Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index)

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclin8I7 ESndljSf -'' 8jUXo NM-'' 8jUXo

April 2013

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

AFYON CIMENTO TRY 114 8 3 0 0 0 0 0.11 23 23 #VALUE! #VALUE! -2 -2 - - - -1.32 #VALUE! #VALUE! - - #VALUE! #VALUE! -5.35 2.71 -16.52 - -5.88 - - - -

AKBANK T.A.S. TRY 20568 16453 4000 26 0 0 11 #VALUE! 8007 8007 4631 5129 - - - - - 0.41 0.44 0.50 6.84 - 6.36 5.68 11.92 4.83 - - - NR 15.07.2008 Baa2 03.07.2012

AKENERJI ELEKTRIK URETIM AS TRY 693 5198 729 1 0 0 0 1.40 441 441 415 616 79 79 93 93 - 0.03 0.04 0.03 16.93 - 13.58 17.28 23.74 8.73 19.49 - 9.85 - - - -

AKFEN HOLDING AS TRY 871 1194 146 2 0 0 0 2.09 744 678 598 601 148 175 37 37 - 2.54 2.53 0.48 1.30 - 1.30 6.82 19.86 - 51.85 - 12.36 - - - -

AKSA AKRILIK KIMYA SANAYII TRY 543 831 185 0 0 0 0 0.67 893 893 852 888 106 104 - - - 0.49 0.34 0.36 3.27 - 4.79 4.49 -1.64 8.37 - 4.99 6.14 - - - -

ALARKO GAYRIMENKUL YATIRIM TRY 132 272 11 0 0 0 0 0.06 8 8 #VALUE! #VALUE! 4 5 - - - 0.74 #VALUE! #VALUE! 9.23 - #VALUE! #VALUE! -12.25 37.05 - 5.00 32.75 - - - -

ALARKO HOLDING TRY 707 501 223 0 0 0 0 0.60 727 863 883 1109 78 67 23 23 - 0.21 0.25 0.34 8.46 - 6.85 5.07 5.83 12.67 469.44 32.56 4.56 - - - -

ALBARAKA TURK KATILIM BANKAS TRY 944 480 900 0 0 0 1 #VALUE! 680 680 417 484 - - - - - 0.10 0.13 0.15 5.70 - 4.39 3.90 16.12 5.03 - - - BB 22.02.2010 - -

ALKIM ALKALI KIMYA A.S TRY 183 350 25 0 0 0 0 0.22 115 115 130 137 19 11 28 28 - 0.33 #VALUE! #VALUE! 12.40 - #VALUE! #VALUE! 3.18 116.23 - 3.51 4.99 - - - -

ANADOLU ANONIM TUERK SIGORTA TRY 332 1143 500 0 0 0 1 #VALUE! 1066 1321 1049 1190 - - - - - - 0.05 0.05 - - 7.30 7.07 16.83 - - - - - - - -

ANADOLU EFES BIRACILIK VE TRY 9270 349 592 2 0 0 1 9.89 3525 3525 4088 4570 673 673 122 122 - 0.56 0.72 0.86 15.28 - 12.02 10.02 19.10 10.13 16.68 6.16 10.49 BBB- 14.06.2012 (P)Baa3 10.10.2012

ANADOLU HAYAT EMEKLILIK TRY 1005 87 300 0 0 0 0 0.93 322 322 282 308 - - - - - - 0.14 0.17 - - 13.51 10.81 -2.83 -7.34 - - - - - - -

ANADOLU ISUZU OTOMOTIV SAN-C TRY 387 73 25 0 0 0 0 0.45 0 K 0 K 0 K #VALUE! 8 8 15 15 - 0.03 #VALUE! #VALUE! 304.94 - #VALUE! #VALUE! 7.34 5.80 -27.79 -10.05 1.40 - - - -

ARCELIK AS TRY 4585 1066 676 2 0 0 1 5.87 5800 5800 6445 6968 566 566 672 672 - 0.43 0.56 0.62 8.74 - 6.70 6.04 13.80 7.11 9.68 5.09 5.36 BB+ 14.03.2013 - -

ASELSAN ELEKTRONIK SANAYI TRY 2925 1383 500 0 0 0 0 2.90 897 897 1065 1222 139 136 213 213 - 0.16 0.37 0.41 20.60 - 8.73 7.82 4.79 10.84 -7.15 5.04 7.84 - - - -

ASYA KATILIM BANKASI AS TRY 1147 11295 900 1 0 0 2 #VALUE! 1207 1207 799 896 - - - - - 0.12 0.16 0.20 6.02 - 4.41 3.58 9.55 4.90 - - - - - - -

AYGAZ AS TRY 1796 665 300 0 0 0 0 1.73 3069 3069 3217 3298 134 134 156 156 - 0.56 0.52 0.56 5.92 - 6.30 5.90 1.31 5.48 2.62 -0.64 2.41 - - - -

BAGFAS BANDIRMA GUBRE FABRIK TRY 277 107 9 0 0 0 0 0.28 200 200 220 236 20 20 35 35 - -1.15 3.31 3.59 - - 5.10 4.70 6.54 4.76 -32.87 -3.69 5.48 - - - -

BANVIT BANDIRMA VITAMINLI YE TRY 201 791 100 0 0 0 0 0.43 613 677 702 813 23 39 - - - 0.06 0.19 0.25 19.18 - 5.76 4.40 6.24 9.69 -36.42 2.78 3.23 - - - -

BESIKTAS FUTBOL YATIRIMLAR TRY 204 5847 110 0 0 0 0 0.27 84 #VALUE! #VALUE! #VALUE! -21 - - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 2.95 18.69 - - - - - - -

BIM BIRLESIK MAGAZALAR AS TRY 7318 278 152 0 0 0 0 7.11 5442 5442 6517 7711 270 270 70 70 - 1.20 1.48 1.77 22.09 - 17.95 14.94 11.52 14.17 8.64 13.76 2.72 - - - -

BIZIM TOPTAN SATIS MAGAZALAR TRY 659 96 40 0 0 0 0 0.65 1084 1084 1262 1447 38 38 47 47 - 0.36 0.54 0.64 25.26 - 16.80 14.16 7.64 - 5.51 12.98 1.92 - - - -

BORUSAN MANNESMANN BORU SANA TRY 551 265 28 0 0 0 0 0.67 783 783 #VALUE! #VALUE! 60 56 - - - 0.77 #VALUE! #VALUE! 13.96 - #VALUE! #VALUE! 3.91 7.05 - 5.75 3.84 - - - -

BOYNER BUYUK MAGAZACILIK TRY 303 135 92 0 0 0 0 0.38 514 514 802 901 28 28 57 57 - 0.04 0.15 0.22 44.19 - 11.99 8.39 22.88 14.13 6.73 5.61 2.97 - - - -

BRISA BRIDGESTONE SABANCI TRY 915 613 305 0 0 0 0 1.22 782 782 917 999 113 113 124 124 - -1.91 0.15 0.16 - - 10.71 10.00 3.11 8.94 16.43 6.71 7.92 - - - -

CELEBI HAVA SERVISI TRY 279 64 24 0 #VALUE! 0 0 0.43 260 295 293 320 43 43 5 5 - 0.42 0.85 1.17 15.02 - 7.44 5.39 19.91 6.87 -5.52 1.40 8.14 - - - -

CEMAS DOKUM SANAYI AS TRY 143 1339 75 0 0 0 0 0.13 42 39 #VALUE! #VALUE! 4 - - - - 0.12 #VALUE! #VALUE! 2.82 - #VALUE! #VALUE! 64.92 - - - - - - - -

COCA-COLA ICECEK AS TRY 7162 221 254 1 0 0 0 7.76 2270 2270 2680 3113 369 369 50 50 - 0.82 0.96 1.16 18.84 - 16.25 13.35 11.67 10.45 22.28 8.28 8.92 - - - -

DOGAN SIRKETLER GRUBU HLDGS TRY 1427 4727 2450 1 0 0 2 1.99 1575 1611 1730 1910 142 160 61 61 - -0.01 0.03 0.03 - - 10.59 12.13 0.33 -5.88 31.03 -8.57 5.51 - - - -

DOGAN YAYIN HOLDING AS TRY 890 10824 2000 1 0 0 1 1.90 1436 1334 1389 1507 166 192 49 49 - 0.06 0.05 0.03 4.03 - 4.94 9.47 -0.13 -1.36 17.31 2.66 7.89 - - - -

DOGUS OTOMOTIV SERVIS VE TIC TRY 1342 821 220 0 0 0 0 1.65 2820 2820 2909 3093 179 179 172 172 - 0.64 0.59 0.59 5.24 - 5.71 5.66 3.70 13.70 10.51 13.86 3.48 - - - -

ECZACIBASI YATIRIM HOLDING TRY 285 718 70 0 0 0 0 0.21 1303 1045 #VALUE! #VALUE! -6 -8 - - - -0.03 #VALUE! #VALUE! - - #VALUE! #VALUE! 9.15 -0.14 -1062.16 - -0.34 - - - -

EGE ENDUSTRI VE TICARET AS TRY 112 26 3 0 0 0 0 0.12 82 82 #VALUE! #VALUE! 18 16 - - - 3.28 #VALUE! #VALUE! 5.93 - #VALUE! #VALUE! -6.47 519.74 - 15.79 9.44 - - - -

EGE GUBRE SANAYII AS TRY 116 70 10 0 0 0 0 0.14 109 109 126 #VALUE! 11 11 20 20 - 0.66 1.34 #VALUE! 9.57 - 4.74 #VALUE! 3.55 - -18.40 4.10 5.43 - - - -

EIS ECZACIBASI ILAC VE SINAI TRY 771 7400 548 0 0 0 0 0.45 535 561 601 608 24 17 7 7 - 0.02 #VALUE! 0.05 36.34 - #VALUE! 14.06 3.63 1.16 -15.80 -8.39 1.69 - - - -

EMLAK KONUT GAYRIMENKUL YATI TRY 3942 10005 2500 1 0 0 1 3.73 552 552 935 1075 218 218 92 92 - 0.12 0.16 0.20 7.53 - 5.46 4.30 22.08 - 68.41 - 21.68 - - - -

ENKA INSAAT VE SANAYI AS TRY 8583 3245 2822 0 0 0 2 7.51 5657 5657 5693 5857 731 731 237 237 - 0.20 0.22 0.25 8.37 - 7.55 6.75 12.29 7.14 -0.99 2.91 7.10 - - - -

EREGLI DEMIR VE CELIK FABRIK TRY 3904 14040 3090 2 0 0 1 5.44 5258 5258 5390 5777 567 567 756 756 - 0.07 0.12 0.15 10.55 - 5.69 4.75 4.00 9.30 -27.76 -1.11 5.93 B 17.10.2011 - -

FENERBAHCE FUTBOL ANONIM SIR TRY 552 53 25 0 0 0 0 0.64 135 153 #VALUE! #VALUE! 22 34 - - - -0.06 #VALUE! #VALUE! - - #VALUE! #VALUE! 75.83 30.90 -31.72 -1.65 13.69 - - - -

FORD OTOMOTIV SANAYI AS TRY 4839 222 351 1 0 0 0 5.36 5366 5366 5828 6748 413 413 - - - 1.06 1.07 1.26 7.17 - 7.06 6.02 -3.56 7.32 -7.59 -0.75 4.23 - - - -

GALATASARAY SPORTIF SINAI TRY 308 141 9 0 0 0 0 0.37 123 159 #VALUE! #VALUE! -3 12 - - - 0.99 #VALUE! #VALUE! 12.25 - #VALUE! #VALUE! 39.36 24.90 44.93 - 4.05 - - - -

GOLTAS GOLLER BOLGESI CIMENT TRY 260 502 7 0 0 0 0 0.30 129 152 158 #VALUE! 24 35 31 31 - 1.48 #VALUE! #VALUE! 13.42 - #VALUE! #VALUE! 14.61 10.24 19.09 -5.47 12.63 - - - -

GOODYEAR LASTIKLERI TURK AS TRY 427 171 12 0 0 0 0 0.43 623 623 #VALUE! #VALUE! 52 52 - - - 2.29 #VALUE! #VALUE! 8.61 - #VALUE! #VALUE! -4.49 5.77 -2.15 7.69 4.58 - - - -

GOZDE GIRISIM SERMAYESI YATI TRY 290 5471 134 0 0 0 0 0.63 77 148 #VALUE! #VALUE! -3 - - - - 0.06 #VALUE! #VALUE! 19.61 - #VALUE! #VALUE! 12774.69 - - - - - - - -

GSD HOLDING TRY 121 2979 250 0 0 0 0 1.40 265 413 #VALUE! #VALUE! 37 55 - - - 0.11 #VALUE! #VALUE! 2.51 - #VALUE! #VALUE! 20.69 - 31.87 - 7.32 - - - -

GUBRE FABRIKALARI TAS TRY 741 402 84 0 0 0 0 1.12 1251 1349 1252 1360 332 254 100 100 - 1.37 1.05 0.99 3.57 - 4.65 4.95 35.32 39.56 27.62 50.07 10.34 - - - -

HACI OMER SABANCI HOLDING TRY 12759 2087 2040 14 0 8 7 27.89 6367 6367 15292 17065 2526 2526 2990 2990 - 0.50 0.56 0.65 6.46 - 5.71 4.94 -26.53 6.73 5.17 4.88 21.80 - - - -

HURRIYET GAZETECILIK VE MATB TRY 273 1644 552 0 0 0 0 0.54 477 475 479 507 50 50 9 9 - 0.01 0.15 0.03 24.47 - 1.77 8.83 5.15 -2.46 -16.25 -4.23 5.76 - - - -

IHLAS EV ALETLERI IMALAT TRY 65 7952 191 0 0 0 0 0.03 56 56 #VALUE! #VALUE! 0 - - - - 0.06 #VALUE! #VALUE! 3.21 - #VALUE! #VALUE! 1.12 2.27 53.17 - - - - - -

IHLAS HOLDING TRY 356 64920 790 0 0 0 0 0.43 358 358 #VALUE! #VALUE! 1 1 - - - -0.04 #VALUE! #VALUE! - - #VALUE! #VALUE! -0.42 13.37 - -22.64 0.21 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

IPEK DOGAL ENERJI KAYNAKLARI TRY 748 8440 204 0 0 0 0 0.84 499 666 644 748 324 452 413 413 - 0.29 0.23 0.31 5.43 - 6.96 5.13 36.99 22.89 47.37 22.19 37.52 - - - -

IS FINANSAL KIRALAMA AS TRY 212 1184 339 1 0 0 0 0.88 87 84 #VALUE! #VALUE! - - - - - 0.06 #VALUE! #VALUE! 5.20 - #VALUE! #VALUE! 9.17 5.13 - - - - - - -

IS GAYRIMENKUL YATIRIM ORTAK TRY 485 1745 600 0 0 0 0 0.51 72 72 108 116 49 49 58 58 - 0.06 0.07 0.07 7.41 - 6.12 6.07 3.75 8.06 -2.72 4.36 37.15 - - - -

ITTIFAK HOLDING A.S TRY 83 226 30 0 0 0 0 0.22 490 537 #VALUE! #VALUE! 18 7 - - - 0.08 #VALUE! #VALUE! 18.18 - #VALUE! #VALUE! 8.27 - 79.42 4.35 0.71 - - - -

IZMIR DEMIR CELIK SANAYI AS TRY 632 2559 375 0 0 0 0 0.70 782 888 828 967 51 29 11 11 - 0.04 0.03 0.07 25.67 - 28.11 12.97 30.11 32.35 131.45 -0.23 1.73 - - - -

KARDEMIR KARABUK DEMIR-CL D TRY 827 7472 879 0 0 0 0 1.06 927 927 933 1111 170 170 178 178 - 0.12 0.14 0.15 4.00 - 3.43 3.19 3.50 11.76 0.90 4.63 10.07 - - - -

KARSAN OTOMOTIV TRY 129 628 260 0 0 0 0 0.28 320 320 531 445 22 8 26 26 - -0.13 0.04 #VALUE! - - 9.42 #VALUE! -14.83 43.15 - - 1.24 - - - -

KARTONSAN KARTON SANAYI TRY 438 27 3 0 0 0 0 0.39 117 117 #VALUE! #VALUE! 21 21 - - - 5.24 #VALUE! #VALUE! 16.18 - #VALUE! #VALUE! 0.44 6.52 -11.14 8.07 10.02 - - - -

KILER GAYRIMENKUL YATIRIM OR TRY 122 155 124 0 0 0 0 0.21 54 54 53 137 28 - - - - 0.16 0.15 0.21 3.38 - 3.51 2.52 -35.15 - - - - - - - -

KOC HOLDING AS TRY 14140 2292 2536 15 0 6 6 28.36 46604 46604 49370 51840 3386 3386 - - - 0.50 0.55 0.60 6.18 - 5.62 5.10 11.86 9.91 -1.80 3.77 3.99 - - - -

KONYA CIMENTO SANAYII AS TRY 910 13 5 0 0 0 0 0.85 130 130 #VALUE! #VALUE! 27 29 - - - 4.18 #VALUE! #VALUE! 24.57 - #VALUE! #VALUE! -0.33 3.63 - -3.80 12.31 - - - -

KOZA ALTIN ISLETMELERI AS TRY 3477 224 153 0 0 0 1 2.97 573 573 617 681 444 444 482 482 - 2.31 2.47 2.61 5.41 - 5.08 4.80 16.18 - 16.82 26.15 42.52 - - - -

KOZA ANADOLU METAL MADENCILI TRY 1087 5747 311 0 0 0 0 0.90 0 K 1 K 1 K 1 K 323 451 112 112 - 0.37 0.31 0.35 4.15 - 4.89 4.38 35.40 23.70 46.93 22.07 38.05 - - - -

MENDERES TEKSTIL SANAYI VE T TRY 74 653 250 0 0 0 0 0.11 225 225 #VALUE! #VALUE! 18 18 - - - -0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 4.27 3.73 -34.60 0.40 4.43 - - - -

METRO TICARI VE MALI YATIRIM TRY 81 11018 300 0 0 0 0 0.13 506 549 #VALUE! #VALUE! 26 28 - - - -0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 49.20 184.75 54.77 52.26 2.83 - - - -

MIGROS TICARET A.S TRY 2161 1333 178 1 0 0 1 2.91 3161 3312 3589 4090 207 229 57 57 - 0.64 0.37 0.39 10.35 - 17.91 16.93 -5.28 4.90 3.25 2.13 3.79 - - - -

MONDI TIRE KUTSAN KAGIT VE TRY 125 869 200 0 0 0 0 0.17 221 231 #VALUE! #VALUE! 13 17 - - - 0.03 #VALUE! #VALUE! 10.11 - #VALUE! #VALUE! 13.42 2.96 124.12 -1.32 4.01 - - - -

NET HOLDING AS TRY 488 1153 366 0 0 0 0 0.62 63 72 70 #VALUE! -5 -2 8 8 - 0.12 0.08 #VALUE! 5.89 - 9.54 #VALUE! 8.84 10.15 - - -1.65 - - - -

NETAS TELEKOMUNIKASYON AS TRY 387 801 65 0 0 0 0 0.34 302 302 #VALUE! #VALUE! 14 14 - - - 0.34 #VALUE! #VALUE! 9.68 - #VALUE! #VALUE! 34.80 34.88 -0.40 - 2.54 - - - -

OTOKAR OTOMOTIV VE SAVUNMA TRY 738 245 24 0 0 0 0 0.87 552 552 612 626 67 67 20 20 - 1.75 1.91 2.02 9.67 - 8.87 8.36 7.03 10.57 14.46 11.20 6.67 - - - -

PARK ELEKTRIK URETIM MADENCI TRY 554 2848 149 0 0 0 0 0.44 146 146 172 218 87 87 101 101 - 0.40 0.49 0.53 5.17 - 4.21 3.89 29.41 16.67 32.09 16.60 33.00 - - - -

PETKIM PETROKIMYA HOLDING AS TRY 1698 10345 1000 0 0 0 0 1.70 2389 2389 2625 2837 7 7 - - - 0.01 0.07 0.10 97.40 - 13.91 9.59 6.46 7.48 -48.69 -23.49 0.16 - - - -

POLYESTER SANAYI AS TRY 140 761 216 0 0 0 0 0.29 549 549 626 670 6 6 36 36 - -0.08 #VALUE! #VALUE! - - #VALUE! #VALUE! 5.79 15.03 -47.91 32.41 0.65 - - - -

RHEA GIRISIM AS TRY 29 1116 42 0 0 0 0 0.03 14 10 #VALUE! #VALUE! -12 -3 - - - 0.11 #VALUE! #VALUE! 3.46 - #VALUE! #VALUE! 215.60 - -175.52 - -18.70 - - - -

SAF GAYRIMENKUL YATIRIM ORTA TRY 482 273 887 0 0 0 0 0.52 8 8 #VALUE! #VALUE! 162 163 - - - -0.02 #VALUE! #VALUE! - - #VALUE! #VALUE! -53.50 25.68 - - 27.42 - - - -

SEKERBANK TRY 1132 2500 1000 1 0 0 1 #VALUE! 1260 1226 732 795 - - - - - 0.14 0.15 0.16 4.52 - 4.24 3.94 15.16 - - - - - - - -

SINPAS GAYRIMENKUL YATIRIM O TRY 458 4359 600 0 0 0 0 0.64 360 306 324 327 78 31 23 23 - 0.03 0.09 0.11 13.60 - 4.55 3.98 46.96 - 84.84 - 5.57 - - - -

TAV HAVALIMANLARI HOLDING AS TRY 2255 436 363 2 0 0 0 3.96 1410 1410 1565 1730 265 265 53 53 - 0.43 0.53 0.62 7.89 - 6.41 5.50 14.25 16.04 20.61 2.49 10.35 - - - -

TEKFEN HOLDING AS TRY 1565 2797 370 0 0 0 0 1.44 1764 2215 2204 2256 210 196 46 46 - 0.36 0.45 0.40 6.46 - 5.20 5.82 23.06 11.08 15.32 7.73 4.85 - - - -

TOFAS TURK OTOMOBIL FABRIKA TRY 3392 1262 500 1 0 0 1 3.75 3684 3684 4061 4525 458 458 - - - 0.49 0.53 0.58 7.57 - 7.06 6.44 -4.73 7.05 3.14 14.73 6.84 - - - -

TORUNLAR GAYRIMENKUL YATIRIM TRY 1071 2135 500 1 0 0 0 1.31 89 86 121 332 42 - 68 68 - 0.39 0.27 0.35 3.06 - 4.37 3.37 -16.51 - 26.60 - - - - - -

TRABZONSPOR SPORTIF YATIRIM TRY 85 2944 25 0 0 0 0 0.13 75 #VALUE! #VALUE! #VALUE! 10 - - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! - 28.66 - - - - - - -

TRAKYA CAM SANAYII AS TRY 1059 5671 694 0 0 0 0 1.15 686 686 804 980 111 111 - - - 0.05 0.11 0.14 16.11 - 7.86 6.11 -0.27 4.39 -23.72 -3.19 8.89 - - - -

TUPRAS-TURKIYE PETROL RAFINE TRY 7498 483 250 3 0 0 2 8.27 25838 25838 26011 26669 770 770 118 118 - 3.20 2.55 2.48 5.13 - 6.46 6.63 7.41 8.22 -19.25 0.09 1.64 - - (P)Ba1 18.10.2012

TURCAS PETROL A.S. TRY 456 1005 225 0 0 0 0 0.54 6 10 10 11 -5 -6 -2 -2 - 0.36 0.16 0.20 3.09 - 6.85 5.48 -43.41 290.76 -1.32 - -44.28 - - - -

TURK EKONOMI BANKASI TRY 2592 308 2204 6 0 0 4 #VALUE! 2767 2767 1483 1652 - - - - - 0.12 0.15 0.16 5.44 - 4.20 3.92 19.00 15.80 - - - - - - -

TURK HAVA YOLLARI AO TRY 4852 5118 1200 5 0 0 1 8.57 8190 8190 9821 11097 1141 1141 1464 1464 - 0.52 0.51 0.55 4.28 - 4.32 4.07 14.38 15.64 44.28 9.85 7.66 - - - -

TURK TELEKOMUNIKASYON AS TRY 15536 2047 3500 3 0 0 1 18.33 6980 6980 7286 7593 2713 2713 - - - 0.41 0.41 0.42 5.89 - 5.89 5.86 3.52 - 2.35 2.66 21.35 - - - -

TURK TRAKTOR VE ZIRAAT MAKIN TRY 1744 115 53 0 0 0 0 1.73 1084 1084 1121 1227 172 172 - - - 2.76 2.77 3.06 6.50 - 6.49 5.86 5.29 15.61 -1.66 13.66 8.71 - - - -

TURKCELL ILETISIM HIZMET AS TRY 14624 5882 2200 2 0 0 4 12.35 5772 5772 6172 6630 1781 1781 - - - 0.52 0.55 0.60 7.02 - 6.59 6.06 6.67 3.20 6.20 -0.51 16.95 BB+ 19.11.2008 - -

TURKIYE GARANTI BANKASI TRY 21781 31206 4197 25 0 0 14 #VALUE! 9710 9710 5229 5764 - - - - - 0.44 0.47 0.50 6.53 - 6.12 5.71 7.90 7.00 - - - BB 22.02.2010 Baa2 03.07.2012

TURKIYE HALK BANKASI TRY 13116 10579 1250 9 0 0 8 #VALUE! 6273 6273 3572 3928 - - - - - 1.16 1.17 1.25 4.96 - 4.92 4.61 13.23 8.83 - - - - - Baa2 20.07.2012

TURKIYE IS BANKASI-C TRY 16651 51494 4500 23 0 2 11 #VALUE! 12302 12302 5495 5875 - - - - - 0.42 0.40 0.43 4.87 - 5.03 4.75 11.39 3.35 - - - BB 22.02.2010 Baa2 03.07.2012

TURKIYE SINAI KALKINMA BANK TRY 1499 1219 1100 5 0 0 0 #VALUE! 389 419 285 307 - - - - - 0.14 0.16 0.17 5.34 - 4.70 4.39 5.32 2.36 - - - - - - -

TURK SISE VE CAM FABRIKALARI TRY 2489 11897 1500 1 0 1 1 3.55 2935 2935 3291 3745 516 516 - - - 0.10 0.17 0.20 9.07 - 5.32 4.52 4.01 6.24 -13.50 3.19 9.66 - - - -

TURKIYE VAKIFLAR BANKASI T-D TRY 7938 11907 2500 9 0 0 8 #VALUE! 6223 6223 3279 3569 - - - - - 0.31 0.36 0.39 5.58 - 4.83 4.47 14.41 10.11 - - - BB 22.02.2010 Baa2 04.07.2012

ULKER BISKUVI SANAYI AS TRY 2565 183 342 1 0 0 1 2.76 1286 1286 1398 1509 120 120 - - - 0.29 0.30 0.37 14.07 - 13.54 11.18 16.55 13.54 100.00 9.30 5.12 - - - -

VESTEL ELEKTRONIK SANAYI TRY 365 1274 335 0 0 0 0 0.86 3833 4235 4426 4974 340 104 21 21 - -0.13 0.08 0.24 - - 7.77 2.53 17.52 5.71 46.44 6.73 1.35 B- 22.12.2008 WR 22.03.2001

YAPI VE KREDI BANKASI TRY 13182 26279 4347 15 0 0 11 #VALUE! 7198 7198 4273 4719 - - - - - 0.26 0.30 0.35 6.31 - 5.56 4.82 9.75 3.49 - - - BB 22.02.2010 Baa2 04.07.2012

ZORLU ENERJI ELEKTRIK URETIM TRY 429 13247 333 1 0 0 0 1.48 289 289 452 510 10 66 92 92 - 0.62 -0.06 -0.01 0.76 - #VALUE! #VALUE! 9.91 187.01 - -5.48 11.76 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

AFYON CIMENTO

AKBANK T.A.S. 1.81 1.58 1.42 1.22 5.57 4.44 4.01 3.56 3.04 8.10 7.23 6.28 13.47 11.58 10.33 9.15 1.40 1.97 2.64 2.43 9.81 4.8%

AKENERJI ELEKTRIK URETIM AS 1.31 1.11 1.12 0.92 0.72 1.61 1.67 1.12 0.64 0.60 7.86 8.12 7.12 9.11 3.26 16.93 15.07 12.25 5.95 5.35 12.91 24.71 31.45 5.77 4.22 0.00 0.00 0.00 2.08 20.3%

AKFEN HOLDING AS 1.82 1.05 0.99 0.81 1.18 1.46 1.45 1.33 1.39 5.86 7.36 6.12 5.99 13.03 12.04 11.19 9.85 10.49 2.37 12.41 7.82 2.88 0.00 0.00 0.00 14.73 35.2%

AKSA AKRILIK KIMYA SANAYII 0.62 0.64 0.61 5.77 6.39 5.81 5.58 8.71 8.18 6.18 5.24 6.18 6.04 13.2%

ALARKO GAYRIMENKUL YATIRIM

ALARKO HOLDING 1.23 1.18 1.10 0.92 1.04 0.80 0.64 0.54 0.43 7.48 6.13 5.82 7.80 8.02 6.17 5.11 4.91 11.47 12.47 9.23 7.60 8.23 0.87 0.82 0.82 1.32 0.31 6.73 16.8%

ALBARAKA TURK KATILIM BANKAS 1.52 1.22 1.10 0.86 2.57 2.27 1.95 1.71 9.14 7.99 7.10 5.97 0.47 0.00 0.00 2.17 13.5%

ALKIM ALKALI KIMYA A.S 1.55 1.41 1.34 1.25 1.20 12.01 7.96 7.53 6.78 6.42 13.55 0.4%

ANADOLU ANONIM TUERK SIGORTA 0.82 0.80 0.75 0.36 0.32 0.28 13.30 12.87 3.88 5.54 1.27 5.0%

ANADOLU EFES BIRACILIK VE 3.03 2.62 2.46 2.02 1.80 2.65 2.27 2.03 1.72 1.71 14.52 12.56 11.21 10.90 10.36 13.89 11.57 10.10 10.34 8.85 25.18 21.87 18.23 16.43 13.64 1.54 1.87 2.21 2.39 29.69 4.2%

ANADOLU HAYAT EMEKLILIK 3.61 3.37 2.99 3.91 3.56 3.27 22.26 24.60 19.68 18.48 13.86 2.18 2.41 3.39 5.41 3.77 6.10 -0.1%

ANADOLU ISUZU OTOMOTIV SAN-C 1.79 1.55 35.87 29.46

ARCELIK AS 2.18 1.99 1.79 1.67 0.78 0.71 0.66 0.61 0.57 18.77 11.51 9.86 9.29 9.90 8.75 7.85 7.45 6.87 14.43 12.19 11.00 10.95 3.61 3.81 4.57 5.13 12.31 -0.3%

ASELSAN ELEKTRONIK SANAYI 2.87 2.39 3.41 3.15 2.75 2.39 2.08 1.96 13.48 17.46 15.85 13.60 11.97 15.21 15.90 14.24 1.92 2.21 1.81 9.46 -11.2%

ASYA KATILIM BANKASI AS 0.86 0.80 0.73 0.64 1.61 1.44 1.28 1.12 9.96 8.03 6.52 6.11 0.04 0.13 0.26 0.00 2.46 6.0%

AYGAZ AS 1.35 1.30 1.17 1.11 0.59 0.56 0.54 0.49 0.47 15.50 11.47 11.89 11.66 11.07 10.60 10.12 9.99 11.12 11.46 10.74 10.48 4.32 4.94 4.50 4.40 8.99 11.64 6.8%

BAGFAS BANDIRMA GUBRE FABRIK 2.22 2.04 1.60 1.29 1.26 1.17 0.74 6.31 8.64 6.61 9.09 7.91 6.92 3.75 10.28 9.29 8.56 7.51 7.01 5.09 65.00 16.1%

BANVIT BANDIRMA VITAMINLI YE 1.83 1.86 1.51 0.33 0.29 0.25 0.22 0.19 1.07 11.40 8.13 6.21 4.88 4.72 10.49 8.00 6.16 0.82 2.47 1.37 1.78 4.89 34.0%

BESIKTAS FUTBOL YATIRIMLAR

BIM BIRLESIK MAGAZALAR AS 17.68 14.44 11.99 9.78 7.04 1.34 1.12 0.95 0.82 0.71 26.53 23.18 19.46 16.87 13.26 26.15 21.68 18.13 16.01 13.55 39.12 32.68 27.28 24.48 18.70 1.72 2.03 2.47 2.70 89.29 1.8%

BIZIM TOPTAN SATIS MAGAZALAR 10.52 9.00 7.41 6.77 5.19 0.61 0.52 0.46 0.41 0.36 28.04 28.36 20.31 17.75 16.89 13.73 11.76 9.98 8.81 41.10 30.58 25.77 21.79 18.87 1.16 1.37 1.82 2.26 2.67 32.49 8.3%

BORUSAN MANNESMANN BORU SANA

BOYNER BUYUK MAGAZACILIK 0.58 0.38 0.34 0.30 0.27 11.16 6.71 5.51 4.69 4.17 31.58 21.82 15.27 0.00 6.41 6.9%

BRISA BRIDGESTONE SABANCI 1.12 1.00 0.92 12.02 9.81 8.66 21.84 19.50 18.20 4.58 5.13 5.49

CELEBI HAVA SERVISI 4.63 8.33 5.29 3.65 1.13 0.95 0.87 0.79 6.96 7.89 6.20 5.44 7.51 8.44 6.93 6.23 14.56 13.55 9.81 10.57 5.92 6.46 9.14 9.86 26.92 28.8%

CEMAS DOKUM SANAYI AS

COCA-COLA ICECEK AS 6.93 5.93 5.16 4.27 3.50 3.18 2.69 2.31 1.99 1.78 25.27 21.59 17.91 15.35 15.24 20.93 17.20 14.46 12.11 10.57 33.70 29.58 24.29 19.64 18.26 0.94 1.16 1.52 0.79 46.81 -8.7%

DOGAN SIRKETLER GRUBU HLDGS 0.60 0.74 0.79 0.77 0.89 0.82 0.75 0.69 0.73 6.63 9.64 11.28 15.01 11.22 8.19 6.97 19.27 22.08 18.28 0.00 0.00 0.00 1.30 22.3%

DOGAN YAYIN HOLDING AS 0.70 1.11 1.06 1.14 0.59 0.64 0.59 0.56 0.54 3.77 81.00 4.76 5.40 13.33 9.93 8.77 8.22 6.12 9.00 17.23 15.00 0.00 0.00 0.93 15.2%

DOGUS OTOMOTIV SERVIS VE TIC 2.40 2.13 1.93 1.70 0.49 0.46 0.43 0.41 0.38 12.36 11.10 12.50 10.78 9.13 9.58 9.09 8.92 8.93 9.84 10.40 10.30 10.99 4.40 4.90 4.33 4.32 10.54 -5.1%

ECZACIBASI YATIRIM HOLDING

EGE ENDUSTRI VE TICARET AS

EGE GUBRE SANAYII AS 1.61 1.34 0.99 0.92 0.67 7.09 9.52 8.63 1.69 2.59

EIS ECZACIBASI ILAC VE SINAI 0.64 0.51 0.51 1.44 1.28 1.27 17.16 20.38 23.29 12.80 25.60 2.35 -8.2%

EMLAK KONUT GAYRIMENKUL YATI 1.68 1.59 1.40 7.05 4.22 3.67 3.52 14.95 9.47 6.87 18.19 10.66 8.21 16.88 9.93 7.82 6.52 2.40 4.53 5.54 3.43 19.5%

ENKA INSAAT VE SANAYI AS 1.66 1.51 1.44 1.36 1.62 1.51 1.47 1.34 12.26 11.67 10.57 9.96 9.94 9.30 8.66 7.75 14.31 13.74 12.29 11.16 1.92 1.90 2.17 3.32 6.15 10.3%

EREGLI DEMIR VE CELIK FABRIK 1.01 0.89 0.86 0.83 0.76 0.73 0.68 0.63 0.57 6.32 6.94 5.95 4.71 9.11 7.22 6.31 5.67 5.10 13.86 10.41 8.68 7.70 3.96 2.34 3.42 6.41 2.76 20.0%

FENERBAHCE FUTBOL ANONIM SIR

FORD OTOMOTIV SANAYI AS 4.34 4.09 3.67 3.41 0.90 0.83 0.72 0.65 0.64 14.07 11.30 9.58 8.78 12.63 10.76 8.54 7.56 8.13 13.56 12.85 10.96 9.78 5.93 6.20 7.69 9.61 22.51 -10.3%

GALATASARAY SPORTIF SINAI

GOLTAS GOLLER BOLGESI CIMENT 1.64 9.60

GOODYEAR LASTIKLERI TURK AS

GOZDE GIRISIM SERMAYESI YATI

GSD HOLDING

GUBRE FABRIKALARI TAS 2.48 2.03 1.79 1.22 0.69 0.59 0.54 0.50 0.56 4.74 8.68 17.94 5.24 4.12 4.72 4.05 3.76 3.77 12.42 8.46 9.01 7.67 1.49 4.27 4.74 5.20 19.61 21.4%

HACI OMER SABANCI HOLDING 1.36 1.23 0.95 0.92 0.83 0.75 7.67 4.80 4.79 10.68 9.33 8.11 12.12 10.39 8.99 1.06 1.46 1.76 11.24 5.5%

HURRIYET GAZETECILIK VE MATB 0.76 0.71 0.69 0.66 0.58 0.57 0.54 0.51 0.56 2.85 300.00 4.50 3.91 7.87 8.52 7.72 7.15 7.08 3.23 16.07 11.69 1.33 0.00 1.11 1.10 22.4%

IHLAS EV ALETLERI IMALAT

IHLAS HOLDING

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

IPEK DOGAL ENERJI KAYNAKLARI 0.60 0.92 0.85 0.79 0.74 1.56 1.17 1.00 0.95 0.86 8.99 2.11 1.87 1.81 1.75 2.65 2.04 1.77 1.72 1.60 8.48 12.67 9.34 10.12 9.92 5.45 4.0%

IS FINANSAL KIRALAMA AS

IS GAYRIMENKUL YATIRIM ORTAK 0.79 0.61 0.51 0.50 6.72 4.47 4.17 5.92 14.55 6.53 10.50 7.74 10.29 8.75 7.54 8.88 13.13 11.14 11.05 13.36 3.40 3.40 3.40 2.86 1.95 32.8%

ITTIFAK HOLDING A.S

IZMIR DEMIR CELIK SANAYI AS 0.82 0.76 0.65 0.50 13.18 36.15 9.66 3.63 51.17 23.62 6.02 3.95 28.7%

KARDEMIR KARABUK DEMIR-CL D 1.28 1.15 0.88 0.77 0.88 0.89 0.74 0.58 0.53 4.95 5.11 3.83 2.93 6.64 5.97 5.04 4.05 3.84 6.26 6.24 5.81 4.35 3.29 3.48 4.29 8.70 1.81 12.4%

KARSAN OTOMOTIV 0.38 0.24 0.29 31.24 11.08 13.22 17.14 1.45 20.8%

KARTONSAN KARTON SANAYI

KILER GAYRIMENKUL YATIRIM OR 2.68 2.29 0.89 7.99 6.28 6.39 6.39 4.59 2.60 45.3%

KOC HOLDING AS 1.55 1.45 1.27 1.13 0.31 0.29 0.27 0.26 10.80 9.46 7.41 8.40 7.65 6.98 5.73 11.87 10.22 9.28 7.36 1.82 2.05 2.52 9.82 -3.3%

