Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index) by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations ISE National 100 Index - XU100 Index April 2013

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

AFYON CIMENTO

TRY

114

0.11

#VALUE!

-1.32

#VALUE!

-5.35

2.71

-16.52

-5.88

AKBANK T.A.S.

TRY

20568

16453

4000

#VALUE!

8007

4631

5129

0.41

0.44

0.50

6.84

6.36

5.68

11.92

4.83

15.07.2008

Baa2

03.07.2012

AKENERJI ELEKTRIK URETIM AS

TRY

693

5198

729

1.40

441

415

616

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

2.09

744

678

598

601

148

175

2.54

2.53

0.48

1.30

6.82

19.86

51.85

12.36

AKSA AKRILIK KIMYA SANAYII

TRY

543

831

185

0.67

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

0.06

#VALUE!

0.74

#VALUE!

9.23

#VALUE!

-12.25

37.05

5.00

32.75

ALARKO HOLDING

TRY

707

501

223

0.60

727

863

883

1109

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

#VALUE!

680

417

484

0.10

0.13

0.15

5.70

4.39

3.90

16.12

5.03

22.02.2010

ALKIM ALKALI KIMYA A.S

TRY

183

350

0.22

115

130

137

0.33

#VALUE!

12.40

#VALUE!

3.18

116.23

3.51

4.99

ANADOLU ANONIM TUERK SIGORTA

TRY

332

1143

500

#VALUE!

1066

1321

1049

1190

0.05

7.30

7.07

16.83

ANADOLU EFES BIRACILIK VE

TRY

9270

349

592

9.89

3525

4088

4570

673

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

300

0.93

322

282

308

0.14

0.17

13.51

10.81

-2.83

-7.34

ANADOLU ISUZU OTOMOTIV SAN-C

TRY

387

0.45

#VALUE!

0.03

#VALUE!

304.94

#VALUE!

7.34

5.80

-27.79

-10.05

1.40

ARCELIK AS

TRY

4585

1066

676

5.87

5800

6445

6968

566

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

2.90

897

1065

1222

139

136

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

#VALUE!

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

1.73

3069

3217

3298

134

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

0.28

200

220

236

-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

0.43

613

677

702

813

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

0.27

#VALUE!

-21

#VALUE!

2.95

18.69

BIM BIRLESIK MAGAZALAR AS

TRY

7318

278

152

7.11

5442

6517

7711

270

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

0.65

1084

1262

1447

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

0.67

783

#VALUE!

0.77

#VALUE!

13.96

#VALUE!

3.91

7.05

5.75

3.84

BOYNER BUYUK MAGAZACILIK

TRY

303

135

0.38

514

802

901

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

1.22

782

917

999

113

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

#VALUE!

0.43

260

295

293

320

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

0.13

#VALUE!

0.12

#VALUE!

2.82

#VALUE!

64.92

COCA-COLA ICECEK AS

TRY

7162

221

254

7.76

2270

2680

3113

369

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

1.99

1575

1611

1730

1910

142

160

-0.01

0.03

10.59

12.13

0.33

-5.88

31.03

-8.57

5.51

DOGAN YAYIN HOLDING AS

TRY

890

10824

2000

1.90

1436

1334

1389

1507

166

192

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

1.65

2820

2909

3093

179

172

0.64

0.59

5.24

5.71

5.66

3.70

13.70

10.51

13.86

3.48

ECZACIBASI YATIRIM HOLDING

TRY

285

718

0.21

1303

1045

#VALUE!

-6

-8

-0.03

#VALUE!

9.15

-0.14

-1062.16

-0.34

EGE ENDUSTRI VE TICARET AS

TRY

112

0.12

#VALUE!

3.28

#VALUE!

5.93

#VALUE!

-6.47

519.74

15.79

9.44

EGE GUBRE SANAYII AS

TRY

116

0.14

109

126

#VALUE!

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

0.45

535

561

601

608

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

3.73

552

935

1075

218

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

7.51

5657

5693

5857

731

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

5.44

5258

5390

5777

567

756

0.07

0.12

0.15

10.55

5.69

4.75

4.00

9.30

-27.76

-1.11

5.93

17.10.2011

FENERBAHCE FUTBOL ANONIM SIR

TRY

552

0.64

135

153

#VALUE!

-0.06

#VALUE!

75.83

30.90

-31.72

-1.65

13.69

FORD OTOMOTIV SANAYI AS

TRY

4839

222

351

5.36

5366

5828

6748

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

0.37

123

159

#VALUE!

-3

0.99

#VALUE!

12.25

#VALUE!

39.36

24.90

44.93

4.05

GOLTAS GOLLER BOLGESI CIMENT

TRY

260

502

0.30

129

152

158

#VALUE!

1.48

#VALUE!

13.42

#VALUE!

14.61

10.24

19.09

-5.47

12.63

GOODYEAR LASTIKLERI TURK AS

TRY

427

171

0.43

623

#VALUE!

2.29

#VALUE!

8.61

#VALUE!

-4.49

5.77

-2.15

7.69

4.58

GOZDE GIRISIM SERMAYESI YATI

TRY

290

5471

134

0.63

148

#VALUE!

-3

0.06

#VALUE!

19.61

#VALUE!

12774.69

GSD HOLDING

TRY

121

2979

250

1.40

265

413

#VALUE!

0.11

#VALUE!

2.51

#VALUE!

20.69

31.87

7.32

GUBRE FABRIKALARI TAS

TRY

741

402

1.12

1251

1349

1252

1360

332

254

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

27.89

6367

15292

17065

2526

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

0.54

477

475

479

507

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

7952

191

0.03

#VALUE!

0.06

#VALUE!

3.21

#VALUE!

1.12

2.27

53.17

IHLAS HOLDING

TRY

356

64920

790

0.43

358

#VALUE!

-0.04

#VALUE!

-0.42

13.37

-22.64

0.21

-2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

IPEK DOGAL ENERJI KAYNAKLARI

TRY

748

8440

204

0.84

499

666

644

748

324

413

0.29

0.23

0.31

5.43

6.96

5.13

36.99

22.89

37.52

IS FINANSAL KIRALAMA AS

TRY

212

1184

339

0.88

#VALUE!

0.06

#VALUE!

5.20

#VALUE!

9.17

5.13

IS GAYRIMENKUL YATIRIM ORTAK

TRY

485

1745

600

0.51

108

116

0.06

0.07

7.41

6.12

6.07

3.75

8.06

-2.72

4.36

37.15

ITTIFAK HOLDING A.S

TRY

226

0.22

490

537

#VALUE!

0.08

#VALUE!

18.18

#VALUE!

8.27

79.42

4.35

0.71

IZMIR DEMIR CELIK SANAYI AS

TRY

632

2559

375

0.70

782

888

828

967

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

1.06

927

933

1111

170

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

0.28

320

531

445

-0.13

0.04

#VALUE!

9.42

#VALUE!

-14.83

43.15

1.24

KARTONSAN KARTON SANAYI

TRY

438

0.39

117

#VALUE!

5.24

#VALUE!

16.18

#VALUE!

0.44

6.52

-11.14

8.07

10.02

KILER GAYRIMENKUL YATIRIM OR

TRY

122

155

124

0.21

137

0.16

0.15

0.21

3.38

3.51

2.52

-35.15

KOC HOLDING AS

TRY

14140

2292

2536

28.36

46604

49370

51840

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

0.85

130

#VALUE!

4.18

#VALUE!

24.57

#VALUE!

-0.33

3.63

-3.80

12.31

KOZA ALTIN ISLETMELERI AS

TRY

3477

224

153

2.97

573

617

681

444

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

0.90

323

451

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

653

250

0.11

225

#VALUE!

-0.01

#VALUE!

4.27

3.73

-34.60

0.40

4.43

METRO TICARI VE MALI YATIRIM

TRY

11018

300

0.13

506

549

#VALUE!

-0.01

#VALUE!

49.20

184.75

54.77

52.26

2.83

MIGROS TICARET A.S

TRY

2161

1333

178

2.91

3161

3312

3589

4090

207

229

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

0.17

221

231

#VALUE!

0.03

#VALUE!

10.11

#VALUE!

13.42

2.96

124.12

-1.32

4.01

NET HOLDING AS

TRY

488

1153

366

0.62

#VALUE!

-5

-2

0.12

0.08

#VALUE!

5.89

9.54

#VALUE!

8.84

10.15

-1.65

NETAS TELEKOMUNIKASYON AS

TRY

387

801

0.34

302

#VALUE!

0.34

#VALUE!

9.68

#VALUE!

34.80

34.88

-0.40

2.54

OTOKAR OTOMOTIV VE SAVUNMA

TRY

738

245

0.87

552

612

626

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

0.44

146

172

218

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

1.70

2389

2625

2837

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

0.29

549

626

670

-0.08

#VALUE!

5.79

15.03

-47.91

32.41

0.65

RHEA GIRISIM AS

TRY

1116

0.03

#VALUE!

-12

-3

0.11

#VALUE!

3.46

#VALUE!

215.60

-175.52

-18.70

SAF GAYRIMENKUL YATIRIM ORTA

TRY

482

273

887

0.52

#VALUE!

162

163

-0.02

#VALUE!

-53.50

25.68

27.42

SEKERBANK

TRY

1132

2500

1000

#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

0.64

360

306

324

327

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

3.96

1410

1565

1730

265

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

1.44

1764

2215

2204

2256

210

196

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

3.75

3684

4061

4525

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

1.31

121

332

0.39

0.27

0.35

3.06

4.37

3.37

-16.51

26.60

TRABZONSPOR SPORTIF YATIRIM

TRY

2944

0.13

#VALUE!

28.66

TRAKYA CAM SANAYII AS

TRY

1059

5671

694

1.15

686

804

980

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

8.27

25838

26011

26669

770

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

0.54

-5

-6

-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

#VALUE!

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

8.57

8190

9821

11097

1141

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

18.33

6980

7286

7593

2713

0.41

0.42

5.89

5.86

3.52

2.35

2.66

21.35

TURK TRAKTOR VE ZIRAAT MAKIN

TRY

1744

115

1.73

1084

1121

1227

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

12.35

5772

6172

6630

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

#VALUE!

9710

5229

5764

0.44

0.47

0.50

6.53

6.12

5.71

7.90

7.00

22.02.2010

Baa2

03.07.2012

TURKIYE HALK BANKASI

TRY

13116

10579

1250

#VALUE!

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

#VALUE!

12302

5495

5875

0.42

0.40

0.43

4.87

5.03

4.75

11.39

3.35

22.02.2010

Baa2

03.07.2012

TURKIYE SINAI KALKINMA BANK

TRY

1499

1219

1100

#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

3.55

2935

3291

3745

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

#VALUE!

6223

3279

3569

0.31

0.36

0.39

5.58

4.83

4.47

14.41

10.11

22.02.2010

Baa2

04.07.2012

ULKER BISKUVI SANAYI AS

TRY

2565

183

342

2.76

1286

1398

1509

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

0.86

3833

4235

4426

4974

340

104

-0.13

0.08

0.24

7.77

2.53

17.52

5.71

46.44

6.73

1.35

B-

22.12.2008

22.03.2001

YAPI VE KREDI BANKASI

TRY

13182

26279

4347

#VALUE!

7198

4273

4719

0.26

0.30

0.35

6.31

5.56

4.82

9.75

3.49

22.02.2010

Baa2

04.07.2012

ZORLU ENERJI ELEKTRIK URETIM

TRY

429

13247

333

1.48

289

452

510

0.62

-0.06

-0.01

0.76

#VALUE!

9.91

187.01

-5.48

11.76

452

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

47.37

22.19

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

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

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

%D to Spot

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

6.34

5.94

6.89

7.09

6.50

6.11

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

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

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

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

7.82

2.88

0.00

14.73

35.2%

0.62

0.64

0.61

5.77

6.39

5.81

6.18

5.24

6.18

6.04

13.2%

7.80

8.02

6.17

0.87

0.82

6.73

16.8%

0.47

0.00

2.17

13.5%

13.55

0.4%

1.27

5.0%

AFYON CIMENTO

0.72

AKSA AKRILIK KIMYA SANAYII

2.37

12.41

5.58

8.71

8.18

11.47

12.47

9.23

7.60

9.14

7.99

7.10

5.97

ALARKO GAYRIMENKUL YATIRIM ALARKO HOLDING

1.23

1.18

1.10

0.92

1.04

0.80

0.64

0.54

ALBARAKA TURK KATILIM BANKAS

1.52

1.22

1.10

0.86

2.57

2.27

1.95

1.71

1.55

1.41

1.34

1.25

0.36

0.32

0.28

2.65

2.27

2.03

3.91

3.56

3.27

1.79

1.55

0.78

0.71

0.66

0.61

0.57

3.15

2.75

2.39

2.08

1.96

ALKIM ALKALI KIMYA A.S

0.43

7.48

6.13

5.82

1.20

12.01

ANADOLU ANONIM TUERK SIGORTA

0.82

0.80

0.75

ANADOLU EFES BIRACILIK VE

3.03

2.62

2.46

ANADOLU HAYAT EMEKLILIK

3.61

3.37

2.99

ARCELIK AS

2.18

1.99

1.79

ASELSAN ELEKTRONIK SANAYI

2.87

2.39

3.41

ASYA KATILIM BANKASI AS

0.86

0.80

0.73

0.64

1.61

1.44

1.28

1.12

AYGAZ AS

1.35

1.30

1.17

1.11

0.59

0.56

0.54

0.49

BAGFAS BANDIRMA GUBRE FABRIK

2.22

2.04

1.60

1.29

1.26

1.17

0.74

BANVIT BANDIRMA VITAMINLI YE

1.83

1.86

1.51

0.33

0.29

0.25

0.22

0.19

1.07

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

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

BOYNER BUYUK MAGAZACILIK

0.58

0.38

0.34

0.30

0.27

BRISA BRIDGESTONE SABANCI

1.12

1.00

0.92

1.13

0.95

0.87

0.79

2.02

1.80

ANADOLU ISUZU OTOMOTIV SAN-C 1.67

1.72

1.71

14.52

12.56

11.21

10.90

10.36

13.89

35.87

0.47

18.77

11.51

9.86

13.48

15.50 6.31

9.29

7.96

11.57

7.53

10.10

5.11

6.78

10.34

4.91

8.23

1.32

0.31

6.42

8.85

13.30

12.87

25.18

21.87

18.23

16.43

13.64

22.26

24.60

19.68

18.48

13.86

14.43

12.19

11.00

10.95

15.21

15.90

14.24

3.88

5.54

1.54

1.87

2.21

2.39

2.18

2.41

3.39

5.41

3.61

3.81

4.57

5.13

1.92

2.21

1.81

3.77

29.69

4.2%

6.10

-0.1%

29.46

9.90

8.75

7.85

17.46

15.85

13.60

11.97

7.45

6.87

11.47

11.89

11.66

11.07

10.60

10.12

8.64

6.61

9.09

7.91

6.92

3.75

11.40

8.13

6.21

4.88

4.72

26.15

21.68

18.13

16.01

13.55

16.89

13.73

11.76

9.98

8.81

11.16

6.71

5.51

4.69

4.17

12.02

9.81

8.66

7.51

8.44

6.93

6.23

9.99

9.96

8.03

6.52

6.11

0.04

0.13

0.26

0.00

11.12

11.46

10.74

10.48

4.32

4.94

4.50

4.40

10.28

9.29

8.56

7.51

7.01

5.09

10.49

8.00

6.16

0.82

2.47

1.37

1.78

39.12

32.68

27.28

24.48

18.70

1.72

2.03

2.47

2.70

41.10

30.58

25.77

21.79

18.87

1.16

1.37

1.82

2.26

31.58

21.82

15.27

21.84

19.50

18.20

14.56

13.55

9.81

10.57

33.70

29.58

24.29

19.64

19.27

22.08

18.28

8.99

12.31

-0.3%

9.46

-11.2%

2.46

6.0%

11.64

6.8%

65.00

16.1%

4.89

34.0%

89.29

1.8%

32.49

8.3%

6.41

6.9%

28.8%

BESIKTAS FUTBOL YATIRIMLAR 13.26

2.67

BORUSAN MANNESMANN BORU SANA

CELEBI HAVA SERVISI

4.63

8.33

5.29

3.65

6.96

7.89

6.20

5.44

COCA-COLA ICECEK AS

6.93

5.93

5.16

4.27

3.18

2.69

2.31

1.99

1.78

DOGAN SIRKETLER GRUBU HLDGS

0.60

0.74

0.79

0.77

0.89

0.82

0.75

0.69

0.73

25.27

21.59

17.91

15.35

20.93

17.20

14.46

12.11

6.63

9.64

11.28

15.01

11.22

8.19

6.97

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

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

4.76

5.40

13.33

9.93

8.77

8.22

6.12

12.50

10.78

9.13

9.58

9.09

8.92

8.93

EGE GUBRE SANAYII AS

1.61

1.34

0.99

0.92

EIS ECZACIBASI ILAC VE SINAI

0.64

0.51

1.44

1.28

1.27

EMLAK KONUT GAYRIMENKUL YATI

1.68

1.59

1.40

7.05

4.22

3.67

3.52

ENKA INSAAT VE SANAYI AS

1.66

1.51

1.44

1.36

1.62

1.51

1.47

1.34

EREGLI DEMIR VE CELIK FABRIK

1.01

0.89

0.86

0.83

0.76

0.73

0.68

0.63

0.57

4.34

4.09

3.67

3.41

0.90

0.83

0.72

0.65

0.64

0.00 4.58

5.13

5.49

5.92

6.46

9.14

9.86

26.92

0.94

1.16

1.52

0.79

46.81

-8.7%

0.00

1.30

22.3%

0.93

15.2%

10.54

-5.1%

CEMAS DOKUM SANAYI AS 3.50

15.24

10.57

18.26

9.00

17.23

15.00

0.00

9.84

10.40

10.30

10.99

4.40

4.90

9.52

8.63

1.69

2.59

4.33

4.32

ECZACIBASI YATIRIM HOLDING EGE ENDUSTRI VE TICARET AS 0.67

7.09

17.16

20.38

23.29

12.80

18.19

10.66

8.21

16.88

9.93

7.82

6.52

2.40

4.53

5.54

25.60

2.35

-8.2%

3.43

19.5%

3.32

6.15

10.3%

6.41

2.76

20.0%

7.69

9.61

22.51

-10.3%

4.27

4.74

5.20

19.61

21.4%

1.46

1.76

11.24

5.5%

0.00

1.11

1.10

22.4%

14.95

9.47

6.87

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

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

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

3.76

3.77

12.42

8.46

9.01

7.67

1.49

12.12

10.39

8.99

1.06

3.23

16.07

1.33

FENERBAHCE FUTBOL ANONIM SIR FORD OTOMOTIV SANAYI AS 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

HACI OMER SABANCI HOLDING

1.36

1.23

0.95

HURRIYET GAZETECILIK VE MATB

0.76

0.71

0.69

1.22

0.66

0.69

0.59

0.54

0.92

0.83

0.75

0.58

0.57

0.54

0.50

0.51

0.56

4.74

8.68

17.94

7.67

4.80

4.79

2.85

300.00

4.50

5.24

3.91

4.12

4.72

4.05

10.68

9.33

8.11

7.87

8.52

7.72

IHLAS EV ALETLERI IMALAT IHLAS HOLDING

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7.15

7.08

11.69

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

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

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

%D to Spot

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

6.34

5.94

6.89

7.09

6.50

6.11

7.09

10.81

9.72

9.01

10.81

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%

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

1.95

32.8%

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%

1.28

1.15

0.88

0.77

0.88

0.89

0.74

0.58

4.95

5.11

3.83

2.93

6.64

5.97

5.04

4.05

6.24

5.81

4.35

1.81

12.4%

0.38

0.24

0.29

31.24

11.08

13.22

1.45

20.8%

2.68

2.29

0.89

2.60

45.3%

0.31

0.29

0.27

9.82

-3.3%

50.85

22.5%

7.59

48.9%

26.51

19.9%

IS FINANSAL KIRALAMA AS IS GAYRIMENKUL YATIRIM ORTAK

3.40

2.86

3.29

3.48

4.29

8.70

ITTIFAK HOLDING A.S IZMIR DEMIR CELIK SANAYI AS KARDEMIR KARABUK DEMIR-CL D KARSAN OTOMOTIV

0.53

3.84

6.26

17.14

KARTONSAN KARTON SANAYI KILER GAYRIMENKUL YATIRIM OR KOC HOLDING AS

1.55

1.45

1.27

1.13

KONYA CIMENTO SANAYII AS

7.99 0.26

10.80

9.46

7.41

8.40

6.71

6.28 7.65

6.98

5.73

6.39

4.59

11.87

10.22

9.28

7.36

1.82

2.05

2.52

1.84

2.31

2.75

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

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

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

8.23

7.00

87.47

75.81

1.41

1.21

1.18

1.13

0.93

13.64

12.17

12.02

4.05

3.22

2.54

2.20

2.01

5.25

4.39

3.76

0.68

0.65

0.60

0.55

0.54

73.80

12.41

9.24

0.26

0.22

0.21

11.34

8.16

6.89

7.20

12.95

10.25

8.89

4.25

7.04

MENDERES TEKSTIL SANAYI VE T METRO TICARI VE MALI YATIRIM MIGROS TICARET A.S

0.00

0.24

0.67

1.74

MONDI TIRE KUTSAN KAGIT VE NET HOLDING AS

34.71

17.36

0.82

19.22

16.14

15.22

3.75

4.38

4.55

52.55

-6.2%

9.19

7.66

7.08

9.88

3.69

6.19

8.25

21.7%

1545.00

25.33

17.46

0.87

1.81

3.11

3.18

3.0%

1.31

10.6%

NETAS TELEKOMUNIKASYON AS OTOKAR OTOMOTIV VE SAVUNMA PARK ELEKTRIK URETIM MADENCI

2.21

1.63

PETKIM PETROKIMYA HOLDING AS

1.77

1.68

1.65

POLYESTER SANAYI AS

28.61

16.26

12.88

11.47

6.32

9.12

5.99

24.56

RHEA GIRISIM AS SAF GAYRIMENKUL YATIRIM ORTA SEKERBANK

1.14

1.00

0.89

0.77

1.69

1.55

1.42

1.28

SINPAS GAYRIMENKUL YATIRIM O

0.72

0.67

0.62

0.52

1.28

1.41

1.40

1.29

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

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

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

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

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

TUPRAS-TURKIYE PETROL RAFINE

2.96

2.72

2.56

1.86

0.29

0.28

0.27

7.24

10.98

10.36

9.68

9.13

8.75

6.16

5.62

TURCAS PETROL A.S.

1.35

1.23

1.12

1.01

73.19

47.24

42.31

39.16

21.96

11.18

TURK EKONOMI BANKASI

0.96

0.85

0.76

2.03

1.75

1.57

TURK HAVA YOLLARI AO

1.71

1.42

1.17

1.01

0.59

0.49

0.44

0.38

0.35

3.74

2.94

TURK TELEKOMUNIKASYON AS

4.17

3.98

3.92

4.08

2.24

2.13

2.05

1.98

1.87

6.91

6.55

6.30

6.14

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

TURKCELL ILETISIM HIZMET AS

2.09

2.03

2.10

2.19

2.58

2.37

2.21

2.10

1.97

9.87

8.90

8.61

7.38

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

TURKIYE HALK BANKASI

2.07

1.72

1.48

1.28

4.18

3.67

3.34

2.97

7.37

6.96

TURKIYE IS BANKASI-C

1.41

1.26

1.12

0.99

3.46

3.03

2.83

2.51

5.19

4.85

TURKIYE SINAI KALKINMA BANK

1.63

1.37

1.24

1.11

5.60

5.25

4.88

4.38

TURK SISE VE CAM FABRIKALARI

0.94

0.88

0.84

0.76

0.66

0.58

5.30

4.89

4.19

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

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

0.11

0.08

0.07

0.06

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

ZORLU ENERJI ELEKTRIK URETIM

5.44

3.56

16.08

1.14

0.95

0.84

16.08

14.18

9.75

12.41

5.82

4.38

8.58

7.72

7.18

6.65

0.24

0.15

0.00

2.11

2.5%

4.84

8.27

7.24

5.91

3.45

2.88

3.45

4.53

1.85

33.1%

15.46

11.67

10.02

7.92

2.80

3.39

3.96

5.90

12.80

13.2%

11.85

9.46

10.59

10.03

2.18

2.92

3.74

3.19

9.10

18.2%

13.75

12.85

11.73

11.25

5.14

5.66

6.15

6.99

12.26

-0.7%

7.96

6.14

5.27

0.69

3.21

5.33

4.79

4.15

6.4%

24.26

14.26

11.08

10.33

0.57

0.83

1.73

3.23

3.27

17.6%

11.28

11.75

12.07

9.65

7.23

6.72

6.57

8.10

41.00

12.47

9.97

8.42

1.30

1.11

1.90

2.44

9.30

7.64

7.13

8.68

7.85

7.41

6.26

0.46

1.14

1.74

3.04

8.07

8.50

8.43

9.22

8.18

1.3%

6.21

6.02

6.36

9.23

56.69

-4.7% 12.2%

8.02

TRABZONSPOR SPORTIF YATIRIM

VESTEL ELEKTRONIK SANAYI

3.66

2.14

4.42

3.78

778.37

6.41

6.97

5.84

4.96

4.26

51.08

-6.3%

4.59

24.5%

2.35

9.8%

8.10

10.0%

6.53

6.29

6.08

5.88

5.52

10.58

10.73

10.67

9.99

10.06

9.31

8.59

7.81

7.63

12.18

11.81

10.67

9.52

7.15

6.44

5.85

5.45

4.29

13.17

12.00

11.08

10.52

9.49

6.69

6.65

7.55

13.58

12.21

11.13

10.40

9.41

1.66

1.99

2.52

2.40

9.96

5.5%

8.38

9.49

8.96

8.40

7.77

1.86

2.49

2.91

2.45

22.08

15.6%

4.00

9.66

9.16

8.64

8.00

1.90

2.25

2.47

2.29

7.38

9.9%

8.70

8.55

8.00

7.52

1.45

2.26

2.74

2.82

2.84

14.4%

13.19

9.68

8.23

0.73

1.09

1.29

3.29

8.9%

10.38

8.80

8.14

7.04

0.45

0.48

1.51

0.85

6.00

3.8%

25.75

24.64

20.34

18.27

2.19

2.03

2.64

3.68

11.19

-18.1%

9.90

14.14

4.60

6.49

0.00

2.26

14.1%

12.32

10.13

8.78

7.48

0.00

0.16

0.56

0.00

6.04

9.4%

0.00

1.67

6.8%

7.82

3.77 6.13

15.34

5.28

4.49

22.64

18.68

15.85

14.04

3.28

5.17

3.01

2.60

52.20

16.11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

13.61

12.40

20.26

9.45

16.53

12.17

28.03.2013

Afyon Cimento Sanayi TAS Afyon Cimento Sanayi T.A.S. manufactures, distributes, and sells cement and clinker. The Company markets its products throughout Turkey.

Price/Volume 120

.8 M .7 M

100

.6 M 80

Latest Fiscal Year: LTM as of: 52-Week High (24.04.2012) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFYON TI EQUITY YTD Change AFYON TI EQUITY YTD % CHANGE

12/2012 12/yy 102.75 67.25 8'487.00 69 -32.60% 2.60% 5.63% 3.0 207.00 0.08 0.0 0.0 4.04 203.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 32.7 45.1 5.64x 12.46x (1.3) 2.3 246.33x (0.7) 0.6 1020.40x Profitability

.3 M .2 M

.1 M

0 m-12

a-12 m-12

LTM-4Q 31.12.2011 45.6 5.81x (3.4) (5.3) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 41.1 5.14x (4.4) (7.2) -4.40 -7.93 -19.28% -21.22% -14.07% -16.84% 0.80% -6.3% -10.7% -19.3% -17.5% 2.98 2.17 0.16% 0.20% 4.31 7.23

Price/ Cash Flow

12/yy 46 32.58x (3.4) 0.00x (5.3) 0.00x

j-12

a-12

LTM 12/yy 41 15.96x (4.4) 0.00x (7.2) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.94 -23.33% -3.83% 0.943 0 9'063 21'986 40'947

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.02 0.2% 0.2% 0.80 1.54 84.94 50.65 46.62 88.96

Sales/Revenue/Turnover

600.00

60.0

500.00

50.0

400.00

40.0

300.00

30.0

200.00

20.0

100.00

10.0

0.00 01.01.2010

.4 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 40.3 1.48x 0.3 212.34x 3.7 20.50x

.5 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Afyon Cimento Sanayi TAS Holdings By:

All

Holder Name CIMENTS FRANCAIS BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV BIZIM MENKUL DEGERLE

Firm Name FinansInvest Global Menkul Degerler

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst UGUR OZKER TEAM COVERAGE

Source Research ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation not rated sell

Amt Held 1'578'300 13'612 6'427 3'848 102

% Out 52.61 0.45 0.21 0.13 0

Latest Chg -

Weighting

Change

Target Price

#N/A N/A 1

M M

#N/A N/A 193

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.05.2011 25.03.2013 31.12.2012 31.07.2012 20.07.2011

Date Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.02.2012 03.02.2011

28.03.2013

Akbank TAS 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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (28.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKBNK TI EQUITY YTD Change AKBNK TI EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 10.30 5.28 16'452'786.00 9.36 -9.13% 77.27% 80.88% 4'000.0 37'440.00 46'469.95 0.0 0.1 19'853.52 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 m-12

31.12.2009 31.12.2010 11'707.1 11'550.1 2'722.7 3'008.8 10.41x 11.41x Profitability

LTM-4Q 31.12.2011 11'975.0 2'536.4 9.49x

31.12.2012 14'574.3 3'004.9 11.71x 46.80% 46.80% 1.98% 14.80% 4.68% 0.10% 36.3% 28.43% 206.76% -

Price/ Cash Flow

j-12

LTM

12/yy 11'975.0 0.00x 0.0 0.00x 2'536.4 9.49x

a-12

12/yy 14'574.3 0.00x 0.0 0.00x 3'004.9 11.71x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.18 36.47% 6.36% 1.184 30 3.100 17'803'350 16'326'720 15'584'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'429.3 9'336.1 2'197.0 2'156.0 3'216.9 3'534.4 11.58x 10.33x 11.56x S&P Issuer Ratings

NR 206.8% 67.4% 0.10 5.81 -

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 12'338.3 1'782.2 8.05x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Akbank TAS Holdings By:

All

Holder Name HACI OMER SABANCI HO CITIGROUP INCORPORAT ABERDEEN BLACKROCK VANGUARD GROUP INC LAZARD ASSET MANAGEM TEMPLETON INVESTMENT OPPENHEIMERFUNDS INC INVESCO LTD DANSKE INVEST A/S COMMONWEALTH BANK OF DANSKE INVEST MANAGE EAST CAPITAL ASSET M FRANKLIN RESOURCES ING INVESTMENT MANAG DIMENSIONAL FUND ADV SOMPO JP NIHON KOA A DEKA INTERNATIONAL S BNP PARIBAS INV PART AMERIPRISE FINANCIAL

Firm Name Barclays FinansInvest Seker Securities Burgan Securities BGC Partners HSBC Renaissance Capital Societe Generale Goldman Sachs EVA Dimensions Deutsche Bank Oyak Securities BNP Paribas Equity Research Marfin Analysis (ESN) Morgan Stanley Credit Suisse Keefe, Bruyette & Woods Erste Bank VTB Capital ATA Invest Ekspres Invest Eczacibasi Securities Global Menkul Degerler IS Investment & Securities Garanti Yatirim Menkul Kiymetler Tera Stock Brokers JPMorgan Sardis Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CRISTINA MARZEA MUGE DAGISTAN NESLIHAN KARAGOZ NERGIS KASABALI CAGDAS DOGAN TAMER SENGUN YAVUZ UZAY ALAN WEBBORN DMITRY TREMBOVOLSKY AUSTIN BURKETT KAZIM ANDAC ALPAY DINCKOC SADRETTIN BAGCI KONSTANTINOS MANOLOPOULOS MAGDALENA STOKLOSA ATES BULDUR EKATERINA ISAEVA SEVDA SARP AKIN TUZUN DERYA GUZEL CIHAN SARAOGLU SERCAN SOYLU SEVGI ONUR BULENT SENGONUL RECEP DEMIR HASAN DEMIR PAUL FORMANKO HAYDAR ACUN

Source Research Research ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation overweight outperform market perform hold hold overweight hold hold neutral/neutral underweight hold market perform hold accumulate Equalwt/In-Line neutral market perform hold sell outperform hold market perform market perform market perform outperform neutral underweight hold

Amt Held 1'960'000'000 396'000'000 228'622'977 49'587'072 48'046'969 43'884'796 29'835'961 29'792'792 15'295'856 12'951'732 11'826'552 6'479'761 5'293'133 5'182'196 4'930'371 4'672'622 4'595'000 4'388'000 4'370'047 4'217'235

% Out 49 9.9 5.72 1.24 1.2 1.1 0.75 0.74 0.38 0.32 0.3 0.16 0.13 0.13 0.12 0.12 0.11 0.11 0.11 0.11

Weighting

Change 5 5 3 3 3 5 3 3 3 1 3 3 3 4 3 3 3 3 1 5 3 3 3 3 5 3 1 3

M M M M M M M M M U M M M M M M M M D M M M M M M M M U

Latest Chg 12'756'597 (200'989) (244) 76'584 (183'566) (9'896'955) (228'000) (3'920'166) (583'000) 954'000 (451'000) 320'855 2'027'000 2'238'001 37'262 -

Target Price 11 12 12 9 9 11 9 9 9 #N/A N/A 9 10 10 9 8 10 10 9 8 12 11 11 10 11 11 8 9 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Holding Company 30.09.2012 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 21.03.2013 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 9 month 12 month

Date 25.03.2013 22.03.2013 22.03.2013 22.03.2013 19.03.2013 12.03.2013 08.03.2013 06.03.2013 26.02.2013 13.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 29.01.2013 29.01.2013 22.01.2013 21.01.2013 18.12.2012 06.11.2012 19.10.2012 16.10.2012 12.01.2010

28.03.2013

Akenerji Elektrik Uretim AS Akenerji Elektrik Uretim AS produces and distributes electricity and steam.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKENR TI EQUITY YTD Change AKENR TI EQUITY YTD % CHANGE

12/2012 12/yy 1.94 1.34 5'198'029.00 1.73 -10.82% 29.38% 65.17% 729.2 1'261.45 1'458.92 0.0 3.0 173.55 2'549.82

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 607.1 0.98x 95.7 6.20x 89.0 4.48x

2 2 2 1 1 1 1 1 0 0 0 m-12

31.12.2009 31.12.2010 463.7 428.4 3.09x 5.23x 61.5 28.3 23.32x 79.09x 24.2 (26.4) 37.72x Profitability

LTM-4Q 31.12.2011 560.0 3.62x 106.1 19.09x (211.0) -

31.12.2012 802.0 3.10x 143.8 17.27x 79.0 12.85x 143.81 89.64 11.18% 6.22% 3.13% 10.79% 0.32% 17.3% 17.9% 11.2% 9.9% 1.08 0.53 51.67% 154.97% 9.45 59.69

Price/ Cash Flow

12/yy 560.0 15.98x 106.1 19.09x (211.0) 0.00x

LTM 12/yy 802.0 11.25x 143.8 17.27x 79.0 29.22x

FY+1

1.01 8.02% 5.49% 1.010 19 3.421 4'089'212 7'363'373 11'444'690 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 755.0 1'122.2 3.73x 3.00x 169.3 208.1 15.07x 12.25x 46.4 33.2 24.71x 31.45x S&P Issuer Ratings

2.48 -1.75 8.94 10.14 155.0% 60.7% 0.32 0.53 38.71 6.13 50.59 -5.75

Sales/Revenue/Turnover

300.00

900.0 800.0

250.00

700.0 600.0

200.00

500.0 150.00

400.0 300.0

100.00

200.0 50.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Akenerji Elektrik Uretim AS Holdings By:

All

Holder Name AKKOK SANAYI YATIRIM CEZ GRANTHAM MAYO VAN OT BLACKROCK IFM - INDEPENDENT FU DIMENSIONAL FUND ADV VANGUARD GROUP INC EATON VANCE MANAGEME DIMENSIONAL FUND ADV INVESCO LTD NORDEA INVESTMENT FU PRUDENTIAL FINANCIAL SOMPO JP NIHON KOA A ERSTE SPARINVEST KAG KBC GROUP NV POWERSHARES GLOBAL F WORLD INVEST OPPORTU DIMENSIONAL FUND ADV FLEXSHARES TRUST BESSEMER GROUP INCOR

Firm Name FinansInvest EVA Dimensions Seker Securities Oyak Securities BNP Paribas Equity Research Ekspres Invest Deutsche Bank VTB Capital Global Menkul Degerler IS Investment & Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs HSBC BGC Partners Eczacibasi Securities Yatirim Finansman Securities Tera Stock Brokers Burgan Securities Ak Investment

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KORAY PAMIR AUSTIN BURKETT BURAK DEMIRBILEK UYGAR GEZER KENAN COSGUNER SELIM KUNTER VEDAT MIZRAHI MIKHAIL RASSTRIGIN SERCAN UZUN ASLI OZATA KUMBARACI KERIM GOKOZ MATIJA GERGOLET LEVENT BAYAR ZEYNEP KARAMAN TEAM COVERAGE ZUMRUT CAN AYSE COLAK MURAT IGNEBEKCILI AYYUCE TURKES

Source Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral underweight outperform market perform hold buy hold hold buy outperform market perform neutral/neutral overweight hold underperform not rated neutral hold market outperform

Amt Held 364'582'001 364'582'001 2'833'940 1'899'789 1'455'169 1'224'897 1'203'503 1'122'567 603'694 449'115 180'071 172'562 130'000 100'000 90'022 76'747 60'000 50'414 46'194 38'378

% Out 50 50 0.39 0.26 0.2 0.17 0.17 0.15 0.08 0.06 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

3 1 5 3 3 5 3 3 5 5 3 3 5 3 1 #N/A N/A 3 3 4

M D M M M M U U M M M M U D M M M M N

Latest Chg 705'169 752'252 292'547 (67'400) (104'000) -

Target Price 2 #N/A N/A 2 2 2 2 2 2 2 2 2 1 2 2 2 #N/A N/A 2 2 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 19.12.2012 Corporation 19.12.2012 Corporation 31.05.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 21.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.10.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month

Date 21.03.2013 21.03.2013 05.03.2013 01.03.2013 29.01.2013 22.01.2013 16.01.2013 10.01.2013 28.12.2012 18.12.2012 17.12.2012 13.12.2012 07.12.2012 02.10.2012 12.09.2012 03.08.2012 13.07.2012 25.05.2012 11.07.2011

28.03.2013

Akfen Holding AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKFEN TI EQUITY YTD Change AKFEN TI EQUITY YTD % CHANGE

12/2011 09/yy 11.85 8.56 1'193'690.00 10.9 -7.59% 27.34% 74.16% 145.5 1'585.95 3'474.15 0.0 393.0 518.59 3'807.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 698.2 45.6 199.2 -

31.12.2008 31.12.2009 849.5 1'029.3 132.4 98.2 (120.3) 149.9 Profitability

LTM-4Q 31.12.2010 994.2 3.82x 138.9 27.34x 71.8 33.31x

31.12.2011 1'353.6 3.24x 270.0 16.23x (64.7) 269.98 186.68 13.79% 6.27% 13.48% 62.05% 22.14% 0.30% 25.5% 22.5% 15.5% -4.8% 0.99 0.64 63.88% 457.78% 7.17 60.39

Price/ Cash Flow

09/yy 1'241.2 13.64x 199.7 0.00x (30.1) 0.00x

LTM 09/yy 1'234.3 10.03x 212.5 0.00x 672.2 1.88x

FY+1

0.00 0.95 4.81% 17.20% 0.954 12 4.750 993'645 752'923 1'284'306 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'087.7 1'094.4 296.0 327.0 3.30x 3.11x 316.3 340.4 67.0 12.04x 11.19x 673.6 132.4 20.5 2.37x 12.41x 13.13x S&P Issuer Ratings

1.35 5.83 7.94 457.8% 75.1% 0.30 1.60 51.02 6.06 38.97 18.12

Sales/Revenue/Turnover

120.00

1'600.0 1'400.0

100.00

1'200.0 80.00

1'000.0 800.0

60.00

600.0

40.00

400.0 20.00 0.00 02.01.2009 02.07.2009

200.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Akfen Holding AS Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE SOMPO JP NIHON KOA A BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC AKBANK ASSET MANAGEM GUSTAVIADAVEGARDH FO STATE STREET FRANK RUSSELL TRUST DIMENSIONAL FUND ADV PETERCAM SA EUROBANK EFG MUTUAL ACADIAN ASSET MANAGE ERSTE SPARINVEST KAG QUERCUS TFI BZ WBK TOWARZYSTWO F ROBECO INVESTOR SERV KBC GROUP NV OYSTER ASSET MANAGEM DIMENSIONAL FUND ADV

Firm Name Burgan Securities Unlu Securities FinansInvest IS Investment & Securities Ak Investment BGC Partners Ekspres Invest EVA Dimensions Oyak Securities Goldman Sachs Renaissance Capital Erste Bank Yatirim Finansman Securities

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MURAT IGNEBEKCILI SELIN ONER GAYE ABIDIN BASAK ENGIN DINCKOC HAKAN DEPREM KEREM TEZCAN ALPER AKALIN CRAIG STERLING HASAN SENER MATIJA GERGOLET ALEXANDER KAZBEGI SEZAI SAKLAROGLU ZUMRUT CAN

Source MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform outperform outperform market outperform Under Review buy buy outperform neutral/neutral buy buy not rated

Amt Held 1'928'010 753'868 406'645 334'664 215'143 200'000 150'000 88'801 84'610 76'027 75'000 57'000 55'224 41'344 29'000 25'421 20'050 18'000 17'853 12'750

% Out 1.33 0.52 0.28 0.23 0.15 0.14 0.1 0.06 0.06 0.05 0.05 0.04 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change

5 5 5 5 4 #N/A N/A 5 5 5 3 5 5 #N/A N/A

M N M M M M M M M D M N M

Latest Chg 100'000 663'566 2'079 34'983 10'000 17'000 55'224 1'344 -

Target Price 14 15 15 15 17 #N/A N/A 13 #N/A N/A 14 12 15 13 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 03.09.2012 25.03.2013 31.07.2012 31.12.2012 31.10.2012 31.12.2012 26.03.2013 31.05.2012 31.12.2012 30.11.2012 31.05.2012 31.01.2013 30.11.2012 30.06.2012 30.06.2012 31.01.2013 31.01.2013 30.11.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 15.03.2013 14.03.2013 09.02.2013 29.01.2013 25.01.2013 22.01.2013 15.01.2013 21.12.2012 10.12.2012 30.10.2012 18.10.2012 13.09.2011

28.03.2013

Aksa Akrilik Kimya Sanayii 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKSA TI EQUITY YTD Change AKSA TI EQUITY YTD % CHANGE

12/2012 12/yy 5.66 3.85 830'511.00 5.34 -5.30% 38.70% 84.53% 185.0 987.90 493.23 0.0 9.5 85.11 1'219.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 950.2 1'304.3 0.70x 0.73x 135.4 139.4 4.90x 6.82x 50.7 56.7 9.49x 12.10x Profitability

LTM-4Q 31.12.2011 1'675.5 0.74x 192.8 6.41x 97.0 8.43x

31.12.2012 1'625.5 165.7 5.74x 192.82 146.22 8.73% 7.27% 8.93% 16.27% 1.08% 13.9% 11.2% 8.2% 10.2% 1.77 1.12 29.85% 58.62% 4.94 6.54

Price/ Cash Flow

12/yy 1'675.5 2.67x 192.8 6.41x 97.0 8.43x

m-12

j-12

a-12

LTM 12/yy 1'625.5 1.33x 102.2 0.00x 165.7 5.74x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.85 19.34% 3.89% 0.851 7 4.571 819'090 897'362 1'120'542 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'551.8 1'617.2 465.0 482.0 0.78x 0.73x 190.8 210.0 6.39x 5.81x 105.0 111.4 8.71x 8.18x S&P Issuer Ratings

1.17 1.61 58.6% 36.7% 1.08 2.56 74.13 55.99 85.69 65.84

Sales/Revenue/Turnover

10.00

1'800.0

9.00

1'600.0

8.00

1'400.0

7.00

1'200.0

6.00

1'000.0

5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 908.5 0.41x 68.7 5.36x 72.9 2.43x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Aksa Akrilik Kimya Sanayii Holdings By:

All

Holder Name AKKOK SANAYI YATIRIM SECURITY PTE LTD DIMENSIONAL FUND ADV BLACKROCK GRANTHAM MAYO VAN OT BANK OF NEW YORK MEL EATON VANCE MANAGEME VANGUARD GROUP INC DIMENSIONAL FUND ADV MACQUARIE GROUP FMR LLC AKBANK ASSET MANAGEM JYSKE INVEST ERSTE SPARINVEST KAG BESSEMER GROUP INCOR ING INVESTMENT MANAG DIMENSIONAL FUND ADV ING INVESTMENT MANAG MACKAY SHIELDS LLC FLEXSHARES TRUST

Firm Name FinansInvest Seker Securities Ak Investment Ekspres Invest Global Menkul Degerler EVA Dimensions Goldman Sachs IS Investment & Securities

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KORAY PAMIR BURAK DEMIRBILEK BORA TEZGULER SELIM KUNTER HASAN BAYHAN CRAIG STERLING MATIJA GERGOLET ASLI OZATA KUMBARACI

Source Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform outperform market underperform buy buy buy Buy/Neutral Under Review

Amt Held 73'223'000 34'632'000 2'753'763 1'546'295 1'443'233 662'405 413'263 411'502 306'822 304'798 96'089 95'206 67'748 67'184 61'656 60'397 20'121 19'994 13'078 7'428

% Out 39.58 18.72 1.49 0.84 0.78 0.36 0.22 0.22 0.17 0.16 0.05 0.05 0.04 0.04 0.03 0.03 0.01 0.01 0.01 0

Weighting

Change

5 5 2 5 5 5 5 #N/A N/A

M M D M M M M M

Latest Chg 4'137 13'850 2'184 6'157 -

Target Price 6 6 5 7 7 #N/A N/A 9 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 Corporation 28.08.2009 Corporation 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.05.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 04.03.2013 04.03.2013 28.02.2013 22.01.2013 21.01.2013 17.01.2013 10.12.2012 19.07.2012

28.03.2013

Alarko Gayrimenkul Yatirim Ortakligi AS 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.

