Investor Presentation. (2005 BRSA Results)

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1 Investor Presentation (2005 BRSA Results) 1 1

2 TSKB Financial Highlights Investment Opportunities Appendices 2 2

3 TSKB in Brief Financial Summary (mn $) Assets 2,470 Loans 1,306 Equity 412 Net Income 74 Market Cap. 902 Credit Rating BB- B1 Main Subsidiaries Yatõrõm Finansman Securities İş Leasing TSKB Real Estate Appraisal TSKB Real Estate Investment Trust Ownership Structure İş Bank Group 50.09% Vakif Bank 8.37% Free Float 41.54% Paid-in Capital 200 mn TRY TSKB.IS 3 3

4 Mission MISSION Coupling reliable, objective, customer oriented development banking with dynamic investment banking activities Mission...!To promote the growth of private sector!to encourage and assist local and foreign capital to participate in Turkish companies!to contribute to the growth of capital markets in Turkey 4 4

5 History Established with the support of CBT and IBRD to promote the private sector in Turkey Issued Samurai Bonds with Turkish Treasury guarantee Merged with Sõnai Yatõrõm Bankasõ (SYB) s 1980 s 1990 s 2000 s Corporate bonds issued and underwritten Promoted private investment in underdeveloped regions Market leader in investment banking activities Start of APEX banking activities Public offerings from equity portfolio 5 5 A lead role in promoting private sector in Turkey

6 Main Business Lines Corporate & Development Banking Investment Banking Treasury & Capital Markets Medium & Long-term Financing to Private Sector Primary and Secondary Public Offerings Mergers & Acquisitions Corporate Restructuring Privatization consultancy Maintaining the Bank s liquidity strength & trading Mutual funds & asset management Investment consultancy & financial intermediary services to corporate & high net-worth clients Participations 6 6 TSKB Securities, Yatõrõm Finansman Investment TSKB Real Estate Appraisal, TSKB Real Estate Investment Trust

7 TSKB s Strengths Presence in the financial markets since 1950 Strong brand name of TSKB Long standing relations with international investment houses and development banks Growing relations with financial institutions in order to create alternative sources of funding Know-how and expertise in investment banking, especially in mergers & acquisitions, equity offerings, arranging corporate bond issues, privatization consultancies Synergy through affiliates : two brokerage firms and real estate appraisal company Boosting up trading activities with a remarkable capital gain and market recognition Experienced and reputable management team and highly qualified staff 7 7

8 Sustainable Growth Over the Years Total Assets (USD mn) Loans (USD mn) 2,470 1,400 1,306 1,158 1,707 1,200 1, % 1, % 53% 70% 60% 50% % % Loans Loans / T. Assets Share of loan portfolio in total assets is 53%, one of the highest in sector. 8 8

9 Sustainable Growth Over the Years Funds Borrowed (USD mn) Shareholders Equity (USD mn) 1, , In 2005 Funds borrowed increased by 32% yoy, in USD terms %78 of the Funds borrowed are guaranteed by the Turkish Treasury 9 9

10 Sources of Funds European Investment Bank (EIB) World Bank (IBRD) Japan Bank for International Cooperation (JBIC) Kreditanstalt für Wiederaufbau (KfW) Council of Europe Development Bank (CEB) International Finance Corporation (IFC) Agence Française de Développement (AFD) 10 10

11 Funding Agreements signed in 2004 (mn) World Bank IBRD Renewable Energy Loan EFIL II Export Finance $202 $ years 16 years European Investment Bank EIB Industrial Sector Global Loan (IV) Small Businesses Apex Global Loan years years 2016 Council of Europe Development Bank CEB years 2014 Agence Française de Développement AFD years 2017 International Finance Corporation IFC-Subordinated Loan $50 7 years

12 Funding Agreements signed in 2005 (mn) $120 Syndicated Loan 1 year 2006 $50 Murabbaha Loan 1 year 2006 World Bank IBRD EFIL III Export Finance EFIL III Export Finance $ years 16 years European Investment Bank (EIB) Industrial Sector Global Loan (V) years

