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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 IS INVESTMENT IS Investment provides a wide array of financial services to local and foreign investors. Ilhami Koc General Manager With a distinctive role in the development of the capital markets, IS Investment was established in 1996 as the investment banking arm of Isbank Group. IS Investment provides a wide array of financial services to local and foreign investors, including Corporate Finance, Investment Advisory, Asset Management, Brokerage and Research. IS Investment owns 99.79% of Camis Investment, 70% of IS Asset Management, 29.12% of IS Investment Trust, 29% of IS Private Equity, 6% of Turkish Derivatives Exchange and Maxis Securities Ltd is a full subsidiary in London. IS Investment also owns 74% of Efes NPL Asset Management, a new subsidiary that specializes in managing banks’ NPLs. With its largest individual and institutional customer base, IS Investment has 9 branches in Ankara, Bursa, Izmir, Istanbul (6 branches) and two representative offices in Almaty- Kazakhstan and Istanbul-Suadiye. In addition to this, IS Investment has a strong and widespread distribution network through the agency of more than 1000 Isbank branches distributed in various industry, business and residential centers all over Turkey. IS Investment, representing approximately 40% of the sector with its USD 2.3 billion asset size, has reached USD 30.4 million consolidated net income by the first nine months of 2010. IS Investment (ISMEN) itself went public in May 2007 and the only investment house rated & granted with a credit rating of 'AAA(tur)' with stable outlook by Fitch Ratings in July 2010. IS Investment represents around 25% of the market with its AuM size of USD 7.3 billion by the end of 2010. IS Investment represents a large and commanding presence in the Turkish investment market, reflected in its transaction volumes, ranking first not only in the Istanbul Stock Exchange (ISE) Stock Market since 2003, but also in the Turkish Derivatives Exchange (TurkDEX), since the foundation of the market in 2005. The company presents its investors the opportunity to make transactions at Turkish markets and at more than 31 different exchange markets in the world by means of the online trading platform TradeMaster developed by IS Investment in 2007. IS Investment also provides a wide range of corporate finance services including Public Offerings, Mergers & Acquisitions, Private Sector Advisory, Project Finance Advisory and Private Equity Advisory. The Company, which acted as the lead manager in 66 Public Offerings between 1988 and 2010, is the leader in the public offerings market in Turkey in terms of both deal size and number of transactions. Since 2000, IS Investment has completed 78 M&A transactions – a number rendering the Company as the leading investment bank as per the M&A league rankings. Full Range of Investment Banking Services Brokerage Investment Advisory Asset Management Corporate Finance: IPOs, M&As, Strategic Planning Research Widest Client Base Largest domestic network – more than1,000 Isbank branches are our agent 4,950 high-net-worth individuals 660 domestic institutional clients 480 foreign institutional clients Largest assets under management USD 7.3 bn mainly through subsidiary IS Asset Management volume Leader #1 in Stock Market #1 in Bonds Market* #1 in Derivatives – TurkDEX #1 in Eurobond Transactions* *among brokerage houses Shareholders Equity USD 249 Million Only Listed Investment House in ISE Went public in May 2007 with Mcap US$ 250 million Only Brokerage House with Credit Rating National Long-Term AAA (Tur) / Stable Outlook by Fitch Ratings FACTS AND FIGURES Date of Establishment December 18th,1996 Registered Capital TL 300 Million / USD 207 Million Issued Capital TL 200 Million / USD 138 Million Shareholders’ Equity (as of 9M10) TL 361 Million / USD 249 Million Assets (as of 9M10) TL 3.3 Billion / USD 2.3 Billion Free-Float 29.32% Branches Ankara, Izmir, Istanbul (Akaretler, Kalamis, Levent, Maslak, Yenikoy, Yesilkoy), Bursa Representative Office Agents Ownership Structure Isbank 65.65% Is Factoring 2.43% Is Leasing 2.43% Camis Investment Holding 0.17% Free Float 29.32% Suadiye (Istanbul), Almaty (Kazakhstan) More than 1,000 Isbank branches Subsidiaries* IS Investment's Share Maxis Securities Limited 100.00% Camis Online 99.79% Efes NPL Asset Management 74.00% IS Asset Management 70.00% IS Investment Trust 29.12% IS Private Equity 29.00% TurkDEX 6.00% * Subsidiaries in which IS Investment has more than 5% shares. IS Investment has also shares in Growing Enterprise Market Automatic Quotation, IS REIT, ISE Settlement and Custody Bank Inc. and Yatirim Finansman Securities. PAGE 12