Price/Volume 30

1.4 M

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (15.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALGYO TI EQUITY YTD Change ALGYO TI EQUITY YTD % CHANGE

12/2012 12/yy 26.40 15.20 272'420.00 22.5 -14.39% 48.03% 65.18% 10.7 239.64 0.00 0.0 0.0 127.42 111.23

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 27.2 8.2 1.31x 16.81x 6.5 5.0 5.43x 27.46x 8.4 5.8 17.65x 29.61x Profitability

.4 M

.2 M

0 m-12

a-12

LTM-4Q 31.12.2011 19.7 2.26x 7.6 5.84x 31.2 5.51x

31.12.2012 15.3 14.3 17.01x 7.64 5.59 28.35% 2.82% 2.87% 0.07% 44.4% 59.6% 45.6% 93.2% 29.08 22.97 0.00% 0.00% 8.11 0.18

Price/ Cash Flow

12/yy 19.7 12.70x 7.6 5.84x 31.2 5.51x

m-12

j-12

a-12

LTM 12/yy 15.3 12.50x 7.8 0.00x 14.3 17.02x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.92 25.46% -1.32% 0.922 1 5.000 995'381 196'288 125'121

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

6406.38 6373.60 -12.91 0.00 0.0% 0.0% 0.07 4020.16 45.15 2028.16 4.71 1363.52

Sales/Revenue/Turnover

30.00

60.0

25.00

50.0

20.00

40.0

15.00

30.0

10.00

20.0

5.00

10.0

0.00 01.01.2010

.6 M

Fiscal Year Ended 31.12.2008 24.3 (0.4) 25.8 1.73x

.8 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Alarko Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name ALSIM ALARKO SANAYI ALARKO HOLDING AS MACQUARIE GROUP CAPITA FINANCIAL MAN NORTHERN TRUST CORPO

Firm Name Sardis Securities Ekspres Invest Burgan Securities FinansInvest

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst HAYDAR ACUN KURTHAN ATMACA MURAT IGNEBEKCILI GAYE ABIDIN

Source Research Research ULT-AGG MF-AGG MF-AGG

Recommendation buy sell hold Under Review

Amt Held 3'704'348 1'655'103 148'230 78'603 4'257

% Out 34.78 15.54 1.39 0.74 0.04

Weighting

Change

5 1 3 #N/A N/A

M M M M

Latest Chg 3'704'313 (42'796) -

Target Price #N/A N/A 17 23 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 n/a 31.12.2009 Holding Company 31.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided

Date 15.03.2013 15.02.2012 13.01.2012 26.09.2011

28.03.2013

Alarko Holding AS 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.

Price/Volume 7

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (15.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALARK TI EQUITY YTD Change ALARK TI EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 747.9 0.79x 50.1 11.86x 37.6 21.05x

1.5 M

12/2011 09/yy 5.80 3.59 501'144.00 5.76 -0.69% 60.45% 96.38% 223.5 1'287.17 263.28 0.0 106.3 611.65 1'099.50

31.12.2008 31.12.2009 831.9 894.5 0.01x 0.87x (41.0) 69.1 11.31x 54.8 49.9 6.54x 17.84x Profitability

LTM-4Q 31.12.2010 1'195.7 0.65x 14.8 52.66x 39.6 20.93x

31.12.2011 1'322.7 0.33x 141.3 3.11x 113.7 6.00x 141.33 102.90 7.78% 12.37% 5.31% 10.86% 0.78% 21.7% 8.3% 5.7% 8.6% 2.15 1.71 12.72% 28.06% 4.53 12.89

Price/ Cash Flow

09/yy 1'219.3 2.10x 101.6 5.24x 99.7 7.13x

LTM 09/yy 1'570.2 1.20x 74.8 0.00x 83.7 10.23x

FY+1

0.90 36.43% 12.50% 0.900 11 4.455 679'458 277'721 408'843 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'606.8 2'017.9 424.3 0.73x 0.60x 137.1 178.2 41.0 8.02x 6.17x 104.6 138.6 28.3 12.47x 9.23x S&P Issuer Ratings

48.38 44.86 -2.37 1.94 28.1% 20.1% 0.78 4.12 80.72 28.39 73.00 41.80

Sales/Revenue/Turnover

120.00

1'400.0

100.00

1'200.0 1'000.0

80.00

800.0 60.00

600.0

40.00

400.0

20.00

200.0

0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Alarko Holding AS Holdings By:

All

Holder Name ALATON FAMILY GARIH FAMILY DIMENSIONAL FUND ADV MACQUARIE GROUP FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV EATON VANCE MANAGEME KBC GROUP NV ACADIAN ASSET MANAGE FIM FUND MANAGEMENT SCHRODER INVESTMENT PRUDENTIAL FINANCIAL JYSKE INVEST QUERCUS TFI EATON VANCE ADVISORS ERSTE SPARINVEST KAG FMR LLC DIMENSIONAL FUND ADV

Firm Name Burgan Securities FinansInvest Unlu Securities Ak Investment Seker Securities Ekspres Invest Global Menkul Degerler EVA Dimensions Erste Bank Oyak Securities IS Investment & Securities Goldman Sachs ATA Invest Sardis Securities

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MURAT IGNEBEKCILI GAYE ABIDIN CELAL PEKESEN HAKAN DEPREM SELAHATTIN AYDIN ALPER AKALIN SERCAN UZUN CRAIG STERLING SEZAI SAKLAROGLU HASAN SENER BASAK ENGIN DINCKOC MATIJA GERGOLET ONDER ZORBA HAYDAR ACUN

Source Research Research MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform not rated market outperform not rated buy buy underweight buy outperform outperform Buy/Neutral market outperform buy

Amt Held 81'266'212 80'148'877 2'107'892 984'347 644'448 596'239 349'166 231'467 207'704 200'287 194'357 170'000 134'200 133'000 120'388 90'000 81'000 51'680 34'732 19'023

% Out 36.37 35.87 0.94 0.44 0.29 0.27 0.16 0.1 0.09 0.09 0.09 0.08 0.06 0.06 0.05 0.04 0.04 0.02 0.02 0.01

Weighting

Change

5 5 #N/A N/A 4 #N/A N/A 5 5 1 5 5 5 5 4 5

M M M M M M M M N M M M M M

Latest Chg (1'117'335) (24'000) 44'146 (40'000) (16'461) 90'000 1'680 -

Target Price 6 7 #N/A N/A 7 #N/A N/A 7 6 #N/A N/A 7 6 6 7 5 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2010 n/a 30.09.2010 n/a 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 25.03.2013 21.03.2013 15.03.2013 29.01.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 21.12.2012 20.12.2012 10.12.2012 01.06.2012 07.09.2011

28.03.2013

Albaraka Turk Katilim Bankasi AS Albaraka Turk is a full service bank. The Bank's services include retail, corporate, international, and online banking services.

Price/Volume 3 2 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALBRK TI EQUITY YTD Change ALBRK TI EQUITY YTD % CHANGE

12/2012 12/yy 2.19 0.95 479'943.00 1.91 -12.79% 101.86% 76.68% 900.0 1'719.04 0.00 0.0 0.0 2'337.76 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 674.1 136.2 4.15x

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 798.2 832.6 105.3 134.0 11.31x 10.86x Profitability

LTM-4Q 31.12.2011 957.0 160.2 5.28x

31.12.2012 1'237.9 191.8 7.98x 33.07% 33.18% 1.68% 17.26% 17.26% 0.11% 26.4% 0.00% 0.00% -

Price/ Cash Flow

12/yy 957.0 0.00x 0.0 0.00x 160.2 5.28x

LTM 12/yy 1'237.9 0.00x 0.0 0.00x 191.8 9.24x

FY+1

1.06 56.34% 12.35% 1.064 14 3.929 538'829 815'226 1'161'510 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 758.8 881.2 160.0 149.0 219.4 246.0 51.2 40.5 7.99x 7.10x S&P Issuer Ratings

22.02.2010 BB NEG 19.06.2009 B 0.0% 0.0% 0.11 4.20 -

Sales/Revenue/Turnover

100.00

1'400.0

90.00

1'200.0

80.00 70.00

1'000.0

60.00

800.0

50.00

600.0

40.00

400.0

30.00 20.00

200.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Albaraka Turk Katilim Bankasi AS Holdings By:

All

Holder Name ALBARAKA BANKING GRO ISLAMIC DEVELOPMENT SKAGEN GLOBAL SKAGEN AS FMR LLC SWEDBANK ROBUR FONDE ALHARTHY MOHSIN HUSS DIMENSIONAL FUND ADV NAZER LAYLA ALHARTHY SHARAF ALHARTHY RAKAN ALHARTHY SANAD ALHARTHY WID EAST CAPITAL ASSET M STATE STREET BLACKROCK KAMEL EYAD VANGUARD GROUP INC TAPIOLA ASSET MANAGE KAMEL ASHRAF HASSAN

Firm Name FinansInvest BNP Paribas Equity Research Burgan Securities Deutsche Bank Global Menkul Degerler Oyak Securities Eczacibasi Securities Ekspres Invest Renaissance Capital EVA Dimensions HSBC IS Investment & Securities Erste Bank ATA Invest

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst MUGE DAGISTAN SADRETTIN BAGCI DUYGUN KUTUCU HILAL VAROL SEVGI ONUR ALPAY DINCKOC SERCAN SOYLU CIHAN SARAOGLU YAVUZ UZAY AUSTIN BURKETT TAMER SENGUN BULENT SENGONUL SEVDA SARP FATIH TUGRUL TOPAC

Source Research Research Research MF-AGG ULT-AGG MF-AGG Research MF-AGG Research Research Research Research Research MF-AGG ULT-AGG ULT-AGG Research MF-AGG MF-AGG Research

Recommendation neutral buy buy hold market perform market perform market perform Under Review buy buy overweight outperform hold market outperform

Amt Held 486'523'266 70'573'779 44'641'102 32'234'600 18'735'624 8'431'829 5'599'145 5'391'990 5'101'444 5'101'444 5'101'444 5'101'444 5'101'444 3'510'675 3'052'188 2'917'455 2'350'242 1'518'842 1'383'763 1'105'995

% Out 54.06 7.84 4.96 3.58 2.08 0.94 0.62 0.6 0.57 0.57 0.57 0.57 0.57 0.39 0.34 0.32 0.26 0.17 0.15 0.12

Weighting

Change

3 5 5 3 3 3 3 #N/A N/A 5 5 5 5 3 4

M M M M M M D M M M U M M M

Latest Chg 103'000 2'271'406 1'089'000 11'808 100'516 -

Target Price 2 3 2 2 2 2 2 2 2 #N/A N/A 2 2 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.11.2012 Bank 23.11.2012 Bank 13.03.2013 Other 28.02.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 23.11.2012 n/a 31.07.2012 Investment Advisor 23.11.2012 n/a 23.11.2012 n/a 23.11.2012 n/a 23.11.2012 n/a 23.11.2012 n/a 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 25.03.2013 Investment Advisor 23.11.2012 n/a 31.12.2012 Investment Advisor 31.07.2011 Mutual Fund Manager 23.11.2012 n/a

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 14.03.2013 12.03.2013 08.03.2013 01.03.2013 01.03.2013 23.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 15.01.2013 18.12.2012 10.12.2012 20.07.2012

28.03.2013

Alkim Alkali Kimya AS 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.

Price/Volume 16

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALKIM TI EQUITY YTD Change ALKIM TI EQUITY YTD % CHANGE

12/2012 12/yy 14.05 6.06 350'284.00 13.5 -3.91% 122.77% 89.99% 24.7 333.79 65.01 0.0 20.5 28.98 403.50

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

6 4

1.0 M

.5 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 147.9 0.81x 35.0 3.40x 22.4 4.22x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 147.9 163.0 1.10x 1.18x 33.0 25.4 4.95x 7.58x 20.4 12.9 8.07x 14.31x Profitability

LTM-4Q 31.12.2011 198.7 1.26x 34.1 7.35x 20.2 9.58x

31.12.2012 210.2 14.8 20.37x 34.06 23.86 12.01% 14.32% 3.38% 5.43% 0.85% 25.1% 9.1% 5.1% 7.0% 2.47 1.45 24.62% 42.79% 3.43 5.23

Price/ Cash Flow

12/yy 198.7 4.58x 34.1 7.35x 20.2 9.58x

LTM 12/yy 210.2 3.43x 24.8 0.00x 14.8 20.39x

FY+1

0.71 85.33% 10.66% 0.712 1 3.000 320'634 283'605 370'115 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 237.0 249.0 50.7 53.6 7.96x 7.53x 25.8 28.4 S&P Issuer Ratings

8.04 -1.28 2.57 2.91 42.8% 27.4% 0.85 1.62 106.79 70.04 26.80 102.11

Sales/Revenue/Turnover

60.00

250.0

50.00

200.0

40.00

150.0

30.00

100.0 20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Alkim Alkali Kimya AS Holdings By:

All

Holder Name KORA ARKIN KORA CIHAT KORA REHA CLARIDEN SICAV

Firm Name BGC Partners

Portfolio Name n/a n/a n/a Multiple Portfolios

Analyst ERDEM HAFIZOGLU

Source Co File Co File Co File MF-AGG

Recommendation hold

Amt Held 4'945'000 3'677'844 2'657'938 78'032

% Out 20 14.88 10.75 0.32

Latest Chg -

Weighting

Change

Target Price

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 30.09.2012 31.01.2013

Date 12 month

Inst Type n/a n/a n/a Investment Advisor

Date 07.01.2013

28.03.2013

Anadolu Anonim Tuerk Sigorta Sirketi 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.

Price/Volume 1

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANSGR TI EQUITY YTD Change ANSGR TI EQUITY YTD % CHANGE

12/2012 12/yy 1.29 0.78 1'142'673.00 1.21 -6.20% 55.13% 84.31% 500.0 605.00 0.00 0.0 0.0 968.52 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 1'279.2 1'460.9 0.05x 55.4 41.9 10.36x 16.23x Profitability

LTM-4Q 31.12.2011 1'485.7 (1.3) -

31.12.2012 1'940.8 (55.8) -3.30% -3.63% -13.13% 1.07% -2.9% 0.00% 0.00% -

12/yy 1'485.7 0.00x 0.0 0.00x (1.3) 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM 12/yy 2'404.7 0.00x 0.0 0.00x (81.3) 0.00x

FY+1

0.88 28.72% 5.22% 0.884 7 3.143 934'490 1'460'840 2'122'704 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'909.0 2'166.0 43.2 40.4 13.30x 12.87x S&P Issuer Ratings 0.0% 0.0% 1.07 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

m-12

1.20

0.80

a-12

Fiscal Year Ended 31.12.2008 1'127.4 117.7 -

20.0 M

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Anadolu Anonim Tuerk Sigorta Sirketi Holdings By:

All

Holder Name TURKIYE IS BANKASI A NATIONAL REINSURANCE DIMENSIONAL FUND ADV BLACKROCK BZ WBK TOWARZYSTWO F VANGUARD GROUP INC DIMENSIONAL FUND ADV KBC GROUP NV EATON VANCE MANAGEME STATE STREET DWS INVESTMENT S A NOMURA ERSTE SPARINVEST KAG DEXIA ASSET MANAGEME DIMENSIONAL FUND ADV MACKAY SHIELDS LLC BESSEMER GROUP INCOR EUROBANK EFG MUTUAL ING INVESTMENT MANAG AKBANK ASSET MANAGEM

Firm Name HSBC IS Investment & Securities Ekspres Invest EVA Dimensions Deutsche Bank Erste Bank ATA Invest Burgan Securities Sardis Securities UniCredit Research

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TAMER SENGUN KUTLUG DOGANAY CIHAN SARAOGLU AUSTIN BURKETT HILAL VAROL SEVDA SARP FATIH TUGRUL TOPAC DUYGUN KUTUCU HAYDAR ACUN RADENA GEORGIEVA

Source Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral market perform Under Review underweight hold buy market outperform not rated buy buy

Amt Held 209'010'450 128'124'054 6'581'263 1'801'888 1'301'172 1'024'508 792'965 399'798 368'571 361'244 300'000 246'378 227'392 100'000 81'210 72'371 28'087 1 1 1

% Out 41.8 25.62 1.32 0.36 0.26 0.2 0.16 0.08 0.07 0.07 0.06 0.05 0.05 0.02 0.02 0.01 0.01 0 0 0

Weighting

Change

3 3 #N/A N/A 1 3 5 4 #N/A N/A 5 5

M M M M M M M M M M

Latest Chg (378) 7'392 -

Target Price 1 1 1 #N/A N/A 1 1 1 #N/A N/A #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2010 Bank 17.08.2009 Other 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 11.07.2012 Unclassified 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Mutual Fund Manager

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 26.02.2013 25.01.2013 22.01.2013 17.01.2013 16.01.2013 04.11.2012 20.07.2012 02.04.2012 07.09.2011 22.02.2010

28.03.2013

Anadolu Efes Biracilik Ve Malt Sanayii AS 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.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AEFES TI EQUITY YTD Change AEFES TI EQUITY YTD % CHANGE

12/2012 12/yy 28.80 21.50 349'192.00 28.5 -1.04% 32.56% 95.45% 592.1 16'875.00 2'923.08 0.0 82.0 1'871.32 18'008.80

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 3'668.9 1.67x 831.8 7.38x 309.7 14.97x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13 m-13

31.12.2009 31.12.2010 3'811.1 4'168.8 2.27x 2.72x 918.5 1'004.0 9.42x 11.30x 422.6 503.6 17.89x 20.91x Profitability

LTM-4Q 31.12.2011 4'761.3 2.41x 939.7 12.22x 341.2 30.07x

31.12.2012 6'416.8 2.55x 1'225.0 13.35x 606.9 25.07x 1'225.05 774.47 12.07% 12.53% 6.72% 12.32% 9.19% 0.71% 48.9% 19.1% 12.1% 9.5% 1.79 1.27 25.10% 43.60% 9.16 5.11

Price/ Cash Flow

12/yy 4'761.3 9.31x 939.7 12.22x 341.2 30.07x

LTM 12/yy 6'416.8 10.02x 1'225.0 13.35x 606.9 25.07x

FY+1

0.64 16.32% 10.89% 0.635 24 3.042 161'735 344'437 280'187 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'440.6 8'318.2 1'362.0 2'305.0 2.38x 2.09x 12.95x 7.94x 1'556.1 1'783.2 222.0 634.0 11.57x 10.10x 10.87x 10.04x 760.1 932.8 79.7 357.0 21.87x 18.23x 19.93x 18.15x S&P Issuer Ratings

14.06.2012 BBBSTABLE 16.11 9.18 0.86 2.39 43.6% 30.1% 0.71 2.11 39.97 71.65 37.32 74.30

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Anadolu Efes Biracilik Ve Malt Sanayii AS Holdings By:

All

Holder Name SABMILLER ANADOLU EF YAZICILAR HOLDING AS OZILHAN SINAI YATIRI ANADOLU ENDUSTRI HOL DODGE & COX OPPENHEIMERFUNDS INC BLACKROCK VANGUARD GROUP INC COMMONWEALTH BANK OF MORGAN STANLEY BNP PARIBAS INV PART MONTGOMERY ASSET MAN INVESCO LTD FMR LLC ABERDEEN T ROWE PRICE ASSOCIA SOMPO JP NIHON KOA A DEKA INTERNATIONAL S DIMENSIONAL FUND ADV SHINHAN BNP PARIBAS

Firm Name Deutsche Bank FinansInvest Oyak Securities BNP Paribas Equity Research Burgan Securities JPMorgan Eczacibasi Securities Ak Investment HSBC Barclays Ekspres Invest EVA Dimensions BGC Partners Nomura IS Investment & Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs VTB Capital Credit Suisse Renaissance Capital ATA Invest Yatirim Finansman Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst EROL DANIS CAN OZTOPRAK ALPER OZDEMIR KENAN COSGUNER BURAK ISYAR KOMAL DHILLON GOKAY BOBEK OMER OMERBAS BULENT YURDAGUL SAMAR CHAND MELDA AGIRDAS AUSTIN BURKETT EZGI YILMAZ EDWARD MUNDY ESRA SUNER IREM OKUTGEN ANTON FARLENKOV IVAN KUSHCH ONUR MUMINOGLU METE OZBEK EMRAH OZKOC ZUMRUT CAN

Source Co File Co File Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold outperform market perform hold hold neutral market perform market underperform neutral equalweight hold sell hold neutral outperform market perform neutral/neutral hold underperform hold market perform not rated

Amt Held 142'105'263 139'786'634 79'934'214 35'526'317 26'091'040 14'175'241 5'866'547 5'074'713 4'215'195 2'824'784 1'831'304 1'755'725 1'658'295 1'312'603 543'605 539'882 521'000 493'500 487'044 481'121

% Out 24 23.61 13.5 6 4.41 2.39 0.99 0.86 0.71 0.48 0.31 0.3 0.28 0.22 0.09 0.09 0.09 0.08 0.08 0.08

Weighting

Change

3 5 3 3 3 3 3 2 3 3 3 1 3 3 5 3 3 3 1 3 3 #N/A N/A

M M M M M M M M U M M M M M M M M M M M M M

Latest Chg (5'668) (444'536) 421'484 (66'927) 10'000 (622'260) (385'000) 189'000 51'000 48'661

Target Price 30 32 32 29 31 27 31 27 30 27 29 #N/A N/A 32 26 33 28 28 28 27 30 25 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.10.2012 n/a 29.10.2012 Holding Company 23.10.2012 Unclassified 23.10.2012 Holding Company 29.01.2013 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Bank 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month 9 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 30.01.2013 29.01.2013 29.01.2013 24.01.2013 23.01.2013 22.01.2013 17.01.2013 16.01.2013 16.01.2013 19.12.2012 17.12.2012 10.12.2012 03.12.2012 21.11.2012 23.10.2012 01.06.2012 30.03.2012

28.03.2013

Anadolu Hayat Emeklilik AS 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.

Price/Volume 7 6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANHYT TI EQUITY YTD Change ANHYT TI EQUITY YTD % CHANGE

12/2012 12/yy 6.72 3.63 87'013.00 6.1 -9.23% 68.04% 80.58% 300.0 1'830.00 0.00 0.0 0.0 142.34 1'687.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 m-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

31.12.2009 31.12.2010 823.8 632.1 3.79x 6.16x 79.3 71.4 15.64x 18.77x Profitability

LTM-4Q 31.12.2011 618.6 6.17x 62.9 13.11x

31.12.2012 586.8 1.91x 81.0 19.06% 18.24% 1.26% 16.82% 4.02% 0.09% 13.8% 0.00% 0.00% -

12/yy 618.6 25.45x 0.0 0.00x 62.9 0.00x

LTM 12/yy 586.8 13.78x 0.0 0.00x 81.0 0.00x

FY+1

1.00 53.19% 44.89% 1.004 8 3.375 292'084 523'681 856'687 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 513.5 560.0 76.0 95.4 24.60x 19.68x S&P Issuer Ratings

0.0% 0.0% 0.09 -

Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

a-12

Fiscal Year Ended 31.12.2008 695.9 2.37x 52.9 -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

600.0 400.0

0.40

200.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Anadolu Hayat Emeklilik AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A ANADOLU SIGORTA SWEDBANK ROBUR FONDE SOMERSET CAPITAL MAN FORWARD MANAGEMENT L DEUTSCHE BANK AG MORGAN STANLEY BANK OF NEW YORK MEL DIMENSIONAL FUND ADV KBC GROUP NV BLACKROCK BNP PARIBAS INV PART BZ WBK TOWARZYSTWO F REDWOOD ASSET MANAGE VALIC CO I SOMPO JP NIHON KOA A TIAA CREF INVESTMENT VANGUARD GROUP INC PETERCAM SA DWS INVESTMENT S A

Firm Name Eczacibasi Securities Ak Investment EVA Dimensions HSBC Ekspres Invest Deutsche Bank IS Investment & Securities Erste Bank ATA Invest Yatirim Finansman Securities Sardis Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GOKAY BOBEK HAKAN DEPREM AUSTIN BURKETT TAMER SENGUN CIHAN SARAOGLU HILAL VAROL KUTLUG DOGANAY SEVDA SARP FATIH TUGRUL TOPAC ZUMRUT CAN HAYDAR ACUN

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform market underperform underweight overweight Under Review hold market perform buy Under Review dropped coverage hold

Amt Held 186'000'000 60'000'000 2'718'487 2'150'026 1'017'142 850'000 743'836 688'059 612'843 580'280 540'170 500'000 453'081 390'996 385'648 309'600 303'946 263'952 140'000 125'000

% Out 62 20 0.91 0.72 0.34 0.28 0.25 0.23 0.2 0.19 0.18 0.17 0.15 0.13 0.13 0.1 0.1 0.09 0.05 0.04

Weighting

Change

3 2 1 5 #N/A N/A 3 3 5 #N/A N/A #N/A N/A 3

M D D M M M M M M M U

Latest Chg (7'636) 65'458 (400'000) (562'656) (250'000) 195'498 38'820 25'000

Target Price 6 6 #N/A N/A 7 6 5 6 4 #N/A N/A 6 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.12.2008 31.03.2010 31.12.2012 28.02.2013 31.12.2012 31.01.2013 31.12.2012 25.03.2013 31.07.2012 31.01.2013 25.03.2013 31.01.2013 30.06.2012 28.02.2013 31.01.2013 03.09.2012 31.01.2013 31.12.2012 30.11.2012 31.01.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Bank Insurance Company Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 06.03.2013 04.03.2013 01.03.2013 12.02.2013 22.01.2013 16.01.2013 18.12.2012 04.11.2012 03.08.2012 15.08.2011 12.10.2010

28.03.2013

Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS 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.

Price/Volume 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (04.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASUZU TI EQUITY YTD Change ASUZU TI EQUITY YTD % CHANGE

12/2012 12/yy 30.90 9.24 72'936.00 27.7 -10.03% 199.78% 86.15% 25.4 704.13 135.70 0.0 0.0 17.38 822.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 496.8 0.14x 22.6 3.08x (0.5) -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

31.12.2009 31.12.2010 259.4 339.9 0.73x 0.81x 0.1 7.2 1752.82x 38.32x (19.1) (4.6) Profitability

LTM-4Q 31.12.2011 474.0 0.58x 27.8 9.87x 13.4 14.81x

31.12.2012 537.3 1.19x 13.7 46.42x 1.3 408.80x 13.72 3.18 0.59% -0.08% 0.33% 0.74% 1.38% 12.7% 2.6% 0.6% 0.2% 1.82 0.90 31.87% 81.72% 4.06 3.26

Price/ Cash Flow

12/yy 474.0 2.36x 27.8 9.87x 13.4 14.81x

LTM 12/yy 537.3 3.34x 13.7 46.42x 1.3 408.80x

FY+1

0.78 206.29% 35.78% 0.781 1 3.000 131'393 532'087 460'889 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 457.0 1.59x 28.0 29.46x S&P Issuer Ratings

1.10 0.64 8.62 9.89 81.7% 45.0% 1.38 9.12 90.12 112.16 60.68 141.60

Sales/Revenue/Turnover

100.00

600.0

90.00

500.0

80.00 70.00

400.0

60.00

300.0

50.00 40.00

200.0

30.00 20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS Holdings By:

All

Holder Name YAZICILAR HOLDING AS ISUZU MOTORS LTD OZILHAN SINAI YATIRI ITOCHU CORP ANADOLU ENDUSTRI HOL DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV

Firm Name Global Menkul Degerler FinansInvest

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ILKNUR UNSAL BARAN YILDIRIM

Source Research Research Research Research Research MF-AGG MF-AGG

Recommendation market perform Under Review

Amt Held 9'077'665 4'319'991 4'271'842 3'239'964 262'583 1 1

% Out 35.71 16.99 16.81 12.75 1.03 0 0

Weighting

Change

3 #N/A N/A

M M

Latest Chg 4'478 2'108 834'678 38'835 -

Target Price 13 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2009 31.12.2009 31.12.2009 31.12.2009 31.12.2009 31.12.2012 31.07.2012

Date Not Provided Not Provided

Inst Type Holding Company Corporation Unclassified Corporation Holding Company Investment Advisor Investment Advisor

Date 06.09.2012 15.08.2011

28.03.2013

Arcelik AS 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.

Price/Volume

12/2012 12/yy 12.80 6.90 1'066'018.00 12.35 -3.52% 78.99% 94.07% 675.7 8'345.24 4'003.51 0.0 85.6 1'740.79 10'693.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.5 M 3.0 M

2.5 M

2.0 M 1.5 M

1.0 M

.5 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 6'775.5 0.58x 605.7 6.50x 39.8 20.70x

4.5 M

12 10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARCLK TI EQUITY YTD Change ARCLK TI EQUITY YTD % CHANGE

31.12.2009 31.12.2010 6'591.9 6'936.4 0.79x 0.88x 875.7 758.1 5.94x 8.01x 485.4 517.1 8.14x 10.19x Profitability

LTM-4Q 31.12.2011 8'437.2 0.74x 876.4 7.10x 506.5 8.16x

31.12.2012 10'556.9 0.97x 1'030.8 9.95x 524.8 15.07x 1'030.80 770.01 7.29% 5.96% 5.40% 14.21% 9.72% 1.09% 28.9% 9.8% 7.3% 5.0% 1.71 1.27 39.14% 104.21% 3.28 4.79

Price/ Cash Flow

LTM

12/yy 8'437.2 3.03x 876.4 7.10x 506.5 8.16x

12/yy 10'556.9 3.38x 1'030.8 9.95x 524.8 15.07x

FY+1

1.02 60.42% 5.56% 1.018 27 3.111 1'321'732 1'685'879 1'411'561 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'731.4 12'684.1 0.90x 0.82x 1'222.7 1'362.7 8.75x 7.85x 678.0 747.7 12.19x 11.00x S&P Issuer Ratings

14.03.2013 BB+ STABLE 5.49 2.96 2.20 3.88 104.2% 50.5% 1.09 6.92 111.68 76.34 58.44 129.57

Sales/Revenue/Turnover

100.00

12'000.0

90.00

10'000.0

80.00 70.00

8'000.0

60.00

6'000.0

50.00 40.00

4'000.0

30.00 20.00

2'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Arcelik AS Holdings By:

All

Holder Name KOC HOLDING AS TEKNOSAN AS KOC FAMILY BURLA TICARET VE YAT KOC HOLDING EMEKLI V HARDING LOEVNER LP VANGUARD GROUP INC BLACKROCK WILLIAM BLAIR & COMP AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV BANK OF NEW YORK MEL JP MORGAN GRANTHAM MAYO VAN OT BNP PARIBAS INV PART FRANK RUSSELL TRUST NORTHERN TRUST CORPO STATE STREET STATE STREET GLOBAL ARTISAN PARTNERS HOL

Firm Name Burgan Securities FinansInvest Sardis Securities Seker Securities Ak Investment Eczacibasi Securities HSBC Oyak Securities IS Investment & Securities BNP Paribas Equity Research Yatirim Finansman Securities Barclays Deutsche Bank Ekspres Invest Global Menkul Degerler EVA Dimensions Garanti Yatirim Menkul Kiymetler Credit Suisse BGC Partners Erste Bank Goldman Sachs Renaissance Capital ATA Invest

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BURAK ISYAR CAN OZTOPRAK HAYDAR ACUN KADIR TEZELLER BERTUG TUZUN AKIF DASIRAN CENK ORCAN SERHAT KAYA BASAK ENGIN DINCKOC SABRIYE GOZDE CULLAS OZGUR UCUR HANZADE KILICKIRAN VEDAT MIZRAHI KURTHAN ATMACA ILKNUR UNSAL CRAIG STERLING IREM OKUTGEN ONUR MUMINOGLU BERNA KURBAY MEHMET EMIN ZUMRUT ANTON FARLENKOV METE OZBEK ERMAN TUTUNCUOGLU

Source Research Research Research Research Research MF-AGG MF-AGG ULT-AGG 13F MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold underperform sell market perform market outperform market perform neutral market perform market perform hold underperform overweight buy hold buy underweight market perform outperform hold hold neutral/neutral hold market perform

Amt Held 273'737'498 81'428'337 58'585'636 50'572'000 34'722'000 8'369'372 6'503'116 5'920'088 4'239'701 2'540'495 2'295'018 1'791'550 1'716'358 1'315'355 1'232'830 1'109'800 799'829 777'526 777'080 753'522

% Out 40.51 12.05 8.67 7.48 5.14 1.24 0.96 0.88 0.63 0.38 0.34 0.27 0.25 0.19 0.18 0.16 0.12 0.12 0.11 0.11

Weighting

Change 3 1 1 3 4 3 3 3 3 3 1 5 5 3 5 1 3 5 3 3 3 3 3

M M M M U M M M M M M M M M U M M M M M M M D

Latest Chg 58'585'627 337 80 130'600 (38'457) (7'634) 1'381'518 (76'282) 423'022 (128'246) (6'206) (6'997)

Target Price 13 11 #N/A N/A 13 13 13 12 11 11 12 11 14 13 13 15 #N/A N/A 12 13 12 12 11 9 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 Holding Company 17.07.2009 Other 31.12.2009 Other 31.12.2009 Corporation 31.12.2009 Other 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Unclassified 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 26.03.2013 22.03.2013 15.03.2013 06.03.2013 22.02.2013 18.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 22.01.2013 21.01.2013 17.01.2013 17.12.2012 23.11.2012 06.11.2012 04.11.2012 04.11.2012 01.08.2012 15.06.2012

28.03.2013

Aselsan Elektronik Sanayi Ve Ticaret AS 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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASELS TI EQUITY YTD Change ASELS TI EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 10.95 4.40 1'382'725.00 10.65 -2.74% 141.86% 93.89% 500.0 5'324.92 325.12 0.0 0.5 371.90 5'278.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 705.9 0.35x 137.5 1.82x 12.2 28.56x

31.12.2009 31.12.2010 1'037.7 1'189.8 1.10x 1.24x 232.4 286.2 4.89x 5.16x 185.4 240.7 7.42x 8.05x Profitability

LTM-4Q 31.12.2011 1'501.9 1.26x 289.8 6.51x 160.8 12.00x

31.12.2012 1'632.9 2.56x 252.1 16.55x 293.2 14.39x 252.12 183.83 11.26% 15.54% 9.03% 23.56% 0.61% 24.0% 14.3% 10.3% 18.0% 2.50 1.15 9.78% 25.69% 4.31 2.15

Price/ Cash Flow

12/yy 1'501.9 5.40x 289.8 6.51x 160.8 14.21x

LTM 12/yy 1'632.9 6.77x 207.4 0.00x 293.2 29.72x

FY+1

0.70 118.98% 26.18% 0.696 10 2.500 902'816 2'192'720 1'815'631 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'937.8 2'224.4 2.57x 2.40x 388.2 441.0 13.60x 11.97x 315.1 360.6 15.90x 14.24x S&P Issuer Ratings

78.27 45.00 0.09 0.76 25.7% 20.4% 0.61 4.96 84.98 169.84 38.31 191.62

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Aselsan Elektronik Sanayi Ve Ticaret AS Holdings By:

All

Holder Name TURK SILAHLI KUV GUC LAZARD ASSET MANAGEM BANK OF NEW YORK MEL BLACKROCK DRIEHAUS CAPITAL MAN SCHRODER INVESTMENT INVESCO LTD LAZARD GLOBAL ACTIVE GOLDMAN SACHS ASSET DIMENSIONAL FUND ADV INVESTEC ASSET MANAG VANGUARD GROUP INC SEI INVESTMENT MANAG TIAA CREF INVESTMENT HANDELSBANKEN FONDER NATIONWIDE FUND ADVI GOLDMAN SACHS GROUP CASA 4 FUNDS LUX EUR SEAFARER CAPITAL PAR INVESCO ASSET MANAGE

Firm Name Seker Securities Credit Suisse FinansInvest Oyak Securities Ak Investment Yatirim Finansman Securities EVA Dimensions IS Investment & Securities BGC Partners

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BURAK DEMIRBILEK ATINC OZKAN CAN OZTOPRAK MUSTAFA ONER BORA TEZGULER HUSEYIN MERDAN GEYIK CRAIG STERLING BASAK ENGIN DINCKOC ERDEM HAFIZOGLU

Source EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform outperform neutral underperform market underperform market perform underweight underperform hold

Amt Held 422'906'162 2'650'956 1'996'729 1'714'263 1'415'132 1'362'361 1'291'148 840'668 774'950 626'018 570'726 483'958 447'685 303'649 303'000 295'860 222'702 214'727 209'774 194'708

% Out 84.58 0.53 0.4 0.34 0.28 0.27 0.26 0.17 0.15 0.13 0.11 0.1 0.09 0.06 0.06 0.06 0.04 0.04 0.04 0.04

Weighting

Change 3 5 3 1 2 3 1 1 3

M M M D D M M D D

Latest Chg 440'191 (29'970) 2'446 373'392 1'362'361 92'761 45'671 29'284 9'248 108'000 222'702 13'492 156'634 4

Target Price 9 10 9 9 9 9 #N/A N/A 9 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 Unclassified 28.02.2013 Unclassified 26.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Hedge Fund Manager 30.06.2012 Investment Advisor 21.03.2013 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month

Date 19.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 14.02.2013 17.01.2013 20.12.2012 25.07.2012

28.03.2013

Asya Katilim Bankasi AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASYAB TI EQUITY YTD Change ASYAB TI EQUITY YTD % CHANGE

12/2012 12/yy 2.58 1.58 11'294'610.00 2.32 -10.08% 46.84% 73.00% 900.0 2'088.00 1'815.40 0.0 0.0 3'887.38 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 m-12

31.12.2009 31.12.2010 1'926.4 1'783.0 305.8 262.1 10.18x 9.75x Profitability

LTM-4Q 31.12.2011 1'872.0 221.8 6.45x

31.12.2012 2'197.3 190.4 10.45x 17.46% 17.46% 0.98% 8.49% 4.66% 0.11% 13.5% 8.49% 77.28% -

Price/ Cash Flow

12/yy 1'872.0 0.00x 0.0 0.00x 221.8 6.45x

j-12

a-12

LTM 12/yy 2'197.3 0.00x 0.0 0.00x 190.4 10.45x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.14 17.17% 4.98% 1.139 20 3.150 9'880'688 12'016'960 18'005'410 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'454.5 1'630.9 254.5 320.8 8.03x 6.52x S&P Issuer Ratings

77.3% 43.6% 0.11 3.78 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 1'562.8 238.8 4.37x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Asya Katilim Bankasi AS Holdings By:

All

Holder Name BLACKROCK SKAGEN AS DIMENSIONAL FUND ADV VANGUARD GROUP INC GRANTHAM MAYO VAN OT BANK OF NEW YORK MEL PICTET ASSET MANAGEM VALIC CO I OPERA TFI SA EATON VANCE MANAGEME ALLIANZ ASSET MANAGE INVESCO LTD STATE STREET DIMENSIONAL FUND ADV BZ WBK TOWARZYSTWO F ING INVESTMENT MANAG DEKA INTERNATIONAL S SOMPO JP NIHON KOA A EATON VANCE ADVISORS PIONEER INVESTMENTS

Firm Name FinansInvest Burgan Securities Deutsche Bank Global Menkul Degerler BNP Paribas Equity Research Ak Investment Seker Securities Erste Bank Credit Suisse IS Investment & Securities Oyak Securities Eczacibasi Securities Ekspres Invest Renaissance Capital EVA Dimensions HSBC JPMorgan ATA Invest

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MUGE DAGISTAN DUYGUN KUTUCU HILAL VAROL SEVGI ONUR SADRETTIN BAGCI HAKAN AYGUN TEAM COVERAGE SEVDA SARP ATES BULDUR BULENT SENGONUL ALPAY DINCKOC SERCAN SOYLU CIHAN SARAOGLU YAVUZ UZAY AUSTIN BURKETT TAMER SENGUN PAUL FORMANKO FATIH TUGRUL TOPAC

Source ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform hold buy market perform hold market perform not rated hold neutral market perform market perform market perform sell hold buy overweight overweight market underperform

Amt Held 26'094'882 21'065'168 14'508'696 11'954'115 6'825'656 5'684'650 3'824'916 1'913'631 1'879'000 1'819'100 1'765'167 1'736'585 1'644'833 1'555'733 1'348'457 1'068'238 1'060'000 692'000 554'300 526'000

% Out 2.9 2.34 1.61 1.33 0.76 0.63 0.42 0.21 0.21 0.2 0.2 0.19 0.18 0.17 0.15 0.12 0.12 0.08 0.06 0.06

Weighting

Change

1 3 5 3 3 3 #N/A N/A 3 3 3 3 3 1 3 5 5 5 2

M M U M M M M M M M M M D M M U U M

Latest Chg (213'807) 138'514 (1'503'960) 3'698'480 1'878'764 (18'478) (953'253) 72'760 827'785 (187'000) -

Target Price 2 2 3 2 2 3 #N/A N/A 2 3 3 3 3 2 2 #N/A N/A 3 3 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 28.02.2013 31.07.2012 31.12.2012 31.05.2012 31.01.2013 31.01.2013 31.01.2013 30.06.2012 31.01.2013 28.02.2013 31.12.2012 26.03.2013 31.12.2012 30.06.2012 30.06.2012 28.09.2012 03.09.2012 31.01.2013 31.05.2011

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month Not Provided

Inst Type Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 25.03.2013 27.02.2013 25.02.2013 25.02.2013 19.02.2013 06.02.2013 25.01.2013 25.01.2013 23.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 15.01.2013 16.10.2012 20.07.2012

28.03.2013

Aygaz AS Aygaz A.S. purchases from local refineries and distributes liquified propane gas. The Company also markets plastifiers, alcohols, solvents, aromatic hydrocarbons and general purpose plastics. Aygaz operates a fleet of ships and LPG filling plants.

