IS Investment 1H15 Results & Performance Presentation

1. Investor Relations
PERFORMANCE &
FINANCIAL RESULTS – 1H15
August 4, 2015

2. Investor Relations
Performance & Financial
Results – 1H15
1
About Us
Market Performance
Financial Results

3. Investor Relations
IS Private Equity: (Share: 29.1%) (Ticker: ISGSY:TI)
One of Turkey’s largest Private Equity company and listed since 2004;
26.5% IRR (Internal Rate of Return) on USD basis from 11 exits
IS Investment Trust (Share: 28.9%) (Ticker: ISYAT:TI)
Turkey’s leading Investment Trust; listed since 1996, represents more than
50% of the sector with its TL 232mn portfolio
IS Asset Management: (Share: 70.0%)
Turkey’s leading portfolio management company managing mainly IS Group
funds, represents more than 20% of the fund market with its TL19.7bn AuM
Maxis Investments: (Share: 100.0%)
London headquartered and capital markets licensed subsidiary
IS Investments Gulf: (Share: 100.0%)
We are liquidating our fully owned subsidiary based in Dubai
Efes NPL Asset Management: (Share: 74.0%)
Aims to manage mainly banks’ NPLs
* Current structure
2About Us
Shareholder Structure Business Lines
Credit Rating
‘AA+(tur)’ by Fitch Ratings - The first and the only
investment house that has (AA+) credit rating in
Turkey
Corporate Governance Rating
‘AAA (Trk)/Distinctive’ by JCR Eurasia - The first
and the only investment house that has a corporate
governance rating in Turkey
Subsidiaries*
• Brokerage & Trading
• Investment Advisory
• Asset Management
• Corporate Finance
• Research
IS Bank &
IS Bank
Group
Companies
71%
63%
Free Float
29%
37%
International
Shareholders ‘
Share

4. Investor Relations
Performance & Financial
Results – 1H15
3
About Us
Market Performance
Financial Results

5. Investor Relations
819
1,112
0
200
400
600
800
1,000
1,200
'14/6 '15/6
Billions
Trading Volume (TL bn)
Market Performance Equities 4
The market IS Investment
Source: Borsa Istanbul, Equity Market Data
Market Transactions by Members
IS Investment 7.3%
Broker 1 7.2%
Broker 2 7.1%
Broker 3 6.1%
Broker 4 5.8%
#1
63.0
81.4
7.7%
7.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0
10
20
30
40
50
60
70
80
90
100
'14/6 '15/6
Billions
Trading Volume (TL bn) Market Share
80
90
100
110
120
130
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
BIST 100 Benchmark Interest Rate USDTRY
Despite stiff competition in the market, we managed to
increase our trading volume by 29% and kept our leading
position at 7.3% market share
Despite better macro-economic expectations in January,
volatility -driven by concerns on currency fluctuation
coupled with the general election- was the main reason
for 36% higher trading volume in the first half

6. Investor Relations
411
558
0
100
200
300
400
500
600
'14/6 '15/6
Billions
Trading Volume (TL bn) Foreign Investors’ Share
Market Performance Derivatives 5
The market IS Investment
Source: Borsa Istanbul, Derivatives Market Data,
Market Transactions by Members
Broker 1 13.67%
IS Investment 8.79%
Broker 2 8.76%
Broker 3 6.68%
Broker 4 5.42%
#2
Although our trading volume rose by 7% Y-o-Y, we
ranked second at derivatives market
Foreign investor based transactions increased to 28.5%
from 23.8% while the trading volume, mainly driven by
the index futures, grew 36% annually
45.9 49.1
11.2%
8.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
10
20
30
40
50
60
'14/6 '15/6
Billions
Trading Volume (TL bn) Market Share
350
400
450
500
550
600
650
Jan Feb Mar Apr May Jun
Thousands
End of Day Open Interests – Index and currency futures
2015
2014
23.8%
28.5%

7. Investor Relations
402.9
466.2
12.5%
6.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
100
200
300
400
500
600
'14/6 '15/6
Billions
Trading Volume (TL bn) Market Share
16%
Market Performance FX Margin Trading 6
The market IS Investment
Source: Turkish Capital Markets Association,
Brokerage Firms’ Comparative Data
Broker 1 11.6%
Broker 2 8.8%
Broker 3 8.2%
Broker 4 7.6%
IS Investment 6.2%#5
3,232
7,541
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
'14/6 '15/6
Billions
Trading Volume (TL bn)
FX margin trading, which had become one of our sustainable business-lines, continued to diversify
our revenues by 16% higher trading volume on annual basis

