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Constituting 66.4% of the İşbank’s subsidiaries and affiliates (S&A) portfolio are public companies traded on the ISE National Market. The ratio of the S&A portfolio to İşbank’s total assets stands at 4.5%.

Having been contributing to the industrial development in Turkey since 1924, İşbank has direct participations in 31 companies functioning in finance, glass, telecommunication and service sectors.

During its 85-year history, İşbank has taken equity stakes in a total of 290 companies and has divested itself of 259 of them over time. As of year-end 2009, the Bank now has direct participations in 31 firms. (*) Currently, İşbank has direct or indirect stakes in over 106 companies.

66.4% of İşbank’s subsidiaries and affiliates (S&A) portfolio is traded on the ISE National Market.
Constituting 66.4% of the İşbank’s S&A portfolio, Türkiye Sınai Kalkınma Bankası (TSKB), Anadolu Sigorta, Anadolu Hayat Emeklilik, İş Finansal Kiralama, İş Gayrimenkul Yatırım Ortaklığı, İş Yatırım Menkul Değerler, and Şişecam are public companies traded on the ISE National Market. The ratio of the S&A portfolio to İşbank’s total assets stands at 4.5%.

Efficiency and profitability make up the foundation of İşbank’s subsidiary strategy.
İşbank places much importance to enhancing the efficiency of its S&A portfolio while evaluating its equity investments. Within the framework of its strategy of focusing on the financial services sector, İşbank will continue its efforts to enhance the yield of its S&A portfolio in 2010 in parallel with market conditions.

Overview of Developments and Strategies at Major Subsidiaries and Affiliates

Financial Services

İşbank has financial services subsidiaries active in the banking, insurance, private pension, capital markets brokerage, asset management, venture capital, factoring, reinsurance, financial leasing, investment banking, and real estate investment trust sectors. Financial services subsidiaries enrich the range of products and services the Bank offers to millions of customers via diverse business lines, while also creating cross and complementary product delivery and sales opportunities.

Türkiye Sınai Kalkınma Bankası – Turkey’s First Investment and Development Bank to have Private Capital
Türkiye Sınai Kalkınma Bankası (TSKB) will be celebrating its 60th anniversary in 2010. Since its establishment in 1950, TSKB has taken a key role in the development of the Turkish economy. With its economic, environmental, and societal contributions, TSKB has gained the approval and support of its stakeholders and has been one of the leaders of the banking sector through its many “firsts.”

TSKB offers corporate loans, project finance, investment banking, and corporate finance services along with capital markets brokerage services, financial leasing, and portfolio management services to a wide customer base. TSKB makes steadily increasing contributions to the sustainable development of the Turkish economy through long-term funding of investment projects, customer specific consultancy and brokerage services offered to customers. TSKB takes into consideration the environmental impact of the loans it extends and supports investments in various sectors via renewable energy, energy efficiency, environmental, and SME loans obtained from supranational institutions.

As of year-end 2009, TSKB has TL 1,041 million in shareholders’ equity and TL 6,905 million in total assets. In December 2009, Fitch Ratings raised TSKB’s long-term foreign currency credit rating from “BB” to “BB+” and confirmed its long-term Turkish currency credit rating as “BB+”, and its long-term national credit rating as “AA+ (tur).”

TSKB has continued to locate long-term low-cost financing through its strong funding network. TSKB has secured long-term funding in the amount of USD 1 billion from international and supranational institutions in 2009.

İşbank GmbH – One of Europe’s Leading Turkish-owned Financial Institutions
Founded by İşbank in 1992 in Germany to operate in commercial banking, İşbank GmbH is one of the leading Turkish-owned financial institutions in Europe.

Headquartered in Frankfurt, İşbank GmbH pursues its activities via a total of 14 branches located in Germany (11), the Netherlands (1), France (1), and Switzerland (1). As of year-end 2009, its total assets were EUR 684 million and shareholders’ equity totaled EUR 69 million. The Bank offers trade finance, corporate banking, and retail banking products and services to customers in both Turkey and Europe, as well as financing services for real estate in Turkey.

Anadolu Hayat Emeklilik – The First Life Insurance Company in Turkey
Anadolu Hayat Emeklilik A.Ş. is the only publicly traded private pension and life insurance company in Turkey. Being the first life insurance company in Turkey, Anadolu Hayat Emeklilik reached to TL 4,281 million asset size and TL 414 million shareholders’ equity as of September 2009.

Anadolu Sigorta – One of the Leading Companies in Non-Life Insurance
One of Turkey’s top insurance companies and active in non-life insurance, Anadolu Anonim Türk Sigorta Şirketi generated TL 1,243 million in premium production as of December 2009. The Company had TL 1,750 million in total assets and TL 729 million in shareholders’ equity as of September 2009.