13 Current Shareholder Structure İş Bankasõ Group 50.1% Free Float 41.5% Vakõflar Bankasõ 8.4% 50 percent of stocks are quoted at ISE (IMKB) 27% foreign participation (54% of the free float stocks) 13 13

14 Awards " Best Local Partner by Euromoney Awards for Excellence " Best Securities Firm by Euromoney in 1997, 1998 and 1999 " Best Credit Rating among Banks in Emerging Markets in 1998 and 1999 by Thomson Bankwatch " Best Equity Research in 1997 by the Emerging Markets Investor Magazine 14 14

15 Awards received in 2005 " Best M&A House by Euromoney Awards for Excellence " Best Advisory by Euromoney Real Estate Awards 15 15

16 TSKB Financial Highlights Investment Opportunities Appendices 16 16

17 Balance Sheet Composition 37% 64% 53% 10% Assets 19% 17% Liabilities & Equity Liquid Assets Loans Other Borrowings Others Equity 17 17

18 Asset Composition (USD mn) Change 29% 31% 37% Liquid Assets % Loans 1,038 1,307 26% Other % 60% 61% 53% Total Assets 1,707 2,470 45% 11% 8% 10% Liquid Assets Loans Other Share of interest earning assets in total assets is 90 percent 18 18

19 Breakdown of Loans TOURISM 13% OTHER 13% TRANSPORTATION AND COMMUNICATION 2% FOOD 3% PLASTICS 4% AGRICULTURE 3% CHEMISTRY 5% ENERGY 8% PRODUCTION OF VECHICLES 5% METALS 7% FINANCE 28% TEXTILE 9% Well diversified loan portfolio Total of 327 clients, with 20 largest loan exposure weight of 37% Average Loan size per client is 4 million USD 19 19

20 Asset Quality NPLs (USD mn) NPL Ratio vs. Coverage Ratio % 8% 7% 8.0% 100% 120% 100% 33 6% 80% 5% 4% 4.0% 60% 3% 2.5% 40% 2% 1% 20% 0% 0% NPLs Coverage Ratio NPL s are low and fully provisioned In 2005 NPL amount declined by 25% 20 20

21 Securities Portfolio Breakdown of Securities Portfolio Total Portfolio (USD mn) TL Floating 35% FX Floating 16% FC TRY TL Discount Bonds 34% % 51% % FX Fixed 15% Total Securities Portfolio is classified as Available for Sale Portfolio, of which 50% is not subject to interest income volatility Average Maturity (Years) TL Securities FX Securities

22 Equity Participation Portfolio Financial vs. Non-financial Listed vs. Non-listed (USD mn) (USD mn) mn Financial Venture Capital Listed Non Listed EIB Venture Capital Participations are USD 10.5 mn 22 22

23 Currency Risk Structure (Mn USD) USD EURO JPY Total Total Assets ,649 Total Liabilities ,709 Net On-Balance Sheet Position (62) 2 - (60) Net Off-Balance Sheet Position 54 (2) 1 53 Net (8) - 1 (7) FX Composition (mn USD) USD EURO JPY Total Loans ,116 Leasing Receivables % of Total Assets and 69% of Total Liabilities are F/C denominated No currency, maturity and interest rate mismatches 23 23

24 Increasing Volume of Interest Earning Assets IEA vs. IBL (USD mn) IEA Trend 2, , ,568 1,335 1, % 117% 114% 115% 93% 92% 92% 90% ! Int. Earning Assets! Int. Bearing Liabilities IEA / IBL IEA / Total Assets Adjusted Net Interest Margin* 7.4% 5.7% 5.3% * Adj. for FX Gains / Losses and Net Trading Income 24 24