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 Also known with its pioneer role and innovative reputation in the sector with new products and market tools; IS Investment established the first hedge fund in Turkey, in November 2008. IS Investment has been the first local investment house to issue warrants, IS Warrants were listed in ISE in December 2010. IS Investment has won several awards, including in the category of Euromoney Awards for Excellence “Best Equity House“ in 2007 and 2008, “Best M&A House” in 2009 and finally “Best Investment Bank” in 2010. Also IS Investment was given “Financial Advisor of the Year in Turkey” award by FT/mergermarket in 2010. In 2010 IS Investment is… • ISE Stock Market leader, with USD 57.9 billion trading volume and 6.9% market share. • TurkDex Market leader with USD 65.9 billion trading volume and 11.5% market share. • ISE Securities L/B Market Leader with USD 942.2 million trading volume and 24.3% market share. • ISE Bonds&Bills Market Leader among brokerage houses with USD 17.8 billion trading volume and 20% market share. • ISE Turkish Eurobonds Market leader among brokerage houses, with USD 232.5 million trading volume and 0.3% market share. Since its establishment, IS Investment’s international capital markets division continues to provide direct access to financial markets around the globe through its counterparty network, and professional assistance through which our clients have a better scope of investment products for achieving a diversified portfolio. The latest liquidity crisis that crippled the economies around the World, once again highlighted the importance of diversification. While the World's biggest economies have been pushed deep into the arms of recession, the biggest and most prominent financial firms had disclosed holdings in problematic mortgage backed securities, which stunned the World markets as there is no safe ground among the companies that are a vital part of the economic system. However, the ongoing excessive measures that the major Central Banks took in order to lessen the severity of this worldwide crisis, created an unprecedented rally in the financial markets starting in the year 2009. With the help of its extensive global markets coverage by a team of professionals, IS Investment’s client were fortunate enough to be positioned in the right place and the right time. IS Investment has been investing heavily on improving our product mix in order to satisfy the needs and spread out the single country risks of our customers. As the latest liquidity crisis put the international capital markets to the foreground of investor's attentions, IS Investment has already had an ever increasing activity in these markets. IS Investment has direct market access capabilities through the major equity exchanges around the world and also has execution facilities to emerging markets like in Middle East and CIS region. In equity markets, our activities are not only limited to secondary market trading as we also provide means for our customers to participate in primary issues all around the world and chance to invest in equity options rather than directly in cash markets. In fixed income markets, with a volume reaching almost USD 3 billion in 2010, IS Investment was rated as the top financial firm among the other Turkish financial institutions based on transactions booked outside the exchange. Not only, as IS Investment, we concentrate purely on Turkish Eurobonds, but also focus heavily on high grade credits as well as credits from emerging market economies like Kazakhstan, Brazil, Russia and interact with more than hundred counterparties around the World. Latest being the Bank Pozitif’s 2014 maturity Eurobond issue, the syndication parts that we have taken on the Eurobond issues listed below demonstrate our commitment and willingness to be a more active player in these markets as a Turkish institution. As the financial crisis have created rollercoaster rides in the World markets, adding to the ways of diversification, the opportunities that keep on knocking increased the needs for exchange-listed derivative instruments. In order to facilitate our clients' needs for these leveraged instruments, IS Investment launched Trade Master International in the beginning of 2008, which is giving execution capabilities to our investors for investing on their own in major equity markets and more importantly in futures markets like CBOT and CME. Also, through our experienced traders, our corporate clients can access to London Metal Exchange (LME) in order to hedge their physical exposures in industrial metals. Rating ourselves by far as the top Turkish institution in international capital markets, not only IS Investment will work on improving its abilities in organized exchanges around the World, but also will pursue to provide access to opportunities in emerging economies to its clients whom IS Investment made believe the importance of diversification with a little kick in it. CONTACT INFORMATION IS INvESTMENT Is Kuleleri, Kule-2 Kat: 12 4. Levent 34330 Istanbul-Turkey Tel: +90 212 350 20 00 Fax: +90 212 350 20 01 isyatirim.com.tr / isinvestment.com For International Capital Markets Contact Name Mr. Ilkay Dalkilic Tel. +90 212 350 2314 E-mail idalkilic@isinvestment.com For Turkish Capital Markets Contact Name Mr. Serkan Aran Tel. +90 212 350 2324 E-mail saran@isinvestment.com For Almaty/Kazakhstan Rep. Office Contact Name Mr. Samad Azimov Tel. +7 727 3340508 E-mail sazimov@isinvestment.com PAGE 13
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