KONYA CIMENTO SANAYII AS 6.71 28.24

KOZA ALTIN ISLETMELERI AS 4.45 3.21 2.53 2.09 1.90 6.11 5.64 5.11 5.16 4.87 9.04 8.02 7.35 7.93 8.13 6.66 6.16 5.70 5.58 5.76 10.03 9.24 8.73 8.07 9.73 1.84 2.31 2.75 4.25 7.04 50.85 22.5%

KOZA ANADOLU METAL MADENCILI 0.83 1.28 1.19 0.97 0.88 2.20 1.71 1.49 1.39 1.29 7.18 3.05 2.68 2.56 2.46 2.76 2.10 1.85 1.73 1.65 6.89 8.90 7.97 7.67 7.73 7.59 48.9%

MENDERES TEKSTIL SANAYI VE T

METRO TICARI VE MALI YATIRIM

MIGROS TICARET A.S 3.25 2.97 2.70 2.42 2.05 0.68 0.60 0.53 0.47 0.43 92.86 15.30 10.58 9.05 7.85 14.54 12.89 11.26 10.09 9.15 32.60 30.82 22.39 16.25 0.00 0.00 0.24 0.67 1.74 26.51 19.9%

MONDI TIRE KUTSAN KAGIT VE

NET HOLDING AS 8.23 7.00 87.47 75.81 34.71 17.36 0.82

NETAS TELEKOMUNIKASYON AS

OTOKAR OTOMOTIV VE SAVUNMA 1.41 1.21 1.18 1.13 0.93 13.64 12.17 12.02 11.47 9.12 19.22 16.14 15.22 24.56 3.75 4.38 4.55 52.55 -6.2%

PARK ELEKTRIK URETIM MADENCI 2.21 1.63 4.05 3.22 2.54 2.20 2.01 5.25 4.39 3.76 9.19 7.66 7.08 9.88 3.69 6.19 8.25 21.7%

PETKIM PETROKIMYA HOLDING AS 1.77 1.68 1.65 0.68 0.65 0.60 0.55 0.54 28.61 16.26 12.88 73.80 12.41 9.24 6.32 5.99 1545.00 25.33 17.46 0.87 1.81 3.11 3.18 3.0%

POLYESTER SANAYI AS 0.26 0.22 0.21 11.34 8.16 6.89 1.31 10.6%

RHEA GIRISIM AS

SAF GAYRIMENKUL YATIRIM ORTA

SEKERBANK 1.14 1.00 0.89 0.77 1.69 1.55 1.42 1.28 8.58 7.72 7.18 6.65 0.24 0.15 0.00 2.11 2.5%

SINPAS GAYRIMENKUL YATIRIM O 0.72 0.67 0.62 0.52 1.28 1.41 1.40 1.29 12.41 5.82 4.38 7.20 12.95 10.25 8.89 4.84 8.27 7.24 5.91 3.45 2.88 3.45 4.53 1.85 33.1%

TAV HAVALIMANLARI HOLDING AS 2.92 2.61 2.18 2.12 1.66 1.44 1.30 1.18 1.14 9.76 5.55 6.38 9.99 8.40 7.18 6.32 15.46 11.67 10.02 7.92 2.80 3.39 3.96 5.90 12.80 13.2%

TEKFEN HOLDING AS 1.54 1.37 1.25 1.14 0.94 0.71 0.69 0.67 0.66 9.01 8.90 10.10 8.80 7.13 7.54 6.75 6.24 5.21 11.85 9.46 10.59 10.03 8.02 2.18 2.92 3.74 3.19 9.10 18.2%

TOFAS TURK OTOMOBIL FABRIKA 3.05 2.88 2.65 2.57 0.90 0.84 0.75 0.68 0.63 8.80 7.64 7.33 7.60 8.31 7.90 7.33 7.46 7.91 13.75 12.85 11.73 11.25 5.14 5.66 6.15 6.99 12.26 -0.7%

TORUNLAR GAYRIMENKUL YATIRIM 0.82 0.70 0.62 0.49 12.64 8.82 3.23 2.78 3.26 26.71 10.63 6.76 4.41 33.47 19.39 8.80 6.67 8.78 7.96 6.14 5.27 0.69 3.21 5.33 4.79 4.15 6.4%

TRABZONSPOR SPORTIF YATIRIM

TRAKYA CAM SANAYII AS 1.05 0.98 0.93 1.56 1.32 1.08 0.88 0.81 9.46 6.86 5.85 8.95 6.60 5.02 3.75 3.45 24.26 14.26 11.08 10.33 0.57 0.83 1.73 3.23 3.27 17.6%

TUPRAS-TURKIYE PETROL RAFINE 2.96 2.72 2.56 1.86 0.29 0.29 0.28 0.28 0.27 7.24 10.98 10.36 10.36 9.68 9.13 8.75 6.16 5.62 11.28 11.75 12.07 9.65 7.23 6.72 6.57 8.10 16.53 51.08 -6.3%

TURCAS PETROL A.S. 1.35 1.23 1.12 1.01 73.19 47.24 42.31 39.16 21.96 11.18 778.37 41.00 12.47 9.97 8.42 1.30 1.11 1.90 2.44 4.59 24.5%

TURK EKONOMI BANKASI 0.96 0.85 0.76 2.03 1.75 1.57 9.30 7.64 7.13 2.35 9.8%

TURK HAVA YOLLARI AO 1.71 1.42 1.17 1.01 0.59 0.49 0.44 0.38 0.35 4.42 3.78 3.74 2.94 6.97 5.84 4.96 4.26 8.68 7.85 7.41 6.26 0.46 1.14 1.74 3.04 8.10 10.0%

TURK TELEKOMUNIKASYON AS 4.17 3.98 3.92 4.08 3.66 2.24 2.13 2.05 1.98 1.87 6.91 6.55 6.30 6.14 6.41 6.53 6.29 6.08 5.88 5.52 10.58 10.73 10.67 9.99 9.45 8.07 8.50 8.43 9.22 8.18 1.3%

TURK TRAKTOR VE ZIRAAT MAKIN 4.99 4.52 4.19 4.15 1.62 1.56 1.42 1.28 1.24 18.25 13.25 11.55 10.59 10.06 9.31 8.59 7.81 7.63 12.18 11.81 10.67 9.52 6.21 6.02 6.36 9.23 56.69 -4.7%

TURKCELL ILETISIM HIZMET AS 2.09 2.03 2.10 2.19 2.14 2.58 2.37 2.21 2.10 1.97 9.87 8.90 8.61 7.38 7.82 7.15 6.44 5.85 5.45 4.29 13.17 12.00 11.08 10.52 12.17 9.49 6.69 6.65 7.55 13.58 12.2%

TURKIYE GARANTI BANKASI 1.90 1.69 1.49 1.33 4.60 4.17 3.78 3.34 3.05 7.38 6.82 5.83 12.21 11.13 10.40 9.41 1.66 1.99 2.52 2.40 9.96 5.5%

TURKIYE HALK BANKASI 2.07 1.72 1.48 1.28 4.18 3.67 3.34 2.97 7.37 6.96 8.38 9.49 8.96 8.40 7.77 1.86 2.49 2.91 2.45 22.08 15.6%

TURKIYE IS BANKASI-C 1.41 1.26 1.12 0.99 3.46 3.03 2.83 2.51 5.19 4.85 4.00 9.66 9.16 8.64 8.00 1.90 2.25 2.47 2.29 7.38 9.9%

TURKIYE SINAI KALKINMA BANK 1.63 1.37 1.24 1.11 5.60 5.25 4.88 4.38 3.77 8.70 8.55 8.00 7.52 1.45 2.26 2.74 2.82 2.84 14.4%

TURK SISE VE CAM FABRIKALARI 0.94 0.88 0.84 0.84 0.76 0.66 0.58 5.30 4.89 4.19 6.13 5.28 4.49 13.19 9.68 8.23 0.73 1.09 1.29 3.29 8.9%

TURKIYE VAKIFLAR BANKASI T-D 1.28 1.12 0.98 0.86 2.78 2.42 2.22 1.95 3.36 3.30 7.32 10.38 8.80 8.14 7.04 0.45 0.48 1.51 0.85 6.00 3.8%

ULKER BISKUVI SANAYI AS 4.95 4.57 4.16 4.03 2.02 1.83 1.70 1.59 1.47 10.48 21.67 18.03 15.34 22.64 18.68 15.85 14.04 12.40 25.75 24.64 20.34 18.27 2.19 2.03 2.64 3.68 11.19 -18.1%

VESTEL ELEKTRONIK SANAYI 0.11 0.08 0.07 0.07 0.06 3.28 5.17 3.01 2.60 9.90 14.14 4.60 6.49 0.00 0.00 2.26 14.1%

YAPI VE KREDI BANKASI 1.66 1.37 1.17 1.03 3.61 3.09 2.79 2.48 2.23 6.49 5.49 4.52 12.32 10.13 8.78 7.48 0.00 0.16 0.56 0.00 6.04 9.4%

ZORLU ENERJI ELEKTRIK URETIM 5.44 3.56 16.08 1.14 0.95 0.84 16.08 14.18 9.75 52.20 16.11 13.61 20.26 0.00 0.00 0.00 1.67 6.8%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


28.03.2013

Afyon Cimento Sanayi T.A.S. manufactures, distributes, and sells cement and

clinker. The Company markets its products throughout Turkey.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (24.04.2012) 102.75

52-Week Low (04.10.2012) 67.25

Daily Volume

69

52-Week High % Change -32.60% Dividend Yield -

52-Week Low % Change 2.60% Beta 0.94

% 52 Week Price Range High/Low 5.63% Equity Float -

Shares Out 31.12.2012 3.0 Short Int -

207.00 1 Yr Total Return -23.33%

Total Debt 0.08 YTD Return -3.83%

Preferred Stock 0.0 Adjusted BETA 0.943

Minority Interest 0.0 Analyst Recs 0

Cash and Equivalents 4.04 Consensus Rating -

Enterprise Value 203.04

Average Volume 5 Day 9'063

AFYON TI EQUITY YTD Change - Average Volume 30 Day 21'986

AFYON TI EQUITY YTD % CHANGE - Average Volume 3 Month 40'947

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

40.3 32.7 45.1 45.6 41.1 46 41 - - - -

1.48x 5.64x 12.46x 5.81x 5.14x 32.58x 15.96x - - - -

0.3 (1.3) 2.3 (3.4) (4.4) (3.4) (4.4) - - - -

212.34x - 246.33x - - 0.00x 0.00x - - - -

3.7 (0.7) 0.6 (5.3) (7.2) (5.3) (7.2) - - - -

20.50x - 1020.40x - - 0.00x 0.00x - - - -

EBITDA -4.40 Long-Term Rating Date -

EBIT -7.93 Long-Term Rating -

Operating Margin -19.28% Long-Term Outlook -

Pretax Margin -21.22% Short-Term Rating Date -

Return on Assets -14.07% Short-Term Rating -

Return on Common Equity -16.84%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin -6.3% Total Debt/EBITDA -0.02

EBITDA Margin -10.7%

EBIT Margin -19.3% Total Debt/Equity 0.2%

Net Income Margin -17.5% Total Debt/Capital 0.2%

Asset Turnover 0.80

Current Ratio 2.98 Net Fixed Asset Turnover 1.54

Quick Ratio 2.17 Accounts receivable turnover-days 84.94

Debt to Assets 0.16% Inventory Days 50.65

Tot Debt to Common Equity 0.20% Accounts Payable Turnover Day 46.62

Accounts Receivable Turnover 4.31 Cash Conversion Cycle 88.96

Inventory Turnover 7.23

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Afyon Cimento Sanayi TASPrice/Volume

Valuation Analysis

8'487.00

Current Price (3/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

!5 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis


28.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CIMENTS FRANCAIS n/a Research 1'578'300 52.61 - 03.05.2011 Corporation

BLACKROCK n/a ULT-AGG 13'612 0.45 - 25.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'427 0.21 - 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'848 0.13 - 31.07.2012 Investment Advisor

BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 102 0 - 20.07.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

FinansInvest UGUR OZKER not rated #N/A N/A M #N/A N/A Not Provided 20.02.2012

Global Menkul Degerler TEAM COVERAGE sell 1 M 193 Not Provided 03.02.2011

Holdings By:

Afyon Cimento Sanayi TAS ee


28.03.2013

Akbank T.A.S. attracts deposits and offers retail and corporate banking

services. The Group offers consumer credits, credit cards, wealth management,

health and life insurance, pension plans, risk management, project financing,

foreign trade and cash management services through its branches in Turkey and

overseas.


LTM as of: 12/yy

52-Week High (25.01.2013) 10.30

52-Week Low (28.05.2012) 5.28

Daily Volume

9.36




Shares Out 31.12.2012 4'000.0 Short Int -

37'440.00 1 Yr Total Return 36.47%

Total Debt 46'469.95 YTD Return 6.36%



Cash and Equivalents 19'853.52 Consensus Rating 3.100

Enterprise Value -

Average Volume 5 Day 17'803'350

AKBNK TI EQUITY YTD Change - Average Volume 30 Day 16'326'720

AKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 15'584'070


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'338.3 11'707.1 11'550.1 11'975.0 14'574.3 11'975.0 14'574.3 8'429.3 9'336.1 2'197.0 2'156.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'782.2 2'722.7 3'008.8 2'536.4 3'004.9 2'536.4 3'004.9 3'216.9 3'534.4 - -

8.05x 10.41x 11.41x 9.49x 11.71x 9.49x 11.71x 11.58x 10.33x 11.56x -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating NR

Operating Margin 46.80% Long-Term Outlook -

Pretax Margin 46.80% Short-Term Rating Date -

Return on Assets 1.98% Short-Term Rating -

Return on Common Equity 14.80%

Return on Capital 4.68% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 206.8%

Net Income Margin 36.3% Total Debt/Capital 67.4%

Asset Turnover 0.10

Current Ratio - Net Fixed Asset Turnover 5.81

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 28.43% Inventory Days -

Tot Debt to Common Equity 206.76% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Akbank TASPrice/Volume

Valuation Analysis

16'452'786.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


HACI OMER SABANCI HO n/a Research 1'960'000'000 49 - 30.09.2012 Holding Company

CITIGROUP INCORPORAT n/a Research 396'000'000 9.9 - 30.09.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 228'622'977 5.72 12'756'597 28.02.2013 Unclassified

BLACKROCK n/a ULT-AGG 49'587'072 1.24 (200'989) 25.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 48'046'969 1.2 (244) 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 43'884'796 1.1 76'584 28.02.2013 Unclassified

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 29'835'961 0.75 (183'566) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29'792'792 0.74 (9'896'955) 31.01.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 15'295'856 0.38 - 21.03.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 12'951'732 0.32 (228'000) 28.02.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11'826'552 0.3 (3'920'166) 30.11.2012 Bank

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 6'479'761 0.16 (583'000) 31.12.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'293'133 0.13 954'000 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 5'182'196 0.13 (451'000) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'930'371 0.12 320'855 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'672'622 0.12 - 31.07.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 4'595'000 0.11 2'027'000 03.09.2012 Mutual Fund Manager

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 4'388'000 0.11 2'238'001 28.09.2012 Mutual Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 4'370'047 0.11 37'262 31.01.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4'217'235 0.11 - 31.01.2013 Investment Advisor


Barclays CRISTINA MARZEA overweight 5 M 11 Not Provided 25.03.2013

FinansInvest MUGE DAGISTAN outperform 5 M 12 12 month 22.03.2013

Seker Securities NESLIHAN KARAGOZ market perform 3 M 12 Not Provided 22.03.2013

Burgan Securities NERGIS KASABALI hold 3 M 9 12 month 22.03.2013

BGC Partners CAGDAS DOGAN hold 3 M 9 12 month 19.03.2013

HSBC TAMER SENGUN overweight 5 M 11 Not Provided 12.03.2013

Renaissance Capital YAVUZ UZAY hold 3 M 9 Not Provided 08.03.2013

Societe Generale ALAN WEBBORN hold 3 M 9 12 month 06.03.2013

Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 9 12 month 26.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.02.2013

Deutsche Bank KAZIM ANDAC hold 3 M 9 12 month 08.02.2013

Oyak Securities ALPAY DINCKOC market perform 3 M 10 Not Provided 08.02.2013

BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 10 12 month 08.02.2013

Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 M 9 12 month 08.02.2013

Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 8 12 month 07.02.2013

Credit Suisse ATES BULDUR neutral 3 M 10 Not Provided 07.02.2013

Keefe, Bruyette & Woods EKATERINA ISAEVA market perform 3 M 10 12 month 07.02.2013

Erste Bank SEVDA SARP hold 3 M 9 12 month 06.02.2013

VTB Capital AKIN TUZUN sell 1 D 8 12 month 05.02.2013

ATA Invest DERYA GUZEL outperform 5 M 12 12 month 29.01.2013

Ekspres Invest CIHAN SARAOGLU hold 3 M 11 Not Provided 29.01.2013

Eczacibasi Securities SERCAN SOYLU market perform 3 M 11 Not Provided 22.01.2013

Global Menkul Degerler SEVGI ONUR market perform 3 M 10 Not Provided 21.01.2013

IS Investment & Securities BULENT SENGONUL market perform 3 M 11 Not Provided 18.12.2012

Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 11 Not Provided 06.11.2012

Tera Stock Brokers HASAN DEMIR neutral 3 M 8 Not Provided 19.10.2012

JPMorgan PAUL FORMANKO underweight 1 M 9 9 month 16.10.2012

Sardis Securities HAYDAR ACUN hold 3 U 8 12 month 12.01.2010

Holdings By:

Akbank TAS ee


28.03.2013

Akenerji Elektrik Uretim AS produces and distributes electricity and steam.


LTM as of: 12/yy

52-Week High (11.01.2013) 1.94

52-Week Low (25.05.2012) 1.34

Daily Volume

1.73





1'261.45 1 Yr Total Return 8.02%




Cash and Equivalents 173.55 Consensus Rating 3.421

Enterprise Value 2'549.82


AKENR TI EQUITY YTD Change - Average Volume 30 Day 7'363'373

AKENR TI EQUITY YTD % CHANGE - Average Volume 3 Month 11'444'690


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

607.1 463.7 428.4 560.0 802.0 560.0 802.0 755.0 1'122.2 - -

0.98x 3.09x 5.23x 3.62x 3.10x 15.98x 11.25x 3.73x 3.00x - -

95.7 61.5 28.3 106.1 143.8 106.1 143.8 169.3 208.1 - -

6.20x 23.32x 79.09x 19.09x 17.27x 19.09x 17.27x 15.07x 12.25x - -

89.0 24.2 (26.4) (211.0) 79.0 (211.0) 79.0 46.4 33.2 - -

4.48x 37.72x - - 12.85x 0.00x 29.22x 24.71x 31.45x - -

EBITDA 143.81 Long-Term Rating Date -

EBIT 89.64 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. 2.48

Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. -1.75

Net Debt/EBITDA 8.94

Gross Margin 17.3% Total Debt/EBITDA 10.14

EBITDA Margin 17.9%

EBIT Margin 11.2% Total Debt/Equity 155.0%


Asset Turnover 0.32





Accounts Receivable Turnover 9.45 Cash Conversion Cycle -5.75


Fiscal Year Ended

Akenerji Elektrik Uretim ASPrice/Volume

Valuation Analysis

5'198'029.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----...

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


AKKOK SANAYI YATIRIM n/a Research 364'582'001 50 - 19.12.2012 Corporation

CEZ n/a Research 364'582'001 50 - 19.12.2012 Corporation

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'833'940 0.39 - 31.05.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'899'789 0.26 - 25.03.2013 Investment Advisor

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'455'169 0.2 705'169 31.12.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'203'503 0.17 752'252 31.12.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'122'567 0.15 - 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 603'694 0.08 292'547 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 449'115 0.06 - 21.03.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 180'071 0.02 - 31.01.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 172'562 0.02 (67'400) 30.11.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 130'000 0.02 - 03.09.2012 Mutual Fund Manager

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 100'000 0.01 - 30.11.2012 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 90'022 0.01 (104'000) 31.01.2013 Investment Advisor

POWERSHARES GLOBAL F Multiple Portfolios MF-AGG 76'747 0.01 - 21.03.2013 Investment Advisor

WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 60'000 0.01 - 28.02.2013 Investment Advisor


FLEXSHARES TRUST Multiple Portfolios MF-AGG 46'194 0.01 - 28.02.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 38'378 0.01 - 31.10.2012 Investment Advisor


FinansInvest KORAY PAMIR neutral 3 M 2 12 month 21.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 21.03.2013

Seker Securities BURAK DEMIRBILEK outperform 5 M 2 12 month 05.03.2013

Oyak Securities UYGAR GEZER market perform 3 M 2 12 month 01.03.2013

BNP Paribas Equity Research KENAN COSGUNER hold 3 M 2 12 month 29.01.2013

Ekspres Invest SELIM KUNTER buy 5 M 2 Not Provided 22.01.2013

Deutsche Bank VEDAT MIZRAHI hold 3 U 2 12 month 16.01.2013

VTB Capital MIKHAIL RASSTRIGIN hold 3 U 2 12 month 10.01.2013

Global Menkul Degerler SERCAN UZUN buy 5 M 2 Not Provided 28.12.2012

IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 2 Not Provided 18.12.2012

Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 M 2 Not Provided 17.12.2012

Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 1 12 month 13.12.2012

HSBC LEVENT BAYAR overweight 5 U 2 Not Provided 07.12.2012

BGC Partners ZEYNEP KARAMAN hold 3 D 2 12 month 02.10.2012

Eczacibasi Securities TEAM COVERAGE underperform 1 M 2 Not Provided 12.09.2012

Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 03.08.2012

Tera Stock Brokers AYSE COLAK neutral 3 M 2 Not Provided 13.07.2012

Burgan Securities MURAT IGNEBEKCILI hold 3 M 2 12 month 25.05.2012

Ak Investment AYYUCE TURKES market outperform 4 N 4 12 month 11.07.2011

Holdings By:

Akenerji Elektrik Uretim AS ee


28.03.2013

Akfen Holding AS is a holding company. The Company's main areas of activity

include airport construction and operation, port construction and operation,

development of real estate investment projects and hotel projects, hydroelectric

power plants and other energy investments, water and wastewater concession

investments and management.


LTM as of: 09/yy

52-Week High (25.01.2013) 11.85

52-Week Low (01.10.2012) 8.56

Daily Volume

10.9

52-Week High % Change -7.59% Dividend Yield 0.00











AKFEN TI EQUITY YTD Change - Average Volume 30 Day 752'923

AKFEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'284'306


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

698.2 849.5 1'029.3 994.2 1'353.6 1'241.2 1'234.3 1'087.7 1'094.4 296.0 327.0

- - - 3.82x 3.24x 13.64x 10.03x 3.30x 3.11x - -

45.6 132.4 98.2 138.9 270.0 199.7 212.5 316.3 340.4 67.0 -

- - - 27.34x 16.23x 0.00x 0.00x 12.04x 11.19x - -

199.2 (120.3) 149.9 71.8 (64.7) (30.1) 672.2 673.6 132.4 20.5 -

- - - 33.31x - 0.00x 1.88x 2.37x 12.41x 13.13x -







Return on Capital 22.14% EBITDA/Interest Exp. 1.35




EBITDA Margin 22.5%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Akfen Holding ASPrice/Volume

Valuation Analysis

1'193'690.00


'

.

1

3

5

-'

-.

-1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'928'010 1.33 100'000 31.12.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 753'868 0.52 663'566 03.09.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 406'645 0.28 2'079 25.03.2013 Investment Advisor



AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 200'000 0.14 - 31.10.2012 Mutual Fund Manager

GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 150'000 0.1 - 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 88'801 0.06 - 26.03.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 84'610 0.06 - 31.05.2012 Investment Advisor


PETERCAM SA Multiple Portfolios MF-AGG 75'000 0.05 10'000 30.11.2012 Mutual Fund Manager

EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 57'000 0.04 17'000 31.05.2012 Investment Advisor

ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 55'224 0.04 55'224 31.01.2013 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 41'344 0.03 1'344 30.11.2012 Investment Advisor

QUERCUS TFI Multiple Portfolios MF-AGG 29'000 0.02 - 30.06.2012 Mutual Fund Manager

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 25'421 0.02 - 30.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 20'050 0.01 - 31.01.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 18'000 0.01 - 31.01.2013 Investment Advisor

OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 17'853 0.01 - 30.11.2012 Investment Advisor



Burgan Securities MURAT IGNEBEKCILI buy 5 M 14 12 month 25.03.2013

Unlu Securities SELIN ONER outperform 5 N 15 12 month 15.03.2013

FinansInvest GAYE ABIDIN outperform 5 M 15 12 month 14.03.2013

IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 15 Not Provided 09.02.2013

Ak Investment HAKAN DEPREM market outperform 4 M 17 12 month 29.01.2013

BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013

Ekspres Invest ALPER AKALIN buy 5 M 13 Not Provided 22.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Oyak Securities HASAN SENER outperform 5 M 14 12 month 21.12.2012

Goldman Sachs MATIJA GERGOLET neutral/neutral 3 D 12 12 month 10.12.2012

Renaissance Capital ALEXANDER KAZBEGI buy 5 M 15 12 month 30.10.2012

Erste Bank SEZAI SAKLAROGLU buy 5 N 13 12 month 18.10.2012


Holdings By:

Akfen Holding AS ee


28.03.2013

Aksa Akrilik Kimya Sanayii AS produces acrylic fiber for the textile industry.

The Company manufactures fiber and tops that are woven into synthetic fiber

cloth, blankets, carpet and knitted wear. Aksa Akrilik sells its products

domestically and abroad including China.


LTM as of: 12/yy

52-Week High (25.01.2013) 5.66

52-Week Low (31.05.2012) 3.85

Daily Volume

5.34





987.90 1 Yr Total Return 19.34%

Total Debt 493.23 YTD Return 3.89%






AKSA TI EQUITY YTD Change - Average Volume 30 Day 897'362

AKSA TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'120'542


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

908.5 950.2 1'304.3 1'675.5 1'625.5 1'675.5 1'625.5 1'551.8 1'617.2 465.0 482.0

0.41x 0.70x 0.73x 0.74x - 2.67x 1.33x 0.78x 0.73x - -

68.7 135.4 139.4 192.8 - 192.8 102.2 190.8 210.0 - -

5.36x 4.90x 6.82x 6.41x - 6.41x 0.00x 6.39x 5.81x - -

72.9 50.7 56.7 97.0 165.7 97.0 165.7 105.0 111.4 - -

2.43x 9.49x 12.10x 8.43x 5.74x 8.43x 5.74x 8.71x 8.18x - -











EBITDA Margin 11.2%



Asset Turnover 1.08







Fiscal Year Ended

Aksa Akrilik Kimya SanayiiPrice/Volume

Valuation Analysis

830'511.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


AKKOK SANAYI YATIRIM n/a Research 73'223'000 39.58 - 31.12.2009 Corporation

SECURITY PTE LTD n/a Research 34'632'000 18.72 - 28.08.2009 Corporation


BLACKROCK n/a ULT-AGG 1'546'295 0.84 4'137 25.03.2013 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 662'405 0.36 - 26.03.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 413'263 0.22 - 31.01.2013 Investment Advisor



MACQUARIE GROUP n/a ULT-AGG 304'798 0.16 - 30.06.2011 Investment Advisor

FMR LLC n/a ULT-AGG 96'089 0.05 - 31.01.2013 Investment Advisor

AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 95'206 0.05 - 31.10.2012 Mutual Fund Manager

JYSKE INVEST Multiple Portfolios MF-AGG 67'748 0.04 - 31.01.2013 Investment Advisor



ING INVESTMENT MANAG Multiple Portfolios MF-AGG 60'397 0.03 - 31.12.2012 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 19'994 0.01 6'157 30.06.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 13'078 0.01 - 31.01.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 7'428 0 - 28.02.2013 Investment Advisor


FinansInvest KORAY PAMIR outperform 5 M 6 12 month 04.03.2013


Ak Investment BORA TEZGULER market underperform 2 D 5 12 month 28.02.2013


Global Menkul Degerler HASAN BAYHAN buy 5 M 7 Not Provided 21.01.2013


Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 9 12 month 10.12.2012

IS Investment & Securities ASLI OZATA KUMBARACI Under Review #N/A N/A M #N/A N/A Not Provided 19.07.2012

Holdings By:

Aksa Akrilik Kimya Sanayii ee


28.03.2013

Alarko Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment trust.

The Company acquires real estate, including land and buildings, real estate

projects, and real estate used as rental income property.


LTM as of: 12/yy

52-Week High (21.03.2013) 26.40

52-Week Low (15.08.2012) 15.20

Daily Volume

22.5












ALGYO TI EQUITY YTD Change - Average Volume 30 Day 196'288

ALGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 125'121


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

24.3 27.2 8.2 19.7 15.3 19.7 15.3 - - - -

- 1.31x 16.81x 2.26x - 12.70x 12.50x - - - -

(0.4) 6.5 5.0 7.6 - 7.6 7.8 - - - -

- 5.43x 27.46x 5.84x - 5.84x 0.00x - - - -

25.8 8.4 5.8 31.2 14.3 31.2 14.3 - - - -

1.73x 17.65x 29.61x 5.51x 17.01x 5.51x 17.02x - - - -




Pretax Margin - Short-Term Rating Date -




Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 6373.60

Net Debt/EBITDA -12.91


EBITDA Margin 59.6%



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alarko Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

272'420.00


'

2

-'

-2

.'

.2

0'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ALSIM ALARKO SANAYI n/a Research 3'704'348 34.78 3'704'313 31.12.2009 n/a

ALARKO HOLDING AS n/a Research 1'655'103 15.54 (42'796) 31.12.2009 Holding Company


CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 78'603 0.74 - 31.10.2012 Mutual Fund Manager

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 4'257 0.04 - 31.12.2012 Investment Advisor


Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 15.03.2013

Ekspres Invest KURTHAN ATMACA sell 1 M 17 Not Provided 15.02.2012


FinansInvest GAYE ABIDIN Under Review #N/A N/A M #N/A N/A Not Provided 26.09.2011

Holdings By:

Alarko Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

Alarko Holding A.S. offers electricity generation, electricity distribution, and

international infrastructure construction services. The Company also operates in

the HVAC, Tourism and Real Estate sectors. Alarko Holding's main growth sector

is electricity generation.


LTM as of: 09/yy

52-Week High (26.03.2013) 5.80

52-Week Low (15.08.2012) 3.59

Daily Volume

5.76





1'287.17 1 Yr Total Return 36.43%







ALARK TI EQUITY YTD Change - Average Volume 30 Day 277'721

ALARK TI EQUITY YTD % CHANGE - Average Volume 3 Month 408'843


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

747.9 831.9 894.5 1'195.7 1'322.7 1'219.3 1'570.2 1'606.8 2'017.9 424.3 -

0.79x 0.01x 0.87x 0.65x 0.33x 2.10x 1.20x 0.73x 0.60x - -

50.1 (41.0) 69.1 14.8 141.3 101.6 74.8 137.1 178.2 41.0 -

11.86x - 11.31x 52.66x 3.11x 5.24x 0.00x 8.02x 6.17x - -

37.6 54.8 49.9 39.6 113.7 99.7 83.7 104.6 138.6 28.3 -

21.05x 6.54x 17.84x 20.93x 6.00x 7.13x 10.23x 12.47x 9.23x - -











EBITDA Margin 8.3%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alarko Holding ASPrice/Volume

Valuation Analysis

501'144.00


'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


ALATON FAMILY n/a Research 81'266'212 36.37 - 30.09.2010 n/a

GARIH FAMILY n/a Research 80'148'877 35.87 (1'117'335) 30.09.2010 n/a


MACQUARIE GROUP n/a ULT-AGG 984'347 0.44 (24'000) 31.01.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 644'448 0.29 - 28.09.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 349'166 0.16 44'146 31.12.2012 Investment Advisor




ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 194'357 0.09 - 31.01.2013 Investment Advisor

FIM FUND MANAGEMENT Multiple Portfolios MF-AGG 170'000 0.08 (40'000) 28.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 134'200 0.06 - 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 133'000 0.06 (16'461) 31.12.2012 Investment Advisor


QUERCUS TFI Multiple Portfolios MF-AGG 90'000 0.04 90'000 30.06.2012 Mutual Fund Manager

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 81'000 0.04 - 31.01.2013 Investment Advisor







Unlu Securities CELAL PEKESEN not rated #N/A N/A M #N/A N/A Not Provided 15.03.2013


Seker Securities SELAHATTIN AYDIN not rated #N/A N/A M #N/A N/A Not Provided 23.01.2013



EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013





ATA Invest ONDER ZORBA market outperform 4 M 5 Not Provided 01.06.2012

Sardis Securities HAYDAR ACUN buy 5 M 6 12 month 07.09.2011

Holdings By:

Alarko Holding AS ee


28.03.2013

Albaraka Turk is a full service bank. The Bank's services include retail,

corporate, international, and online banking services.


LTM as of: 12/yy

52-Week High (17.01.2013) 2.19

52-Week Low (01.06.2012) 0.95

Daily Volume

1.91





1'719.04 1 Yr Total Return 56.34%





Enterprise Value -


ALBRK TI EQUITY YTD Change - Average Volume 30 Day 815'226

ALBRK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'161'510


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

674.1 798.2 832.6 957.0 1'237.9 957.0 1'237.9 758.8 881.2 160.0 149.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

136.2 105.3 134.0 160.2 191.8 160.2 191.8 219.4 246.0 51.2 40.5

4.15x 11.31x 10.86x 5.28x 7.98x 5.28x 9.24x 7.99x 7.10x - -

EBITDA - Long-Term Rating Date 22.02.2010

EBIT - Long-Term Rating BB

Operating Margin 33.07% Long-Term Outlook NEG

Pretax Margin 33.18% Short-Term Rating Date 19.06.2009

Return on Assets 1.68% Short-Term Rating B




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Albaraka Turk Katilim Bankasi ASPrice/Volume

Valuation Analysis

479'943.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ALBARAKA BANKING GRO n/a Research 486'523'266 54.06 - 23.11.2012 Bank

ISLAMIC DEVELOPMENT n/a Research 70'573'779 7.84 - 23.11.2012 Bank

SKAGEN GLOBAL n/a Research 44'641'102 4.96 - 13.03.2013 Other

SKAGEN AS Multiple Portfolios MF-AGG 32'234'600 3.58 - 28.02.2013 Mutual Fund Manager

FMR LLC n/a ULT-AGG 18'735'624 2.08 103'000 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 8'431'829 0.94 2'271'406 31.12.2012 Investment Advisor

ALHARTHY MOHSIN HUSS n/a Research 5'599'145 0.62 - 23.11.2012 n/a


NAZER LAYLA n/a Research 5'101'444 0.57 - 23.11.2012 n/a

ALHARTHY SHARAF n/a Research 5'101'444 0.57 - 23.11.2012 n/a

ALHARTHY RAKAN n/a Research 5'101'444 0.57 - 23.11.2012 n/a

ALHARTHY SANAD n/a Research 5'101'444 0.57 - 23.11.2012 n/a

ALHARTHY WID n/a Research 5'101'444 0.57 - 23.11.2012 n/a

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'510'675 0.39 1'089'000 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 3'052'188 0.34 - 26.03.2013 Investment Advisor


KAMEL EYAD n/a Research 2'350'242 0.26 - 23.11.2012 n/a


TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1'383'763 0.15 - 31.07.2011 Mutual Fund Manager

KAMEL ASHRAF HASSAN n/a Research 1'105'995 0.12 - 23.11.2012 n/a


FinansInvest MUGE DAGISTAN neutral 3 M 2 12 month 14.03.2013

BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 3 12 month 12.03.2013

Burgan Securities DUYGUN KUTUCU buy 5 M 2 12 month 08.03.2013

Deutsche Bank HILAL VAROL hold 3 M 2 12 month 01.03.2013


Oyak Securities ALPAY DINCKOC market perform 3 M 2 12 month 23.01.2013

Eczacibasi Securities SERCAN SOYLU market perform 3 D 2 Not Provided 22.01.2013

Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 2 Not Provided 22.01.2013

Renaissance Capital YAVUZ UZAY buy 5 M 2 Not Provided 21.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC TAMER SENGUN overweight 5 U 2 Not Provided 15.01.2013

IS Investment & Securities BULENT SENGONUL outperform 5 M 2 Not Provided 18.12.2012


ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 2 Not Provided 20.07.2012

Holdings By:

Albaraka Turk Katilim Bankasi AS ee


28.03.2013

Alkim Alkali Kimya A.S. produces sodium sulfate, a raw material used in

detergent, glass, and paper production. The Company also operates paper and

fertilizer production units.


LTM as of: 12/yy

52-Week High (21.01.2013) 14.05

52-Week Low (30.05.2012) 6.06

Daily Volume

13.5












ALKIM TI EQUITY YTD Change - Average Volume 30 Day 283'605

ALKIM TI EQUITY YTD % CHANGE - Average Volume 3 Month 370'115


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

147.9 147.9 163.0 198.7 210.2 198.7 210.2 237.0 249.0 - -

0.81x 1.10x 1.18x 1.26x - 4.58x 3.43x - - - -

35.0 33.0 25.4 34.1 - 34.1 24.8 50.7 53.6 - -

3.40x 4.95x 7.58x 7.35x - 7.35x 0.00x 7.96x 7.53x - -

22.4 20.4 12.9 20.2 14.8 20.2 14.8 25.8 28.4 - -

4.22x 8.07x 14.31x 9.58x 20.37x 9.58x 20.39x - - - -











EBITDA Margin 9.1%



Asset Turnover 0.85







Fiscal Year Ended

Alkim Alkali Kimya ASPrice/Volume

Valuation Analysis

350'284.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


KORA ARKIN n/a Co File 4'945'000 20 - 30.09.2012 n/a

KORA CIHAT n/a Co File 3'677'844 14.88 - 30.09.2012 n/a

KORA REHA n/a Co File 2'657'938 10.75 - 30.09.2012 n/a

CLARIDEN SICAV Multiple Portfolios MF-AGG 78'032 0.32 - 31.01.2013 Investment Advisor


BGC Partners ERDEM HAFIZOGLU hold 3 D 14 12 month 07.01.2013

Holdings By:

Alkim Alkali Kimya AS ee


28.03.2013

Anadolu Anonim Tuerk Sigorta Sirketi offers non-life insurance services.

The Company offers fire, transportation, accident, office, engineering and

agriculture insurance coverage. The Company started to provide health insurance

coverage in 2004.


LTM as of: 12/yy

52-Week High (11.01.2013) 1.29

52-Week Low (31.05.2012) 0.78

Daily Volume

1.21










Enterprise Value -


ANSGR TI EQUITY YTD Change - Average Volume 30 Day 1'460'840

ANSGR TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'122'704


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'127.4 1'279.2 1'460.9 1'485.7 1'940.8 1'485.7 2'404.7 1'909.0 2'166.0 - -

- - 0.05x - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

117.7 55.4 41.9 (1.3) (55.8) (1.3) (81.3) 43.2 40.4 - -

- 10.36x 16.23x - - 0.00x 0.00x 13.30x 12.87x - -


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.07

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anadolu Anonim Tuerk Sigorta SirketiPrice/Volume

Valuation Analysis

1'142'673.00


'

'

'

-

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

1'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013


TURKIYE IS BANKASI A n/a Research 209'010'450 41.8 - 31.03.2010 Bank

NATIONAL REINSURANCE n/a Research 128'124'054 25.62 - 17.08.2009 Other



BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'301'172 0.26 - 30.06.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'024'508 0.2 - 31.12.2012 Investment Advisor


KBC GROUP NV Multiple Portfolios MF-AGG 399'798 0.08 (378) 31.01.2013 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 300'000 0.06 - 31.01.2013 Mutual Fund Manager

NOMURA n/a ULT-AGG 246'378 0.05 - 11.07.2012 Unclassified


DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 100'000 0.02 - 31.01.2013 Investment Advisor




EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 1 0 - 31.05.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1 0 - 30.06.2012 Investment Advisor

AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1 0 - 31.10.2012 Mutual Fund Manager


HSBC TAMER SENGUN neutral 3 M 1 Not Provided 26.02.2013

IS Investment & Securities KUTLUG DOGANAY market perform 3 M 1 Not Provided 25.01.2013


EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013


Erste Bank SEVDA SARP buy 5 M 1 12 month 04.11.2012


Burgan Securities DUYGUN KUTUCU not rated #N/A N/A M #N/A N/A Not Provided 02.04.2012


UniCredit Research RADENA GEORGIEVA buy 5 M 2 Not Provided 22.02.2010

Holdings By:

Anadolu Anonim Tuerk Sigorta Sirketi ee


28.03.2013

Anadolu Efes Biracilik ve Malt Sanayii AS is the holding company of the Efes

Beverage Group. The group produces and markets beer, malt and Coca-Cola

products across a geography that consists of Turkey, Russia, the CIS, countries

Southeast Europe and the Middle East. Anadolu Efes is also an operating entity

under which the Turkish brewing business is managed.


