PERFORMANCE FINANCIAL RESULTS 9 M 09

PERFORMANCE & FINANCIAL RESULTS – 9 M 09 November 12, 2009

1 Performance & Financial Results – 9 M 09 About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year

About Us 2 Activities Subsidiaries 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 licensed subsidiary IS Asset Management: (Share: 70%) Turkey’s leading Portfolio Management Company managing IS Group funds Investment Advisory • Individual Clients • Corporate Clients • Institutional Sales IS Investment Trust (Share: 29. 1%) Turkey’s leading Investment Trust Asset Management • Discretionary Portfolio Management • Mutual Funds Management • Private Funds Management Corporate Finance • Public Offerings • Mergers & Acquisitions • Project Finance Research • Macro economy • Sector Research • Company Analysis Camiş Investment: (Share: 99. 79%) Turkey’s one of the long-established brokerage houses • Privatization Advisory • Strategic Planning • Private Equity • Fixed Income Securities Analysis • Strategy Reports and Presentations IS Private Equity: (Share: 29%) Turkey’s largest Private Equity Shareholder Structure

3 Performance & Financial Results – 9 M 09 About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year

Overview of Capital Markets Equity Market Volume (In TL Billion) 4 Derivatives Market Volume (In TL Billion) 680 % 47 % 31 519 478 325 2008/9 Source: ISE 2009/9 2008/9 Source: Turk. DEX Equity and derivatives market exceeded the full-year of 2008 2009/9

Overview of Capital Markets 5 Bills & Bonds Market Volume (In TL Billion) % 30 649 499 2008/9 2009/9 Source: ISE Lower interest rates and higher trading volume

Overview of Capital Markets 6 Asset Management ( In TL Billion) Pension Funds grew Mutual Funds* Pension Funds 29. 8 24. 9 5. 8 2008/9 8. 5 2009/9 Source: CMB Pension fund business is growing *A Type and B Type Funds. 47% with respect to the same period of 2008

7 Performance & Financial Results – 9 M 09 About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year

Our Performance More Volume & Bigger Market Share 8 Equity Market Volume and Market Share Derivatives Market Volume and Market Share (In TL Billion) 13. 48% 8. 21% 14. 19% 6. 69% % 61 64. 5 55. 9 39 . 6% 46. 2 34. 7 2008/9 2009/9 Source: ISE We increased our trading volume 61% annually, doubling the total market volume increase over the same period 2008/9 2009/9 Source: Turk. DEX Sustained leadership

Our Performance 9 Bills & Bonds Market Volume and Market Share* (In TL Billion) 15. 53% 11. 63% 14. 7 -16 . 8% 12. 2 2008/9 2009/9 Source: ISE More buy and hold, less transaction *Among Brokerage Houses

Our Performance 10 Au. M – IS Asset Management & IS Investment (In TL Billion)* Mutual Funds portfolio size represents 23. 5% of the market Mutual Funds** Pension Funds 7. 0 5. 3 1. 1 2008/9 Pension Funds portfolio size represents 19. 9% of the total pension funds 1. 7 2009/9 Source: IS Investment & IS Asset Management Au. M size reached TL 9. 9 billion surging by 41. 4% on annual basis, while pension funds and mutual funds registered 54. 5% and 32% growth rates respectively * Other Funds: Portfolio size of TL 692 mn and TL 1. 218 mn for other funds for the periods of 2008/9 and 2009/9 respectively. **A Type and B Type Funds.

11 Performance & Financial Results – 9 M 09 About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year

Financial Results Sound Performance IS Investment* 31. 12. 2008 TL (000) 12 2008/9 2009/9 Total Assets 1, 482, 839 1, 444, 069 2, 182, 590 272, 689 266, 190 321, 008 21% 44, 705 36, 812 55, 356 Strong financial structure with enhanced profitability * Consolidated 51% Shareholders' Equity Net Profit Yo. Y 50%

Financial Results Breakdown of Operating Revenues Diversified Revenues 13

Financial Results Asset Management 14 Asset Management Commissions (In TL Million) 2008 Q 1 2009 Q 1 2008 Q 2 2009 Q 2 2008 Q 3 2009 Q 3 2008/9 2009/9 We raised our management fees 60% on annual basis - We see positive effect of our prime brokerage services

Financial Results Price Performance 15 23 8% ISMEN Closing Price TL 10. 11. 2008 10. 11. 2009 P/E 1. 98 4. 9 P/BV 0. 25 1. 1 ISMEN’s price has increased 253% with respect to January 2, 2009. This upswing indicates 98% and 85% higher performance relative to ISE-100 Index and ISE Financial Index respectively

16 Performance & Financial Results – 9 M 09 About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year

Expectations for the Rest of 2009 § Dubai liaison office will be ready as of end of 2009. § Feasibility study for new branches continues. § We sealed our uncontested leadership with strong performance. § New derivative instruments yet to come 17

Investor Relations 18 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 Vice President 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, which are not considered to be trade secrets to its shareholders and stakeholders. http: //www. isinvestment. com/wwa_ir. aspx

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. 19

IS Investment 20 AKARETLER BRANCH İş Kuleleri Kule-2 Kat: 12 HEAD OFFICE Süleyman Seba Cd. No: 44 B 1 Blok D: 10 34357 Akaretler İSTANBUL TURKEY Tel: +90212 326 87 00 Fax: +90212 326 87 01 Tahran Cd. No: 3/8 ANKARA 06700 Kavaklıdere ANKARA TURKEY BRANCH Tel: +90312 455 26 50 Fax: +90312 466 60 62 Akdeniz Cd. No: 14 Birsel İş Merkezi D: 501 İZMİR 35210 Alsancak İZMİR TURKEY BRANCH Tel: +90232 488 90 00 Fax: +90232 488 90 01 KALAMIŞ BRANCH MASLAK BRANCH Fener Kalamış Cd. Tibaş-Belvü Sitesi A 2 Blok D: 3 34726 Fenerbahçe İSTANBUL TURKEY Tel: +90216 542 72 00 Fax: +90216 542 72 01 Büyükdere Cd. Nurol Plaza No: 71/16 34398 Maslak İSTANBUL Tel: +90212 367 85 00 Fax: +90212 367 85 01 34330 4. Levent İSTANBUL TURKEY Tel: +90212 350 20 00 Fax: +90212 350 20 01 Köybaşı Caddesi İskele Çıkmazı No: 6 YENİKÖY 34464 Yeniköy İSTANBUL TURKEY BRANCH Tel: +90212 363 01 00 Fax: +90212 363 01 01 Havalimanı Kavşağı EGS Business Park YEŞİLKÖY B 3 Blok No: 470 BRANCH 34149 Yeşilköy İSTANBUL TURKEY Tel: +90212 463 20 00 Fax: +90212 463 20 01 Bağdat Cd. Kılıçoğlu Ap. No: 451 K: 1 D: 4 SUADİYE 34740 Suadiye İSTANBUL REP. OFFICE Tel: +90216 380 03 53 Fax: +90216 416 91 71 Jeltozbekova Street ALMA ATA 97 Block A 2 Floor: 2 REP. OFFICE 050051 ALMAATA KAZAKHSTAN Tel: +77012 234803 Fax: +77273 340509 MAXIS SECURITIES LTD 8 Princes Street SUBSIDIARY London EC 2 R 8 HL UNITED KINGDOM Tel: +44207 397 1431 Fax: +44207 726 2566

PERFORMANCE & FINANCIAL RESULTS – 9 M 09 November 12, 2009