Price/Volume 12

2.5 M

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AYGAZ TI EQUITY YTD Change AYGAZ TI EQUITY YTD % CHANGE

12/2012 12/yy 11.00 6.88 665'145.00 10.9 -0.91% 58.43% 100.00% 300.0 3'270.00 5.81 0.0 0.5 125.37 3'150.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 3'786.8 4'657.7 0.47x 0.51x 390.3 305.9 4.52x 7.76x 314.6 239.5 5.39x 10.40x Profitability

.5 M

2 0 m-12

a-12

LTM-4Q 31.12.2011 5'455.7 0.44x 233.6 10.27x 379.7 6.98x

31.12.2012 5'586.1 0.49x 244.8 11.08x 303.5 9.33x 244.80 165.87 2.97% 6.14% 10.71% 13.39% 1.97% 9.3% 4.4% 3.0% 5.4% 1.56 0.96 0.20% 0.24% 18.54 25.15

Price/ Cash Flow

12/yy 5'455.7 1.95x 233.6 10.27x 379.7 6.98x

m-12

j-12

a-12

LTM 12/yy 5'586.1 1.68x 244.8 11.08x 303.5 9.33x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.85 24.55% 15.47% 0.846 17 4.235 453'376 542'588 563'294 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'855.2 6'003.6 0.51x 0.48x 284.7 297.2 11.07x 10.60x 284.4 297.7 11.46x 10.74x S&P Issuer Ratings

-0.49 0.02 0.2% 0.2% 1.97 9.60 19.74 14.55 18.64 15.66

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

1.0 M

Fiscal Year Ended 31.12.2008 3'579.3 0.20x 337.8 2.13x 25.8 36.30x

1.5 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Aygaz AS Holdings By:

All

Holder Name KOC HOLDING AS LIQUID PETROLEUM GAS TEMEL TICARET VE YAT KOC FAMILY FMR LLC FRANKLIN RESOURCES SWEDBANK ROBUR FONDE GRANTHAM MAYO VAN OT EAST CAPITAL ASSET M DIMENSIONAL FUND ADV BRANDES INVESTMENT P UNITED SERVICES AUTO ROBECO INVESTOR SERV NORDEA INVESTMENT FU TEMPLETON INVESTMENT NORDEA INV MANAGEMEN GOLDMAN SACHS ASSET EATON VANCE MANAGEME AKBANK ASSET MANAGEM SOMPO JP NIHON KOA A

Firm Name EVA Dimensions BNP Paribas Equity Research FinansInvest Oyak Securities Renaissance Capital Burgan Securities Seker Securities Ekspres Invest Deutsche Bank BGC Partners IS Investment & Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs HSBC Erste Bank ATA Invest

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT ALPER PAKSOY KORAY PAMIR HASAN SENER ILGIN ERDOGAN UMUT OZTURK KADIR TEZELLER SELIM KUNTER VEDAT MIZRAHI EZGI YILMAZ ASLI OZATA KUMBARACI ONUR MARSAN MATIJA GERGOLET BULENT YURDAGUL THOMAS UNGER MERT BOSTANOGLU

Source Co File Co File Co File Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy outperform outperform buy hold outperform buy buy hold outperform market perform neutral/neutral overweight accumulate market perform

Amt Held 122'053'514 73'546'000 15'883'936 15'705'118 5'760'669 3'733'478 3'179'330 2'720'470 1'763'439 1'518'678 1'143'077 661'200 650'456 488'827 367'154 343'000 302'916 299'419 268'491 258'000

% Out 40.68 24.52 5.29 5.24 1.92 1.24 1.06 0.91 0.59 0.51 0.38 0.22 0.22 0.16 0.12 0.11 0.1 0.1 0.09 0.09

Weighting

Change 3 5 5 5 5 3 5 5 5 3 5 3 3 5 4 3

D M M M M M M M U M M M D U M M

Latest Chg 788'710 16'443 800'000 1'763'439 111'212 661'200 650'456 42'802 (14'605) 302'916 (88'321) 100'000

Target Price #N/A N/A 11 12 12 13 11 13 12 12 10 15 11 11 10 10 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2010 Holding Company 31.12.2010 Other 31.12.2010 Corporation 31.12.2010 Other 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 03.09.2012 Mutual Fund Manager

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 26.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 18.02.2013 22.01.2013 16.01.2013 04.01.2013 18.12.2012 17.12.2012 10.12.2012 20.11.2012 04.11.2012 18.05.2012

28.03.2013

Bagfas Bandirma Gubre Fabrik 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.

Price/Volume 80

1.4 M

1.2 M

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.04.2012) 52-Week Low (20.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAGFS TI EQUITY YTD Change BAGFS TI EQUITY YTD % CHANGE

12/2012 12/yy 82.60 48.90 106'975.00 56 -32.21% 14.52% 20.32% 9.0 504.00 29.31 0.0 0.0 22.99 510.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 268.0 279.8 0.88x 1.42x (8.4) 63.1 6.31x (5.1) 47.0 10.57x Profitability

.4 M

.2 M

0 m-12

a-12

LTM-4Q 31.12.2011 325.1 1.10x 90.3 3.96x 73.8 6.20x

31.12.2012 363.9 1.35x 36.3 13.57x 23.9 20.33x 36.27 25.80 7.09% 7.14% 7.06% 10.20% 1.07% 15.7% 10.0% 7.1% 6.6% 2.72 0.88 8.94% 12.67% 10.84 3.54

Price/ Cash Flow

12/yy 325.1 4.59x 90.3 3.96x 73.8 6.20x

m-12

j-12

a-12

LTM 12/yy 363.9 5.13x 36.3 13.57x 23.9 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.80 -0.76% 3.70% 0.799 7 3.714 65'214 98'524 143'826 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 401.0 429.0 1.29x 1.56x 64.5 73.8 7.91x 6.92x 46.8 54.6 9.29x 8.56x S&P Issuer Ratings

0.17 0.81 12.7% 11.2% 1.07 4.05 33.77 103.37 78.19 58.95

Sales/Revenue/Turnover

80.00

450.0

70.00

400.0

60.00

350.0 300.0

50.00

250.0

40.00

200.0

30.00

150.0

20.00

100.0

10.00

50.0

0.00 01.01.2010

.6 M

Fiscal Year Ended 31.12.2008 390.3 0.40x 111.0 1.40x 82.8 2.21x

.8 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Bagfas Bandirma Gubre Fabrik Holdings By:

All

Holder Name RECEP GENCER BANK OF NEW YORK MEL BLACKROCK GLOBAL X MANAGEMENT SCHRODER INVESTMENT EATON VANCE MANAGEME VANGUARD GROUP INC DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL SOMPO JP NIHON KOA A ERSTE SPARINVEST KAG MIGDAL ASSET MANAGEM DIMENSIONAL FUND ADV US GLOBAL INVESTORS STATE STREET BESSEMER GROUP INCOR BIZIM MENKUL DEGERLE ILIRIKA FUND MANAGEM JYSKE INVEST

Firm Name Global Menkul Degerler IS Investment & Securities Erste Bank HSBC BGC Partners Burgan Securities Tera Stock Brokers Yatirim Finansman Securities Ekspres Invest Garanti Yatirim Menkul Kiymetler

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HASAN BAYHAN NUR ATASOY EVRIM DAIRECIOGLU CENK ORCAN CAN OZCELIK MURAT IGNEBEKCILI AYSE COLAK OZGUR UCUR KURTHAN ATMACA SEZAI SAKLAROGLU

Source Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform outperform accumulate neutral buy hold neutral not rated sell market perform

Amt Held 1'213'163 71'878 48'876 40'671 26'684 23'900 21'747 19'453 7'054 3'500 1'654 1'260 864 800 718 679 136 100 -

% Out 13.48 0.8 0.54 0.45 0.3 0.27 0.24 0.22 0.08 0.04 0.02 0.01 0.01 0.01 0.01 0.01 0 0 0

Weighting

Change

3 5 4 3 5 3 3 #N/A N/A 1 3

M M M U M M M M M M

Latest Chg (5'468) 14'498 54 800 452 (2'235)

Target Price 65 82 60 66 90 62 64 #N/A N/A 63 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 n/a 26.03.2013 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 25.03.2013 Investment Advisor 31.10.2012 Investment Advisor 20.07.2011 Investment Advisor 28.02.2011 Mutual Fund Manager 31.01.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 21.01.2013 17.12.2012 04.11.2012 06.09.2012 31.08.2012 23.05.2012 09.05.2012 11.04.2012 15.02.2012 29.12.2011

28.03.2013

Banvit Bandirma Vitaminli Yem Sanayii ASA Banvit Bandirma Vitaminli Yem Sanayii Ticaret A.S. breeds, raises and, slaughters chickens and markets eggs. The Group also produces and sells mixed feeds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BANVT TI EQUITY YTD Change BANVT TI EQUITY YTD % CHANGE

12/2011 09/yy 4.55 3.22 791'139.00 3.65 -19.78% 13.35% 27.82% 100.0 365.09 425.88 0.0 0.0 17.82 788.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 543.6 0.69x 88.1 4.24x 56.8 5.21x

5 5 4 4 3 3 2 2 1 1 0 m-12

31.12.2008 31.12.2009 649.9 791.6 0.53x 0.74x 28.7 98.3 12.08x 6.00x (42.5) 44.1 8.16x Profitability

LTM-4Q 31.12.2010 1'002.4 0.75x 124.2 6.07x 58.9 8.70x

31.12.2011 1'116.3 0.61x 41.9 16.36x (59.7) 41.88 -1.06 -0.10% -6.41% -2.87% -11.13% 1.75% 12.0% 5.9% 1.9% -5.3% 1.23 0.43 61.08% 281.33% 7.35 9.38

Price/ Cash Flow

09/yy 1'079.6 2.73x 53.2 13.99x (48.4) 0.00x

LTM 09/yy 1'231.7 1.81x 40.3 0.00x 10.5 33.87x

FY+1

0.76 1.96% -5.44% 0.765 9 4.333 154'059 426'948 1'232'405 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'277.8 1'479.0 302.0 337.0 97.0 127.0 8.13x 6.21x 34.3 44.8 10.49x 8.00x 8.11x S&P Issuer Ratings

2.20 -0.87 6.04 6.19 281.3% 73.8% 1.75 5.87 49.78 39.01 34.72 54.65

Sales/Revenue/Turnover

50.00

1'200.0

45.00

1'000.0

40.00 35.00

800.0

30.00

600.0

25.00 20.00

400.0

15.00 10.00

200.0

5.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Banvit Bandirma Vitaminli Yem Sanayii ASA Holdings By:

All

Holder Name GORENER VURAL KOCMAN EMINE OKSAN EBUBEKIR VALID FARUK GORENER CHRISTOFFEL GOERENER MAKBULE NORDEA INVESTMENT FU GUSTAVIADAVEGARDH FO DIMENSIONAL FUND ADV ERSTE SPARINVEST KAG DWS INVESTMENT S A DIMENSIONAL FUND ADV

Firm Name Ak Investment Ekspres Invest Oyak Securities IS Investment & Securities Goldman Sachs Garanti Yatirim Menkul Kiymetler Tera Stock Brokers ATA Invest BGC Partners Burgan Securities EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BERTUG TUZUN MELDA AGIRDAS ANIL CAN YILDIRIM ESRA SUNER MATIJA GERGOLET IREM OKUTGEN FEYRUZE ASLI KONDU OGUZHAN AKBULUT ERDEM HAFIZOGLU ECE MANDACI TEAM COVERAGE

Source Research Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform buy outperform outperform Buy/Neutral outperform neutral Under Review buy hold sell

Amt Held 24'760'641 19'293'198 18'873'991 14'507'208 4'831'253 442'498 370'000 283'919 23'773 1'000 1

% Out 24.75 19.29 18.87 14.5 4.83 0.44 0.37 0.28 0.02 0 0

Weighting

Change

3 5 5 5 5 5 3 #N/A N/A 5 3 1

M M M M U M D M M M M

Latest Chg 773 -

Target Price 5 5 5 6 8 5 5 #N/A N/A 6 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 n/a 31.12.2009 n/a 31.12.2009 n/a 31.12.2009 n/a 31.12.2009 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 29.01.2013 22.01.2013 20.12.2012 18.12.2012 10.12.2012 15.11.2012 17.09.2012 03.08.2012 09.07.2012 25.05.2012 28.12.2011

28.03.2013

Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS Besiktas Futbol Yatirimlar Sanayi ve Ticaret A.S. is a professional soccer club which belongs to the Turkish super league.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BJKAS TI EQUITY YTD Change BJKAS TI EQUITY YTD % CHANGE

05/2012 11/yy 2.60 1.38 5'847'057.00 1.55 -40.77% 12.02% 12.85% 240.0 372.00 133.29 0.0 (0.1) 3.70 490.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

31.05.2009 31.05.2010 85.2 131.5 4.32x 1.58x 9.0 1.3 40.67x 155.11x (29.4) (48.4) Profitability

LTM-4Q 31.05.2011 145.7 3.34x (38.1) (120.1) -

31.05.2012 153.5 (150.8) -38.08 -66.58 -45.71% -82.39% -32.2% -98.3% 0.29 0.09 86.80% -

Price/ Cash Flow

08/yy 116.2 16.56x (69.6) 0.00x (170.5) 0.00x

m-12

j-12

a-12

LTM 11/yy 176.5 6.19x 24.7 0.00x (52.9) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.83 -39.19% -20.59% 0.827 0 13'938'860 3'823'915 4'070'610

FY+1

FY+2

FQ+1

FQ+2

05/13 Y

05/14 Y

02/13 Q3

05/13 Q4

S&P Issuer Ratings

-211.11 -45.06

Sales/Revenue/Turnover

9.00

180.0

8.00

160.0

7.00

140.0

6.00

120.0

5.00

100.0

4.00

80.0

3.00

60.0

2.00

40.0

1.00

20.0

0.00 05.06.2009

a-12

Fiscal Year Ended 31.05.2008 94.7 1.38x 21.8 5.99x (1.3) -

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS Holdings By:

All

Holder Name BESIKTAS JIMNASTIK K DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a Multiple Portfolios

Analyst

Source Research MF-AGG

Recommendation

Amt Held 27'999'575 75'244

% Out 11.67 0.03

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.11.2008 31.07.2012

Date

Inst Type n/a Investment Advisor

Date

28.03.2013

BIM Birlesik Magazalar AS BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount stores in Turkey. The Company provides an assortment of private label products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (10.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIMAS TI EQUITY YTD Change BIMAS TI EQUITY YTD % CHANGE

12/2012 12/yy 93.50 64.75 278'221.00 87.75 -6.15% 35.52% 82.61% 151.8 13'320.45 10.45 0.0 0.0 388.22 12'942.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M 2.0 M 1.5 M 1.0 M .5 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 4'242.4 0.57x 189.2 12.75x 114.2 21.44x

100 90 80 70 60 50 40 30 20 10 0 m-12

31.12.2009 31.12.2010 5'323.4 6'574.0 0.96x 1.17x 314.2 356.4 16.26x 21.66x 212.9 245.6 24.77x 32.44x Profitability

LTM-4Q 31.12.2011 8'189.1 0.93x 424.4 17.92x 298.9 26.66x

31.12.2012 9'906.4 1.30x 491.2 26.19x 331.3 39.98x 491.20 397.65 4.01% 4.23% 17.14% 46.37% 5.12% 15.7% 5.0% 4.0% 3.3% 0.98 0.54 0.49% 1.29% 33.86 18.80

Price/ Cash Flow

LTM

12/yy 8'189.1 3.73x 424.4 17.92x 298.9 26.66x

12/yy 9'906.4 4.54x 491.2 26.19x 331.3 39.98x

FY+1

0.54 31.29% 0.57% 0.540 30 2.767 276'580 303'860 260'948 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'862.2 14'037.0 3'166.0 2'814.0 1.08x 0.90x 597.1 714.0 128.0 114.0 21.68x 18.13x 27.31x 402.8 486.6 107.0 95.0 32.68x 27.28x 33.62x S&P Issuer Ratings

-0.77 0.02 1.3% 1.3% 5.12 13.21 10.81 19.47 48.17 -17.89

Sales/Revenue/Turnover

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0 15.00

4'000.0 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

BIM Birlesik Magazalar AS Holdings By:

All

Holder Name TOPBAS MUSTAFA LATIF TOPBAS AHMET AFIF ABERDEEN EL KHEREJI ABDULRAHM VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK OPPENHEIMERFUNDS INC CIZMECI FIRDEVS TOPBAS FATMA FITNAT CARMIGNAC GESTION DANSKE INVEST A/S BARING ASSET MANAGEM DANSKE INVEST MANAGE BNP PARIBAS INV PART PRUDENTIAL FINANCIAL FMR LLC BAILLIE GIFFORD AND DEKA INTERNATIONAL S WILLIAM BLAIR & COMP

Firm Name Seker Securities Burgan Securities Goldman Sachs Marfin Analysis (ESN) EVA Dimensions FinansInvest Renaissance Capital Oyak Securities IS Investment & Securities Wood & Company JPMorgan HSBC BNP Paribas Equity Research Erste Bank Eczacibasi Securities Ekspres Invest Global Menkul Degerler Deutsche Bank Garanti Yatirim Menkul Kiymetler VTB Capital Credit Suisse BGC Partners Natixis Yatirim Finansman Securities Barclays ATA Invest Tera Stock Brokers

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP

Analyst BURAK DEMIRBILEK BURAK ISYAR ANTON FARLENKOV NATALIA SVYROU-SVYRIADI AUSTIN BURKETT CAN OZTOPRAK METE OZBEK SERHAT KAYA ESRA SUNER PATRICK SHIELDS BORJA OLCESE BULENT YURDAGUL SABRIYE GOZDE CULLAS GORKEM GOKER AKIF DASIRAN MELDA AGIRDAS BERTAN ILBAK VEDAT MIZRAHI IREM OKUTGEN MARIA KOLBINA ONUR MUMINOGLU BERNA KURBAY ANTOINE PARISON DUYGU KALFAOGLU HANZADE KILICKIRAN EMRAH OZKOC KENAN TURAN

Source Research Research ULT-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13F

Recommendation market perform hold Sell/Neutral hold hold neutral hold market perform market perform sell neutral neutral buy hold outperform hold sell buy market perform sell neutral hold reduce Under Review overweight market perform sell

Amt Held 23'948'496 14'571'000 11'877'827 6'831'000 4'323'584 4'090'152 3'464'800 3'132'155 1'749'990 1'518'000 994'686 708'427 640'145 417'690 393'614 377'578 375'440 352'800 301'700 276'614

% Out 15.78 9.6 7.82 4.5 2.85 2.69 2.28 2.06 1.15 1 0.66 0.47 0.42 0.28 0.26 0.25 0.25 0.23 0.2 0.18

Weighting

Change

3 3 1 3 3 3 3 3 3 1 3 3 5 3 5 3 1 5 3 1 3 3 2 #N/A N/A 5 3 1

M M M M U D M M M M M M M M M M M M M M M M M M N M M

Latest Chg (103'422) 231'023 (17'580) (217'106) 30'749 28'000 18'911 (498) 1'556 40'999 (139'513)

Target Price 98 90 70 89 #N/A N/A 91 86 88 92 75 84 96 93 90 111 93 84 103 87 77 77 94 69 #N/A N/A 95 #N/A N/A 56

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.02.2013 n/a 11.02.2013 n/a 28.02.2013 Unclassified 11.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 11.02.2013 n/a 11.02.2013 n/a 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 27.03.2013 27.03.2013 20.03.2013 12.03.2013 12.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 05.03.2013 01.03.2013 18.02.2013 18.02.2013 15.02.2013 22.01.2013 22.01.2013 21.01.2013 16.01.2013 17.12.2012 03.12.2012 21.11.2012 14.11.2012 14.11.2012 13.11.2012 30.10.2012 11.05.2012 08.05.2012

28.03.2013

Bizim Toptan Satis Magazalari AS 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.

Price/Volume 35

1.2 M

1.0 M

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIZIM TI EQUITY YTD Change BIZIM TI EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

.2 M

5 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'264.3 33.5 3.8 -

.6 M

12/2012 12/yy 30.40 22.45 96'420.00 30 -1.32% 33.63% 89.94% 40.0 1'200.00 0.00 0.0 0.0 19.25 1'180.75

31.12.2009 31.12.2010 1'237.1 1'451.8 42.5 54.6 18.9 28.3 Profitability

LTM-4Q 31.12.2011 1'733.0 0.42x 62.6 11.68x 29.9 25.18x

31.12.2012 1'973.9 0.55x 68.9 15.85x 26.1 42.61x 68.93 58.53 2.97% 1.65% 7.59% 23.70% 5.74% 8.7% 3.5% 3.0% 1.3% 1.04 0.25 0.00% 0.00% 34.29 11.31

Price/ Cash Flow

12/yy 1'733.0 2.21x 62.6 11.68x 29.9 25.18x

LTM 12/yy 1'973.9 2.00x 68.9 15.85x 26.1 42.61x

FY+1

0.95 28.98% 7.91% 0.954 20 4.000 97'900 94'776 144'276 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'297.8 2'633.1 0.51x 0.44x 86.0 100.4 13.73x 11.76x 39.6 46.7 30.58x 25.77x S&P Issuer Ratings

6.79 3.91 -0.28 0.00 0.0% 0.0% 5.74 31.65 10.67 32.36 41.54 1.49

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Bizim Toptan Satis Magazalari AS Holdings By:

All

Holder Name YILDIZ HOLDING A.S. CAPITAL GROUP COMPAN NORGES BANK STANDARD BANK PLC COLUMBIA WANGER ASSE BNP PARIBAS INV PART WASATCH ADVISORS INC T ROWE PRICE ASSOCIA DWS INVESTMENT S A GRANTHAM MAYO VAN OT DEUTSCHE BANK AG BLACKROCK ALLIANCE BERNSTEIN DIMENSIONAL FUND ADV WILLIAM BLAIR & COMP PIONEER INVESTMENT M SANFORD C BERNSTEIN HSBC INVESTMENT FUND CHARLES SCHWAB INVES AMERIPRISE FINANCIAL

Firm Name EVA Dimensions BGC Partners Renaissance Capital FinansInvest Oyak Securities Burgan Securities Wood & Company JPMorgan BNP Paribas Equity Research Erste Bank Eczacibasi Securities Ekspres Invest Deutsche Bank HSBC IS Investment & Securities Garanti Yatirim Menkul Kiymetler Tera Stock Brokers Global Menkul Degerler Yatirim Finansman Securities ATA Invest

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AUSTIN BURKETT BERNA KURBAY METE OZBEK CAN OZTOPRAK SERHAT KAYA BURAK ISYAR ERIK HEGEDUS JAIME VAZQUEZ SABRIYE GOZDE CULLAS GORKEM GOKER AKIF DASIRAN MELDA AGIRDAS VEDAT MIZRAHI BULENT YURDAGUL ESRA SUNER IREM OKUTGEN KENAN TURAN TEAM COVERAGE DUYGU KALFAOGLU EMRAH OZKOC

Source EXCH ULT-AGG Research EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight buy buy outperform outperform buy hold neutral hold hold outperform hold buy overweight outperform market perform neutral market perform outperform market outperform

Amt Held 19'977'410 2'913'474 2'004'000 2'000'000 1'058'937 654'189 571'804 411'835 400'000 339'161 175'000 167'317 165'578 133'447 124'735 110'380 109'634 88'664 85'827 85'385

% Out 49.94 7.28 5.01 5 2.65 1.64 1.43 1.03 1 0.85 0.44 0.42 0.41 0.33 0.31 0.28 0.27 0.22 0.21 0.21

Weighting

Change 1 5 5 5 5 5 3 3 3 3 5 3 5 5 5 3 3 3 5 4

D M M M M M D N M D M M M M M M M N M M

Latest Chg 1'193'000 455'015 (26'000) 571'804 50'000 763 8'348 83'069 110'380 3'224 85'827 36'601

Target Price #N/A N/A 35 35 34 33 32 29 27 28 30 37 34 34 34 38 29 29 24 30 32

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.01.2012 Holding Company 31.12.2012 Investment Advisor 10.01.2012 Government 06.01.2012 Bank 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 13.03.2013 12.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 27.02.2013 18.02.2013 18.02.2013 15.02.2013 22.01.2013 22.01.2013 16.01.2013 16.01.2013 17.12.2012 17.12.2012 01.10.2012 21.03.2012 27.02.2012 13.01.2012

28.03.2013

Borusan Mannesmann Boru Sanayi ve Ticaret AS 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.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (27.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRSAN TI EQUITY YTD Change BRSAN TI EQUITY YTD % CHANGE

12/2012 12/yy 37.40 23.40 264'751.00 35.4 -5.61% 51.28% 90.00% 28.4 1'003.59 155.44 0.0 0.5 38.12 1'214.80

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 m-12

31.12.2009 31.12.2010 776.3 981.1 0.51x 0.61x 44.6 9.3 8.95x 64.64x 22.5 (13.4) 15.23x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 1'331.3 0.54x 108.4 6.66x 52.6 11.30x

31.12.2012 1'426.1 39.5 19.74x 108.39 80.06 6.01% 5.77% 3.64% 8.15% 7.73% 1.10% 11.8% 7.0% 4.8% 2.8% 0.87 0.36 10.60% 23.66% 10.16 5.56

Price/ Cash Flow

12/yy 1'331.3 2.23x 108.4 6.66x 52.6 11.30x

LTM 12/yy 1'426.1 1.37x 56.0 0.00x 39.5 19.74x

0.95 44.12% 28.73% 0.945 1 1.000 144'902 228'232 172'921

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

9.33 -5.58 2.07 2.36 23.7% 19.1% 1.10 2.02 36.02 65.89 105.54 -9.75

Sales/Revenue/Turnover

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 1'159.7 0.20x (1.9) (37.7) -

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Borusan Mannesmann Boru Sanayi ve Ticaret AS Holdings By:

All

Holder Name BORUSAN MANNESMANN B LUMBRO NOMINEES JERS DIMENSIONAL FUND ADV BANK OF NEW YORK MEL BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV BESSEMER GROUP INCOR DIMENSIONAL FUND ADV

Firm Name EVA Dimensions Global Menkul Degerler

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING TEAM COVERAGE

Source Research Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight market perform

Amt Held 20'831'453 1'890'000 229'428 176'173 79'354 37'645 30'659 2'472 2'008

% Out 73.48 6.67 0.81 0.62 0.28 0.13 0.11 0.01 0.01

Latest Chg -

Weighting

Change

Target Price

1 3

M M

#N/A N/A 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2009 31.12.2009 31.07.2012 26.03.2013 25.03.2013 31.12.2012 31.12.2012 31.10.2012 31.12.2012

Date Not Provided Not Provided

Inst Type Unclassified Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.01.2013 22.06.2010

28.03.2013

Boyner Buyuk Magazacilik 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.

Price/Volume 7 6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOYNR TI EQUITY YTD Change BOYNR TI EQUITY YTD % CHANGE

12/2012 12/yy 6.48 2.90 134'830.00 6 -7.10% 106.90% 88.83% 92.1 552.42 262.90 0.0 20.8 141.04 695.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 456.5 0.21x 22.9 4.26x 0.4 125.70x

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

31.12.2009 31.12.2010 482.7 552.8 0.36x 0.81x 30.7 39.5 5.63x 11.33x 7.3 17.3 17.84x 22.11x Profitability

LTM-4Q 31.12.2011 660.1 0.38x 45.0 5.63x 23.9 8.99x

31.12.2012 935.1 0.58x 50.6 10.67x 6.9 57.78x 50.57 27.31 2.92% 1.36% 1.12% 6.64% 7.60% 1.52% 37.3% 5.4% 2.9% 0.7% 0.97 0.41 30.63% 245.89% 10.34 2.89

Price/ Cash Flow

12/yy 660.1 2.12x 45.0 5.63x 23.9 8.99x

LTM 12/yy 935.1 2.06x 50.6 10.67x 6.9 57.78x

FY+1

1.05 89.27% 39.21% 1.052 7 4.429 350'937 431'587 299'359 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'460.2 1'639.2 0.54x 0.47x 103.6 126.2 6.71x 5.51x 29.4 40.7 21.82x 15.27x S&P Issuer Ratings

1.93 0.58 2.41 5.20 245.9% 67.3% 1.52 10.52 35.39 126.60 156.77 5.22

Sales/Revenue/Turnover

30.00

1'000.0 900.0

25.00

800.0 700.0

20.00

600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Boyner Buyuk Magazacilik Holdings By:

All

Holder Name FENNELLA SARI ALTINYILDIZ KONF MEN FMR LLC BZ WBK TOWARZYSTWO F BNP PARIBAS INV PART DWS INVESTMENT S A BLACKROCK DIMENSIONAL FUND ADV CASA 4 FUNDS LUX EUR DANSKE INVEST MANAGE VANGUARD GROUP INC HOLBERG FONDSFORVALT QUERCUS TFI DANSKE INVEST A/S DIGER

Firm Name FinansInvest EVA Dimensions Oyak Securities IS Investment & Securities BGC Partners Ekspres Invest Tera Stock Brokers Global Menkul Degerler ATA Invest Ak Investment

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ALPER USTUNISIK CRAIG STERLING SERHAT KAYA ESRA SUNER ERDEM HAFIZOGLU MELDA AGIRDAS KENAN TURAN TEAM COVERAGE EMRAH OZKOC ERKAN SAVRAN

Source Research Research ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation neutral overweight market perform outperform buy buy buy market perform market underperform market perform

Amt Held 27'667'035 27'600'184 11'969'100 1'524'364 600'000 525'000 326'327 314'308 310'233 279'000 188'104 168'748 90'000 74'500 66'848

% Out 30.05 29.98 13 1.66 0.65 0.57 0.35 0.34 0.34 0.3 0.2 0.18 0.1 0.08 0.07

Weighting

Change 3 5 3 5 5 5 5 3 2 3

M U M M M M M N M N

Latest Chg 20'096'711 168'500 105'000 101'537 (82'000) 86'294 168'748 (40'000) -

Target Price 5 #N/A N/A 6 7 8 6 4 4 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.03.2012 30.03.2012 31.01.2013 30.06.2012 31.01.2013 31.01.2013 25.03.2013 31.07.2012 31.08.2012 31.12.2012 31.12.2012 28.02.2013 30.06.2012 28.02.2013 30.03.2012

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Other Other Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Other

Date 14.03.2013 13.03.2013 06.03.2013 19.02.2013 15.02.2013 22.01.2013 24.04.2012 21.03.2012 21.10.2011 15.10.2010

28.03.2013

Brisa Bridgestone Sabanci Sanayi ve Ticaret AS 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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2012) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRISA TI EQUITY YTD Change BRISA TI EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 11.39 3.54 613'245.00 5.46 -52.24% 54.39% 25.00% 305.1 1'665.97 557.64 0.0 0.0 11.57 2'212.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2009 31.12.2010 775.9 979.9 0.72x 1.20x 104.7 121.5 5.33x 9.71x 39.1 56.7 12.19x 18.05x Profitability

LTM-4Q 31.12.2011 1'347.8 1.05x 158.0 8.94x 71.9 14.44x

31.12.2012 1'424.0 1.52x 205.3 10.57x 92.9 17.48x 205.29 138.60 9.73% 8.05% 8.05% 19.31% 1.23% 22.8% 14.4% 9.7% 6.5% 1.01 0.64 44.82% 113.73% 3.65 4.00

Price/ Cash Flow

12/yy 1'347.8 4.36x 158.0 8.94x 71.9 14.44x

j-12

a-12

LTM 12/yy 1'424.0 6.25x 205.3 10.57x 92.9 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.90 44.02% 2.63% 0.901 3 1.000 787'276 1'199'770 2'205'753 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'669.5 1'819.0 225.5 255.5 9.81x 8.66x 101.4 117.2 19.50x 18.20x S&P Issuer Ratings

3.99 0.31 2.66 2.72 113.7% 53.2% 1.23 3.36 100.26 91.57 53.55 138.29

Sales/Revenue/Turnover

400.00

1'600.0

350.00

1'400.0

300.00

1'200.0

250.00

1'000.0

200.00

800.0

150.00

600.0

100.00

400.0

50.00

200.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 772.2 0.59x 100.3 4.57x 31.8 7.96x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Brisa Bridgestone Sabanci Sanayi ve Ticaret AS Holdings By:

All

Holder Name HACI OMER SABANCI HO NIPPON LIFE INSURANC EMERGING GLOBAL SHAR DIMENSIONAL FUND ADV BESSEMER GROUP INCOR DIMENSIONAL FUND ADV BIZIM MENKUL DEGERLE

Firm Name EVA Dimensions IS Investment & Securities Goldman Sachs

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING ESRA SUNER ASLI TUNCER

Source Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell underperform Sell/Neutral

Amt Held 133'111'379 1'057'390 725'586 142'106 21'074 5'330 68

% Out 43.63 0.35 0.24 0.05 0.01 0 0

Latest Chg -

Weighting

Change

Target Price

1 1 1

M M M

#N/A N/A 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2007 23.04.2012 25.03.2013 31.07.2012 31.10.2012 31.12.2012 20.07.2011

Date Not Provided Not Provided 12 month

Inst Type Holding Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.01.2013 18.12.2012 10.12.2012

28.03.2013

Celebi Hava Servisi AS 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.

