PERFORMANCE & FINANCIAL RESULTS – 9M09 November 12, 2009

About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 9M09

Shareholder Structure About Us 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 Camiş Investment: (Share: 99.79%) Turkey’s one of the long-established brokerage houses IS Asset Management: (Share: 70%) Turkey’s leading Portfolio Management Company managing IS Group funds IS Investment Trust (Share: 29.1%) Turkey’s leading Investment Trust IS Private Equity: (Share: 29%) Turkey’s largest Private Equity Investment Advisory Individual Clients Corporate Clients Institutional Sales Asset Management Discretionary Portfolio Management Mutual Funds Management Private Funds Management Shareholder Structure Corporate Finance Public Offerings Mergers & Acquisitions Project Finance Privatization Advisory Strategic Planning Private Equity Research Macro economy Sector Research Company Analysis Fixed Income Securities Analysis Strategy Reports and Presentations

About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 9M09

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

Overview of Capital Markets 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 Asset Management ( In TL Billion) Pension Funds grew 47% with respect to the same period of 2008 Mutual Funds* 29.8 Pension Funds 24.9 8.5 5.8 2008/9 2009/9 Source:CMB Pension fund business is growing *A Type and B Type Funds.

About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results –9M09

Our Performance More Volume & Bigger Market Share Equity Market Volume and Market Share (In TL Billion) Derivatives Market Volume and Market Share (In TL Billion) 13.48% 8.21% 14.19% 64.5 61% 55.9 6.69% 39.6% 46.2 34.7 2008/9 2009/9 2008/9 2009/9 Source:ISE Source:TurkDEX We increased our trading volume 61% annually, doubling the total market volume increase over the same period Sustained leadership

More buy and hold, less transaction Our Performance 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

Mutual Funds portfolio size represents 23.5% of the market Our Performance AuM – IS Asset Management & IS Investment (In TL Billion)* Mutual Funds portfolio size represents 23.5% of the market Mutual Funds** Pension Funds portfolio size represents 19.9% of the total pension funds 7.0 Pension Funds 5.3 1.7 1.1 2008/9 2009/9 Source: IS Investment & IS Asset Management AuM 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.

About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results –9M09

Financial Results Sound Performance IS Investment* 31.12.2008 2008/9 2009/9 YoY TL (000)   Total Assets 1,482,839 1,444,069 2,182,590 51% Shareholders' Equity 272,689 266,190 321,008 21% Net Profit 44,705 36,812 55,356 50% Strong financial structure with enhanced profitability * Consolidated

Financial Results Breakdown of Operating Revenues Diversified Revenues

Financial Results Asset Management Asset Management Commissions (In TL Million) 2008Q1 2009Q1 2008Q2 2009Q2 2008Q3 2009Q3 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 ISMEN Closing Price TL 238% 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

About Us Overview of Capital Markets Our Performance Financial Results Expectations for the Rest of the Year Performance & Financial Results – 9M09

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

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 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 Mr. Ozan Altan Vice President Phone : +90 0212 350 28 72 Fax : +90 0212 350 20 01 E-mail : oaltan@isinvestment.com

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.

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PERFORMANCE & FINANCIAL RESULTS – 9M09 November 12, 2009