LTM as of: 12/yy

52-Week High (27.03.2013) 28.80

52-Week Low (31.05.2012) 21.50

Daily Volume

28.5





16'875.00 1 Yr Total Return 16.32%







AEFES TI EQUITY YTD Change - Average Volume 30 Day 344'437

AEFES TI EQUITY YTD % CHANGE - Average Volume 3 Month 280'187


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'668.9 3'811.1 4'168.8 4'761.3 6'416.8 4'761.3 6'416.8 7'440.6 8'318.2 1'362.0 2'305.0

1.67x 2.27x 2.72x 2.41x 2.55x 9.31x 10.02x 2.38x 2.09x 12.95x 7.94x

831.8 918.5 1'004.0 939.7 1'225.0 939.7 1'225.0 1'556.1 1'783.2 222.0 634.0

7.38x 9.42x 11.30x 12.22x 13.35x 12.22x 13.35x 11.57x 10.10x 10.87x 10.04x

309.7 422.6 503.6 341.2 606.9 341.2 606.9 760.1 932.8 79.7 357.0

14.97x 17.89x 20.91x 30.07x 25.07x 30.07x 25.07x 21.87x 18.23x 19.93x 18.15x

EBITDA 1'225.05 Long-Term Rating Date 14.06.2012

EBIT 774.47 Long-Term Rating BBB-

Operating Margin 12.07% Long-Term Outlook STABLE








EBITDA Margin 19.1%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anadolu Efes Biracilik Ve Malt Sanayii ASPrice/Volume

Valuation Analysis

349'192.00


'

2

-'

-2

.'

.2

0'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


SABMILLER ANADOLU EF n/a Co File 142'105'263 24 - 23.10.2012 n/a

YAZICILAR HOLDING AS n/a Co File 139'786'634 23.61 - 29.10.2012 Holding Company

OZILHAN SINAI YATIRI n/a Co File 79'934'214 13.5 - 23.10.2012 Unclassified

ANADOLU ENDUSTRI HOL n/a Co File 35'526'317 6 - 23.10.2012 Holding Company

DODGE & COX Multiple Portfolios MF-AGG 26'091'040 4.41 - 29.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 14'175'241 2.39 - 31.01.2013 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'074'713 0.86 (444'536) 31.12.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'215'195 0.71 421'484 30.11.2012 Bank

MORGAN STANLEY n/a ULT-AGG 2'824'784 0.48 (66'927) 31.12.2012 Investment Advisor


MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1'755'725 0.3 - 31.01.2013 Investment Advisor


FMR LLC n/a ULT-AGG 1'312'603 0.22 (622'260) 31.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 543'605 0.09 (385'000) 28.02.2013 Unclassified

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 539'882 0.09 - 31.12.2012 Investment Advisor


DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 493'500 0.08 51'000 28.09.2012 Mutual Fund Manager


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 481'121 0.08 48'661 28.09.2012 Investment Advisor


Deutsche Bank EROL DANIS hold 3 M 30 12 month 22.03.2013

FinansInvest CAN OZTOPRAK outperform 5 M 32 12 month 22.03.2013

Oyak Securities ALPER OZDEMIR market perform 3 M 32 12 month 22.03.2013


Burgan Securities BURAK ISYAR hold 3 M 31 12 month 22.03.2013

JPMorgan KOMAL DHILLON neutral 3 M 27 9 month 30.01.2013

Eczacibasi Securities GOKAY BOBEK market perform 3 M 31 Not Provided 29.01.2013

Ak Investment OMER OMERBAS market underperform 2 M 27 12 month 29.01.2013

HSBC BULENT YURDAGUL neutral 3 U 30 Not Provided 24.01.2013

Barclays SAMAR CHAND equalweight 3 M 27 Not Provided 23.01.2013

Ekspres Invest MELDA AGIRDAS hold 3 M 29 Not Provided 22.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

BGC Partners EZGI YILMAZ hold 3 M 32 12 month 16.01.2013

Nomura EDWARD MUNDY neutral 3 M 26 Not Provided 16.01.2013

IS Investment & Securities ESRA SUNER outperform 5 M 33 Not Provided 19.12.2012

Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 28 Not Provided 17.12.2012

Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 28 12 month 10.12.2012

VTB Capital IVAN KUSHCH hold 3 M 28 12 month 03.12.2012

Credit Suisse ONUR MUMINOGLU underperform 1 M 27 Not Provided 21.11.2012

Renaissance Capital METE OZBEK hold 3 M 30 12 month 23.10.2012

ATA Invest EMRAH OZKOC market perform 3 M 25 Not Provided 01.06.2012


Holdings By:

Anadolu Efes Biracilik Ve Malt Sanayii AS ee


28.03.2013

Anadolu Hayat Emeklilik AS offers group and individual life insurance policies

and IRA plans. The Company markets its services through its agents, Is Bank

and HSBC Bank branches in Turkey. Anadolu Hayat discontinued health insurance

services in 2004.


LTM as of: 12/yy

52-Week High (15.03.2013) 6.72

52-Week Low (24.05.2012) 3.63

Daily Volume

6.1





1'830.00 1 Yr Total Return 53.19%







ANHYT TI EQUITY YTD Change - Average Volume 30 Day 523'681

ANHYT TI EQUITY YTD % CHANGE - Average Volume 3 Month 856'687


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

695.9 823.8 632.1 618.6 586.8 618.6 586.8 513.5 560.0 - -

2.37x 3.79x 6.16x 6.17x 1.91x 25.45x 13.78x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

52.9 79.3 71.4 62.9 81.0 62.9 81.0 76.0 95.4 - -

- 15.64x 18.77x 13.11x - 0.00x 0.00x 24.60x 19.68x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Anadolu Hayat Emeklilik ASPrice/Volume

Valuation Analysis

87'013.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013


TURKIYE IS BANKASI A n/a Research 186'000'000 62 - 17.12.2008 Bank

ANADOLU SIGORTA n/a Research 60'000'000 20 - 31.03.2010 Insurance Company

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'718'487 0.91 (7'636) 31.12.2012 Investment Advisor

SOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 2'150'026 0.72 65'458 28.02.2013 Mutual Fund Manager

FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 1'017'142 0.34 - 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 850'000 0.28 (400'000) 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 743'836 0.25 - 31.12.2012 Investment Advisor



KBC GROUP NV Multiple Portfolios MF-AGG 580'280 0.19 (562'656) 31.01.2013 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 500'000 0.17 (250'000) 31.01.2013 Investment Advisor


REDWOOD ASSET MANAGE Multiple Portfolios MF-AGG 390'996 0.13 195'498 28.02.2013 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 385'648 0.13 - 31.01.2013 Investment Advisor


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 303'946 0.1 38'820 31.01.2013 Investment Advisor


PETERCAM SA Multiple Portfolios MF-AGG 140'000 0.05 - 30.11.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 125'000 0.04 25'000 31.01.2013 Mutual Fund Manager



Ak Investment HAKAN DEPREM market underperform 2 D 6 12 month 04.03.2013





IS Investment & Securities KUTLUG DOGANAY market perform 3 M 6 Not Provided 18.12.2012


ATA Invest FATIH TUGRUL TOPAC Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012

Yatirim Finansman Securities ZUMRUT CAN dropped coverage #N/A N/A M 6 12 month 15.08.2011

Sardis Securities HAYDAR ACUN hold 3 U #N/A N/A Not Provided 12.10.2010

Holdings By:

Anadolu Hayat Emeklilik AS ee


28.03.2013

Anadolu Isuzu Otomotiv Sanayi ve Ticaret AS manufactures commercial vehicles.

The Company produces light, medium and heavy-duty trucks, pickup trucks, mini,

midi and large buses, and tractors. Anadolu also produces, markets, and installs

spare parts and accessories. Anadolu Isuzu sells its vehicles in Turkey and

exports to Eastern Europe, the former Soviet Union, and the Middle East.


LTM as of: 12/yy

52-Week High (27.02.2013) 30.90

52-Week Low (04.04.2012) 9.24

Daily Volume

27.7












ASUZU TI EQUITY YTD Change - Average Volume 30 Day 532'087

ASUZU TI EQUITY YTD % CHANGE - Average Volume 3 Month 460'889


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

496.8 259.4 339.9 474.0 537.3 474.0 537.3 457.0 - - -

0.14x 0.73x 0.81x 0.58x 1.19x 2.36x 3.34x 1.59x - - -

22.6 0.1 7.2 27.8 13.7 27.8 13.7 28.0 - - -

3.08x 1752.82x 38.32x 9.87x 46.42x 9.87x 46.42x 29.46x - - -

(0.5) (19.1) (4.6) 13.4 1.3 13.4 1.3 - - - -

- - - 14.81x 408.80x 14.81x 408.80x - - - -











EBITDA Margin 2.6%



Asset Turnover 1.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anadolu Isuzu Otomotiv Sanayi Ve Ticaret ASPrice/Volume

Valuation Analysis

72'936.00


'

2

-'

-2

.'

.2

0'

02

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


YAZICILAR HOLDING AS n/a Research 9'077'665 35.71 4'478 31.12.2009 Holding Company

ISUZU MOTORS LTD n/a Research 4'319'991 16.99 - 31.12.2009 Corporation

OZILHAN SINAI YATIRI n/a Research 4'271'842 16.81 2'108 31.12.2009 Unclassified

ITOCHU CORP n/a Research 3'239'964 12.75 834'678 31.12.2009 Corporation

ANADOLU ENDUSTRI HOL n/a Research 262'583 1.03 38'835 31.12.2009 Holding Company

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.12.2012 Investment Advisor



Global Menkul Degerler ILKNUR UNSAL market perform 3 M 13 Not Provided 06.09.2012

FinansInvest BARAN YILDIRIM Under Review #N/A N/A M #N/A N/A Not Provided 15.08.2011

Holdings By:

Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS ee


28.03.2013

Arcelik A.S. manufactures and sells refrigerators, washing machines, cooking

appliances, vacuum cleaners, refrigeration compressors, electric motors and

consumer electronics products. The Company markets its products under the

brand names Arcelik and Beko. Arcelik sells its products in Turkey and exports

throughout continental Europe, the United Kingdom, and Tunisia.


LTM as of: 12/yy

52-Week High (17.01.2013) 12.80

52-Week Low (24.04.2012) 6.90

Daily Volume

12.35





8'345.24 1 Yr Total Return 60.42%







ARCLK TI EQUITY YTD Change - Average Volume 30 Day 1'685'879

ARCLK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'411'561


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'775.5 6'591.9 6'936.4 8'437.2 10'556.9 8'437.2 10'556.9 11'731.4 12'684.1 - -

0.58x 0.79x 0.88x 0.74x 0.97x 3.03x 3.38x 0.90x 0.82x - -

605.7 875.7 758.1 876.4 1'030.8 876.4 1'030.8 1'222.7 1'362.7 - -

6.50x 5.94x 8.01x 7.10x 9.95x 7.10x 9.95x 8.75x 7.85x - -

39.8 485.4 517.1 506.5 524.8 506.5 524.8 678.0 747.7 - -

20.70x 8.14x 10.19x 8.16x 15.07x 8.16x 15.07x 12.19x 11.00x - -


EBIT 770.01 Long-Term Rating BB+









EBITDA Margin 9.8%



Asset Turnover 1.09







Fiscal Year Ended

Arcelik ASPrice/Volume

Valuation Analysis

1'066'018.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


KOC HOLDING AS n/a Research 273'737'498 40.51 - 31.12.2009 Holding Company

TEKNOSAN AS n/a Research 81'428'337 12.05 - 17.07.2009 Other

KOC FAMILY n/a Research 58'585'636 8.67 58'585'627 31.12.2009 Other

BURLA TICARET VE YAT n/a Research 50'572'000 7.48 337 31.12.2009 Corporation

KOC HOLDING EMEKLI V n/a Research 34'722'000 5.14 80 31.12.2009 Other

HARDING LOEVNER LP Multiple Portfolios MF-AGG 8'369'372 1.24 130'600 30.06.2012 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'239'701 0.63 1'381'518 31.12.2012 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'791'550 0.27 - 26.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'716'358 0.25 (76'282) 31.01.2013 Unclassified



FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'109'800 0.16 - 31.05.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 799'829 0.12 (128'246) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 777'526 0.12 (6'206) 26.03.2013 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 777'080 0.11 - 31.01.2013 Mutual Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 753'522 0.11 (6'997) 31.12.2012 Investment Advisor



FinansInvest CAN OZTOPRAK underperform 1 M 11 12 month 22.03.2013

Sardis Securities HAYDAR ACUN sell 1 M #N/A N/A Not Provided 15.03.2013

Seker Securities KADIR TEZELLER market perform 3 M 13 12 month 06.03.2013

Ak Investment BERTUG TUZUN market outperform 4 U 13 12 month 22.02.2013

Eczacibasi Securities AKIF DASIRAN market perform 3 M 13 Not Provided 18.02.2013

HSBC CENK ORCAN neutral 3 M 12 Not Provided 13.02.2013

Oyak Securities SERHAT KAYA market perform 3 M 11 12 month 12.02.2013

IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 11 Not Provided 12.02.2013

BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 12 12 month 12.02.2013

Yatirim Finansman Securities OZGUR UCUR underperform 1 M 11 12 month 12.02.2013

Barclays HANZADE KILICKIRAN overweight 5 M 14 Not Provided 12.02.2013

Deutsche Bank VEDAT MIZRAHI buy 5 M 13 12 month 11.02.2013

Ekspres Invest KURTHAN ATMACA hold 3 M 13 Not Provided 22.01.2013

Global Menkul Degerler ILKNUR UNSAL buy 5 U 15 Not Provided 21.01.2013



Credit Suisse ONUR MUMINOGLU outperform 5 M 13 Not Provided 23.11.2012

BGC Partners BERNA KURBAY hold 3 M 12 12 month 06.11.2012

Erste Bank MEHMET EMIN ZUMRUT hold 3 M 12 12 month 04.11.2012



ATA Invest ERMAN TUTUNCUOGLU market perform 3 D 9 Not Provided 15.06.2012

Holdings By:

Arcelik AS ee


28.03.2013

Aselsan Elektronik Sanayi Ve Ticaret A.S. designs and manufactures military and

civil telecommunications equipment. The Company produces communications,

microelectronics/guidance and microwave systems, power electronics, electronic

security systems, air traffic control towers, air-to-ground radios, night

vision goggles, laser range finders, and highway toll collection systems.


LTM as of: 12/yy

52-Week High (04.03.2013) 10.95

52-Week Low (25.05.2012) 4.40

Daily Volume

10.65





5'324.92 1 Yr Total Return 118.98%







ASELS TI EQUITY YTD Change - Average Volume 30 Day 2'192'720

ASELS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'815'631


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

705.9 1'037.7 1'189.8 1'501.9 1'632.9 1'501.9 1'632.9 1'937.8 2'224.4 - -

0.35x 1.10x 1.24x 1.26x 2.56x 5.40x 6.77x 2.57x 2.40x - -

137.5 232.4 286.2 289.8 252.1 289.8 207.4 388.2 441.0 - -

1.82x 4.89x 5.16x 6.51x 16.55x 6.51x 0.00x 13.60x 11.97x - -

12.2 185.4 240.7 160.8 293.2 160.8 293.2 315.1 360.6 - -

28.56x 7.42x 8.05x 12.00x 14.39x 14.21x 29.72x 15.90x 14.24x - -











EBITDA Margin 14.3%



Asset Turnover 0.61







Fiscal Year Ended

Aselsan Elektronik Sanayi Ve Ticaret ASPrice/Volume

Valuation Analysis

1'382'725.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURK SILAHLI KUV GUC n/a EXCH 422'906'162 84.58 - 31.12.2009 Unclassified


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'996'729 0.4 (29'970) 26.03.2013 Investment Advisor


DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 1'415'132 0.28 373'392 31.01.2013 Hedge Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'362'361 0.27 1'362'361 30.06.2012 Investment Advisor


LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 840'668 0.17 92'761 28.02.2013 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 774'950 0.15 45'671 30.11.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 570'726 0.11 - 31.01.2013 Investment Advisor


SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 447'685 0.09 9'248 28.02.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 303'649 0.06 - 31.01.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 303'000 0.06 108'000 28.02.2013 Investment Advisor

NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 295'860 0.06 - 28.02.2013 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 222'702 0.04 222'702 31.12.2012 Investment Advisor

CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 214'727 0.04 13'492 31.08.2012 Mutual Fund Manager

SEAFARER CAPITAL PAR Multiple Portfolios MF-AGG 209'774 0.04 156'634 31.12.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 194'708 0.04 4 30.11.2012 Mutual Fund Manager


Seker Securities BURAK DEMIRBILEK market perform 3 M 9 Not Provided 19.03.2013

Credit Suisse ATINC OZKAN outperform 5 M 10 Not Provided 06.03.2013

FinansInvest CAN OZTOPRAK neutral 3 M 9 12 month 06.03.2013

Oyak Securities MUSTAFA ONER underperform 1 D 9 Not Provided 06.03.2013


Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 9 12 month 14.02.2013


IS Investment & Securities BASAK ENGIN DINCKOC underperform 1 D 9 Not Provided 20.12.2012


Holdings By:

Aselsan Elektronik Sanayi Ve Ticaret AS ee


28.03.2013

Asya Katilim Bankasi AS attracts deposits and offers commercial banking

services. The Bank offers consumer loans, insurance services, credit cards,

business loans, cash management, and lease financing.


LTM as of: 12/yy

52-Week High (21.01.2013) 2.58

52-Week Low (25.05.2012) 1.58

Daily Volume

2.32





2'088.00 1 Yr Total Return 17.17%





Enterprise Value -


ASYAB TI EQUITY YTD Change - Average Volume 30 Day 12'016'960

ASYAB TI EQUITY YTD % CHANGE - Average Volume 3 Month 18'005'410


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'562.8 1'926.4 1'783.0 1'872.0 2'197.3 1'872.0 2'197.3 1'454.5 1'630.9 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

238.8 305.8 262.1 221.8 190.4 221.8 190.4 254.5 320.8 - -

4.37x 10.18x 9.75x 6.45x 10.45x 6.45x 10.45x 8.03x 6.52x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Asya Katilim Bankasi ASPrice/Volume

Valuation Analysis

11'294'610.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013







BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'684'650 0.63 (1'503'960) 31.01.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 3'824'916 0.42 3'698'480 31.01.2013 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 1'913'631 0.21 1'878'764 31.01.2013 Investment Advisor

OPERA TFI SA Multiple Portfolios MF-AGG 1'879'000 0.21 - 30.06.2012 Mutual Fund Manager


ALLIANZ ASSET MANAGE n/a ULT-AGG 1'765'167 0.2 (18'478) 28.02.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 1'736'585 0.19 (953'253) 31.12.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'555'733 0.17 72'760 31.12.2012 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'068'238 0.12 827'785 30.06.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'060'000 0.12 (187'000) 28.09.2012 Mutual Fund Manager



PIONEER INVESTMENTS Multiple Portfolios MF-AGG 526'000 0.06 - 31.05.2011 Investment Advisor


FinansInvest MUGE DAGISTAN underperform 1 M 2 12 month 26.03.2013

Burgan Securities DUYGUN KUTUCU hold 3 M 2 12 month 26.03.2013

Deutsche Bank HILAL VAROL buy 5 U 3 12 month 25.03.2013



Ak Investment HAKAN AYGUN market perform 3 M 3 12 month 25.02.2013

Seker Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013




Oyak Securities ALPAY DINCKOC market perform 3 M 3 12 month 23.01.2013


Ekspres Invest CIHAN SARAOGLU sell 1 D 2 Not Provided 22.01.2013



HSBC TAMER SENGUN overweight 5 U 3 Not Provided 15.01.2013

JPMorgan PAUL FORMANKO overweight 5 U 3 9 month 16.10.2012

ATA Invest FATIH TUGRUL TOPAC market underperform 2 M 2 Not Provided 20.07.2012

Holdings By:

Asya Katilim Bankasi AS ee


28.03.2013

Aygaz A.S. purchases from local refineries and distributes liquified propane

gas. The Company also markets plastifiers, alcohols, solvents, aromatic hydro-

carbons and general purpose plastics. Aygaz operates a fleet of ships and LPG

filling plants.


LTM as of: 12/yy

52-Week High (27.03.2013) 11.00

52-Week Low (25.05.2012) 6.88

Daily Volume

10.9





3'270.00 1 Yr Total Return 24.55%







AYGAZ TI EQUITY YTD Change - Average Volume 30 Day 542'588

AYGAZ TI EQUITY YTD % CHANGE - Average Volume 3 Month 563'294


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'579.3 3'786.8 4'657.7 5'455.7 5'586.1 5'455.7 5'586.1 5'855.2 6'003.6 - -

0.20x 0.47x 0.51x 0.44x 0.49x 1.95x 1.68x 0.51x 0.48x - -

337.8 390.3 305.9 233.6 244.8 233.6 244.8 284.7 297.2 - -

2.13x 4.52x 7.76x 10.27x 11.08x 10.27x 11.08x 11.07x 10.60x - -

25.8 314.6 239.5 379.7 303.5 379.7 303.5 284.4 297.7 - -

36.30x 5.39x 10.40x 6.98x 9.33x 6.98x 9.33x 11.46x 10.74x - -











EBITDA Margin 4.4%



Asset Turnover 1.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aygaz ASPrice/Volume

Valuation Analysis

665'145.00


'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


KOC HOLDING AS n/a Co File 122'053'514 40.68 - 31.12.2010 Holding Company

LIQUID PETROLEUM GAS n/a Co File 73'546'000 24.52 - 31.12.2010 Other

TEMEL TICARET VE YAT n/a Co File 15'883'936 5.29 - 31.12.2010 Corporation

KOC FAMILY n/a Co File 15'705'118 5.24 - 31.12.2010 Other


FRANKLIN RESOURCES n/a ULT-AGG 3'733'478 1.24 16'443 31.12.2012 Investment Advisor





BRANDES INVESTMENT P Multiple Portfolios MF-AGG 1'143'077 0.38 111'212 28.02.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 661'200 0.22 661'200 30.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 650'456 0.22 650'456 31.01.2013 Investment Advisor


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 367'154 0.12 42'802 30.11.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 343'000 0.11 (14'605) 28.02.2013 Investment Advisor



AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 268'491 0.09 (88'321) 31.10.2012 Mutual Fund Manager



EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 26.03.2013

BNP Paribas Equity Research ALPER PAKSOY buy 5 M 11 12 month 12.03.2013


Oyak Securities HASAN SENER outperform 5 M 12 Not Provided 08.03.2013

Renaissance Capital ILGIN ERDOGAN buy 5 M 13 12 month 08.03.2013

Burgan Securities UMUT OZTURK hold 3 M 11 12 month 08.03.2013

Seker Securities KADIR TEZELLER outperform 5 M 13 Not Provided 18.02.2013


Deutsche Bank VEDAT MIZRAHI buy 5 U 12 12 month 16.01.2013



Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 11 Not Provided 17.12.2012

Goldman Sachs MATIJA GERGOLET neutral/neutral 3 D 11 12 month 10.12.2012

HSBC BULENT YURDAGUL overweight 5 U 10 Not Provided 20.11.2012

Erste Bank THOMAS UNGER accumulate 4 M 10 12 month 04.11.2012

ATA Invest MERT BOSTANOGLU market perform 3 M 10 Not Provided 18.05.2012

Holdings By:

Aygaz AS ee


28.03.2013

Bagfas Bandirma Gubre Fabrikalari A.S. manufactures chemical fertilizers and

acids including composite fertilizer, ammonium sulphate, diammoniumphosphate,

and triple fertilizer. Bagfas sells its products throughout Turkey.


LTM as of: 12/yy

52-Week High (24.04.2012) 82.60

52-Week Low (20.11.2012) 48.90

Daily Volume

56












BAGFS TI EQUITY YTD Change - Average Volume 30 Day 98'524

BAGFS TI EQUITY YTD % CHANGE - Average Volume 3 Month 143'826


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

390.3 268.0 279.8 325.1 363.9 325.1 363.9 401.0 429.0 - -

0.40x 0.88x 1.42x 1.10x 1.35x 4.59x 5.13x 1.29x 1.56x - -

111.0 (8.4) 63.1 90.3 36.3 90.3 36.3 64.5 73.8 - -

1.40x - 6.31x 3.96x 13.57x 3.96x 13.57x 7.91x 6.92x - -

82.8 (5.1) 47.0 73.8 23.9 73.8 23.9 46.8 54.6 - -

2.21x - 10.57x 6.20x 20.33x 6.20x 0.00x 9.29x 8.56x - -











EBITDA Margin 10.0%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bagfas Bandirma Gubre FabrikPrice/Volume

Valuation Analysis

106'975.00


'

-'

.'

0'

1'

2'

3'

4'

5'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


RECEP GENCER n/a Co File 1'213'163 13.48 - 30.09.2012 n/a



GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 40'671 0.45 - 26.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'684 0.3 (5'468) 31.12.2012 Investment Advisor




PRUDENTIAL FINANCIAL n/a ULT-AGG 7'054 0.08 - 31.12.2012 Investment Advisor


ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'654 0.02 54 30.11.2012 Investment Advisor

MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 1'260 0.01 - 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 864 0.01 - 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 800 0.01 800 28.09.2012 Investment Advisor

STATE STREET n/a ULT-AGG 718 0.01 - 25.03.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 679 0.01 452 31.10.2012 Investment Advisor


ILIRIKA FUND MANAGEM Multiple Portfolios MF-AGG 100 0 - 28.02.2011 Mutual Fund Manager

JYSKE INVEST Multiple Portfolios MF-AGG - 0 (2'235) 31.01.2013 Investment Advisor


Global Menkul Degerler HASAN BAYHAN market perform 3 M 65 Not Provided 21.01.2013

IS Investment & Securities NUR ATASOY outperform 5 M 82 Not Provided 17.12.2012

Erste Bank EVRIM DAIRECIOGLU accumulate 4 M 60 12 month 04.11.2012

HSBC CENK ORCAN neutral 3 U 66 Not Provided 06.09.2012

BGC Partners CAN OZCELIK buy 5 M 90 12 month 31.08.2012



Yatirim Finansman Securities OZGUR UCUR not rated #N/A N/A M #N/A N/A Not Provided 11.04.2012


Garanti Yatirim Menkul Kiymetler SEZAI SAKLAROGLU market perform 3 M 60 Not Provided 29.12.2011

Holdings By:

Bagfas Bandirma Gubre Fabrik ee


28.03.2013

Banvit Bandirma Vitaminli Yem Sanayii Ticaret A.S. breeds, raises and,

slaughters chickens and markets eggs. The Group also produces and sells mixed

feeds.


LTM as of: 09/yy

52-Week High (18.01.2013) 4.55

52-Week Low (11.04.2012) 3.22

Daily Volume

3.65












BANVT TI EQUITY YTD Change - Average Volume 30 Day 426'948

BANVT TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'232'405


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

543.6 649.9 791.6 1'002.4 1'116.3 1'079.6 1'231.7 1'277.8 1'479.0 302.0 337.0

0.69x 0.53x 0.74x 0.75x 0.61x 2.73x 1.81x - - - -

88.1 28.7 98.3 124.2 41.9 53.2 40.3 97.0 127.0 - -

4.24x 12.08x 6.00x 6.07x 16.36x 13.99x 0.00x 8.13x 6.21x - -

56.8 (42.5) 44.1 58.9 (59.7) (48.4) 10.5 34.3 44.8 - -

5.21x - 8.16x 8.70x - 0.00x 33.87x 10.49x 8.00x 8.11x -











EBITDA Margin 5.9%



Asset Turnover 1.75







Fiscal Year Ended

Banvit Bandirma Vitaminli Yem Sanayii ASAPrice/Volume

Valuation Analysis

791'139.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


GORENER VURAL n/a Research 24'760'641 24.75 - 31.12.2009 n/a

KOCMAN EMINE OKSAN n/a Research 19'293'198 19.29 - 31.12.2009 n/a

EBUBEKIR VALID FARUK n/a Research 18'873'991 18.87 - 31.12.2009 n/a

GORENER CHRISTOFFEL n/a Research 14'507'208 14.5 - 31.12.2009 n/a

GOERENER MAKBULE n/a Research 4'831'253 4.83 - 31.12.2009 n/a


GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 370'000 0.37 - 31.12.2012 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'000 0 - 31.01.2013 Mutual Fund Manager



Ak Investment BERTUG TUZUN market perform 3 M 5 12 month 29.01.2013

Ekspres Invest MELDA AGIRDAS buy 5 M 5 Not Provided 22.01.2013

Oyak Securities ANIL CAN YILDIRIM outperform 5 M 5 Not Provided 20.12.2012


Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 U 8 12 month 10.12.2012

Garanti Yatirim Menkul Kiymetler IREM OKUTGEN outperform 5 M 5 Not Provided 15.11.2012

Tera Stock Brokers FEYRUZE ASLI KONDU neutral 3 D 5 12 month 17.09.2012

ATA Invest OGUZHAN AKBULUT Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012

BGC Partners ERDEM HAFIZOGLU buy 5 M 6 12 month 09.07.2012

Burgan Securities ECE MANDACI hold 3 M 4 12 month 25.05.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 28.12.2011

Holdings By:

Banvit Bandirma Vitaminli Yem Sanayii ASA ee


28.03.2013

Besiktas Futbol Yatirimlar Sanayi ve Ticaret A.S. is a professional soccer club

which belongs to the Turkish super league.


LTM as of: 11/yy

52-Week High (27.03.2012) 2.60

52-Week Low (04.10.2012) 1.38

Daily Volume

1.55








Minority Interest (0.1) Analyst Recs 0




BJKAS TI EQUITY YTD Change - Average Volume 30 Day 3'823'915

BJKAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'070'610


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

94.7 85.2 131.5 145.7 153.5 116.2 176.5 - - - -

1.38x 4.32x 1.58x 3.34x - 16.56x 6.19x - - - -

21.8 9.0 1.3 (38.1) - (69.6) 24.7 - - - -

5.99x 40.67x 155.11x - - 0.00x 0.00x - - - -

(1.3) (29.4) (48.4) (120.1) (150.8) (170.5) (52.9) - - - -

- - - - - 0.00x 0.00x - - - -





Return on Assets - Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. -211.11

Asset Turnover - (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin -32.2% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity -

Net Income Margin -98.3% Total Debt/Capital -

Asset Turnover -

Current Ratio 0.29 Net Fixed Asset Turnover -

Quick Ratio 0.09 Accounts receivable turnover-days -


Tot Debt to Common Equity - Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -45.06



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

5'847'057.00


'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.



28.03.2013


BESIKTAS JIMNASTIK K n/a Research 27'999'575 11.67 - 13.11.2008 n/a



#N/A N/A

Holdings By:

Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS ee


28.03.2013

BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount

stores in Turkey. The Company provides an assortment of private label products.


LTM as of: 12/yy

52-Week High (21.01.2013) 93.50

52-Week Low (10.04.2012) 64.75

Daily Volume

87.75





13'320.45 1 Yr Total Return 31.29%







BIMAS TI EQUITY YTD Change - Average Volume 30 Day 303'860

BIMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 260'948


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'242.4 5'323.4 6'574.0 8'189.1 9'906.4 8'189.1 9'906.4 11'862.2 14'037.0 3'166.0 2'814.0

0.57x 0.96x 1.17x 0.93x 1.30x 3.73x 4.54x 1.08x 0.90x - -

189.2 314.2 356.4 424.4 491.2 424.4 491.2 597.1 714.0 128.0 114.0

12.75x 16.26x 21.66x 17.92x 26.19x 17.92x 26.19x 21.68x 18.13x 27.31x -

114.2 212.9 245.6 298.9 331.3 298.9 331.3 402.8 486.6 107.0 95.0

21.44x 24.77x 32.44x 26.66x 39.98x 26.66x 39.98x 32.68x 27.28x 33.62x -











EBITDA Margin 5.0%



Asset Turnover 5.12







Fiscal Year Ended

BIM Birlesik Magazalar ASPrice/Volume

Valuation Analysis

278'221.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

-''

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TOPBAS MUSTAFA LATIF n/a Research 23'948'496 15.78 - 11.02.2013 n/a

TOPBAS AHMET AFIF n/a Research 14'571'000 9.6 - 11.02.2013 n/a

ABERDEEN n/a ULT-AGG 11'877'827 7.82 (103'422) 28.02.2013 Unclassified

EL KHEREJI ABDULRAHM n/a Research 6'831'000 4.5 - 11.02.2013 n/a


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'090'152 2.69 (17'580) 31.12.2012 Investment Advisor



CIZMECI FIRDEVS n/a Research 1'749'990 1.15 - 11.02.2013 n/a

TOPBAS FATMA FITNAT n/a Research 1'518'000 1 - 11.02.2013 n/a

CARMIGNAC GESTION Multiple Portfolios MF-AGG 994'686 0.66 30'749 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 708'427 0.47 - 28.02.2013 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 640'145 0.42 - 31.08.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 417'690 0.28 28'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 393'614 0.26 18'911 31.01.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 377'578 0.25 (498) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 375'440 0.25 1'556 31.01.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 352'800 0.23 - 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 276'614 0.18 (139'513) 31.12.2012 Investment Advisor


Seker Securities BURAK DEMIRBILEK market perform 3 M 98 12 month 27.03.2013


Goldman Sachs ANTON FARLENKOV Sell/Neutral 1 M 70 12 month 20.03.2013

Marfin Analysis (ESN) NATALIA SVYROU-SVYRIADI hold 3 M 89 12 month 12.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.03.2013

FinansInvest CAN OZTOPRAK neutral 3 D 91 12 month 07.03.2013



IS Investment & Securities ESRA SUNER market perform 3 M 92 Not Provided 06.03.2013

Wood & Company PATRICK SHIELDS sell 1 M 75 12 month 05.03.2013

JPMorgan BORJA OLCESE neutral 3 M 84 Not Provided 01.03.2013

HSBC BULENT YURDAGUL neutral 3 M 96 Not Provided 18.02.2013

BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 93 12 month 18.02.2013

Erste Bank GORKEM GOKER hold 3 M 90 12 month 15.02.2013

Eczacibasi Securities AKIF DASIRAN outperform 5 M 111 Not Provided 22.01.2013


Global Menkul Degerler BERTAN ILBAK sell 1 M 84 Not Provided 21.01.2013



VTB Capital MARIA KOLBINA sell 1 M 77 12 month 03.12.2012

Credit Suisse ONUR MUMINOGLU neutral 3 M 77 Not Provided 21.11.2012


Natixis ANTOINE PARISON reduce 2 M 69 Not Provided 14.11.2012

Yatirim Finansman Securities DUYGU KALFAOGLU Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2012

Barclays HANZADE KILICKIRAN overweight 5 N 95 Not Provided 30.10.2012

ATA Invest EMRAH OZKOC market perform 3 M #N/A N/A Not Provided 11.05.2012

Tera Stock Brokers KENAN TURAN sell 1 M 56 Not Provided 08.05.2012

Holdings By:

BIM Birlesik Magazalar AS ee


28.03.2013

Bizim Toptan Satis Magazalari AS operates a chain of wholesales stores

throughout Turkey. The Stores offer a wide range of products including food and

beverage products.


LTM as of: 12/yy

52-Week High (16.01.2013) 30.40

52-Week Low (04.10.2012) 22.45

Daily Volume

30





1'200.00 1 Yr Total Return 28.98%







BIZIM TI EQUITY YTD Change - Average Volume 30 Day 94'776

BIZIM TI EQUITY YTD % CHANGE - Average Volume 3 Month 144'276


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'264.3 1'237.1 1'451.8 1'733.0 1'973.9 1'733.0 1'973.9 2'297.8 2'633.1 - -

- - - 0.42x 0.55x 2.21x 2.00x 0.51x 0.44x - -

33.5 42.5 54.6 62.6 68.9 62.6 68.9 86.0 100.4 - -

- - - 11.68x 15.85x 11.68x 15.85x 13.73x 11.76x - -

3.8 18.9 28.3 29.9 26.1 29.9 26.1 39.6 46.7 - -

- - - 25.18x 42.61x 25.18x 42.61x 30.58x 25.77x - -











EBITDA Margin 3.5%



Asset Turnover 5.74







Fiscal Year Ended

Bizim Toptan Satis Magazalari ASPrice/Volume

Valuation Analysis

96'420.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


YILDIZ HOLDING A.S. n/a EXCH 19'977'410 49.94 - 06.01.2012 Holding Company

CAPITAL GROUP COMPAN n/a ULT-AGG 2'913'474 7.28 1'193'000 31.12.2012 Investment Advisor

NORGES BANK n/a Research 2'004'000 5.01 - 10.01.2012 Government

STANDARD BANK PLC n/a EXCH 2'000'000 5 - 06.01.2012 Bank

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'058'937 2.65 455'015 31.01.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 654'189 1.64 (26'000) 31.01.2013 Investment Advisor

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 571'804 1.43 571'804 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 411'835 1.03 - 31.12.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 400'000 1 50'000 31.01.2013 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 339'161 0.85 - 31.05.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 175'000 0.44 - 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 167'317 0.42 763 25.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 165'578 0.41 8'348 31.01.2013 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 124'735 0.31 83'069 31.12.2012 Investment Advisor

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 110'380 0.28 110'380 31.01.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 109'634 0.27 3'224 31.01.2013 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 88'664 0.22 - 31.12.2012 Mutual Fund Manager

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 85'827 0.21 85'827 31.10.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 85'385 0.21 36'601 31.01.2013 Investment Advisor



BGC Partners BERNA KURBAY buy 5 M 35 12 month 12.03.2013

Renaissance Capital METE OZBEK buy 5 M 35 12 month 08.03.2013


Oyak Securities SERHAT KAYA outperform 5 M 33 12 month 07.03.2013

Burgan Securities BURAK ISYAR buy 5 M 32 12 month 07.03.2013

Wood & Company ERIK HEGEDUS hold 3 D 29 12 month 27.02.2013

JPMorgan JAIME VAZQUEZ neutral 3 N 27 12 month 18.02.2013


Erste Bank GORKEM GOKER hold 3 D 30 12 month 15.02.2013




HSBC BULENT YURDAGUL overweight 5 M 34 Not Provided 16.01.2013



Tera Stock Brokers KENAN TURAN neutral 3 M 29 Not Provided 01.10.2012

Global Menkul Degerler TEAM COVERAGE market perform 3 N 24 Not Provided 21.03.2012

Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 30 12 month 27.02.2012

ATA Invest EMRAH OZKOC market outperform 4 M 32 Not Provided 13.01.2012

Holdings By:

Bizim Toptan Satis Magazalari AS ee


28.03.2013

Borusan Mannesmann Boru Sanayi ve Ticaret A.S. manufactures grooved and

galvanized steel and plastic and steel pipes. The Company produces

longitudinally welded steel pipe under the brand name Kartal and polypropylene

plastic pipe. Borusan's products are used in construction and for industrial

applications.