Price/Volume 25

1.8 M 1.6 M

1.4 M 1.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLEBI TI EQUITY YTD Change CLEBI TI EQUITY YTD % CHANGE

12/2011 09/yy 22.90 13.00 64'202.00 20.9 -8.52% 60.77% 82.32% 24.3 507.87 336.21 11.1 99.41 777.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .6 M .4 M

.2 M 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 276.3 1.11x 75.4 4.08x 26.1 10.28x

1.0 M

31.12.2008 31.12.2009 302.0 311.1 0.58x 1.48x 82.6 98.3 2.12x 4.68x 35.0 27.8 4.51x 14.96x Profitability

LTM-4Q 31.12.2010 347.0 1.93x 87.6 7.66x 26.6 21.45x

31.12.2011 472.8 1.50x 78.8 9.01x 7.6 60.56x 78.78 45.81 9.69% 2.00% 3.67% 26.49% 7.11% 1.14% 27.1% 14.8% 8.3% 1.6% 1.18 0.77 62.59% 853.23% 8.84 60.71

Price/ Cash Flow

09/yy 427.5 6.76x 98.2 6.53x 23.3 19.79x

LTM 09/yy 537.7 3.88x 27.1 0.00x 18.6 26.02x

FY+1

0.84 7.18% 3.47% 0.838 8 3.875 53'170 90'223 175'996 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 533.5 582.6 132.5 133.0 1.49x 1.28x 92.1 112.1 10.0 8.44x 6.93x 36.1 43.6 (1.0) 13.55x 9.81x S&P Issuer Ratings

4.33 2.68 3.36 4.05 853.2% 86.9% 1.14 3.32 41.40 6.03 16.88 11.67

Sales/Revenue/Turnover

25.00

500.0 450.0 400.0

20.00

350.0 15.00

300.0

10.00

250.0 200.0 150.0 100.0

5.00

50.0 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Celebi Hava Servisi AS Holdings By:

All

Holder Name CELEBI HOLDING AS CELEBIOGLU ENGIN CELEBIOGLU CAN CELEBIOGLU TOKGOZ CA SWEDBANK ROBUR FONDE BZ WBK TOWARZYSTWO F BNP PARIBAS INV PART BESSEMER GROUP INCOR DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC INVESTORS TFI SA ABANCNA DZU

Firm Name EVA Dimensions Erste Bank BGC Partners Goldman Sachs Ekspres Invest Global Menkul Degerler Oyak Securities IS Investment & Securities FinansInvest Tera Stock Brokers Yatirim Finansman Securities Garanti Yatirim Menkul Kiymetler ATA Invest

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING GORKEM GOKER KEREM TEZCAN ASLI TUNCER SELIM KUNTER HASAN BAYHAN ALPER OZDEMIR BASAK ENGIN DINCKOC TEAM COVERAGE KENAN TURAN ZUMRUT CAN BAHAR DENIZ EGEMEN ISMAIL OZER

Source Co File Co File Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight accumulate buy not rated buy market perform outperform outperform Under Review neutral Under Review market perform Under Review

Amt Held 13'299'390 2'432'430 1'822'500 1'241'730 180'000 151'289 91'539 90'362 58'051 54'278 16'800 -

% Out 54.73 10.01 7.5 5.11 0.74 0.62 0.38 0.37 0.24 0.22 0.07 0 0

Weighting

Change

1 4 5 #N/A N/A 5 3 5 5 #N/A N/A 3 #N/A N/A 3 #N/A N/A

U M M M M M M M M M M M M

Latest Chg (14'500) (19'181) (750)

Target Price #N/A N/A 24 32 #N/A N/A 28 24 26 30 #N/A N/A 20 #N/A N/A 20 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Holding Company 30.06.2012 n/a 30.06.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 25.01.2012 Investment Advisor 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.06.2011 Mutual Fund Manager

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 21.03.2013 05.03.2013 08.02.2013 07.02.2013 22.01.2013 07.01.2013 21.12.2012 18.12.2012 27.11.2012 14.08.2012 06.06.2012 17.02.2012 06.01.2012

28.03.2013

Cemas Dokum Sanayi AS 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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEMAS TI EQUITY YTD Change CEMAS TI EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 1.84 1.07 1'338'668.00 1.1 -40.22% 2.80% 3.90% 237.0 260.70 6.80 0.0 0.6 46.93 228.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 24.9 0.1 0.5 -

2 2 2 1 1 1 1 1 0 0 0 m-12

31.12.2008 31.12.2009 31.3 25.8 1.5 0.5 0.6 0.3 Profitability

LTM-4Q 31.12.2010 35.0 (1.1) -

31.12.2011 76.4 0.67x 6.5 7.83x 1.9 48.44x 6.55 4.83 6.32% 2.91% 15.0% 2.5% 1.14 0.77 3.90% 7.87% -

09/yy 71.3 4.79x 5.2 0.00x 4.9 0.00x

LTM 09/yy 71.3 2.66x 0.0 0.00x 16.1 5.52x

1.10 -36.42% -5.98% 1.105 0 738'287 1'466'893 2'031'781

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

10.91 -21.88 7.9% 7.2% -

Sales/Revenue/Turnover

90.0 80.0

1.00 0.80

70.0 60.0 50.0

0.60

40.0 30.0

0.40 0.20

20.0 10.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Cemas Dokum Sanayi AS Holdings By:

All

Holder Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Firm Name

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Coca-Cola Icecek AS Coca-Cola Icecek AS bottles and distributes carbonated soft drinks and noncarbonated beverages.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCOLA TI EQUITY YTD Change CCOLA TI EQUITY YTD % CHANGE

12/2012 12/yy 52.75 21.95 220'665.00 51.25 -2.37% 133.49% 100.00% 254.4 13'036.50 1'676.93 0.0 24.7 607.66 14'130.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 m-12

31.12.2009 31.12.2010 2'407.5 2'753.2 1.88x 2.13x 339.5 428.7 13.36x 13.65x 169.6 197.7 22.50x 26.25x Profitability

LTM-4Q 31.12.2011 3'408.6 2.02x 477.6 14.40x 140.3 40.98x

31.12.2012 4'132.4 2.54x 671.3 15.65x 380.1 24.76x 671.29 475.35 11.50% 11.68% 9.44% 21.48% 12.41% 1.03% 38.4% 16.2% 11.5% 9.2% 2.25 1.31 39.31% 88.75% 14.70 8.24

Price/ Cash Flow

12/yy 3'408.6 8.06x 477.6 14.40x 140.3 40.98x

m-12

j-12

a-12

LTM 12/yy 4'132.4 8.58x 671.3 15.65x 380.1 24.76x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.76 128.41% 38.51% 0.758 27 3.630 157'334 164'960 143'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'877.8 5'666.7 820.5 1'481.5 2.90x 2.48x 17.57x 9.85x 825.2 981.6 91.7 292.0 17.20x 14.46x 17.61x 17.20x 440.1 543.8 20.6 178.0 29.58x 24.29x 31.08x 32.89x S&P Issuer Ratings

12.50 5.67 1.59 2.50 88.8% 46.7% 1.03 2.29 24.89 44.43 26.42 42.91

Sales/Revenue/Turnover

40.00

4'500.0

35.00

4'000.0

30.00

3'500.0 3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 2'258.1 1.06x 360.3 6.66x 81.4 19.85x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Coca-Cola Icecek AS Holdings By:

All

Holder Name ANADOLU EFES BIRACIL COCA COLA EXPORT COR EFES PAZARLAMA VE DA OZGORKEY HOLDING AS FMR LLC CAPITAL GROUP COMPAN COMGEST GROWTH PLC VANGUARD GROUP INC BLACKROCK WASATCH ADVISORS INC ALLIANZ ASSET MANAGE MORGAN STANLEY DEKA INTERNATIONAL S PICTET ASSET MANAGEM NORDEA INVESTMENT FU GOLDMAN SACHS ASSET NORDEA INV MANAGEMEN CREDIT SUISSE ASSET EATON VANCE MANAGEME DIMENSIONAL FUND ADV

Firm Name Seker Securities EVA Dimensions Barclays Nomura FinansInvest Oyak Securities BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler Burgan Securities Ak Investment IS Investment & Securities HSBC Eczacibasi Securities Ekspres Invest Deutsche Bank JPMorgan BGC Partners Goldman Sachs VTB Capital Credit Suisse Yatirim Finansman Securities ATA Invest Renaissance Capital Global Menkul Degerler

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BURAK DEMIRBILEK AUSTIN BURKETT GABRIELA MALCZYNSKA EDWARD MUNDY SABRIYE GOZDE CULLAS ALPER OZDEMIR KENAN COSGUNER IREM OKUTGEN BURAK ISYAR OMER OMERBAS ESRA SUNER BULENT YURDAGUL GOKAY BOBEK MELDA AGIRDAS VEDAT MIZRAHI KOMAL DHILLON EZGI YILMAZ MATIJA GERGOLET IVAN KUSHCH ONUR MUMINOGLU ZUMRUT CAN EMRAH OZKOC METE OZBEK TEAM COVERAGE

Source Co File Co File Co File Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform underweight overweight buy neutral outperform buy market perform hold market perform underperform neutral outperform buy hold overweight buy Buy/Neutral hold neutral market perform market outperform hold market perform

Amt Held 102'053'566 51'103'094 25'793'200 10'225'706 10'029'030 7'522'847 4'530'000 1'623'149 1'413'530 574'664 338'636 250'502 226'000 218'630 185'395 177'821 171'926 141'192 131'100 130'892

% Out 40.12 20.09 10.14 4.02 3.94 2.96 1.78 0.64 0.56 0.23 0.13 0.1 0.09 0.09 0.07 0.07 0.07 0.06 0.05 0.05

Weighting

Change 5 1 5 5 3 5 5 3 3 3 1 3 5 5 3 5 5 5 3 3 3 4 3 3

M D M M M M M M M M D M M M M M M U M M M M M N

Latest Chg 2'456'037 (76'259) 5'877 63'870 194'965 (54'832) (2'000) (55'457) (45'141) 68'900 (1'680) -

Target Price 52 #N/A N/A 52 50 45 48 48 45 43 43 42 47 48 51 42 45 47 50 38 37 27 29 25 26

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Holding Company 30.06.2012 Corporation 30.06.2012 Corporation 30.06.2012 Holding Company 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 27.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 29.01.2013 25.01.2013 24.01.2013 22.01.2013 22.01.2013 16.01.2013 16.01.2013 16.01.2013 10.12.2012 03.12.2012 22.11.2012 28.08.2012 20.07.2012 13.07.2012 21.03.2012

28.03.2013

Dogan Sirketler Grubu Holding AS 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.

Price/Volume 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOHOL TI EQUITY YTD Change DOHOL TI EQUITY YTD % CHANGE

12/2011 09/yy 1.17 0.64 4'726'876.00 1.06 -8.55% 65.62% 81.13% 2'450.0 2'597.00 2'558.08 0.0 812.0 3'659.96 3'614.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 10'309.6 0.38x 554.0 7.01x 395.2 8.43x

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13 m-13

31.12.2008 31.12.2009 12'504.5 10'316.5 0.17x 0.37x 681.9 456.3 3.03x 8.43x 70.6 (114.1) 21.88x Profitability

LTM-4Q 31.12.2010 2'850.5 0.68x 165.4 11.78x 656.2 -

31.12.2011 2'867.3 0.35x 258.8 3.90x (757.1) 258.79 25.18 0.88% -29.81% 0.08% 0.22% -0.29% 0.34% 28.1% 10.0% 1.5% -26.4% 2.46 2.14 29.58% 84.17% 3.37 8.68

Price/ Cash Flow

LTM

09/yy 2'232.8 3.21x (31.3) 0.00x (34.2) 0.00x

09/yy 2'931.7 2.18x 380.0 0.00x 64.1 0.00x

FY+1

1.03 37.66% 15.22% 1.035 10 4.600 13'651'590 18'488'090 35'362'180 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'148.8 3'477.4 808.0 1.12x 0.97x 322.3 441.6 111.0 11.22x 8.19x 143.3 109.9 51.0 19.27x 22.08x S&P Issuer Ratings

2.15 -2.89 0.51 9.15 84.2% 39.9% 0.34 2.20 108.46 42.16 74.83 54.36

Sales/Revenue/Turnover

40.00

14'000.0

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Dogan Sirketler Grubu Holding AS Holdings By:

All

Holder Name ADILBEY HOLDING AS DOGAN AYDIN DOGAN ISIL DOGAN BOYNER HANZADE SABANCI VUSLAT DOGAN YALCINDAG ARZUHAN DO FARALYALI YASAR BEGU DIMENSIONAL FUND ADV BLACKROCK DWS INVESTMENT S A EAST CAPITAL ASSET M EATON VANCE MANAGEME VANGUARD GROUP INC SWEDBANK ROBUR FONDE OFI ASSET MANAGEMENT DIMENSIONAL FUND ADV SOMPO JP NIHON KOA A STATE STREET MACQUARIE GROUP EATON VANCE ADVISORS

Firm Name Global Menkul Degerler Sardis Securities BNP Paribas Equity Research HSBC Seker Securities Ekspres Invest EVA Dimensions BGC Partners Oyak Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs FinansInvest Burgan Securities ATA Invest IS Investment & Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst BERTAN ILBAK HAYDAR ACUN KENAN COSGUNER BULENT YURDAGUL BURAK DEMIRBILEK SINAN GOKSEN CRAIG STERLING BARIS INCE HASAN SENER ONUR MARSAN MATIJA GERGOLET TEAM COVERAGE BURAK ISYAR ONDER ZORBA NUR ATASOY

Source Research Research Research Research Research Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy strong buy buy overweight not rated buy buy buy outperform market perform neutral/neutral not rated not rated market perform not rated

Amt Held 1'274'000'000 188'907'064 40'291'777 25'503'045 25'503'045 25'503'045 25'503'045 25'357'752 8'162'469 7'500'000 6'358'100 4'890'061 4'322'657 3'500'000 3'268'000 2'721'694 2'460'000 2'328'452 1'757'804 1'275'525

% Out 52 7.71 1.64 1.04 1.04 1.04 1.04 1.04 0.33 0.31 0.26 0.2 0.18 0.14 0.13 0.11 0.1 0.1 0.07 0.05

Weighting

Change

5 5 5 5 #N/A N/A 5 5 5 5 3 3 #N/A N/A #N/A N/A 3 #N/A N/A

M M M U M M M M M M M M M M M

Latest Chg 419'597 1'000'000 (2'754'500) 72'356 (1'000'000) (800'000) -

Target Price 1 #N/A N/A 1 1 #N/A N/A 1 #N/A N/A 1 1 1 1 #N/A N/A #N/A N/A 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.12.2008 Private Equity 26.12.2008 n/a 26.12.2008 n/a 26.12.2008 n/a 26.12.2008 n/a 26.12.2008 n/a 26.12.2008 n/a 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 26.03.2013 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 19.03.2013 15.03.2013 12.03.2013 28.02.2013 28.02.2013 22.01.2013 17.01.2013 02.01.2013 21.12.2012 17.12.2012 10.12.2012 05.07.2012 02.04.2012 09.03.2012 09.09.2009

28.03.2013

Dogan Yayin Holding AS 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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DYHOL TI EQUITY YTD Change DYHOL TI EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 0.99 0.59 10'823'531.00 0.81 -19.19% 37.29% 55.00% 2'000.0 1'620.00 1'915.09 0.0 421.3 1'164.56 3'449.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 2'641.7 1.55x 270.0 15.12x 616.8 4.77x

31.12.2008 31.12.2009 2'879.9 2'435.2 0.79x 1.21x 174.2 59.9 13.08x 49.27x (323.9) (343.0) Profitability

LTM-4Q 31.12.2010 2'620.2 1.46x 229.2 16.70x (236.6) -

31.12.2011 2'613.8 0.83x 301.4 7.21x (1'195.7) 301.36 94.51 3.62% -49.69% 5.16% 29.77% 10.52% 0.57% 30.7% 14.4% 6.7% -45.7% 1.23 0.98 40.95% 299.02% 3.66 12.03

Price/ Cash Flow

09/yy 2'738.6 5.03x 232.8 11.63x (1'416.3) 0.00x

LTM 09/yy 2'428.9 4.48x 348.7 8.75x 220.8 5.53x

FY+1

1.16 6.58% 3.85% 1.157 10 3.400 6'890'197 14'344'980 25'227'870 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'528.8 2'743.4 630.5 669.0 1.25x 1.06x 347.3 393.2 89.0 9.93x 8.77x 165.4 93.4 36.0 9.00x 17.23x S&P Issuer Ratings

1.97 0.42 3.90 5.46 299.0% 64.3% 0.57 4.19 100.04 30.43 72.83 45.24

Sales/Revenue/Turnover

160.00

3'500.0

140.00

3'000.0

120.00

2'500.0

100.00

2'000.0

80.00

1'500.0

60.00

1'000.0

40.00

500.0

20.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Dogan Yayin Holding AS Holdings By:

All

Holder Name DOGAN SIRKETLER GRUB DOGAN AILESI BLACKROCK DIMENSIONAL FUND ADV STATE STREET VANGUARD GROUP INC DWS INVESTMENT S A IFM - INDEPENDENT FU JO HAMBRO CAPITAL MA EATON VANCE MANAGEME SOMPO JP NIHON KOA A EATON VANCE ADVISORS NOMURA INTERNATIONAL ERSTE SPARINVEST KAG DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV FLEXSHARES TRUST BESSEMER GROUP INCOR ALLIANZ ASSET MANAGE BZ WBK TOWARZYSTWO F

Firm Name Global Menkul Degerler BNP Paribas Equity Research EVA Dimensions HSBC Ekspres Invest BGC Partners Oyak Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs ATA Invest FinansInvest Burgan Securities Yatirim Finansman Securities Sardis Securities

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst BERTAN ILBAK KENAN COSGUNER CRAIG STERLING BULENT YURDAGUL SINAN GOKSEN BARIS INCE HASAN SENER HALIL IBRAHIM KAHVE ASLI TUNCER ONDER ZORBA TEAM COVERAGE BURAK ISYAR ZUMRUT CAN HAYDAR ACUN

Source Research Research ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation market perform hold buy neutral hold hold market perform market perform neutral/neutral Under Review not rated not rated not rated hold

Amt Held 1'511'828'812 46'182'947 5'814'345 5'278'904 2'675'986 2'550'874 2'250'000 2'250'000 1'838'010 1'086'804 760'000 422'311 298'982 165'376 96'417 79'095 8'662 5'064 2'656 1

% Out 75.59 2.31 0.29 0.26 0.13 0.13 0.11 0.11 0.09 0.05 0.04 0.02 0.01 0.01 0 0 0 0 0 0

Weighting

Change

3 3 5 3 3 3 3 3 3 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 3

M M U M M M M M M M M M M D

Latest Chg 783'264 1'250'000 1'838'010 5'376 -

Target Price 1 1 #N/A N/A 1 1 1 1 1 1 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 13.12.2011 Holding Company 13.12.2011 n/a 25.03.2013 Investment Advisor 31.07.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 03.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.03.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 19.03.2013 12.03.2013 12.03.2013 27.02.2013 22.01.2013 24.12.2012 20.12.2012 17.12.2012 10.12.2012 20.07.2012 04.06.2012 13.01.2012 17.10.2011 12.10.2010

28.03.2013

Dogus Otomotiv Servis ve Ticaret AS 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.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOAS TI EQUITY YTD Change DOAS TI EQUITY YTD % CHANGE

12/2012 12/yy 11.20 4.04 820'977.00 11.1 -0.89% 174.75% 94.41% 220.0 2'442.00 591.76 0.0 2.6 37.23 2'999.16

1.0 M

.5 M

2 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

10 8

Valuation Analysis

31.12.2008 2'144.1 0.20x 37.2 11.58x (109.7) -

31.12.2009 31.12.2010 2'129.5 3'428.3 0.44x 0.52x 89.7 226.4 10.42x 7.86x 30.5 149.3 17.44x 9.76x Profitability

LTM-4Q 31.12.2011 4'808.3 0.25x 272.8 4.38x 141.8 4.58x

31.12.2012 5'132.3 0.48x 325.0 7.52x 255.9 7.38x 325.01 300.82 5.86% 5.99% 12.40% 24.91% 18.43% 2.49% 13.9% 6.3% 5.9% 5.0% 1.11 0.51 26.62% 49.97% 13.12 8.55

Price/ Cash Flow

12/yy 4'808.3 1.19x 272.8 4.38x 141.8 4.58x

LTM 12/yy 5'132.3 1.51x 325.0 7.52x 255.9 7.38x

FY+1

1.15 140.45% 29.37% 1.151 18 4.111 357'776 491'575 423'519 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'294.8 5'630.7 0.56x 0.52x 313.1 329.8 9.58x 9.09x 237.7 241.1 10.40x 10.30x S&P Issuer Ratings

6.41 4.48 1.71 1.82 50.0% 33.3% 2.49 12.69 27.89 42.78 28.36 42.32

Sales/Revenue/Turnover

50.00

6'000.0

45.00

5'000.0

40.00 35.00

4'000.0

30.00

3'000.0

25.00 20.00

2'000.0

15.00 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Dogus Otomotiv Servis ve Ticaret AS Holdings By:

All

Holder Name DOGUS HOLDING AS DOGUS ARASTIRMA GELI GRANTHAM MAYO VAN OT SWEDBANK ROBUR FONDE DIMENSIONAL FUND ADV BANK OF NEW YORK MEL BZ WBK TOWARZYSTWO F BARING FUND MANAGERS EAST CAPITAL ASSET M BLACKROCK AKBANK ASSET MANAGEM VANGUARD GROUP INC ARTEMIS INVESTMENT M US GLOBAL INVESTORS VAN ECK ASSOCIATES C WOORI ASSET MANAGEME GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV ARTEMIS FUND MANAGER GUSTAVIADAVEGARDH FO

Firm Name BGC Partners BNP Paribas Equity Research Global Menkul Degerler IS Investment & Securities FinansInvest Oyak Securities Yatirim Finansman Securities Seker Securities Eczacibasi Securities Ekspres Invest EVA Dimensions Deutsche Bank Renaissance Capital Goldman Sachs Erste Bank HSBC ATA Invest

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BERNA KURBAY SABRIYE GOZDE CULLAS ILKNUR UNSAL ESRA SUNER CAN OZTOPRAK SERHAT KAYA OZGUR UCUR KADIR TEZELLER AKIF DASIRAN KURTHAN ATMACA CRAIG STERLING VEDAT MIZRAHI METE OZBEK ASLI TUNCER MEHMET EMIN ZUMRUT CENK ORCAN ERMAN TUTUNCUOGLU

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy market perform market perform Under Review outperform outperform market perform market perform buy buy buy hold Buy/Neutral accumulate underweight market outperform

Amt Held 77'461'218 66'638'086 8'581'749 2'430'768 2'037'952 1'746'096 1'630'396 1'214'156 781'321 699'516 457'329 404'209 400'000 300'000 260'000 235'000 233'823 222'520 202'000 200'000

% Out 35.21 30.29 3.9 1.1 0.93 0.79 0.74 0.55 0.36 0.32 0.21 0.18 0.18 0.14 0.12 0.11 0.11 0.1 0.09 0.09

Weighting

Change

5 5 3 3 #N/A N/A 5 5 3 3 5 5 5 3 5 4 1 4

M M M M M M M M M M M U D U D D M

Latest Chg (432'318) 781'321 2'356 (32'671) 7'776 400'000 300'000 105'014 202'000 200'000

Target Price 12 11 11 11 #N/A N/A 11 10 9 10 11 #N/A N/A 11 8 11 8 6 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Other 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 26.03.2013 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 21.03.2013 12.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 22.01.2013 22.01.2013 22.01.2013 17.01.2013 09.01.2013 08.01.2013 10.12.2012 23.11.2012 01.10.2012 20.07.2012

28.03.2013

Eczacibasi Yatirim Holding Ortakligi AS 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.

Price/Volume

6.0 M

5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECZYT TI EQUITY YTD Change ECZYT TI EQUITY YTD % CHANGE

11/2011 09/yy 7.50 5.52 718'280.00 7.42 -1.07% 34.42% 97.98% 70.0 519.40 0.02 0.0 26.5 160.62 383.93

3.0 M

3 2

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

7 5

Valuation Analysis

30.11.2007 1'827.7 0.08x (1.8) 92.4 2.63x

30.11.2008 30.11.2009 1'959.0 1'774.4 0.03x 0.12x (10.4) (24.7) 9.4 72.9 16.18x 4.65x Profitability

LTM-4Q 30.11.2010 2'032.6 0.11x (0.6) 19.7 18.15x

30.11.2011 2'371.3 0.07x (11.8) 19.7 15.62x -11.81 -12.58 -0.53% 0.73% 1.02% 1.08% 2.25% 0.7% -0.6% -0.7% 0.8% 19.85 19.62 0.00% 0.00% 153.01 -

Price/ Cash Flow

09/yy 2'475.8 0.39x (5.4) 0.00x 32.4 10.23x

LTM 09/yy 1'902.6 0.41x (11.8) 0.00x (3.8) 0.00x

0.86 33.09% 17.41% 0.865 2 4.000 1'190'870 1'310'032 1'110'176

FY+1

FY+2

FQ+1

FQ+2

11/12 Y

11/13 Y

11/12 Q4

02/13 Q1

S&P Issuer Ratings

-70.37 -72.40 -0.16 0.0% 0.0% 2.25 3492.71 2.39 -

Sales/Revenue/Turnover

450.00

3'000.0

400.00

2'500.0

350.00

2'000.0

300.00 250.00

1'500.0

200.00

1'000.0

150.00 100.00

500.0

50.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

199119921993199419951996199719981999200020012002200320042005200620072008200920102011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Eczacibasi Yatirim Holding Ortakligi AS Holdings By:

All

Holder Name ECZACIBASI HOLDING A SKAGEN AS DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV BESSEMER GROUP INCOR DIMENSIONAL FUND ADV BANK OF NEW YORK MEL

Firm Name EVA Dimensions FinansInvest

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING ALPER USTUNISIK

Source Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight neutral

Amt Held 39'593'943 3'586'363 1'034'944 289'251 149'717 92'715 13'370 11'467 270

% Out 56.56 5.12 1.48 0.41 0.21 0.13 0.02 0.02 0

Weighting

Change 5 3

M M

Latest Chg 848 (67)

Target Price #N/A N/A 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 Holding Company 28.02.2013 Mutual Fund Manager 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor

Date Not Provided 12 month

Date 17.01.2013 30.04.2012

28.03.2013

EGE Endustri VE Ticaret AS 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.

Price/Volume 90

.6 M

.5 M

70 60

.4 M

12/2012 12/yy 89.00 54.00 26'016.00 64.5 -27.53% 19.44% 31.43% 3.2 203.18 54.35 0.0 0.0 0.70 226.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 46.5 77.8 0.88x 1.40x 2.7 9.4 15.19x 11.57x (0.4) 3.9 21.11x Profitability

.1 M

10 0 m-12

a-12

LTM-4Q 31.12.2011 168.5 1.17x 33.5 5.89x 27.9 5.14x

31.12.2012 148.7 18.8 10.29x 33.48 30.21 17.93% 17.57% 16.39% 36.41% 1.15% 26.1% 17.2% 14.8% 12.7% 2.05 1.00 36.24% 82.06% 3.22 3.44

Price/ Cash Flow

12/yy 168.5 4.42x 33.5 5.89x 27.9 5.14x

m-12

j-12

a-12

LTM 12/yy 148.7 4.60x 20.9 0.00x 18.8 10.29x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.82 4.05% 4.88% 0.824 0 21'421 35'479 42'103

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

13.82 8.99 0.82 1.21 82.1% 45.1% 1.15 6.87 113.76 106.30 72.30 144.96

Sales/Revenue/Turnover

80.00

180.0

70.00

160.0

60.00

140.0 120.0

50.00

100.0

40.00

80.0

30.00

60.0

20.00

40.0

10.00

20.0

0.00 01.01.2010

.2 M

Fiscal Year Ended 31.12.2008 111.4 0.36x 7.7 5.28x 3.5 4.85x

.3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EGEEN TI EQUITY YTD Change EGEEN TI EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

EGE Endustri VE Ticaret AS Holdings By:

All

Holder Name EGE ENDUSTRI VE HOLD

Firm Name

Portfolio Name n/a

Source Research

Analyst

Recommendation

Amt Held 2'004'140

% Out 63.62

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.08.2009

Date

Inst Type Unclassified

Date

28.03.2013

EGE Gubre Sanayii 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2012) 52-Week Low (15.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EGGUB TI EQUITY YTD Change EGGUB TI EQUITY YTD % CHANGE

12/2012 12/yy 31.03 18.45 69'910.00 21.05 -32.15% 14.10% 21.48% 10.0 210.50 51.54 0.0 0.0 1.01 261.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 205.0 0.54x 22.9 4.86x 3.9 12.82x

31.12.2009 31.12.2010 182.4 174.1 1.17x 1.76x (14.9) 28.2 10.86x (22.4) 16.7 14.89x Profitability

LTM-4Q 31.12.2011 185.5 1.15x 29.4 7.24x (0.2) -

31.12.2012 197.5 1.33x 19.5 13.46x 11.8 18.08x 19.54 15.10 7.65% 7.54% 15.7% 9.9% 7.6% 6.0% 0.39 0.04 23.71% 42.52% -

Price/ Cash Flow

12/yy 139.2 6.03x 16.4 0.00x (9.7) 0.00x

LTM 12/yy 197.5 5.07x 19.5 13.46x 11.8 17.58x

FY+1

0.85 7.97% -0.94% 0.850 1 3.000 65'105 51'331 100'361 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 229.0 0.98x 36.8 7.09x 21.4 8.63x S&P Issuer Ratings

5.30 4.71 2.59 2.64 42.5% 29.8% -22.06

Sales/Revenue/Turnover

35.00

250.0

30.00

200.0

25.00

150.0

20.00 15.00

100.0

10.00

50.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

EGE Gubre Sanayii Holdings By:

All

Holder Name GENCER HOLDING GENCER RECEP

Firm Name BGC Partners FinansInvest Ekspres Invest Oyak Securities Erste Bank Yatirim Finansman Securities BGC Partners

Portfolio Name n/a n/a

Source Research Research

Analyst CAN OZCELIK GAYE ABIDIN KURTHAN ATMACA ALPER OZDEMIR EVRIM DAIRECIOGLU ZUMRUT CAN ERDEM HAFIZOGLU

Recommendation hold not rated buy Under Review Under Review market perform buy

Amt Held 769'716 401'760

% Out 7.7 4.02

Latest Chg -

Weighting

Change

Target Price

3 #N/A N/A 5 #N/A N/A #N/A N/A 3 5

M M M M M N N

22 #N/A N/A 23 #N/A N/A #N/A N/A 25 25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.12.2008 24.12.2008

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Corporation n/a

Date 31.08.2012 28.02.2012 15.02.2012 26.01.2012 22.12.2011 22.12.2011 22.02.2010

28.03.2013

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS 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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECILC TI EQUITY YTD Change ECILC TI EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 2.61 1.77 7'399'701.00 2.56 -2.30% 44.63% 98.80% 548.2 1'403.41 64.32 0.0 16.1 763.40 815.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2008 31.12.2009 805.3 874.7 0.25x 0.85x 22.7 47.2 8.78x 15.77x 71.9 290.2 6.78x 4.72x Profitability

LTM-4Q 31.12.2010 913.2 0.85x 62.2 12.45x 60.4 22.70x

31.12.2011 973.6 0.31x 44.3 6.85x 88.5 11.15x 44.35 23.69 2.43% 12.45% 0.73% 0.86% 1.06% 0.35% 26.9% 3.1% 1.1% 9.1% 3.65 3.17 2.12% 2.47% 3.87 5.91

Price/ Cash Flow

06/yy 939.0 3.09x 50.4 11.49x 73.2 16.48x

m-12

j-12

a-12

LTM 06/yy 1'021.4 1.74x 31.4 14.26x 21.2 48.84x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.83 24.21% 28.00% 0.830 4 4.000 7'386'957 5'477'130 5'577'865 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'094.0 1'106.0 268.0 280.0 40.0 35.0 12.0 15.0 20.38x 23.29x 8.0 44.0 9.0 13.0 25.60x S&P Issuer Ratings

29.70 10.58 -19.17 2.00 2.5% 2.4% 0.35 12.58 94.51 61.93 94.83 52.01

Sales/Revenue/Turnover

600.00

1'200.0

500.00

1'000.0

400.00

800.0

300.00

600.0

200.00

400.0

100.00

200.0

0.00 02.01.2009 02.07.2009

a-12

Fiscal Year Ended 31.12.2007 889.0 0.92x 39.3 20.81x 451.4 2.10x

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS Holdings By:

All

Holder Name ECZACIBASI HOLDING A ECZACIBASI YATIRIM H SKAGEN AS INVESCO LTD DIMENSIONAL FUND ADV EMERGING GLOBAL SHAR BANK OF NEW YORK MEL FRANK RUSSELL TRUST SOMPO JP NIHON KOA A BLACKROCK VANGUARD GROUP INC EATON VANCE MANAGEME DIMENSIONAL FUND ADV ERSTE SPARINVEST KAG SEI INVESTMENT MANAG EATON VANCE ADVISORS BESSEMER GROUP INCOR PEAR TREE ADVISORS I PRUDENTIAL FINANCIAL WELLS FARGO

Firm Name Burgan Securities EVA Dimensions FinansInvest ATA Invest IS Investment & Securities Ekspres Invest Sardis Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst MURAT IGNEBEKCILI ANDREW S ZAMFOTIS ALPER USTUNISIK OZGUR KALYONCU NUR ATASOY SELIM KUNTER HAYDAR ACUN

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation hold buy neutral market perform not rated Under Review sell

Amt Held 277'476'368 108'204'847 21'418'365 10'175'924 5'889'692 1'994'245 1'662'189 1'608'930 1'500'000 1'455'431 861'678 688'000 555'796 206'720 158'566 150'700 144'670 131'796 127'901 124'357

% Out 50.62 19.74 3.91 1.86 1.07 0.36 0.3 0.29 0.27 0.27 0.16 0.13 0.1 0.04 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change

3 5 3 3 #N/A N/A #N/A N/A 1

M M M M M M D

Latest Chg 380'000 50'000 6'720 6

Target Price 2 #N/A N/A 2 3 #N/A N/A 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.09.2009 Holding Company 01.09.2009 Holding Company 28.02.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.05.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 26.02.2013 17.01.2013 29.08.2012 04.09.2011 29.07.2010 19.02.2010 29.01.2010

28.03.2013

Emlak Konut Gayrimenkul Yatirim Ortakligi AS Emlak Konut Gayrimenkul Yatirim is a property developer. The Company develops residential properties throughout Turkey.

Price/Volume 4

120.0 M

100.0 M

3 80.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EKGYO TI EQUITY YTD Change EKGYO TI EQUITY YTD % CHANGE

12/2012 12/yy 3.47 2.02 10'005'359.00 2.87 -17.29% 42.08% 58.62% 2'500.0 7'175.00 926.20 0.0 0.0 1'306.45 6'794.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

1 20.0 M

1 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'044.6 636.9 526.9 -

60.0 M

31.12.2009 Profitability

31.12.2010 1'497.9 2.93x 652.7 6.73x 554.3 8.93x

LTM-4Q 31.12.2011 716.6 6.46x 176.6 26.21x 228.3 21.35x

31.12.2012 1'004.6 7.39x 396.5 18.71x 523.4 14.90x 396.50 395.89 39.41% 6.58% 13.07% 0.13% 45.1% 39.5% 39.4% 52.1% 1.18 0.51 11.03% 22.01% 2.47 0.46

Price/ Cash Flow

12/yy 716.6 32.68x 176.6 26.21x 228.3 21.35x

LTM 12/yy 1'004.6 24.32x 396.5 18.71x 523.4 14.90x

FY+1

1.01 24.63% -8.01% 1.007 23 3.870 5'860'524 13'065'180 16'588'800 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'702.0 1'956.8 413.0 687.5 3.78x 3.09x 15.53x 8.97x 637.2 827.3 167.0 214.0 10.66x 8.21x 7.97x 7.86x 675.5 888.3 167.0 220.0 9.93x 7.82x 7.97x 7.93x S&P Issuer Ratings

4.99 4.97 -0.96 2.34 22.0% 18.0% 0.13 191.90 148.32 793.45 114.38 827.39

Sales/Revenue/Turnover

140.00

1'600.0

120.00

1'400.0 1'200.0

100.00

1'000.0 80.00

800.0 60.00

600.0

40.00

400.0

20.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Emlak Konut Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name TOKI VANGUARD GROUP INC BLACKROCK PRUDENTIAL FINANCIAL ALPINE WOODS CAPITAL EAST CAPITAL ASSET M BNP PARIBAS INV PART LAZARD ASSET MANAGEM BZ WBK TOWARZYSTWO F ARTISAN PARTNERS HOL DWS INVESTMENT S A GOLDMAN SACHS ASSET SCHRODER INVESTMENT GOLDMAN SACHS GROUP LAZARD GLOBAL ACTIVE CARNEGIE ASSET MANAG NORDEA INV MANAGEMEN ARTISAN GLOBAL FUNDS ING INTERNATIONAL AD VALIC CO I

Firm Name Seker Securities Burgan Securities FinansInvest Yatirim Finansman Securities Oyak Securities Renaissance Capital Sardis Securities HSBC Goldman Sachs Ak Investment BGC Partners Eczacibasi Securities Ekspres Invest EVA Dimensions IS Investment & Securities Garanti Yatirim Menkul Kiymetler Erste Bank JPMorgan Tera Stock Brokers Deutsche Bank ATA Invest

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OKAN UZUN MURAT IGNEBEKCILI GAYE ABIDIN HUSEYIN MERDAN GEYIK OSMAN OZVURAL DAVID FERGUSON HAYDAR ACUN LEVENT BAYAR MATIJA GERGOLET BERTUG TUZUN KEREM TEZCAN GOKAY BOBEK KURTHAN ATMACA AUSTIN BURKETT NUR ATASOY KERIM GOKOZ MEHMET EMIN ZUMRUT MUNEEZA HASAN HASAN DEMIR ATHMANE BENZERROUG ERMAN TUTUNCUOGLU

Source Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform hold outperform outperform market perform sell hold neutral neutral/neutral market outperform Under Review market perform buy sell outperform market perform buy overweight buy buy market outperform

Amt Held 1'874'750'000 18'333'482 17'099'878 11'263'898 11'115'674 9'322'200 8'592'164 6'417'206 6'011'443 4'842'218 4'769'070 4'610'889 4'262'723 4'083'564 2'377'465 2'275'000 2'079'197 1'748'562 1'731'186 1'543'944

% Out 74.99 0.73 0.68 0.45 0.44 0.37 0.34 0.26 0.24 0.19 0.19 0.18 0.17 0.16 0.1 0.09 0.08 0.07 0.07 0.06

Latest Chg 1'874'750'000 188'915 (69'758) 11'263'898 520'000 1'709'307 436'000 5'150'592 (877'635) 769'070 89'015 2'260'327 464'909 272'320 1'501'961 255'008 (287'814) -

Weighting

Change

Target Price

5 3 5 5 3 1 3 3 3 4 #N/A N/A 3 5 1 5 3 5 5 5 5 4

M M M M M M M M M M M M U M M D M M M M M

3 3 4 4 3 3 #N/A N/A 3 3 4 #N/A N/A 3 4 #N/A N/A 4 3 3 3 3 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.11.2010 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Unclassified 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 9 month Not Provided 12 month Not Provided

Date 26.03.2013 25.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 13.03.2013 05.03.2013 29.01.2013 25.01.2013 22.01.2013 22.01.2013 15.01.2013 26.12.2012 17.12.2012 04.11.2012 08.10.2012 01.10.2012 24.09.2012 20.07.2012

28.03.2013

Enka Insaat ve Sanayi AS 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.

Price/Volume 7

16.0 M

14.0 M

12.0 M 10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (28.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENKAI TI EQUITY YTD Change ENKAI TI EQUITY YTD % CHANGE

12/2012 12/yy 6.00 3.93 3'245'254.00 5.58 -6.67% 42.13% 77.82% 2'800.0 15'624.00 671.24 0.0 463.6 3'096.61 13'662.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

4.0 M

2.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 9'022.9 0.75x 1'100.0 6.14x 770.8 8.17x

8.0 M

31.12.2009 31.12.2010 7'920.9 7'064.9 1.56x 1.69x 1'372.3 1'134.6 9.00x 10.51x 816.1 818.8 15.40x 15.48x Profitability

LTM-4Q 31.12.2011 8'415.3 1.07x 1'354.5 6.62x 849.6 12.07x

31.12.2012 10'297.5 1.26x 1'330.1 9.77x 1'127.9 13.94x 1'330.14 1'139.85 11.07% 13.53% 7.84% 12.78% 0.72% 13.9% 12.9% 11.1% 11.0% 2.19 1.80 4.57% 7.38% 7.71 15.97

Price/ Cash Flow

LTM

12/yy 8'415.3 5.29x 1'354.5 6.62x 849.6 12.50x

12/yy 10'297.5 4.74x 1'330.1 9.77x 1'127.9 14.47x

FY+1

1.03 14.12% 5.28% 1.034 25 3.240 2'439'375 2'391'606 2'385'007 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'362.4 10'661.3 2'557.0 2'609.0 1.23x 1.13x 5.46x 5.26x 1'469.7 1'577.7 432.0 358.0 9.30x 8.66x 8.74x 8.79x 1'124.9 1'232.2 313.0 257.0 13.74x 12.29x 13.78x 13.78x S&P Issuer Ratings

67.12 54.38 -1.82 0.50 7.4% 6.6% 0.72 3.07 47.46 22.92 39.50 30.88

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Enka Insaat ve Sanayi AS Holdings By:

All

Holder Name TARA HOLDING AS GULCELIK VILDAN GULCELIK SEVDA ENKA SPOR EGITIM GULCELIK ALI ALTERNATIF AKSESUAR GULCELIK BILGI OPPENHEIMERFUNDS INC GULCELIK NURDAN GULCELIK SELIM TARA SARIK GULCELIK AYSE VERDA SKAGEN AS COMMONWEALTH BANK OF VANGUARD GROUP INC ABERDEEN BLACKROCK FMR LLC BARING ASSET MANAGEM EAST CAPITAL ASSET M

Firm Name Renaissance Capital EVA Dimensions FinansInvest Burgan Securities Morgan Stanley BNP Paribas Equity Research Yatirim Finansman Securities Ekspres Invest Unlu Securities Sardis Securities Eczacibasi Securities Credit Suisse HSBC Global Menkul Degerler Deutsche Bank Goldman Sachs IS Investment & Securities Oyak Securities Garanti Yatirim Menkul Kiymetler BGC Partners ATA Invest

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ILGIN ERDOGAN CRAIG STERLING GAYE ABIDIN MURAT IGNEBEKCILI MUNEEBA KAYANI SABRIYE GOZDE CULLAS OZGUR UCUR ALPER AKALIN OYTUN ALTASLI HAYDAR ACUN BEHLUL KATAS ATINC OZKAN CENK ORCAN SERCAN UZUN ATHMANE BENZERROUG ARTYOM GOLODNOV NUR ATASOY HASAN SENER ONUR MARSAN EZGI YILMAZ ONDER ZORBA

Source Research Research Research Research Research Research Research MF-AGG Research Research Research Research MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy hold neutral hold Equalwt/No Rating buy market perform sell market perform strong buy market perform neutral neutral market perform hold neutral/neutral underperform market perform market perform hold market perform

Amt Held 1'374'204'859 223'597'002 179'944'820 166'529'535 132'222'485 122'312'951 120'417'654 53'601'312 43'472'515 43'472'358 22'261'042 18'387'701 16'820'663 14'660'405 13'662'884 7'695'738 6'630'562 6'164'239 5'539'199 4'205'786

% Out 49.08 7.99 6.43 5.95 4.72 4.37 4.3 1.91 1.55 1.55 0.8 0.66 0.6 0.52 0.49 0.27 0.24 0.22 0.2 0.15

Weighting

Change 5 3 3 3 3 5 3 1 3 5 3 3 3 3 3 3 1 3 3 3 3

U D M M M M M M N M M D D M M D D M M M M

Latest Chg (1'439'279) 3'235'474 (1'791'033) (74'299) (654'515) (1'385'329) 709'000

Target Price 6 #N/A N/A 6 6 6 6 6 6 6 8 6 6 7 6 6 6 6 6 6 6 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.10.2012 Holding Company 08.10.2012 n/a 08.10.2012 n/a 08.10.2012 n/a 08.10.2012 n/a 08.10.2012 n/a 08.10.2012 n/a 31.01.2013 Investment Advisor 08.10.2012 n/a 08.10.2012 n/a 08.10.2012 n/a 08.10.2012 n/a 28.02.2013 Mutual Fund Manager 30.11.2012 Bank 31.12.2012 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 27.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 15.03.2013 15.03.2013 29.01.2013 22.01.2013 22.01.2013 21.01.2013 14.01.2013 11.01.2013 25.12.2012 21.12.2012 17.12.2012 15.11.2012 25.05.2012

28.03.2013

Eregli Demir ve Celik Fabrikalari TAS 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.