8. Investor Relations
Market Performance Primary market 7
Debt securities issuances IS Investment*
Source: Borsa Istanbul, IPO Data
We intermediated the issuance of 72 debt securities in total
with size of TL8.2bn supported by private placements and
continued to lead the market by 22.4%
The total size of the issuance of debt securities reached
TL 36.5bn rising by 10% with respect to 1H14, private
placements took larger portion and increased by 61%
22.0
18.5
11.2 18.0
233
308
50
100
150
200
250
300
350
0
5
10
15
20
25
30
35
40
'14/6 '15/6
Public Offerings (TL bn) Private Placements (TL bn)
# Total Issuances
6.9
4.6
0.9
3.6
45
72
0
10
20
30
40
50
60
70
80
0
1
2
3
4
5
6
7
8
9
'14/6 '15/6
Public Offerings (TL bn) Private Placements (TL bn)
# Total Issuances
23.4% 22.4%
Market Share
* IS Investment borrowed TL 428mn from the market
in 19 issues

9. Investor Relations
Market Performance 8
M&A deals closed in 1H15 - IS Investment Equity margin trading - IS Investment
259
306
0
50
100
150
200
250
300
350
'14/6 '15/6
Millions
Loan size (TL mn)
Source: IS Investment
Despite the volatile environment, fully collateralized
equity margin trading business kept growing by
increasing the loan size 18% when compared to the same
period of last year
Four deals were closed in the first half of the year despite
the grim macro-economic outlook
Target Firm Industry
Our role as an
advisor
İsmar Marketleri Food Retail Sell-side
Zey-tur San Food Sell-side
Yeşil Küre Food Buy-side
Evciler Pharmaceutical sell-side

10. Investor Relations
Market Performance Asset under Management 9
The market IS Investment
Source: CMB & IS Asset Management
AuM size reached TL 19.8 billion surging by 25% Y-o-Y,
while pension funds, which are more important to our
portfolio management commissions, grew by 28% Y-o-Y
Pension funds in Turkey continuously growing; the size
reached TL 40.3bn rising by 32% when compared to the
same period of the last year
30.4
40.3
31.0
38.2
0
10
20
30
40
50
60
70
80
90
'14/6 '15/6
Mutual Funds (TL bn)
Pension Funds (TL bn)
2.5 3.4
5.8
7.4
7.6
9.0
0
5
10
15
20
25
'14/6 '15/6
Mutual Funds (TL bn)
Pension Funds (TL bn)
Other Funds* (TL bn)
* Other funds includes portfolios of private asset management,
alternative investment products management, Turkishfund (SICAV) and
portfolio of IS Investment Trust
23.4%
18.4%
Market Shares

11. Investor Relations
Performance & Financial
Results – 1H15
10
About Us
Market Performance
Financial Results

12. Investor Relations
Financial Results Consolidated 11
IS Investment - Consolidated
(TL000)
1H14 1H15 YoY (%)
Total Assets 5,124,882 5,435,984 6
Shareholders' Equity 526,358 538,864 2
Net Profit 32,138 23,213 (28)
Despite the unfavourable politic and economic outlook, we generated TL23.2mn net income;
still in line with the year-end expectations
1,241
1,569
2,539 2,686
3,063
4,166
4,935
5,355 5,436
244 268 329 375 400 460 518 557 539
38.4 45.9
67.5 64.2 52.4 68.7
70.8 62.9 54.0
19.4%
17.9%
22.5%
18.2%
13.5%
15.9% 14.5%
11.7%
10.1%
0%
4%
8%
12%
16%
20%
24%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
'07 '08 '09 '10 '11 '12 '13 '14 '15/6
ROAETL Million
Total Assets (TL mn) Shareholders' Equity (TL mn)
Net Income Trailing - last 4 quarters (TL mn) ROE

13. Investor Relations
5
38
2
46
10
68
18
64
8
52
32
69
11
71
4
63
12
?
7 10
24
11
13
14
10 28 11
0
10
20
30
40
50
60
70
80
TL Million
Financial Results Consolidated Net Profit 12
Poor performance of the investment trust and the private equity activities moved down the bottom-line while
the revenues from our core business lines increased by 33% with respect to the same period of the last year
‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15
Q1
Full Year
Q2