LTM as of: 12/yy

52-Week High (28.02.2013) 37.40

52-Week Low (27.11.2012) 23.40

Daily Volume

35.4





1'003.59 1 Yr Total Return 44.12%







BRSAN TI EQUITY YTD Change - Average Volume 30 Day 228'232

BRSAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 172'921


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'159.7 776.3 981.1 1'331.3 1'426.1 1'331.3 1'426.1 - - - -

0.20x 0.51x 0.61x 0.54x - 2.23x 1.37x - - - -

(1.9) 44.6 9.3 108.4 - 108.4 56.0 - - - -

- 8.95x 64.64x 6.66x - 6.66x 0.00x - - - -

(37.7) 22.5 (13.4) 52.6 39.5 52.6 39.5 - - - -

- 15.23x - 11.30x 19.74x 11.30x 19.74x - - - -











EBITDA Margin 7.0%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Borusan Mannesmann Boru Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

264'751.00


'

2

-'

-2

.'

.2

0'

02

1'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


BORUSAN MANNESMANN B n/a Research 20'831'453 73.48 - 31.12.2009 Unclassified

LUMBRO NOMINEES JERS n/a Research 1'890'000 6.67 - 31.12.2009 Other










Global Menkul Degerler TEAM COVERAGE market perform 3 M 15 Not Provided 22.06.2010

Holdings By:

Borusan Mannesmann Boru Sanayi ve Ticaret AS ee


28.03.2013

Boyner Buyuk Magazacilik (BBM) A.S. operates department stores in Turkey.

The stores sell clothing, cosmetics, personal items and leisure products

produced by other manufacturers and under BBM's own Altimod label. The Company

also offers shopping credit card under the name of Carsi.


LTM as of: 12/yy

52-Week High (15.03.2013) 6.48

52-Week Low (25.05.2012) 2.90

Daily Volume

6












BOYNR TI EQUITY YTD Change - Average Volume 30 Day 431'587

BOYNR TI EQUITY YTD % CHANGE - Average Volume 3 Month 299'359


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

456.5 482.7 552.8 660.1 935.1 660.1 935.1 1'460.2 1'639.2 - -

0.21x 0.36x 0.81x 0.38x 0.58x 2.12x 2.06x 0.54x 0.47x - -

22.9 30.7 39.5 45.0 50.6 45.0 50.6 103.6 126.2 - -

4.26x 5.63x 11.33x 5.63x 10.67x 5.63x 10.67x 6.71x 5.51x - -

0.4 7.3 17.3 23.9 6.9 23.9 6.9 29.4 40.7 - -

125.70x 17.84x 22.11x 8.99x 57.78x 8.99x 57.78x 21.82x 15.27x - -











EBITDA Margin 5.4%



Asset Turnover 1.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Boyner Buyuk MagazacilikPrice/Volume

Valuation Analysis

134'830.00


'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


FENNELLA SARI n/a Research 27'667'035 30.05 - 30.03.2012 Other

ALTINYILDIZ KONF MEN n/a Research 27'600'184 29.98 20'096'711 30.03.2012 Other

FMR LLC n/a ULT-AGG 11'969'100 13 - 31.01.2013 Investment Advisor







DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 279'000 0.3 (82'000) 31.12.2012 Investment Advisor


HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 168'748 0.18 168'748 28.02.2013 Mutual Fund Manager

QUERCUS TFI Multiple Portfolios MF-AGG 90'000 0.1 - 30.06.2012 Mutual Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 74'500 0.08 (40'000) 28.02.2013 Investment Advisor

DIGER n/a Research 66'848 0.07 - 30.03.2012 Other


FinansInvest ALPER USTUNISIK neutral 3 M 5 12 month 14.03.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 13.03.2013





Tera Stock Brokers KENAN TURAN buy 5 M 4 Not Provided 24.04.2012


ATA Invest EMRAH OZKOC market underperform 2 M 4 Not Provided 21.10.2011

Ak Investment ERKAN SAVRAN market perform 3 N 3 12 month 15.10.2010

Holdings By:

Boyner Buyuk Magazacilik ee


28.03.2013

Brisa Bridgestone Sabanci Lastik San Ve Tic AS manufactures tires. The Company

produces radial bus, truck, and fast-speed tires through joint operations with

Bridgestone Technical Center and Brisa Research and Development Center.


LTM as of: 12/yy

52-Week High (11.06.2012) 11.39

52-Week Low (11.04.2012) 3.54

Daily Volume

5.46





1'665.97 1 Yr Total Return 44.02%







BRISA TI EQUITY YTD Change - Average Volume 30 Day 1'199'770

BRISA TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'205'753


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

772.2 775.9 979.9 1'347.8 1'424.0 1'347.8 1'424.0 1'669.5 1'819.0 - -

0.59x 0.72x 1.20x 1.05x 1.52x 4.36x 6.25x - - - -

100.3 104.7 121.5 158.0 205.3 158.0 205.3 225.5 255.5 - -

4.57x 5.33x 9.71x 8.94x 10.57x 8.94x 10.57x 9.81x 8.66x - -

31.8 39.1 56.7 71.9 92.9 71.9 92.9 101.4 117.2 - -

7.96x 12.19x 18.05x 14.44x 17.48x 14.44x 0.00x 19.50x 18.20x - -











EBITDA Margin 14.4%



Asset Turnover 1.23







Fiscal Year Ended

Brisa Bridgestone Sabanci Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

613'245.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


HACI OMER SABANCI HO n/a Research 133'111'379 43.63 - 31.12.2007 Holding Company

NIPPON LIFE INSURANC n/a ULT-AGG 1'057'390 0.35 - 23.04.2012 Insurance Company

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 725'586 0.24 - 25.03.2013 Investment Advisor



DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'330 0 - 31.12.2012 Investment Advisor



EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

IS Investment & Securities ESRA SUNER underperform 1 M 4 Not Provided 18.12.2012

Goldman Sachs ASLI TUNCER Sell/Neutral 1 M 4 12 month 10.12.2012

Holdings By:

Brisa Bridgestone Sabanci Sanayi ve Ticaret AS ee


28.03.2013

Celebi Hava Servisi A.S. offers ground services to domestic, foreign and

charter airlines in Turkey. The Company loads and unloads baggage and cargo and

offers traffic control, flight catering, and maintenance services.

The Company also sells jet fuel.


LTM as of: 09/yy

52-Week High (07.02.2013) 22.90

52-Week Low (01.06.2012) 13.00

Daily Volume

20.9







Preferred Stock - Adjusted BETA 0.838





CLEBI TI EQUITY YTD Change - Average Volume 30 Day 90'223

CLEBI TI EQUITY YTD % CHANGE - Average Volume 3 Month 175'996


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

276.3 302.0 311.1 347.0 472.8 427.5 537.7 533.5 582.6 132.5 133.0

1.11x 0.58x 1.48x 1.93x 1.50x 6.76x 3.88x 1.49x 1.28x - -

75.4 82.6 98.3 87.6 78.8 98.2 27.1 92.1 112.1 10.0 -

4.08x 2.12x 4.68x 7.66x 9.01x 6.53x 0.00x 8.44x 6.93x - -

26.1 35.0 27.8 26.6 7.6 23.3 18.6 36.1 43.6 (1.0) -

10.28x 4.51x 14.96x 21.45x 60.56x 19.79x 26.02x 13.55x 9.81x - -











EBITDA Margin 14.8%



Asset Turnover 1.14







Fiscal Year Ended

Celebi Hava Servisi ASPrice/Volume

Valuation Analysis

64'202.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


CELEBI HOLDING AS n/a Co File 13'299'390 54.73 - 30.06.2012 Holding Company

CELEBIOGLU ENGIN n/a Co File 2'432'430 10.01 - 30.06.2012 n/a

CELEBIOGLU CAN n/a Co File 1'822'500 7.5 - 30.06.2012 n/a

CELEBIOGLU TOKGOZ CA n/a Co File 1'241'730 5.11 - 30.06.2012 n/a

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 180'000 0.74 (14'500) 31.12.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 91'539 0.38 - 25.01.2012 Investment Advisor





INVESTORS TFI SA Multiple Portfolios MF-AGG - 0 (19'181) 30.06.2012 Mutual Fund Manager

ABANCNA DZU Multiple Portfolios MF-AGG - 0 (750) 30.06.2011 Mutual Fund Manager


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013

Erste Bank GORKEM GOKER accumulate 4 M 24 12 month 05.03.2013

BGC Partners KEREM TEZCAN buy 5 M 32 12 month 08.02.2013

Goldman Sachs ASLI TUNCER not rated #N/A N/A M #N/A N/A Not Provided 07.02.2013



Oyak Securities ALPER OZDEMIR outperform 5 M 26 12 month 21.12.2012


FinansInvest TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 27.11.2012


Yatirim Finansman Securities ZUMRUT CAN Under Review #N/A N/A M #N/A N/A Not Provided 06.06.2012

Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 20 Not Provided 17.02.2012

ATA Invest ISMAIL OZER Under Review #N/A N/A M #N/A N/A Not Provided 06.01.2012

Holdings By:

Celebi Hava Servisi AS ee


28.03.2013

Cemas Dokum Sanayi AS operates a foundry and machine shop. The Company

produces castings and machined parts for automobiles, appliances, mining

machinery, the cement industry, kilns, and coolers.


LTM as of: 09/yy

52-Week High (02.04.2012) 1.84

52-Week Low (01.03.2013) 1.07

Daily Volume

1.1












CEMAS TI EQUITY YTD Change - Average Volume 30 Day 1'466'893

CEMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'031'781


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

24.9 31.3 25.8 35.0 76.4 71.3 71.3 - - - -

- - - - 0.67x 4.79x 2.66x - - - -

0.1 1.5 0.5 - 6.5 5.2 0.0 - - - -

- - - - 7.83x 0.00x 0.00x - - - -

0.5 0.6 0.3 (1.1) 1.9 4.9 16.1 - - - -

- - - - 48.44x 0.00x 5.52x - - - -








Asset Turnover - (EBITDA-Capex)/Interest Exp. -21.88

Net Debt/EBITDA -

Gross Margin 15.0% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover -








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cemas Dokum Sanayi ASPrice/Volume

Valuation Analysis

1'338'668.00


'''-----...

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013


#N/A N/A


#N/A N/A

Holdings By:

Cemas Dokum Sanayi AS ee


28.03.2013

Coca-Cola Icecek AS bottles and distributes carbonated soft drinks and

noncarbonated beverages.


LTM as of: 12/yy

52-Week High (27.03.2013) 52.75

52-Week Low (29.03.2012) 21.95

Daily Volume

51.25





13'036.50 1 Yr Total Return 128.41%







CCOLA TI EQUITY YTD Change - Average Volume 30 Day 164'960

CCOLA TI EQUITY YTD % CHANGE - Average Volume 3 Month 143'750


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'258.1 2'407.5 2'753.2 3'408.6 4'132.4 3'408.6 4'132.4 4'877.8 5'666.7 820.5 1'481.5

1.06x 1.88x 2.13x 2.02x 2.54x 8.06x 8.58x 2.90x 2.48x 17.57x 9.85x

360.3 339.5 428.7 477.6 671.3 477.6 671.3 825.2 981.6 91.7 292.0

6.66x 13.36x 13.65x 14.40x 15.65x 14.40x 15.65x 17.20x 14.46x 17.61x 17.20x

81.4 169.6 197.7 140.3 380.1 140.3 380.1 440.1 543.8 20.6 178.0

19.85x 22.50x 26.25x 40.98x 24.76x 40.98x 24.76x 29.58x 24.29x 31.08x 32.89x











EBITDA Margin 16.2%



Asset Turnover 1.03







Fiscal Year Ended

Coca-Cola Icecek ASPrice/Volume

Valuation Analysis

220'665.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ANADOLU EFES BIRACIL n/a Co File 102'053'566 40.12 - 30.06.2012 Holding Company

COCA COLA EXPORT COR n/a Co File 51'103'094 20.09 - 30.06.2012 Corporation

EFES PAZARLAMA VE DA n/a Co File 25'793'200 10.14 - 30.06.2012 Corporation

OZGORKEY HOLDING AS n/a Co File 10'225'706 4.02 - 30.06.2012 Holding Company

FMR LLC n/a ULT-AGG 10'029'030 3.94 2'456'037 31.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 7'522'847 2.96 (76'259) 31.12.2012 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 4'530'000 1.78 - 30.06.2011 Investment Advisor



WASATCH ADVISORS INC Multiple Portfolios MF-AGG 574'664 0.23 194'965 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 338'636 0.13 - 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 250'502 0.1 (54'832) 31.12.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 226'000 0.09 (2'000) 28.09.2012 Mutual Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 218'630 0.09 (55'457) 31.01.2013 Investment Advisor


GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 177'821 0.07 (45'141) 30.11.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 171'926 0.07 68'900 28.09.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 141'192 0.06 (1'680) 31.01.2013 Mutual Fund Manager






Barclays GABRIELA MALCZYNSKA overweight 5 M 52 Not Provided 20.03.2013

Nomura EDWARD MUNDY buy 5 M 50 Not Provided 19.03.2013

FinansInvest SABRIYE GOZDE CULLAS neutral 3 M 45 12 month 18.03.2013


BNP Paribas Equity Research KENAN COSGUNER buy 5 M 48 12 month 18.03.2013



Ak Investment OMER OMERBAS market perform 3 M 43 12 month 29.01.2013

IS Investment & Securities ESRA SUNER underperform 1 D 42 Not Provided 25.01.2013


Eczacibasi Securities GOKAY BOBEK outperform 5 M 48 Not Provided 22.01.2013


Deutsche Bank VEDAT MIZRAHI hold 3 M 42 12 month 16.01.2013

JPMorgan KOMAL DHILLON overweight 5 M 45 9 month 16.01.2013

BGC Partners EZGI YILMAZ buy 5 M 47 12 month 16.01.2013


VTB Capital IVAN KUSHCH hold 3 M 38 12 month 03.12.2012


Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 27 12 month 28.08.2012

ATA Invest EMRAH OZKOC market outperform 4 M 29 Not Provided 20.07.2012



Holdings By:

Coca-Cola Icecek AS ee


28.03.2013

Dogan Sirketler Grubu Holding A.S. is a diversified holding company. The

Company operates insurance, publishing, tourism, finance, marketing,

broadcasting, energy, and industry. Dogan Sirketler Grubu markets automobiles,

consumer goods and mobile telephones, manufactures automotive spare parts, and

operates the Kanal D television station.


LTM as of: 09/yy

52-Week High (28.01.2013) 1.17

52-Week Low (24.05.2012) 0.64

Daily Volume

1.06





2'597.00 1 Yr Total Return 37.66%







DOHOL TI EQUITY YTD Change - Average Volume 30 Day 18'488'090

DOHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 35'362'180


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

10'309.6 12'504.5 10'316.5 2'850.5 2'867.3 2'232.8 2'931.7 3'148.8 3'477.4 808.0 -

0.38x 0.17x 0.37x 0.68x 0.35x 3.21x 2.18x 1.12x 0.97x - -

554.0 681.9 456.3 165.4 258.8 (31.3) 380.0 322.3 441.6 111.0 -

7.01x 3.03x 8.43x 11.78x 3.90x 0.00x 0.00x 11.22x 8.19x - -

395.2 70.6 (114.1) 656.2 (757.1) (34.2) 64.1 143.3 109.9 51.0 -

8.43x 21.88x - - - 0.00x 0.00x 19.27x 22.08x - -







Return on Capital -0.29% EBITDA/Interest Exp. 2.15




EBITDA Margin 10.0%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dogan Sirketler Grubu Holding ASPrice/Volume

Valuation Analysis

4'726'876.00


'

'

'

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9.''!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


ADILBEY HOLDING AS n/a Research 1'274'000'000 52 - 26.12.2008 Private Equity

DOGAN AYDIN n/a Research 188'907'064 7.71 - 26.12.2008 n/a

DOGAN ISIL n/a Research 40'291'777 1.64 - 26.12.2008 n/a

DOGAN BOYNER HANZADE n/a Research 25'503'045 1.04 - 26.12.2008 n/a

SABANCI VUSLAT DOGAN n/a Research 25'503'045 1.04 - 26.12.2008 n/a

YALCINDAG ARZUHAN DO n/a Research 25'503'045 1.04 - 26.12.2008 n/a

FARALYALI YASAR BEGU n/a Research 25'503'045 1.04 - 26.12.2008 n/a



DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'500'000 0.31 1'000'000 31.01.2013 Mutual Fund Manager

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 6'358'100 0.26 (2'754'500) 31.12.2012 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'500'000 0.14 (1'000'000) 30.06.2012 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'268'000 0.13 - 30.11.2012 Mutual Fund Manager


SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2'460'000 0.1 (800'000) 03.09.2012 Mutual Fund Manager


MACQUARIE GROUP n/a ULT-AGG 1'757'804 0.07 - 30.06.2011 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'275'525 0.05 - 31.01.2013 Investment Advisor


Global Menkul Degerler BERTAN ILBAK buy 5 M 1 Not Provided 19.03.2013

Sardis Securities HAYDAR ACUN strong buy 5 M #N/A N/A Not Provided 15.03.2013


HSBC BULENT YURDAGUL overweight 5 U 1 Not Provided 28.02.2013

Seker Securities BURAK DEMIRBILEK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2013

Ekspres Invest SINAN GOKSEN buy 5 M 1 Not Provided 22.01.2013


BGC Partners BARIS INCE buy 5 M 1 12 month 02.01.2013




FinansInvest TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 05.07.2012

Burgan Securities BURAK ISYAR not rated #N/A N/A M #N/A N/A Not Provided 02.04.2012

ATA Invest ONDER ZORBA market perform 3 M 1 Not Provided 09.03.2012

IS Investment & Securities NUR ATASOY not rated #N/A N/A M #N/A N/A Not Provided 09.09.2009

Holdings By:

Dogan Sirketler Grubu Holding AS ee


28.03.2013

Dogan Yayin Holding A.S., through subsidiaries, operates media businesses. The

Company publishes newspapers, magazines, and books, broadcasts television

programming, sells advertising, offers offset printing services, and operates

distribution and marketing businesses.


LTM as of: 09/yy

52-Week High (24.01.2013) 0.99

52-Week Low (24.05.2012) 0.59

Daily Volume

0.81












DYHOL TI EQUITY YTD Change - Average Volume 30 Day 14'344'980

DYHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 25'227'870


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

2'641.7 2'879.9 2'435.2 2'620.2 2'613.8 2'738.6 2'428.9 2'528.8 2'743.4 630.5 669.0

1.55x 0.79x 1.21x 1.46x 0.83x 5.03x 4.48x 1.25x 1.06x - -

270.0 174.2 59.9 229.2 301.4 232.8 348.7 347.3 393.2 89.0 -

15.12x 13.08x 49.27x 16.70x 7.21x 11.63x 8.75x 9.93x 8.77x - -

616.8 (323.9) (343.0) (236.6) (1'195.7) (1'416.3) 220.8 165.4 93.4 36.0 -

4.77x - - - - 0.00x 5.53x 9.00x 17.23x - -











EBITDA Margin 14.4%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dogan Yayin Holding ASPrice/Volume

Valuation Analysis

10'823'531.00


'

'

'

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


DOGAN SIRKETLER GRUB n/a Research 1'511'828'812 75.59 - 13.12.2011 Holding Company

DOGAN AILESI n/a Research 46'182'947 2.31 - 13.12.2011 n/a





DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'250'000 0.11 1'250'000 31.01.2013 Mutual Fund Manager

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 2'250'000 0.11 - 31.12.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 1'838'010 0.09 1'838'010 30.11.2012 Investment Advisor




NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 298'982 0.01 - 31.03.2012 Investment Advisor





BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 5'064 0 - 31.10.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'656 0 - 31.01.2013 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1 0 - 30.06.2012 Investment Advisor


Global Menkul Degerler BERTAN ILBAK market perform 3 M 1 Not Provided 19.03.2013


EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 12.03.2013


Ekspres Invest SINAN GOKSEN hold 3 M 1 Not Provided 22.01.2013

BGC Partners BARIS INCE hold 3 M 1 12 month 24.12.2012

Oyak Securities HASAN SENER market perform 3 M 1 Not Provided 20.12.2012

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 1 Not Provided 17.12.2012

Goldman Sachs ASLI TUNCER neutral/neutral 3 M 1 12 month 10.12.2012

ATA Invest ONDER ZORBA Under Review #N/A N/A M #N/A N/A Not Provided 20.07.2012

FinansInvest TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 04.06.2012



Sardis Securities HAYDAR ACUN hold 3 D #N/A N/A Not Provided 12.10.2010

Holdings By:

Dogan Yayin Holding AS ee


28.03.2013

Dogus Otomotiv Servis ve Ticaret AS (Dogus Otomotiv) imports and distributes

passenger cars, and light and heavy utility vehicles and provides retail sales

and after-sales services. The Group is the exclusive distributor of Volkswagen,

Skoda, Audi, Porsche and Seat passenger cars and light trucks, and Scania heavy

commercial vehicles. Dogus Otomotiv also provides insurance and financing.


LTM as of: 12/yy

52-Week High (11.03.2013) 11.20

52-Week Low (24.04.2012) 4.04

Daily Volume

11.1





2'442.00 1 Yr Total Return 140.45%







DOAS TI EQUITY YTD Change - Average Volume 30 Day 491'575

DOAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 423'519


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'144.1 2'129.5 3'428.3 4'808.3 5'132.3 4'808.3 5'132.3 5'294.8 5'630.7 - -

0.20x 0.44x 0.52x 0.25x 0.48x 1.19x 1.51x 0.56x 0.52x - -

37.2 89.7 226.4 272.8 325.0 272.8 325.0 313.1 329.8 - -

11.58x 10.42x 7.86x 4.38x 7.52x 4.38x 7.52x 9.58x 9.09x - -

(109.7) 30.5 149.3 141.8 255.9 141.8 255.9 237.7 241.1 - -

- 17.44x 9.76x 4.58x 7.38x 4.58x 7.38x 10.40x 10.30x - -











EBITDA Margin 6.3%



Asset Turnover 2.49







Fiscal Year Ended

Dogus Otomotiv Servis ve Ticaret ASPrice/Volume

Valuation Analysis

820'977.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


DOGUS HOLDING AS n/a Research 77'461'218 35.21 - 31.12.2011 Holding Company

DOGUS ARASTIRMA GELI n/a Research 66'638'086 30.29 - 31.12.2011 Other


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'430'768 1.1 (432'318) 31.12.2012 Investment Advisor




BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'214'156 0.55 - 30.11.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 781'321 0.36 781'321 31.12.2012 Investment Advisor


AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 457'329 0.21 (32'671) 31.10.2012 Mutual Fund Manager


ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 400'000 0.18 400'000 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.14 300'000 28.09.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 260'000 0.12 - 30.09.2012 Investment Advisor

WOORI ASSET MANAGEME Multiple Portfolios MF-AGG 235'000 0.11 - 28.09.2012 Mutual Fund Manager



ARTEMIS FUND MANAGER Multiple Portfolios MF-AGG 202'000 0.09 202'000 31.12.2012 Investment Advisor

GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 200'000 0.09 200'000 31.12.2012 Investment Advisor






FinansInvest CAN OZTOPRAK Under Review #N/A N/A M #N/A N/A Not Provided 08.03.2013


Yatirim Finansman Securities OZGUR UCUR outperform 5 M 10 12 month 08.03.2013

Seker Securities KADIR TEZELLER market perform 3 M 9 Not Provided 22.01.2013


Ekspres Invest KURTHAN ATMACA buy 5 M 11 Not Provided 22.01.2013


Deutsche Bank VEDAT MIZRAHI buy 5 U 11 12 month 09.01.2013

Renaissance Capital METE OZBEK hold 3 D 8 Not Provided 08.01.2013

Goldman Sachs ASLI TUNCER Buy/Neutral 5 U 11 12 month 10.12.2012

Erste Bank MEHMET EMIN ZUMRUT accumulate 4 D 8 12 month 23.11.2012

HSBC CENK ORCAN underweight 1 D 6 Not Provided 01.10.2012

ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 7 Not Provided 20.07.2012

Holdings By:

Dogus Otomotiv Servis ve Ticaret AS ee


28.03.2013

Eczacibasi Yatirim Holding Ortakligi A.S. is an investment holding company. The

Company acquires interests in companies in the Eczacibasi group and is a major

shareholder of Eczacibasi Menkul Degerler A.S., a brokerage house. Other

companies in the Eczacibasi group produce and market pharmaceuticals, health

care products, ceramics, tiles, and bathroom fixtures.


LTM as of: 09/yy

52-Week High (26.03.2013) 7.50

52-Week Low (29.03.2012) 5.52

Daily Volume

7.42












ECZYT TI EQUITY YTD Change - Average Volume 30 Day 1'310'032

ECZYT TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'110'176


30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 09/yy 09/yy 11/12 Y 11/13 Y 11/12 Q4 02/13 Q1

1'827.7 1'959.0 1'774.4 2'032.6 2'371.3 2'475.8 1'902.6 - - - -

0.08x 0.03x 0.12x 0.11x 0.07x 0.39x 0.41x - - - -

(1.8) (10.4) (24.7) (0.6) (11.8) (5.4) (11.8) - - - -

- - - - - 0.00x 0.00x - - - -

92.4 9.4 72.9 19.7 19.7 32.4 (3.8) - - - -

2.63x 16.18x 4.65x 18.15x 15.62x 10.23x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin 0.7% Total Debt/EBITDA -0.16

EBITDA Margin -0.6%



Asset Turnover 2.25





Accounts Receivable Turnover 153.01 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eczacibasi Yatirim Holding Ortakligi ASPrice/Volume

Valuation Analysis

718'280.00


'

-

.

0

1

2

3

4

5

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

199119921993199419951996199719981999200020012002200320042005200620072008200920102011

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

12'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


ECZACIBASI HOLDING A n/a Research 39'593'943 56.56 848 31.12.2009 Holding Company








BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 270 0 (67) 25.03.2013 Investment Advisor


EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013


Holdings By:

Eczacibasi Yatirim Holding Ortakligi AS ee


28.03.2013

Ege Endustri Ve Ticaret A.S. manufactures axles, axle parts and suspension

components in Turkey. The company sells its products in Turkey and exports to

the Eastern Europe, the United Kingdom, Finland, Egypt and Iran.


LTM as of: 12/yy

52-Week High (24.04.2012) 89.00

52-Week Low (31.05.2012) 54.00

Daily Volume

64.5












EGEEN TI EQUITY YTD Change - Average Volume 30 Day 35'479

EGEEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 42'103


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

111.4 46.5 77.8 168.5 148.7 168.5 148.7 - - - -

0.36x 0.88x 1.40x 1.17x - 4.42x 4.60x - - - -

7.7 2.7 9.4 33.5 - 33.5 20.9 - - - -

5.28x 15.19x 11.57x 5.89x - 5.89x 0.00x - - - -

3.5 (0.4) 3.9 27.9 18.8 27.9 18.8 - - - -

4.85x - 21.11x 5.14x 10.29x 5.14x 10.29x - - - -











EBITDA Margin 17.2%



Asset Turnover 1.15







Fiscal Year Ended

EGE Endustri VE Ticaret ASPrice/Volume

Valuation Analysis

26'016.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


EGE ENDUSTRI VE HOLD n/a Research 2'004'140 63.62 - 26.08.2009 Unclassified


#N/A N/A

Holdings By:

EGE Endustri VE Ticaret AS ee


28.03.2013

EGE Gubre Sanayii A.S. produces fertilizers and solvents. The Company

produces and markets DAP, MAP, ammonium sulphate, and calcium ammonium nitrate

fertilizers and solvents for the construction, metals, wood products, leather,

and textiles industries. EGE Gubre sells its products domestically and abroad.


LTM as of: 12/yy

52-Week High (24.04.2012) 31.03

52-Week Low (15.10.2012) 18.45

Daily Volume

21.05












EGGUB TI EQUITY YTD Change - Average Volume 30 Day 51'331

EGGUB TI EQUITY YTD % CHANGE - Average Volume 3 Month 100'361


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

205.0 182.4 174.1 185.5 197.5 139.2 197.5 229.0 - - -

0.54x 1.17x 1.76x 1.15x 1.33x 6.03x 5.07x 0.98x - - -

22.9 (14.9) 28.2 29.4 19.5 16.4 19.5 36.8 - - -

4.86x - 10.86x 7.24x 13.46x 0.00x 13.46x 7.09x - - -

3.9 (22.4) 16.7 (0.2) 11.8 (9.7) 11.8 21.4 - - -

12.82x - 14.89x - 18.08x 0.00x 17.58x 8.63x - - -








Asset Turnover - (EBITDA-Capex)/Interest Exp. 4.71



EBITDA Margin 9.9%



Asset Turnover -





Accounts Receivable Turnover - Cash Conversion Cycle -22.06



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EGE Gubre SanayiiPrice/Volume

Valuation Analysis

69'910.00


'

2

-'

-2

.'

.2

0'

02

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


GENCER HOLDING n/a Research 769'716 7.7 - 24.12.2008 Corporation

GENCER RECEP n/a Research 401'760 4.02 - 24.12.2008 n/a


BGC Partners CAN OZCELIK hold 3 M 22 12 month 31.08.2012

FinansInvest GAYE ABIDIN not rated #N/A N/A M #N/A N/A Not Provided 28.02.2012


Oyak Securities ALPER OZDEMIR Under Review #N/A N/A M #N/A N/A Not Provided 26.01.2012

Erste Bank EVRIM DAIRECIOGLU Under Review #N/A N/A M #N/A N/A Not Provided 22.12.2011

Yatirim Finansman Securities ZUMRUT CAN market perform 3 N 25 12 month 22.12.2011

BGC Partners ERDEM HAFIZOGLU buy 5 N 25 12 month 22.02.2010

Holdings By:

EGE Gubre Sanayii ee


28.03.2013

Eczacibasi Ilac Sanayi ve Ticaret A.S. produces and markets pharmaceuticals,

veterinary products, hospital equipment, and cosmetics. Among the Company's

products are cephalosporin and penicillin. The Company exports its products to

the Middle East, Russian Federation, Central Asia, Eastern Europe and EU

countries.


LTM as of: 06/yy

52-Week High (27.03.2013) 2.61

52-Week Low (23.07.2012) 1.77

Daily Volume

2.56





1'403.41 1 Yr Total Return 24.21%







ECILC TI EQUITY YTD Change - Average Volume 30 Day 5'477'130

ECILC TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'577'865


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

889.0 805.3 874.7 913.2 973.6 939.0 1'021.4 1'094.0 1'106.0 268.0 280.0

0.92x 0.25x 0.85x 0.85x 0.31x 3.09x 1.74x - - - -

39.3 22.7 47.2 62.2 44.3 50.4 31.4 40.0 35.0 12.0 15.0

20.81x 8.78x 15.77x 12.45x 6.85x 11.49x 14.26x 20.38x 23.29x - -

451.4 71.9 290.2 60.4 88.5 73.2 21.2 8.0 44.0 9.0 13.0

2.10x 6.78x 4.72x 22.70x 11.15x 16.48x 48.84x - 25.60x - -











EBITDA Margin 3.1%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

7'399'701.00


'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


ECZACIBASI HOLDING A n/a Research 277'476'368 50.62 - 01.09.2009 Holding Company

ECZACIBASI YATIRIM H n/a Research 108'204'847 19.74 - 01.09.2009 Holding Company




EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1'994'245 0.36 - 25.03.2013 Investment Advisor



SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'500'000 0.27 380'000 03.09.2012 Mutual Fund Manager






SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 158'566 0.03 - 28.02.2013 Investment Advisor



PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 131'796 0.02 - 31.12.2012 Investment Advisor


WELLS FARGO n/a ULT-AGG 124'357 0.02 6 31.01.2013 Unclassified



EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013


ATA Invest OZGUR KALYONCU market perform 3 M 3 Not Provided 04.09.2011

IS Investment & Securities NUR ATASOY not rated #N/A N/A M #N/A N/A Not Provided 29.07.2010

Ekspres Invest SELIM KUNTER Under Review #N/A N/A M 2 Not Provided 19.02.2010

Sardis Securities HAYDAR ACUN sell 1 D 2 12 month 29.01.2010

Holdings By:

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS ee


28.03.2013

Emlak Konut Gayrimenkul Yatirim is a property developer. The Company develops

residential properties throughout Turkey.


LTM as of: 12/yy

52-Week High (25.01.2013) 3.47

52-Week Low (25.05.2012) 2.02

Daily Volume

2.87





7'175.00 1 Yr Total Return 24.63%







EKGYO TI EQUITY YTD Change - Average Volume 30 Day 13'065'180

EKGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 16'588'800


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'044.6 - 1'497.9 716.6 1'004.6 716.6 1'004.6 1'702.0 1'956.8 413.0 687.5

- - 2.93x 6.46x 7.39x 32.68x 24.32x 3.78x 3.09x 15.53x 8.97x

636.9 - 652.7 176.6 396.5 176.6 396.5 637.2 827.3 167.0 214.0

- - 6.73x 26.21x 18.71x 26.21x 18.71x 10.66x 8.21x 7.97x 7.86x

526.9 - 554.3 228.3 523.4 228.3 523.4 675.5 888.3 167.0 220.0

- - 8.93x 21.35x 14.90x 21.35x 14.90x 9.93x 7.82x 7.97x 7.93x











EBITDA Margin 39.5%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Emlak Konut Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

10'005'359.00


'

-

-

.

.

0

0

1

1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TOKI n/a Co File 1'874'750'000 74.99 1'874'750'000 29.11.2010 Government



PRUDENTIAL FINANCIAL n/a ULT-AGG 11'263'898 0.45 11'263'898 31.12.2012 Investment Advisor

ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 11'115'674 0.44 520'000 31.01.2013 Investment Advisor



LAZARD ASSET MANAGEM n/a ULT-AGG 6'417'206 0.26 5'150'592 28.02.2013 Unclassified


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'842'218 0.19 (877'635) 31.12.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 4'769'070 0.19 769'070 31.01.2013 Mutual Fund Manager

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 4'610'889 0.18 89'015 30.11.2012 Investment Advisor


GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 4'083'564 0.16 464'909 31.12.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'377'465 0.1 272'320 28.02.2013 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 2'275'000 0.09 - 30.09.2012 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'079'197 0.08 1'501'961 28.02.2013 Investment Advisor

ARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 1'748'562 0.07 255'008 28.09.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'731'186 0.07 (287'814) 31.12.2012 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 1'543'944 0.06 - 31.01.2013 Investment Advisor


Seker Securities OKAN UZUN outperform 5 M 3 12 month 26.03.2013



Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 4 12 month 18.03.2013

Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 15.03.2013

Renaissance Capital DAVID FERGUSON sell 1 M 3 12 month 15.03.2013

Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 15.03.2013

HSBC LEVENT BAYAR neutral 3 M 3 Not Provided 13.03.2013


Ak Investment BERTUG TUZUN market outperform 4 M 4 12 month 29.01.2013



Ekspres Invest KURTHAN ATMACA buy 5 U 4 Not Provided 22.01.2013



Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 D 3 Not Provided 17.12.2012

Erste Bank MEHMET EMIN ZUMRUT buy 5 M 3 12 month 04.11.2012

JPMorgan MUNEEZA HASAN overweight 5 M 3 9 month 08.10.2012

Tera Stock Brokers HASAN DEMIR buy 5 M 3 Not Provided 01.10.2012

Deutsche Bank ATHMANE BENZERROUG buy 5 M 4 12 month 24.09.2012


Holdings By:

Emlak Konut Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

Enka Insaat ve Sanayi AS provides construction and construction related

services worldwide. The Company builds infrastructure, commercial projects and

factories. The manufacturing subsidiaries produce construction materials, steel

pipes, windows and hand tools. The Group also imports and distributes industrial

machinery in Turkey.


LTM as of: 12/yy

52-Week High (11.01.2013) 6.00

52-Week Low (28.05.2012) 3.93

Daily Volume

5.58





15'624.00 1 Yr Total Return 14.12%







ENKAI TI EQUITY YTD Change - Average Volume 30 Day 2'391'606

ENKAI TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'385'007


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

9'022.9 7'920.9 7'064.9 8'415.3 10'297.5 8'415.3 10'297.5 10'362.4 10'661.3 2'557.0 2'609.0

0.75x 1.56x 1.69x 1.07x 1.26x 5.29x 4.74x 1.23x 1.13x 5.46x 5.26x

1'100.0 1'372.3 1'134.6 1'354.5 1'330.1 1'354.5 1'330.1 1'469.7 1'577.7 432.0 358.0

6.14x 9.00x 10.51x 6.62x 9.77x 6.62x 9.77x 9.30x 8.66x 8.74x 8.79x

770.8 816.1 818.8 849.6 1'127.9 849.6 1'127.9 1'124.9 1'232.2 313.0 257.0

8.17x 15.40x 15.48x 12.07x 13.94x 12.50x 14.47x 13.74x 12.29x 13.78x 13.78x

EBITDA 1'330.14 Long-Term Rating Date -

EBIT 1'139.85 Long-Term Rating -









EBITDA Margin 12.9%



Asset Turnover 0.72







Fiscal Year Ended

Enka Insaat ve Sanayi ASPrice/Volume

Valuation Analysis

3'245'254.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TARA HOLDING AS n/a Research 1'374'204'859 49.08 - 08.10.2012 Holding Company

GULCELIK VILDAN n/a Research 223'597'002 7.99 - 08.10.2012 n/a

GULCELIK SEVDA n/a Research 179'944'820 6.43 - 08.10.2012 n/a

ENKA SPOR EGITIM n/a Research 166'529'535 5.95 - 08.10.2012 n/a

GULCELIK ALI n/a Research 132'222'485 4.72 - 08.10.2012 n/a

ALTERNATIF AKSESUAR n/a Research 122'312'951 4.37 - 08.10.2012 n/a

GULCELIK BILGI n/a Research 120'417'654 4.3 - 08.10.2012 n/a


GULCELIK NURDAN n/a Research 43'472'515 1.55 - 08.10.2012 n/a

GULCELIK SELIM n/a Research 43'472'358 1.55 - 08.10.2012 n/a

TARA SARIK n/a Research 22'261'042 0.8 - 08.10.2012 n/a

GULCELIK AYSE VERDA n/a Research 18'387'701 0.66 - 08.10.2012 n/a


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 14'660'405 0.52 - 30.11.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'662'884 0.49 3'235'474 31.12.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 7'695'738 0.27 (1'791'033) 28.02.2013 Unclassified


FMR LLC n/a ULT-AGG 6'164'239 0.22 (654'515) 31.01.2013 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 5'539'199 0.2 (1'385'329) 31.08.2012 Investment Advisor



Renaissance Capital ILGIN ERDOGAN buy 5 U 6 12 month 27.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013

FinansInvest GAYE ABIDIN neutral 3 M 6 12 month 20.03.2013


Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 6 12 month 19.03.2013


Yatirim Finansman Securities OZGUR UCUR market perform 3 M 6 12 month 19.03.2013

Ekspres Invest ALPER AKALIN sell 1 M 6 Not Provided 19.03.2013

Unlu Securities OYTUN ALTASLI market perform 3 N 6 12 month 15.03.2013

Sardis Securities HAYDAR ACUN strong buy 5 M 8 Not Provided 15.03.2013

Eczacibasi Securities BEHLUL KATAS market perform 3 M 6 Not Provided 29.01.2013

Credit Suisse ATINC OZKAN neutral 3 D 6 Not Provided 22.01.2013

HSBC CENK ORCAN neutral 3 D 7 Not Provided 22.01.2013

Global Menkul Degerler SERCAN UZUN market perform 3 M 6 Not Provided 21.01.2013

Deutsche Bank ATHMANE BENZERROUG hold 3 M 6 12 month 14.01.2013

Goldman Sachs ARTYOM GOLODNOV neutral/neutral 3 D 6 12 month 11.01.2013

IS Investment & Securities NUR ATASOY underperform 1 D 6 Not Provided 25.12.2012

Oyak Securities HASAN SENER market perform 3 M 6 12 month 21.12.2012




Holdings By:

Enka Insaat ve Sanayi AS ee


28.03.2013

Eregli Demir ve Celik Fabrikalari TAS (Erdemir) manufactures cold and hot rolled

steel sheet and tinplate. The Company's products are used in the automotive,

pipe, home appliance, pressurized container, and machinery manufacturing

industries. Erdemir markets most of its products in Europe, the United States,

and Japan.