Price/Volume

300.0 M 250.0 M 200.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EREGL TI EQUITY YTD Change EREGL TI EQUITY YTD % CHANGE

12/2012 12/yy 2.80 1.89 14'039'666.00 2.3 -17.98% 21.69% 41.57% 3'090.0 7'107.00 4'418.75 0.0 211.1 1'830.26 9'906.59

150.0 M

100.0 M

50.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

350.0 M

3 2

Valuation Analysis

31.12.2008 6'808.7 1.24x 859.3 9.85x 211.5 22.38x

31.12.2009 31.12.2010 5'235.7 6'632.8 2.00x 1.71x 347.1 1'428.3 30.13x 7.92x (168.7) 766.0 10.65x Profitability

LTM-4Q 31.12.2011 8'920.5 1.22x 2'087.2 5.23x 1'005.6 7.01x

31.12.2012 9'570.4 1.08x 1'032.4 10.05x 424.2 17.85x 1'032.35 688.64 7.20% 6.74% 3.20% 5.94% 5.29% 0.72% 10.2% 10.8% 7.2% 4.4% 2.03 1.00 33.62% 61.33% 8.74 2.65

Price/ Cash Flow

LTM

12/yy 8'920.5 5.14x 2'087.2 5.23x 1'005.6 7.01x

12/yy 9'570.4 4.31x 1'032.4 10.05x 424.2 20.46x

FY+1

0.87 -11.76% -6.12% 0.867 24 3.250 19'967'900 20'108'260 24'729'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'812.1 10'516.3 1.02x 0.94x 1'375.5 1'573.7 7.22x 6.31x 678.6 846.9 10.41x 8.68x S&P Issuer Ratings

17.10.2011 B STABLE 4.11 2.42 2.51 4.28 61.3% 37.3% 0.72 1.38 41.86 137.90 22.52 157.24

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Eregli Demir ve Celik Fabrikalari TAS Holdings By:

All

Holder Name ATAER HOLDING ERDEMIR BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV CHARLES SCHWAB INVES BANK OF NEW YORK MEL SEB BNP PARIBAS INV PART EATON VANCE MANAGEME STATE STREET GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV JP MORGAN LANDESBANK BERLIN IN VALIC CO I PRUDENTIAL FINANCIAL NORTHERN TRUST CORPO MACQUARIE GROUP DEUTSCHE BANK AG

Firm Name Burgan Securities Sardis Securities FinansInvest Seker Securities Garanti Yatirim Menkul Kiymetler BNP Paribas Equity Research HSBC Oyak Securities Yatirim Finansman Securities Deutsche Bank Global Menkul Degerler IS Investment & Securities EVA Dimensions Ak Investment Goldman Sachs Credit Suisse Eczacibasi Securities Ekspres Invest BGC Partners Renaissance Capital ATA Invest

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst UMUT OZTURK HAYDAR ACUN KORAY PAMIR BURAK DEMIRBILEK BAHAR DENIZ EGEMEN ALPER PAKSOY BULENT YURDAGUL OSMAN OZVURAL HUSEYIN MERDAN GEYIK VEDAT MIZRAHI SERCAN UZUN BASAK ENGIN DINCKOC CRAIG STERLING BORA TEZGULER YULIA CHEKUNAEVA SEMYON MIRONOV BEHLUL KATAS KURTHAN ATMACA ERDEM HAFIZOGLU BORIS KRASNOJENOV ERMAN TUTUNCUOGLU

Source Research Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold buy neutral market perform market perform buy overweight market perform market perform hold market perform market perform overweight market perform neutral/neutral neutral market perform hold hold hold market perform

Amt Held 1'522'903'338 95'203'917 34'627'463 26'513'668 20'847'202 11'452'234 11'269'264 10'761'780 5'600'000 4'986'870 3'257'768 2'818'753 2'710'668 2'637'509 2'351'116 2'195'281 2'099'423 1'655'598 1'612'539 1'580'000

% Out 49.28 3.08 1.12 0.86 0.67 0.37 0.36 0.35 0.18 0.16 0.11 0.09 0.09 0.09 0.08 0.07 0.07 0.05 0.05 0.05

Weighting

Change 3 5 3 3 3 5 5 3 3 3 3 3 5 3 3 3 3 3 3 3 3

M M M M M U M M M M M M U M M D M M M M M

Latest Chg (344'311) (175'180) (117'763) 5'273'213 (276'999) 49'631 27'098 243'447 (26'822) 119'900 326'825 (73'731) 1'580'000

Target Price 3 5 3 3 3 3 3 3 3 3 3 2 #N/A N/A 2 3 3 3 3 3 2 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2011 Holding Company 31.03.2011 Corporation 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 26.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.02.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Date 25.03.2013 15.03.2013 14.03.2013 14.03.2013 27.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 12.02.2013 08.02.2013 24.01.2013 23.01.2013 22.01.2013 22.01.2013 02.01.2013 28.11.2012 04.05.2012

28.03.2013

Fenerbahce Futbol ASA 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.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (02.07.2012) 52-Week Low (12.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FENER TI EQUITY YTD Change FENER TI EQUITY YTD % CHANGE

05/2012 11/yy 61.00 37.70 52'696.00 40.2 -34.10% 6.63% 11.16% 25.0 1'005.00 162.82 0.0 0.0 14.46 1'159.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.05.2008 57.2 24.05x 52.0 26.46x 57.5 23.91x

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

31.05.2009 31.05.2010 56.3 62.5 22.41x 18.43x 49.9 55.8 25.30x 20.66x 63.8 62.3 19.78x 18.46x Profitability

LTM-4Q 31.05.2011 103.6 17.09x 93.5 18.93x 96.9 18.26x

31.05.2012 246.6 4.96x 39.5 30.96x 6.0 180.40x 39.51 5.07 2.06% 9.34% 29.09% 0.89% 4.4% 24.9% 10.3% 2.4% 0.48 0.09 45.14% 139.72% 52.36 -

Price/ Cash Flow

11/yy 186.5 33.72x 70.8 15.39x 58.1 18.56x

LTM 11/yy 278.8 13.87x 31.9 0.00x (2.9) 0.00x

0.61 -22.26% -0.25% 0.606 0 98'220 136'128 173'034

FY+1

FY+2

FQ+1

FQ+2

05/13 Y

05/14 Y

02/13 Q3

05/13 Q4

S&P Issuer Ratings

2.48 2.60 139.7% 58.3% 0.89 57.48 6.99 -

Sales/Revenue/Turnover

45.00

300.0

40.00

250.0

35.00

200.0

30.00 25.00

150.0

20.00

100.0

15.00 10.00

50.0

5.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Fenerbahce Futbol ASA Holdings By:

All

Holder Name FENERBAHCE SPOR KULU DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC EATON VANCE MANAGEME DIMENSIONAL FUND ADV FLEXSHARES TRUST

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 21'750'000 36'690 33'173 13'524 7'000 780 67

% Out 87 0.15 0.13 0.05 0.03 0 0

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.10.2008 31.07.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2012 28.02.2013

Date

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

28.03.2013

Ford Otomotiv Sanayi AS 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.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (09.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FROTO TI EQUITY YTD Change FROTO TI EQUITY YTD % CHANGE

12/2012 12/yy 25.40 15.15 221'959.00 25.1 -1.18% 65.68% 98.99% 350.9 8'807.84 1'259.55 0.0 0.0 301.52 9'765.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 7'006.9 0.24x 761.0 2.17x 436.2 3.51x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13 m-13

31.12.2009 31.12.2010 5'574.4 7'649.4 0.57x 0.60x 518.1 750.8 6.16x 6.11x 333.4 504.6 9.52x 9.08x Profitability

31.12.2011 10'445.0 0.52x 872.4 6.23x 662.1 8.11x

31.12.2012 9'767.9 0.87x 751.9 11.26x 675.0 11.12x 751.89 610.81 6.25% 6.57% 14.89% 34.67% 2.15% 11.0% 7.7% 6.3% 6.9% 1.48 0.93 27.10% 63.11% 7.43 11.98

Price/ Cash Flow

LTM-4Q

LTM

12/yy 10'445.0 1.88x 872.4 6.23x 662.1 8.11x

12/yy 9'767.9 2.83x 751.9 11.26x 675.0 11.12x

FY+1

0.80 69.36% 17.29% 0.796 27 3.222 225'303 359'288 341'644 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'608.8 12'283.1 2'727.0 2'893.0 0.95x 0.82x 907.8 1'143.3 10.76x 8.54x 686.3 800.6 12.85x 10.96x 11.95x S&P Issuer Ratings

59.64 -0.44 1.27 1.68 63.1% 38.7% 2.15 6.86 49.27 30.56 49.28 30.56

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Ford Otomotiv Sanayi AS Holdings By:

All

Holder Name FORD MOTOR CO KOC GRUBU SIRKETLERI BLACKROCK BANK OF NEW YORK MEL PICTET & CIE VANGUARD GROUP INC GRANTHAM MAYO VAN OT ROBECO INVESTOR SERV IVY MANAGEMENT INCOR SCHRODER INVESTMENT AVIVA PLC NORTHERN TRUST CORPO ROBECO FUND MANAGEME COLUMBIA MANAGEMENT GLOBAL X MANAGEMENT JP MORGAN INVESCO LTD LANDESBANK BERLIN IN DIMENSIONAL FUND ADV BNP PARIBAS INV PART

Firm Name Seker Securities Goldman Sachs Sardis Securities BNP Paribas Equity Research Burgan Securities Credit Suisse FinansInvest Oyak Securities Yatirim Finansman Securities IS Investment & Securities Deutsche Bank Ak Investment Eczacibasi Securities Ekspres Invest Global Menkul Degerler Barclays EVA Dimensions Renaissance Capital BGC Partners Garanti Yatirim Menkul Kiymetler Erste Bank HSBC ATA Invest

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst KADIR TEZELLER ASLI TUNCER HAYDAR ACUN SABRIYE GOZDE CULLAS BURAK ISYAR ONUR MUMINOGLU EZGI GULBAS SERHAT KAYA OZGUR UCUR ESRA SUNER VEDAT MIZRAHI ERKAN SAVRAN AKIF DASIRAN KURTHAN ATMACA ILKNUR UNSAL HANZADE KILICKIRAN CRAIG STERLING METE OZBEK BERNA KURBAY ONUR MARSAN MEHMET EMIN ZUMRUT CENK ORCAN ERMAN TUTUNCUOGLU

Source Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform neutral/neutral hold hold hold neutral neutral outperform market perform market perform buy market perform outperform hold sell equalweight underweight hold hold market perform hold neutral market perform

Amt Held 143'997'036 143'997'036 2'460'721 2'430'067 1'770'720 1'730'740 1'314'653 1'138'961 1'000'173 910'672 867'553 538'213 485'125 393'881 392'284 355'098 324'722 272'168 222'346 222'000

% Out 41.04 41.04 0.7 0.69 0.5 0.49 0.37 0.32 0.29 0.26 0.25 0.15 0.14 0.11 0.11 0.1 0.09 0.08 0.06 0.06

Weighting

Change 3 3 3 3 3 3 3 5 3 3 5 3 5 3 1 3 1 3 3 3 3 3 3

M M M M M M M M M U M M M U D M M M M M D M M

Latest Chg (20'681) 26'885 (25'100) 108'665 88'616 1'545 57'000

Target Price 23 21 #N/A N/A 21 21 23 23 25 20 23 24 23 27 22 22 22 #N/A N/A 19 23 22 20 20 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Corporation 30.06.2012 Other 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Unclassified 21.03.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 22.03.2013 20.03.2013 15.03.2013 12.03.2013 08.03.2013 04.03.2013 28.02.2013 27.02.2013 27.02.2013 26.02.2013 22.02.2013 29.01.2013 22.01.2013 22.01.2013 21.01.2013 18.01.2013 17.01.2013 08.01.2013 02.01.2013 17.12.2012 09.11.2012 01.10.2012 20.07.2012

28.03.2013

Galatasaray Sportif Sinai ve Ticari Yatirimlar AS 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.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

05/2012 11/yy 83.45 37.60 141'326.00 40.2 -51.95% 6.91% 6.54% 13.9 560.40 171.92 0.0 (0.0) 7.10 681.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.05.2008 55.6 3.99x 45.8 4.84x 70.4 3.04x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSRAY TI EQUITY YTD Change GSRAY TI EQUITY YTD % CHANGE

31.05.2009 31.05.2010 60.3 70.6 4.57x 6.52x 52.3 55.6 5.28x 8.28x 88.3 76.4 2.97x 5.19x Profitability

LTM-4Q 31.05.2011 131.0 9.37x (30.3) (159.6) -

31.05.2012 224.8 2.68x (5.5) (35.9) -5.52 -34.51 -15.35% -16.02% 0.80% 0.73% -4.7% 7.4% -4.6% -16.0% 0.23 0.16 29.54% 7.39 20.82

Price/ Cash Flow

11/yy 132.1 28.45x (13.8) 0.00x (125.9) 0.00x

LTM 11/yy 289.7 9.65x 21.3 32.70x 3.2 22.96x

0.77 -47.59% -0.74% 0.770 1 5.000 97'294 310'996 299'397

FY+1

FY+2

FQ+1

FQ+2

05/13 Y

05/14 Y

02/13 Q3

05/13 Q4

S&P Issuer Ratings

-0.38 -0.80 5.65 6.32 0.73 24.88 49.52 17.58 110.13 -27.24

Sales/Revenue/Turnover

80.00

250.0

70.00

200.0

60.00 50.00

150.0

40.00

100.0

30.00 20.00

50.0

10.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Galatasaray Sportif Sinai ve Ticari Yatirimlar AS Holdings By:

All

Holder Name GALATASARAY SPOR KLU BLACKROCK VANGUARD GROUP INC ERSTE SPARINVEST KAG DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV

Firm Name EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight

Amt Held 2'324'670 44'898 17'654 5'000 4'356 672

% Out 16.68 0.32 0.13 0.04 0.03 0

Weighting

Change 5

Latest Chg 5'000 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.02.2011 25.03.2013 31.12.2012 30.11.2012 31.07.2012 31.12.2012

Date Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.01.2013

28.03.2013

Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. 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.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOLTS TI EQUITY YTD Change GOLTS TI EQUITY YTD % CHANGE

12/2011 09/yy 83.50 51.00 502'006.00 65.75 -21.56% 28.92% 55.38% 7.2 473.40 110.90 0.0 29.2 56.79 537.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 192.8 2.14x 83.7 4.93x (4.5) -

1.0 M

31.12.2008 31.12.2009 170.2 187.5 0.87x 1.42x 43.4 28.2 3.43x 9.48x 12.1 4.8 14.86x 60.71x Profitability

LTM-4Q 31.12.2010 185.3 3.09x 33.1 17.32x 4.6 108.01x

31.12.2011 234.6 1.87x 44.6 9.86x 4.3 82.57x 44.60 20.08 8.56% 1.37% 4.25% 7.35% 8.93% 0.61% 27.4% 23.0% 13.9% 1.8% 2.32 1.34 24.57% 43.34% 7.65 6.30

Price/ Cash Flow

09/yy 227.3 10.23x 44.7 10.29x 7.1 53.59x

LTM 09/yy 277.1 6.75x 63.7 7.37x 19.4 20.90x

FY+1

0.97 14.40% 4.78% 0.966 0 220'244 268'225 470'700 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 288.0 56.0 9.60x 15.0 S&P Issuer Ratings

6.55 2.13 0.41 1.46 43.3% 28.0% 0.61 0.97 47.83 58.12 53.81 51.59

Sales/Revenue/Turnover

70.00

250.0

60.00

200.0

50.00

150.0

40.00 30.00

100.0

20.00

50.0 10.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. Holdings By:

All

Holder Name GOL YATIRIM HOLDING DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV BESSEMER GROUP INCOR BIZIM MENKUL DEGERLE

Firm Name FinansInvest Tera Stock Brokers Global Menkul Degerler

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst UGUR OZKER FEYRUZE ASLI KONDU TEAM COVERAGE

Source Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation not rated sell sell

Amt Held 1'984'000 35'961 31'939 13'466 3'649 1'292 276 238

% Out 27.56 0.5 0.44 0.19 0.05 0.02 0 0

Latest Chg -

Weighting

Change

Target Price

#N/A N/A 1 1

M N M

#N/A N/A 39 64

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2009 31.07.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.10.2012 20.07.2011

Date Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.02.2012 20.02.2012 13.10.2010

28.03.2013

Goodyear Lastikleri TAS 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.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 12/yy 82.00 45.90 170'717.00 65.25 -20.73% 42.16% 53.60% 11.9 777.63 29.10 0.0 0.0 17.17 789.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 613.7 808.3 0.22x 0.39x 29.4 56.2 4.58x 5.59x 1.1 13.8 126.45x 19.24x Profitability

.5 M

10 0 m-12

a-12

LTM-4Q 31.12.2011 1'235.7 0.50x 98.4 6.24x 61.6 8.05x

31.12.2012 1'134.7 0.70x 94.5 8.42x 49.6 15.80x 94.50 68.44 6.03% 5.44% 8.04% 14.13% 1.84% 14.2% 8.3% 6.0% 4.4% 2.23 1.19 5.01% 7.88% 5.66 6.82

Price/ Cash Flow

12/yy 1'235.7 2.20x 98.4 6.24x 61.6 8.05x

m-12

j-12

a-12

LTM 12/yy 1'134.7 2.64x 94.5 8.42x 49.6 15.80x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.84 27.35% -0.76% 0.841 1 3.000 136'294 178'829 210'776

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

8.56 5.68 0.13 0.31 7.9% 7.3% 1.84 7.15 64.71 53.67 52.78 65.60

Sales/Revenue/Turnover

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

1.0 M

Fiscal Year Ended 31.12.2008 765.2 0.12x 27.1 3.42x 7.7 9.58x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2012) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOODY TI EQUITY YTD Change GOODY TI EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Goodyear Lastikleri TAS Holdings By:

All

Holder Name GOODYEAR TIRE & RUBB DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC BESSEMER GROUP INCOR DIMENSIONAL FUND ADV

Firm Name EVA Dimensions

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold

Amt Held 6'048'064 52'918 31'726 18'312 2'500 1'249

% Out 50.75 0.44 0.27 0.15 0.02 0.01

Weighting

Change 3

Latest Chg (2'842'557) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2009 31.07.2012 25.03.2013 31.12.2012 31.10.2012 31.12.2012

Date Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.03.2013

28.03.2013

Gozde Girisim Sermayesi Yatirim Ortakligi AS Gozde Girisim Sermayesi Yatirim Ortakligi AS offers a wide range of financial services.

Price/Volume 6

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.12.2012) 52-Week Low (24.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOZDE TI EQUITY YTD Change GOZDE TI EQUITY YTD % CHANGE

12/2011 09/yy 5.15 3.23 5'471'233.00 3.93 -23.69% 21.67% 29.69% 134.5 528.48 174.80 0.0 (6.3) 24.63 1'150.83

1.20 1.00

31.12.2008 -

15.0 M

10.0 M

5.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

Valuation Analysis

31.12.2009

Profitability

LTM-4Q 31.12.2010 0.6 225.02x (0.2) -

31.12.2011 140.1 4.81x (6.1) (20.5) -6.06 -6.45 -4.60% -22.79% 0.02% 0.05% 0.29% 15.6% -14.6% 1.33 0.76 30.22% 48.98% 3.19 -

09/yy 76.7 9.81x (2.0) 0.00x (12.4) 0.00x

LTM 09/yy 269.1 10.36x 23.1 0.00x 0.2 35.97x

0.91 0.77% -13.63% 0.910 0 1'035'835 1'260'262 2'397'078

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

-0.81 -1.33 49.0% 33.3% 0.29 2.41 114.69 -

Sales/Revenue/Turnover

160.0 140.0 120.0

0.80 0.60

100.0 80.0 60.0

0.40 0.20

40.0 20.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Gozde Girisim Sermayesi Yatirim Ortakligi AS Holdings By:

All

Holder Name DWS INVESTMENT S A

Firm Name

Portfolio Name Multiple Portfolios

Analyst

Source MF-AGG

Recommendation

Amt Held 1'000

% Out 0

Weighting

Change

Latest Chg (99'000)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Mutual Fund Manager

Date

28.03.2013

GSD Holding GSD Holding A.S. is a financial group providing financial services in banking, commercial loans, leasing, foreign trade and securities brokerage.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSDHO TI EQUITY YTD Change GSDHO TI EQUITY YTD % CHANGE

12/2011 09/yy 0.96 0.62 2'979'276.00 0.88 -9.37% 41.94% 73.53% 250.0 220.00 0.00 0.0 156.4 776.86 2'545.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008

45.8 6.59x

90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007

1 1 1 1 1 1 0 0 0 0 0 m-12

38.6 45.42x 20.0 4.63x Profitability

31.12.2009 496.0 41.9 27.4 8.67x

LTM-4Q 31.12.2010 350.0 42.3 21.7 12.34x

31.12.2011 481.8 66.8 26.3 5.24x 66.78 38.49 7.99% 8.42% 1.31% 8.75% 0.21% 32.4% 13.3% 9.6% 5.4% 0.98 0.25 0.00% 0.00% 15352.63 -

Price/ Cash Flow

09/yy 393.0 16.36x 32.3 69.53x 21.1 8.43x

LTM 09/yy 752.3 6.69x 100.2 24.88x 48.1 3.48x

1.03 25.71% 14.29% 1.029 0 2'332'898 4'707'034 12'145'350

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

21.61 28.54 0.0% 0.0% 0.21 9.66 0.02 -

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 26.12.2008 26.06.2009

200.0 0.0 26.12.2009

26.06.2010

26.12.2010 26.06.2011

26.12.2011

26.06.2012

26.12.2012

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

GSD Holding Holdings By:

All

Holder Name YILMAZ TURGUT DELTA YATIRIM AS GSD YATIRIM BANKASI DIMENSIONAL FUND ADV GSD DIS TICARET AS STATE STREET DIMENSIONAL FUND ADV GSD EGITIM VAKFI ING INVESTMENT MANAG ERSTE SPARINVEST KAG FMR LLC MACKAY SHIELDS LLC DIMENSIONAL FUND ADV BESSEMER GROUP INCOR 60 NAMA YAZILI ORTAK

Firm Name Sardis Securities

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst HAYDAR ACUN

Source Research Research Research MF-AGG Research ULT-AGG MF-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation buy

Amt Held 26'843'801 11'250'000 8'418'659 6'888'596 2'805'562 890'978 815'661 430'000 337'168 165'376 135'167 102'720 81'683 74'533 158

% Out 10.74 4.5 3.37 2.76 1.12 0.36 0.33 0.17 0.13 0.07 0.05 0.04 0.03 0.03 0

Weighting

Change 5

Latest Chg 88'090 5'376 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.12.2008 22.12.2008 22.12.2008 31.07.2012 22.12.2008 26.03.2013 31.12.2012 22.12.2008 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2012 31.10.2012 22.12.2008

Date Not Provided

Inst Type n/a Corporation Bank Investment Advisor Other Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other

Date 07.09.2011

28.03.2013

Gubre Fabrikalari TAS Gubre Fabrikalari T.A.S. manufactures and sells fertilizer. The Company produces composite fertilizer and triple superphosphate which it retails throughout Turkey.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GUBRF TI EQUITY YTD Change GUBRF TI EQUITY YTD % CHANGE

12/2011 09/yy 18.60 10.90 402'062.00 16.15 -12.90% 48.17% 69.48% 83.5 1'348.53 569.67 0.0 537.4 327.71 2'046.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 610.0 0.17x 45.9 2.27x 39.2 5.05x

20 18 16 14 12 10 8 6 4 2 0 m-12

31.12.2008 31.12.2009 1'411.6 1'044.8 0.90x 1.26x 449.2 105.8 2.82x 12.48x 103.3 (48.2) 4.94x Profitability

LTM-4Q 31.12.2010 1'385.5 1.40x 402.0 4.82x 119.9 11.94x

31.12.2011 2'276.4 0.76x 604.2 2.86x 130.0 7.29x 604.16 512.45 22.51% 17.22% 7.47% 32.88% 0.88% 30.5% 18.8% 15.5% 5.7% 1.12 0.60 19.20% 85.76% 4.05 4.19

Price/ Cash Flow

09/yy 1'940.3 3.75x 480.5 3.69x 44.9 22.70x

LTM 09/yy 2'456.1 2.63x 462.1 3.81x 207.7 5.11x

FY+1

0.95 31.84% 13.73% 0.952 10 3.600 408'066 1'230'832 1'373'645 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'279.8 2'476.3 705.3 712.0 0.94x 0.85x 433.5 505.6 181.5 4.72x 4.05x 170.3 173.3 53.5 8.46x 9.01x S&P Issuer Ratings

118.97 110.88 0.53 1.41 85.8% 32.2% 0.88 2.92 90.30 87.43 146.91 29.18

Sales/Revenue/Turnover

140.00

2'500.0

120.00

2'000.0

100.00

1'500.0

80.00 60.00

1'000.0

40.00

500.0 20.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Gubre Fabrikalari TAS Holdings By:

All

Holder Name TARIM KREDI KOOPERAT SCHRODER INVESTMENT BNP PARIBAS INV PART DIMENSIONAL FUND ADV BLACKROCK ACADIAN ASSET MANAGE GLOBAL X MANAGEMENT PRUDENTIAL FINANCIAL VANGUARD GROUP INC EATON VANCE MANAGEME BESSEMER GROUP INCOR BPH TFI SA LEUTHOLD WEEDEN CAPI JYSKE INVEST ERSTE SPARINVEST KAG FMR LLC ING INVESTMENT MANAG EATON VANCE ADVISORS ALLIANZ ASSET MANAGE INVESCO LTD

Firm Name EVA Dimensions Global Menkul Degerler BNP Paribas Equity Research IS Investment & Securities Oyak Securities Goldman Sachs Erste Bank HSBC BGC Partners ATA Invest Burgan Securities Ekspres Invest Garanti Yatirim Menkul Kiymetler

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CRAIG STERLING HASAN BAYHAN KENAN COSGUNER NUR ATASOY ALPER OZDEMIR MATIJA GERGOLET EVRIM DAIRECIOGLU CENK ORCAN CAN OZCELIK MERT BOSTANOGLU MURAT IGNEBEKCILI KURTHAN ATMACA SEZAI SAKLAROGLU

Source Research MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation sell market perform buy market perform outperform Buy/Neutral buy neutral hold Under Review hold buy market perform

Amt Held 63'418'250 345'138 195'788 188'926 188'824 165'743 105'853 95'577 88'019 85'000 61'411 32'000 26'347 23'531 20'672 20'121 17'890 16'700 14'845 12'922

% Out 75.95 0.41 0.23 0.23 0.23 0.2 0.13 0.11 0.11 0.1 0.07 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change

1 3 5 3 5 5 5 3 3 #N/A N/A 3 5 3

D D M D M M M M M M M M D

Latest Chg (19'110) 11'154 32'000 (20'992) 672 -

Target Price #N/A N/A 20 20 19 21 21 16 15 17 15 13 19 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.05.2011 Unclassified 31.12.2012 Investment Advisor 25.01.2012 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 21.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 21.03.2013 07.03.2013 28.01.2013 25.01.2013 21.12.2012 10.12.2012 04.11.2012 06.09.2012 31.08.2012 20.07.2012 23.05.2012 15.02.2012 29.12.2011

28.03.2013

Haci Omer Sabanci Holding AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAHOL TI EQUITY YTD Change SAHOL TI EQUITY YTD % CHANGE

12/2012 12/yy 11.45 6.30 2'086'955.00 10.65 -6.99% 69.05% 84.47% 2'040.4 23'225.60 25'805.25 0.0 14'262.0 12'516.24 50'776.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 19'796.7 0.34x 2'429.8 2.75x 1'188.6 5.46x

31.12.2009 31.12.2010 18'848.2 19'541.4 0.23x 1.05x 3'830.7 4'251.8 1.14x 4.84x 1'258.5 1'662.8 8.57x 8.94x Profitability

LTM-4Q 31.12.2011 22'408.8 1.20x 4'202.7 6.42x 1'878.0 5.88x

31.12.2012 11'589.0 4.10x 4'598.4 10.34x 1'855.8 10.82x 4'598.36 4'040.80 34.87% 40.34% 1.14% 12.31% 7.27% 0.07% 16.4% 39.7% 34.9% 16.0% 0.67 0.11 14.71% 158.79% 7.56 5.65

Price/ Cash Flow

LTM

12/yy 10'771.0 11.46x 4'202.7 6.42x 1'878.0 5.88x

12/yy 11'589.0 15.08x 4'598.4 10.34x 1'855.8 10.82x

FY+1

1.13 43.31% 8.67% 1.130 24 3.458 2'835'737 4'330'768 4'313'036 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 27'835.9 31'063.0 1.75x 1.68x 5'442.9 6'263.7 9.33x 8.11x 2'076.4 2'391.4 10.39x 8.99x S&P Issuer Ratings

24.80 2.89 5.61 158.8% 45.8% 0.07 1.82 48.38 64.81 69.92 43.28

Sales/Revenue/Turnover

10.00

25'000.0

9.00

20'000.0

8.00 7.00

15'000.0

6.00 5.00

10'000.0

4.00 3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Haci Omer Sabanci Holding AS Holdings By:

All

Holder Name SABANCI FAMILY SAKIP SABANCI HOLDIN OPPENHEIMERFUNDS INC DODGE & COX SKAGEN AS SABANCI UNIVERSITY EXSA VANGUARD GROUP INC INVESCO LTD CIMSA BLACKROCK CARMIGNAC GESTION EAST CAPITAL ASSET M NORDEA INVESTMENT FU GRANTHAM MAYO VAN OT MORGAN STANLEY ABERDEEN HARRIS TRUST & SAVIN NORDEA INV MANAGEMEN BNP PARIBAS INV PART

Firm Name Burgan Securities Global Menkul Degerler Seker Securities FinansInvest Unlu Securities Sardis Securities EVA Dimensions Ekspres Invest BGC Partners Eczacibasi Securities Deutsche Bank Oyak Securities IS Investment & Securities Garanti Yatirim Menkul Kiymetler Renaissance Capital Goldman Sachs HSBC Yatirim Finansman Securities Erste Bank Credit Suisse ATA Invest BGC Partners

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst DUYGUN KUTUCU HASAN BAYHAN SELAHATTIN AYDIN OZGUR UCUR OYTUN ALTASLI HAYDAR ACUN CRAIG STERLING ALPER AKALIN EZGI YILMAZ SERCAN SOYLU HILAL VAROL HASAN SENER BASAK ENGIN DINCKOC ONUR MARSAN ILGIN ERDOGAN MATIJA GERGOLET CENK ORCAN ZUMRUT CAN MEHMET EMIN ZUMRUT ATINC OZKAN ONDER ZORBA SERAP MUTLU

Source Co File Co File MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold market perform market perform neutral outperform hold underweight hold buy market perform hold market perform market perform market perform hold neutral/neutral overweight market perform buy outperform market outperform hold

Amt Held 890'636'316 287'084'833 77'467'360 66'946'542 61'075'474 30'810'099 26'321'211 22'399'669 21'964'579 21'628'282 21'060'414 9'424'480 4'951'188 4'910'694 4'800'069 4'790'213 3'694'000 3'588'869 2'570'509 2'414'113

% Out 43.65 14.07 3.8 3.28 2.99 1.51 1.29 1.1 1.08 1.06 1.03 0.46 0.24 0.24 0.24 0.23 0.18 0.18 0.13 0.12

Weighting

Change 3 3 3 3 5 3 1 3 5 3 3 3 3 3 3 3 5 3 5 5 4 3

M D M M N M U D M M M M M M N M M M M N M R

Latest Chg 924'119 (5'102) 275'075 (71'530) 1'309'617 1'184'711 286'268 (972'000) 3'588'869 30'243 33'000

Target Price 11 12 #N/A N/A 10 11 10 #N/A N/A 12 12 12 11 11 11 11 11 9 12 10 8 9 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 n/a 30.06.2012 Holding Company 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 30.06.2012 n/a 30.06.2012 Unclassified 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 30.06.2012 n/a 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Unclassified 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month

Date 25.03.2013 21.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 08.03.2013 11.02.2013 22.01.2013 16.01.2013 21.12.2012 18.12.2012 17.12.2012 11.12.2012 10.12.2012 05.12.2012 16.11.2012 04.11.2012 31.08.2012 25.05.2012 29.03.2010

28.03.2013

Hurriyet Gazetecilik AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.04.2012) 52-Week Low (04.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HURGZ TI EQUITY YTD Change HURGZ TI EQUITY YTD % CHANGE

12/2011 09/yy 1.19 0.76 1'643'783.00 0.9 -24.37% 18.42% 32.56% 552.0 496.80 603.14 0.0 81.1 281.60 990.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2008 31.12.2009 998.4 784.1 0.97x 1.92x 163.4 129.5 5.91x 11.63x (38.1) (35.1) Profitability

LTM-4Q 31.12.2010 794.2 1.88x 129.8 11.48x (40.1) -

31.12.2011 868.7 0.91x 91.4 8.63x (235.7) 91.40 6.00 0.69% -30.73% 0.71% 1.72% -0.60% 0.53% 37.7% 10.5% 1.4% -27.1% 1.01 0.77 36.80% 117.32% 3.88 29.36

Price/ Cash Flow

09/yy 837.0 6.40x 100.5 10.87x (152.2) 0.00x

m-12

j-12

a-12

LTM 09/yy 864.6 4.41x 90.6 10.32x 11.5 39.59x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.22 -21.05% -2.17% 1.217 11 3.182 1'917'802 3'858'210 6'386'939 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 871.1 922.0 229.0 1.08x 0.90x 116.3 128.3 17.0 8.52x 7.72x 126.6 31.2 15.0 3.23x 16.07x S&P Issuer Ratings

3.53 2.73 5.01 5.99 117.3% 50.3% 0.53 2.25 94.25 12.47 30.51 50.75

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 02.01.2009 02.07.2009

a-12

Fiscal Year Ended 31.12.2007 913.6 2.28x 188.4 11.06x 94.2 16.18x

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Hurriyet Gazetecilik AS Holdings By:

All

Holder Name DIMENSIONAL FUND ADV BLACKROCK PIONEER INVESTMENTS UNION INVESTMENT LUX VANGUARD GROUP INC EATON VANCE MANAGEME DIMENSIONAL FUND ADV NOMURA ERSTE SPARINVEST KAG EATON VANCE ADVISORS DIMENSIONAL FUND ADV BESSEMER GROUP INCOR BNP PARIBAS INV PART AKBANK ASSET MANAGEM DWS INVESTMENT S A DEKA INTERNATIONAL S

Firm Name Global Menkul Degerler HSBC BNP Paribas Equity Research Ak Investment Ekspres Invest EVA Dimensions BGC Partners Oyak Securities Goldman Sachs Garanti Yatirim Menkul Kiymetler FinansInvest Seker Securities IS Investment & Securities Yatirim Finansman Securities ATA Invest Burgan Securities

Portfolio Name Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BERTAN ILBAK BULENT YURDAGUL KENAN COSGUNER BORA TEZGULER SINAN GOKSEN CRAIG STERLING BARIS INCE UYGAR GEZER ASLI TUNCER HALIL IBRAHIM KAHVE GAYE ABIDIN TEAM COVERAGE NUR ATASOY ZUMRUT CAN ONDER ZORBA BURAK ISYAR

Source MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight hold market perform hold underweight buy market perform neutral/neutral market perform Under Review not rated Under Review not rated market perform not rated

Amt Held 4'926'716 1'242'660 957'000 900'000 795'168 783'538 563'794 301'886 205'040 200'900 74'780 9'201 106 -

% Out 0.89 0.23 0.17 0.16 0.14 0.14 0.1 0.05 0.04 0.04 0.01 0 0 0 0 0

Weighting

Change

5 5 3 3 3 1 5 3 3 3 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 3 #N/A N/A

M M N M M M M M M M M M M M M M

Latest Chg 5'040 (800'000) (300'000)

Target Price 1 1 1 1 1 #N/A N/A 1 1 1 1 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.05.2011 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 11.07.2012 Unclassified 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.08.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 19.03.2013 27.02.2013 05.02.2013 29.01.2013 22.01.2013 17.01.2013 24.12.2012 21.12.2012 10.12.2012 06.11.2012 23.10.2012 18.10.2012 27.06.2012 16.05.2012 13.01.2012 13.01.2012

28.03.2013

Ihlas EV Aletleri Ihlas Ev Aletleri Imalat Sanayi ve Ticaret A.S. manufactures, imports and distributes electrical home appliances through its stores, catalog and media sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.04.2012) 52-Week Low (27.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IHEVA TI EQUITY YTD Change IHEVA TI EQUITY YTD % CHANGE

12/2012 12/yy 0.93 0.54 7'952'468.00 0.62 -32.26% 14.81% 20.51% 191.4 118.65 0.00 0.0 17.1 88.79 46.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 77.3 0.58x (3.2) (14.0) -

1 1 1 1 1 1 0 0 0 0 0 m-12

31.12.2009 31.12.2010 90.7 101.9 1.94x 2.24x 2.5 0.0 69.14x 31812.46x 2.1 9.2 103.93x 27.82x Profitability

LTM-4Q 31.12.2011 99.5 0.97x (4.4) (26.2) -

31.12.2012 101.5 0.69x (0.1) 20.3 6.98x -0.14 -1.84 -1.81% 23.24% 6.88% 10.60% 11.82% 0.34% 11.1% -1.8% 20.0% 2.67 1.94 0.00% 0.00% 1.59 2.34

Price/ Cash Flow

12/yy 99.5 6.72x (3.1) 0.00x (26.2) 0.00x

LTM 12/yy 101.5 3.11x 0.9 0.00x 20.3 6.98x

1.09 -28.74% -16.22% 1.092 0 1'861'764 6'922'888 6'185'715

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

-0.01 -0.26 0.0% 0.0% 0.34 21.29 229.88 156.71 162.42 224.17

Sales/Revenue/Turnover

200.00

120.0

180.00

100.0

160.00 140.00

80.0

120.00

60.0

100.00 80.00

40.0

60.00 40.00

20.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Ihlas EV Aletleri Holdings By:

All

Holder Name IHLAS HOLDING DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV BIZIM MENKUL DEGERLE

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Research MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 33'681'000 3'536'315 357'684 11'118

% Out 17.6 1.85 0.19 0.01

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.08.2009 31.07.2012 31.12.2012 20.07.2011

Date

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor

Date

28.03.2013

Ihlas Holding AS 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.

Price/Volume 2

80.0 M

12/2012 12/yy 1.44 0.71 64'919'632.00 0.82 -42.36% 15.49% 12.33% 790.4 648.13 308.69 0.0 271.8 450.23 778.34

60.0 M

40.0 M

0 20.0 M

0 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M

1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (27.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IHLAS TI EQUITY YTD Change IHLAS TI EQUITY YTD % CHANGE

31.12.2008 433.9 0.56x 21.7 11.17x (94.0) -

120.0 M

31.12.2009 31.12.2010 550.7 675.1 0.81x 1.53x 63.5 38.6 6.99x 26.84x 77.7 35.9 2.59x 20.04x Profitability

LTM-4Q 31.12.2011 656.9 1.27x (29.2) (85.4) -

31.12.2012 651.9 1.72x 2.6 438.50x (54.3) 2.55 -17.09 -2.62% -5.29% -2.28% -6.60% 0.27% 16.5% 0.4% -2.6% -8.3% 2.05 1.32 12.38% 38.66% 0.93 1.33

Price/ Cash Flow

12/yy 656.9 5.89x (29.2) 0.00x (85.4) 0.00x

LTM 12/yy 651.9 6.72x 2.6 438.50x (54.3) 0.00x

0.66 -24.77% -34.40% 0.662 1 1.000 12'618'810 37'740'810 38'180'630

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

0.02 -0.08 -55.51 121.05 38.7% 22.4% 0.27 1.73 395.10 274.47 122.94 546.63

Sales/Revenue/Turnover

70.00

800.0

60.00

700.0 600.0

50.00

500.0 40.00

400.0 30.00

300.0

20.00

200.0

10.00

100.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Ihlas Holding AS Holdings By:

All

Holder Name OREN ENVER IHLAS PAZARLAMA AS IHLAS EV ALETLERI IM GOLBASI ALI TUBAY DIMENSIONAL FUND ADV OREN AHMET MUCAHID BLACKROCK EATON VANCE MANAGEME VANGUARD GROUP INC DIMENSIONAL FUND ADV STATE STREET EATON VANCE ADVISORS PRUDENTIAL FINANCIAL ERSTE SPARINVEST KAG DIMENSIONAL FUND ADV SENER ALAETTIN UNIVERSAL INVESTMENT BESSEMER GROUP INCOR BUYUKCELIK RIDVAN FINANS PORTFOY YONET

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CRAIG STERLING

Source Research Research Research Research MF-AGG Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG Research MF-AGG

Recommendation underweight

Amt Held 80'315'554 75'342'599 55'328'002 22'402'520 21'329'361 13'086'005 5'989'792 3'754'000 3'365'779 2'106'027 1'361'486 1'319'000 784'900 372'096 291'983 211'680 177'883 170'851 147'184 129'087

% Out 10.16 9.53 7 2.83 2.7 1.66 0.76 0.47 0.43 0.27 0.17 0.17 0.1 0.05 0.04 0.03 0.02 0.02 0.02 0.02

Weighting

Change 1

Latest Chg 145'747 74'043 12'096 (96)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 n/a 30.09.2012 n/a 27.02.2013 n/a 30.09.2012 n/a 31.07.2012 Investment Advisor 30.09.2012 n/a 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 n/a 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 30.09.2012 n/a 28.02.2013 Investment Advisor

Date Not Provided

Date 22.03.2013

28.03.2013

Ipek Dogal Enerji Kaynaklari Ve Uretim AS 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.

Price/Volume 7

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.12.2012) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IPEKE TI EQUITY YTD Change IPEKE TI EQUITY YTD % CHANGE

12/2011 09/yy 6.30 2.72 8'439'994.00 5.24 -16.51% 92.65% 73.18% 259.8 1'361.28 34.21 0.0 886.9 712.73 1'526.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2008 31.12.2009 232.2 389.3 1.16x 1.66x 77.9 221.0 3.45x 2.92x 7.4 33.3 10.77x 12.40x Profitability

LTM-4Q 31.12.2010 543.3 1.08x 316.9 1.85x 233.0 2.06x

31.12.2011 909.1 0.54x 590.2 0.84x 94.5 3.03x 590.22 507.55 55.83% 57.54% 8.07% 24.79% 0.71% 70.1% 68.3% 60.4% 10.4% 4.78 3.93 2.12% 7.14% 36.06 3.66

Price/ Cash Flow

09/yy 725.5 3.75x 450.1 1.57x 81.6 5.58x

j-12

a-12

LTM 09/yy 1'212.7 1.96x 650.9 0.00x 124.2 7.73x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.86 85.16% -12.67% 0.861 6 2.333 3'605'080 4'926'134 6'767'089 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'172.0 1'362.0 1.31x 1.09x 751.3 867.3 2.04x 1.77x 108.0 145.3 12.67x 9.34x S&P Issuer Ratings

1073.83 607.47 -1.21 0.09 7.1% 2.4% 0.71 1.98 10.15 100.00 45.48 52.49

Sales/Revenue/Turnover

18.00

1'000.0

16.00

900.0

14.00

800.0 700.0

12.00

600.0

10.00 8.00

500.0 400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 02.01.2009 02.07.2009

a-12 m-12

Fiscal Year Ended 31.12.2007 196.6 1.72x 88.5 3.81x 17.1 13.74x

40.0 M

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Ipek Dogal Enerji Kaynaklari Ve Uretim AS Holdings By:

All

Holder Name KOZA IPEK HOLDING AS GRANTHAM MAYO VAN OT SKAGEN AS DIMENSIONAL FUND ADV FRANK RUSSELL TRUST SCHRODER INVESTMENT BLACKROCK VANGUARD GROUP INC DWS INVESTMENT S A NORDEA INVESTMENT FU ALLIANZ ASSET MANAGE ACADIAN ASSET MANAGE PRUDENTIAL FINANCIAL FIM FUND MANAGEMENT DIMENSIONAL FUND ADV ERSTE SPARINVEST KAG BESSEMER GROUP INCOR FMR LLC UNIVERSAL INVESTMENT ALLIANZ GLOBAL INVES

Firm Name Ekspres Invest Burgan Securities FinansInvest IS Investment & Securities Deutsche Bank Garanti Yatirim Menkul Kiymetler ATA Invest

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ALPER AKALIN ECE MANDACI KORAY PAMIR NUR ATASOY ERIK DANEMAR HALIL IBRAHIM KAHVE ISMAIL OZER

Source Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold hold underperform market perform sell market perform Under Review

Amt Held 73'552'194 9'590'386 9'250'000 2'723'893 1'148'590 1'092'097 942'751 644'707 425'000 329'166 316'810 302'419 301'334 140'000 94'732 93'024 72'512 54'043 38'552 37'430

% Out 28.31 3.69 3.56 1.05 0.44 0.42 0.36 0.25 0.16 0.13 0.12 0.12 0.12 0.05 0.04 0.04 0.03 0.02 0.01 0.01

Weighting

Change

3 3 1 3 1 3 #N/A N/A

M M M U M M M

Latest Chg 416'895 27'474 75'000 (264'805) (20'000) 3'024 37'430

Target Price 6 7 4 7 4 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.03.2009 31.05.2012 28.02.2013 31.07.2012 31.05.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.01.2013 28.12.2012 31.01.2013 31.12.2012 28.02.2013 31.12.2012 30.11.2012 31.10.2012 31.01.2013 31.01.2013 28.09.2012

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Holding Company Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 15.03.2013 26.02.2013 19.02.2013 07.02.2013 11.01.2013 17.12.2012 03.08.2012

28.03.2013

Is Finansal Kiralama AS Is Finansal Kiralama A.S. offers lease financing. Company offers medium-term lease financing to transportation, electronics, textile, tourism and construction sectors.