14. Investor Relations
Net Profit (TL) 1H14 1H15 YoY (%)
IS Investment Only* 32,436,929 34,172,290 5
IS Investment Trust 4,828,727 751,658 (84)
IS Private Equity** 1,573,266 (1,762,323) n.a.
IS Asset Management 3,557,261 4,279,113 20
Efes NPL Asset Management 6,440,928 4,227,166 (34)
Elimination Adjustments*** (16,698,770) (18,454,845) n.a.
Consolidated Net Profit 32,138,341 23,213,059 (28)
Financial Results Consolidation Effect 13
* Includes Maxis Investments and IS Investments Gulf
** Profit attributable to equity holders of the company reallocated above table, which may
differ from the disclosed financial statements
*** Dividend and revenue elimination with subsidiaries, which is also reallocated and may
differ from the disclosed financial statements
Consolidated Net Profit = [IS Investment Solo Net Profit + Contributions from Subsidiaries] – Elimination Adjustments
Contributions from Subsidiaries
Elimination Adjustments
IS Investment Solo Net Profit
Consolidated Net Profit
 Our non-consolidated net income increased by 5% Y-o-Y thanks mainly to the brokerage, corporate finance and asset
management business lines
 IS Asset Management’s contribution was 20% higher as expected; we believe to see the same tendency in the second half
 Negative contribution of IS Private Equity merely caused by its portfolio companies’ weak results
 Efes NPL Management performed well in spite of the negative macro-economic outlook

15. Investor Relations
Interest and
Trading
Income
68%Commission
Income
32%
Interest and
Trading
Income
60%
Commission
Income
40%
Financial Results Breakdown of Operating Revenues 14
Breakdown of Revenues
(TL 000)
1H14 1H15 YoY (%)
Interest and Trading Income 126,196 119,571 (5)
Commission Revenues* 59,561 79,493 33
Total Operating Revenues 185,757 199,064 7
Operating Revenues – 1H14 Operating Revenues – 1H15
TL 185.8mn TL 199.1mn
Interest & trading income adversely affected by the lower equity index level and higher bond yields, while the commission
revenues soared up by 33%
* Client based FX margin trading revenues are added to the commission revenues

16. Investor Relations
Brokerage
67%
Corporate
Finance
10%
Asset
Management
21%
Other
Commissions
2%
Brokerage
64%
Corporate
Finance
13%
Asset
Management
22%
Other
Commissions
1%
Financial Results Breakdown of Commissions 15
Commission Revenues
(TL 000)
1H14 1H15 YoY (%)
Brokerage* 39,852 51,100 28
Corporate Finance 5,774 9,980 73
Asset Management 12,572 17,367 38
Other Commissions 1,362 1,045 (23)
Total 59,561 79,492 33
TL 59.6mn TL 79.5mn
Commission Revenues – 1H14 Commission Revenues – 1H15
38% increase of asset management fees are noteworthy with respect to the previous periods, while brokerage
and corporate finance revenues soared up by 28% and 73% Y-o-Y respectively
* FX margin trading revenues are added to the brokerage income

17. Investor Relations
Other Exp.
1%
Marketing
Exp.
25%
Adm. Exp.
74%
Other Exp.
1%
Marketing
Exp.
25%
Adm. Exp.
74%
Financial Results Breakdown of Operating Expenses 16
Operating Expenses
(TL 000)
1H14 1H15 YoY (%)
Marketing, Sales and Distribution Expenses 33,610 35,754 6
General Administrative Expenses 97,871 108,219 11
Other Operating Expenses 1,596 1,914 20
Total 133,077 145,887 10
TL 133.1mn TL 145.9mn
Operating Expenses – 1H14 Operating Expenses – 1H15
OPEX increased by 10% Y-o-Y due to the consolidation effect; but in contrast with that, our non-consolidated OPEX
increased by only 6% Y-o-Y thanks to our strict cost management policy

18. Investor Relations
Financial Results Dividend 17
Cash Dividend
• We paid back 169% of our IPO proceeds as cash
dividend since 2008
• We also distributed 6.9% per share stock dividend in
addition to TL0,14 per share cash dividend payment;
hence, total pay-out ratio realized as 115.4% in 2015
Dividend Yield
Source: Borsa Istanbul / Consolidated Data / Market Capitalization
• Our dividend yield is much higher than the market
• The average dividend yield of ISMEN is 5.6% within
the last 8 years
9
13
20 20
15
20
25
4730% 30% 30%
33%
30% 30%
36%
78%
0%
8%
16%
24%
32%
40%
48%
56%
64%
72%
80%
0
5
10
15
20
25
30
35
40
45
50
May-08 May-09 May-10 May-11 May-12 May-13 March-14 March-15
Cash Dividend (TL mn) Payout Ratio
4.1%
8.2%
4.8%
4.0%
3.1%
4.1%
6.3%
10.6%
3.3%
2.3% 2.0% 2.1% 2.2%
1.8% 1.9%
2.5%
0%
2%
4%
6%
8%
10%
12%
May-08 May-09 May-10 May-11 May-12 May-13 March-14 March-15
ISMEN Borsa Istanbul

