İş Yatırım Menkul Değerler A.Ş.

Ocak 2005

PERFORMANCE & FINANCIAL RESULTS

2008

April 8, 2009

ABOUT US

OVERVIEW OF CAPITAL MARKETS

OUR PERFORMANCE

FINANCIAL RESULTS

EXPECTATIONS FOR THE 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)”

CREDIT CREDIT RATING - ‘AAA(tur)’

Fitch Ratings has affirmed IS Investment’s national long-term credit rating of 'AAA(tur)‘with stable outlook

‘AAA(tur)’

ONCE AGAIN…BEST EQUITY HOUSE IN TURKEY

IS Investment - once again - rewarded as the “Best Equity House in Turkey”

ABOUT US

OVERVIEW OF TURKISH CAPITAL MARKETS

OUR PERFORMANCE

FINANCIAL RESULTS

EXPECTATIONS FOR THE REST OF THE YEAR

7

TURKISH CAPITAL MARKETS

Equity Market Volume (TL Billion)

2007 2008

Derivatives Market Volume (TL Billion)

2007 2008

2007 2008

Bills & Bonds Market Volume (TL Billion)

3,5%

Derivatives Market – Continue to grow impressively

Eurobond Volume (TL Billion)

2008

Volatility hit the Eurobond market

2007

233.5

415.9775,4

665,2

722.9

598.7

-14,2%

78,1%

-17,2%

Global crisis affected the Equity MarketGlobal crisis affected the Equity Market

B & B Market shrinked due to the shift on investor’s mind B & B Market shrinked due to the shift on investor’s mind

-19,6%

64,2

51,6

8

ASSET MANAGEMENT

21.4

144.1

913

3.677

25.010

Asset Management (USD Million)

Stable growth continues on the pension fund side despite the turmoil

2006 2007

Source: www.tspakb.org.tr

Pension FundsTotal

2008

20.271

29.574

20.895

2.048 3.5184.193

Pension Funds portfolio size

increased 19,2% with respect to

2007

ABOUT US

OVERVIEW OF CAPITAL MARKETS

OUR PERFORMANCE

FINANCIAL RESULTS

EXPECTATIONS FOR THE REST OF THE YEAR

10

LEADER IN THE MARKETS

Equity Market - (TL Billion)

More market share, stronger leadership

Derivative Market - (TL Billion)

Still continue to be the uncontested leadership

Eurobond Market – (TL Billion)

2008/Q3 2008

Nominal volume increase on Eurobond transactions

Bills&Bonds Market - (TL Billion)

2007 2008

Increasing market share

2007 2008 2007 2008

3.0

3.3

6,4%

49.144,0

6,6%6,3%

14.2

16.6

14,1%

11,8%

39.9

17,1%

56.9

13,7%

7,1%

-10,2% 42,6%

10%16,9%

ISE – EQUITY MARKET (TL)

2007 2008 BROKERAGE HOUSES

TRADING VOLUME

2007

TRADING VOLUME

2008

YoY (%) 2007

(%)

2008

(%)

1 1 IS Investment 49.058.200.449 44.021.890.412 -10,2 6,32 6,61

3 2 Finans Investment 38.763.479.516 34.460.120.443 -11,1 4,99 5,18

5 3 Yapı Kredi Investment 33.089.352.268 32.529.088.382 -1,69 4,26 4,89

7 4 Garanti Investment 31.348.263.996 25.778.107.821 -17,8 4,04 3,87

2 5 Ak Investment 39.300.036.627 25.542.257.076 -35,0 5,06 3,83

FIRST 5 191.559.332.857 162.331.464.134 -15,2 24,70 24,40

TOTAL 775.395.002.410 665.209.369.605 -14,2

MARKET RANKS- EQUITY

MARKET RANKS - DERIVATIVES

TurkDEX (TL)

2008 FINANCIAL INSTITUTIONS

TRADING VOLUME

2008

MARKET SHARE

(%)

1 IS Investment 56.919.273.668 13,68

2 EFG Istanbul Investment 32.465.803.965 7,81

3 Yapi Kredi Investment 29.135.743.869 7,01

4 Sanko Investment 27.341.371.650 6,57

5 Turkish Investment 25.942.019.500 6,24

FIRST 5 171.804.212.651 41,31

TOTAL 415.925.200.999

13

ASSETS UNDER MANAGEMENT

AuM - IS Asset Management & IS Investment (USD Million)

Although AuM size did not change and size of pension funds increased 9,1% in nominal terms with respect toQ32008, we see the negative currency effect on the values while leading the market

Mutual Funds portfolio size

represent 23% of the market 173

7.043

2006

Source: IS Investment

Pension FundsTotal

Pension Funds portfolio size

represent 19,2% of the total pension

funds

2007 2008

3.708

5.799

4.800

364731 805

ABOUT US

OVERVIEW OF CAPITAL MARKETS

OUR PERFORMANCE

FINANCIAL RESULTS

EXPECTATIONS FOR THE REST OF THE YEAR

MAIN FINANCIAL FIGURES*

IS Investment TL (000)

2008 2008/Q3 YoY ▲%

Total Assets 1.482.839 1.444.069 19,5

Shareholders’ Equity 272.689 266.190 11,9

Derivatives and asset management are the main revenues for the profit while the commission revenues excluding corporate finance, displayed a better performance when compared to 2007

Net Profit

36.811 44.705 16,5

QoQ ▲%

2,7

2,4

21,4

2007

1.240.709

38.383

243.595

*Consolidated

16

PROPOSED DISTRIBUTION OF PROFIT - 2008

IS Investment will propose AGM to distribute the 30% of the attributable profit as cash dividend(TL 12.9 mn) in parallelwith the “Dividend Policy” of the company

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

ABOUT US

OVERVIEW OF CAPITAL MARKETS

OUR PERFORMANCE

EXPECTATIONS FOR THE REST OF THE YEAR

FINANCIAL RESULTS

EXPECTATIONS FOR 2009

Continue to benefit from the strong equity and cash.

Belated consolidation is happening in the sector. Number of the brokerage houses will be lower in 2009.

Our Maslak Branch and Suadiye Liaison Office up and running in Istanbul despite the consolidation.

We target to increase our market share in 2009 to clinch our uncontested leadership, first signs are

approving this tendency.

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, new products and instruments are on the pipeline.

Our youngest subsidiary Maxis Securities is enlarging its operations.

19

INVESTOR RELATIONS

Mert Erdoğmuş

Assistant General Manager

Phone : +90 0212 350 24 12

Fax : +90 0212 350 20 01

E-mail : merdogmus@isinvestment.com

Ozan Altan

Vice President

Phone : +90 0212 350 28 72

Fax : +90 0212 350 28 73

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

2020

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

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