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Asset Size - Sector

Asset Size - Sector. Asset Management in Turkey. As of 30 /0 9 /2013. Asset Size - Sector. Since 2008; With a size of $12 .3 billion, pension funds currently have 40 % market share

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Asset Size - Sector

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  1. Asset Size - Sector Asset Management in Turkey As of 30/09/2013

  2. Asset Size - Sector • Since 2008; • Witha size of $12.3 billion, pension funds currently have 40% market share • Money market funds market share has declined gradually as funds excluding-MMF came into prominence • Discretionary portfolio management business has doubled As of 30/09/2013

  3. Sector Analysis – A Growing Sector in Turkey • In the forthcoming period, interest on asset management sector will increase parallel to decreasing interest rates and stabilisation. • Turkey has the lowest savings ratio among countries with GDP more than $100 billion. Incentives aimed at increasing the savings ratio support asset management sector. (PPS/GDP in Turkey 2%,OECD avg 12%)

  4. Sector Analysis – Total AUM is expected to reach $45 billion by 2015

  5. 2000 Founded as AKBANK subsidiary Market Leader of Pension Funds Market Leader of Discretionary Portfolio Management Discretionary Portfolio Management Mutual Funds Pension Funds Total AUM 5 Billion USDAsset Size 1,3 Billion USDAsset Size 2,7Billion USD Asset Size 1Billion USD Asset Size %16Market Share %8,5Market Share %25Market Share %22Market Share As of 30/09/2013

  6. Services • Mutual and Pension Fund Management • Management of investment funds founded by Akbank • Management of pension funds founded by AvivaSA and Groupama • Experienced and qualified portfolio manager staff • Investment strategies on variable asset classes • Superior risk management and compliance/internal control mechanisms • Discretionary Portfolio Management • Client specific asset allocation, portfolio diversification and investment strategies • A focused approach on risk/return expectation and management • Periodical reporting andportfolio monitoring • Investment Consulting • Providing broad perspective to“Individual Segment” clients on investment strategies • Investment ideas and regular market reports • Identification of client risk profile

  7. Investment Instruments • Among mutual funds, MM, fixed income securities and capital protected funds are at the forefront • Among pension funds.public borrowing and balanced funds have an significant size Mutual Funds Pension Funds As of 30/09/2013

  8. BIST-30 Investment Fund Universe of Ak Asset Management Gold Equity Prem. Equity FTLatinAmerica • Fixed Income Securities • Flexible Funds • Equity • Commodity • Foreign Securities FT Europe Commodity FT BRIC FTAsia Foreign securities Flexiable Serbest Corporate Bond FT America Eurobond 1-1 Flexiable Prem. Bill&Bond Long Term Bill&Bond Sukuk Money Market Expected Return Short Term Bill Bond BIST Dividend 25 Potantial Risk

  9. Achievements And Awards • The First; • Gold Fund (2006) • Capital Protected Mutual Fund (2007) • Risk Management Software (2007) • Turkish AM company to sign UN Principles for Responsible Investment (2010) • Market neutral long/short hedge fund (2010) • Commodity Fund of Funds Basket (2011) • TRY Money Market Fund in Japan • Awards • Best Investment Management Company in Turkey– World Finance 2011 • Best ESG Asset Manager in Turkey – World Finance 2011 • Best Asset Manager in Turkey – EMEA Finance 2011 • Best Investment Management Company in Turkey– World Finance 2012 • Structured Products Best in Turkey – Structured Products Europe Awards 2013

  10. AK ASSET MANAGEMENT- Institutional Investment Services Investment Process

  11. Fixed Income Investment Process • Fixed Income investment style is a combination of Top–Down & Spread Trading. Fixed Income Investment Team aims to achieve the highest possible return measured against the benchmark. The risks related to movements in bond prices, resulting from interest-rate fluctuations and currency developments and to some extent changes in the quality of the corporate held portfolio.  • Investment Style • The investment style is a combination of Top – Down & Spread Trading. • Top-down approach: Analysis of economic conditions and duration determination • Spread trading: Improvement of the bond portfolio yield without increasing the risk level, taking advantage of discrepancies occurring in the bond market

  12. Fixed Income Committee (Scorecard Meetings) • Main subsections of the scorecard meetings are: • Global Markets • Global Macroeconomy • Global Interest Rate Outlook • Domestic Macroeconomy • Banking and Central Bank of Turkey (CBRT) Policy • Political Outlook • Quantitative Score (Algorithm) • Fund Managers’ Views

  13. Fixed Income Committee – Global Markets

  14. Fixed Income Committee (Scorecard Meetings)

  15. Fixed Income Committee (Scorecard Meetings) • Committee analyzes the global central bank policies and rate decisions

  16. Fixed Income Committee (Scorecard Meetings) • Committee observes asset swap spreads, breakeven inflations and yield curve structure.