Millî Reasürans – Reinsurance Services Uninterrupted since 1929
The longest operating company in the Turkish reinsurance industry, Millî Reasürans T.A.Ş. (Milli Re) was founded in 1929. Milli Re alone meets nearly 25% of the reinsurance coverage needs of the Turkish insurance industry.

A.M. Best Company, widely considered the most prestigious insurance rating agency in the world, reconfirmed Milli Re’s financial strength rating as “B++” in August 2009. In line with the Company’s strategy to transfer its vast knowledge and reinsurance experience built domestically to international markets, Milli Re established a branch in Singapore. The Company had TL 1,573 million in total assets and TL 781 million in shareholders’ equity at year-end 2009.

İş Leasing – Leading Company in the Financial Leasing Sector
İş Finansal Kiralama stands out as one of the pioneers in the leasing sector. The Company pursues its operations with the mission of giving priority to the funding of SMEs, building and managing an extensive portfolio of high-quality leasing contracts, and fulfilling customer demands through fast, effective, and high quality solutions.

At year-end 2009, the Company’s consolidated assets totaled TL 1,441 million, its shareholders’ equity amounted to TL 405 million, and the value of its portfolio was TL 829 million.

İş GYO – Largest Publicly Traded Real Estate Investment Trust in Terms of Value of Net Assets
İş GYO is Turkey’s largest publicly traded real estate investment trust (REIT) in terms of the value of its net assets.

While continuing to work toward increasing the quality of its existing portfolio, the Company also develops projects to further expand and diversify its portfolio.

At year-end 2009, İş GYO had TL 1,012 million in assets, a net asset value of TL 1,250 million, and TL 952 million in shareholders’ equity.

İş Yatırım Menkul Değerler – At the Top among Capital Market Brokers in Terms of ISE Trading Volumes
İş Yatırım Menkul Değerler A.Ş. offers services in trading of capital markets instruments, investment consultancy, portfolio management, corporate finance, repo-reverse repo contracts, margin trading, and securities lending in national and international markets. İş Yatırım is the only brokerage traded on the stock exchange.

İş Yatırım ranks first among brokerages in terms of business volume in the ISE equities market. Furthermore, the Company has sustained its leadership position as the “market maker” on TurkDEX, the Turkish Derivatives Exchange.

In 2009, İş Yatırım was recognized by Euromoney magazine, the influential and well respected publication of the international finance circuit, for its superior performance and success in company mergers and acquisitions with the “Best M&A House in Turkey” award. The award is given to only the very best in the sector as part of the “Euromoney Awards for Excellence” granted every year in every country.

Being the only brokerage that has a credit rating in Turkey, “AAA” National Long Term credit rating with a stable outlook was affirmed by the international rating agency Fitch Ratings in December 2009. As of September 2009, İş Yatırım Menkul Değerler had TL 2.2 billion in consolidated assets and TL 497 million in shareholders’ equity.


Şişecam – Founder and Unrivaled Leader of the Turkish Glass Industry
Türkiye Şişe ve Cam Fabrikaları is the flagship company of the Şişecam Group, which consists of 57 companies active in flat glass, glassware, glass packaging, chemicals, and services business lines.

The Şişecam Group continually increases its production strength through investments to create new capacity both in Turkey and in countries such as Russia, Bulgaria, Bosnia-Herzegovina, Egypt, Italy and Georgia. With the latest investments, the capacity of the glass packaging production facilities in Russia has exceeded the installed capacity in Turkey.

The Şişecam Group numbers among the largest companies in its industry both in Europe and the world, ranking anywhere from 3rd to 8th in the world and 2nd to 4th in Europe depending on the criteria used.

As of September 2009, the Türkiye Şişe ve Cam Fabrikaları had total consolidated assets of TL 6.7 billion and shareholders’ equity of TL 3.7 billion.


Avea – Turkey’s Only GSM 1800 Mobile Communications Operator
As of year-end 2009, Avea İletişim Hizmetleri A.Ş. (Avea) has an 19% share in the mobile communications market in Turkey with more than 12 million subscribers.

According to financial statements drawn up in line with International Accounting Standards, Avea has reached TL 6,660 million in asset size and TL 2,073 million in shareholders’ equity as of year-end 2009. Avea began offering 3G Mobile Communications services in July 2009.


Nemtaş – Logistics Services Provider
Active in the areas of ship owning, ship management, chartering, and brokering, Nemtaş Nemrut Liman İşletmeleri A.Ş. provides logistics services with a fleet of five vessels with a total capacity of 252,959 DWT.

Controlling a 54% stake in Gemport Gemlik Liman ve Depolama İşletmeleri, Turkey’s first privately owned port operations company, Nemtaş, at year-end 2009, had TL 402 million in assets and TL 246 million in shareholders’ equity.

As of year-end 2009, Gemport Gemlik Liman ve Depolama İşletmeleri had total assets of TL 148 million and shareholders’ equity of TL 128 million.

(*) Includes companies monitored in the account for financial assets available for sale.