25 Sufficient Capitalisation... and high CAR supports steady balance sheet growth Capital Base (USD mn) Capital Adequacy Ratio CAR Basel-II 32.2% 42.8% 36.8% % 16.4% 16.6% Risk Weighted Assets 87% 87% 80% % 13% 20%! Tier I Capital! Tier II Capital! Deductions Market Risk Credit Risk

26 Income Statement Highlights (000 USD) Change Adj. Net Interest Income (1) 86,394 99,397 15% Net Commissions 11,060 8,762-21% Released Provisions 19,364 14,133-27% Other Operating Income 2,006 3,392 69% Net Banking Income 118, ,684 6% Personnel Expenses 14,503 16,391 13% Adm. Expenses 3,262 4,375 34% Other Op. Expenses 7,011 4,952-29% Operating Profit 94,048 99,966 6% Provision Charges 37,577 25,653-32% Net Monetary Gain/Loss 21,267 - Net Profit 35,203 74, % Income Composition 73% 9% 18% 79% 7% 14% Other Income Net Commissions Adj. NII (1) Adjusted for FX Gains/Loss 26 26

27 Breakdown of Interest Income Interest Income (USD mn) Breakdown of Interest Income % 34% 135 Loans 61% 66% Liquid Assets

28 Higher Profitability ROA ROE 3.6% 20.4% 21.4% 2.2% 2.4% 2.0% 2.2% 2.8% 16% 16% 14% 13% (*) (*) Sector TSKB Sector TSKB ROA and ROE ratios, higher than the sector (*) Sector 2005 results are annual based assumptions according to September-05 results 28 28

29 Banking Sector vs TSKB (As of 3Q05) Total Expenses / Avg. Assets NPL Ratio Loans / T. Assets Securities / T. Assets I.E.A. / T. Assets Free Capital / T. Assets SECTOR 3.2% 5.5% 37% 39% 86% 8% TSKB 1.0% 3.3% 53% 38% 91% 10% Free Capital as of % 10.7% 10.0% 8.6% 7.2% 6.6% 6.2% 5.8% 3.9% 2.8% FORTIS TSKB AKBANK ALTERNATİF DENİZBANK FİNANSBANK ŞEKERBANK TEB İŞ BANKASI GARANTİ

30 Financial Summary USD mn Financial Assets Loans Equity 1,158 1,707 2, ,038 1, Ratios CAR ROE 32.3% 15.9% 42.8 % 13.3 % 36.8 % 21.4 % ROA 2.4% 2.2 % 3.5 % 30 30

31 TSKB Financial Highlights Investment Opportunities Appendices 31 31

32 Future Prospects & Expectations Turkish Economy # Stability ensuring sustainable growth # Debt to GDP ratio meeting Máastricht criterion # Low inflation & real interest rates # Completion of structural transition Banking Sector # Further consolidation & increase inflow of FDI # Growth in assets # Growth in loans by volume & as a percentage of assets # Increase in quality of loan portfolios # Increase in competition leading to introduction of new products # Decline in margins # Securitisation of Mortgages # Debt origination 32 32

33 Future Prospects & Expectations TSKB s positioning as a resilient boutique bank " Increase market share in existing lending, investment banking & trading activities " Take a major role in extending local expertise to expected FDI inflow Use the know-how and experience in booming IPO and M&A s " Establisment of Real Estate Investment Trust and... " Net interest income is targeted to grow moderately via higher placement volume " Profit growth will be enhanced by increasing contribution of fee based income generated by investment banking & trading activities 33 33

34 Future Prospects & Expectations Comperative advantages of TSKB! Strong capital structure! Existing high share of interest earning assets! High fund generation capability at low cost & long maturity! Experience in extending medium-long term loans! Ability to reach a widespread client base with low operational costs! Expertise & high market share in investment banking activities! Experience in launching new products to the markets! Long-standing relations with international banks as the Best Local Partner 34 34

35 Investing Opportunity in TSKB Stock # 6th best return in ISE (IMKB) index. # 3rd best performance among listed financial companies # Listed in ISE-30 index since 1st January 2006 # 27% foreign participation (54% of free float shares) 35 35