Price/Volume 1

9.0 M 8.0 M

7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (08.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISFIN TI EQUITY YTD Change ISFIN TI EQUITY YTD % CHANGE

12/2012 12/yy 1.16 0.83 1'183'620.00 0.99 -15.52% 19.28% 45.45% 389.0 385.11 1'579.44 0.0 11.5 309.56 1'595.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.0 M

3.0 M 2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 120.4 7.17x 106.0 8.14x 76.3 1.26x

6.0 M

31.12.2009 31.12.2010 112.1 100.2 8.14x 13.14x 97.0 82.2 9.41x 16.02x 105.4 63.7 2.47x 6.44x Profitability

LTM-4Q 31.12.2011 135.4 12.34x 52.5 7.43x

31.12.2012 158.1 40.8 9.71x 98.19 72.49% 44.87% 1.77% 7.01% 0.07% 69.8% 25.8% 1.22 0.98 70.45% 310.62% 0.11 -

Price/ Cash Flow

12/yy 135.4 49.94x 22.9 0.00x 52.5 7.77x

LTM 12/yy 114.3 41.72x 87.0 0.00x 40.8 9.75x

0.81 -13.16% -2.94% 0.812 2 5.000 470'469 1'274'416 1'558'729

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

55.0 79.0 S&P Issuer Ratings

310.6% 75.2% 0.07 151.01 3298.38 -

Sales/Revenue/Turnover

3.50

180.0

3.00

160.0 140.0

2.50

120.0

2.00

100.0

1.50

80.0 60.0

1.00

40.0

0.50 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Is Finansal Kiralama AS Holdings By:

All

Holder Name TURKIYE SINAI KALKIN TSKB TURKIYE IS BANKASI A SWEDBANK ROBUR FONDE DIMENSIONAL FUND ADV SOMPO JP NIHON KOA A CAMIS YATIRIM HOLDIN BLACKROCK ING INVESTMENT MANAG DIMENSIONAL FUND ADV VANGUARD GROUP INC QUERCUS TFI STATE STREET TURKIYE SISE VE CAM NEMTAS NEMRUT LIMAN DWS INVESTMENT S A BESSEMER GROUP INCOR DIMENSIONAL FUND ADV BNP PARIBAS INV PART EUROBANK EFG MUTUAL

Firm Name EVA Dimensions IS Investment & Securities

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst AUSTIN BURKETT BULENT SENGONUL

Source Research Co File Co File MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform

Amt Held 111'107'712 111'099'115 108'103'795 9'840'133 4'143'153 4'004'749 3'228'721 1'430'227 518'490 514'296 483'997 441'998 361'033 311'202 272'302 250'000 36'246 21'784 -

% Out 28.56 28.56 27.79 2.53 1.07 1.03 0.83 0.37 0.13 0.13 0.12 0.11 0.09 0.08 0.07 0.06 0.01 0.01 0 0

Weighting

Change 5 5

M M

Latest Chg 514'749 (106'249) 29'964 56'812 (229'500)

Target Price #N/A N/A 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2007 Bank 30.09.2012 n/a 30.09.2012 Bank 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 30.09.2012 n/a 25.03.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 26.03.2013 Investment Advisor 30.09.2012 n/a 30.09.2012 n/a 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor

Date Not Provided Not Provided

Date 17.01.2013 18.12.2012

28.03.2013

Is Gayrimenkul Yatirim Ortakligi AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISGYO TI EQUITY YTD Change ISGYO TI EQUITY YTD % CHANGE

12/2012 12/yy 1.66 1.02 1'745'389.00 1.47 -11.45% 44.12% 68.75% 600.0 882.00 135.57 0.0 0.0 93.71 923.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 88.9 95.5 7.04x 8.04x 75.2 83.9 8.33x 9.16x 60.3 60.9 12.31x 13.00x Profitability

LTM-4Q 31.12.2011 123.5 4.37x 93.9 5.75x 67.0 8.96x

31.12.2012 131.9 7.14x 89.2 10.56x 65.4 13.76x 89.22 64.12 48.60% 49.67% 5.12% 6.22% 0.10% 56.2% 67.6% 48.6% 49.6% 2.24 1.04 9.74% 12.67% 12.72 -

Price/ Cash Flow

12/yy 123.5 21.71x 93.9 5.75x 67.0 9.42x

m-12

j-12

a-12

LTM 12/yy 131.9 23.13x 89.2 10.56x 65.4 13.76x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.90 23.57% -2.00% 0.898 15 4.600 2'723'413 1'630'082 1'636'736 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 197.4 211.6 4.64x 4.51x 105.5 122.6 8.75x 7.54x 81.7 98.4 11.14x 11.05x S&P Issuer Ratings

24.60 -13.62 0.47 1.52 12.7% 11.2% 0.10 114.63 28.78 -

Sales/Revenue/Turnover

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 80.9 2.83x 60.8 3.77x 53.1 5.93x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Is Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A AUTONOMY MASTER FUND ANADOLU HAYAT EMEKLI ANADOLU SIGORTA IS YATIRIM MENKUL DE ISNET ELEKT BILGI UR CARMIGNAC GESTION LU IS MERKEZLERI YONETI ING INVESTMENT MANAG CARNEGIE ASSET MANAG CARNEGIE ASSET MANAG BLACKROCK VANGUARD GROUP INC CAPITA FINANCIAL MAN IS PORTFOY YONETIMI AKBANK ASSET MANAGEM ERSTE SPARINVEST KAG TAPIOLA ASSET MANAGE UNION INVESTMENT LUX EATON VANCE MANAGEME

Firm Name FinansInvest Burgan Securities Sardis Securities HSBC Ak Investment BGC Partners Ekspres Invest EVA Dimensions IS Investment & Securities Garanti Yatirim Menkul Kiymetler Eczacibasi Securities Yatirim Finansman Securities Erste Bank ATA Invest

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GAYE ABIDIN MURAT IGNEBEKCILI HAYDAR ACUN LEVENT BAYAR BERTUG TUZUN KEREM TEZCAN KURTHAN ATMACA AUSTIN BURKETT NUR ATASOY KERIM GOKOZ TEAM COVERAGE HUSEYIN MERDAN GEYIK MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

Source EXCH Research EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy buy neutral market outperform Under Review buy buy outperform market perform outperform outperform buy market outperform

Amt Held 253'403'378 51'444'023 42'649'293 28'635'775 8'199'498 7'953'701 6'785'000 6'569'427 4'298'572 3'512'333 2'640'666 2'524'542 2'454'505 2'216'649 2'190'785 1'953'711 1'308'400 1'205'199 1'150'000 936'485

% Out 42.23 8.57 7.11 4.77 1.37 1.33 1.13 1.09 0.72 0.59 0.44 0.42 0.41 0.37 0.37 0.33 0.22 0.2 0.19 0.16

Weighting

Change

5 5 5 3 4 #N/A N/A 5 5 5 3 5 5 5 4

M M M D M M M M M M M M M M

Latest Chg (433'594) 18'156 613'805 (396'290) 258'400 -

Target Price 2 2 #N/A N/A 2 2 #N/A N/A 2 #N/A N/A 2 2 2 2 2 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2006 03.03.2009 31.12.2006 31.12.2006 31.12.2006 31.12.2006 31.12.2012 31.12.2006 30.06.2012 30.09.2012 28.02.2013 25.03.2013 31.12.2012 31.10.2012 31.12.2006 31.10.2012 30.11.2012 31.07.2011 28.09.2012 31.01.2013

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Bank n/a Insurance Company Insurance Company Investment Advisor Other Investment Advisor Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 15.03.2013 13.03.2013 29.01.2013 25.01.2013 22.01.2013 17.01.2013 17.12.2012 17.12.2012 23.11.2012 07.11.2012 04.11.2012 20.07.2012

28.03.2013

Ittifak Holding A.S 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (26.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITTFH TI EQUITY YTD Change ITTFH TI EQUITY YTD % CHANGE

12/2011 09/yy 6.62 4.69 225'807.00 5.02 -24.17% 7.04% 19.17% 30.0 150.60 220.29 0.0 52.2 45.83 403.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 607.9 43.5 25.5 -

31.12.2008 31.12.2009 700.9 787.3 0.74x 44.9 29.9 19.56x 6.5 0.6 793.57x Profitability

LTM-4Q 31.12.2010 774.8 0.47x 13.7 26.89x 23.9 9.55x

31.12.2011 891.4 0.41x 33.5 10.94x 2.5 56.14x 33.46 18.30 2.05% 0.47% 0.56% 1.23% 1.21% 19.3% 1.3% -0.6% 0.3% 1.17 0.35 27.27% 60.14% 13.29 4.19

09/yy 835.9 1.96x 31.2 0.00x 3.9 0.00x

LTM 09/yy 977.6 1.62x 12.6 32.17x 4.6 33.22x

0.86 -7.72% -1.18% 0.863 0 578'318 656'906 696'319

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

2.04 0.85 16.03 18.96 60.1% 34.5% 1.21 4.53 27.55 87.35 56.83 48.81

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Ittifak Holding A.S Holdings By:

All

Holder Name ADESE ALISVERIS MERK STATE STREET DIMENSIONAL FUND ADV BPH TFI SA DIMENSIONAL FUND ADV PIONEER INVESTMENTS

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 1'747'014 146'892 144'867 19'000 8'060 -

% Out 5.82 0.49 0.48 0.06 0.03 0

Weighting

Change

Latest Chg 19'000 (145'000)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 09.04.2012 n/a 26.03.2013 Investment Advisor 31.07.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 31.05.2011 Investment Advisor

Date

28.03.2013

Izmir Demir Celik Sanayi AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IZMDC TI EQUITY YTD Change IZMDC TI EQUITY YTD % CHANGE

12/2011 09/yy 5.09 2.88 2'558'562.00 3.07 -39.66% 6.60% 7.70% 375.0 1'151.25 269.43 0.0 7.4 316.93 1'265.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

31.12.2008 31.12.2009 1'397.7 727.4 0.47x 153.0 (4.2) 131.6 (10.1) 1.42x Profitability

LTM-4Q 31.12.2010 919.9 0.57x 27.3 19.34x 17.4 29.79x

31.12.2011 1'424.2 0.90x 92.6 13.78x 52.6 25.03x 92.65 67.52 4.74% 4.42% 3.56% 6.59% 5.26% 1.54% 6.4% 3.2% 1.6% 3.7% 1.25 0.72 21.79% 45.25% 24.38 10.74

Price/ Cash Flow

09/yy 1'275.2 2.85x 72.3 15.12x 41.8 26.89x

m-12

j-12

a-12

LTM 09/yy 1'616.8 2.69x 19.1 0.00x 24.5 64.24x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.43 -13.76% -21.88% 0.432 2 1.000 1'060'385 1'441'709 1'264'444 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'508.0 1'760.0 35.0 131.0 36.15x 9.66x 23.0 48.0 51.17x 23.62x S&P Issuer Ratings

12.98 2.16 1.96 5.58 45.2% 30.9% 1.54 3.00 15.01 34.07 34.04 20.18

Sales/Revenue/Turnover

400.00

1'600.0

350.00

1'400.0

300.00

1'200.0

250.00

1'000.0

200.00

800.0

150.00

600.0

100.00

400.0

50.00

200.0

0.00 02.01.2009 02.07.2009

a-12

Fiscal Year Ended 31.12.2007 781.1 0.43x 16.7 20.06x 52.8 6.17x

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Izmir Demir Celik Sanayi AS Holdings By:

All

Holder Name SAHIN KOC CELIK SANA SAHIN HALIL YABANCI ORTAKLAR DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC STATE STREET DIMENSIONAL FUND ADV BESSEMER GROUP INCOR BIZIM MENKUL DEGERLE FLEXSHARES TRUST INVESCO LTD DIMENSIONAL FUND ADV

Firm Name Ekspres Invest EVA Dimensions Global Menkul Degerler

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KURTHAN ATMACA CRAIG STERLING TEAM COVERAGE

Source Research Research Research MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell sell market perform

Amt Held 223'648'160 51'796'355 7'769'528 2'582'809 693'384 344'237 261'681 28'254 25'002 5'406 4'467 975 1

% Out 59.64 13.81 2.07 0.69 0.18 0.09 0.07 0.01 0.01 0 0 0 0

Weighting

Change 1 1 3

M M M

Latest Chg 85'100 -

Target Price 4 #N/A N/A 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.06.2009 26.06.2009 26.06.2009 31.07.2012 25.03.2013 31.12.2012 26.03.2013 31.12.2012 31.10.2012 20.07.2011 28.02.2013 25.02.2013 31.12.2012

Date Not Provided Not Provided Not Provided

Inst Type Corporation n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.01.2013 17.01.2013 13.10.2010

28.03.2013

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS 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.

Price/Volume

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRDMD TI EQUITY YTD Change KRDMD TI EQUITY YTD % CHANGE

12/2012 12/yy 1.71 0.80 7'471'776.00 1.61 -5.85% 101.25% 90.11% 601.4 1'505.95 545.69 0.0 0.1 119.92 1'931.81

40.0 M

30.0 M

20.0 M

10.0 M

0 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

2 1

Valuation Analysis

31.12.2008 1'081.4 0.39x 376.6 1.11x 256.7 1.07x

31.12.2009 31.12.2010 793.6 1'008.9 0.92x 0.93x (14.0) 75.4 12.50x (72.3) 21.1 31.68x Profitability

LTM-4Q 31.12.2011 1'585.7 0.60x 304.2 3.12x 185.2 3.61x

31.12.2012 1'686.7 0.91x 309.2 4.96x 194.2 5.70x 309.17 226.62 13.44% 14.15% 10.04% 18.17% 0.87% 15.9% 18.3% 13.4% 11.5% 1.75 0.63 25.13% 47.72% 9.12 3.60

Price/ Cash Flow

12/yy 1'585.7 2.43x 304.2 3.12x 185.2 3.61x

LTM 12/yy 1'686.7 3.12x 309.2 4.96x 194.2 5.70x

FY+1

0.92 78.80% 27.78% 0.916 12 3.750 10'609'220 12'566'000 15'115'200 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'698.1 2'021.9 1.20x 0.99x 323.7 383.2 5.97x 5.04x 183.9 209.3 6.24x 5.81x S&P Issuer Ratings

30.86 -7.05 1.38 1.77 47.7% 32.3% 0.87 1.52 40.15 101.75 33.04 108.86

Sales/Revenue/Turnover

30.00

1'800.0 1'600.0

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Holdings By:

All

Holder Name SKAGEN AS BANK OF NEW YORK MEL DIMENSIONAL FUND ADV SWEDBANK ROBUR FONDE STATE STREET GRANTHAM MAYO VAN OT ROBECO INVESTOR SERV BLACKROCK EATON VANCE MANAGEME VANGUARD GROUP INC ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV NATIONWIDE FUND ADVI LEGG MASON CAPITAL M SOMPO JP NIHON KOA A AKBANK ASSET MANAGEM STATE STREET GLOBAL SMITH BARNEY FUND MA FRANK RUSSELL TRUST ING INVESTMENT MANAG

Firm Name Burgan Securities Seker Securities BGC Partners FinansInvest EVA Dimensions Ak Investment Oyak Securities BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler IS Investment & Securities Ekspres Invest HSBC Yatirim Finansman Securities ATA Invest Global Menkul Degerler

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst UMUT OZTURK BURAK DEMIRBILEK CAN OZCELIK KORAY PAMIR CRAIG STERLING BORA TEZGULER OSMAN OZVURAL ALPER PAKSOY BAHAR DENIZ EGEMEN BASAK ENGIN DINCKOC KURTHAN ATMACA BULENT YURDAGUL ZUMRUT CAN ERMAN TUTUNCUOGLU SERCAN UZUN

Source MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy market perform hold Under Review hold market outperform outperform buy market perform underperform buy overweight not rated Under Review Under Review

Amt Held 33'124'000 19'850'300 17'014'248 15'596'021 14'289'440 7'896'674 4'564'092 4'311'755 3'189'378 2'528'889 2'266'935 1'900'846 1'829'880 1'817'500 1'543'000 1'500'001 1'441'957 1'284'298 1'001'465 984'624

% Out 5.51 3.3 2.83 2.59 2.38 1.31 0.76 0.72 0.53 0.42 0.38 0.32 0.3 0.3 0.26 0.25 0.24 0.21 0.17 0.16

Weighting

Change

5 3 3 #N/A N/A 3 4 5 5 3 1 5 5 #N/A N/A #N/A N/A #N/A N/A

M M D M D U M M M D M M M M M

Latest Chg 7'674'000 (186'580) 15'596'021 (115'959) (461'399) 3'400 (139'759) 480'500 (760'000) 774'266

Target Price 2 2 2 #N/A N/A #N/A N/A 2 2 2 2 1 2 2 #N/A N/A #N/A N/A 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 26.03.2013 31.07.2012 31.12.2012 26.03.2013 31.05.2012 31.01.2013 25.03.2013 31.01.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 03.09.2012 31.10.2012 31.01.2013 28.02.2013 31.05.2012 30.06.2012

Date 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 20.03.2013 15.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 29.01.2013 22.01.2013 18.01.2013 23.08.2012 03.08.2012 20.10.2011

28.03.2013

Karsan Otomotiv Sanayii Ve Ticaret AS Karsan Otomotiv Sanayii ve Ticaret A.S. manufactures light commercial trucks and vans under Peugeot and Fiat licenses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KARSN TI EQUITY YTD Change KARSN TI EQUITY YTD % CHANGE

12/2012 12/yy 1.34 1.04 628'132.00 1.2 -10.45% 15.38% 46.67% 195.6 234.66 141.33 0.0 (2.2) 3.73 515.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 292.3 553.9 1.06x 0.82x (10.5) (9.1) (51.1) (35.2) Profitability

LTM-4Q 31.12.2011 798.3 0.52x 40.2 10.42x (27.8) -

31.12.2012 582.7 (59.1) 40.19 16.71 2.09% -3.61% -6.34% -21.27% 1.13% 8.2% 2.3% -1.5% -10.1% 0.89 0.31 30.19% 90.16% 8.72 5.81

Price/ Cash Flow

12/yy 798.3 2.28x 40.2 10.42x (27.8) 0.00x

m-12

j-12

a-12

LTM 12/yy 582.7 2.81x 10.4 0.00x (59.1) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.93 -8.40% -0.83% 0.931 2 3.000 953'503 1'146'249 2'450'687 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 967.0 810.0 0.43x 0.47x 46.5 39.0 11.08x 13.22x 12.7 7.7 17.14x S&P Issuer Ratings

20.16 20.40 90.2% 47.8% 1.13 2.51 41.98 63.04 88.10 -18.29

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 206.5 1.43x (7.5) (43.4) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Karsan Otomotiv Sanayii Ve Ticaret AS Holdings By:

All

Holder Name KIRACA OTOMOTIV AS DINIZ GROUP KIRAC INAN DIMENSIONAL FUND ADV PIONEER INVESTMENTS SOMPO JP NIHON KOA A

Firm Name Global Menkul Degerler Garanti Yatirim Menkul Kiymetler Yatirim Finansman Securities IS Investment & Securities

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ILKNUR UNSAL ONUR MARSAN ZUMRUT CAN ESRA SUNER

Source Research Research Research MF-AGG MF-AGG MF-AGG

Recommendation market perform market perform not rated not rated

Amt Held 52'360'000 12'520'000 2'250'000 671'063 533'158 467'000

% Out 26.78 6.4 1.15 0.34 0.27 0.24

Weighting

Change

3 3 #N/A N/A #N/A N/A

M M M M

Latest Chg (500'000) -

Target Price 1 1 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.12.2008 Corporation 30.12.2008 Other 30.12.2008 n/a 31.07.2012 Investment Advisor 31.05.2011 Investment Advisor 03.09.2012 Mutual Fund Manager

Date Not Provided Not Provided Not Provided Not Provided

Date 21.01.2013 17.12.2012 04.03.2011 03.01.2011

28.03.2013

Kartonsan Karton Sanayi ve Ticaret AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KARTN TI EQUITY YTD Change KARTN TI EQUITY YTD % CHANGE

12/2012 12/yy 328.00 183.50 27'180.00 281 -14.02% 53.13% 68.17% 2.8 797.20 0.36 0.0 0.0 85.02 712.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

300

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 134.6 1.02x 19.4 7.10x 14.6 10.66x

350

31.12.2009 31.12.2010 135.6 177.4 1.41x 3.15x 18.8 29.9 10.17x 18.68x 13.3 17.6 16.05x 34.31x Profitability

LTM-4Q 31.12.2011 211.3 2.26x 48.7 9.81x 37.0 14.66x

31.12.2012 213.0 2.74x 38.9 15.02x 27.1 24.69x 38.86 27.32 12.83% 15.91% 11.34% 12.75% 13.75% 0.89% 20.2% 18.2% 12.8% 12.7% 7.76 5.17 0.15% 0.16% 7.94 3.30

Price/ Cash Flow

12/yy 211.3 9.62x 48.7 9.81x 37.0 14.66x

LTM 12/yy 213.0 10.63x 38.9 15.02x 27.1 24.69x

0.80 36.04% 19.32% 0.801 1 1.000 22'455 54'936 90'393

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

14.43 11.75 -2.18 0.01 0.2% 0.2% 0.89 2.66 46.07 110.83 33.25 123.65

Sales/Revenue/Turnover

60.00

250.0

50.00

200.0

40.00

150.0

30.00

100.0 20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Kartonsan Karton Sanayi ve Ticaret AS Holdings By:

All

Holder Name PAK HOLDING AS PAK GIDA URETIM AS ASIL GIDA VE KIMYA OYCAN ITHALAT IHRACA MORGAN STANLEY DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC BESSEMER GROUP INCOR DIMENSIONAL FUND ADV BIZIM MENKUL DEGERLE

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source Research Research Research Research ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight

Amt Held 969'679 564'903 498'716 83'300 15'084 8'985 7'544 5'744 428 275 68

% Out 34.18 19.91 17.58 2.94 0.53 0.32 0.27 0.2 0.02 0.01 0

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2009 31.07.2009 31.07.2009 31.07.2009 31.12.2012 31.07.2012 25.03.2013 31.12.2012 31.10.2012 31.12.2012 20.07.2011

Date Not Provided

Inst Type Corporation Other Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.01.2013

28.03.2013

Kiler Gayrimenkul Yatirim Ortakligi AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KLGYO TI EQUITY YTD Change KLGYO TI EQUITY YTD % CHANGE

12/2012 12/yy 2.51 1.69 155'328.00 1.79 -28.15% 5.92% 12.27% 124.0 221.95 179.46 0.0 0.0 24.45 376.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2009 -

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

Profitability

31.12.2010 33.2 2.8 15.2 -

LTM-4Q 31.12.2011 273.1 54.2 4.44x

31.12.2012 98.4 3.83x 51.7 7.30x 40.5 5.48x 51.65 48.74 49.55% 60.6% 41.2% 1.51 0.36 35.64% 58.40% -

12/yy 273.1 0.00x 0.0 0.00x 54.2 4.44x

m-12

j-12

a-12

LTM 12/yy 98.4 0.00x 0.0 0.00x 40.5 6.16x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.95 -26.69% 0.00% 0.947 1 5.000 251'150 516'960 960'779 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 97.0 250.0 60.0 6.28x 35.0 48.0 6.39x 4.59x S&P Issuer Ratings

3.71 3.70 58.4% 36.9% -

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

a-12

Fiscal Year Ended 31.12.2008

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Kiler Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name BPH TFI SA PIONEER INVESTMENTS ERSTE SPARINVEST KAG SOMPO JP NIHON KOA A

Firm Name Ekspres Invest Sardis Securities

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KURTHAN ATMACA TEAM COVERAGE

Source MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy not rated

Amt Held 1'074'413 548'417 146'475 -

% Out 0.87 0.44 0.12 0

Weighting

Change

5 #N/A N/A

M M

Latest Chg 1'074'413 4'762 (256'920)

Target Price 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2011 Mutual Fund Manager 31.05.2011 Investment Advisor 30.11.2012 Investment Advisor 03.09.2012 Mutual Fund Manager

Date Not Provided Not Provided

Date 22.01.2013 24.10.2012

28.03.2013

KOC Holding AS 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.

Price/Volume

12.0 M 10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KCHOL TI EQUITY YTD Change KCHOL TI EQUITY YTD % CHANGE

12/2012 12/yy 10.80 5.45 2'292'041.00 10.15 -5.56% 86.32% 87.86% 2'535.9 25'739.36 26'822.18 0.0 10'465.3 11'403.13 51'623.70

6.0 M

4.0 M

2.0 M

0 m-12

31.12.2009 31.12.2010 39'450.3 48'822.3 0.54x 0.59x 5'283.7 5'232.7 4.00x 5.52x 1'429.2 1'734.5 7.47x 10.47x Profitability

LTM-4Q 31.12.2011 69'767.1 0.53x 6'373.6 5.76x 2'124.5 6.46x

31.12.2012 84'833.3 0.58x 6'164.3 8.01x 2'314.9 10.14x 6'164.27 5'015.05 5.91% 5.33% 2.23% 15.34% 9.34% 0.82% 13.8% 7.3% 5.9% 2.7% 0.88 0.30 24.59% 164.70% 9.72 10.88

Price/ Cash Flow

j-12

LTM

12/yy 69'767.1 1.86x 6'373.6 5.76x 2'124.5 6.46x

a-12

12/yy 84'833.3 2.02x 6'164.3 8.01x 2'314.9 10.26x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.16 49.60% 9.61% 1.159 26 3.308 4'211'804 4'558'760 4'234'090 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 89'867.9 94'363.9 21'424.0 23'796.0 0.51x 0.46x 6'746.7 7'400.9 7.65x 6.98x 2'477.1 2'589.1 10.22x 9.28x S&P Issuer Ratings

11.17 4.23 2.50 4.35 164.7% 50.1% 0.82 6.58 37.64 33.65 43.97 27.31

Sales/Revenue/Turnover

90.00

90'000.0

80.00

80'000.0

70.00

70'000.0

60.00

60'000.0

50.00

50'000.0

40.00

40'000.0

30.00

30'000.0

20.00

20'000.0

10.00

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

10 8

Valuation Analysis

31.12.2008 55'631.1 0.36x 4'555.2 4.43x 2'023.6 2.72x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

KOC Holding AS Holdings By:

All

Holder Name TEMEL TICARET VE YAT VAKFI VEHBI KOC ARSEL SEMAHAT SEVIM KIRAC SUNA KOC MUSTAFA RAHMI KOC MUSTAFA VEHBI KOC ALI Y KOC HLDG PENSION & W KIRAC IPEK LAZARD ASSET MANAGEM KOC OMER M VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV JP MORGAN GRANTHAM MAYO VAN OT CAPITAL GROUP COMPAN EAST CAPITAL ASSET M JUPITER ASSET MANAGE BARING ASSET MANAGEM

Firm Name Burgan Securities Seker Securities JPMorgan Unlu Securities Sardis Securities FinansInvest Ekspres Invest EVA Dimensions Global Menkul Degerler Deutsche Bank BGC Partners Ak Investment Eczacibasi Securities Oyak Securities IS Investment & Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs Credit Suisse HSBC Yatirim Finansman Securities Erste Bank Barclays ATA Invest

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BURAK ISYAR KADIR TEZELLER NARESH BILANDANI OYTUN ALTASLI HAYDAR ACUN GAYE ABIDIN ALPER AKALIN CRAIG STERLING HASAN BAYHAN HILAL VAROL EZGI YILMAZ ERKAN SAVRAN SERCAN SOYLU HASAN SENER BASAK ENGIN DINCKOC ONUR MARSAN MATIJA GERGOLET ONUR MUMINOGLU CENK ORCAN ZUMRUT CAN MEHMET EMIN ZUMRUT HANZADE KILICKIRAN ONDER ZORBA

Source Research Research Research Research Research Research Research Research Research ULT-AGG Research MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold outperform overweight market perform sell underperform hold overweight market perform hold hold market perform market perform market perform market perform market perform neutral/neutral outperform neutral market perform buy overweight market perform

Amt Held 1'079'984'208 181'405'360 162'694'562 133'102'523 132'626'635 82'136'417 55'699'112 50'451'548 48'885'553 44'340'740 39'462'977 23'593'867 17'353'272 11'548'724 8'909'198 8'573'540 6'772'150 5'381'245 4'200'000 3'769'335

% Out 42.59 7.15 6.42 5.25 5.23 3.24 2.2 1.99 1.93 1.75 1.56 0.93 0.68 0.46 0.35 0.34 0.27 0.21 0.17 0.15

Weighting

Change 3 5 5 3 1 1 3 5 3 3 3 3 3 3 3 3 3 5 3 3 5 5 3

M M M N M M M D M D M N M M M M M M M M M N M

Latest Chg 76'301 733'569 (65'008) (3'900) 1'120'000 1'533'160 (730'000) -

Target Price 11 #N/A N/A 11 10 6 10 11 #N/A N/A 11 10 9 10 10 9 10 10 8 9 9 9 9 9 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 28.02.2013 29.08.2012 31.12.2012 25.03.2013 31.07.2012 31.01.2013 31.05.2012 31.12.2012 31.12.2012 30.11.2012 31.08.2012

Date 12 month Not Provided 9 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Corporation n/a n/a n/a n/a n/a n/a Corporation n/a Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 21.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 12.03.2013 12.03.2013 26.02.2013 25.02.2013 11.02.2013 29.01.2013 22.01.2013 21.12.2012 18.12.2012 17.12.2012 10.12.2012 26.11.2012 23.11.2012 19.11.2012 04.11.2012 30.10.2012 08.06.2012

28.03.2013

Konya Cimento Sanayii AS Konya Cimento Sanayii A.S. manufactures clinker and cement. The Company mainly sells its products in the region of Middle Anatolia, Turkey.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2012) 52-Week Low (27.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KONYA TI EQUITY YTD Change KONYA TI EQUITY YTD % CHANGE

12/2012 12/yy 389.00 255.00 13'067.00 340 -12.34% 33.33% 63.43% 4.9 1'656.97 0.86 0.0 0.0 173.60 1'553.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

350

.7 M

300

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 188.0 0.79x 39.1 3.81x 35.2 5.08x

400

31.12.2009 31.12.2010 179.3 215.6 1.26x 5.10x 27.3 43.8 8.29x 25.10x 22.8 35.9 15.29x 34.46x Profitability

LTM-4Q 31.12.2011 237.2 5.62x 48.8 27.32x 30.4 49.49x

31.12.2012 235.8 37.0 42.23x 48.80 33.78 14.24% 20.48% 10.23% 12.05% 12.29% 0.58% 26.9% 22.4% 15.9% 15.7% 5.14 4.20 0.19% 0.22% 4.28 4.20

Price/ Cash Flow

12/yy 237.2 20.77x 48.8 27.32x 30.4 49.49x

LTM 12/yy 235.8 10.91x 20.4 0.00x 37.0 42.23x

0.84 36.87% 5.92% 0.840 1 1.000 24'787 49'436 67'630

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

60.39 37.99 -1.95 0.00 0.2% 0.2% 0.58 1.32 85.43 87.19 48.60 117.80

Sales/Revenue/Turnover

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0 40.00

50.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Konya Cimento Sanayii AS Holdings By:

All

Holder Name PARFICIM SA BANK OF NEW YORK MEL INVESCO LTD BLACKROCK EMERGING GLOBAL SHAR DIMENSIONAL FUND ADV VANGUARD GROUP INC ERSTE SPARINVEST KAG BESSEMER GROUP INCOR DIMENSIONAL FUND ADV STATE STREET BIZIM MENKUL DEGERLE FLEXSHARES TRUST

Firm Name Tera Stock Brokers FinansInvest Global Menkul Degerler

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst FEYRUZE ASLI KONDU UGUR OZKER TEAM COVERAGE

Source Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation sell not rated sell

Amt Held 3'990'201 39'544 36'349 13'573 10'495 7'850 7'571 1'034 842 355 84 68 54

% Out 81.88 0.81 0.75 0.28 0.22 0.16 0.16 0.02 0.02 0.01 0 0 0

Weighting

Change

1 #N/A N/A 1

M M M

Latest Chg 324 34 -

Target Price 115 #N/A N/A 140

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2009 26.03.2013 21.03.2013 25.03.2013 25.03.2013 31.07.2012 31.12.2012 30.11.2012 31.10.2012 31.12.2012 25.03.2013 20.07.2011 28.02.2013

Date Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.10.2012 20.02.2012 13.10.2010

28.03.2013

Koza Altin Isletmeleri AS 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.

Price/Volume 60

1.8 M 1.6 M

1.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KOZAL TI EQUITY YTD Change KOZAL TI EQUITY YTD % CHANGE

12/2012 12/yy 49.00 31.50 224'031.00 41.5 -15.31% 31.75% 57.14% 152.5 6'328.75 6.91 0.0 0.0 927.53 5'408.13

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 342.4 472.1 6.30x 257.7 348.1 8.55x 146.8 235.6 13.34x Profitability

.8 M .6 M .4 M

10 0 m-12

.2 M a-12

LTM-4Q 31.12.2011 805.8 4.06x 618.2 5.30x 460.5 8.29x

31.12.2012 1'043.1 5.40x 807.4 6.98x 642.1 10.21x 807.38 715.81 68.62% 75.04% 48.81% 56.59% 0.79% 77.3% 77.4% 68.6% 61.6% 11.81 10.67 0.44% 0.49% 193.23 3.71

Price/ Cash Flow

12/yy 805.8 15.18x 618.2 5.30x 460.5 8.29x

m-12

j-12

a-12

LTM 12/yy 1'043.1 18.92x 807.4 6.98x 642.1 10.21x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.89 28.10% -3.49% 0.892 20 4.250 373'565 554'135 551'953 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'122.9 1'239.4 4.43x 3.60x 877.7 948.6 6.16x 5.70x 685.4 750.4 9.24x 8.73x S&P Issuer Ratings

323.99 226.81 -1.14 0.01 0.5% 0.5% 0.79 2.57 1.89 98.55 47.60 52.84

Sales/Revenue/Turnover

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

1.0 M

Fiscal Year Ended 31.12.2008 196.1 129.5 80.3 -

1.2 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Koza Altin Isletmeleri AS Holdings By:

All

Holder Name BLACKROCK OPPENHEIMERFUNDS INC WASATCH ADVISORS INC VANGUARD GROUP INC BARING ASSET MANAGEM BNP PARIBAS INV PART AVIVA INVESTORS POLA EAST CAPITAL ASSET M SANFORD C BERNSTEIN ALLIANCE BERNSTEIN GRANTHAM MAYO VAN OT CREDIT SUISSE ASSET HANDELSBANKEN FONDER FRANK RUSSELL TRUST SWEDBANK ROBUR FONDE BANK OF NEW YORK MEL TIAA CREF INVESTMENT STATE STREET GLOBAL AMERICAN CENTURY COM ERSTE SPARINVEST KAG

Firm Name Goldman Sachs FinansInvest Seker Securities BNP Paribas Equity Research Ekspres Invest Burgan Securities Yatirim Finansman Securities HSBC VTB Capital JPMorgan Ak Investment IS Investment & Securities Eczacibasi Securities Global Menkul Degerler EVA Dimensions Deutsche Bank Garanti Yatirim Menkul Kiymetler BGC Partners ATA Invest

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst YULIA CHEKUNAEVA KORAY PAMIR BURAK DEMIRBILEK KENAN COSGUNER ALPER AKALIN ECE MANDACI HUSEYIN MERDAN GEYIK BULENT YURDAGUL NIKOLAY SOSNOVSKIY ALLAN COOKE ERKAN SAVRAN NUR ATASOY BEHLUL KATAS BERTAN ILBAK CRAIG STERLING ERIK DANEMAR HALIL IBRAHIM KAHVE ERDEM HAFIZOGLU ISMAIL OZER

Source ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Buy/Neutral neutral outperform buy hold hold outperform overweight buy overweight market perform outperform outperform Under Review buy hold market perform hold market outperform

Amt Held 3'526'535 1'372'479 1'286'578 1'099'264 849'429 620'664 514'100 405'205 402'475 387'490 359'253 341'691 312'419 292'801 291'807 287'630 272'367 270'621 262'880 244'781

% Out 2.31 0.9 0.84 0.72 0.56 0.41 0.34 0.27 0.26 0.25 0.24 0.22 0.2 0.19 0.19 0.19 0.18 0.18 0.17 0.16

Weighting

Change

5 3 5 5 3 3 5 5 5 5 3 5 5 #N/A N/A 5 3 3 3 4

M M M M M M M M N M M M U M M M M D M

Latest Chg (55'977) (531'903) (70'644) 4'222 5'347 53'000 207'500 1'460 (8'930) (60'000) (6'340) 68'118 (12) 3'699

Target Price 56 46 54 47 47 47 54 54 55 59 50 58 55 45 #N/A N/A 41 51 40 39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 13.03.2013 13.02.2013 04.02.2013 01.02.2013 29.01.2013 23.01.2013 22.01.2013 21.01.2013 15.01.2013 11.01.2013 17.12.2012 01.08.2012 20.04.2012

28.03.2013

Koza Anadolu Metal Madencilik Isletmeleri AS 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.