LTM as of: 12/yy

52-Week High (27.03.2012) 2.80

52-Week Low (23.07.2012) 1.89

Daily Volume

2.3





7'107.00 1 Yr Total Return -11.76%

Total Debt 4'418.75 YTD Return -6.12%






EREGL TI EQUITY YTD Change - Average Volume 30 Day 20'108'260

EREGL TI EQUITY YTD % CHANGE - Average Volume 3 Month 24'729'960


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'808.7 5'235.7 6'632.8 8'920.5 9'570.4 8'920.5 9'570.4 9'812.1 10'516.3 - -

1.24x 2.00x 1.71x 1.22x 1.08x 5.14x 4.31x 1.02x 0.94x - -

859.3 347.1 1'428.3 2'087.2 1'032.4 2'087.2 1'032.4 1'375.5 1'573.7 - -

9.85x 30.13x 7.92x 5.23x 10.05x 5.23x 10.05x 7.22x 6.31x - -

211.5 (168.7) 766.0 1'005.6 424.2 1'005.6 424.2 678.6 846.9 - -

22.38x - 10.65x 7.01x 17.85x 7.01x 20.46x 10.41x 8.68x - -


EBIT 688.64 Long-Term Rating B









EBITDA Margin 10.8%



Asset Turnover 0.72







Fiscal Year Ended

Eregli Demir ve Celik Fabrikalari TASPrice/Volume

Valuation Analysis

14'039'666.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2'!' 9

-''!' 9

-2'!' 9

.''!' 9

.2'!' 9

0''!' 9

02'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ATAER HOLDING n/a Research 1'522'903'338 49.28 - 31.03.2011 Holding Company

ERDEMIR n/a Research 95'203'917 3.08 - 31.03.2011 Corporation




CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 11'452'234 0.37 (117'763) 26.03.2013 Investment Advisor


SEB n/a ULT-AGG 10'761'780 0.35 5'273'213 31.12.2012 Unclassified

BNP PARIBAS INV PART n/a ULT-AGG 5'600'000 0.18 (276'999) 31.01.2013 Investment Advisor


STATE STREET n/a ULT-AGG 3'257'768 0.11 49'631 26.03.2013 Investment Advisor



JP MORGAN n/a ULT-AGG 2'637'509 0.09 243'447 31.01.2013 Unclassified

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 2'351'116 0.08 - 28.02.2013 Mutual Fund Manager

VALIC CO I Multiple Portfolios MF-AGG 2'195'281 0.07 (26'822) 31.01.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 2'099'423 0.07 119'900 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'655'598 0.05 326'825 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 1'612'539 0.05 (73'731) 30.06.2011 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'580'000 0.05 1'580'000 31.01.2013 Investment Advisor



Sardis Securities HAYDAR ACUN buy 5 M 5 Not Provided 15.03.2013


Seker Securities BURAK DEMIRBILEK market perform 3 M 3 Not Provided 14.03.2013


BNP Paribas Equity Research ALPER PAKSOY buy 5 U 3 12 month 25.02.2013


Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 21.02.2013



Global Menkul Degerler SERCAN UZUN market perform 3 M 3 Not Provided 20.02.2013


EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 12.02.2013

Ak Investment BORA TEZGULER market perform 3 M 2 12 month 08.02.2013

Goldman Sachs YULIA CHEKUNAEVA neutral/neutral 3 M 3 12 month 24.01.2013

Credit Suisse SEMYON MIRONOV neutral 3 D 3 Not Provided 23.01.2013



BGC Partners ERDEM HAFIZOGLU hold 3 M 3 12 month 02.01.2013

Renaissance Capital BORIS KRASNOJENOV hold 3 M 2 12 month 28.11.2012

ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 3 Not Provided 04.05.2012

Holdings By:

Eregli Demir ve Celik Fabrikalari TAS ee


28.03.2013

Fenerbahce Sportif Hizmetler Sanayi ve Ticaret AS owns license rights to the

Fenerbahce sports team brand. The Company receives broadcast, stadium,

advertising, sponsorship, licensing and merchandising rights revenues.


LTM as of: 11/yy

52-Week High (02.07.2012) 61.00

52-Week Low (12.11.2012) 37.70

Daily Volume

40.2





1'005.00 1 Yr Total Return -22.26%







FENER TI EQUITY YTD Change - Average Volume 30 Day 136'128

FENER TI EQUITY YTD % CHANGE - Average Volume 3 Month 173'034


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

57.2 56.3 62.5 103.6 246.6 186.5 278.8 - - - -

24.05x 22.41x 18.43x 17.09x 4.96x 33.72x 13.87x - - - -

52.0 49.9 55.8 93.5 39.5 70.8 31.9 - - - -

26.46x 25.30x 20.66x 18.93x 30.96x 15.39x 0.00x - - - -

57.5 63.8 62.3 96.9 6.0 58.1 (2.9) - - - -

23.91x 19.78x 18.46x 18.26x 180.40x 18.56x 0.00x - - - -











EBITDA Margin 24.9%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fenerbahce Futbol ASAPrice/Volume

Valuation Analysis

52'696.00


'

-'

.'

0'

1'

2'

3'

4'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.



28.03.2013


FENERBAHCE SPOR KULU n/a Research 21'750'000 87 - 16.10.2008 Other






FLEXSHARES TRUST Multiple Portfolios MF-AGG 67 0 - 28.02.2013 Investment Advisor


#N/A N/A

Holdings By:

Fenerbahce Futbol ASA ee


28.03.2013

Ford Otomotiv Sanayi A.S. manufactures, imports and distributes Ford model

trucks, automobiles, mini-buses, vans, trailers, and pickups. Ford Otomotive

primarily sells its passenger vehicles and light trucks domestically, and

exports majority of its commercial van production.


LTM as of: 12/yy

52-Week High (27.03.2013) 25.40

52-Week Low (09.04.2012) 15.15

Daily Volume

25.1





8'807.84 1 Yr Total Return 69.36%







FROTO TI EQUITY YTD Change - Average Volume 30 Day 359'288

FROTO TI EQUITY YTD % CHANGE - Average Volume 3 Month 341'644


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'006.9 5'574.4 7'649.4 10'445.0 9'767.9 10'445.0 9'767.9 10'608.8 12'283.1 2'727.0 2'893.0

0.24x 0.57x 0.60x 0.52x 0.87x 1.88x 2.83x 0.95x 0.82x - -

761.0 518.1 750.8 872.4 751.9 872.4 751.9 907.8 1'143.3 - -

2.17x 6.16x 6.11x 6.23x 11.26x 6.23x 11.26x 10.76x 8.54x - -

436.2 333.4 504.6 662.1 675.0 662.1 675.0 686.3 800.6 - -

3.51x 9.52x 9.08x 8.11x 11.12x 8.11x 11.12x 12.85x 10.96x 11.95x -











EBITDA Margin 7.7%



Asset Turnover 2.15







Fiscal Year Ended

Ford Otomotiv Sanayi ASPrice/Volume

Valuation Analysis

221'959.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


FORD MOTOR CO n/a Co File 143'997'036 41.04 - 30.06.2012 Corporation

KOC GRUBU SIRKETLERI n/a Co File 143'997'036 41.04 - 30.06.2012 Other



PICTET & CIE Multiple Portfolios MF-AGG 1'770'720 0.5 - 31.01.2013 Mutual Fund Manager



ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'138'961 0.32 - 31.01.2013 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 1'000'173 0.29 (25'100) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 910'672 0.26 108'665 31.12.2012 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 867'553 0.25 - 28.02.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 538'213 0.15 88'616 31.12.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 485'125 0.14 1'545 31.01.2013 Investment Advisor

COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 393'881 0.11 - 31.01.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 355'098 0.1 - 31.01.2013 Unclassified


LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 272'168 0.08 - 28.02.2013 Mutual Fund Manager










FinansInvest EZGI GULBAS neutral 3 M 23 12 month 28.02.2013



IS Investment & Securities ESRA SUNER market perform 3 U 23 Not Provided 26.02.2013


Ak Investment ERKAN SAVRAN market perform 3 M 23 12 month 29.01.2013


Ekspres Invest KURTHAN ATMACA hold 3 U 22 Not Provided 22.01.2013

Global Menkul Degerler ILKNUR UNSAL sell 1 D 22 Not Provided 21.01.2013

Barclays HANZADE KILICKIRAN equalweight 3 M 22 Not Provided 18.01.2013


Renaissance Capital METE OZBEK hold 3 M 19 Not Provided 08.01.2013



Erste Bank MEHMET EMIN ZUMRUT hold 3 D 20 12 month 09.11.2012



Holdings By:

Ford Otomotiv Sanayi AS ee


28.03.2013

Galatasaray Sportif Sinai ve Ticari Yatirimlar AS is a marketing company. The

Company holds the rights to market merchandise bearing the name of the

Galatasaray soccer team.


LTM as of: 11/yy

52-Week High (29.03.2012) 83.45

52-Week Low (23.11.2012) 37.60

Daily Volume

40.2












GSRAY TI EQUITY YTD Change - Average Volume 30 Day 310'996

GSRAY TI EQUITY YTD % CHANGE - Average Volume 3 Month 299'397


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

55.6 60.3 70.6 131.0 224.8 132.1 289.7 - - - -

3.99x 4.57x 6.52x 9.37x 2.68x 28.45x 9.65x - - - -

45.8 52.3 55.6 (30.3) (5.5) (13.8) 21.3 - - - -

4.84x 5.28x 8.28x - - 0.00x 32.70x - - - -

70.4 88.3 76.4 (159.6) (35.9) (125.9) 3.2 - - - -

3.04x 2.97x 5.19x - - 0.00x 22.96x - - - -










Gross Margin -4.7% Total Debt/EBITDA 6.32

EBITDA Margin 7.4%

EBIT Margin -4.6% Total Debt/Equity -

Net Income Margin -16.0% Total Debt/Capital -

Asset Turnover 0.73




Tot Debt to Common Equity - Accounts Payable Turnover Day 110.13




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Galatasaray Sportif Sinai ve Ticari Yatirimlar ASPrice/Volume

Valuation Analysis

141'326.00


'-'.'0'1'2'3'4'5'6'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.



28.03.2013


GALATASARAY SPOR KLU n/a EXCH 2'324'670 16.68 - 01.02.2011 Unclassified








Holdings By:

Galatasaray Sportif Sinai ve Ticari Yatirimlar AS ee


28.03.2013

Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. produces cement, ready-mix

concrete, and clinker. The Company operates four cement mills and two dry lines

for producing clinker. Goltas sells its products in Antalya, Usak, Afyon,

Denizli, Konya, Kutahya, Fethiye, Burdur, Isparta, and surrounding areas.


LTM as of: 09/yy

52-Week High (24.04.2012) 83.50

52-Week Low (23.07.2012) 51.00

Daily Volume

65.75












GOLTS TI EQUITY YTD Change - Average Volume 30 Day 268'225

GOLTS TI EQUITY YTD % CHANGE - Average Volume 3 Month 470'700


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

192.8 170.2 187.5 185.3 234.6 227.3 277.1 288.0 - - -

2.14x 0.87x 1.42x 3.09x 1.87x 10.23x 6.75x - - - -

83.7 43.4 28.2 33.1 44.6 44.7 63.7 56.0 - - -

4.93x 3.43x 9.48x 17.32x 9.86x 10.29x 7.37x 9.60x - - -

(4.5) 12.1 4.8 4.6 4.3 7.1 19.4 15.0 - - -

- 14.86x 60.71x 108.01x 82.57x 53.59x 20.90x - - - -











EBITDA Margin 23.0%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S.Price/Volume

Valuation Analysis

502'006.00


'-'.'0'1'2'3'4'5'6'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

50.0

100.0

150.0

200.0

250.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


GOL YATIRIM HOLDING n/a Research 1'984'000 27.56 - 30.09.2009 Corporation






BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 276 0 - 31.10.2012 Investment Advisor




Tera Stock Brokers FEYRUZE ASLI KONDU sell 1 N 39 Not Provided 20.02.2012


Holdings By:

Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. ee


28.03.2013

Goodyear Lastikleri Turk A.S. manufactures tires, tubes, and tube covering

materials for the automotive industry. The holding company of Goodyear

Lastikleri is the Goodyear Tire and Rubber Company in the United States

(see symbol "GT"). Through its licensing agreement with its parent company,

Goodyear produces and sells radial tires throughout Turkey.


LTM as of: 12/yy

52-Week High (25.04.2012) 82.00

52-Week Low (11.04.2012) 45.90

Daily Volume

65.25












GOODY TI EQUITY YTD Change - Average Volume 30 Day 178'829

GOODY TI EQUITY YTD % CHANGE - Average Volume 3 Month 210'776


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

765.2 613.7 808.3 1'235.7 1'134.7 1'235.7 1'134.7 - - - -

0.12x 0.22x 0.39x 0.50x 0.70x 2.20x 2.64x - - - -

27.1 29.4 56.2 98.4 94.5 98.4 94.5 - - - -

3.42x 4.58x 5.59x 6.24x 8.42x 6.24x 8.42x - - - -

7.7 1.1 13.8 61.6 49.6 61.6 49.6 - - - -

9.58x 126.45x 19.24x 8.05x 15.80x 8.05x 15.80x - - - -











EBITDA Margin 8.3%



Asset Turnover 1.84







Fiscal Year Ended

Goodyear Lastikleri TASPrice/Volume

Valuation Analysis

170'717.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


GOODYEAR TIRE & RUBB n/a Research 6'048'064 50.75 (2'842'557) 30.09.2009 Corporation








Holdings By:

Goodyear Lastikleri TAS ee


28.03.2013

Gozde Girisim Sermayesi Yatirim Ortakligi AS offers a wide range of financial

services.


LTM as of: 09/yy

52-Week High (18.12.2012) 5.15

52-Week Low (24.04.2012) 3.23

Daily Volume

3.93












GOZDE TI EQUITY YTD Change - Average Volume 30 Day 1'260'262

GOZDE TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'397'078


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- - - 0.6 140.1 76.7 269.1 - - - -

- - - 225.02x 4.81x 9.81x 10.36x - - - -

- - - - (6.1) (2.0) 23.1 - - - -

- - - - - 0.00x 0.00x - - - -

- - - (0.2) (20.5) (12.4) 0.2 - - - -

- - - - - 0.00x 35.97x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.29







Fiscal Year Ended

Gozde Girisim Sermayesi Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

5'471'233.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013


DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'000 0 (99'000) 31.01.2013 Mutual Fund Manager


#N/A N/A

Holdings By:

Gozde Girisim Sermayesi Yatirim Ortakligi AS ee


28.03.2013

GSD Holding A.S. is a financial group providing financial services in banking,

commercial loans, leasing, foreign trade and securities brokerage.


LTM as of: 09/yy

52-Week High (14.01.2013) 0.96

52-Week Low (04.10.2012) 0.62

Daily Volume

0.88












GSDHO TI EQUITY YTD Change - Average Volume 30 Day 4'707'034

GSDHO TI EQUITY YTD % CHANGE - Average Volume 3 Month 12'145'350


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- - 496.0 350.0 481.8 393.0 752.3 - - - -

- - - - - 16.36x 6.69x - - - -

- 38.6 41.9 42.3 66.8 32.3 100.2 - - - -

- 45.42x - - - 69.53x 24.88x - - - -

45.8 20.0 27.4 21.7 26.3 21.1 48.1 - - - -

6.59x 4.63x 8.67x 12.34x 5.24x 8.43x 3.48x - - - -











EBITDA Margin 13.3%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GSD HoldingPrice/Volume

Valuation Analysis

2'979'276.00


'''''------

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

.3!-.!.''5 .3!'3!.''6 .3!-.!.''6 .3!'3!.'-' .3!-.!.'-' .3!'3!.'-- .3!-.!.'-- .3!'3!.'-. .3!-.!.'-.



28.03.2013


YILMAZ TURGUT n/a Research 26'843'801 10.74 - 22.12.2008 n/a

DELTA YATIRIM AS n/a Research 11'250'000 4.5 - 22.12.2008 Corporation

GSD YATIRIM BANKASI n/a Research 8'418'659 3.37 - 22.12.2008 Bank


GSD DIS TICARET AS n/a Research 2'805'562 1.12 - 22.12.2008 Other



GSD EGITIM VAKFI n/a Research 430'000 0.17 - 22.12.2008 Other







60 NAMA YAZILI ORTAK n/a Research 158 0 - 22.12.2008 Other



Holdings By:

GSD Holding ee


28.03.2013

Gubre Fabrikalari T.A.S. manufactures and sells fertilizer. The Company

produces composite fertilizer and triple superphosphate which it retails

throughout Turkey.


LTM as of: 09/yy

52-Week High (23.01.2013) 18.60

52-Week Low (25.05.2012) 10.90

Daily Volume

16.15





1'348.53 1 Yr Total Return 31.84%







GUBRF TI EQUITY YTD Change - Average Volume 30 Day 1'230'832

GUBRF TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'373'645


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

610.0 1'411.6 1'044.8 1'385.5 2'276.4 1'940.3 2'456.1 2'279.8 2'476.3 705.3 712.0

0.17x 0.90x 1.26x 1.40x 0.76x 3.75x 2.63x 0.94x 0.85x - -

45.9 449.2 105.8 402.0 604.2 480.5 462.1 433.5 505.6 181.5 -

2.27x 2.82x 12.48x 4.82x 2.86x 3.69x 3.81x 4.72x 4.05x - -

39.2 103.3 (48.2) 119.9 130.0 44.9 207.7 170.3 173.3 53.5 -

5.05x 4.94x - 11.94x 7.29x 22.70x 5.11x 8.46x 9.01x - -











EBITDA Margin 18.8%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gubre Fabrikalari TASPrice/Volume

Valuation Analysis

402'062.00


'.135

-'-.-1-3-5.'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


TARIM KREDI KOOPERAT n/a Research 63'418'250 75.95 - 06.05.2011 Unclassified


BNP PARIBAS INV PART n/a ULT-AGG 195'788 0.23 - 25.01.2012 Investment Advisor





PRUDENTIAL FINANCIAL n/a ULT-AGG 95'577 0.11 11'154 31.12.2012 Investment Advisor




BPH TFI SA Multiple Portfolios MF-AGG 32'000 0.04 32'000 30.06.2011 Mutual Fund Manager

LEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 26'347 0.03 (20'992) 31.12.2012 Investment Advisor






ALLIANZ ASSET MANAGE n/a ULT-AGG 14'845 0.02 - 31.01.2013 Investment Advisor



EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 21.03.2013

Global Menkul Degerler HASAN BAYHAN market perform 3 D 20 Not Provided 07.03.2013


IS Investment & Securities NUR ATASOY market perform 3 D 19 Not Provided 25.01.2013



Erste Bank EVRIM DAIRECIOGLU buy 5 M 16 12 month 04.11.2012



ATA Invest MERT BOSTANOGLU Under Review #N/A N/A M 15 Not Provided 20.07.2012



Garanti Yatirim Menkul Kiymetler SEZAI SAKLAROGLU market perform 3 D 14 Not Provided 29.12.2011

Holdings By:

Gubre Fabrikalari TAS ee


28.03.2013

Haci Omer Sabanci Holding A.S., also known as Sabanci Holding, is a

multibusiness enterprise operating in Turkey. The Company's main operation

areas are financial services, energy (electricity generation and distribution),

cement, retail and industrial sectors.


LTM as of: 12/yy

52-Week High (17.01.2013) 11.45

52-Week Low (25.05.2012) 6.30

Daily Volume

10.65





23'225.60 1 Yr Total Return 43.31%



Minority Interest 14'262.0 Analyst Recs 24




SAHOL TI EQUITY YTD Change - Average Volume 30 Day 4'330'768

SAHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'313'036


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

19'796.7 18'848.2 19'541.4 22'408.8 11'589.0 10'771.0 11'589.0 27'835.9 31'063.0 - -

0.34x 0.23x 1.05x 1.20x 4.10x 11.46x 15.08x 1.75x 1.68x - -

2'429.8 3'830.7 4'251.8 4'202.7 4'598.4 4'202.7 4'598.4 5'442.9 6'263.7 - -

2.75x 1.14x 4.84x 6.42x 10.34x 6.42x 10.34x 9.33x 8.11x - -

1'188.6 1'258.5 1'662.8 1'878.0 1'855.8 1'878.0 1'855.8 2'076.4 2'391.4 - -

5.46x 8.57x 8.94x 5.88x 10.82x 5.88x 10.82x 10.39x 8.99x - -











EBITDA Margin 39.7%



Asset Turnover 0.07







Fiscal Year Ended

Haci Omer Sabanci Holding ASPrice/Volume

Valuation Analysis

2'086'955.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


SABANCI FAMILY n/a Co File 890'636'316 43.65 - 30.06.2012 n/a

SAKIP SABANCI HOLDIN n/a Co File 287'084'833 14.07 - 30.06.2012 Holding Company



SKAGEN AS Multiple Portfolios MF-AGG 61'075'474 2.99 924'119 28.02.2013 Mutual Fund Manager

SABANCI UNIVERSITY n/a Co File 30'810'099 1.51 - 30.06.2012 n/a

EXSA n/a Co File 26'321'211 1.29 - 30.06.2012 Unclassified


INVESCO LTD Multiple Portfolios MF-AGG 21'964'579 1.08 275'075 21.03.2013 Investment Advisor

CIMSA n/a Co File 21'628'282 1.06 - 30.06.2012 n/a


CARMIGNAC GESTION Multiple Portfolios MF-AGG 9'424'480 0.46 1'309'617 31.12.2012 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 4'910'694 0.24 - 31.01.2013 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 4'790'213 0.23 286'268 31.12.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 3'694'000 0.18 (972'000) 28.02.2013 Unclassified

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3'588'869 0.18 3'588'869 31.12.2012 Unclassified

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'570'509 0.13 30'243 28.02.2013 Investment Advisor



Burgan Securities DUYGUN KUTUCU hold 3 M 11 12 month 25.03.2013


Seker Securities SELAHATTIN AYDIN market perform 3 M #N/A N/A Not Provided 19.03.2013

FinansInvest OZGUR UCUR neutral 3 M 10 12 month 18.03.2013

Unlu Securities OYTUN ALTASLI outperform 5 N 11 12 month 15.03.2013

Sardis Securities HAYDAR ACUN hold 3 M 10 Not Provided 15.03.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 14.03.2013

Ekspres Invest ALPER AKALIN hold 3 D 12 Not Provided 08.03.2013







Renaissance Capital ILGIN ERDOGAN hold 3 N 11 12 month 11.12.2012


HSBC CENK ORCAN overweight 5 M 12 Not Provided 05.12.2012



Credit Suisse ATINC OZKAN outperform 5 N 9 Not Provided 31.08.2012


BGC Partners SERAP MUTLU hold 3 R 8 12 month 29.03.2010

Holdings By:

Haci Omer Sabanci Holding AS ee


28.03.2013

Hurriyet Gazetecilik ve Matbaacilik A.S. publishes weekly newspapers and the

Hurriyet newspaper, and offers advertising and printing services. The Company

operates printing facilities in Turkey and Germany.


LTM as of: 09/yy

52-Week High (06.04.2012) 1.19

52-Week Low (04.09.2012) 0.76

Daily Volume

0.9












HURGZ TI EQUITY YTD Change - Average Volume 30 Day 3'858'210

HURGZ TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'386'939


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

913.6 998.4 784.1 794.2 868.7 837.0 864.6 871.1 922.0 229.0 -

2.28x 0.97x 1.92x 1.88x 0.91x 6.40x 4.41x 1.08x 0.90x - -

188.4 163.4 129.5 129.8 91.4 100.5 90.6 116.3 128.3 17.0 -

11.06x 5.91x 11.63x 11.48x 8.63x 10.87x 10.32x 8.52x 7.72x - -

94.2 (38.1) (35.1) (40.1) (235.7) (152.2) 11.5 126.6 31.2 15.0 -

16.18x - - - - 0.00x 39.59x 3.23x 16.07x - -







Return on Capital -0.60% EBITDA/Interest Exp. 3.53




EBITDA Margin 10.5%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hurriyet Gazetecilik ASPrice/Volume

Valuation Analysis

1'643'783.00


'

'

'

-

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013





UNION INVESTMENT LUX Multiple Portfolios MF-AGG 900'000 0.16 - 28.09.2012 Investment Advisor









BNP PARIBAS INV PART n/a ULT-AGG 106 0 - 31.01.2013 Investment Advisor

AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG - 0 - 31.10.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG - 0 (800'000) 31.01.2013 Mutual Fund Manager

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG - 0 (300'000) 31.08.2012 Mutual Fund Manager




BNP Paribas Equity Research KENAN COSGUNER hold 3 N 1 12 month 05.02.2013


Ekspres Invest SINAN GOKSEN hold 3 M 1 Not Provided 22.01.2013


BGC Partners BARIS INCE buy 5 M 1 12 month 24.12.2012

Oyak Securities UYGAR GEZER market perform 3 M 1 12 month 21.12.2012




Seker Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 18.10.2012

IS Investment & Securities NUR ATASOY Under Review #N/A N/A M #N/A N/A Not Provided 27.06.2012




Holdings By:

Hurriyet Gazetecilik AS ee


28.03.2013

Ihlas Ev Aletleri Imalat Sanayi ve Ticaret A.S. manufactures, imports and

distributes electrical home appliances through its stores, catalog and media

sales.


LTM as of: 12/yy

52-Week High (06.04.2012) 0.93

52-Week Low (27.02.2013) 0.54

Daily Volume

0.62












IHEVA TI EQUITY YTD Change - Average Volume 30 Day 6'922'888

IHEVA TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'185'715


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

77.3 90.7 101.9 99.5 101.5 99.5 101.5 - - - -

0.58x 1.94x 2.24x 0.97x 0.69x 6.72x 3.11x - - - -

(3.2) 2.5 0.0 (4.4) (0.1) (3.1) 0.9 - - - -

- 69.14x 31812.46x - - 0.00x 0.00x - - - -

(14.0) 2.1 9.2 (26.2) 20.3 (26.2) 20.3 - - - -

- 103.93x 27.82x - 6.98x 0.00x 6.98x - - - -







Return on Capital 11.82% EBITDA/Interest Exp. -0.01


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.34







Fiscal Year Ended

Ihlas EV AletleriPrice/Volume

Valuation Analysis

7'952'468.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''''------

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

.''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


IHLAS HOLDING n/a Research 33'681'000 17.6 - 20.08.2009 Corporation



BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 11'118 0.01 - 20.07.2011 Investment Advisor


#N/A N/A

Holdings By:

Ihlas EV Aletleri ee


28.03.2013

Ihlas Holding A.S. is a holding company. The Company offers construction,

healthcare and educational services. Through subsidiaries, the Company operates

newspaper, radio and TV businesses, imports automobiles, operates banks, offers

insurance services, manufactures home appliances, produces soft drinks, markets

real estate and offers IT services.


LTM as of: 12/yy

52-Week High (12.12.2012) 1.44

52-Week Low (27.02.2013) 0.71

Daily Volume

0.82












IHLAS TI EQUITY YTD Change - Average Volume 30 Day 37'740'810

IHLAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 38'180'630


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

433.9 550.7 675.1 656.9 651.9 656.9 651.9 - - - -

0.56x 0.81x 1.53x 1.27x 1.72x 5.89x 6.72x - - - -

21.7 63.5 38.6 (29.2) 2.6 (29.2) 2.6 - - - -

11.17x 6.99x 26.84x - 438.50x 0.00x 438.50x - - - -

(94.0) 77.7 35.9 (85.4) (54.3) (85.4) (54.3) - - - -

- 2.59x 20.04x - - 0.00x 0.00x - - - -











EBITDA Margin 0.4%



Asset Turnover 0.27







Fiscal Year Ended

Ihlas Holding ASPrice/Volume

Valuation Analysis

64'919'632.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


OREN ENVER n/a Research 80'315'554 10.16 - 30.09.2012 n/a

IHLAS PAZARLAMA AS n/a Research 75'342'599 9.53 - 30.09.2012 n/a

IHLAS EV ALETLERI IM n/a Research 55'328'002 7 - 27.02.2013 n/a

GOLBASI ALI TUBAY n/a Research 22'402'520 2.83 - 30.09.2012 n/a


OREN AHMET MUCAHID n/a Research 13'086'005 1.66 - 30.09.2012 n/a






EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'319'000 0.17 - 31.01.2013 Investment Advisor




SENER ALAETTIN n/a Research 211'680 0.03 - 30.09.2012 n/a

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 177'883 0.02 - 31.01.2013 Mutual Fund Manager


BUYUKCELIK RIDVAN n/a Research 147'184 0.02 - 30.09.2012 n/a

FINANS PORTFOY YONET Multiple Portfolios MF-AGG 129'087 0.02 (96) 28.02.2013 Investment Advisor


EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.03.2013

Holdings By:

Ihlas Holding AS ee


28.03.2013

Ipek Dogal Enerji Kaynaklari Ve Uretim AS manufactures envelopes, and greeting

and invitation cards. The Company also explores for and produces petroleum and

natural gas and has mining operations that include coal mining.


LTM as of: 09/yy

52-Week High (26.12.2012) 6.30

52-Week Low (29.03.2012) 2.72

Daily Volume

5.24





1'361.28 1 Yr Total Return 85.16%







IPEKE TI EQUITY YTD Change - Average Volume 30 Day 4'926'134

IPEKE TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'767'089


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

196.6 232.2 389.3 543.3 909.1 725.5 1'212.7 1'172.0 1'362.0 - -

1.72x 1.16x 1.66x 1.08x 0.54x 3.75x 1.96x 1.31x 1.09x - -

88.5 77.9 221.0 316.9 590.2 450.1 650.9 751.3 867.3 - -

3.81x 3.45x 2.92x 1.85x 0.84x 1.57x 0.00x 2.04x 1.77x - -

17.1 7.4 33.3 233.0 94.5 81.6 124.2 108.0 145.3 - -

13.74x 10.77x 12.40x 2.06x 3.03x 5.58x 7.73x 12.67x 9.34x - -











EBITDA Margin 68.3%



Asset Turnover 0.71







Fiscal Year Ended

Ipek Dogal Enerji Kaynaklari Ve Uretim ASPrice/Volume

Valuation Analysis

8'439'994.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

5'!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


KOZA IPEK HOLDING AS n/a Research 73'552'194 28.31 - 18.03.2009 Holding Company





SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'092'097 0.42 416'895 31.12.2012 Investment Advisor





ALLIANZ ASSET MANAGE n/a ULT-AGG 316'810 0.12 (264'805) 28.12.2012 Investment Advisor



FIM FUND MANAGEMENT Multiple Portfolios MF-AGG 140'000 0.05 (20'000) 28.02.2013 Investment Advisor






ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 37'430 0.01 37'430 28.09.2012 Mutual Fund Manager


Ekspres Invest ALPER AKALIN hold 3 M 6 Not Provided 15.03.2013


FinansInvest KORAY PAMIR underperform 1 M 4 12 month 19.02.2013

IS Investment & Securities NUR ATASOY market perform 3 U 7 Not Provided 07.02.2013

Deutsche Bank ERIK DANEMAR sell 1 M 4 12 month 11.01.2013


ATA Invest ISMAIL OZER Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012

Holdings By:

Ipek Dogal Enerji Kaynaklari Ve Uretim AS ee


28.03.2013

Is Finansal Kiralama A.S. offers lease financing. Company offers medium-term

lease financing to transportation, electronics, textile, tourism and

construction sectors.


LTM as of: 12/yy

52-Week High (27.03.2012) 1.16

52-Week Low (08.06.2012) 0.83

Daily Volume

0.99






Total Debt 1'579.44 YTD Return -2.94%






ISFIN TI EQUITY YTD Change - Average Volume 30 Day 1'274'416

ISFIN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'558'729


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

120.4 112.1 100.2 135.4 158.1 135.4 114.3 - - - -

7.17x 8.14x 13.14x 12.34x - 49.94x 41.72x - - - -

106.0 97.0 82.2 - - 22.9 87.0 - - - -

8.14x 9.41x 16.02x - - 0.00x 0.00x - - - -

76.3 105.4 63.7 52.5 40.8 52.5 40.8 55.0 79.0 - -

1.26x 2.47x 6.44x 7.43x 9.71x 7.77x 9.75x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Is Finansal Kiralama ASPrice/Volume

Valuation Analysis

1'183'620.00


'

'

'

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURKIYE SINAI KALKIN n/a Research 111'107'712 28.56 - 31.12.2007 Bank

TSKB n/a Co File 111'099'115 28.56 - 30.09.2012 n/a

TURKIYE IS BANKASI A n/a Co File 108'103'795 27.79 - 30.09.2012 Bank

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 9'840'133 2.53 - 31.12.2012 Investment Advisor



CAMIS YATIRIM HOLDIN n/a Co File 3'228'721 0.83 - 30.09.2012 n/a


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 518'490 0.13 (106'249) 30.06.2012 Investment Advisor





TURKIYE SISE VE CAM n/a Co File 311'202 0.08 - 30.09.2012 n/a

NEMTAS NEMRUT LIMAN n/a Co File 272'302 0.07 - 30.09.2012 n/a

DWS INVESTMENT S A Multiple Portfolios MF-AGG 250'000 0.06 - 31.01.2013 Mutual Fund Manager



BNP PARIBAS INV PART n/a ULT-AGG - 0 - 31.01.2013 Investment Advisor

EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG - 0 (229'500) 31.05.2012 Investment Advisor




Holdings By:

Is Finansal Kiralama AS ee


28.03.2013

Is Gayrimenkul Yatirim Ortakligi AS is a real estate investment company. The

Company usually acquires land by offering the owner a certain amount of space

for the building it intends to develop. Is Gayrimenkul finances its projects by

selling or renting the remaining space during the early stages of construction.

The Company's portfolio includes shopping centers and office buildings.


LTM as of: 12/yy

52-Week High (25.01.2013) 1.66

52-Week Low (25.05.2012) 1.02

Daily Volume

1.47












ISGYO TI EQUITY YTD Change - Average Volume 30 Day 1'630'082

ISGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'636'736


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

80.9 88.9 95.5 123.5 131.9 123.5 131.9 197.4 211.6 - -

2.83x 7.04x 8.04x 4.37x 7.14x 21.71x 23.13x 4.64x 4.51x - -

60.8 75.2 83.9 93.9 89.2 93.9 89.2 105.5 122.6 - -

3.77x 8.33x 9.16x 5.75x 10.56x 5.75x 10.56x 8.75x 7.54x - -

53.1 60.3 60.9 67.0 65.4 67.0 65.4 81.7 98.4 - -

5.93x 12.31x 13.00x 8.96x 13.76x 9.42x 13.76x 11.14x 11.05x - -











EBITDA Margin 67.6%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Is Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

1'745'389.00


'''-----..

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURKIYE IS BANKASI A n/a EXCH 253'403'378 42.23 - 31.12.2006 Bank

AUTONOMY MASTER FUND n/a Research 51'444'023 8.57 - 03.03.2009 n/a

ANADOLU HAYAT EMEKLI n/a EXCH 42'649'293 7.11 - 31.12.2006 Insurance Company

ANADOLU SIGORTA n/a EXCH 28'635'775 4.77 - 31.12.2006 Insurance Company

IS YATIRIM MENKUL DE n/a EXCH 8'199'498 1.37 - 31.12.2006 Investment Advisor

ISNET ELEKT BILGI UR n/a EXCH 7'953'701 1.33 - 31.12.2006 Other

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 6'785'000 1.13 - 31.12.2012 Investment Advisor

IS MERKEZLERI YONETI n/a EXCH 6'569'427 1.09 - 31.12.2006 Corporation

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'298'572 0.72 (433'594) 30.06.2012 Investment Advisor


CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 2'640'666 0.44 - 28.02.2013 Investment Advisor



CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 2'216'649 0.37 - 31.10.2012 Mutual Fund Manager

IS PORTFOY YONETIMI n/a EXCH 2'190'785 0.37 - 31.12.2006 Investment Advisor

AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1'953'711 0.33 (396'290) 31.10.2012 Mutual Fund Manager

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'308'400 0.22 258'400 30.11.2012 Investment Advisor

TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1'205'199 0.2 - 31.07.2011 Mutual Fund Manager

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'150'000 0.19 - 28.09.2012 Investment Advisor






HSBC LEVENT BAYAR neutral 3 D 2 Not Provided 13.03.2013







Eczacibasi Securities TEAM COVERAGE outperform 5 M 2 Not Provided 23.11.2012




Holdings By:

Is Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

Ittifak Holding A.S is a holding company. Through subsidiaries, the Company

operates shopping centers, produces pasta and flour, constructs residential

apartments, manufactures milling machines, retails merchandise at discount,

raises livestock, retails and maintains automobiles, retails gasoline, and

retails gold.


LTM as of: 09/yy

52-Week High (02.05.2012) 6.62

52-Week Low (26.02.2013) 4.69

Daily Volume

5.02












ITTFH TI EQUITY YTD Change - Average Volume 30 Day 656'906

ITTFH TI EQUITY YTD % CHANGE - Average Volume 3 Month 696'319


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

607.9 700.9 787.3 774.8 891.4 835.9 977.6 - - - -

- - 0.74x 0.47x 0.41x 1.96x 1.62x - - - -

43.5 44.9 29.9 13.7 33.5 31.2 12.6 - - - -

- - 19.56x 26.89x 10.94x 0.00x 32.17x - - - -

25.5 6.5 0.6 23.9 2.5 3.9 4.6 - - - -

- - 793.57x 9.55x 56.14x 0.00x 33.22x - - - -











EBITDA Margin 1.3%



Asset Turnover 1.21







Fiscal Year Ended

Ittifak Holding A.SPrice/Volume

Valuation Analysis

225'807.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013


ADESE ALISVERIS MERK n/a EXCH 1'747'014 5.82 - 09.04.2012 n/a



BPH TFI SA Multiple Portfolios MF-AGG 19'000 0.06 19'000 30.06.2011 Mutual Fund Manager


PIONEER INVESTMENTS Multiple Portfolios MF-AGG - 0 (145'000) 31.05.2011 Investment Advisor


#N/A N/A

Holdings By:

Ittifak Holding A.S ee


28.03.2013

Izmir Demir Celik Sanayii A.S. manufactures raw iron and steel. The Company

also manufactures products including rod, profile, wire, pipe, and plate from

steel.