36 Investing Opportunity in TSKB Stock Banks P/BV Banks P/E Akbank 3.81 Akbank Denizbank 3.59 Denizbank Fortis Bank (Q305 result) Finansbank Fortis Bank (Q305 result) Finansbank Garanti Bankasõ 3.20 Garanti Bankasõ İş Bankasõ (C) 2.59 İş Bankasõ (C) Türk Ekonomi Bankasõ 3.45 Türk Ekonomi Bankasõ TSKB 2.19 TSKB Prices as of March 3, 2006 Prices as of March 3, 2006 Mcap (average of banks): USD 1,383 mn Mcap (average of banks): USD 1,530 mn Mcap based on highest P/BV: USD 2,020 mn Current Mcap is USD 902 mn Mcap based on highest P/E: USD 2,607 mn 36 36

37 Investing Opportunity in TSKB Stock Sale of Türk Ticaret Bank stake in TSKB to 5 Foreign Funds TSKB & SYB Merger March TSKB mcap 37 37

38 Disclaimer The information in this document has been obtained by Türkiye Sõnai Kalkõnma Bankasõ A.S. ( TSKB ) from sources believed to be reliable, however, TSKB cannot guarantee the accuracy, completeness, or correctness of such information. This document has been issued for information purposes only. The financial reports and statements announced by TSKB to the public and the relevant corporations are accepted to be the sole material. TSKB does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents due to the misleading information in this document. All estimations contained in this document are the opinions of TSKB and can be subject to change without notice. This document can not be interpreted as an advice, offer to sell, or an invitation to subscribe for or purchase, any of the shares in any jurisdiction to any person or to the investors and TSKB can not be held responsible for the results of investment decisions made on account of this document. This document has been issued specially to the person, whom the document is concerned and may not be reproduced, distributed or shared with third parties for any purpose. The distribution of this document in certain jurisdictions may be restricted by law. Persons into whose possession this document comes are required by TSKB and the managers to inform themselves about and to observe any such restrictions. No persons has been authorized to give any information or to make any representation. In making an investment decision, investors must rely on their own examination of TSKB, including the merits and risks involved. This document is personal to whom it is delivered by the managers

39 TSKB Financial Highlights Investment Opportunities Appendices 39 39

40 Participations ( ) Entity Sector Ownership Yatõrõm Finansman Menkul Değerler A.Ş. (Yatõrõm Finansman Securities) Financial 88.44% TSKB Menkul Değerler A.Ş. (TSKB Securities) Financial 91.79% Entity Sector Ownership İş Finansal Kiralama A.Ş. (İş Leasing) Financial 28.56% TSKB Yatõrõm Ortaklõğõ A.Ş. (TSKB Investment Company) Financial 30.17% Yatõrõm Finansman Yatõrõm Ortaklõğõ (Yatõrõm Finansman Investment Company Trust) Financial 10.78% Entity Sector Ownership İş Girişim Sermayesi Yatõrõm Ortaklõğõ (İş Venture Capital Investment Trust) Financial 16.67% IMKB Takas Saklama A.Ş. (ISE Clearing House) Financial 5.00% Vadeli İşlem ve Opsiyon Borsasõ A.Ş. (Derivatives Clearing House) Financial 1.00% İş Factoring Finansman Hizmetleri A.Ş. (İş Factoring) Financial 14.75% Cam Elyaf Sanayi A.Ş. Glass 1.18% Terme Metal Sanayi ve Tic. A.Ş. Metal 17.83% TSKB Gayrimenkul Değerleme A.Ş. (TSKB Real Estate Appraisal) Real Estate 80.00% İş Portföy Yönetimi A.Ş. (İş Asset Management) Financial 5.00% Gözlük Sanayi A.Ş. Glass 21.71% Servus Bilgisayar A.Ş.* 7.14% Ünsa Ambalaj San. Ve Tic. Ltd. Şti.* 12.00% Senapa-Stampa Plastik Ambalaj San. A.Ş.* 10.41% *These subsidiaries are TSKB's participations via the EIB Venture Capital Fund Scheme 40 40

