TURKEY – THE STORY OF AN EXTRAORDINARY TRANSITION

TURKEY – THE STORY OF AN EXTRAORDINARY TRANSITION October 2007

TURKISH ECONOMY F I N A N S A S S E T M A N A G E M E N T 3 • Factors of Extraordinary Economic Transition • Key Macroeconomic Indicators ISTANBUL STOCK EXCHANGE 6 • National 100 Index • Volume • Market capitalisation 10 FIXED INCOME MARKET • The Course of Interest Rates 2002-2007 • The Course of Interest Rates 2002-2007- FTSE vs EMBI DERIVATIVE MARKET 13 • Trading Volume • Breakdown of Trading Volume MUTUAL FUND MARKET 16 • Number of Fund Shareholders • Asset Size • Breakdown of Asset Size 20 Finans Asset Management A.S. • ETF Product Portfolio • Product Portfolio • Contact Details

TURKISH ECONOMY Long-awaited tough decisions have led to ... ....Fundamental change in key indicators F I N A N S A S S E T M A N A G E M E N T • Turkish economy has achived an extraordinary transition over the past few years • Political stability, structural reforms and fiscal tightening resulted in • Strong economic growth • Disinflation process • Improving debt ratios • Rising per capita income

TURKISH ECONOMY Fundamental change in key indicators (Cont’d) F I N A N S A S S E T M A N A G E M E N T

ISTANBUL STOCK EXCHANGE Performance 2003 - 2007 F I N A N S A S S E T M A N A G E M E N T

ISTANBUL STOCK EXCHANGE Annual Average Volume 2003 - 2007 F I N A N S A S S E T M A N A G E M E N T

ISTANBUL STOCK EXCHANGE Annual Average Market Capitalisation 2003 - 2007 F I N A N S A S S E T M A N A G E M E N T

FIXED INCOME MARKET The Course of Interest Rates 2002 – 2007 F I N A N S A S S E T M A N A G E M E N T

FIXED INCOME MARKET The Course of Interest Rates 2002 – 2007 - FTSE vs EMBI F I N A N S A S S E T M A N A G E M E N T

TURKISH ECONOMY 3 F I N A N S A S S E T M A N A G E M E N T • Factors of Extraordinary Economic Transition • Key Macroeconomic Indicators ISTANBUL STOCK EXCHANGE 6 • National 100 Index • Volume • Market capitalisation 10 FIXED INCOME MARKET • The Course of Interest Rates 2002-2007 • The Course of Interest Rates 2002-2007- FTSE vs EMBI DERIVATIVE MARKET 13 • Trading Volume • Breakdown of Trading Volume MUTUAL FUND MARKET 16 • Number of Fund Shareholders • Asset Size • Breakdown of Asset Size 20 Finans Asset Management A.S. • ETF Product Portfolio • Product Portfolio • Contact Details

DERIVATIVE MARKET Annual Trading Volume – US$ bn F I N A N S A S S E T M A N A G E M E N T * As of October 04, 2007

DERIVATIVE MARKET Breakdown of Trading Volume F I N A N S A S S E T M A N A G E M E N T

MUTUAL FUND MARKET Number of Fund Shareholder F I N A N S A S S E T M A N A G E M E N T

MUTUAL FUND MARKET Asset Size F I N A N S A S S E T M A N A G E M E N T

MUTUAL FUND MARKET Breakdown of Asset Size F I N A N S A S S E T M A N A G E M E N T

FINANS ASSET MANAGEMENT A.S. ETF Portfolio F I N A N S A S S E T M A N A G E M E N T • DJIST: The first ETF - January 2005 • providesexposure to Turkey’s 20 blue-chip companies • tracks the performance of Dow Jones Turkey Titans 20 Index* • NFIST: The first sector ETF - December 2005 • mirrors the performance of 20 largest and most liquid industrial and service sector stocks in Turkey • tracks the performance of Non-financial Istanbul 20 Index* • SMIST: The first style ETF - September 2006 • provides direct exposure to the performance of top 25 Turkish mid-size companies • tracks the performance of Turkish Smaller Companies Istanbul 25* • GOLDIST: The first gold ETF in Turkey and the sixth in the world – August 2006 • awarded the second place in the category of “the most innovative ETF” in NYC in May 2007 • aims to reflect the performance of Gold in grams and tracks the international spot price of Gold *Created, maintained, disseminated by Dow Jones Indexes

FINANS ASSET MANAGEMENT A.S. New ETF Launch F I N A N S A S S E T M A N A G E M E N T • FBIST: The first fixed income ETF in both Turkey and Developing Europe - October 2007 • combines the advantages of both mutual funds and fixed income instruments • tracks FTSE Turkish Lira Government Bond Index* • FBIST offers investors the ability • To gain exposure to a basket of fixed income securities • To move faster without a liquidity problem • To track the performance of Turkish Bonds *Created, maintained, disseminated by FTSE

FINANS ASSET MANAGEMENT A.S. Product Portfolio F I N A N S A S S E T M A N A G E M E N T Product Portfolio • QUANT: The first quantitative investment fund in Turkey - December 2006 • Makes its trades based on recommendations of a computer model,eliminating the human factor at all • Offers investors the complete risk management, objective analysis, elimination of human-based errors • EUROPEAN EQUITY: The first foreign fund managed by a mandate - October 2007 • Allows investors to gain exposure to the growth in Continental Europe • Benefit from the expertise and know-how of DWS, a member of Deutsche Group • SENTEZ FUNDS: The first funds of funds in Turkey – December 2007 • the first equity fund of funds in Turkey • offers investors direct exposure to a portfolio of selected equity funds • the first fixed income fund of funds in Turkey • offers investors direct exposure to a portfolio of selected fixed income funds

FINANS ASSET MANAGEMENT A.S. Finans Asset Management A.S. Contact Details F I N A N S A S S E T M A N A G E M E N T • C. Özgür Güneri Phone: (+90)-212-336-7171 • Direct: (+90)-212-354-7807 • Email: ozgur.guneri@finansportfoy.com • www.finansportfoy.com

TURKEY – THE STORY OF AN EXTRAORDINARY TRANSITION