LTM as of: 09/yy

52-Week High (10.04.2012) 5.09

52-Week Low (15.03.2013) 2.88

Daily Volume

3.07





1'151.25 1 Yr Total Return -13.76%







IZMDC TI EQUITY YTD Change - Average Volume 30 Day 1'441'709

IZMDC TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'264'444


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

781.1 1'397.7 727.4 919.9 1'424.2 1'275.2 1'616.8 1'508.0 1'760.0 - -

0.43x - 0.47x 0.57x 0.90x 2.85x 2.69x - - - -

16.7 153.0 (4.2) 27.3 92.6 72.3 19.1 35.0 131.0 - -

20.06x - - 19.34x 13.78x 15.12x 0.00x 36.15x 9.66x - -

52.8 131.6 (10.1) 17.4 52.6 41.8 24.5 23.0 48.0 - -

6.17x 1.42x - 29.79x 25.03x 26.89x 64.24x 51.17x 23.62x - -











EBITDA Margin 3.2%



Asset Turnover 1.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Izmir Demir Celik Sanayi ASPrice/Volume

Valuation Analysis

2'558'562.00


'

-

.

0

1

2

3

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


SAHIN KOC CELIK SANA n/a Research 223'648'160 59.64 - 26.06.2009 Corporation

SAHIN HALIL n/a Research 51'796'355 13.81 - 26.06.2009 n/a

YABANCI ORTAKLAR n/a Research 7'769'528 2.07 - 26.06.2009 Corporation







BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 5'406 0 - 20.07.2011 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 975 0 - 25.02.2013 Investment Advisor





Global Menkul Degerler TEAM COVERAGE market perform 3 M 1 Not Provided 13.10.2010

Holdings By:

Izmir Demir Celik Sanayi AS ee


28.03.2013

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. produces steel.

The Company manufactures steel profiles, bars, angles, rails, billets, and

beams, coke products such as ammonium sulphate, tar paint, naphthalene,

creosote, oils, toluol, benzol, xylol, solvent naphtha and crude tar, and

oxygen, nitrogen, and argon.


LTM as of: 12/yy

52-Week High (14.03.2013) 1.71

52-Week Low (01.06.2012) 0.80

Daily Volume

1.61





1'505.95 1 Yr Total Return 78.80%







KRDMD TI EQUITY YTD Change - Average Volume 30 Day 12'566'000

KRDMD TI EQUITY YTD % CHANGE - Average Volume 3 Month 15'115'200


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'081.4 793.6 1'008.9 1'585.7 1'686.7 1'585.7 1'686.7 1'698.1 2'021.9 - -

0.39x 0.92x 0.93x 0.60x 0.91x 2.43x 3.12x 1.20x 0.99x - -

376.6 (14.0) 75.4 304.2 309.2 304.2 309.2 323.7 383.2 - -

1.11x - 12.50x 3.12x 4.96x 3.12x 4.96x 5.97x 5.04x - -

256.7 (72.3) 21.1 185.2 194.2 185.2 194.2 183.9 209.3 - -

1.07x - 31.68x 3.61x 5.70x 3.61x 5.70x 6.24x 5.81x - -











EBITDA Margin 18.3%



Asset Turnover 0.87







Fiscal Year Ended

Kardemir Karabuk Demir Celik Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

7'471'776.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----..

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


SKAGEN AS Multiple Portfolios MF-AGG 33'124'000 5.51 7'674'000 28.02.2013 Mutual Fund Manager




STATE STREET n/a ULT-AGG 14'289'440 2.38 (115'959) 26.03.2013 Investment Advisor








NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 1'829'880 0.3 - 28.02.2013 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'817'500 0.3 480'500 31.12.2012 Investment Advisor


AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1'500'001 0.25 - 31.10.2012 Mutual Fund Manager

STATE STREET GLOBAL Multiple Portfolios MF-AGG 1'441'957 0.24 - 31.01.2013 Mutual Fund Manager

SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 1'284'298 0.21 - 28.02.2013 Investment Advisor




Burgan Securities UMUT OZTURK buy 5 M 2 12 month 27.03.2013


BGC Partners CAN OZCELIK hold 3 D 2 12 month 25.03.2013

FinansInvest KORAY PAMIR Under Review #N/A N/A M #N/A N/A Not Provided 20.03.2013


Ak Investment BORA TEZGULER market outperform 4 U 2 12 month 12.03.2013

Oyak Securities OSMAN OZVURAL outperform 5 M 2 12 month 11.03.2013



IS Investment & Securities BASAK ENGIN DINCKOC underperform 1 D 1 Not Provided 29.01.2013




ATA Invest ERMAN TUTUNCUOGLU Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012

Global Menkul Degerler SERCAN UZUN Under Review #N/A N/A M 1 Not Provided 20.10.2011

Holdings By:

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS ee


28.03.2013

Karsan Otomotiv Sanayii ve Ticaret A.S. manufactures light commercial trucks

and vans under Peugeot and Fiat licenses.


LTM as of: 12/yy

52-Week High (27.03.2012) 1.34

52-Week Low (18.05.2012) 1.04

Daily Volume

1.2












KARSN TI EQUITY YTD Change - Average Volume 30 Day 1'146'249

KARSN TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'450'687


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

206.5 292.3 553.9 798.3 582.7 798.3 582.7 967.0 810.0 - -

1.43x 1.06x 0.82x 0.52x - 2.28x 2.81x 0.43x 0.47x - -

(7.5) (10.5) (9.1) 40.2 - 40.2 10.4 46.5 39.0 - -

- - - 10.42x - 10.42x 0.00x 11.08x 13.22x - -

(43.4) (51.1) (35.2) (27.8) (59.1) (27.8) (59.1) 12.7 7.7 - -

- - - - - 0.00x 0.00x 17.14x - - -











EBITDA Margin 2.3%



Asset Turnover 1.13







Fiscal Year Ended

Karsan Otomotiv Sanayii Ve Ticaret ASPrice/Volume

Valuation Analysis

628'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


KIRACA OTOMOTIV AS n/a Research 52'360'000 26.78 - 30.12.2008 Corporation

DINIZ GROUP n/a Research 12'520'000 6.4 - 30.12.2008 Other

KIRAC INAN n/a Research 2'250'000 1.15 - 30.12.2008 n/a


PIONEER INVESTMENTS Multiple Portfolios MF-AGG 533'158 0.27 (500'000) 31.05.2011 Investment Advisor






IS Investment & Securities ESRA SUNER not rated #N/A N/A M #N/A N/A Not Provided 03.01.2011

Holdings By:

Karsan Otomotiv Sanayii Ve Ticaret AS ee


28.03.2013

Kartonsan Karton San ve Tic AS produces paper, cardboard and test-liner,

as well as white-lined and other chipboard. The Group also operates paper

recycling unit.


LTM as of: 12/yy

52-Week High (06.02.2013) 328.00

52-Week Low (11.04.2012) 183.50

Daily Volume

281












KARTN TI EQUITY YTD Change - Average Volume 30 Day 54'936

KARTN TI EQUITY YTD % CHANGE - Average Volume 3 Month 90'393


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

134.6 135.6 177.4 211.3 213.0 211.3 213.0 - - - -

1.02x 1.41x 3.15x 2.26x 2.74x 9.62x 10.63x - - - -

19.4 18.8 29.9 48.7 38.9 48.7 38.9 - - - -

7.10x 10.17x 18.68x 9.81x 15.02x 9.81x 15.02x - - - -

14.6 13.3 17.6 37.0 27.1 37.0 27.1 - - - -

10.66x 16.05x 34.31x 14.66x 24.69x 14.66x 24.69x - - - -











EBITDA Margin 18.2%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kartonsan Karton Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

27'180.00


'

2'

-''

-2'

.''

.2'

0''

02'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


PAK HOLDING AS n/a Research 969'679 34.18 - 31.07.2009 Corporation

PAK GIDA URETIM AS n/a Research 564'903 19.91 - 31.07.2009 Other

ASIL GIDA VE KIMYA n/a Research 498'716 17.58 - 31.07.2009 Other

OYCAN ITHALAT IHRACA n/a Research 83'300 2.94 - 31.07.2009 Other





BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 428 0.02 - 31.10.2012 Investment Advisor





Holdings By:

Kartonsan Karton Sanayi ve Ticaret AS ee


28.03.2013

Kiler Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment

trust. The trust invests in a wide range of real estate properties including

retail and residential.


LTM as of: 12/yy

52-Week High (27.03.2012) 2.51

52-Week Low (04.10.2012) 1.69

Daily Volume

1.79












KLGYO TI EQUITY YTD Change - Average Volume 30 Day 516'960

KLGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 960'779


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- - 33.2 273.1 98.4 273.1 98.4 97.0 250.0 - -

- - - - 3.83x 0.00x 0.00x - - - -

- - 2.8 - 51.7 0.0 0.0 - 60.0 - -

- - - - 7.30x 0.00x 0.00x - 6.28x - -

- - 15.2 54.2 40.5 54.2 40.5 35.0 48.0 - -

- - - 4.44x 5.48x 4.44x 6.16x 6.39x 4.59x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kiler Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

155'328.00


'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013


BPH TFI SA Multiple Portfolios MF-AGG 1'074'413 0.87 1'074'413 30.06.2011 Mutual Fund Manager



SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG - 0 (256'920) 03.09.2012 Mutual Fund Manager



Sardis Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 24.10.2012

Holdings By:

Kiler Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

Koc Holding AS is a holding company. The Company has interests in

manufacturers of automobiles, household appliances, consumer electronics,

textiles, construction materials and other goods, food processers, liquefied

petroleum gas distributors, insurance, factoring, lease financing, and

securities brokerage companies, and banks.


LTM as of: 12/yy

52-Week High (21.01.2013) 10.80

52-Week Low (25.05.2012) 5.45

Daily Volume

10.15





25'739.36 1 Yr Total Return 49.60%







KCHOL TI EQUITY YTD Change - Average Volume 30 Day 4'558'760

KCHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'234'090


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

55'631.1 39'450.3 48'822.3 69'767.1 84'833.3 69'767.1 84'833.3 89'867.9 94'363.9 21'424.0 23'796.0

0.36x 0.54x 0.59x 0.53x 0.58x 1.86x 2.02x 0.51x 0.46x - -

4'555.2 5'283.7 5'232.7 6'373.6 6'164.3 6'373.6 6'164.3 6'746.7 7'400.9 - -

4.43x 4.00x 5.52x 5.76x 8.01x 5.76x 8.01x 7.65x 6.98x - -

2'023.6 1'429.2 1'734.5 2'124.5 2'314.9 2'124.5 2'314.9 2'477.1 2'589.1 - -

2.72x 7.47x 10.47x 6.46x 10.14x 6.46x 10.26x 10.22x 9.28x - -











EBITDA Margin 7.3%



Asset Turnover 0.82







Fiscal Year Ended

KOC Holding ASPrice/Volume

Valuation Analysis

2'292'041.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TEMEL TICARET VE YAT n/a Research 1'079'984'208 42.59 - 29.08.2012 Corporation

VAKFI VEHBI KOC n/a Research 181'405'360 7.15 - 29.08.2012 n/a

ARSEL SEMAHAT SEVIM n/a Research 162'694'562 6.42 - 29.08.2012 n/a

KIRAC SUNA n/a Research 133'102'523 5.25 - 29.08.2012 n/a

KOC MUSTAFA RAHMI n/a Research 132'626'635 5.23 - 29.08.2012 n/a

KOC MUSTAFA VEHBI n/a Research 82'136'417 3.24 - 29.08.2012 n/a

KOC ALI Y n/a Research 55'699'112 2.2 - 29.08.2012 n/a

KOC HLDG PENSION & W n/a Research 50'451'548 1.99 - 29.08.2012 Corporation

KIRAC IPEK n/a Research 48'885'553 1.93 - 29.08.2012 n/a


KOC OMER M n/a Research 39'462'977 1.56 - 29.08.2012 n/a




JP MORGAN n/a ULT-AGG 8'909'198 0.35 (3'900) 31.01.2013 Unclassified


CAPITAL GROUP COMPAN n/a ULT-AGG 6'772'150 0.27 1'120'000 31.12.2012 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'200'000 0.17 (730'000) 30.11.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'769'335 0.15 - 31.08.2012 Investment Advisor



Seker Securities KADIR TEZELLER outperform 5 M #N/A N/A Not Provided 21.03.2013

JPMorgan NARESH BILANDANI overweight 5 M 11 9 month 18.03.2013

Unlu Securities OYTUN ALTASLI market perform 3 N 10 12 month 15.03.2013

Sardis Securities HAYDAR ACUN sell 1 M 6 Not Provided 15.03.2013

FinansInvest GAYE ABIDIN underperform 1 M 10 12 month 14.03.2013


EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 12.03.2013


Deutsche Bank HILAL VAROL hold 3 D 10 12 month 25.02.2013


Ak Investment ERKAN SAVRAN market perform 3 N 10 12 month 29.01.2013










Barclays HANZADE KILICKIRAN overweight 5 N 9 Not Provided 30.10.2012


Holdings By:

KOC Holding AS ee


28.03.2013

Konya Cimento Sanayii A.S. manufactures clinker and cement. The Company mainly

sells its products in the region of Middle Anatolia, Turkey.


LTM as of: 12/yy

52-Week High (24.04.2012) 389.00

52-Week Low (27.03.2012) 255.00

Daily Volume

340





1'656.97 1 Yr Total Return 36.87%







KONYA TI EQUITY YTD Change - Average Volume 30 Day 49'436

KONYA TI EQUITY YTD % CHANGE - Average Volume 3 Month 67'630


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

188.0 179.3 215.6 237.2 235.8 237.2 235.8 - - - -

0.79x 1.26x 5.10x 5.62x - 20.77x 10.91x - - - -

39.1 27.3 43.8 48.8 - 48.8 20.4 - - - -

3.81x 8.29x 25.10x 27.32x - 27.32x 0.00x - - - -

35.2 22.8 35.9 30.4 37.0 30.4 37.0 - - - -

5.08x 15.29x 34.46x 49.49x 42.23x 49.49x 42.23x - - - -











EBITDA Margin 22.4%



Asset Turnover 0.58







Fiscal Year Ended

Konya Cimento Sanayii ASPrice/Volume

Valuation Analysis

13'067.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

.2'

0''

02'

1''

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

!5 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


PARFICIM SA n/a Research 3'990'201 81.88 - 31.12.2009 Corporation






VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'571 0.16 324 31.12.2012 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842 0.02 - 31.10.2012 Investment Advisor


STATE STREET n/a ULT-AGG 84 0 - 25.03.2013 Investment Advisor




Tera Stock Brokers FEYRUZE ASLI KONDU sell 1 M 115 Not Provided 02.10.2012



Holdings By:

Konya Cimento Sanayii AS ee


28.03.2013

Koza Altin Isletmeleri AS., is a mineral exploration company. The Company mines

for gold in Western Turkey. Koza Altin currently operates Ovacik,

Havran, Kucukdere and Mastra mines.


LTM as of: 12/yy

52-Week High (23.01.2013) 49.00

52-Week Low (25.05.2012) 31.50

Daily Volume

41.5





6'328.75 1 Yr Total Return 28.10%







KOZAL TI EQUITY YTD Change - Average Volume 30 Day 554'135

KOZAL TI EQUITY YTD % CHANGE - Average Volume 3 Month 551'953


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

196.1 342.4 472.1 805.8 1'043.1 805.8 1'043.1 1'122.9 1'239.4 - -

- - 6.30x 4.06x 5.40x 15.18x 18.92x 4.43x 3.60x - -

129.5 257.7 348.1 618.2 807.4 618.2 807.4 877.7 948.6 - -

- - 8.55x 5.30x 6.98x 5.30x 6.98x 6.16x 5.70x - -

80.3 146.8 235.6 460.5 642.1 460.5 642.1 685.4 750.4 - -

- - 13.34x 8.29x 10.21x 8.29x 10.21x 9.24x 8.73x - -











EBITDA Margin 77.4%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Koza Altin Isletmeleri ASPrice/Volume

Valuation Analysis

224'031.00


'

-'

.'

0'

1'

2'

3'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'372'479 0.9 (531'903) 31.01.2013 Investment Advisor

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'286'578 0.84 (70'644) 31.12.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 849'429 0.56 5'347 30.11.2012 Investment Advisor


AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 514'100 0.34 - 30.06.2012 Investment Advisor


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 402'475 0.26 - 31.01.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 387'490 0.25 1'460 31.01.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 359'253 0.24 - 31.05.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 341'691 0.22 - 31.01.2013 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 312'419 0.2 - 28.02.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 292'801 0.19 (8'930) 31.05.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 287'630 0.19 (6'340) 31.01.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 272'367 0.18 68'118 31.01.2013 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 270'621 0.18 - 31.01.2013 Mutual Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 262'880 0.17 (12) 31.12.2012 Investment Advisor



Goldman Sachs YULIA CHEKUNAEVA Buy/Neutral 5 M 56 12 month 15.03.2013








VTB Capital NIKOLAY SOSNOVSKIY buy 5 N 55 12 month 04.02.2013

JPMorgan ALLAN COOKE overweight 5 M 59 9 month 01.02.2013



Eczacibasi Securities BEHLUL KATAS outperform 5 U 55 Not Provided 22.01.2013

Global Menkul Degerler BERTAN ILBAK Under Review #N/A N/A M 45 Not Provided 21.01.2013


Deutsche Bank ERIK DANEMAR hold 3 M 41 12 month 11.01.2013



ATA Invest ISMAIL OZER market outperform 4 M 39 Not Provided 20.04.2012

Holdings By:

Koza Altin Isletmeleri AS ee


28.03.2013

Koza Anadolu Metal Madencilik Isletmeleri AS designs and prints invitations and

greeting cards. The Company exports its products to Asia, Europe, the United

States, Canada, and Mexico. Koza Anadolu Metal Madencilik Isletmeleri AS

operates a sales and distribution center in New York. The Company also added

copper, lead and zinc mining to its activities.


LTM as of: 09/yy

52-Week High (07.12.2012) 5.96

52-Week Low (25.05.2012) 2.89

Daily Volume

5.1





1'979.21 1 Yr Total Return 55.96%







KOZAA TI EQUITY YTD Change - Average Volume 30 Day 6'714'186

KOZAA TI EQUITY YTD % CHANGE - Average Volume 3 Month 7'961'766


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

186.1 231.6 388.1 541.5 890.5 724.6 1'195.2 1'157.7 1'328.2 303.0 -

3.88x 1.03x 2.61x 1.32x 0.38x 3.03x 1.88x 1.25x 0.77x - -

93.1 78.3 220.7 317.0 587.8 447.8 651.3 779.5 884.8 204.0 -

7.76x 3.06x 4.59x 2.26x 0.57x 1.46x 0.00x 2.10x 1.85x - -

38.3 13.2 62.1 420.6 174.0 139.1 240.8 212.8 275.3 50.0 -

17.74x 12.96x 15.07x 2.13x 2.94x 5.57x 6.44x 8.90x 7.97x - -











EBITDA Margin 69.3%



Asset Turnover 0.72







Fiscal Year Ended

Koza Anadolu Metal Madencilik Isletmeleri ASPrice/Volume

Valuation Analysis

5'747'074.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

5'!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


IPEK MATBAACILID n/a Research 101'385'900 26.13 - 19.03.2009 Corporation



INVESCO LTD Multiple Portfolios MF-AGG 4'441'689 1.14 (1'663'608) 21.03.2013 Investment Advisor






NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 3'157'013 0.81 - 29.06.2012 Mutual Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 1'900'000 0.49 1'450'000 31.01.2013 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'654'628 0.43 (1'302'382) 31.01.2013 Investment Advisor





ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 893'267 0.23 - 31.01.2013 Investment Advisor




Burgan Securities ECE MANDACI buy 5 M 8 12 month 25.03.2013



Ak Investment ERKAN SAVRAN market outperform 4 M 8 12 month 29.01.2013

Seker Securities BURAK DEMIRBILEK outperform 5 M 9 Not Provided 24.01.2013

Global Menkul Degerler BERTAN ILBAK Under Review #N/A N/A M 7 Not Provided 21.01.2013

Deutsche Bank ERIK DANEMAR hold 3 M 5 12 month 11.01.2013


Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 M 7 Not Provided 17.12.2012

FinansInvest UGUR OZKER neutral 3 M 5 12 month 22.08.2012


Holdings By:

Koza Anadolu Metal Madencilik Isletmeleri AS ee


28.03.2013

Menderes Tekstil Sanayi ve Ticaret A.S. manufactures cotton and synthetic

textile products such as thread, raw linen, and sheets.


LTM as of: 12/yy

52-Week High (27.03.2012) 0.95

52-Week Low (21.11.2012) 0.51

Daily Volume

0.54












MNDRS TI EQUITY YTD Change - Average Volume 30 Day 1'860'654

MNDRS TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'705'012


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

267.3 274.8 303.0 380.2 409.7 380.2 409.7 - - - -

0.38x 0.58x 0.62x 0.74x 0.47x 2.70x 2.44x - - - -

33.8 45.0 42.7 89.2 33.0 89.2 33.0 - - - -

2.99x 3.52x 4.39x 3.14x 5.87x 3.14x 5.87x - - - -

(11.3) 18.1 20.1 49.4 (6.1) 49.4 (6.1) - - - -

- 6.01x 6.42x 4.28x - 4.45x 0.00x - - - -











EBITDA Margin 8.1%



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Menderes Tekstil Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

652'516.00


'''''------

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


AKCA HOLDING AS n/a Research 114'204'473 45.68 (1) 31.12.2009 Holding Company



BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 71'042 0.03 1 31.10.2012 Investment Advisor



#N/A N/A

Holdings By:

Menderes Tekstil Sanayi ve Ticaret AS ee


28.03.2013

Metro Ticari ve Mali Yatirimlar Holding SA processes food. The Company

slaughters cattle and fowl and produces fresh meats, and delicattessen meats.


LTM as of: 09/yy

52-Week High (27.03.2012) 0.80

52-Week Low (14.11.2012) 0.44

Daily Volume

0.49












METRO TI EQUITY YTD Change - Average Volume 30 Day 2'863'085

METRO TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'907'798


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

49.0 43.1 433.8 486.1 921.5 875.1 998.4 - - - -

0.97x 1.46x 0.31x 0.44x 0.39x 1.43x 1.15x - - - -

2.8 1.8 15.1 23.4 46.8 39.7 51.4 - - - -

16.78x 35.30x 9.01x 9.04x 7.69x 8.68x 4.67x - - - -

0.4 (3.9) 4.0 20.6 (5.0) (11.4) (3.9) - - - -

101.50x - 32.78x 8.68x - 0.00x 0.00x - - - -











EBITDA Margin 5.1%



Asset Turnover 1.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metro Ticari ve Mali Yatirimlar Holding ASPrice/Volume

Valuation Analysis

11'017'917.00


'''''-----

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

1!2'

2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013



METRO YATIRIM MENKUL n/a Research 2'400'000 0.8 - 20.03.2013 Corporation




#N/A N/A

Holdings By:

Metro Ticari ve Mali Yatirimlar Holding AS ee


28.03.2013

Migros Ticaret A.S owns and operates supermarkets and shopping malls. The

Company sells food, household items, and other consumer goods at stores as well

as on the Internet. Migros also rents out store space in its shopping malls.

The Company operates in Turkey, Kazakhstan and Macedonia.


LTM as of: 09/yy

52-Week High (13.12.2012) 24.60

52-Week Low (25.05.2012) 15.15

Daily Volume

22.1





3'934.46 1 Yr Total Return 36.42%







MGROS TI EQUITY YTD Change - Average Volume 30 Day 1'013'843

MGROS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'475'240


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

4'793.4 5'073.7 5'711.3 6'365.1 5'753.1 6'160.5 6'028.2 6'532.6 7'444.8 1'700.9 1'714.0

0.70x 0.28x 0.84x 1.06x 0.67x 3.91x 2.92x 0.83x 0.71x - -

323.7 382.7 394.1 355.4 376.4 362.4 416.2 410.9 470.1 103.7 -

10.35x 3.73x 12.19x 18.96x 10.17x 11.70x 11.27x 12.89x 11.26x - -

552.9 261.5 108.0 42.6 (163.2) (302.2) 195.5 114.8 127.9 (26.2) -

7.37x 9.33x 32.47x 122.92x - 0.00x 15.94x 32.60x 30.82x - -











EBITDA Margin 6.9%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Migros Ticaret ASPrice/Volume

Valuation Analysis

1'333'165.00


'

2

-'

-2

.'

.2

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


MH PERAKENDECILIK TI n/a EXCH 143'323'336 80.51 (31'000'000) 18.04.2011 Unclassified

DIGER n/a EXCH 34'706'664 19.49 - 18.04.2011 Other


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 413'959 0.23 97'619 31.05.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 380'000 0.21 (35'000) 28.09.2012 Mutual Fund Manager

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 373'879 0.21 - 31.01.2013 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 200'169 0.11 7'998 31.12.2012 Investment Advisor


AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 135'000 0.08 15'000 31.10.2012 Mutual Fund Manager


GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 104'000 0.06 30'000 31.12.2012 Investment Advisor

NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 100'000 0.06 - 29.06.2012 Mutual Fund Manager


LEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 90'640 0.05 90'640 31.12.2012 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 81'000 0.05 81'000 30.11.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 60'450 0.03 - 30.11.2012 Mutual Fund Manager


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 50'000 0.03 (25'000) 28.09.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 45'000 0.03 - 28.09.2012 Investment Advisor



Renaissance Capital METE OZBEK buy 5 M 25 Not Provided 08.03.2013




Erste Bank GORKEM GOKER buy 5 M 29 12 month 15.02.2013

Ak Investment BORA TEZGULER market outperform 4 N 25 12 month 29.01.2013



Global Menkul Degerler BERTAN ILBAK market perform 3 D 25 Not Provided 21.01.2013





Garanti Yatirim Menkul Kiymetler IREM OKUTGEN outperform 5 M 27 Not Provided 17.12.2012


Barclays HANZADE KILICKIRAN underweight 1 M 20 Not Provided 13.12.2012


JPMorgan NEERAJ Z KUMAR neutral 3 M 20 Not Provided 05.12.2012

VTB Capital MARIA KOLBINA hold 3 N 23 12 month 03.12.2012




Yatirim Finansman Securities DUYGU KALFAOGLU not rated #N/A N/A M #N/A N/A Not Provided 29.08.2012

Wood & Company PATRICK SHIELDS sell 1 D 17 12 month 18.07.2012

Holdings By:

Migros Ticaret AS ee


28.03.2013

Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii A.S. produces paper and cardboard

boxes. The Company manufactures test liner, straw fluting, Schrenz fluting, and

other papers used to produce cardboard boxes. Mondi Tire also produces

cardboard boxes and prints cardboard and microwave lamination boxes.


LTM as of: 09/yy

52-Week High (05.04.2012) 1.26

52-Week Low (01.06.2012) 0.97

Daily Volume

1.14












TIRE TI EQUITY YTD Change - Average Volume 30 Day 1'434'019

TIRE TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'169'635


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 09/yy 09/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1

292.8 252.2 268.8 322.9 401.8 377.2 420.5 - - - -

1.46x 2.05x 1.63x 1.20x 0.71x 3.86x 2.77x - - - -

21.8 (10.1) 1.1 7.4 24.2 18.9 30.7 - - - -

19.64x - 411.96x 52.24x 11.80x 15.20x 9.58x - - - -

0.3 (63.6) (23.5) (2.6) 1.6 (6.0) 12.4 - - - -

977.03x - - - 133.00x 0.00x 17.59x - - - -











EBITDA Margin 7.3%



Asset Turnover 1.38







Fiscal Year Ended

Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii ASPrice/Volume

Valuation Analysis

868'720.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


MONDI PLC n/a Research 122'886'488 61.44 63'386'910 31.12.2009 Corporation

QVT FUND n/a Research 8'904'263 4.45 6'927'002 31.12.2009 n/a

ULKER BISKUVI SANAYI n/a Research 3'887'333 1.94 - 31.12.2009 Other



EATON VANCE MANAGEME Multiple Portfolios MF-AGG - 0 (225'000) 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG - 0 (16'720) 31.12.2012 Investment Advisor


#N/A N/A

Holdings By:

Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii AS ee


28.03.2013

Net Holding A.S., through subsidiaries, primarily provides tourism services.

The Group also operates construction, retailing, real estate development,

multimedia storage management and publishing businesses.


LTM as of: 09/yy

52-Week High (13.03.2013) 2.55

52-Week Low (24.07.2012) 1.53

Daily Volume

2.43












NTHOL TI EQUITY YTD Change - Average Volume 30 Day 1'950'848

NTHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'108'854


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

67.8 70.4 69.8 98.7 114.6 97.9 131.2 127.0 - - -

7.88x 3.70x 4.26x 4.27x 6.76x 24.53x 25.29x - - - -

(2.3) (55.8) (28.7) 2.4 (9.1) (13.1) (4.0) 15.0 - - -

- - - 178.87x - 0.00x 0.00x 75.81x - - -

76.5 (11.1) (4.0) 35.2 7.7 36.4 79.5 50.0 - - -

5.13x - - 8.31x 75.03x 11.21x 8.04x 17.36x - - -









Net Debt/EBITDA -


EBITDA Margin -3.0%



Asset Turnover 0.25







Fiscal Year Ended

NET Holding ASPrice/Volume

Valuation Analysis

1'152'774.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


ASYANET TURIZM SAN V n/a Research 40'812'632 11.16 - 31.12.2008 Other

NET TURIZM TICARET V n/a Research 40'634'806 11.11 - 31.12.2008 Corporation

HALIKARNAS TURIZM ME n/a Research 4'923'166 1.35 - 31.12.2008 Other

TURIZM HOLDING AS n/a Research 3'992'507 1.09 - 31.12.2008 Other

VALUE SQUARE NV Multiple Portfolios MF-AGG 2'318'217 0.63 - 29.06.2012 Mutual Fund Manager










FinansInvest BARAN YILDIRIM outperform 5 M 2 12 month 28.11.2012

Tera Stock Brokers KENAN TURAN buy 5 U 3 Not Provided 11.06.2012

Oyak Securities ALPER OZDEMIR Under Review #N/A N/A M #N/A N/A Not Provided 26.01.2012

Sardis Securities HAYDAR ACUN buy 5 N #N/A N/A Not Provided 12.10.2010

Ekspres Invest SELIM KUNTER Under Review #N/A N/A M #N/A N/A Not Provided 19.02.2010

Holdings By:

NET Holding AS ee


28.03.2013

Netas Telekomunikasyon AS manufactures telecommunications equipment, and manages

telecommunications infrastructure. The Company manufactures digital telephone

switching systems, power units, and private digital communications systems.

Netas markets its products in countries that include in North Africa, the

Turkic Republics, Eastern Europe, the Near East & Asia: Morocco, and Algeria.


LTM as of: 12/yy

52-Week High (20.04.2012) 30.70

52-Week Low (27.11.2012) 9.38

Daily Volume

10.85












NETAS TI EQUITY YTD Change - Average Volume 30 Day 1'381'044

NETAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'557'830


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

182.8 211.9 271.0 336.8 550.2 336.8 550.2 - - - -

- 1.27x 1.28x 2.31x 1.15x 9.99x 5.85x - - - -

18.7 19.1 22.6 25.6 25.4 25.6 25.4 - - - -

- 14.09x 15.35x 30.39x 24.91x 30.39x 24.91x - - - -

12.3 24.9 23.0 18.0 17.1 18.0 17.1 - - - -

6.33x 14.75x 18.99x 44.20x 41.56x 44.20x 17.78x - - - -











EBITDA Margin 4.6%



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Netas Telekomunikasyon ASPrice/Volume

Valuation Analysis

800'900.00


'

2

-'

-2

.'

.2

0'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


NORTEL NETWORKS CORP n/a Research 34'459'400 53.12 - 05.08.2009 Unclassified

TSK GUCLENDIRME VAKF n/a Research 9'729'720 15 - 05.08.2009 Other








STATE STREET n/a ULT-AGG 1'949 0 - 25.03.2013 Investment Advisor



FINANS PORTFOY YONET Multiple Portfolios MF-AGG - 0 (987) 28.02.2013 Investment Advisor


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 22.03.2013

ATA Invest MERT BOSTANOGLU not rated #N/A N/A M #N/A N/A Not Provided 02.12.2011

Holdings By:

Netas Telekomunikasyon AS ee


28.03.2013

Otokar Otomotiv Ve Savunma Sanayi A.S. produces minibuses, buses, Range

Rover-type jeeps, trailers, and armored and military vehicles. The Company

distributes the Land Rover jeeps in Turkiye.


LTM as of: 12/yy

52-Week High (27.03.2013) 57.25

52-Week Low (24.05.2012) 24.90

Daily Volume

56





1'344.00 1 Yr Total Return 90.48%







OTKAR TI EQUITY YTD Change - Average Volume 30 Day 143'023

OTKAR TI EQUITY YTD % CHANGE - Average Volume 3 Month 136'561


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

479.1 503.2 517.4 890.5 1'004.5 890.5 1'004.5 1'114.2 1'140.0 320.0 -

0.73x 0.96x 1.03x 0.86x 1.25x 4.04x 4.29x 1.42x 1.38x - -

60.5 69.3 37.4 96.5 121.9 96.5 121.9 130.0 131.6 36.0 -

5.78x 6.95x 14.18x 7.93x 10.30x 7.93x 10.30x 12.17x 12.02x - -

34.9 33.9 20.8 54.8 76.4 54.8 76.4 81.3 81.3 22.0 -

5.89x 10.99x 24.72x 10.76x 13.32x 10.76x 13.32x 16.14x 15.22x - -











EBITDA Margin 12.1%



Asset Turnover 1.06







Fiscal Year Ended

Otokar Otomotiv Ve Savunma Sanayi A.S.Price/Volume

Valuation Analysis

244'792.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

!5 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013



UNVER HOLDING AS n/a Research 5'954'944 24.81 - 31.12.2009 Other




DWS INVESTMENT S A Multiple Portfolios MF-AGG 35'346 0.15 (7'154) 31.01.2013 Mutual Fund Manager






FIRST TRUST n/a ULT-AGG 640 0 - 26.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 557 0 - 30.06.2012 Investment Advisor

INVESTORS TFI SA Multiple Portfolios MF-AGG - 0 (8'599) 30.06.2012 Mutual Fund Manager





Oyak Securities SERHAT KAYA outperform 5 U 57 12 month 26.02.2013




Eurobank EFG TEAM COVERAGE hold 3 M 17 12 month 02.08.2010

Holdings By:

Otokar Otomotiv Ve Savunma Sanayi A.S. ee


28.03.2013

Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S. mines copper.


LTM as of: 12/yy

52-Week High (01.10.2012) 6.92

52-Week Low (31.05.2012) 4.61

Daily Volume

6.78





1'009.32 1 Yr Total Return 56.65%







PRKME TI EQUITY YTD Change - Average Volume 30 Day 552'433

PRKME TI EQUITY YTD % CHANGE - Average Volume 3 Month 828'597


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

110.7 78.7 83.8 172.5 264.9 172.5 264.9 313.9 397.0 - -

1.69x 5.37x 6.72x 2.71x 2.68x 11.34x 11.89x 2.92x 2.11x - -

62.1 24.4 44.3 100.5 159.1 68.2 159.1 183.6 214.0 - -

3.01x 17.33x 12.71x 4.65x 4.46x 0.00x 4.46x 4.39x 3.76x - -

74.8 19.4 37.2 100.9 107.3 100.9 107.3 133.3 167.8 - -

2.16x 21.76x 15.74x 5.12x 8.52x 5.12x 8.52x 7.66x 7.08x - -











EBITDA Margin 60.1%



Asset Turnover 0.54







Fiscal Year Ended

Park Elektrik Uretim Madencilik Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

2'847'680.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


PARK HOLDING AS n/a Co File 59'020'050 39.65 - 31.03.2011 Holding Company

PARK ENERJI EKIPMANL n/a Co File 32'148'572 21.6 - 11.03.2011 n/a

TURGAY CINER n/a Co File 10'065'983 6.76 - 31.03.2011 n/a




SCHRODER INVESTMENT Multiple Portfolios MF-AGG 968'372 0.65 350'877 31.12.2012 Investment Advisor


JYSKE INVEST Multiple Portfolios MF-AGG 834'435 0.56 (164'060) 31.01.2013 Investment Advisor




FIRST TRUST n/a ULT-AGG 333'779 0.22 - 26.03.2013 Investment Advisor



VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 265'525 0.18 (49'475) 28.09.2012 Investment Advisor



CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 120'566 0.08 - 31.12.2012 Investment Advisor






EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 14.03.2013

Eczacibasi Securities BEHLUL KATAS outperform 5 M 8 Not Provided 22.01.2013

Ekspres Invest SELIM KUNTER hold 3 M 7 Not Provided 22.01.2013



Erste Bank EVRIM DAIRECIOGLU accumulate 4 M 6 12 month 04.11.2012



Holdings By:

Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS ee


28.03.2013

Petkim Petrokimya Holding A.S. manufactures petrochemicals. The Company

produces polyvinyl chloride used to produce pipes and profiles, high density

polyethylene used to manufacture toys and chemical containers, polypropylene

used to produce bags, rope, tape, and monofilament, pure terephthalic acid used

to manufacture polyester and PET bottles, and benzene, ethylene and propylene.


LTM as of: 12/yy

52-Week High (11.02.2013) 3.40

52-Week Low (28.05.2012) 1.80

Daily Volume

3.09





3'090.00 1 Yr Total Return 44.78%







PETKM TI EQUITY YTD Change - Average Volume 30 Day 23'361'400

PETKM TI EQUITY YTD % CHANGE - Average Volume 3 Month 33'970'260


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'320.4 2'057.5 2'909.4 3'891.3 4'348.9 3'891.3 4'348.9 4'778.5 5'164.2 1'264.0 1'193.0

0.41x 0.68x 0.78x 0.55x 0.64x 2.44x 2.21x 0.68x 0.62x - -

(20.5) 144.7 194.5 114.6 13.0 114.6 13.0 248.8 334.1 - -

- 9.73x 11.70x 18.53x 212.50x 18.53x 212.50x 12.41x 9.24x - -

(151.3) 114.0 130.1 102.3 17.4 102.3 17.4 139.5 184.2 - -

- 13.11x 18.30x 19.25x 158.93x 19.25x 158.93x 25.33x 17.46x - -











EBITDA Margin 0.3%



Asset Turnover 1.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Petkim Petrokimya Holding ASPrice/Volume

Valuation Analysis

10'344'693.00


'

-

-

.

.

0

0

1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


SOCAR & TURCAS PETRO n/a Co File 510'000'000 51 - 31.12.2010 Unclassified

PRIVATIZATION ADM RE n/a Co File 103'215'681 10.32 - 31.12.2010 Other







CLARIDEN SICAV Multiple Portfolios MF-AGG 902'584 0.09 (380'000) 31.01.2013 Investment Advisor







NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 169'114 0.02 - 31.03.2012 Investment Advisor


WELLS FARGO n/a ULT-AGG 102'661 0.01 5 31.01.2013 Unclassified





FinansInvest KORAY PAMIR underperform 1 M 3 12 month 07.03.2013

JPMorgan NEERAJ Z KUMAR underweight 1 M 3 9 month 21.02.2013

HSBC BULENT YURDAGUL underweight 1 D 3 Not Provided 14.02.2013

Ekspres Invest SELIM KUNTER hold 3 U 3 Not Provided 22.01.2013

Global Menkul Degerler HASAN BAYHAN sell 1 M 3 Not Provided 21.01.2013




IS Investment & Securities ASLI OZATA KUMBARACI market perform 3 U 3 Not Provided 25.12.2012


Goldman Sachs MATIJA GERGOLET Sell/Neutral 1 M 1 12 month 10.12.2012

Erste Bank THOMAS UNGER sell 1 M 2 12 month 04.11.2012


ATA Invest MERT BOSTANOGLU market outperform 4 M 3 Not Provided 13.01.2012

Holdings By:

Petkim Petrokimya Holding AS ee


28.03.2013

Polyester Sanayi AS produces textiles and packaging materials. The Company

produces polyester fibers and yarns for the textile industry, PET resin and PET

bottles for the beverage industry, and edible oil bottles. Polyester also

operates a PET bottle recycling plant.


