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İş Yatırım Menkul Değerler A. Ş. PERFORMANCE & FINANCIAL RESULTS 2009 Q 1 Ocak İş Yatırım Menkul Değerler A. Ş. PERFORMANCE & FINANCIAL RESULTS 2009 Q 1 Ocak 2005 May 22, 2009 1

ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST OF THE YEAR 2

THE ONLY LISTED INVESTMENT HOUSE - ISE IS Investment offers variety of domestic and THE ONLY LISTED INVESTMENT HOUSE - ISE IS Investment offers variety of domestic and international services, such as; ª Brokerage ª Investment Advisory ª Asset Management ª Corporate Finance ª Research The leading investment house in Turkey and the investment arm of IS Bank 3

CREDIT RATING - ‘AAA(tur)’ Fitch Ratings has affirmed IS Investment’s national long-term rating of CREDIT RATING - ‘AAA(tur)’ Fitch Ratings has affirmed IS Investment’s national long-term rating of 'AAA(tur)' with stable outlook as of January, 2009 4

ABOUT US OVERVIEW OF TURKISH CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE ABOUT US OVERVIEW OF TURKISH CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST OF THE YEAR 5

TURKISH CAPITAL MARKETS Equity Market Volume (TL Billion) Derivatives Market Volume (TL Billion) -27, TURKISH CAPITAL MARKETS Equity Market Volume (TL Billion) Derivatives Market Volume (TL Billion) -27, 7 % -4, 1% 193. 3 117. 6 139. 8 2009/Q 1 2008/Q 1 112. 8 2008/Q 1 Global crisis affected the Equity Market crisi 2009/Q 1 Derivatives Market has kept its trading volume Bills & Bonds Market Volume (TL Billion) Eurobond Volume (TL Billion) % 11, 7 -43, 3 % 3, 5% 16. 4 220. 7 197. 6 2008/Q 1 9, 3 2008/Q 1 2009/Q 1 Volatility continue to hit the Eurobond market B&B Market moved due to intereast rate cuts 6

ASSET MANAGEMENT Asset Management (TL Million) 144. 1 28. 642 25. 010 26. 642 ASSET MANAGEMENT Asset Management (TL Million) 144. 1 28. 642 25. 010 26. 642 28. 719 Pension Funds grew 43, 9% with respect to the same period 3. 677 of 2008 26. 642 913 21. 4 4. 788 6. 890 2008 Q 1 2009 Q 1 Source: www. spk. gov. tr Remarkable growth continues on the pension fund side despite the turmoil 7 Mutual Funds Pension Funds

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

LEADER IN THE MARKETS Equity Market - (TL Billion) Derivative Market - (TL Billion) LEADER IN THE MARKETS Equity Market - (TL Billion) Derivative Market - (TL Billion) 15, 94% 6, 3% -12, 3% 7, 6% -14, 9% 12, 3% 18. 7 12. 2 10. 7 13. 9 2009/Q 1 2008/Q 1 We significantly increased our market share despite the decrease in the overall market 2009/Q 1 Investors await the single stock futures Bills&Bonds Market - (TL Billion) Eurobond Market – (TL Million) 23, 9% 9, 9% -51, 2% 1. 620 8. 0 10, 1% 1, 18% 110 3. 9 2008/Q 1 2009/Q 1 2008/Q 1 Our investors prefered to wait and see in B&B market 2009/Q 1 Nominal volume decreased on Eurobond transactions 9

ASSETS UNDER MANAGEMENT Mutual Funds portfolio size represents 21% of the market Au. M ASSETS UNDER MANAGEMENT Mutual Funds portfolio size represents 21% of the market Au. M - IS Asset Management & IS Investment (TL Million)* 173 7. 043 5. 900 5. 200 Mutual Funds Pension Funds 1. 300 902 2008 Q 1 Pension Funds portfolio size represents 19% of the total pension funds 2009 Q 1 Source: IS Investment Au. M size reached TL 8. 3 billion increasing by 18, 6% when compared to the same period of 2008, while pension funds and mutual funds grew 44, 1% and 13, 5% respectively. * * Other Funds: Portfolio size of TL 848 mn and TL 1. 100 mn for other funds for the periods of 2008 Q 1 and 2009 Q 1 respectively 10 .

ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST OF THE YEAR 11

MAIN FINANCIAL FIGURES* IS Investment 2009 Q 1 2008 1. 698. 145 1. 482. MAIN FINANCIAL FIGURES* IS Investment 2009 Q 1 2008 1. 698. 145 1. 482. 839 1. 494. 505 13, 6 284. 206 272. 689 241. 691 17, 6 10. 027 44. 705 2. 132 370 2008 Q 1 Yo. Y ▲% TL (000) Total Assets Shareholders’ Equity Net Profit Derivatives and asset management are the main revenues for the profit while the commission revenues displayed a better performance than our expectations *Consolidated 12

P/E and P/BV – ISMEN 31. 03. 2009 31. 03. 2008 P/E 2, 59 P/E and P/BV – ISMEN 31. 03. 2009 31. 03. 2008 P/E 2, 59 4, 85 P/BV 0, 28 0, 46 13

PRICE PERFORMANCE - ISMEN’s price has increased more than 60% with respect to January PRICE PERFORMANCE - ISMEN’s price has increased more than 60% with respect to January 1, 2009 despite the high amount of cash dividend payment in May 4 14

CASH DIVIDEND - 2008 Is Investment’s Board of Directors stated the company’s dividend policy CASH DIVIDEND - 2008 Is Investment’s Board of Directors stated the company’s dividend policy as distributing -at least 30% of the attributable profit as in cash and/or bonus shares IS Investment has distributed 30% of its attributable profit as cash dividend (TL 12. 9 mn) on 4 th of May 2009, in parallel to the “Dividend Policy” of the company 15

ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST ABOUT US OVERVIEW OF CAPITAL MARKETS OUR PERFORMANCE FINANCIAL RESULTS EXPECTATIONS FOR THE REST OF THE YEAR 16

EXPECTATIONS FOR THE REST OF 2009 ª Continue to benefit from the strong equity EXPECTATIONS FOR THE REST OF 2009 ª Continue to benefit from the strong equity and cash. ª Belated consolidation is happening in the sector. Number of the brokerage houses will be lower in 2009. ª Our Maslak Branch and Suadiye Liaison Office up and running in Istanbul despite the consolidation. ª We have increased our market share in 2009 to clinch our uncontested leadership, first signs approved this tendency as of 2009 Q 1. ª Single stock futures are expected to be seen in Q 309. ª Extending Prime Brokerage service to newcoming Asset Management Companies. ª We have started to indermediate for new funds and will continue to wellcome the new ones. 17

INVESTOR RELATIONS Mr. Mert Erdoğmuş Assistant General Manager Phone : +90 0212 350 24 INVESTOR RELATIONS Mr. Mert Erdoğmuş Assistant General Manager Phone : +90 0212 350 24 12 Fax : +90 0212 350 20 01 E-mail : [email protected] com 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 Mr. Ozan Altan http: //www. isinvestment. com/wwa_ir. aspx Vice President Phone : +90 0212 350 28 72 Fax : +90 0212 350 20 01 E-mail : [email protected] com 18

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

IS INVESTMENT isyatirim. com. tr isinvestment. com 20 IS INVESTMENT isyatirim. com. tr isinvestment. com 20

İş Yatırım Menkul Değerler A. Ş. PERFORMANCE & FINANCIAL RESULTS 2009 Q 1 Ocak İş Yatırım Menkul Değerler A. Ş. PERFORMANCE & FINANCIAL RESULTS 2009 Q 1 Ocak 2005 May 22, 2009 21