  17. Capital Protected Funds

  18. IInvestment Process • Capital Protected Funds • For getting the highest return in accordance with the option structure and underlying asset • Research on variable assets, including equities, ETFs, FX, Commodity • Choose the best option structure minimizing the option cost and maximizing the potential cash settlement • Auction within international investment banks for option trade on Fund’s Trade Date Investment Universe Research Option Structure Research Execution Prop Indices Equity Universe FX Universe Commodities Fixed Income Portfolio • Long Only Asset Basket • Vol Controlled Indices • Fund Linked Indices • G-7 Equity Indices • Emerging Countries • Equity Indices • BRIC FX • G-7 FX • TL FX • Brent , Gold • Industrial Metals • Government Bonds • Corporate Bonds

  19. IInvestment Process

  20. Exotic Option Structure Examples: Trade Date: 20/09/2013 Final Valuation Date: 14/11/2014 Underlying: AkbankGüvenli Strateji Index ( PROP INDEX) Bloomberg Ticker: IND1AKDI Index Akbank Safe Strategy Index fund is an fund linked derivative product. The fund aims to protect %100 of initial capital invested on the fund. Also, it provides the participation to Akbank Safe Strategy Index appreciation. The index invests on Akbank Mutual Funds, which are located on Luxembourg and trading in EUR. The index has its dynamic momentum strategy, which determines if the index will invest on Equity or Fixed Income Funds. If Akbank Equity closing price is higher than last 30 days price average; the index invests on %50 Fixed Income+%50 Equity Fund. If vice versa the index invests on Fixed Income Funds and on Turkish rates, namely 3m TRY Libor. In addition to momentum strategy; the index has volatility control mechanism which aims to guarantee that the realized volatility of the index will be equal to %10. Depending on realized volatility; the index either increases or decreases the leverage until realized volatility is equal to target volatilty. This fund linked derivative strategy is first used by Ak Asset Management in Turkey.

  21. Exotic Option Structure Examples: Trade Date: 12/09/2012 Final Valuation Date: 10/09/2013 Underlying: iSHARES ASIA TRUST- iSHARES FTSE A50 CHINA INDEX Bloomberg Ticker: 2823 HK Equity Barrier Level: %125 If a Barrier Event has occurred: Notional Amount * Rebate Where Rebate = %11 The fund invests on iShares ETF, which is the most liquid financial asset to be exposed to China Equity Index. Because we bought knock-out call rather than simple vanilla call in our portfolio, we managed to provide higher than %100 participation to appreciation of the China index. The fund matured on September the 9th 2013 with 7,1%. However because China index knocked out during the tenor of option we managed to get high rebate multiplied with participation ratio. At the end, our fund’s return was 11,64% , which is much higher than China Index return.

  22. Exotic Option Structure Examples: Trade Date: 30/04/2012 Final Valuation Date: 15/05/2013 Underlying: USDTRY ve EURTRY Fon, vade sonunda USD/TL ve EURO/TL kurlarının belirlenen bariyer seviyelerinin altında kalması durumunda %4 sabit getirinin üzerine belirlenen ek kupon getirisinden iştirak oranı ölçüsünde yararlanma imkanı sunmaktadır. Fon vade sonunda %9,86 getiri elde etmiştir.

  23. Exotic Option Structure Examples: Trade Date: 18/10/2012 Final Valuation Date: 15/10/2013 Underlying: İtalya ve İspanyaEndeksleri Bloomberg Ticker: IBEX & MIB Getiri üzerinde Knock-out: %25 Fon Avrupa Hisse Senedi Endekslerine yatırım yapmaktadır. Bu sene en iyi getiri elde eden endeksler arasında yer alan İspanya ve İtalya endekslerine yatırım yapmaktadır. 2012’de Çevre Avrupa Ülkeleri olarak adlandırılan borsalara çoğu yatırımcı yatırım yapmamıştı ancak biz yatırımcılara doğru riskli ürünleri seçerek anapara koruması da sağlayıp yüksek getiri imkanı sunduk. Fon vade sonunda %17.7 getiri elde etmiştir.

  24. Thank You

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