Price/Volume 7

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.12.2012) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KOZAA TI EQUITY YTD Change KOZAA TI EQUITY YTD % CHANGE

12/2011 09/yy 5.96 2.89 5'747'074.00 5.1 -14.43% 76.47% 73.29% 388.1 1'979.21 34.21 0.0 486.0 696.14 1'640.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2008 31.12.2009 231.6 388.1 1.03x 2.61x 78.3 220.7 3.06x 4.59x 13.2 62.1 12.96x 15.07x Profitability

LTM-4Q 31.12.2010 541.5 1.32x 317.0 2.26x 420.6 2.13x

31.12.2011 890.5 0.38x 587.8 0.57x 174.0 2.94x 587.81 505.41 56.76% 58.27% 15.19% 26.15% 0.72% 71.2% 69.3% 61.2% 19.5% 4.57 3.74 2.17% 4.07% 35.97 3.57

Price/ Cash Flow

09/yy 724.6 3.03x 447.8 1.46x 139.1 5.57x

m-12

j-12

a-12

LTM 09/yy 1'195.2 1.88x 651.3 0.00x 240.8 6.44x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.85 55.96% -9.89% 0.855 10 4.400 5'157'552 6'714'186 7'961'766 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'157.7 1'328.2 303.0 1.25x 0.77x 779.5 884.8 204.0 2.10x 1.85x 212.8 275.3 50.0 8.90x 7.97x S&P Issuer Ratings

1259.47 713.10 -1.16 0.09 4.1% 2.5% 0.72 2.02 10.18 102.56 47.87 52.77

Sales/Revenue/Turnover

4.00

1'000.0

3.50

900.0 800.0

3.00

700.0

2.50

600.0

2.00

500.0 400.0

1.50

300.0

1.00

200.0

0.50

100.0

0.00 02.01.2009

a-12

Fiscal Year Ended 31.12.2007 186.1 3.88x 93.1 7.76x 38.3 17.74x

40.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Koza Anadolu Metal Madencilik Isletmeleri AS Holdings By:

All

Holder Name IPEK MATBAACILID GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV INVESCO LTD EAST CAPITAL ASSET M SWEDBANK ROBUR FONDE BLACKROCK OPPENHEIMERFUNDS INC DWS INVESTMENT S A NOBLE FUNDS TFI SA BNP PARIBAS INV PART ALLIANZ ASSET MANAGE PICTET ASSET MANAGEM SCHRODER INVESTMENT SOMPO JP NIHON KOA A VANGUARD GROUP INC BZ WBK TOWARZYSTWO F ROBECO INVESTOR SERV PRUDENTIAL FINANCIAL NORDEA INVESTMENT FU

Firm Name Burgan Securities Ekspres Invest IS Investment & Securities Ak Investment Seker Securities Global Menkul Degerler Deutsche Bank BGC Partners Garanti Yatirim Menkul Kiymetler FinansInvest ATA Invest

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ECE MANDACI ALPER AKALIN NUR ATASOY ERKAN SAVRAN BURAK DEMIRBILEK BERTAN ILBAK ERIK DANEMAR ERDEM HAFIZOGLU HALIL IBRAHIM KAHVE UGUR OZKER ISMAIL OZER

Source Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy outperform market outperform outperform Under Review hold buy outperform neutral market outperform

Amt Held 101'385'900 6'376'053 4'695'401 4'441'689 4'220'979 4'133'772 4'116'745 4'030'000 3'300'000 3'157'013 1'900'000 1'735'758 1'654'628 1'375'556 1'210'000 1'092'935 1'033'217 893'267 807'697 805'799

% Out 26.13 1.64 1.21 1.14 1.09 1.07 1.06 1.04 0.85 0.81 0.49 0.45 0.43 0.35 0.31 0.28 0.27 0.23 0.21 0.21

Weighting

Change

5 5 5 4 5 #N/A N/A 3 5 5 3 4

Latest Chg (1'663'608) 2'978'979 405'374 5'690 650'000 1'450'000 (653'283) (1'302'382) 202'711 (450'000) 102'780 -

Target Price

M M M M M M M M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 19.03.2009 Corporation 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 21.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 29.06.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 8 6 9 8 9 7 5 8 7 5 5

12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 25.03.2013 15.03.2013 07.02.2013 29.01.2013 24.01.2013 21.01.2013 11.01.2013 02.01.2013 17.12.2012 22.08.2012 27.04.2012

28.03.2013

Menderes Tekstil Sanayi ve Ticaret AS Menderes Tekstil Sanayi ve Ticaret A.S. manufactures cotton and synthetic textile products such as thread, raw linen, and sheets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MNDRS TI EQUITY YTD Change MNDRS TI EQUITY YTD % CHANGE

12/2012 12/yy 0.95 0.51 652'516.00 0.54 -43.40% 5.88% 6.76% 250.0 135.00 100.65 0.0 2.3 44.07 193.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 274.8 303.0 0.58x 0.62x 45.0 42.7 3.52x 4.39x 18.1 20.1 6.01x 6.42x Profitability

20.0 M 15.0 M 10.0 M 5.0 M

a-12

LTM-4Q 31.12.2011 380.2 0.74x 89.2 3.14x 49.4 4.28x

31.12.2012 409.7 0.47x 33.0 5.87x (6.1) 33.01 21.34 5.21% -1.92% -1.34% -2.22% 0.91% 8.3% 8.1% 5.2% -1.5% 1.59 0.56 21.87% 37.22% 8.12 3.48

Price/ Cash Flow

12/yy 380.2 2.70x 89.2 3.14x 49.4 4.45x

m-12

j-12

a-12

LTM 12/yy 409.7 2.44x 33.0 5.87x (6.1) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.95 -42.86% 0.00% 0.950 0 1'946'917 1'860'654 2'705'012

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

7.47 2.71 1.71 3.05 37.2% 27.0% 0.91 4.86 45.09 105.31 43.58 106.82

Sales/Revenue/Turnover

90.00

450.0

80.00

400.0

70.00

350.0

60.00

300.0

50.00

250.0

40.00

200.0

30.00

150.0

20.00

100.0

10.00

50.0

0.00 01.01.2010

25.0 M

Fiscal Year Ended 31.12.2008 267.3 0.38x 33.8 2.99x (11.3) -

1 1 1 1 1 1 0 0 0 0 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Menderes Tekstil Sanayi ve Ticaret AS Holdings By:

All

Holder Name AKCA HOLDING AS DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV BESSEMER GROUP INCOR DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Research MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 114'204'473 6'406'289 446'447 71'042 61'049

% Out 45.68 2.56 0.18 0.03 0.02

Latest Chg

Weighting

Change

Target Price

(1) 1 -

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2009 31.07.2012 31.12.2012 31.10.2012 31.12.2012

Date

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

28.03.2013

Metro Ticari ve Mali Yatirimlar Holding AS Metro Ticari ve Mali Yatirimlar Holding SA processes food. The Company slaughters cattle and fowl and produces fresh meats, and delicattessen meats.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance METRO TI EQUITY YTD Change METRO TI EQUITY YTD % CHANGE

12/2011 09/yy 0.80 0.44 11'017'917.00 0.49 -38.75% 11.36% 13.89% 300.0 147.00 63.81 0.0 25.0 1.79 231.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

45.0 M

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2008 31.12.2009 43.1 433.8 1.46x 0.31x 1.8 15.1 35.30x 9.01x (3.9) 4.0 32.78x Profitability

LTM-4Q 31.12.2010 486.1 0.44x 23.4 9.04x 20.6 8.68x

31.12.2011 921.5 0.39x 46.8 7.69x (5.0) 46.81 17.38 1.89% -0.23% -0.68% -1.10% 1.76% 3.3% 5.1% 1.9% -0.5% 0.69 0.42 11.26% 17.70% 17.29 184.89

Price/ Cash Flow

09/yy 875.1 1.43x 39.7 8.68x (11.4) 0.00x

m-12

j-12

a-12

LTM 09/yy 998.4 1.15x 51.4 4.67x (3.9) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.74 -36.36% 6.52% 0.744 0 2'811'373 2'863'085 6'907'798

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

0.81 0.96 17.7% 14.2% 1.76 3.59 21.17 1.98 17.69 8.48

Sales/Revenue/Turnover

5.00

1'000.0

4.50

900.0

4.00

800.0

3.50

700.0

3.00

600.0

2.50 2.00

500.0 400.0

1.50

300.0

1.00

200.0

0.50

100.0

0.00 02.01.2009

a-12

Fiscal Year Ended 31.12.2007 49.0 0.97x 2.8 16.78x 0.4 101.50x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Metro Ticari ve Mali Yatirimlar Holding AS Holdings By:

All

Holder Name DIMENSIONAL FUND ADV METRO YATIRIM MENKUL DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV

Firm Name

Portfolio Name Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Source MF-AGG Research MF-AGG MF-AGG

Recommendation

Amt Held 5'012'496 2'400'000 302'022 68'638

% Out 1.67 0.8 0.1 0.02

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2012 20.03.2013 31.12.2012 31.12.2012

Date

Inst Type Investment Advisor Corporation Investment Advisor Investment Advisor

Date

28.03.2013

Migros Ticaret AS 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.

Price/Volume 25

30.0 M

25.0 M 20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.12.2012) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGROS TI EQUITY YTD Change MGROS TI EQUITY YTD % CHANGE

12/2011 09/yy 24.60 15.15 1'333'165.00 22.1 -10.16% 45.87% 70.90% 178.0 3'934.46 2'587.55 0.0 0.5 1'010.26 5'294.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 m-12

31.12.2008 31.12.2009 5'073.7 5'711.3 0.28x 0.84x 382.7 394.1 3.73x 12.19x 261.5 108.0 9.33x 32.47x Profitability

a-12 m-12

LTM-4Q 31.12.2010 6'365.1 1.06x 355.4 18.96x 42.6 122.92x

31.12.2011 5'753.1 0.67x 376.4 10.17x (163.2) 376.41 252.67 4.39% -5.49% 3.47% 16.08% 9.94% 1.07% 26.0% 6.9% 4.8% -2.8% 1.14 0.68 47.21% 216.49% 93.71 6.29

Price/ Cash Flow

09/yy 6'160.5 3.91x 362.4 11.70x (302.2) 0.00x

j-12

a-12

LTM 09/yy 6'028.2 2.92x 416.2 11.27x 195.5 15.94x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.05 36.42% 2.79% 1.055 27 4.000 577'717 1'013'843 1'475'240 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'532.6 7'444.8 1'700.9 1'714.0 0.83x 0.71x 410.9 470.1 103.7 12.89x 11.26x 114.8 127.9 (26.2) 32.60x 30.82x S&P Issuer Ratings

1.63 0.96 3.27 5.94 216.5% 68.4% 1.07 5.39 3.91 58.22 118.40 -59.32

Sales/Revenue/Turnover

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 02.01.2009 02.07.2009

5.0 M

Fiscal Year Ended 31.12.2007 4'793.4 0.70x 323.7 10.35x 552.9 7.37x

10.0 M

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Migros Ticaret AS Holdings By:

All

Holder Name MH PERAKENDECILIK TI DIGER BNP PARIBAS INV PART FRANK RUSSELL TRUST DEKA INTERNATIONAL S AMERIPRISE FINANCIAL GOLDMAN SACHS GROUP THREADNEEDLE INVESTM DWS INVESTMENT S A AKBANK ASSET MANAGEM DIMENSIONAL FUND ADV GUSTAVIADAVEGARDH FO NOBLE FUNDS TFI SA BLACKROCK LEUTHOLD WEEDEN CAPI DELTA LLOYD FUND MAN JULIUS BAER MULTICOO NOMURA UNION INVESTMENT LUX VONTOBEL ASSET MANAG

Firm Name Burgan Securities Renaissance Capital Seker Securities HSBC BNP Paribas Equity Research Erste Bank Ak Investment Eczacibasi Securities Ekspres Invest Global Menkul Degerler EVA Dimensions Deutsche Bank Oyak Securities IS Investment & Securities Garanti Yatirim Menkul Kiymetler FinansInvest Barclays Goldman Sachs JPMorgan VTB Capital Credit Suisse BGC Partners Tera Stock Brokers Yatirim Finansman Securities Wood & Company

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BURAK ISYAR METE OZBEK BURAK DEMIRBILEK BULENT YURDAGUL SABRIYE GOZDE CULLAS GORKEM GOKER BORA TEZGULER AKIF DASIRAN MELDA AGIRDAS BERTAN ILBAK AUSTIN BURKETT VEDAT MIZRAHI SERHAT KAYA ESRA SUNER IREM OKUTGEN CAN OZTOPRAK HANZADE KILICKIRAN MATIJA GERGOLET NEERAJ Z KUMAR MARIA KOLBINA ONUR MUMINOGLU BERNA KURBAY KENAN TURAN DUYGU KALFAOGLU PATRICK SHIELDS

Source EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy outperform overweight buy buy market outperform market perform buy market perform underweight buy outperform outperform outperform neutral underweight Buy/Neutral neutral hold outperform buy buy not rated sell

Amt Held 143'323'336 34'706'664 646'204 413'959 380'000 373'879 250'676 200'169 150'000 135'000 116'583 104'000 100'000 91'569 90'640 81'000 60'450 60'000 50'000 45'000

% Out 80.51 19.49 0.36 0.23 0.21 0.21 0.14 0.11 0.08 0.08 0.07 0.06 0.06 0.05 0.05 0.05 0.03 0.03 0.03 0.03

Weighting

Change

5 5 5 5 5 5 4 3 5 3 1 5 5 5 5 3 1 5 3 3 5 5 5 #N/A N/A 1

M M M M M M N M M D M M M M M M M M M N M M M M D

Latest Chg (31'000'000) 19'000 97'619 (35'000) 250'676 7'998 150'000 15'000 30'000 51'792 90'640 81'000 (25'000) -

Target Price 26 25 30 27 22 29 25 25 31 25 #N/A N/A 30 26 33 27 21 20 30 20 23 24 26 25 #N/A N/A 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.04.2011 18.04.2011 31.01.2013 31.05.2012 28.09.2012 31.01.2013 30.09.2012 31.12.2012 31.01.2013 31.10.2012 31.07.2012 31.12.2012 29.06.2012 25.03.2013 31.12.2012 30.11.2012 30.11.2012 11.07.2012 28.09.2012 28.09.2012

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Unclassified Other Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Investment Advisor

Date 25.03.2013 08.03.2013 05.03.2013 18.02.2013 18.02.2013 15.02.2013 29.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 21.12.2012 20.12.2012 17.12.2012 13.12.2012 13.12.2012 10.12.2012 05.12.2012 03.12.2012 21.11.2012 19.11.2012 01.10.2012 29.08.2012 18.07.2012

28.03.2013

Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.04.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TIRE TI EQUITY YTD Change TIRE TI EQUITY YTD % CHANGE

09/2011 09/yy 1.26 0.97 868'720.00 1.14 -9.52% 17.53% 55.17% 200.0 228.00 73.55 0.0 0.0 2.40 303.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 30.09.2007 292.8 1.46x 21.8 19.64x 0.3 977.03x

30.09.2008 30.09.2009 252.2 268.8 2.05x 1.63x (10.1) 1.1 411.96x (63.6) (23.5) Profitability

LTM-4Q 30.09.2010 322.9 1.20x 7.4 52.24x (2.6) -

30.09.2011 401.8 0.71x 24.2 11.80x 1.6 133.00x 24.17 12.94 3.22% 1.02% 4.08% 8.18% 1.38% 19.2% 7.3% 4.6% 0.4% 1.26 0.86 24.60% 50.54% 3.90 6.97

Price/ Cash Flow

09/yy 377.2 3.86x 18.9 15.20x (6.0) 0.00x

LTM 09/yy 420.5 2.77x 30.7 9.58x 12.4 17.59x

0.88 0.00% 3.64% 0.883 0 2'071'777 1'434'019 2'169'635

FY+1

FY+2

FQ+1

FQ+2

09/12 Y

09/13 Y

09/12 Q4

12/12 Q1

S&P Issuer Ratings

2.01 1.17 2.47 2.61 50.5% 33.6% 1.38 3.73 93.82 52.48 55.38 50.24

Sales/Revenue/Turnover

120.00

450.0 400.0

100.00

350.0 300.0

80.00

250.0 60.00

200.0 150.0

40.00

100.0 20.00 0.00 02.01.2009 02.07.2009

50.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii AS Holdings By:

All

Holder Name MONDI PLC QVT FUND ULKER BISKUVI SANAYI DIMENSIONAL FUND ADV BIZIM MENKUL DEGERLE EATON VANCE MANAGEME VANGUARD GROUP INC

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 122'886'488 8'904'263 3'887'333 342'224 5'440 -

% Out 61.44 4.45 1.94 0.17 0 0 0

Weighting

Change

Latest Chg 63'386'910 6'927'002 (225'000) (16'720)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2009 31.12.2009 31.12.2009 31.07.2012 20.07.2011 31.01.2013 31.12.2012

Date

Inst Type Corporation n/a Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

28.03.2013

NET Holding AS 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.

Price/Volume 3 3 2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NTHOL TI EQUITY YTD Change NTHOL TI EQUITY YTD % CHANGE

12/2011 09/yy 2.55 1.53 1'152'774.00 2.43 -4.71% 58.82% 88.24% 365.8 888.77 106.02 0.0 136.4 41.92 1'137.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 67.8 7.88x (2.3) 76.5 5.13x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13 m-13

31.12.2008 31.12.2009 70.4 69.8 3.70x 4.26x (55.8) (28.7) (11.1) (4.0) Profitability

LTM-4Q 31.12.2010 98.7 4.27x 2.4 178.87x 35.2 8.31x

31.12.2011 114.6 6.76x (9.1) 7.7 75.03x -9.09 -22.98 -20.06% 3.31% 15.35% 37.90% 18.19% 0.25% 11.1% -3.0% -14.3% 6.7% 1.19 0.45 21.33% 57.24% 6.34 6.03

Price/ Cash Flow

09/yy 97.9 24.53x (13.1) 0.00x 36.4 11.21x

LTM 09/yy 131.2 25.29x (4.0) 0.00x 79.5 8.04x

FY+1

0.63 48.17% 34.25% 0.629 3 3.667 1'276'660 1'950'848 4'108'854 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 127.0 15.0 75.81x 50.0 17.36x S&P Issuer Ratings

-1.19 -32.14 57.2% 24.8% 0.25 0.69 57.71 60.74 53.35 91.05

Sales/Revenue/Turnover

300.00

140.0

250.00

120.0 100.0

200.00

80.0 150.00

60.0

100.00

40.0

50.00

20.0

0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

NET Holding AS Holdings By:

All

Holder Name ASYANET TURIZM SAN V NET TURIZM TICARET V HALIKARNAS TURIZM ME TURIZM HOLDING AS VALUE SQUARE NV DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC STATE STREET EATON VANCE MANAGEME BESSEMER GROUP INCOR DIMENSIONAL FUND ADV

Firm Name EVA Dimensions FinansInvest Tera Stock Brokers Oyak Securities Sardis Securities Ekspres Invest

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING BARAN YILDIRIM KENAN TURAN ALPER OZDEMIR HAYDAR ACUN SELIM KUNTER

Source Research Research Research Research MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell outperform buy Under Review buy Under Review

Amt Held 40'812'632 40'634'806 4'923'166 3'992'507 2'318'217 2'158'120 1'167'985 848'575 534'637 282'129 37'052 35'828

% Out 11.16 11.11 1.35 1.09 0.63 0.59 0.32 0.23 0.15 0.08 0.01 0.01

Latest Chg -

Weighting

Change

Target Price

1 5 5 #N/A N/A 5 #N/A N/A

M M U M N M

#N/A N/A 2 3 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2008 Other 31.12.2008 Corporation 31.12.2008 Other 31.12.2008 Other 29.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 17.01.2013 28.11.2012 11.06.2012 26.01.2012 12.10.2010 19.02.2010

28.03.2013

Netas Telekomunikasyon AS 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.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (27.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NETAS TI EQUITY YTD Change NETAS TI EQUITY YTD % CHANGE

12/2012 12/yy 30.70 9.38 800'900.00 10.85 -64.66% 15.67% 6.66% 64.9 703.78 26.99 0.0 0.0 103.96 626.81

10.0 M

5.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

25 20

Valuation Analysis

31.12.2008 182.8 18.7 12.3 6.33x

31.12.2009 31.12.2010 211.9 271.0 1.27x 1.28x 19.1 22.6 14.09x 15.35x 24.9 23.0 14.75x 18.99x Profitability

LTM-4Q 31.12.2011 336.8 2.31x 25.6 30.39x 18.0 44.20x

31.12.2012 550.2 1.15x 25.4 24.91x 17.1 41.56x 25.42 18.52 3.37% 4.15% 2.98% 5.19% 0.96% 10.9% 4.6% 3.4% 3.1% 1.94 1.51 4.49% 8.95% 2.21 13.01

Price/ Cash Flow

12/yy 336.8 9.99x 25.6 30.39x 18.0 44.20x

LTM 12/yy 550.2 5.85x 25.4 24.91x 17.1 17.78x

0.68 -18.74% -0.91% 0.682 1 1.000 520'017 1'381'044 1'557'830

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

9.16 5.67 -3.03 1.06 8.9% 8.2% 0.96 5.21 165.32 28.12 92.85 100.60

Sales/Revenue/Turnover

90.00

600.0

80.00

500.0

70.00

400.0

60.00 50.00

300.0

40.00

200.0

30.00 20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Netas Telekomunikasyon AS Holdings By:

All

Holder Name NORTEL NETWORKS CORP TSK GUCLENDIRME VAKF DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL BESSEMER GROUP INCOR ERSTE SPARINVEST KAG DIMENSIONAL FUND ADV STATE STREET FLEXSHARES TRUST BIZIM MENKUL DEGERLE FINANS PORTFOY YONET

Firm Name EVA Dimensions ATA Invest

Analyst ANDREW S ZAMFOTIS MERT BOSTANOGLU

Source Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight not rated

Amt Held 34'459'400 9'729'720 280'360 225'606 101'940 100'912 26'330 20'672 4'840 1'949 907 153 -

% Out 53.12 15 0.43 0.35 0.16 0.16 0.04 0.03 0.01 0 0 0 0

Weighting

Change

1 #N/A N/A

U M

Latest Chg 672 (987)

Target Price #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.08.2009 05.08.2009 31.07.2012 25.03.2013 31.12.2012 25.03.2013 31.10.2012 30.11.2012 31.12.2012 25.03.2013 28.02.2013 20.07.2011 28.02.2013

Date Not Provided Not Provided

Inst Type Unclassified Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.03.2013 02.12.2011

28.03.2013

Otokar Otomotiv Ve Savunma Sanayi A.S. 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.

Price/Volume 60

.8 M .7 M

.6 M 40

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OTKAR TI EQUITY YTD Change OTKAR TI EQUITY YTD % CHANGE

12/2012 12/yy 57.25 24.90 244'792.00 56 -2.18% 124.90% 98.32% 24.0 1'344.00 286.19 0.0 0.0 47.91 1'582.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M .3 M

.2 M 10 0 m-12

.1 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 479.1 0.73x 60.5 5.78x 34.9 5.89x

.5 M

Valuation Analysis

31.12.2009 31.12.2010 503.2 517.4 0.96x 1.03x 69.3 37.4 6.95x 14.18x 33.9 20.8 10.99x 24.72x Profitability

LTM-4Q 31.12.2011 890.5 0.86x 96.5 7.93x 54.8 10.76x

31.12.2012 1'004.5 1.25x 121.9 10.30x 76.4 13.32x 121.92 91.67 9.13% 8.15% 8.07% 33.57% 1.06% 22.1% 12.1% 9.1% 7.6% 1.28 0.51 27.59% 118.39% 4.56 3.72

Price/ Cash Flow

12/yy 890.5 4.04x 96.5 7.93x 54.8 10.76x

LTM 12/yy 1'004.5 4.29x 121.9 10.30x 76.4 13.32x

FY+1

0.87 90.48% 32.08% 0.868 6 3.667 118'136 143'023 136'561 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'114.2 1'140.0 320.0 1.42x 1.38x 130.0 131.6 36.0 12.17x 12.02x 81.3 81.3 22.0 16.14x 15.22x S&P Issuer Ratings

4.65 3.69 1.95 2.35 118.4% 54.2% 1.06 8.43 80.25 98.51 34.53 144.22

Sales/Revenue/Turnover

35.00

1'200.0

30.00

1'000.0

25.00

800.0

20.00

600.0 15.00

400.0 10.00

200.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Otokar Otomotiv Ve Savunma Sanayi A.S. Holdings By:

All

Holder Name KOC HOLDING AS UNVER HOLDING AS BANK OF NEW YORK MEL DIMENSIONAL FUND ADV BLACKROCK DWS INVESTMENT S A VANGUARD GROUP INC JYSKE INVEST ERSTE SPARINVEST KAG BESSEMER GROUP INCOR DIMENSIONAL FUND ADV FIRST TRUST SCHRODER INVESTMENT INVESTORS TFI SA

Firm Name EVA Dimensions Global Menkul Degerler BGC Partners Oyak Securities Ekspres Invest IS Investment & Securities Yatirim Finansman Securities Eurobank EFG

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING ILKNUR UNSAL BERNA KURBAY SERHAT KAYA KURTHAN ATMACA ESRA SUNER OZGUR UCUR TEAM COVERAGE

Source Research Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold market perform buy outperform hold market perform market perform hold

Amt Held 10'722'750 5'954'944 197'803 74'410 74'288 35'346 32'800 8'218 7'235 5'026 858 640 557 -

% Out 44.68 24.81 0.82 0.31 0.31 0.15 0.14 0.03 0.03 0.02 0 0 0 0

Weighting

Change 3 3 5 5 3 3 3 3

D M M U M M M M

Latest Chg (7'154) 235 (8'599)

Target Price #N/A N/A 53 54 57 47 47 38 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 Holding Company 31.12.2009 Other 25.03.2013 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month

Date 21.03.2013 11.03.2013 01.03.2013 26.02.2013 22.01.2013 20.12.2012 17.08.2011 02.08.2010

28.03.2013

Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S. mines copper.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRKME TI EQUITY YTD Change PRKME TI EQUITY YTD % CHANGE

12/2012 12/yy 6.92 4.61 2'847'680.00 6.78 -2.02% 47.07% 88.74% 148.9 1'009.32 0.67 0.0 0.0 204.33 805.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 110.7 1.69x 62.1 3.01x 74.8 2.16x

31.12.2009 31.12.2010 78.7 83.8 5.37x 6.72x 24.4 44.3 17.33x 12.71x 19.4 37.2 21.76x 15.74x Profitability

LTM-4Q 31.12.2011 172.5 2.71x 100.5 4.65x 100.9 5.12x

31.12.2012 264.9 2.68x 159.1 4.46x 107.3 8.52x 159.13 101.81 38.44% 50.24% 21.74% 24.01% 0.54% 50.7% 60.1% 38.4% 40.5% 9.20 6.85 0.13% 0.15% 19.64 3.20

Price/ Cash Flow

12/yy 172.5 11.34x 68.2 0.00x 100.9 5.12x

LTM 12/yy 264.9 11.89x 159.1 4.46x 107.3 8.52x

FY+1

1.01 56.65% 10.42% 1.013 12 4.333 608'555 552'433 828'597 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 313.9 397.0 2.92x 2.11x 183.6 214.0 4.39x 3.76x 133.3 167.8 7.66x 7.08x S&P Issuer Ratings

131.76 75.32 -1.28 0.00 0.1% 0.1% 0.54 4.12 18.63 114.32 58.66 74.29

Sales/Revenue/Turnover

350.00

300.0

300.00

250.0

250.00

200.0

200.00

150.0 150.00

100.0 100.00

50.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS Holdings By:

All

Holder Name PARK HOLDING AS PARK ENERJI EKIPMANL TURGAY CINER SKAGEN AS EAST CAPITAL ASSET M NOBLE FUNDS TFI SA SCHRODER INVESTMENT DIMENSIONAL FUND ADV JYSKE INVEST BNP PARIBAS INV PART BLACKROCK AVIVA INVESTORS POLA FIRST TRUST VANGUARD GROUP INC CASA 4 FUNDS LUX EUR VONTOBEL ASSET MANAG PRUDENTIAL FINANCIAL NORDEA INVESTMENT FU CAUSEWAY CAPITAL MAN QUERCUS TFI

Firm Name Burgan Securities FinansInvest Seker Securities EVA Dimensions Eczacibasi Securities Ekspres Invest Global Menkul Degerler IS Investment & Securities Erste Bank ATA Invest BGC Partners

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ECE MANDACI KORAY PAMIR BURAK DEMIRBILEK CRAIG STERLING BEHLUL KATAS SELIM KUNTER BERTAN ILBAK NUR ATASOY EVRIM DAIRECIOGLU ISMAIL OZER ERDEM HAFIZOGLU

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy neutral outperform buy outperform hold buy outperform accumulate market outperform hold

Amt Held 59'020'050 32'148'572 10'065'983 6'649'843 2'730'590 1'769'672 968'372 881'329 834'435 700'000 540'075 390'000 333'779 277'886 266'199 265'525 188'851 122'557 120'566 104'000

% Out 39.65 21.6 6.76 4.47 1.83 1.19 0.65 0.59 0.56 0.47 0.36 0.26 0.22 0.19 0.18 0.18 0.13 0.08 0.08 0.07

Weighting

Change 5 3 5 5 5 3 5 5 4 4 3

M M M U M M M M M M D

Latest Chg 302'390 350'877 (164'060) 700'000 266'199 (49'475) 20'000

Target Price 9 7 8 #N/A N/A 8 7 10 9 6 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2011 11.03.2011 31.03.2011 28.02.2013 31.12.2012 29.06.2012 31.12.2012 31.07.2012 31.01.2013 31.01.2013 25.03.2013 30.06.2012 26.03.2013 31.12.2012 31.08.2012 28.09.2012 31.12.2012 31.01.2013 31.12.2012 30.06.2012

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Holding Company n/a n/a Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 25.03.2013 21.03.2013 21.03.2013 14.03.2013 22.01.2013 22.01.2013 21.01.2013 17.12.2012 04.11.2012 01.06.2012 08.05.2012

28.03.2013

Petkim Petrokimya Holding AS 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.

Price/Volume 4 3 3 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.02.2013) 52-Week Low (28.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETKM TI EQUITY YTD Change PETKM TI EQUITY YTD % CHANGE

12/2012 12/yy 3.40 1.80 10'344'693.00 3.09 -9.41% 71.67% 80.62% 1'000.0 3'090.00 289.14 0.0 0.0 291.96 3'087.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 2'320.4 0.41x (20.5) (151.3) -

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 2'057.5 2'909.4 0.68x 0.78x 144.7 194.5 9.73x 11.70x 114.0 130.1 13.11x 18.30x Profitability

LTM-4Q 31.12.2011 3'891.3 0.55x 114.6 18.53x 102.3 19.25x

31.12.2012 4'348.9 0.64x 13.0 212.50x 17.4 158.93x 13.02 -58.65 -1.35% 0.49% 0.64% 1.04% 1.59% 1.8% 0.3% -1.3% 0.4% 1.41 0.82 10.33% 17.37% 7.71 9.24

Price/ Cash Flow

12/yy 3'891.3 2.44x 114.6 18.53x 102.3 19.25x

LTM 12/yy 4'348.9 2.21x 13.0 212.50x 17.4 158.93x

FY+1

0.86 44.78% 11.55% 0.863 15 2.067 8'712'227 23'361'400 33'970'260 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'778.5 5'164.2 1'264.0 1'193.0 0.68x 0.62x 248.8 334.1 12.41x 9.24x 139.5 184.2 25.33x 17.46x S&P Issuer Ratings

0.71 -4.69 -0.22 22.20 17.4% 14.8% 1.59 3.32 47.49 39.62 51.68 35.44

Sales/Revenue/Turnover

600.00

5'000.0 4'500.0

500.00

4'000.0 3'500.0

400.00

3'000.0

300.00

2'500.0 2'000.0

200.00

1'500.0 1'000.0

100.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Petkim Petrokimya Holding AS Holdings By:

All

Holder Name SOCAR & TURCAS PETRO PRIVATIZATION ADM RE DIMENSIONAL FUND ADV BANK OF NEW YORK MEL STATE STREET EATON VANCE MANAGEME DIMENSIONAL FUND ADV PIONEER INVESTMENTS CLARIDEN SICAV VANGUARD GROUP INC EATON VANCE ADVISORS PRUDENTIAL FINANCIAL DWS INVESTMENT S A ERSTE SPARINVEST KAG NOMURA NOMURA INTERNATIONAL BESSEMER GROUP INCOR WELLS FARGO UNIVERSAL INVESTMENT DIMENSIONAL FUND ADV

Firm Name Burgan Securities FinansInvest JPMorgan HSBC Ekspres Invest Global Menkul Degerler EVA Dimensions Deutsche Bank BGC Partners IS Investment & Securities Oyak Securities Goldman Sachs Erste Bank Yatirim Finansman Securities ATA Invest

Analyst UMUT OZTURK KORAY PAMIR NEERAJ Z KUMAR BULENT YURDAGUL SELIM KUNTER HASAN BAYHAN CRAIG STERLING VEDAT MIZRAHI EZGI YILMAZ ASLI OZATA KUMBARACI HASAN SENER MATIJA GERGOLET THOMAS UNGER ZUMRUT CAN MERT BOSTANOGLU

Source Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold underperform underweight underweight hold sell sell hold buy market perform market perform Sell/Neutral sell not rated market outperform

Amt Held 510'000'000 103'215'681 9'010'506 2'410'362 2'083'655 1'428'902 1'047'522 915'000 902'584 405'445 330'598 313'973 250'000 206'720 200'000 169'114 113'035 102'661 98'849 92'479

% Out 51 10.32 0.9 0.24 0.21 0.14 0.1 0.09 0.09 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change

3 1 1 1 3 1 1 3 5 3 3 1 1 #N/A N/A 4

M M M D U M M M M U M M M M M

Latest Chg 35'543 (380'000) 250'000 6'720 5 -

Target Price 3 3 3 3 3 3 #N/A N/A 3 4 3 3 1 2 #N/A N/A 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2010 Unclassified 31.12.2010 Other 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 11.07.2012 Unclassified 31.03.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 12 month 12 month 9 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 15.03.2013 07.03.2013 21.02.2013 14.02.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 09.01.2013 25.12.2012 21.12.2012 10.12.2012 04.11.2012 30.03.2012 13.01.2012

28.03.2013

Polyester Sanayi AS 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.

Price/Volume 2

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SASA TI EQUITY YTD Change SASA TI EQUITY YTD % CHANGE

12/2012 12/yy 1.56 1.09 761'212.00 1.18 -25.00% 8.26% 19.15% 216.3 255.23 281.61 0.0 0.0 3.79 533.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

15.0 M

10.0 M

5.0 M

0 0 m-12

31.12.2009 31.12.2010 361.4 641.1 0.68x 0.49x 1.3 58.7 183.99x 5.30x (35.2) 30.5 7.94x Profitability

LTM-4Q 31.12.2011 904.6 0.40x 92.1 3.97x 42.1 6.57x

31.12.2012 1'000.0 0.54x 11.8 45.46x (30.8) 11.77 -9.54 -0.95% -3.10% -4.73% -11.89% 1.53% 4.8% 1.2% -1.0% -3.1% 1.03 0.49 41.19% 115.57% 5.88 4.74

Price/ Cash Flow

12/yy 904.6 2.09x 92.1 3.97x 42.1 6.57x

m-12

j-12

a-12

LTM 12/yy 1'000.0 1.91x 11.8 45.46x (30.8) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.92 -22.88% -0.84% 0.918 3 2.667 1'166'432 2'057'360 5'573'475 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'139.3 1'219.0 0.37x 0.34x 65.3 77.3 8.16x 6.89x 24.7 35.7 S&P Issuer Ratings

0.63 0.03 23.60 23.92 115.6% 53.6% 1.53 5.60 62.26 77.18 54.51 84.93

Sales/Revenue/Turnover

60.00

1'200.0

50.00

1'000.0

40.00

800.0

30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 354.4 0.42x (22.0) (50.7) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Polyester Sanayi AS Holdings By:

All

Holder Name ADVANSA BV DIMENSIONAL FUND ADV BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC DWS INVESTMENT S A BESSEMER GROUP INCOR MACKAY SHIELDS LLC DIMENSIONAL FUND ADV

Firm Name Ak Investment Global Menkul Degerler EVA Dimensions IS Investment & Securities

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BORA TEZGULER HASAN BAYHAN CRAIG STERLING BASAK ENGIN DINCKOC

Source Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market underperform market perform hold Under Review

Amt Held 110'313'001 3'203'411 994'553 332'447 329'554 100'000 84'071 47'176 14'741

% Out 51 1.48 0.46 0.15 0.15 0.05 0.04 0.02 0.01

Weighting

Change

2 3 3 #N/A N/A

D M M M

Latest Chg 50'000 -

Target Price 1 1 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 07.08.2008 Corporation 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided

Date 05.03.2013 21.01.2013 17.01.2013 22.10.2012

28.03.2013

Rhea Girisim AS 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.

Price/Volume

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.04.2012) 52-Week Low (26.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RHEAG TI EQUITY YTD Change RHEAG TI EQUITY YTD % CHANGE

12/2011 09/yy 2.40 1.17 1'116'365.00 1.27 -47.08% 8.55% 8.13% 41.6 52.77 5.07 0.0 0.3 60.86 51.95

31.12.2008

(0.4) (0.1) -

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009

(0.4) 0.3 12.46x Profitability

(0.5) 0.0 338.91x

LTM-4Q 31.12.2010 5.2 15.64x (5.4) (3.9) -

31.12.2011 25.4 0.82x (22.7) 4.0 19.07x -22.69 -24.23 -95.32% 10.85% 7.44% 9.04% 0.26% -33.9% -34.0% -44.5% 15.8% 5.46 5.11 5.96% 7.43% 7.23 9.37

Price/ Cash Flow

09/yy 23.8 9.97x (16.2) 0.00x 3.6 0.00x

m-12

j-12

a-12

LTM 09/yy 18.5 11.37x (6.3) 0.00x 5.3 9.46x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.91 -38.65% -23.03% 0.913 0 419'516 1'368'695 1'298'976

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

-33.45 -39.89 -0.31 7.4% 6.9% 0.26 5.79 50.64 39.06 61.17 15.83

Sales/Revenue/Turnover

120.00

30.0

100.00

25.0

80.00

20.0

60.00

15.0

40.00

10.0

20.00

5.0

0.00 02.01.2009 02.07.2009

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

3 2

Valuation Analysis

31.12.2007

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Rhea Girisim AS Holdings By:

All

Holder Name Onur Takmak IFM - INDEPENDENT FU

Firm Name

Portfolio Name n/a Multiple Portfolios

Analyst

Source Research MF-AGG

Recommendation

Amt Held 4'155'000 1'339'949

% Out 10 3.22

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.01.2013 31.12.2012

Date

Inst Type n/a Investment Advisor

Date

28.03.2013

Saf Gayrimenkul Yatirim Ortakligi AS Saf Gayrimenkul Yatirim Ortakligi A.S. is a real estate Investment Trust.

Price/Volume 1

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (23.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAFGY TI EQUITY YTD Change SAFGY TI EQUITY YTD % CHANGE

12/2012 12/yy 1.43 0.75 272'604.00 0.99 -30.77% 32.00% 36.76% 886.6 877.74 234.46 0.0 0.0 213.34 944.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

0 5.0 M

0 0 m-12

31.12.2009 31.12.2010 8.6 8.5 9.45x 8.37x 6.7 6.3 12.11x 11.25x 0.3 3.2 183.37x 15.62x Profitability

LTM-4Q 31.12.2011 585.2 2.05x 294.8 4.07x 329.5 3.58x

31.12.2012 15.3 (38.7) 294.84 293.01 50.07% 57.42% 74.09% 210.94% 1.46% 51.6% 49.9% 49.5% -252.2% 2.27 0.95 24.74% 53.65% 44.35 -

Price/ Cash Flow

12/yy 585.2 2.37x 294.8 4.07x 329.5 3.58x

m-12

j-12

a-12

LTM 12/yy 15.3 146.70x 5.1 0.00x (38.7) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

1.06 -15.21% 1.02% 1.055 1 5.000 281'086 449'417 912'103

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

50.13 0.23 0.61 53.7% 34.9% 1.46 207.24 8.25 -

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 3.7 19.09x 1.9 36.48x (8.7) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Saf Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name YILDIZ HOLDING AS DINCKOK RAIF ALI DINCKOK OMER SINPAS GYO AS AKIS G MENKUL YATIRI HASAN RIFAT BLACKROCK VANGUARD GROUP INC ERSTE SPARINVEST KAG DIMENSIONAL FUND ADV FIRST TRUST

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst AUSTIN BURKETT

Source Research Research Research Research Research Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy

Amt Held 213'640'417 83'054'595 62'295'125 61'431'299 58'142'186 44'852'490 2'863'485 1'082'702 310'080 48'248 27'091

% Out 24.1 9.37 7.03 6.93 6.56 5.06 0.32 0.12 0.03 0.01 0

Weighting

Change 5

Latest Chg 10'080 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.10.2012 03.10.2012 03.10.2012 03.10.2012 03.10.2012 03.10.2012 25.03.2013 31.12.2012 30.11.2012 31.12.2012 26.03.2013

Date Not Provided

Inst Type Corporation n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 15.01.2013

28.03.2013

Sekerbank TAS 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.

Price/Volume 3

16.0 M 14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (08.01.2013) 52-Week Low (03.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKBNK TI EQUITY YTD Change SKBNK TI EQUITY YTD % CHANGE

12/2012 12/yy 2.19 0.92 2'499'950.00 2.06 -5.94% 123.91% 86.61% 1'000.0 2'060.00 1'345.10 0.0 39.3 1'727.35 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 2.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'561.6 145.7 2.99x

6.0 M

31.12.2009 31.12.2010 1'493.0 1'458.0 162.6 168.3 7.93x 7.89x Profitability

LTM-4Q 31.12.2011 1'797.8 124.3 7.24x

31.12.2012 2'294.0 250.0 7.20x 23.99% 23.99% 1.61% 15.76% 5.66% 0.15% 18.4% 8.84% 73.30% -

Price/ Cash Flow

12/yy 1'797.8 0.00x 0.0 0.00x 124.3 7.95x

LTM 12/yy 1'693.9 0.00x 0.0 0.00x 250.0 7.20x

FY+1

0.96 100.00% 14.44% 0.957 8 3.000 1'896'901 1'734'651 1'743'103 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'332.5 1'447.5 267.3 286.0 7.72x 7.18x S&P Issuer Ratings

73.3% 41.8% 0.15 4.57 -

Sales/Revenue/Turnover

1.20

7'000.0

1.00

6'000.0 5'000.0

0.80

4'000.0 0.60

3'000.0

0.40

2'000.0

0.20

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Sekerbank TAS Holdings By:

All

Holder Name SEKERBANK PERSONNEL Bank Turanalem DIMENSIONAL FUND ADV BLACKROCK IFM - INDEPENDENT FU EAST CAPITAL ASSET M STATE STREET VANGUARD GROUP INC ARTEMIS INVESTMENT M BANK OF NEW YORK MEL EATON VANCE MANAGEME DIMENSIONAL FUND ADV SUGAR BEET COOPERATI JULIUS BAER MULTICOO ERSTE SPARINVEST KAG PIONEER INVESTMENTS PRUDENTIAL FINANCIAL EATON VANCE ADVISORS ACADIAN ASSET MANAGE ING INVESTMENT MANAG

Firm Name BNP Paribas Equity Research Ak Investment Oyak Securities Eczacibasi Securities EVA Dimensions Erste Bank Seker Securities ATA Invest Tera Stock Brokers IS Investment & Securities

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SADRETTIN BAGCI HAKAN AYGUN ALPAY DINCKOC SERCAN SOYLU AUSTIN BURKETT SEVDA SARP BURAK DEMIRBILEK FATIH TUGRUL TOPAC HASAN DEMIR BULENT SENGONUL

Source Research Research MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold market perform market perform market perform buy reduce not rated market underperform neutral Under Review

Amt Held 339'778'585 339'778'585 10'531'990 3'231'954 2'750'000 2'611'000 1'806'499 1'798'191 1'600'000 1'494'140 1'406'498 1'110'138 668'807 666'846 384'368 366'658 347'917 295'499 232'475 226'428

% Out 33.98 33.98 1.05 0.32 0.28 0.26 0.18 0.18 0.16 0.15 0.14 0.11 0.07 0.07 0.04 0.04 0.03 0.03 0.02 0.02

Weighting

Change

3 3 3 3 5 2 #N/A N/A 2 3 #N/A N/A

M M M M M M M M U M

Latest Chg 11'800 2'611'000 1'600'000 39'547 (1'330) 134'368 (61'572)

Target Price 2 2 2 2 #N/A N/A 2 #N/A N/A 1 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.11.2009 n/a 06.11.2009 Unclassified 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2008 Bank 31.10.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.05.2011 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 28.02.2013 29.01.2013 23.01.2013 22.01.2013 17.01.2013 10.12.2012 05.09.2012 20.07.2012 07.05.2012 08.08.2011

28.03.2013

Sinpas Gayrimenkul Yatirim Ortakligi AS Sinpas Gayrimenkul Yatirim Ortakligi AS develops real estate.