19. Investor Relations
Investor Relations 18
Ms. Çağlan Mursaloğlu
Deputy CEO
Phone : +90 0212 350 23 48
Fax : +90 0212 350 20 01
E-mail : cmursaloglu@isinvestment.com
Mr. Ozan Altan
Manager, Head of IR
Phone : +90 0212 350 28 72
Fax : +90 0212 350 20 01
E-mail : oaltan@isinvestment.com
Mr. Alper Alkan, CFA
Senior Associate
Phone : +90 0212 350 25 22
Fax : +90 0212 350 20 01
E-mail : aalkan@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_new.aspx

20. Investor Relations
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

21. Investor Relations
IS Investment 20
HEAD
OFFICE
İş Kuleleri Kule-2 Kat:12
MASLAK
BRANCH
Büyükdere Cad. Nurol Plaza No:257 Kat:16
34330 4. Levent ISTANBUL, TURKEY 34398 Maslak İSTANBUL, TURKEY
T: +90 212 350 20 00 T: +90 212 367 85 00
F: +90 212 350 20 01 F: +90 212 367 85 01
ADANA
BRANCH
Çınarlı Mah. Turhan Cemal Beriker Bulvarı
YENİKOY
BRANCH
Köybaşı Cad. İskele Çıkmazı Hancıoğlu Yalısı No:6
No:31 Kat:9 Seyhan ADANA, TURKEY 34464 Yeniköy İSTANBUL, TURKEY
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AKARETLER
BRANCH
Süleyman Seba Cad. No:44 B1 Blok D:10
YEŞİLKÖY
BRANCH
Havalimanı Kavşağı EGS Business Park No:470
34357 Akaretler İSTANBUL, TURKEY B3 Blok Kat 17, 34149 Yeşilköy İSTANBUL,TURKEY
T: +90 212 326 87 00 T: +90 212 463 20 00
F: +90 212 326 87 57 F: +90 212 463 20 01
ANKARA
BRANCH
Tahran Cad. No: 3/8
DİYARBAKIR
REP. OFFICE
Cevatpaşa Mah. Gazi Cad. Yazgan Sok. No: 1/3
06700 Kavaklıdere ANKARA, TURKEY 21300 Dağkapı SUR/DİYARBAKIR, TURKEY
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ANTALYA
BRANCH
Şirinyalı Mah. İsmet Gökşen Cad.
KIRIKKALE
REP. OFFICE
Ovacık Mah. Zafer Cad. Akbıyık İş Hanı No:47
No:80/2 Muratpaşa ANTALYA, TURKEY Kat: 2-3 D:2 71200 Merkez KIRIKKALE, TURKEY
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BURSA
BRANCH
Atatürk Cad. Nalbantoğlu Mah. No:71/3
MERSİN
REP. OFFICE
Güven Evler Mah. 1947 S. Optima İş Mer. No:25/1
16010 Osmangazi BURSA, TURKEY Kat:3 Daire:7 33140 Yenişehir MERSİN, TURKEY
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BRANCH
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SUADİYE
REP. OFFICE
Bağdat Cad. Kılıçoğlu Apt. No:451 Kat:1 D:4
No:10 Deren Plaza K:4, Konak İZMİR, TURKEY 34740 Suadiye İSTANBUL, TURKEY
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KALAMIŞ
BRANCH
Fener Kalamış Cad. Tibaş Belvü Sitesi A2 Blok D:3
ALMAATY
REP. OFFICE
Office 204, Kulan Business Centre,
34726 Fenerbahçe İSTANBUL, TURKEY 188 Dostyk Avenue, 050051 ALMAATY KAZAKHSTAN
T: +90 216 542 72 00 T: +7 727 2581309
F: +90 216 542 72 01 F: +7 727 2581329
LEVENT
BRANCH
İş Kuleleri Kule-2 Kat:4
SUBSIDIARY
MAXIS INVESTMENTS LTD
34330 4. Levent İSTANBUL, TURKEY 7 Princes Street London EC2R 8AQ UK
T: +90 212 350 29 00 T: +44 020 7726 3300
F: +90 212 350 29 01 F: +44 020 7726 3301

22. Investor Relations
PERFORMANCE &
FINANCIAL RESULTS – 1H15
August 4, 2015