LTM as of: 12/yy

52-Week High (28.03.2012) 1.56

52-Week Low (16.05.2012) 1.09

Daily Volume

1.18












SASA TI EQUITY YTD Change - Average Volume 30 Day 2'057'360

SASA TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'573'475


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

354.4 361.4 641.1 904.6 1'000.0 904.6 1'000.0 1'139.3 1'219.0 - -

0.42x 0.68x 0.49x 0.40x 0.54x 2.09x 1.91x 0.37x 0.34x - -

(22.0) 1.3 58.7 92.1 11.8 92.1 11.8 65.3 77.3 - -

- 183.99x 5.30x 3.97x 45.46x 3.97x 45.46x 8.16x 6.89x - -

(50.7) (35.2) 30.5 42.1 (30.8) 42.1 (30.8) 24.7 35.7 - -

- - 7.94x 6.57x - 6.57x 0.00x - - - -











EBITDA Margin 1.2%



Asset Turnover 1.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Polyester Sanayi ASPrice/Volume

Valuation Analysis

761'212.00


'''-----..

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ADVANSA BV n/a Research 110'313'001 51 - 07.08.2008 Corporation












EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

IS Investment & Securities BASAK ENGIN DINCKOC Under Review #N/A N/A M #N/A N/A Not Provided 22.10.2012

Holdings By:

Polyester Sanayi AS ee


28.03.2013

Rhea Girisim A.S. is a venture capital investment trust. The Trust invests

in healthcare, technology, telecom, energy, logistics, waste management and

clean technology companies. Rhea Girisim is managed by RHEA Asset Management,

an independent alternative asset management platform managing private equity

and venture capital funds.


LTM as of: 09/yy

52-Week High (12.04.2012) 2.40

52-Week Low (26.02.2013) 1.17

Daily Volume

1.27












RHEAG TI EQUITY YTD Change - Average Volume 30 Day 1'368'695

RHEAG TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'298'976


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- - - 5.2 25.4 23.8 18.5 - - - -

- - - 15.64x 0.82x 9.97x 11.37x - - - -

(0.4) (0.4) (0.5) (5.4) (22.7) (16.2) (6.3) - - - -

- - - - - 0.00x 0.00x - - - -

(0.1) 0.3 0.0 (3.9) 4.0 3.6 5.3 - - - -

- 12.46x 338.91x - 19.07x 0.00x 9.46x - - - -









Net Debt/EBITDA -

Gross Margin -33.9% Total Debt/EBITDA -0.31




Asset Turnover 0.26







Fiscal Year Ended

Rhea Girisim ASPrice/Volume

Valuation Analysis

1'116'365.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


Onur Takmak n/a Research 4'155'000 10 - 30.01.2013 n/a



#N/A N/A

Holdings By:

Rhea Girisim AS ee


28.03.2013

Saf Gayrimenkul Yatirim Ortakligi A.S. is a real estate Investment Trust.


LTM as of: 12/yy

52-Week High (27.03.2012) 1.43

52-Week Low (23.08.2012) 0.75

Daily Volume

0.99












SAFGY TI EQUITY YTD Change - Average Volume 30 Day 449'417

SAFGY TI EQUITY YTD % CHANGE - Average Volume 3 Month 912'103


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3.7 8.6 8.5 585.2 15.3 585.2 15.3 - - - -

19.09x 9.45x 8.37x 2.05x - 2.37x 146.70x - - - -

1.9 6.7 6.3 294.8 - 294.8 5.1 - - - -

36.48x 12.11x 11.25x 4.07x - 4.07x 0.00x - - - -

(8.7) 0.3 3.2 329.5 (38.7) 329.5 (38.7) - - - -

- 183.37x 15.62x 3.58x - 3.58x 0.00x - - - -











EBITDA Margin 49.9%



Asset Turnover 1.46







Fiscal Year Ended

Saf Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

272'604.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


YILDIZ HOLDING AS n/a Research 213'640'417 24.1 - 03.10.2012 Corporation

DINCKOK RAIF ALI n/a Research 83'054'595 9.37 - 03.10.2012 n/a

DINCKOK OMER n/a Research 62'295'125 7.03 - 03.10.2012 n/a

SINPAS GYO AS n/a Research 61'431'299 6.93 - 03.10.2012 n/a

AKIS G MENKUL YATIRI n/a Research 58'142'186 6.56 - 03.10.2012 n/a

HASAN RIFAT n/a Research 44'852'490 5.06 - 03.10.2012 n/a





FIRST TRUST n/a ULT-AGG 27'091 0 - 26.03.2013 Investment Advisor



Holdings By:

Saf Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

Sekerbank TAS operates as a commercial bank. The Bank offers a wide range of

financial products and services, including commercial and retail banking and

treasury services. Sekerbank, through its subsidiaries, also operates in the

sugar, trade, finance, tourism, and mining sectors.


LTM as of: 12/yy

52-Week High (08.01.2013) 2.19

52-Week Low (03.05.2012) 0.92

Daily Volume

2.06





2'060.00 1 Yr Total Return 100.00%





Enterprise Value -


SKBNK TI EQUITY YTD Change - Average Volume 30 Day 1'734'651

SKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'743'103


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'561.6 1'493.0 1'458.0 1'797.8 2'294.0 1'797.8 1'693.9 1'332.5 1'447.5 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

145.7 162.6 168.3 124.3 250.0 124.3 250.0 267.3 286.0 - -

2.99x 7.93x 7.89x 7.24x 7.20x 7.95x 7.20x 7.72x 7.18x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sekerbank TASPrice/Volume

Valuation Analysis

2'499'950.00


'

-

-

.

.

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


SEKERBANK PERSONNEL n/a Research 339'778'585 33.98 - 06.11.2009 n/a

Bank Turanalem n/a Research 339'778'585 33.98 - 06.11.2009 Unclassified







ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 1'600'000 0.16 1'600'000 31.12.2012 Investment Advisor




SUGAR BEET COOPERATI n/a Co File 668'807 0.07 - 31.12.2008 Bank

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 666'846 0.07 (1'330) 31.10.2012 Mutual Fund Manager






ING INVESTMENT MANAG Multiple Portfolios MF-AGG 226'428 0.02 (61'572) 30.06.2012 Investment Advisor




Oyak Securities ALPAY DINCKOC market perform 3 M 2 Not Provided 23.01.2013



Erste Bank SEVDA SARP reduce 2 M 2 12 month 10.12.2012

Seker Securities BURAK DEMIRBILEK not rated #N/A N/A M #N/A N/A Not Provided 05.09.2012

ATA Invest FATIH TUGRUL TOPAC market underperform 2 M 1 Not Provided 20.07.2012

Tera Stock Brokers HASAN DEMIR neutral 3 U 1 Not Provided 07.05.2012

IS Investment & Securities BULENT SENGONUL Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011

Holdings By:

Sekerbank TAS ee


28.03.2013

Sinpas Gayrimenkul Yatirim Ortakligi AS develops real estate.


LTM as of: 09/yy

52-Week High (24.01.2013) 1.56

52-Week Low (01.06.2012) 1.07

Daily Volume

1.39












SNGYO TI EQUITY YTD Change - Average Volume 30 Day 4'527'457

SNGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'246'710


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- 72.4 171.0 353.3 655.4 710.2 556.2 590.0 594.9 150.8 93.8

- 2.14x 5.07x 2.87x 1.27x 5.72x 7.33x 1.84x 1.73x 6.62x 10.33x

(25.8) (4.4) (28.2) 55.8 141.9 161.5 56.4 89.7 113.3 42.3 25.4

- - - 18.21x 5.86x 6.18x 19.41x 12.95x 10.25x 8.98x 9.16x

18.5 19.6 (18.1) 61.0 140.0 175.5 57.5 94.8 115.4 29.8 25.8

60.57x 12.15x - 17.05x 4.24x 5.03x 22.80x 8.27x 7.24x 6.15x 6.47x











EBITDA Margin 10.1%



Asset Turnover 0.30




Tot Debt to Common Equity 26.87% Accounts Payable Turnover Day -73.32




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sinpas Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

4'359'159.00


'''-----..

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


SINPAS YAPI ENDUSTRI n/a Research 185'073'199 30.85 - 23.12.2008 Corporation

CELIK AVNI n/a Research 101'218'614 16.87 - 23.12.2008 n/a

AUTONOMY MASTER FUND n/a Research 75'529'272 12.59 - 10.11.2008 n/a

CELIK OEMER FARUK n/a Research 9'855'969 1.64 - 23.12.2008 n/a

CELIK AHMET n/a Research 9'855'969 1.64 - 23.12.2008 n/a




NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 6'695'351 1.12 1'712'986 31.01.2013 Investment Advisor

ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 3'541'294 0.59 1'070'000 31.01.2013 Investment Advisor



ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'732'574 0.46 (1'000'000) 31.01.2013 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 2'069'633 0.34 63'515 31.12.2012 Investment Advisor


US GLOBAL INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.33 (116'200) 28.09.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'368'314 0.23 (1'504'787) 30.06.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'295'764 0.22 314'672 31.01.2013 Investment Advisor

GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 1'000'000 0.17 1'000'000 31.12.2012 Investment Advisor



Sardis Securities HAYDAR ACUN hold 3 M 2 12 month 15.03.2013

HSBC LEVENT BAYAR overweight 5 M 2 Not Provided 13.03.2013



Seker Securities OKAN UZUN outperform 5 M 2 Not Provided 21.02.2013





EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013






Holdings By:

Sinpas Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

TAV Havalimanlari Holding AS is an airport operator. The Company operates

in airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia.

TAV Havalimanlari provides service in all areas of airport operations such as

duty-free, food and beverage, ground handling, IT, security and operations.


LTM as of: 12/yy

52-Week High (22.03.2013) 11.60

52-Week Low (05.10.2012) 8.28

Daily Volume

11.3





4'105.08 1 Yr Total Return 33.03%







TAVHL TI EQUITY YTD Change - Average Volume 30 Day 1'248'715

TAVHL TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'678'497


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'466.3 1'844.2 1'501.2 2'037.6 2'565.9 2'037.6 2'565.9 2'847.9 3'149.4 500.5 671.0

2.04x 2.44x 3.59x 2.92x 2.50x 11.34x 9.66x 2.23x 2.01x 12.26x 9.20x

435.7 512.3 537.5 351.4 483.2 351.4 483.2 857.8 1'002.4 97.1 223.0

6.88x 8.80x 10.04x 16.92x 13.26x 16.92x 13.26x 8.40x 7.18x 9.09x 8.86x

7.7 108.7 99.0 122.6 285.9 122.6 285.9 341.9 419.3 (0.7) 82.2

105.06x 15.85x 27.45x 23.88x 11.59x 23.88x 11.59x 11.67x 10.02x 13.68x 12.87x











EBITDA Margin 18.8%



Asset Turnover 0.49







Fiscal Year Ended

TAV Havalimanlari Holding ASPrice/Volume

Valuation Analysis

436'061.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

1!2'

2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


AEROPORTS DE PARIS n/a Research 138'046'875 38 - 16.05.2012 Corporation

AKFEN HOLDING AS n/a Research 29'495'446 8.12 - 16.05.2012 Holding Company

TEPE INSAAT SANAYI n/a Research 29'273'852 8.06 - 16.05.2012 Other

SERA YAPI ENDUSTRISI n/a Research 7'379'507 2.03 - 16.05.2012 Corporation


FMR LLC n/a ULT-AGG 5'545'115 1.53 (3'322'870) 31.01.2013 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 3'639'575 1 (50'000) 31.01.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'603'950 0.99 (300'000) 31.01.2013 Investment Advisor

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 3'347'333 0.92 - 31.12.2012 Investment Advisor




T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'389'811 0.38 218 31.12.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'270'875 0.35 (38'539) 31.01.2013 Mutual Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'096'808 0.3 (261'054) 31.12.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 956'187 0.26 (56'743) 28.09.2012 Investment Advisor

NIPPON LIFE INSURANC n/a ULT-AGG 953'643 0.26 - 23.04.2012 Insurance Company

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 948'837 0.26 948'837 31.01.2013 Hedge Fund Manager

JP MORGAN n/a ULT-AGG 905'196 0.25 (9'240) 30.11.2012 Unclassified




Unlu Securities SELIN ONER outperform 5 N 14 12 month 15.03.2013



Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 Not Provided 08.03.2013

FinansInvest GAYE ABIDIN neutral 3 M 13 12 month 07.03.2013



Erste Bank GORKEM GOKER hold 3 M 11 12 month 05.03.2013

Morgan Stanley NIDA IQBAL Overwt/No Rating 5 M 13 12 month 04.03.2013





IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 U 12 Not Provided 28.01.2013








Holdings By:

TAV Havalimanlari Holding AS ee


28.03.2013

Tekfen Holding A.S. operates as a holding company. The Company offers financial

services that include banking, trading, securities brokerage services, etc.

Tekfen's interest also involves engineering and construction, agri-industry,

textiles, food processing and others.


LTM as of: 09/yy

52-Week High (24.01.2013) 8.16

52-Week Low (29.05.2012) 5.28

Daily Volume

7.7





2'849.00 1 Yr Total Return 28.60%







TKFEN TI EQUITY YTD Change - Average Volume 30 Day 1'587'247

TKFEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'520'500


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'895.3 2'517.9 2'348.1 2'261.7 3'211.2 2'811.4 4'032.0 4'011.8 4'107.4 1'029.0 1'120.0

0.97x 0.40x 0.76x 0.94x 0.51x 2.75x 1.94x 0.60x 0.60x 2.48x 2.24x

197.2 246.8 197.4 298.5 381.8 357.8 356.0 346.5 387.4 83.0 114.0

9.29x 4.05x 9.03x 7.12x 4.27x 5.42x 6.18x 7.54x 6.75x 7.08x 6.22x

279.3 91.0 69.3 178.6 242.4 228.6 243.1 328.4 275.8 142.4 75.0

15.39x 9.52x 26.15x 13.38x 8.15x 9.23x 9.96x 9.46x 10.59x 11.85x 10.55x











EBITDA Margin 8.8%



Asset Turnover 1.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tekfen Holding ASPrice/Volume

Valuation Analysis

2'797'450.00


'-.0123456

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


NECATI AKCAGLILAR n/a Research 62'419'896 16.87 - 17.07.2009 n/a

BERKER FEYYAZ n/a Research 62'419'896 16.87 - 17.07.2009 n/a

GOKYIGIT ALI NIHAT n/a Research 32'270'171 8.72 - 17.07.2009 n/a

ALI NIHAT GOKYIGIT Y n/a Research 32'113'879 8.68 - 17.07.2009 n/a



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'683'900 1 (175'000) 31.01.2013 Investment Advisor





ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'726'013 0.47 (388'249) 31.12.2012 Investment Advisor




DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'100'000 0.3 - 31.01.2013 Mutual Fund Manager

SEB n/a ULT-AGG 1'000'000 0.27 - 31.12.2012 Unclassified












Renaissance Capital ILGIN ERDOGAN buy 5 M 10 Not Provided 08.03.2013


Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 D 8 12 month 25.02.2013

Yatirim Finansman Securities OZGUR UCUR outperform 5 M 9 12 month 21.02.2013



HSBC CENK ORCAN overweight 5 U 9 Not Provided 22.01.2013





Garanti Yatirim Menkul Kiymetler KERIM GOKOZ outperform 5 U 9 Not Provided 05.12.2012

Credit Suisse ATINC OZKAN outperform 5 M 9 Not Provided 30.11.2012

Goldman Sachs ARTYOM GOLODNOV neutral/neutral 3 M 7 12 month 08.11.2012



Holdings By:

Tekfen Holding AS ee


28.03.2013

Tofas Turk Otomobil Fabrikasi AS manufactures cars and automobile parts under

license from Fiat. The Group also imports Alfa Romeo and Fiat cars for domestic

market and provides financing services.


LTM as of: 12/yy

52-Week High (27.03.2013) 12.45

52-Week Low (25.05.2012) 6.10

Daily Volume

12.35





6'175.00 1 Yr Total Return 77.27%







TOASO TI EQUITY YTD Change - Average Volume 30 Day 1'177'870

TOASO TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'182'649


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'798.0 5'098.8 6'410.2 7'336.7 6'705.3 7'336.7 6'705.3 7'391.5 8'236.3 1'742.0 2'131.0

0.37x 0.63x 0.72x 0.56x 0.88x 2.46x 3.09x 0.88x 0.77x - -

481.2 440.6 658.3 789.4 834.4 789.4 834.4 863.8 931.3 - -

3.74x 7.26x 7.04x 5.18x 7.04x 5.18x 7.04x 7.90x 7.33x - -

175.8 360.4 384.2 474.2 448.3 475.7 448.3 478.7 521.3 - -

3.27x 6.55x 10.36x 6.24x 11.65x 6.22x 11.65x 12.85x 11.73x - -











EBITDA Margin 12.4%



Asset Turnover 1.08







Fiscal Year Ended

Tofas Turk Otomobil Fabrikasi ASPrice/Volume

Valuation Analysis

1'261'613.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

6''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


FIAT AUTO SPA n/a Research 189'279'857 37.86 - 30.12.2009 Corporation






PICTET & CIE Multiple Portfolios MF-AGG 2'838'733 0.57 (18'200) 31.01.2013 Mutual Fund Manager

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'725'489 0.55 (407'889) 31.01.2013 Investment Advisor






COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 973'085 0.19 - 31.01.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 961'540 0.19 39'200 31.01.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 876'838 0.18 - 30.11.2012 Unclassified


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 830'257 0.17 (384'797) 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 820'874 0.16 - 31.10.2012 Investment Advisor



Global Menkul Degerler ILKNUR UNSAL buy 5 M 13 Not Provided 11.03.2013


Seker Securities KADIR TEZELLER outperform 5 M 13 12 month 06.03.2013

FinansInvest EZGI GULBAS neutral 3 M 12 12 month 05.03.2013



HSBC CENK ORCAN overweight 5 U 13 Not Provided 11.02.2013





Ekspres Invest KURTHAN ATMACA hold 3 D 12 Not Provided 22.01.2013

Renaissance Capital METE OZBEK hold 3 M 10 Not Provided 08.01.2013


Oyak Securities SERHAT KAYA market perform 3 M 13 Not Provided 20.12.2012



Goldman Sachs ASLI TUNCER Buy/Neutral 5 M 16 12 month 10.12.2012

Yatirim Finansman Securities OZGUR UCUR market perform 3 D 12 12 month 03.12.2012


ATA Invest ERMAN TUTUNCUOGLU market perform 3 D 8 Not Provided 20.07.2012

Holdings By:

Tofas Turk Otomobil Fabrikasi AS ee


28.03.2013

Torunlar Gayrimenkul Yatirim Ortakligi AS offers construction services. The

Company primarily builds shopping centers, logistics and storage facilities,

and factories.


LTM as of: 09/yy

52-Week High (20.03.2013) 3.91

52-Week Low (01.06.2012) 2.14

Daily Volume

3.9





1'950.00 1 Yr Total Return 64.53%







TRGYO TI EQUITY YTD Change - Average Volume 30 Day 981'841

TRGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'165'947


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- - 120.2 232.9 162.9 222.3 156.1 221.1 603.4 - -

- - - 7.54x 8.19x 0.00x 21.31x 10.91x 3.86x - -

- - 67.2 51.2 75.9 18.3 22.6 123.0 271.1 - -

- - - 34.32x 17.57x 0.00x 0.00x 19.39x 8.80x - -

- - 535.6 214.2 177.3 (14.2) 350.7 211.4 289.2 - -

- - - 6.59x 5.02x 0.00x 4.05x 7.96x 6.14x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -





Accounts Receivable Turnover - Cash Conversion Cycle 459.20


Fiscal Year Ended

Torunlar Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

2'135'386.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

50.0

100.0

150.0

200.0

250.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



28.03.2013





KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 1'429'472 0.29 (145'516) 31.01.2013 Mutual Fund Manager






OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 200'073 0.04 - 30.11.2012 Investment Advisor


CREDIT SUISSE FUND S Multiple Portfolios MF-AGG 91'798 0.02 - 31.01.2013 Investment Advisor


FMR LLC n/a ULT-AGG 69'287 0.01 (72'374) 31.01.2013 Investment Advisor


FIRST TRUST n/a ULT-AGG 12'082 0 - 26.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 8'700 0 - 31.01.2013 Investment Advisor



Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 D 4 Not Provided 21.03.2013


HSBC LEVENT BAYAR overweight 5 M 4 Not Provided 13.03.2013

Ekspres Invest KURTHAN ATMACA buy 5 N 4 Not Provided 04.03.2013



Oyak Securities OSMAN OZVURAL outperform 5 M 4 12 month 21.12.2012





Holdings By:

Torunlar Gayrimenkul Yatirim Ortakligi AS ee


28.03.2013

Trabzonspor Sportif Yatirim ve T.A.S. owns the rights to the Trabzonspor

sports team brands. The Company operates and franchises TS Club merchandise

shops throughout Turkey. Trabzonspor Sportif also receives broadcast, stadium,

advertising and licensing rights revenues. The Company also operates sports

complexes in Trabzon, Ankara and Istanbul.


LTM as of: 11/yy

52-Week High (27.03.2012) 14.80

52-Week Low (27.03.2013) 6.00

Daily Volume

6.16












TSPOR TI EQUITY YTD Change - Average Volume 30 Day 820'964

TSPOR TI EQUITY YTD % CHANGE - Average Volume 3 Month 833'357


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

28.7 33.9 37.0 - 135.9 115.7 52.4 - - - -

10.89x 7.86x 6.52x - 2.44x 12.96x 21.70x - - - -

- 30.9 33.9 - 18.4 37.4 (22.3) - - - -

- 8.65x 7.10x - 18.01x 0.00x 0.00x - - - -

26.9 38.1 37.4 - 5.8 48.0 (37.5) - - - -

11.72x 6.33x 5.28x - 44.28x 0.00x 0.00x - - - -








Asset Turnover - (EBITDA-Capex)/Interest Exp. -4.04

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TASPrice/Volume

Valuation Analysis

2'944'383.00


'

.

1

3

5

-'

-.

-1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'3!'3!.''5 '3!-.!.''5 '3!'3!.''6 '3!-.!.''6 '3!'3!.'-' '3!-.!.'-' '3!'3!.'-- '3!-.!.'-- '3!'3!.'-. '3!-.!.'-.



28.03.2013


TRABZONSPOR FUTBOL I n/a Research 15'800'000 63.2 - 01.03.2013 Corporation

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 32'625 0.13 - 30.06.2012 Investment Advisor



#N/A N/A

Holdings By:

Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS ee


28.03.2013

Trakya Cam Sanayii A.S. manufactures glass. The Company produces flat and auto-

mobile glass which are used domestically and also exported.


LTM as of: 12/yy

52-Week High (25.01.2013) 3.09

52-Week Low (24.07.2012) 1.90

Daily Volume

2.78





1'928.43 1 Yr Total Return 13.37%







TRKCM TI EQUITY YTD Change - Average Volume 30 Day 5'981'752

TRKCM TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'450'289


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

976.3 886.4 1'046.8 1'255.5 1'249.2 1'255.5 1'249.2 1'462.8 1'784.3 352.0 395.0

0.80x 1.38x 1.75x 1.07x 1.49x 5.70x 5.26x 1.69x 1.52x - -

296.8 172.4 300.6 355.8 202.2 355.8 202.2 317.4 417.5 - -

2.64x 7.10x 6.10x 3.78x 9.19x 3.78x 9.19x 6.60x 5.02x - -

121.2 62.2 211.0 224.3 72.4 224.3 72.4 131.8 173.2 - -

4.07x 17.33x 9.09x 6.56x 23.38x 6.56x 25.73x 14.26x 11.08x - -











EBITDA Margin 16.2%



Asset Turnover 0.50







Fiscal Year Ended

Trakya Cam Sanayi ASPrice/Volume

Valuation Analysis

5'670'671.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURK SISE VE CAM FAB n/a Research 481'318'901 69.39 - 27.05.2009 Corporation

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 13'003'517 1.87 (2'665'724) 28.09.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 8'842'879 1.27 (8'007'141) 31.12.2012 Investment Advisor


TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 4'573'846 0.66 (30'900) 31.12.2012 Mutual Fund Manager



NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 2'331'604 0.34 2'191'100 31.12.2012 Investment Advisor



DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 1'771'015 0.26 (531'951) 31.01.2013 Hedge Fund Manager

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'521'315 0.22 - 28.09.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'500'000 0.22 - 31.01.2013 Mutual Fund Manager

BPH TFI SA Multiple Portfolios MF-AGG 1'225'199 0.18 1'225'199 30.06.2011 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'167'599 0.17 (1) 31.12.2012 Investment Advisor

CLARIDEN SICAV Multiple Portfolios MF-AGG 938'969 0.14 - 31.01.2013 Investment Advisor



NUCLEAR ELECTRIC INS NUCLEAR ELECTRIC INS Sch-D 880'254 0.13 7'400 30.09.2012 Insurance Company

AMPEGAGERLING INVEST Multiple Portfolios MF-AGG 812'776 0.12 - 31.01.2013 Mutual Fund Manager




Oyak Securities OSMAN OZVURAL underperform 1 M 3 12 month 07.03.2013

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 M 3 Not Provided 05.03.2013

Erste Bank EVRIM DAIRECIOGLU hold 3 D 3 12 month 06.02.2013

Ak Investment OMER OMERBAS market outperform 4 M 4 12 month 29.01.2013






Goldman Sachs ASLI TUNCER neutral/neutral 3 U 3 12 month 10.12.2012


Tera Stock Brokers FEYRUZE ASLI KONDU buy 5 M 3 12 month 17.10.2012



Holdings By:

Trakya Cam Sanayi AS ee


28.03.2013

Tupras-Turkiye Petrol Rafinerileri A.S. refines petroleum. The Company produces

LPG, naphtha, gasoline, diesel fuel, fuel, heating oil, jet fuel, lubricants,

and asphalt. Tupras operates refineries in Izmit, Izmir, Kirikkale, and Batman.

The Company imports and exports petroleum products.


LTM as of: 12/yy

52-Week High (11.03.2013) 55.00

52-Week Low (25.05.2012) 33.30

Daily Volume

54.5





13'647.85 1 Yr Total Return 32.97%







TUPRS TI EQUITY YTD Change - Average Volume 30 Day 879'634

TUPRS TI EQUITY YTD % CHANGE - Average Volume 3 Month 869'121


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

30'404.0 20'330.6 26'166.0 41'443.8 47'033.2 41'443.8 47'033.2 47'348.0 48'545.9 11'205.0 11'739.0

0.14x 0.32x 0.26x 0.27x 0.30x 0.96x 1.03x 0.37x 0.38x 1.37x 1.39x

1'394.5 1'145.1 1'372.2 2'157.7 1'401.5 2'157.7 1'401.5 1'649.5 1'720.7 214.0 482.0

3.15x 5.66x 4.87x 5.16x 10.21x 5.16x 10.21x 9.13x 8.75x 10.06x 10.31x

432.2 811.3 737.3 1'241.7 1'460.8 1'241.7 1'460.8 1'172.9 1'135.6 141.0 348.0

9.39x 9.18x 13.11x 8.07x 8.83x 8.07x 8.83x 11.75x 12.07x 13.01x 13.56x











EBITDA Margin 3.0%



Asset Turnover 2.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tupras Turkiye Petrol Rafinerileri ASPrice/Volume

Valuation Analysis

483'096.00


'

-'

.'

0'

1'

2'

3'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ENERJI YATIRIMLARI A n/a Co File 127'713'794 51 - 30.09.2012 Corporation

BLACKROCK n/a ULT-AGG 4'000'019 1.6 (1'066'452) 25.03.2013 Investment Advisor



TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'994'243 1.2 (2'860) 31.12.2012 Investment Advisor


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'015'224 0.8 355'179 31.01.2013 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 1'937'629 0.77 (407) 21.03.2013 Investment Advisor





LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'055'268 0.42 64'377 31.12.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'028'859 0.41 21'118 26.03.2013 Investment Advisor




JP MORGAN n/a ULT-AGG 874'551 0.35 60'429 31.01.2013 Unclassified



Sardis Securities HAYDAR ACUN hold 3 M 24 Not Provided 15.03.2013




Oyak Securities HASAN SENER market perform 3 M 57 Not Provided 06.03.2013



Marfin Analysis (ESN) VASSILIS ROUMANTZIS hold 3 M 45 12 month 06.03.2013

Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 48 12 month 05.03.2013

Wood & Company ROBERT RETHY hold 3 M 50 12 month 26.02.2013



KBC Securities PETER CSASZAR sell 1 D 45 12 month 30.01.2013


Erste Bank TAMAS PLETSER hold 3 M 53 Not Provided 28.01.2013

Eczacibasi Securities BEHLUL KATAS market perform 3 D 56 Not Provided 22.01.2013



Renaissance Capital ILGIN ERDOGAN hold 3 D 49 12 month 17.01.2013


Concorde Securities Rt ATTILA VAGO equalweight 3 M 51 Not Provided 13.12.2012

Goldman Sachs HENRY MORRIS neutral/cautious 3 M 58 12 month 11.12.2012





ATA Invest MERT BOSTANOGLU market outperform 4 M 48 Not Provided 20.04.2012


KBC Securities OLENA KYRYLENKO hold 3 U 41 12 month 25.05.2011

Holdings By:

Tupras Turkiye Petrol Rafinerileri AS ee


28.03.2013

Turcas Petrol AS is an integrated energy holding company with subsidiaries in

fuel retail and lubricants, oil refining, petrochemicals and gas trading, and

power generation.


LTM as of: 09/yy

52-Week High (25.01.2013) 3.94

52-Week Low (01.06.2012) 2.28

Daily Volume

3.69












TRCAS TI EQUITY YTD Change - Average Volume 30 Day 908'427

TRCAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'052'368


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

3.4 57.3 45.0 52.3 11.0 21.5 17.9 17.6 19.6 7.0 -

281.79x 4.12x 13.17x 15.73x 54.03x 157.52x 113.37x 53.74x 49.66x - -

(9.0) (13.1) (7.5) (8.9) (9.1) (9.3) (8.8) (0.6) 1.3 (3.0) -

- - - - - 0.00x 0.00x - 778.37x - -

107.6 45.2 27.6 56.4 97.9 2.9 147.7 67.0 75.3 12.0 -

9.67x 7.74x 23.70x 15.40x 5.10x 202.99x 4.36x 12.47x 9.97x - -









Net Debt/EBITDA -





Asset Turnover 0.02







Fiscal Year Ended

Turcas Petrol ASPrice/Volume

Valuation Analysis

1'005'457.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

-'1''!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


AKSOY PETROL DAGITIM n/a Research 64'172'086 28.52 - 30.09.2009 Other

AKSOY HOLDING AS n/a Research 51'807'860 23.03 - 30.09.2009 Holding Company










WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 38'080 0.02 - 28.02.2013 Investment Advisor




FIRST TRUST n/a ULT-AGG 14'998 0.01 - 26.03.2013 Investment Advisor



ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG - 0 - 30.11.2012 Investment Advisor

MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG - 0 (1) 31.12.2012 Investment Advisor





EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013




Erste Bank THOMAS UNGER buy 5 M 4 12 month 04.11.2012


Holdings By:

Turcas Petrol AS ee


28.03.2013

Turk Ekonomi Bankasi A.S. (TEB) attracts deposits and offers commercial banking

services. The Bank offers foreign trade financing, cash management, project

finance, investment banking, factoring, lease financing, insurance, private

banking, mutual funds, credit cards, treasury, asset management, and precious

metals trading services.


LTM as of: 12/yy

52-Week High (16.01.2013) 2.25

52-Week Low (04.10.2012) 1.66

Daily Volume

2.14





4'717.40 1 Yr Total Return 17.58%





Enterprise Value -


TEBNK TI EQUITY YTD Change - Average Volume 30 Day 907'127

TEBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'261'650


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'638.6 2'286.0 2'246.0 3'742.7 5'037.4 3'742.7 5'037.4 2'700.0 3'007.0 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

187.0 267.9 272.6 224.6 476.4 224.6 476.4 614.7 679.5 - -

4.82x 11.50x 9.97x 14.14x 9.44x 22.99x 9.44x 7.64x 7.13x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

Turk Ekonomi Bankasi ASPrice/Volume

Valuation Analysis

308'116.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TEB MALI YATIRIMLAR n/a Research 926'796'305 42.04 - 30.12.2009 Other

ABERDEEN n/a ULT-AGG 32'522'602 1.48 (3'967'601) 28.02.2013 Unclassified

DANSKE INVEST A/S Multiple Portfolios MF-AGG 4'040'194 0.18 - 28.02.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 3'616'668 0.16 - 31.12.2012 Investment Advisor

AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1'062'384 0.05 - 31.10.2012 Mutual Fund Manager

ARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 431'435 0.02 (452'947) 28.09.2012 Investment Advisor


OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 120'881 0.01 (19'853) 31.07.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 41'347 0 41'347 31.12.2012 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 3 0 - 30.06.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1 0 - 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG - 0 - 25.03.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG - 0 (1'752'063) 31.12.2012 Investment Advisor

BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG - 0 (1'180'459) 28.02.2011 Investment Advisor



Credit Suisse ATES BULDUR outperform 5 M 2 Not Provided 25.01.2013


IS Investment & Securities BULENT SENGONUL Under Review #N/A N/A M #N/A N/A Not Provided 11.12.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 25.05.2012

Eczacibasi Securities SERCAN SOYLU underperform 1 M 1 Not Provided 23.02.2011

Tera Stock Brokers AYSE COLAK Under Review #N/A N/A M #N/A N/A Not Provided 19.10.2010

Holdings By:

Turk Ekonomi Bankasi AS ee


28.03.2013

Turk Hava Yollari Anonim Ortakligi (THY) provides passenger and cargo air

transportation services. The Company serves all the domestic destinations and

the Middle East, North America, Europe, Asia, North Africa and South Africa.


LTM as of: 12/yy

52-Week High (07.03.2013) 7.76

52-Week Low (25.05.2012) 2.50

Daily Volume

7.36





8'832.00 1 Yr Total Return 178.79%







THYAO TI EQUITY YTD Change - Average Volume 30 Day 20'465'550

THYAO TI EQUITY YTD % CHANGE - Average Volume 3 Month 21'481'760


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'123.2 7'035.9 8'422.8 11'815.4 14'909.0 11'815.4 14'909.0 17'877.3 20'199.1 - -

0.38x 0.95x 1.03x 0.74x 0.96x 3.02x 2.87x 0.91x 0.83x - -

1'027.1 1'178.9 919.4 1'150.4 2'077.6 1'150.4 2'077.6 2'664.2 3'146.4 - -

2.25x 5.65x 9.44x 7.56x 6.87x 7.56x 6.87x 5.84x 4.96x - -

1'134.2 559.1 286.4 18.5 1'133.4 18.5 1'133.4 1'208.3 1'363.7 - -

0.88x 8.92x 18.85x 137.39x 6.63x 19.71x 6.63x 7.85x 7.41x - -











EBITDA Margin 13.9%



Asset Turnover 0.85







Fiscal Year Ended

Turk Hava YollariPrice/Volume

Valuation Analysis

5'118'366.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

-1'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


REPUBLIC OF TURKEY n/a Research 589'487'212 49.12 - 30.09.2009 Government





BNP PARIBAS INV PART n/a ULT-AGG 6'399'450 0.53 2'117'712 31.01.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'633'643 0.47 5'529'702 30.06.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 5'631'575 0.47 138'131 28.02.2013 Investment Advisor


STATE STREET n/a ULT-AGG 4'249'643 0.35 (40'691) 26.03.2013 Investment Advisor



UBS n/a ULT-AGG 2'677'708 0.22 (72'637) 30.11.2012 Unclassified

GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'320'419 0.19 (6'580'486) 31.12.2012 Investment Advisor


GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 2'130'397 0.18 2'130'397 31.12.2012 Investment Advisor



HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'972'423 0.16 200'000 28.02.2013 Investment Advisor

ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 1'837'450 0.15 - 31.01.2013 Investment Advisor


HSBC CENK ORCAN overweight 5 M 9 Not Provided 25.03.2013

FinansInvest GAYE ABIDIN neutral 3 D 8 12 month 25.03.2013





Morgan Stanley NIDA IQBAL Equalwt/No Rating 3 M 7 12 month 15.03.2013

Oyak Securities ALPER OZDEMIR market perform 3 M 7 12 month 15.03.2013


Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 D 8 Not Provided 07.03.2013

Erste Bank GORKEM GOKER accumulate 4 D 9 12 month 05.03.2013

Ak Investment OMER OMERBAS market outperform 4 N 9 12 month 28.02.2013


Ekspres Invest SELIM KUNTER buy 5 U 8 Not Provided 22.01.2013






Renaissance Capital ALEXANDER KAZBEGI hold 3 M 4 12 month 30.10.2012

Tera Stock Brokers KENAN TURAN buy 5 M 5 12 month 20.09.2012

ATA Invest ISMAIL OZER market outperform 4 M #N/A N/A Not Provided 27.07.2012

Holdings By:

Turk Hava Yollari ee


28.03.2013

Turk Telekomunikasyon A.S. is an integrated telecommunications services

provider for businesses and individuals. The Company offers land and mobile

telecommunications solutions, as well as Internet services.


LTM as of: 12/yy

52-Week High (27.03.2013) 8.12

52-Week Low (04.06.2012) 6.24

Daily Volume

8.08





28'280.00 1 Yr Total Return 13.90%







TTKOM TI EQUITY YTD Change - Average Volume 30 Day 3'313'928

TTKOM TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'084'736


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'194.9 10'568.5 10'852.5 11'940.6 12'706.1 11'940.6 12'706.1 13'261.9 13'821.8 - -

1.43x 1.81x 2.37x 2.42x 2.31x 10.59x 9.67x 2.51x 2.38x - -

4'085.2 3'945.6 4'370.1 4'735.6 4'938.4 4'735.6 4'938.4 5'301.6 5'488.4 - -

3.57x 4.86x 5.89x 6.11x 5.93x 6.11x 5.93x 6.29x 6.08x - -

1'752.2 1'831.7 2'450.9 2'068.7 2'637.1 2'068.7 2'637.1 2'640.1 2'684.5 607.0 607.0

6.95x 8.71x 9.28x 11.88x 9.18x 11.88x 9.18x 10.73x 10.67x 11.88x 12.06x











EBITDA Margin 38.9%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turk Telekomunikasyon ASPrice/Volume

Valuation Analysis

2'046'953.00


'-.0123456

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


OGER TELEKOMUNIKASYO n/a Co File 1'925'000'000 55 - 31.12.2011 Corporation

TC HAZINE MUSTESARLI n/a Co File 1'050'000'000 30 - 31.12.2011 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 75'164'080 2.15 (4'233'317) 31.12.2012 Investment Advisor




ALLIANZ ASSET MANAGE n/a ULT-AGG 5'453'168 0.16 369'029 31.12.2012 Investment Advisor



BNP PARIBAS INV PART n/a ULT-AGG 5'061'620 0.14 (1'709'648) 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'771'266 0.11 (2'272'983) 31.12.2012 Investment Advisor


SEB n/a ULT-AGG 3'480'775 0.1 658'947 31.12.2012 Unclassified


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 3'270'038 0.09 417'083 26.03.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 1'813'078 0.05 198'811 31.01.2013 Investment Advisor


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'500'000 0.04 - 31.01.2013 Investment Advisor





Seker Securities OKAN UZUN market perform 3 M 9 12 month 18.03.2013


HSBC HERVE DROUET neutral 3 U 7 Not Provided 12.03.2013

Goldman Sachs ALEXANDER BALAKHNIN Buy/Neutral 5 M 8 12 month 11.03.2013


New Street Research CHRIS HOARE buy 5 U 9 Not Provided 27.02.2013

Morgan Stanley CESAR TIRON Underwt/In-Line 1 M 6 12 month 08.02.2013


Ak Investment BORA TEZGULER market outperform 4 M 9 12 month 08.02.2013



Barclays SAN DHILLON equalweight 3 M 8 Not Provided 07.02.2013

VTB Capital IVAN KIM hold 3 M 8 12 month 07.02.2013


Erste Bank VERA SUTEDJA accumulate 4 M 9 12 month 31.01.2013



EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE not rated #N/A N/A M #N/A N/A Not Provided 17.12.2012

Renaissance Capital ALEXANDER KAZBEGI hold 3 M 7 12 month 07.12.2012

BNP Paribas Equity Research OZGUR GULER buy 5 U 7 12 month 30.11.2012

BGC Partners ERDEM HAFIZOGLU buy 5 U 8 12 month 16.11.2012


Tera Stock Brokers KENAN TURAN neutral 3 M 8 12 month 19.10.2012

JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 9 9 month 03.10.2012

Credit Suisse ATINC OZKAN neutral 3 M 8 Not Provided 12.04.2012


Holdings By:

Turk Telekomunikasyon AS ee


28.03.2013

Turk Traktor ve Ziraat Makineleri AS (Turk Traktor) manufactures and sells

agricultural tractors, individual tractor components and spare parts.


