1. İş Yatırım Menkul Değerler A.Ş.
PERFORMANCE & FINANCIAL RESULTS
2008-Q1
İş Yatırım Menkul Değerler A.Ş.
Ocak 2005
Başlık: Times New Roman - 24pt. - Beyaz - Bold
June 19, 2008

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

3. THE ONLY LISTED INVESTMENT BANKING INSTITUTION - ISE
FITCH: “AAA(tur)”
IS Investment offers variety of domestic and international services, such as;
Brokerage
Investment Advisory
Asset Management
Corporate Finance
Research
Is Investment was established by Is Bank in 1996, with a paid in capital of YTL The company has started with 42 staff and reached 289 employees as of 2007 and shareholders’ equity increased to YTL mn. at the same time (Please note that it was YTL mn. as of 2007/Q3).
The leading investment banking institution in Turkey and the investment arm of IS Bank

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

5. PERFORMANCE OF TURKISH CAPITAL MARKETS
Equity Market (YTL Billion)
Derivative Market (YTL Billion)
10,4%
193.3
302%
117.6
175.1
29.2
2007/Q1
2008/Q1
2007/Q1
2008/Q1
Despite the fluctuation in international markets, equity
market increased its trading volume
Derivative market’s performance beyond the expectations
Equity market displayed a better perfomance with respect to the year 2006, whereby the higher amount of public offerings.
Derivative market’s remarkable performance went beyond even our year-end estimates and the total trading volume reached more than six-folds of 2006.
In the Bills & Bonds market, the decrease in the public borrowing requirement and Central Bank’s interest rate policy, caused a weaker concern for the Bills & Bonds market.
ISE has announced the trading volume of Turkish Eurobonds in 2007 for the first time as YTL 64.2 bn
Bills & Bonds Market (YTL Billion)
Eurobonds (YTL Billion)
3,5%
33.5
33.2
16.4
2007/Q1
2008/Q1
2008/Q1
B&B Market displayed almost the same performance
The trading volume of Turkish Eurobonds in 2008/Q1 as YTL 16.4 bn

6. ASSET MANAGEMENT Pension Funds* (USD Million)
144.1
4.131
29.268
25.010
3.813
21.4
3.677
2.048
2.048
913
2006
2007
2008/05
Source:
Portfolio size of pension funds continue to confirm our claims to be the locomotive of fund business in near future, reaching USD mn. despite the weaker performance of the markets

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

8. LEADER IN THE MARKETS Equity Markets - IS Investment (YTL Billion)
Derivative Markets - IS Investment (YTL Billion)
6,31%
15,94%
289%
18.7
12,9%
12.2
6,18%
16,73%
10.8
4.8
2007/Q1
2008/Q1
2007/Q1
2008/Q1
Despite rising trading volumes and international newcomers,
we maintain market leadership
Our derivative market trading volume almost four-fold
the same period of Unconstent leadership
Bills&Bonds Market - IS Investment (YTL Billion)
Eurobond Market - IS Investment (YTL Million)
23,91%
9,90%
63%
144%
1.620
14,64%
8.0
663
4.9
2007/Q1
2008/Q1
2007/Q1
2008/Q1
We recaptured our leadership position among the
brokerage houses in the market
Our trading volume growth in 2008/Q1 confirms our clear
market leadership among the brokerage houses

9. ASSET UNDER MANAGEMENT
AuM & Pension Funds Portfolio Size - IS Asset Management (YTL Million)
AuM & Pension Funds portfolio size represent 19,6% and 18,7% of the funds market respectively
173
777
682
902
173
860
173
410
777
7.043
682
7.043
516
6.620
7.043
6.950
6.484
6.003
6.820
516
5.247
6.620
6.484
5.247
2005
2006
2007/H1
2007/Q3
2007
2008/Q1
Source: Is Investment
We believe that asset management business is the ascending business of the markets

10. INTERNATIONAL CAPITAL MARKETS
Fixed Income & Equity - IS Investment (USD Million)
Derivative - IS Investment (# of Contracts)
TMI
114
206%
48.590
2.154
408% 80
663
Equity
9.553
Fixed Income
2007/Q1
2008/Q1
2007/Q1
2008/Q1
Source: Is Investment
Fixed income & equity trading volume reached USD 2.3 bn from USD 750 mn surging 206% with respect to the same period of 2007, while performing derivative contracts which mainly comes from our e-trading platform; TradeMaster International

11. A remarkable performance
CORPORATE FINANCE
M&As Size (USD Million) - IS Investment
1.911
341
1.729
A remarkable performance
708
34.9
38.9
10.8
2007/Q1
2008/Q1
Source: Is Investment
2008 is the year of M&A rather than public offerings

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

13. MAIN FINANCIAL FIGURES
IS Investment
2007/Q1
2008/Q1
YoY ▲%
YTL (000)
Total Assets 20
Shareholders’ Equity
-2*
Net Profit 12
6.727
7.547
Net Profit
(Declared to the tax authority)
n.m.
Consolidated Net Profit
4.786
-1.497
Total assets coincide with one third of the whole sector
*Implementation of the new IFRS methodology caused a decrease in Shareholders’ equity due to acqusition of IS Asset Management

14. CONSOLIDATION EFFECT
(YTL 000)
IS Investment Only
(Declared to the Tax Authority)
7.547
Consolidation Effect
IS Asset Management
IS Inv.Trust
1.132
-3.492
Marked to Market Effect
IS Private Equity
-4.135
Other
-2.549
Consolidated Net Profit
-1.497
Profit is in line with expectations except for the consolidation and the marked to market effect of subsidiaries

15. ISE PERFORMANCE OF OUR SUBSIDIARIES
Performance of ISE-100 Index (2008/Q1)
ISE-100
IS Investment Trust
IS Private Equity
Price performance of subsidiaries has smoothed since 2008/Q1

16. OPERATING EXPENSES YTL (000) 2007/Q1 2007/Q4 2008Q1 QoQ ▲ YoY ▲
General Administrative Exp
Marketing and Dist.Exp
Other
Total
Increase in operating expenses stemmed from consolidation effect of IS Asset Management

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

18. EXPECTATIONS FOR THE REST OF THE YEAR
Consolidation effect of subsidiaries is expected to be better
Single stock futures are on the way
We are about to launch two new products
Public offerings are on the pipeline depending on the market conditions
Private Equity Company announced two new exits
Trading foreign securities is booming
Maxis Securities is up and running
Our sixth branch “Yesilkoy-Istanbul” is in operation

19. INVESTOR RELATIONS
Mr. Mert Erdoğmuş
Assistant General Manager
Phone :
Fax :
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
Senior Associate
Phone :
Fax :

20. 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. 20

21. IS INVESTMENT
isyatirim.com.tr
isinvestment.com

22. İş Yatırım Menkul Değerler A.Ş.
Performance & Financial Results
2008-Q1
İş Yatırım Menkul Değerler A.Ş.
Ocak 2005
Başlık: Times New Roman - 24pt. - Beyaz - Bold
June 2008