Brazil 8,3 7,1 6,2 1,2 1,1 6,2 5,7 -44,0 -44,6

Chile 13,6 11,3 12,9 2,7 4,1 9,7 9,0 -14,4 -20,3

Czech Rep. 6,8 7,1 6,4 1,1 1,1 15,5 14,7 -54,0 -54,4

Egypt 8,1 7,4 7,2 1,7 1,6 7,8 7,8 -51,7 -45,3

Hungary 3,9 5,0 5,5 0,9 0,9 8,7 9,5 -54,8 -55,2

Poland 6,3 6,9 7,1 1,1 1,0 8,8 8,9 -48,7 -50,1

Russia 3,4 3,0 3,4 0,6 0,5 6,5 6,9 -71,7 -71,1

South Africa 7,0 6,4 6,0 1,2 1,1 7,9 7,6 -30,8 -34,5

China 16,0 15,3 13,0 2,7 2,4 11,7 11,2 -61,7 -62,8

Averages 6,6 6,6 6,4 1,2 1,2 8,2 8,0 -46,9 -47,8

Dow Jones 10,2 10,1 10,9 2,6 2,5 9,9 9,6 -34,3 -34,0

Turkey 4,9 5,1 4,9 0,9 0,8 5,9 5,6 -52,8 -52,9

EMERGING PEERS

Turkey has a potential among the emerging peers

19.11.2008

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/Q3 2008/Q3

We rank first among the brokerage houses since 2008Q1

2007/Q3 2008/Q3 2007/Q3 2008/Q3

2,5

3,09,34%

7,09%

36,330,7

6,64%6,33%

11,3

13,7

16,53%

12,43%

25,2

17,53%

46,2

14,19%

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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 173

7.043

6.003

410

516

5.247

682

6.484

777

6.6207.043

173

2006 2008/Q2

Source: IS Investment

2008/Q3

Pension FundsTotal

Pension Funds portfolio size

represent 24,6% of the market

100% 8%

2007

364 731 788 891

5.8345.704

5.799

3.708

13%

2%

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INTERNATIONAL CAPITAL MARKETS

Fixed Income & Equity - (USD Million)

2007/Q3 2008/Q3

Respectable increase on the execution of client orders for both domestic and international capital markets

Source: IS Investment

Derivative - (# of Contracts)

2007/Q3 2008/Q3

Equity

Fixed Income

469%

Source: IS Investment

16.6

12.6

828

58333,6%

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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/Q3 2008/H1 YoY ▲%

Total Assets 1.444.069 1.288.686 18,9

Shareholders’ Equity 266.190 241.923 14,8

Total assets of IS Investment represent more than 30% of the sector

Net Profit

Net Profit(Declared to the tax authority)

Consolidated Net Profit

18.33427.228 47,2

12.589 36.811 50,4

QoQ ▲%

11

10

48,5

192,4

2007/Q3

1.213.695

18.487

24.476

231.847

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P/E and P/BV – ISMEN

P/E

P/BV

30.06.2008

1,38

11,40

31.12.2007

0,48

6,44

29.09.2008

0,40

* Daily values

4,49

-

2,00

4,00

6,00

8,00

10,00

12,00

14,00

31.12.2007 30.06.2008 29.09.2008

P/E

-

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60P/BV

P/BV P/E

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

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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.

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INVESTOR RELATIONS

Mr. Mert Erdoğmuş

Assistant General Manager

Phone : +90 0212 350 24 12

Fax : +90 0212 350 20 01

E-mail : merdogmus@isinvestment.com

Mr. Ozan Altan

Senior Associate

Phone : +90 0212 350 28 72

Fax : +90 0212 350 20 01

E-mail : oaltan@isinvestment.com

The Investor Relations Department is responsible for the timely communication of necessary, accurate, complete, comprehensible and easily accessible information and explanations

http://www.isinvestment.com/wwa_ir.aspx

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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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IS INVESTMENT

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