LTM as of: 12/yy

52-Week High (14.03.2013) 66.00

52-Week Low (04.06.2012) 26.40

Daily Volume

59.5





3'175.46 1 Yr Total Return 95.36%







TTRAK TI EQUITY YTD Change - Average Volume 30 Day 164'862

TTRAK TI EQUITY YTD % CHANGE - Average Volume 3 Month 160'730


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

787.5 667.7 1'193.4 1'800.7 1'974.0 1'800.7 1'974.0 2'040.9 2'234.2 592.0 715.0

0.80x 1.09x 0.98x 1.00x 1.56x 4.04x 4.54x 1.57x 1.43x - -

87.0 61.1 248.6 322.9 313.1 322.9 313.1 338.7 367.0 - -

7.23x 11.86x 4.73x 5.56x 9.85x 5.56x 9.85x 9.31x 8.59x - -

66.8 31.0 179.7 277.4 268.2 277.4 268.2 271.9 296.0 - -

3.29x 15.60x 6.98x 6.50x 11.59x 6.50x 11.59x 11.81x 10.67x - -











EBITDA Margin 15.9%



Asset Turnover 1.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turk Traktor ve Ziraat Makineleri ASPrice/Volume

Valuation Analysis

114'962.00


'

-'

.'

0'

1'

2'

3'

4'

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013



CNH GLOBAL NV n/a Research 20'013'375 37.5 - 31.12.2007 Corporation

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 821'235 1.54 - 31.12.2012 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 350'000 0.66 150'000 31.12.2012 Investment Advisor


EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 334'375 0.63 (8'155) 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 320'069 0.6 (62'760) 31.01.2013 Investment Advisor


VAN ECK ASSOCIATES C n/a ULT-AGG 245'444 0.46 (590) 26.03.2013 Investment Advisor



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 179'226 0.34 (61'534) 31.12.2012 Investment Advisor




US GLOBAL INVESTORS Multiple Portfolios MF-AGG 143'126 0.27 - 28.09.2012 Investment Advisor


FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 101'900 0.19 - 31.12.2012 Investment Advisor






BGC Partners BERNA KURBAY hold 3 D 62 12 month 14.03.2013


Oyak Securities SERHAT KAYA underperform 1 D 58 Not Provided 05.03.2013

IS Investment & Securities ESRA SUNER market perform 3 D 61 Not Provided 04.03.2013


BNP Paribas Equity Research KENAN COSGUNER buy 5 U 58 12 month 19.02.2013



Ekspres Invest KURTHAN ATMACA hold 3 U 52 Not Provided 22.01.2013


Goldman Sachs ASLI TUNCER Buy/Neutral 5 M 66 12 month 10.12.2012

Tera Stock Brokers KENAN TURAN neutral 3 M 43 12 month 18.09.2012


Sardis Securities HAYDAR ACUN strong buy 5 N 14 Not Provided 10.02.2010

Holdings By:

Turk Traktor ve Ziraat Makineleri AS ee


28.03.2013

Turkcell Iletisim Hizmetleri AS (Turkcell) offers cellular telephone, voice and

data communication services through its GSM network in Turkey. Turkcell serves

its customer through regional offices, subscription centers, and TurkcellExtra

shops across Turkey, and through its Internet store.


LTM as of: 12/yy

52-Week High (17.01.2013) 12.65

52-Week Low (24.05.2012) 8.04

Daily Volume

12.1





26'620.00 1 Yr Total Return 28.72%







TCELL TI EQUITY YTD Change - Average Volume 30 Day 8'723'194

TCELL TI EQUITY YTD % CHANGE - Average Volume 3 Month 10'553'910


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8'844.6 8'936.4 9'003.6 9'370.1 10'507.0 9'370.1 10'507.0 11'234.0 12'068.8 - -

1.76x 2.34x 2.32x 1.77x 2.02x 7.19x 7.26x 2.08x 1.94x - -

3'255.2 2'978.9 2'851.6 2'912.9 3'241.5 2'912.9 3'241.5 3'490.2 3'844.9 - -

4.79x 7.02x 7.33x 5.70x 6.56x 5.70x 6.56x 6.44x 5.85x - -

2'312.8 1'716.7 1'771.6 1'183.3 2'083.0 1'183.3 2'083.0 2'225.4 2'460.9 565.0 565.0

8.32x 13.58x 13.10x 16.51x 12.20x 16.51x 12.20x 12.00x 11.08x 11.42x 11.59x


EBIT 1'834.98 Long-Term Rating BB+









EBITDA Margin 30.9%



Asset Turnover 0.59







Fiscal Year Ended

Turkcell Iletisim Hizmetleri ASPrice/Volume

Valuation Analysis

5'882'193.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

1'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURKCELL HOLDING AS n/a Research 1'122'000'000 51 - 04.02.2013 Holding Company

SONERA HOLDING BV n/a Research 287'632'180 13.07 - 04.02.2013 Holding Company

MV HOLDING AS n/a Research 56'320'000 2.56 - 12.12.2012 Corporation

LAZARD ASSET MANAGEM n/a ULT-AGG 55'629'555 2.53 (130'086) 28.02.2013 Unclassified



CAPITAL GROUP COMPAN n/a ULT-AGG 23'612'500 1.07 (82'161'834) 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 6'715'880 0.31 1'133'440 31.01.2013 Investment Advisor








AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'773'640 0.13 (567'476) 28.09.2012 Investment Advisor



BARING ASSET MANAGEM Multiple Portfolios MF-AGG 2'595'679 0.12 2'595'679 31.08.2012 Investment Advisor







Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 U 14 12 month 13.03.2013

Marfin Analysis (ESN) DIMITRIS BIRBOS hold 3 M 12 12 month 12.03.2013

Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 Not Provided 08.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 05.03.2013

New Street Research CHRIS HOARE buy 5 M 16 Not Provided 27.02.2013


Barclays SAN DHILLON overweight 5 M 13 Not Provided 25.02.2013

Oyak Securities ALPER OZDEMIR outperform 5 M 14 Not Provided 22.02.2013

BNP Paribas Equity Research BERNA KOKTENER buy 5 M 14 12 month 22.02.2013

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 U 14 Not Provided 22.02.2013

VTB Capital IVAN KIM buy 5 U 12 12 month 19.02.2013

JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 15 9 month 30.01.2013


Erste Bank VERA SUTEDJA accumulate 4 U 15 12 month 25.01.2013


Ekspres Invest MELDA AGIRDAS hold 3 D 14 Not Provided 22.01.2013



BGC Partners ERDEM HAFIZOGLU buy 5 U 12 12 month 03.12.2012


Credit Suisse ATINC OZKAN underperform 1 M 8 Not Provided 25.07.2012

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 D 7 Not Provided 24.07.2012


Holdings By:

Turkcell Iletisim Hizmetleri AS ee


28.03.2013

Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial

banking services. The Group offers lease financing, insurance, asset

management, securities brokerage, automobile and mortgage loans, credit cards,

and other financial services. Turkiye Garanti Bankasi operates in Turkey, the

Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.


LTM as of: 12/yy

52-Week High (22.01.2013) 10.10

52-Week Low (28.05.2012) 5.74

Daily Volume

9.44





39'648.00 1 Yr Total Return 37.81%





Enterprise Value -


GARAN TI EQUITY YTD Change - Average Volume 30 Day 39'930'240

GARAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 39'214'860


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'829.6 14'640.5 13'694.0 15'453.2 17'675.4 15'453.2 17'675.4 9'518.4 10'491.6 2'416.0 2'352.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'879.4 3'085.7 3'381.1 3'326.3 3'334.1 3'326.3 3'334.1 3'507.5 3'756.8 - -

5.81x 8.64x 9.71x 7.45x 11.66x 7.45x 11.66x 11.13x 10.40x 11.24x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turkiye Garanti Bankasi ASPrice/Volume

Valuation Analysis

31'205'967.00


'

.

1

3

5

-'

-.

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


BANCO BILBAO VIZCAYA n/a Co File 1'050'420'000 25.01 - 31.12.2011 Bank

DOGUS HOLDING AS n/a Co File 857'316'600 20.41 - 31.12.2011 Holding Company

ABERDEEN n/a ULT-AGG 136'092'788 3.24 11'373'198 28.02.2013 Unclassified


BLACKROCK n/a ULT-AGG 102'981'402 2.45 2'689'556 25.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 36'086'478 0.86 2'115'081 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 35'815'932 0.85 (4'058'558) 31.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 32'742'270 0.78 - 31.12.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 24'558'035 0.58 (2'403'515) 31.01.2013 Unclassified

UMB BANK N A Multiple Portfolios MF-AGG 15'823'282 0.38 1'906'347 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 12'725'978 0.3 (733'859) 31.12.2012 Investment Advisor

THAMES RIVER CAPITAL Multiple Portfolios MF-AGG 12'405'000 0.3 - 30.09.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 11'992'458 0.29 (237'882) 31.08.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'449'342 0.25 (4'693'960) 31.12.2012 Investment Advisor


DANSKE INVEST A/S Multiple Portfolios MF-AGG 7'836'500 0.19 (335'300) 28.02.2013 Investment Advisor


CI INVESTMENTS INC Multiple Portfolios MF-AGG 7'501'084 0.18 77'248 31.12.2012 Investment Advisor


Seker Securities NESLIHAN KARAGOZ outperform 5 M 11 12 month 27.03.2013

Barclays CRISTINA MARZEA equalweight 3 M 11 Not Provided 25.03.2013





Burgan Securities NERGIS KASABALI hold 3 M 10 12 month 08.03.2013

Societe Generale ALAN WEBBORN buy 5 M 10 12 month 06.03.2013


EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 25.02.2013

Keefe, Bruyette & Woods EKATERINA ISAEVA market perform 3 M 9 12 month 06.02.2013

VTB Capital AKIN TUZUN sell 1 D 9 12 month 05.02.2013


Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 7 12 month 01.02.2013

Oyak Securities ALPAY DINCKOC outperform 5 U 10 Not Provided 01.02.2013

Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 M 11 12 month 01.02.2013



ATA Invest DERYA GUZEL market perform 3 M 11 12 month 29.01.2013







JPMorgan PAUL FORMANKO neutral 3 D 10 9 month 16.10.2012

Holdings By:

Turkiye Garanti Bankasi AS ee


28.03.2013

Turkiye Halk Bankasi A.S. provides various types of banking services. The bank

specializes in lending to small-to medium-sized firms and tradesmen.


LTM as of: 12/yy

52-Week High (22.01.2013) 20.20

52-Week Low (25.05.2012) 10.75

Daily Volume

19.1





23'875.00 1 Yr Total Return 57.38%





Enterprise Value -


HALKB TI EQUITY YTD Change - Average Volume 30 Day 12'036'770

HALKB TI EQUITY YTD % CHANGE - Average Volume 3 Month 11'498'900


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'437.4 7'784.9 7'711.8 9'202.5 11'418.3 9'134.2 11'418.3 6'502.5 7'149.5 1'683.0 1'790.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'016.3 1'664.7 1'842.7 2'027.4 2'642.3 2'039.5 2'642.3 2'645.8 2'830.0 - -

5.66x 8.94x 8.89x 6.10x 8.28x 6.07x 8.28x 8.96x 8.40x 8.88x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Turkiye Halk Bankasi ASPrice/Volume

Valuation Analysis

10'578'538.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TC BASBAKANLIK n/a Research 638'825'500 51.11 - 11.02.2013 Unclassified


BLACKROCK n/a ULT-AGG 20'302'581 1.62 1'451'934 25.03.2013 Investment Advisor



JANUS CAPITAL MANAGE n/a ULT-AGG 10'565'720 0.85 10'565'720 31.12.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 6'997'402 0.56 (1'200'000) 31.08.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 6'765'072 0.54 171'050 31.01.2013 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'848'901 0.31 894'322 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 3'488'816 0.28 1'614'965 31.01.2013 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 3'139'702 0.25 793'259 28.02.2013 Investment Advisor

SEB n/a ULT-AGG 2'951'282 0.24 990'662 31.12.2012 Unclassified

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 2'853'786 0.23 564'978 30.11.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 2'352'437 0.19 1'933 31.01.2013 Investment Advisor


DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2'016'900 0.16 908'400 28.12.2012 Mutual Fund Manager


Barclays CRISTINA MARZEA overweight 5 U 25 Not Provided 25.03.2013

Burgan Securities NERGIS KASABALI buy 5 M 22 12 month 25.03.2013

BGC Partners CAGDAS DOGAN buy 5 M 23 12 month 19.03.2013


Seker Securities NESLIHAN KARAGOZ outperform 5 M 22 Not Provided 13.03.2013


Renaissance Capital YAVUZ UZAY buy 5 M 20 Not Provided 08.03.2013



Goldman Sachs DMITRY TREMBOVOLSKY Buy/Neutral 5 M 22 12 month 26.02.2013

Oyak Securities ALPAY DINCKOC outperform 5 M 23 Not Provided 14.02.2013


Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 D 20 Not Provided 14.02.2013

Yatirim Finansman Securities ZUMRUT CAN outperform 5 M 21 12 month 14.02.2013

Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS buy 5 M 20 12 month 14.02.2013

Morgan Stanley MAGDALENA STOKLOSA Overwt/In-Line 5 M 26 12 month 13.02.2013


Keefe, Bruyette & Woods EKATERINA ISAEVA outperform 5 M 20 12 month 12.02.2013

VTB Capital AKIN TUZUN hold 3 M 19 12 month 05.02.2013

Deutsche Bank KAZIM ANDAC buy 5 M 20 12 month 01.02.2013


Ak Investment HAKAN AYGUN market outperform 4 M 22 12 month 29.01.2013


Eczacibasi Securities SERCAN SOYLU outperform 5 U 23 Not Provided 22.01.2013

Global Menkul Degerler SEVGI ONUR buy 5 M 23 Not Provided 21.01.2013




JPMorgan PAUL FORMANKO overweight 5 M 21 9 month 16.10.2012

Holdings By:

Turkiye Halk Bankasi AS ee


28.03.2013

Turkiye Is Bankasi (Isbank) provides banking services to retail and corporate

customers and to public sector. Isbank also offers asset and wealth management,

capital markets, securities brokerage and insurance services throughout Turkey.

Isbank holds equity investments in Turkish companies mainly in glass industries.


LTM as of: 12/yy

52-Week High (24.01.2013) 7.52

52-Week Low (25.05.2012) 3.71

Daily Volume

6.72





30'310.60 1 Yr Total Return 56.23%





Enterprise Value -


ISCTR TI EQUITY YTD Change - Average Volume 30 Day 39'921'440

ISCTR TI EQUITY YTD % CHANGE - Average Volume 3 Month 36'193'440


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

16'510.1 17'009.1 16'725.2 18'549.1 22'394.0 18'549.1 22'394.0 10'003.1 10'693.8 2'568.0 2'826.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'588.9 2'497.6 2'939.2 2'271.5 3'412.0 2'271.5 3'412.0 3'294.7 3'471.5 - -

7.11x 7.77x 8.42x 6.56x 8.15x 6.56x 8.15x 9.16x 8.64x 9.88x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turkiye Is BankasiPrice/Volume

Valuation Analysis

51'493'596.00


'

-

.

0

1

2

3

4

5

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ISBANK MENSUPLARI SO n/a Research 1'832'622'759 40.73 - 21.11.2012 Other

REP PEOPLES PARTY-AT n/a Research 1'264'142'464 28.09 - 21.11.2012 Government

LAZARD ASSET MANAGEM n/a ULT-AGG 88'859'076 1.97 (1'019'050) 28.02.2013 Unclassified

BLACKROCK n/a ULT-AGG 51'451'549 1.14 (10'142'786) 25.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 44'840'821 1 1'975'432 31.12.2012 Investment Advisor






ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'191'601 0.18 (260'000) 31.01.2013 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 6'060'000 0.13 (3'948'300) 28.12.2012 Mutual Fund Manager

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 6'020'000 0.13 1'680'000 30.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 5'184'769 0.12 141'901 31.01.2013 Unclassified

SEB n/a ULT-AGG 5'065'787 0.11 (4'897) 31.12.2012 Unclassified




NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 4'099'982 0.09 1'776'622 31.01.2013 Investment Advisor



FinansInvest MUGE DAGISTAN neutral 3 M 8 12 month 27.03.2013



Barclays CRISTINA MARZEA overweight 5 M 9 Not Provided 25.03.2013


HSBC TAMER SENGUN neutral 3 D 7 Not Provided 12.03.2013

Societe Generale ALAN WEBBORN hold 3 M 7 12 month 06.03.2013


Oyak Securities ALPAY DINCKOC market perform 3 D 8 Not Provided 18.02.2013

Eczacibasi Securities SERCAN SOYLU outperform 5 M 8 Not Provided 18.02.2013


Global Menkul Degerler SEVGI ONUR market perform 3 D 8 Not Provided 15.02.2013


Keefe, Bruyette & Woods EKATERINA ISAEVA underperform 1 M 6 12 month 12.02.2013

Erste Bank SEVDA SARP accumulate 4 M 7 12 month 06.02.2013

VTB Capital AKIN TUZUN sell 1 M 6 12 month 05.02.2013

ATA Invest DERYA GUZEL market perform 3 M 8 12 month 29.01.2013



Credit Suisse ATES BULDUR underperform 1 M 7 Not Provided 25.01.2013


Morgan Stanley MAGDALENA STOKLOSA Underwt/In-Line 1 M 5 12 month 17.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 D 7 Not Provided 16.11.2012

Tera Stock Brokers HASAN DEMIR neutral 3 M 6 12 month 19.10.2012

JPMorgan PAUL FORMANKO neutral 3 U 7 9 month 16.10.2012


IS Investment & Securities BULENT SENGONUL not rated #N/A N/A M #N/A N/A Not Provided 25.09.2009

Marfin Analysis (ESN) NIKOS VENTOURIS buy 5 M 4 12 month 08.04.2009

Holdings By:

Turkiye Is Bankasi ee


28.03.2013

Turkiye Sinai Kalkinma Bankasi A.S. is a private investment and development

bank. The Bank offers medium- and long-term loans, and treasury, securities

underwriting, mergers and acquisitions consulting, research, and securities

brokerage services.


LTM as of: 12/yy

52-Week High (25.03.2013) 2.53

52-Week Low (25.05.2012) 1.52

Daily Volume

2.48





2'728.00 1 Yr Total Return 49.74%





Enterprise Value -


TSKB TI EQUITY YTD Change - Average Volume 30 Day 1'442'513

TSKB TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'854'313


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

443.1 627.8 547.9 645.0 707.5 645.0 537.6 519.4 558.8 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

121.3 251.3 222.7 260.8 317.0 260.8 317.0 324.7 343.7 - -

3.79x 4.35x 8.21x 4.91x 7.95x 5.06x 8.97x 8.55x 8.00x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Turkiye Sinai Kalkinma Bankasi ASPrice/Volume

Valuation Analysis

1'218'969.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURKIYE IS BANKASI A n/a Co File 550'729'366 50.07 - 31.12.2010 Bank

TURKIYE VAKIFLAR BAN n/a Co File 92'155'170 8.38 - 31.12.2010 Bank


SKAGEN AS Multiple Portfolios MF-AGG 33'925'510 3.08 1'693'850 28.02.2013 Mutual Fund Manager

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 16'199'146 1.47 - 31.12.2012 Investment Advisor




JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 10'002'221 0.91 455'158 30.11.2012 Investment Advisor


HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'593'173 0.51 - 28.02.2013 Investment Advisor


PRUDENTIAL FINANCIAL n/a ULT-AGG 4'901'526 0.45 1'106'415 31.01.2013 Investment Advisor


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 4'384'041 0.4 (192'268) 28.09.2012 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 3'816'972 0.35 - 28.02.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'540'386 0.32 (2'724'375) 31.12.2012 Investment Advisor




Burgan Securities DUYGUN KUTUCU buy 5 M 3 12 month 27.03.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 21.03.2013


Eczacibasi Securities SERCAN SOYLU outperform 5 M 3 Not Provided 18.02.2013

Oyak Securities ALPAY DINCKOC outperform 5 M 3 Not Provided 13.02.2013


Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 M 3 Not Provided 13.02.2013






Erste Bank SEVDA SARP accumulate 4 D 2 12 month 10.12.2012


Holdings By:

Turkiye Sinai Kalkinma Bankasi AS ee


28.03.2013

Turkiye Sise ve Cam Fabrikalari AS (Sisecam) manufactures glass. The Company

produces flat glass, bottles, household glassware, glass wire, chromium

chemicals, glass fibre, and glass reinforced plastics. Sisecam also offers

packaging materials and machinery, composites and marketing, chemicals, trade,

insurance and brokerage services.


LTM as of: 12/yy

52-Week High (25.01.2013) 3.60

52-Week Low (25.05.2012) 2.29

Daily Volume

3.02












SISE TI EQUITY YTD Change - Average Volume 30 Day 20'995'190

SISE TI EQUITY YTD % CHANGE - Average Volume 3 Month 13'535'310


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'743.7 3'643.6 4'206.2 4'978.7 5'342.1 4'978.7 5'342.1 5'990.9 6'817.7 1'474.0 1'644.0

0.87x 1.05x 1.03x 1.06x 1.19x 4.58x 4.50x 1.07x 0.94x - -

886.1 656.0 982.5 1'245.4 939.4 1'245.4 939.4 1'226.0 1'441.5 - -

3.66x 5.83x 4.39x 4.22x 6.77x 4.22x 6.77x 5.28x 4.49x - -

158.7 111.8 411.8 631.5 294.1 631.5 294.1 456.2 533.0 - -

6.91x 18.40x 7.56x 5.87x 15.05x 6.03x 16.12x 9.68x 8.23x - -











EBITDA Margin 17.6%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turkiye Sise ve Cam Fabrikalari ASPrice/Volume

Valuation Analysis

11'897'032.00


'

-

-

.

.

0

0

1

1

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


TURKIYE IS BANKASI A n/a Research 923'848'325 61.59 - 30.09.2009 Bank

EFES HOLDING AS n/a Research 55'357'714 3.69 - 30.09.2009 Other

CAYIROVA CAM SANAYI n/a Research 24'918'003 1.66 - 30.09.2009 n/a

TRAKYA CAM SANAYI AS n/a Research 22'590'568 1.51 - 30.09.2009 Other


CAMIS MADENCILIK AS n/a Research 10'197'969 0.68 - 30.09.2009 Corporation


MACQUARIE GROUP n/a ULT-AGG 8'949'859 0.6 (55) 31.01.2013 Investment Advisor





SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'358'020 0.22 (275'350) 31.01.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'319'559 0.22 (39) 31.05.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'685'105 0.18 (274'640) 31.01.2013 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 1'640'659 0.11 - 28.02.2013 Investment Advisor


VALIC CO I Multiple Portfolios MF-AGG 1'386'283 0.09 - 31.01.2013 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 1'376'761 0.09 (169'532) 28.02.2013 Investment Advisor


Burgan Securities ECE MANDACI Under Review #N/A N/A M #N/A N/A Not Provided 25.03.2013


Yatirim Finansman Securities ZUMRUT CAN Under Review #N/A N/A M #N/A N/A Not Provided 18.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013

Oyak Securities OSMAN OZVURAL underperform 1 M 3 12 month 07.03.2013


Erste Bank EVRIM DAIRECIOGLU hold 3 U 3 12 month 21.02.2013



Eczacibasi Securities AKIF DASIRAN market perform 3 D 4 Not Provided 22.01.2013


Deutsche Bank VEDAT MIZRAHI hold 3 D 3 12 month 16.01.2013

Goldman Sachs ASLI TUNCER Buy/Neutral 5 U 4 12 month 10.12.2012



ATA Invest ISMAIL OZER market outperform 4 M #N/A N/A Not Provided 20.07.2012

Holdings By:

Turkiye Sise ve Cam Fabrikalari AS ee


28.03.2013

Turkiye Vakiflar Bankasi T.A.O. attracts deposits and offers corporate, retail,

and investment banking services. The Bank offers consumer and agricultural

loans, sponsors credit cards, offers asset management services, manages mutual

funds, and offers securities brokerage services. Vakiflar Bankasi also takes

equity stakes in Turkish companies.


LTM as of: 12/yy

52-Week High (22.01.2013) 6.02

52-Week Low (25.05.2012) 2.90

Daily Volume

5.78





14'450.00 1 Yr Total Return 69.85%





Enterprise Value -


VAKBN TI EQUITY YTD Change - Average Volume 30 Day 18'446'860

VAKBN TI EQUITY YTD % CHANGE - Average Volume 3 Month 24'973'010


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8'067.2 8'193.9 8'049.3 8'974.7 11'328.2 8'974.7 11'328.2 5'969.4 6'495.8 1'544.0 1'465.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

791.3 1'294.7 1'164.3 1'304.3 1'423.5 1'304.3 1'423.5 1'623.7 1'769.8 - -

3.70x 8.23x 8.40x 4.70x 8.10x 4.70x 8.10x 8.80x 8.14x 8.76x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turkiye Vakiflar Bankasi TaoPrice/Volume

Valuation Analysis

11'907'243.00


'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

5'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


REPUBLIC OF TURKEY n/a Research 1'462'500'000 58.5 - 04.10.2012 Government

VAKIFBANK n/a Co File 402'552'666 16.1 - 31.12.2011 Bank

VAKIFLAR MULHAK n/a Co File 386'224'785 15.45 - 31.12.2011 n/a

BLACKROCK n/a ULT-AGG 24'962'571 1 (139'453) 25.03.2013 Investment Advisor






ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 5'128'342 0.21 (47'676) 31.01.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 4'788'815 0.19 - 31.12.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 3'719'746 0.15 9'775 31.01.2013 Investment Advisor



GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'022'189 0.12 3'022'189 30.09.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 3'000'000 0.12 3'000'000 30.11.2012 Investment Advisor

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 2'330'100 0.09 - 30.06.2012 Mutual Fund Manager







Seker Securities NESLIHAN KARAGOZ market perform 3 M 7 Not Provided 18.03.2013


Societe Generale ALAN WEBBORN sell 1 M 5 12 month 06.03.2013



Oyak Securities ALPAY DINCKOC underperform 1 M 5 Not Provided 15.02.2013


Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 U 7 Not Provided 15.02.2013




VTB Capital AKIN TUZUN hold 3 D 6 12 month 05.02.2013



Ekspres Invest CIHAN SARAOGLU buy 5 U 7 Not Provided 29.01.2013

Credit Suisse ATES BULDUR neutral 3 D 6 Not Provided 25.01.2013

IS Investment & Securities BULENT SENGONUL market perform 3 D 6 Not Provided 25.01.2013



Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 N 6 12 month 17.01.2013





Marfin Analysis (ESN) NIKOS VENTOURIS buy 5 M 3 12 month 08.04.2009

Holdings By:

Turkiye Vakiflar Bankasi Tao ee


28.03.2013

Ulker Biskuvi Sanayi AS produces biscuits, wafers, chocolate bars, and chocolate

covered biscuits. The Company sells its products throughout Turkey and exports

to Europe, North America, Africa, Asia and the Middle East.


LTM as of: 12/yy

52-Week High (20.03.2013) 14.00

52-Week Low (25.04.2012) 5.24

Daily Volume

13.65





4'668.30 1 Yr Total Return 181.92%







ULKER TI EQUITY YTD Change - Average Volume 30 Day 447'311

ULKER TI EQUITY YTD % CHANGE - Average Volume 3 Month 411'460


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'412.2 1'506.5 1'523.5 1'798.8 2'340.6 1'798.8 2'340.6 2'545.5 2'747.1 680.0 552.0

0.85x 1.00x 1.24x 1.21x 1.56x 4.41x 4.92x 1.99x 1.82x - -

94.8 143.5 66.8 77.4 218.3 77.4 218.3 268.7 316.7 - -

12.60x 10.55x 28.22x 28.09x 16.75x 28.09x 16.75x 18.68x 15.85x - -

15.7 102.9 184.8 657.0 167.0 657.0 167.0 193.1 228.3 - -

30.14x 9.24x 7.99x 2.21x 19.79x 2.21x 18.13x 24.64x 20.34x - -











EBITDA Margin 9.3%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ulker Biskuvi Sanayi ASPrice/Volume

Valuation Analysis

183'215.00


'

.

1

3

5

-'

-.

-1

-3

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


YILDIZ HOLDING AS n/a Research 113'049'151 33.06 - 30.09.2009 Corporation

DYNAMIC GROWTH FUND n/a Research 71'369'033 20.87 - 30.09.2009 n/a




MORGAN STANLEY n/a ULT-AGG 1'260'146 0.37 818'401 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'020'528 0.3 - 31.12.2012 Investment Advisor






FMR LLC n/a ULT-AGG 709'216 0.21 49'508 31.01.2013 Investment Advisor

STATE STREET n/a ULT-AGG 467'124 0.14 983 26.03.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 301'963 0.09 (135'163) 28.09.2012 Investment Advisor

SEB n/a ULT-AGG 210'191 0.06 210'191 31.12.2012 Unclassified

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 204'042 0.06 1'804 25.03.2013 Investment Advisor


JUPITER GLOBAL ACTIV Multiple Portfolios MF-AGG 171'000 0.05 (61'000) 30.11.2012 Investment Advisor


Burgan Securities ECE MANDACI sell 1 M 10 12 month 25.03.2013



Ak Investment BERTUG TUZUN market underperform 2 D 11 12 month 07.03.2013


Ekspres Invest MELDA AGIRDAS Under Review #N/A N/A M #N/A N/A Not Provided 22.01.2013

BGC Partners ERDEM HAFIZOGLU hold 3 M 8 12 month 02.01.2013

Oyak Securities ANIL CAN YILDIRIM market perform 3 M 10 Not Provided 20.12.2012



JPMorgan MUNEEZA HASAN neutral 3 M 8 9 month 12.11.2012


ATA Invest ONDER ZORBA market perform 3 M #N/A N/A Not Provided 20.07.2012

Global Menkul Degerler TEAM COVERAGE Under Review #N/A N/A M 5 Not Provided 11.04.2012

Holdings By:

Ulker Biskuvi Sanayi AS ee


28.03.2013

Vestel Elektronik Sanayi ve Ticaret A.S. manufactures air conditioners,

refrigerators, monitors, televisions, portable satellite receivers, personal

computers, and television tuners. The Company produces the Digital Media

Player TV, which plays CDs, DVDs, and memory cards. Vestel markets its products

worldwide.


LTM as of: 09/yy

52-Week High (06.04.2012) 2.32

52-Week Low (02.11.2012) 1.73

Daily Volume

1.98












VESTL TI EQUITY YTD Change - Average Volume 30 Day 1'424'703

VESTL TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'059'265


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

4'627.0 4'693.9 4'644.9 5'290.0 6'976.6 6'281.5 7'708.1 8'056.5 9'053.5 2'494.0 -

0.16x 0.14x 0.31x 0.28x 0.15x 0.93x 0.63x 0.15x 0.13x - -

63.3 389.0 514.5 335.7 619.5 640.2 189.9 303.8 522.0 39.0 -

11.86x 1.68x 2.77x 4.34x 1.71x 2.27x 8.01x 5.17x 3.01x - -

18.0 (408.1) 74.1 38.4 (35.4) 33.2 (79.4) 22.3 64.9 (17.0) -

25.61x - 11.77x 21.30x - 21.74x 0.00x 14.14x 4.60x - -

EBITDA 619.48 Long-Term Rating Date 22.12.2008

EBIT 438.27 Long-Term Rating B-









EBITDA Margin 2.5%



Asset Turnover 1.52







Fiscal Year Ended

Vestel Elektronik Sanayi ve Ticaret ASPrice/Volume

Valuation Analysis

1'274'145.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



28.03.2013


COLLAR HOLDING NETHE n/a Research 216'067'402 64.41 125'546'898 22.08.2011 Corporation

COLLAR HOLDING PUBLI n/a Research 34'901'128 10.4 - 22.08.2011 Other



FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 770'946 0.23 - 31.05.2012 Investment Advisor















UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG - 0 - 28.02.2013 Mutual Fund Manager




BGC Partners BARIS INCE hold 3 M 2 12 month 02.01.2013

Oyak Securities TEAM COVERAGE market perform 3 M 3 Not Provided 20.12.2012


FinansInvest TEAM COVERAGE neutral 3 M 3 12 month 10.11.2011

Holdings By:

Vestel Elektronik Sanayi ve Ticaret AS ee


28.03.2013

Yapi ve Kredi Bankasi AS offers retail and corporate banking, factoring,

leasing, asset and wealth management, capital markets, securities brokerage,

insurance services and pension products. The Group has interests in publishing,

real estate and telecommunications companies.


LTM as of: 12/yy

52-Week High (18.01.2013) 5.90

52-Week Low (31.05.2012) 2.91

Daily Volume

5.52





23'995.72 1 Yr Total Return 52.49%





Enterprise Value -


YKBNK TI EQUITY YTD Change - Average Volume 30 Day 24'102'780

YKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 23'934'960


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'031.9 9'890.8 9'783.5 11'127.5 13'101.8 11'127.5 13'101.8 7'777.8 8'589.3 1'984.0 1'840.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'261.4 1'542.9 2'248.0 2'284.7 2'087.7 2'284.7 2'087.7 2'376.5 2'699.7 - -

6.55x 9.24x 9.40x 5.12x 10.83x 5.12x 10.83x 10.13x 8.78x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Yapi ve Kredi Bankasi ASPrice/Volume

Valuation Analysis

26'278'959.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


KOC FINANCIAL SERVIC n/a Research 3'555'712'396 81.8 - 08.01.2013 Unclassified








T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'237'053 0.1 (899) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 4'168'671 0.1 - 31.01.2013 Unclassified

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 4'085'000 0.09 977'500 28.09.2012 Mutual Fund Manager



DWS INVESTMENT SA Multiple Portfolios MF-AGG 2'660'000 0.06 67'000 31.01.2013 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'596'894 0.06 - 28.02.2013 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 2'529'425 0.06 2'529'425 30.11.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'722'000 0.04 322'000 31.01.2013 Investment Advisor


IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 1'453'400 0.03 (85'200) 31.12.2012 Investment Advisor


Morgan Stanley MAGDALENA STOKLOSA Overwt/In-Line 5 M 5 12 month 27.03.2013

FinansInvest MUGE DAGISTAN underperform 1 M 5 12 month 27.03.2013




Barclays CRISTINA MARZEA equalweight 3 M 6 Not Provided 25.03.2013




Goldman Sachs DMITRY TREMBOVOLSKY Sell/Neutral 1 M 4 12 month 26.02.2013


Oyak Securities ALPAY DINCKOC market perform 3 U 6 Not Provided 15.02.2013



Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS buy 5 M 6 12 month 13.02.2013

Keefe, Bruyette & Woods EKATERINA ISAEVA outperform 5 M 6 12 month 12.02.2013

VTB Capital AKIN TUZUN hold 3 U 6 12 month 05.02.2013



Ekspres Invest CIHAN SARAOGLU buy 5 U 6 Not Provided 29.01.2013



Global Menkul Degerler SEVGI ONUR buy 5 M 7 Not Provided 21.01.2013



Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 6 Not Provided 17.12.2012

Erste Bank SEVDA SARP accumulate 4 M 6 12 month 10.12.2012

Tera Stock Brokers HASAN DEMIR neutral 3 D 5 Not Provided 19.10.2012


Equita SIM SpA GIOVANNI RAZZOLI hold 3 M 4 12 month 03.08.2012

Holdings By:

Yapi ve Kredi Bankasi AS ee


28.03.2013

Zorlu Enerji Elektrik Uretim AS is an electrical utility. The Company operates

co-generation and duel-fuel natural gas and liquid fuel fired plants to generate

electricity and steam.


LTM as of: 12/yy

52-Week High (26.03.2013) 1.57

52-Week Low (31.05.2012) 1.00

Daily Volume

1.56












ZOREN TI EQUITY YTD Change - Average Volume 30 Day 6'931'900

ZOREN TI EQUITY YTD % CHANGE - Average Volume 3 Month 9'916'691


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

667.0 547.4 434.0 444.9 525.2 444.9 525.2 822.7 928.6 - -

3.06x 4.07x 4.96x 5.26x - 20.51x 9.18x 2.87x 2.84x - -

92.4 133.9 48.9 18.6 - 18.6 107.5 167.1 197.8 - -

22.08x 16.62x 44.05x 126.02x - 126.02x 0.00x 16.11x 13.61x - -

(336.3) 97.9 (66.7) (407.4) 589.2 (407.4) 589.2 (22.7) 26.5 - -

- 6.50x - - 0.98x 0.00x 1.02x - - - -











EBITDA Margin 21.4%

EBIT Margin -11.7% Total Debt/Equity -


Asset Turnover 0.18




Tot Debt to Common Equity - Accounts Payable Turnover Day 202.82




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zorlu Enerji Elektrik Uretim ASPrice/Volume

Valuation Analysis

13'247'156.00


'''-----..

i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



28.03.2013


ZORLU HOLDING AS n/a Research 115'897'744 23.18 - 11.12.2009 Holding Company

KORTEKS MENSUCAT AS n/a Research 49'425'110 9.89 - 11.12.2009 Corporation

ZORLU DIS TICARET n/a Research 11'593'105 2.32 - 11.12.2009 Corporation







BESSEMER GROUP INCOR Multiple Portfolios MF-AGG - 0 - 31.10.2012 Investment Advisor




Oyak Securities UYGAR GEZER outperform 5 U 2 12 month 20.02.2013

BNP Paribas Equity Research KENAN COSGUNER reduce 2 M 1 12 month 29.01.2013


Global Menkul Degerler SERCAN UZUN sell 1 M 2 Not Provided 21.01.2013


Garanti Yatirim Menkul Kiymetler KERIM GOKOZ not rated #N/A N/A M #N/A N/A Not Provided 04.01.2013




BGC Partners ZEYNEP KARAMAN hold 3 M 2 12 month 06.01.2012

ATA Invest ERMAN TUTUNCUOGLU Under Review #N/A N/A M #N/A N/A Not Provided 23.12.2011

Holdings By:

Zorlu Enerji Elektrik Uretim AS ee


Economy & Finance

Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index)