41 Organization Chart INFORMATION TECHNOLOGY & HUMAN RESOURCES EXECUTIVE VICE PRESIDENT ŞEMSEDDİN ARAT APPLICATION DEVELOPMENT GÖKHAN ÇANAKPINAR Department Head SYSTEM DEVELOPMENT YETKİN KESLER Department Head HUMAN RESOURCES OLCAY TATLIOĞLU Department Head SYSTEM & NETWORK SUPPORT ERKAN MİSKET Manager TECHNICAL SERVICES EXECUTIVE VICE PRESIDENT ORHAN BEŞKÖK FINANCIAL ANALYSIS KORKUT ÜN Department Head TECHNICAL ANALYSIS KORKUT ÜN Department Head ECONOMIC ANALYSIS REFİK AKINCI Department Head LOANS UFUK BALA YÜCEL Department Head TREASURY & CAPITAL MARKETS EXECUTIVE VICE PRESIDENT ŞENİZ YARCAN TREASURY OSMAN KÖKMEN Department Head CAPITAL MARKETS HAYRETTİN ERYILMAZ Department Head FINANCIAL INSTITUTIONS ESTEL GÜRDOĞAN Deputy Department Head MUTUAL FUNDS MERİH BÜYÜKER Manager BAHRAIN BRANCH ARDA AÇIKSÖZ Branch Manager BOARD OF DIRECTORS CAHİT KOCAÖMER CHAIRMAN AUDIT COMMITTEE ADNAN BALİ MURAT BİLGİÇ (Members of the Board) PRESIDENT HALİL EROĞLU (CEO, MEMBER of THE BOARD) CORPORATE BANKING EXECUTIVE VICE PRESIDENT BURAK AKGÜÇ FINANCIAL CONTROL EXECUTIVE VICE PRESIDENT ÖMER ERYILMAZ CORPORATE BANKING I FUNDA GÜREL Department Head FINANCIAL CONTROL Department Head ANKARA BRANCH İZMİR BRANCH INVESTOR RELATIONS UNIT CORPORATE BANKING II Department Head BOARD OF INTERNAL AUDITORS ECE ÜNAL Head of Board of Internal Auditors OPERATIONS EXECUTIVE VICE PRESIDENT ÇİĞDEM İÇEL TREASURY OPERATIONS NEŞE DUYGULU Department Head HEAD OFFICE OPERATIONS ÖZNUR GÖKHAN Senior Manager INTERNAL CONTROL UNIT MELTEM AYHAN Senior Manager LEGAL ADVISER CORPORATE FINANCE & RESEARCH İBRAHİM ÖZTOP Director CORPORATE FINANCE HAKAN AYGEN Department Head RESEARCH GÜNDÜZ FINDIKÇIOĞLU Department Head RISK MANAGEMENT UNIT AYŞEN DEMİRKURT Manager Prof. Dr. SAFA REİSOĞLU GENERAL SECRETARIAT AKIN SÜEL Secretary General LEGAL AKIN SÜEL Deputy Department Head PENSION & ASSISTANCE FUNDS ESER ÇELİK ÜN Senior Manager

42 Ratings FOREIGN CURRENCY Long-term BB- Outlook Positive Short-term B INDIVIDUAL C/D SUPPORT 3 LOCAL CURRENCY Long-term BB- Outlook Positive Short-term B NATIONAL A (tur) FOREIGN CURRENCY Long-term B1 Short-term N/P Outlook Positive FSR D+ OUTLOOK Stable TSKB is rated by Moody s on 20 December, 2005 TSKB is rated by Fitch Ratings on 9 December,

43 TSKB Investor Relations Meclisi Mebusan Caddesi No 161, Fõndõklõ Istanbul Turkey Website: Tel: Investor Relations Tel: Fax:

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