Price/Volume 2

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SNGYO TI EQUITY YTD Change SNGYO TI EQUITY YTD % CHANGE

12/2011 09/yy 1.56 1.07 4'359'159.00 1.39 -10.26% 29.91% 63.27% 600.0 834.00 282.32 0.0 0.0 45.33 1'161.36

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(25.8) 18.5 60.57x

20.0 M

15.0 M

10.0 M

5.0 M

0 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007

31.12.2008 31.12.2009 72.4 171.0 2.14x 5.07x (4.4) (28.2) 19.6 (18.1) 12.15x Profitability

LTM-4Q 31.12.2010 353.3 2.87x 55.8 18.21x 61.0 17.05x

31.12.2011 655.4 1.27x 141.9 5.86x 140.0 4.24x 141.89 137.45 20.97% 3.05% 5.42% 0.30% 31.6% 10.1% 9.3% 21.4% 1.68 0.36 14.16% 26.87% 2.96 0.50

Price/ Cash Flow

09/yy 710.2 5.72x 161.5 6.18x 175.5 5.03x

LTM 09/yy 556.2 7.33x 56.4 19.41x 57.5 22.80x

FY+1

1.10 6.73% -1.42% 1.103 17 4.294 2'709'463 4'527'457 6'246'710 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 590.0 594.9 150.8 93.8 1.84x 1.73x 6.62x 10.33x 89.7 113.3 42.3 25.4 12.95x 10.25x 8.98x 9.16x 94.8 115.4 29.8 25.8 8.27x 7.24x 6.15x 6.47x S&P Issuer Ratings

5.80 6.07 26.9% 21.2% 0.30 30.76 123.75 728.16 -73.32 1037.98

Sales/Revenue/Turnover

80.00

700.0

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

10.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Sinpas Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name SINPAS YAPI ENDUSTRI CELIK AVNI AUTONOMY MASTER FUND CELIK OEMER FARUK CELIK AHMET BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE BZ WBK TOWARZYSTWO F NEUBERGER BERMAN LLC ALPINE WOODS CAPITAL EAST CAPITAL ASSET M BLACKROCK ROBECO INVESTOR SERV TRANSAMERICA INVESTM SEB US GLOBAL INVESTORS ING INVESTMENT MANAG TIAA CREF INVESTMENT GUSTAVIADAVEGARDH FO VANGUARD GROUP INC

Firm Name Sardis Securities HSBC Burgan Securities FinansInvest Seker Securities Yatirim Finansman Securities Ak Investment BGC Partners Ekspres Invest EVA Dimensions Deutsche Bank IS Investment & Securities Garanti Yatirim Menkul Kiymetler Erste Bank ATA Invest

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HAYDAR ACUN LEVENT BAYAR MURAT IGNEBEKCILI GAYE ABIDIN OKAN UZUN HUSEYIN MERDAN GEYIK BERTUG TUZUN KEREM TEZCAN KURTHAN ATMACA AUSTIN BURKETT ATHMANE BENZERROUG NUR ATASOY KERIM GOKOZ MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

Source Research Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold overweight buy outperform outperform market perform market outperform Under Review buy hold buy outperform market perform buy market outperform

Amt Held 185'073'199 101'218'614 75'529'272 9'855'969 9'855'969 9'667'706 8'762'341 7'805'659 6'695'351 3'541'294 3'377'382 3'254'953 2'732'574 2'069'633 2'005'132 2'000'000 1'368'314 1'295'764 1'000'000 962'272

% Out 30.85 16.87 12.59 1.64 1.64 1.61 1.46 1.3 1.12 0.59 0.56 0.54 0.46 0.34 0.33 0.33 0.23 0.22 0.17 0.16

Weighting

Change

3 5 5 5 5 3 4 #N/A N/A 5 3 5 5 3 5 4

M M M M M M M M M M M M M M M

Latest Chg 500'000 1'712'986 1'070'000 946'000 (99'142) (1'000'000) 63'515 1'003'667 (116'200) (1'504'787) 314'672 1'000'000 42'772

Target Price 2 2 2 2 2 2 2 #N/A N/A 2 #N/A N/A 2 2 2 2 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.12.2008 23.12.2008 10.11.2008 23.12.2008 23.12.2008 26.03.2013 31.12.2012 30.06.2012 31.01.2013 31.01.2013 31.12.2012 25.03.2013 31.01.2013 31.12.2012 31.12.2012 28.09.2012 30.06.2012 31.01.2013 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 15.03.2013 13.03.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 29.01.2013 25.01.2013 22.01.2013 17.01.2013 14.01.2013 17.12.2012 17.12.2012 04.11.2012 20.07.2012

28.03.2013

TAV Havalimanlari Holding AS 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.

Price/Volume 14

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TAVHL TI EQUITY YTD Change TAVHL TI EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

2 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'466.3 2.04x 435.7 6.88x 7.7 105.06x

6.0 M

12/2012 12/yy 11.60 8.28 436'061.00 11.3 -2.16% 36.47% 93.98% 363.3 4'105.08 3'168.82 0.0 76.3 148.56 7'201.61

31.12.2009 31.12.2010 1'844.2 1'501.2 2.44x 3.59x 512.3 537.5 8.80x 10.04x 108.7 99.0 15.85x 27.45x Profitability

LTM-4Q 31.12.2011 2'037.6 2.92x 351.4 16.92x 122.6 23.88x

31.12.2012 2'565.9 2.50x 483.2 13.26x 285.9 11.59x 483.21 411.22 16.03% 14.68% 5.51% 24.36% 10.14% 0.49% 31.4% 18.8% 16.0% 11.1% 1.56 0.43 59.92% 267.17% 8.88 35.58

Price/ Cash Flow

12/yy 2'037.6 11.34x 351.4 16.92x 122.6 23.88x

LTM 12/yy 2'565.9 9.66x 483.2 13.26x 285.9 11.59x

FY+1

0.70 33.03% 23.90% 0.698 26 4.462 1'142'185 1'248'715 1'678'497 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'847.9 3'149.4 500.5 671.0 2.23x 2.01x 12.26x 9.20x 857.8 1'002.4 97.1 223.0 8.40x 7.18x 9.09x 8.86x 341.9 419.3 (0.7) 82.2 11.67x 10.02x 13.68x 12.87x S&P Issuer Ratings

2.45 1.98 6.25 6.56 267.2% 71.5% 0.49 5.77 41.24 10.29 25.02 26.51

Sales/Revenue/Turnover

5.00

3'000.0

4.50

2'500.0

4.00 3.50

2'000.0

3.00

1'500.0

2.50 2.00

1'000.0

1.50 1.00

500.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

TAV Havalimanlari Holding AS Holdings By:

All

Holder Name AEROPORTS DE PARIS AKFEN HOLDING AS TEPE INSAAT SANAYI SERA YAPI ENDUSTRISI BLACKROCK FMR LLC SCHRODER INVESTMENT BNP PARIBAS INV PART DEUTSCHE BANK AG WASATCH ADVISORS INC VANGUARD GROUP INC EAST CAPITAL ASSET M SWEDBANK ROBUR FONDE T ROWE PRICE ASSOCIA F&C FUND MANAGEMENT AMERICAN CENTURY COM SHINHAN BNP PARIBAS NIPPON LIFE INSURANC DRIEHAUS CAPITAL MAN JP MORGAN

Firm Name Seker Securities Burgan Securities Unlu Securities HSBC BNP Paribas Equity Research Renaissance Capital FinansInvest Global Menkul Degerler BGC Partners Erste Bank Morgan Stanley Oyak Securities Garanti Yatirim Menkul Kiymetler Eczacibasi Securities Ak Investment IS Investment & Securities Ekspres Invest Deutsche Bank EVA Dimensions Goldman Sachs Yatirim Finansman Securities Tera Stock Brokers ATA Invest

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst BURAK DEMIRBILEK BURAK ISYAR SELIN ONER CENK ORCAN ALPER PAKSOY ALEXANDER KAZBEGI GAYE ABIDIN HASAN BAYHAN KEREM TEZCAN GORKEM GOKER NIDA IQBAL ALPER OZDEMIR BAHAR DENIZ EGEMEN BEHLUL KATAS OMER OMERBAS BASAK ENGIN DINCKOC SELIM KUNTER VEDAT MIZRAHI CRAIG STERLING MATIJA GERGOLET DUYGU KALFAOGLU KENAN TURAN ISMAIL OZER

Source Research Research Research Research ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation outperform hold outperform neutral buy buy neutral buy buy hold Overwt/No Rating outperform market perform outperform market perform outperform buy buy overweight Buy/Neutral outperform buy market outperform

Amt Held 138'046'875 29'495'446 29'273'852 7'379'507 5'863'638 5'545'115 3'717'548 3'639'575 3'603'950 3'347'333 2'766'181 2'098'000 1'600'000 1'389'811 1'270'875 1'096'808 956'187 953'643 948'837 905'196

% Out 38 8.12 8.06 2.03 1.61 1.53 1.02 1 0.99 0.92 0.76 0.58 0.44 0.38 0.35 0.3 0.26 0.26 0.26 0.25

Weighting

Change 5 3 5 3 5 5 3 5 5 3 5 5 3 5 3 5 5 5 5 5 5 5 4

M M N M M M M M M M M M M M M U M M M M M M M

Latest Chg 596'161 (3'322'870) 3'549 (50'000) (300'000) (918'753) 2'098'000 325'000 218 (38'539) (261'054) (56'743) 948'837 (9'240)

Target Price 13 13 14 12 16 13 13 14 12 11 13 13 12 13 14 12 13 13 #N/A N/A 15 12 12 12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.05.2012 Corporation 16.05.2012 Holding Company 16.05.2012 Other 16.05.2012 Corporation 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 23.04.2012 Insurance Company 31.01.2013 Hedge Fund Manager 30.11.2012 Unclassified

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 25.03.2013 25.03.2013 15.03.2013 13.03.2013 12.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 05.03.2013 04.03.2013 25.02.2013 25.02.2013 18.02.2013 29.01.2013 28.01.2013 22.01.2013 16.01.2013 15.01.2013 10.12.2012 07.11.2012 14.08.2012 13.01.2012

28.03.2013

Tekfen Holding AS 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.

Price/Volume 9

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (29.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TKFEN TI EQUITY YTD Change TKFEN TI EQUITY YTD % CHANGE

12/2011 09/yy 8.16 5.28 2'797'450.00 7.7 -5.88% 45.83% 77.78% 370.0 2'849.00 409.89 0.0 30.7 786.32 2'613.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

3 2

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 1'895.3 0.97x 197.2 9.29x 279.3 15.39x

4.0 M

Valuation Analysis

31.12.2008 31.12.2009 2'517.9 2'348.1 0.40x 0.76x 246.8 197.4 4.05x 9.03x 91.0 69.3 9.52x 26.15x Profitability

LTM-4Q 31.12.2010 2'261.7 0.94x 298.5 7.12x 178.6 13.38x

31.12.2011 3'211.2 0.51x 381.8 4.27x 242.4 8.15x 381.78 306.69 9.55% 9.70% 6.38% 12.83% 1.06% 15.6% 8.8% 6.6% 7.5% 1.50 0.78 10.94% 22.07% 6.76 7.95

Price/ Cash Flow

09/yy 2'811.4 2.75x 357.8 5.42x 228.6 9.23x

LTM 09/yy 4'032.0 1.94x 356.0 6.18x 243.1 9.96x

FY+1

0.95 28.60% 6.35% 0.953 25 4.640 1'344'052 1'587'247 1'520'500 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'011.8 4'107.4 1'029.0 1'120.0 0.60x 0.60x 2.48x 2.24x 346.5 387.4 83.0 114.0 7.54x 6.75x 7.08x 6.22x 328.4 275.8 142.4 75.0 9.46x 10.59x 11.85x 10.55x S&P Issuer Ratings

-0.74 1.21 22.1% 17.8% 1.06 5.77 54.18 46.04 78.87 23.42

Sales/Revenue/Turnover

100.00

3'500.0

90.00

3'000.0

80.00 70.00

2'500.0

60.00

2'000.0

50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Tekfen Holding AS Holdings By:

All

Holder Name NECATI AKCAGLILAR BERKER FEYYAZ GOKYIGIT ALI NIHAT ALI NIHAT GOKYIGIT Y SKAGEN AS SWEDBANK ROBUR FONDE DEUTSCHE BANK AG DIMENSIONAL FUND ADV BARING ASSET MANAGEM EAST CAPITAL ASSET M NORDEA INVESTMENT FU ARTISAN PARTNERS HOL SOMPO JP NIHON KOA A BZ WBK TOWARZYSTWO F BNP PARIBAS INV PART DWS INVESTMENT SA SEB DWS INVESTMENT S A BANK OF NEW YORK MEL EATON VANCE MANAGEME

Firm Name Erste Bank Burgan Securities Global Menkul Degerler EVA Dimensions FinansInvest Sardis Securities BNP Paribas Equity Research Renaissance Capital IS Investment & Securities Morgan Stanley Yatirim Finansman Securities Eczacibasi Securities Ak Investment HSBC Ekspres Invest Deutsche Bank BGC Partners Oyak Securities Garanti Yatirim Menkul Kiymetler Credit Suisse Goldman Sachs Tera Stock Brokers ATA Invest

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SEZAI SAKLAROGLU MURAT IGNEBEKCILI SERCAN UZUN CRAIG STERLING GAYE ABIDIN HAYDAR ACUN SABRIYE GOZDE CULLAS ILGIN ERDOGAN NUR ATASOY MUNEEBA KAYANI OZGUR UCUR BEHLUL KATAS HAKAN DEPREM CENK ORCAN SELIM KUNTER ATHMANE BENZERROUG EZGI YILMAZ HASAN SENER KERIM GOKOZ ATINC OZKAN ARTYOM GOLODNOV KENAN TURAN ONDER ZORBA

Source Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy overweight outperform hold buy buy outperform Equalwt/No Rating outperform market perform market outperform overweight buy buy buy outperform outperform outperform neutral/neutral buy market outperform

Amt Held 62'419'896 62'419'896 32'270'171 32'113'879 8'933'907 4'022'375 3'683'900 3'257'866 3'084'319 2'477'948 1'841'518 1'726'013 1'500'000 1'480'077 1'448'928 1'100'000 1'000'000 975'000 764'873 662'388

% Out 16.87 16.87 8.72 8.68 2.41 1.09 1 0.88 0.83 0.67 0.5 0.47 0.41 0.4 0.39 0.3 0.27 0.26 0.21 0.18

Weighting

Change 5 5 5 5 5 3 5 5 5 3 5 3 4 5 5 5 5 5 5 5 3 5 4

N M M D M M M M M D M M M U M M M M U M M M M

Latest Chg 1'229'305 (175'000) 717'000 (388'249) 748'763 (49'000) 250'000 -

Target Price 9 9 10 #N/A N/A 9 #N/A N/A 9 10 9 8 9 9 9 9 9 9 9 10 9 9 7 9 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.07.2009 17.07.2009 17.07.2009 17.07.2009 28.02.2013 31.12.2012 31.01.2013 31.07.2012 31.08.2012 31.12.2012 31.01.2013 31.12.2012 03.09.2012 30.06.2012 31.01.2013 31.01.2013 31.12.2012 31.01.2013 25.03.2013 31.01.2013

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type n/a n/a n/a n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Unclassified Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 22.03.2013 21.03.2013 18.03.2013 15.03.2013 12.03.2013 08.03.2013 27.02.2013 25.02.2013 21.02.2013 18.02.2013 15.02.2013 22.01.2013 22.01.2013 14.01.2013 09.01.2013 21.12.2012 05.12.2012 30.11.2012 08.11.2012 01.10.2012 13.01.2012

28.03.2013

Tofas Turk Otomobil Fabrikasi AS 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.

Price/Volume 14

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TOASO TI EQUITY YTD Change TOASO TI EQUITY YTD % CHANGE

12/2012 12/yy 12.45 6.10 1'261'613.00 12.35 -0.80% 102.46% 96.00% 500.0 6'175.00 2'285.74 0.0 0.0 1'637.53 6'823.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

8.0 M

31.12.2009 31.12.2010 5'098.8 6'410.2 0.63x 0.72x 440.6 658.3 7.26x 7.04x 360.4 384.2 6.55x 10.36x Profitability

4.0 M

2 0 m-12

2.0 M a-12 m-12

LTM-4Q 31.12.2011 7'336.7 0.56x 789.4 5.18x 474.2 6.24x

31.12.2012 6'705.3 0.88x 834.4 7.04x 448.3 11.65x 834.43 487.76 7.27% 7.54% 7.25% 23.28% 1.08% 11.8% 12.4% 7.3% 6.7% 1.45 0.98 37.71% 110.85% 6.94 15.49

Price/ Cash Flow

12/yy 7'336.7 2.46x 789.4 5.18x 475.7 6.22x

j-12

a-12

LTM 12/yy 6'705.3 3.09x 834.4 7.04x 448.3 11.65x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.09 77.27% 18.18% 1.094 26 3.808 878'761 1'177'870 1'182'649 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'391.5 8'236.3 1'742.0 2'131.0 0.88x 0.77x 863.8 931.3 7.90x 7.33x 478.7 521.3 12.85x 11.73x S&P Issuer Ratings

11.71 8.82 0.78 2.74 110.8% 52.6% 1.08 5.24 52.71 23.63 91.29 -14.96

Sales/Revenue/Turnover

900.00

8'000.0

800.00

7'000.0

700.00

6'000.0

600.00

5'000.0

500.00

4'000.0

400.00

3'000.0

300.00

2'000.0

200.00

1'000.0

100.00 0.00 01.01.2010

6.0 M

Fiscal Year Ended 31.12.2008 4'798.0 0.37x 481.2 3.74x 175.8 3.27x

12.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Tofas Turk Otomobil Fabrikasi AS Holdings By:

All

Holder Name FIAT AUTO SPA KOC HOLDING AS WILLIAM BLAIR & COMP BANK OF NEW YORK MEL BLACKROCK VANGUARD GROUP INC PICTET & CIE AMERIPRISE FINANCIAL EAST CAPITAL ASSET M BZ WBK TOWARZYSTWO F BARING ASSET MANAGEM SWEDBANK ROBUR FONDE JUPITER ASSET MANAGE COLUMBIA MANAGEMENT PICTET ASSET MANAGEM MORGAN STANLEY JP MORGAN DWS INVESTMENT S A AMERICAN CENTURY COM VONTOBEL ASSET MANAG

Firm Name BNP Paribas Equity Research Global Menkul Degerler Burgan Securities Seker Securities FinansInvest Credit Suisse EVA Dimensions HSBC Barclays Deutsche Bank Ak Investment Eczacibasi Securities Ekspres Invest Renaissance Capital BGC Partners Oyak Securities IS Investment & Securities Garanti Yatirim Menkul Kiymetler Goldman Sachs Yatirim Finansman Securities Erste Bank ATA Invest

Portfolio Name n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SABRIYE GOZDE CULLAS ILKNUR UNSAL BURAK ISYAR KADIR TEZELLER EZGI GULBAS ONUR MUMINOGLU CRAIG STERLING CENK ORCAN HANZADE KILICKIRAN VEDAT MIZRAHI ERKAN SAVRAN AKIF DASIRAN KURTHAN ATMACA METE OZBEK BERNA KURBAY SERHAT KAYA ESRA SUNER ONUR MARSAN ASLI TUNCER OZGUR UCUR MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

Source Research Research 13F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy outperform neutral outperform hold overweight overweight hold market outperform market perform hold hold buy market perform outperform market perform Buy/Neutral market perform buy market perform

Amt Held 189'279'857 187'938'000 8'265'436 4'438'772 3'377'565 3'274'183 2'838'733 2'725'489 2'664'766 2'362'370 1'755'186 1'400'000 1'070'000 973'085 961'540 914'958 876'838 875'000 830'257 820'874

% Out 37.86 37.59 1.65 0.89 0.68 0.65 0.57 0.55 0.53 0.47 0.35 0.28 0.21 0.19 0.19 0.18 0.18 0.17 0.17 0.16

Weighting

Change 3 5 5 5 3 5 3 5 5 3 4 3 3 3 5 3 5 3 5 3 5 3

M M M M M M D U M M M M D M M M M M M D M D

Latest Chg 1'829'093 30'264 3'158'062 (18'200) (407'889) 354'726 (1'444'773) (265'000) 39'200 625'000 (384'797) -

Target Price 12 13 13 13 12 13 #N/A N/A 13 12 11 14 13 12 10 12 13 14 12 16 12 12 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.12.2009 Corporation 30.12.2009 Holding Company 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 12.03.2013 11.03.2013 08.03.2013 06.03.2013 05.03.2013 04.03.2013 22.02.2013 11.02.2013 07.02.2013 05.02.2013 29.01.2013 22.01.2013 22.01.2013 08.01.2013 02.01.2013 20.12.2012 17.12.2012 17.12.2012 10.12.2012 03.12.2012 15.11.2012 20.07.2012

28.03.2013

Torunlar Gayrimenkul Yatirim Ortakligi AS Torunlar Gayrimenkul Yatirim Ortakligi AS offers construction services. The Company primarily builds shopping centers, logistics and storage facilities, and factories.

Price/Volume 5

12.0 M

10.0 M

4 3

8.0 M

12/2011 09/yy 3.91 2.14 2'135'386.00 3.9 -0.51% 82.12% 88.13% 500.0 1'950.00 1'100.52 0.0 0.0 655.59 2'384.82

31.12.2008 -

4.0 M

2.0 M

1 0 m-12

Profitability

31.12.2009 120.2 67.2 535.6 -

LTM-4Q 31.12.2010 232.9 7.54x 51.2 34.32x 214.2 6.59x

31.12.2011 162.9 8.19x 75.9 17.57x 177.3 5.02x 75.93 75.64 46.43% 109.95% 61.5% 108.8% 2.17 1.87 27.91% 43.45% -

09/yy 222.3 0.00x 18.3 0.00x (14.2) 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM 09/yy 156.1 21.31x 22.6 0.00x 350.7 4.05x

FY+1

0.89 64.53% 21.12% 0.889 12 4.167 1'281'007 981'841 1'165'947 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 221.1 603.4 10.91x 3.86x 123.0 271.1 19.39x 8.80x 211.4 289.2 7.96x 6.14x S&P Issuer Ratings 1.57 1.57 43.4% 30.3% 459.20

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

m-12

1.20

0.80

a-12

Fiscal Year Ended 31.12.2007

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRGYO TI EQUITY YTD Change TRGYO TI EQUITY YTD % CHANGE

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Torunlar Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name BZ WBK TOWARZYSTWO F BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE KEMPEN CAPITAL MANAG ING INVESTMENT MANAG AVIVA INVESTORS POLA STATE STREET ERSTE SPARINVEST KAG VANGUARD GROUP INC OYSTER ASSET MANAGEM NORTHERN TRUST CORPO CREDIT SUISSE FUND S ING INVESTMENT MANAG FMR LLC DIMENSIONAL FUND ADV FIRST TRUST ALLIANCE BERNSTEIN FLEXSHARES TRUST

Firm Name Garanti Yatirim Menkul Kiymetler Sardis Securities HSBC Ekspres Invest BGC Partners EVA Dimensions Oyak Securities IS Investment & Securities Yatirim Finansman Securities Erste Bank ATA Invest

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst KERIM GOKOZ HAYDAR ACUN LEVENT BAYAR KURTHAN ATMACA KEREM TEZCAN AUSTIN BURKETT OSMAN OZVURAL NUR ATASOY HUSEYIN MERDAN GEYIK MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation market perform hold overweight buy Under Review buy outperform outperform market perform buy market perform

Amt Held 1'775'718 1'721'910 1'450'893 1'429'472 745'761 390'625 367'027 230'000 222'979 200'073 153'574 91'798 78'292 69'287 34'915 12'082 8'700 2'108

% Out 0.36 0.34 0.29 0.29 0.15 0.08 0.07 0.05 0.04 0.04 0.03 0.02 0.02 0.01 0.01 0 0 0

Weighting

Change

3 3 5 5 #N/A N/A 5 5 5 3 5 3

D M M N M M M M M M M

Latest Chg (1'134'673) (145'516) 17'374 18'139 78'292 (72'374) -

Target Price 4 #N/A N/A 4 4 #N/A N/A #N/A N/A 4 4 3 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 26.03.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 21.03.2013 15.03.2013 13.03.2013 04.03.2013 25.01.2013 17.01.2013 21.12.2012 17.12.2012 16.11.2012 04.11.2012 03.08.2012

28.03.2013

Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS 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.

Price/Volume 14

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (27.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSPOR TI EQUITY YTD Change TSPOR TI EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.0 M

2 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.05.2008 28.7 10.89x 26.9 11.72x

3.0 M

05/2012 11/yy 14.80 6.00 2'944'383.00 6.16 -58.24% 2.67% 3.34% 25.0 154.00 81.48 0.0 0.0 5.45 237.17

31.05.2009 31.05.2010 33.9 37.0 7.86x 6.52x 30.9 33.9 8.65x 7.10x 38.1 37.4 6.33x 5.28x Profitability

LTM-4Q 31.05.2011 -

31.05.2012 135.9 2.44x 18.4 18.01x 5.8 44.28x 18.38 -3.37 -2.48% 4.9% 4.2% 0.19 0.07 33.25% 122.80% -

Price/ Cash Flow

11/yy 115.7 12.96x 37.4 0.00x 48.0 0.00x

LTM 11/yy 52.4 21.70x (22.3) 0.00x (37.5) 0.00x

0.97 -53.78% -37.23% 0.972 0 607'898 820'964 833'357

FY+1

FY+2

FQ+1

FQ+2

05/13 Y

05/14 Y

02/13 Q3

05/13 Q4

S&P Issuer Ratings

1.65 -4.04 122.8% 55.1% -

Sales/Revenue/Turnover

14.00

160.0

12.00

140.0 120.0

10.00

100.0 8.00

80.0 6.00

60.0

4.00

40.0

2.00

20.0

0.00 06.06.2008 06.12.2008 06.06.2009 06.12.2009 06.06.2010 06.12.2010 06.06.2011 06.12.2011 06.06.2012 06.12.2012

0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS Holdings By:

All

Holder Name TRABZONSPOR FUTBOL I SCHRODER INVESTMENT DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios

Analyst

Source Research MF-AGG MF-AGG

Recommendation

Amt Held 15'800'000 32'625 30'304

% Out 63.2 0.13 0.12

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.03.2013 30.06.2012 31.07.2012

Date

Inst Type Corporation Investment Advisor Investment Advisor

Date

28.03.2013

Trakya Cam Sanayi AS Trakya Cam Sanayii A.S. manufactures glass. The Company produces flat and automobile glass which are used domestically and also exported.

Price/Volume 4

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRKCM TI EQUITY YTD Change TRKCM TI EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 976.3 0.80x 296.8 2.64x 121.2 4.07x

15.0 M

12/2012 12/yy 3.09 1.90 5'670'671.00 2.78 -9.71% 46.32% 71.43% 693.7 1'928.43 396.49 0.0 103.7 334.24 2'094.37

31.12.2009 31.12.2010 886.4 1'046.8 1.38x 1.75x 172.4 300.6 7.10x 6.10x 62.2 211.0 17.33x 9.09x Profitability

LTM-4Q 31.12.2011 1'255.5 1.07x 355.8 3.78x 224.3 6.56x

31.12.2012 1'249.2 1.49x 202.2 9.19x 72.4 23.38x 202.19 76.35 6.11% 7.28% 2.90% 3.99% 4.35% 0.50% 26.4% 16.2% 6.1% 5.8% 4.20 2.74 14.97% 20.80% 3.70 3.73

Price/ Cash Flow

12/yy 1'255.5 5.70x 355.8 3.78x 224.3 6.56x

LTM 12/yy 1'249.2 5.26x 202.2 9.19x 72.4 25.73x

FY+1

0.95 13.37% 13.93% 0.954 19 3.947 4'181'273 5'981'752 5'450'289 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'462.8 1'784.3 352.0 395.0 1.69x 1.52x 317.4 417.5 6.60x 5.02x 131.8 173.2 14.26x 11.08x S&P Issuer Ratings

10.53 -8.48 0.31 1.96 20.8% 16.5% 0.50 1.16 98.91 98.20 42.76 154.35

Sales/Revenue/Turnover

12.00

1'400.0

10.00

1'200.0 1'000.0

8.00

800.0 6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Trakya Cam Sanayi AS Holdings By:

All

Holder Name TURK SISE VE CAM FAB AGF INVESTMENTS INC FRANKLIN RESOURCES DIMENSIONAL FUND ADV TOUCHSTONE ADVISORS BNP PARIBAS INV PART SOMPO JP NIHON KOA A NORTHERN TRUST CORPO SOMERSET CAPITAL MAN BLACKROCK DRIEHAUS CAPITAL MAN US GLOBAL INVESTORS DWS INVESTMENT S A BPH TFI SA VANGUARD GROUP INC CLARIDEN SICAV SWEDBANK ROBUR FONDE EATON VANCE MANAGEME NUCLEAR ELECTRIC INS AMPEGAGERLING INVEST

Firm Name Burgan Securities Seker Securities Oyak Securities Garanti Yatirim Menkul Kiymetler Erste Bank Ak Investment Eczacibasi Securities Global Menkul Degerler EVA Dimensions Deutsche Bank IS Investment & Securities Goldman Sachs BGC Partners Tera Stock Brokers HSBC ATA Invest

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios NUCLEAR ELECTRIC INS Multiple Portfolios

Analyst ECE MANDACI OKAN UZUN OSMAN OZVURAL HALIL IBRAHIM KAHVE EVRIM DAIRECIOGLU OMER OMERBAS AKIF DASIRAN ILKNUR UNSAL CRAIG STERLING VEDAT MIZRAHI NUR ATASOY ASLI TUNCER CAN OZCELIK FEYRUZE ASLI KONDU LEVENT BAYAR ISMAIL OZER

Source Research MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Sch-D MF-AGG

Recommendation buy outperform underperform outperform hold market outperform outperform buy underweight buy outperform neutral/neutral hold buy neutral market outperform

Amt Held 481'318'901 13'003'517 8'842'879 6'464'272 4'573'846 4'481'000 2'668'000 2'331'604 2'035'951 1'911'637 1'771'015 1'521'315 1'500'000 1'225'199 1'167'599 938'969 920'000 919'052 880'254 812'776

% Out 69.39 1.87 1.27 0.93 0.66 0.65 0.38 0.34 0.29 0.28 0.26 0.22 0.22 0.18 0.17 0.14 0.13 0.13 0.13 0.12

Weighting

Change 5 5 1 5 3 4 5 5 1 5 5 3 3 5 3 4

M M M M D M M M M M M U M M M M

Latest Chg (2'665'724) (8'007'141) (30'900) 613'001 1'242'000 2'191'100 154'292 8'191 (531'951) 1'225'199 (1) (230'000) 7'400 -

Target Price 3 4 3 3 3 4 4 4 #N/A N/A 3 3 3 2 3 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.05.2009 28.09.2012 31.12.2012 31.07.2012 31.12.2012 31.01.2013 03.09.2012 31.12.2012 28.02.2013 25.03.2013 31.01.2013 28.09.2012 31.01.2013 30.06.2011 31.12.2012 31.01.2013 30.06.2012 31.01.2013 30.09.2012 31.01.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Mutual Fund Manager

Date 25.03.2013 08.03.2013 07.03.2013 05.03.2013 06.02.2013 29.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 17.12.2012 10.12.2012 18.10.2012 17.10.2012 24.09.2012 20.07.2012

28.03.2013

Tupras Turkiye Petrol Rafinerileri AS 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.

Price/Volume 60

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TUPRS TI EQUITY YTD Change TUPRS TI EQUITY YTD % CHANGE

12/2012 12/yy 55.00 33.30 483'096.00 54.5 -1.36% 63.66% 96.54% 250.4 13'647.85 4'642.78 0.0 42.9 3'279.89 15'053.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

.5 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 30'404.0 0.14x 1'394.5 3.15x 432.2 9.39x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 20'330.6 26'166.0 0.32x 0.26x 1'145.1 1'372.2 5.66x 4.87x 811.3 737.3 9.18x 13.11x Profitability

LTM-4Q 31.12.2011 41'443.8 0.27x 2'157.7 5.16x 1'241.7 8.07x

31.12.2012 47'033.2 0.30x 1'401.5 10.21x 1'460.8 8.83x 1'401.45 1'130.96 2.40% 2.92% 9.17% 31.70% 2.95% 4.1% 3.0% 2.4% 3.1% 1.14 0.68 27.13% 95.79% 15.75 12.90

Price/ Cash Flow

LTM

12/yy 41'443.8 0.96x 2'157.7 5.16x 1'241.7 8.07x

12/yy 47'033.2 1.03x 1'401.5 10.21x 1'460.8 8.83x

FY+1

1.03 32.97% 5.83% 1.032 31 3.355 625'121 879'634 869'121 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 47'348.0 48'545.9 11'205.0 11'739.0 0.37x 0.38x 1.37x 1.39x 1'649.5 1'720.7 214.0 482.0 9.13x 8.75x 10.06x 10.31x 1'172.9 1'135.6 141.0 348.0 11.75x 12.07x 13.01x 13.56x S&P Issuer Ratings

9.05 -6.00 0.97 3.31 95.8% 48.7% 2.95 9.19 23.24 28.36 44.02 7.58

Sales/Revenue/Turnover

70.00

50'000.0 45'000.0

60.00

40'000.0

50.00

35'000.0 30'000.0

40.00

25'000.0 20'000.0

30.00

15'000.0

20.00

10'000.0 10.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Tupras Turkiye Petrol Rafinerileri AS Holdings By:

All

Holder Name ENERJI YATIRIMLARI A BLACKROCK FMR LLC VANGUARD GROUP INC TEMPLETON INVESTMENT PICTET & CIE ROBECO INVESTOR SERV BARING ASSET MANAGEM INVESCO LTD FRANKLIN RESOURCES BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT STATE STREET LORD ABBETT & CO LLC CHARLES SCHWAB INVES BNP PARIBAS INV PART EAST CAPITAL ASSET M NORTHERN TRUST CORPO JP MORGAN DEKA INTERNATIONAL S

Firm Name Sardis Securities EVA Dimensions Burgan Securities FinansInvest Oyak Securities IS Investment & Securities BNP Paribas Equity Research Marfin Analysis (ESN) Morgan Stanley Wood & Company Deutsche Bank BGC Partners KBC Securities Ak Investment Erste Bank Eczacibasi Securities Ekspres Invest Global Menkul Degerler Renaissance Capital Garanti Yatirim Menkul Kiymetler Concorde Securities Rt Goldman Sachs Credit Suisse Barclays HSBC Yatirim Finansman Securities ATA Invest Tera Stock Brokers KBC Securities

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst HAYDAR ACUN CRAIG STERLING UMUT OZTURK KORAY PAMIR HASAN SENER ASLI OZATA KUMBARACI ALPER PAKSOY VASSILIS ROUMANTZIS MUNEEBA KAYANI ROBERT RETHY VEDAT MIZRAHI EZGI YILMAZ PETER CSASZAR ERKAN SAVRAN TAMAS PLETSER BEHLUL KATAS SELIM KUNTER ILKNUR UNSAL ILGIN ERDOGAN ONUR MARSAN ATTILA VAGO HENRY MORRIS ONUR MUMINOGLU HANZADE KILICKIRAN BULENT YURDAGUL ZUMRUT CAN MERT BOSTANOGLU AYSE COLAK OLENA KYRYLENKO

Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold hold hold neutral market perform outperform buy hold Equalwt/No Rating hold hold buy sell market perform hold market perform hold buy hold market perform equalweight neutral/cautious outperform overweight overweight not rated market outperform neutral hold

Amt Held 127'713'794 4'000'019 3'992'064 3'415'120 2'994'243 2'055'177 2'015'224 2'009'664 1'937'629 1'920'063 1'525'464 1'444'124 1'189'996 1'055'268 1'028'859 903'862 880'765 876'524 874'551 692'400

% Out 51 1.6 1.59 1.36 1.2 0.82 0.8 0.8 0.77 0.77 0.61 0.58 0.48 0.42 0.41 0.36 0.35 0.35 0.35 0.28

Weighting

Change

3 3 3 3 3 5 5 3 3 3 3 5 1 3 3 3 3 5 3 3 3 3 5 5 5 #N/A N/A 4 3 3

M D M M M M M M M M M M D M M D M M D M M M M M M M M M U

Latest Chg (1'066'452) 291'896 (103'766) (2'860) (7'800) 355'179 (407) (551'922) 2'505 64'377 21'118 5'000 328'400 17'946 60'429 118'400

Target Price 24 #N/A N/A 52 51 57 58 59 45 48 50 51 53 45 57 53 56 55 60 49 53 51 58 50 50 53 #N/A N/A 48 53 41

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Corporation 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.08.2012 Investment Advisor 21.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.05.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.12.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Date 15.03.2013 12.03.2013 08.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 26.02.2013 11.02.2013 05.02.2013 30.01.2013 29.01.2013 28.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 17.12.2012 13.12.2012 11.12.2012 26.11.2012 26.11.2012 20.11.2012 29.08.2012 20.04.2012 03.04.2012 25.05.2011

28.03.2013

Turcas Petrol AS 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.

Price/Volume 5

12.0 M

10.0 M

4 3

8.0 M

12/2011 09/yy 3.94 2.28 1'005'457.00 3.69 -6.35% 61.84% 84.34% 225.0 830.25 212.21 0.0 0.0 118.26 986.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 3.4 281.79x (9.0) 107.6 9.67x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRCAS TI EQUITY YTD Change TRCAS TI EQUITY YTD % CHANGE

31.12.2008 31.12.2009 57.3 45.0 4.12x 13.17x (13.1) (7.5) 45.2 27.6 7.74x 23.70x Profitability

LTM-4Q 31.12.2010 52.3 15.73x (8.9) 56.4 15.40x

31.12.2011 11.0 54.03x (9.1) 97.9 5.10x -9.06 -10.41 -94.73% 935.80% 16.01% 20.92% 17.72% 0.02% 11.6% -80.6% -90.6% 891.4% 10.52 7.33 24.67% 33.72% 5.12 -

Price/ Cash Flow

09/yy 21.5 157.52x (9.3) 0.00x 2.9 202.99x

LTM 09/yy 17.9 113.37x (8.8) 0.00x 147.7 4.36x

FY+1

1.00 35.59% 13.54% 0.997 9 4.778 590'613 908'427 1'052'368 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17.6 19.6 7.0 53.74x 49.66x (0.6) 1.3 (3.0) 778.37x 67.0 75.3 12.0 12.47x 9.97x S&P Issuer Ratings

-1.37 -1.51 -23.82 33.7% 25.2% 0.02 4.03 71.42 -

Sales/Revenue/Turnover

1'400.00

2'000.0 1'800.0

1'200.00

1'600.0

1'000.00

1'400.0 1'200.0

800.00

1'000.0 800.0

600.00

600.0

400.00

400.0 200.00

200.0

0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turcas Petrol AS Holdings By:

All

Holder Name AKSOY PETROL DAGITIM AKSOY HOLDING AS DIMENSIONAL FUND ADV SOMPO JP NIHON KOA A BLACKROCK EATON VANCE MANAGEME NORDEA INVESTMENT FU VANGUARD GROUP INC BZ WBK TOWARZYSTWO F DIMENSIONAL FUND ADV NOMURA WORLD INVEST OPPORTU KBC GROUP NV ING INVESTMENT MANAG DIMENSIONAL FUND ADV FIRST TRUST BESSEMER GROUP INCOR BIZIM MENKUL DEGERLE ERSTE SPARINVEST KAG MIGDAL ASSET MANAGEM

Firm Name FinansInvest BGC Partners Ekspres Invest EVA Dimensions IS Investment & Securities Goldman Sachs HSBC Erste Bank ATA Invest

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KORAY PAMIR EZGI YILMAZ SELIM KUNTER CRAIG STERLING ASLI OZATA KUMBARACI MATIJA GERGOLET BULENT YURDAGUL THOMAS UNGER MERT BOSTANOGLU

Source Research Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy buy hold outperform Buy/Neutral overweight buy market perform

Amt Held 64'172'086 51'807'860 2'053'905 959'933 599'378 495'188 493'793 381'313 337'254 240'339 235'000 38'080 25'000 19'824 19'707 14'998 9'741 7'684 -

% Out 28.52 23.03 0.91 0.43 0.27 0.22 0.22 0.17 0.15 0.11 0.1 0.02 0.01 0.01 0.01 0.01 0 0 0 0

Weighting

Change 5 5 5 3 5 5 5 5 3

M M M M M M M M M

Latest Chg 959'933 74'081 (1)

Target Price 4 5 5 #N/A N/A 5 5 4 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2009 Other 30.09.2009 Holding Company 31.07.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 11.07.2012 Unclassified 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.10.2012 Investment Advisor 20.07.2011 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 26.02.2013 11.02.2013 22.01.2013 17.01.2013 18.12.2012 10.12.2012 20.11.2012 04.11.2012 13.01.2012

28.03.2013

Turk Ekonomi Bankasi AS 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.

Price/Volume 3

8.0 M 2

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEBNK TI EQUITY YTD Change TEBNK TI EQUITY YTD % CHANGE

12/2012 12/yy 2.25 1.66 308'116.00 2.14 -5.33% 28.92% 83.05% 2'204.4 4'717.40 10'089.07 0.0 7.7 7'158.24 -

3.0 M 2.0 M

1.0 M 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.12.2008 2'638.6 187.0 4.82x

9.0 M

31.12.2009 31.12.2010 2'286.0 2'246.0 267.9 272.6 11.50x 9.97x Profitability

LTM-4Q 31.12.2011 3'742.7 224.6 14.14x

31.12.2012 5'037.4 476.4 9.44x 22.29% 22.29% 1.10% 10.13% 3.05% 0.12% 16.6% 22.00% 202.10% -

Price/ Cash Flow

12/yy 3'742.7 0.00x 0.0 0.00x 224.6 22.99x

LTM 12/yy 5'037.4 0.00x 0.0 0.00x 476.4 9.44x

FY+1

0.86 17.58% 4.90% 0.858 4 4.000 390'409 907'127 1'261'650 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'700.0 3'007.0 614.7 679.5 7.64x 7.13x S&P Issuer Ratings

202.1% 66.9% 0.12 19.35 -

Sales/Revenue/Turnover

90.00

6'000.0

80.00

5'000.0

70.00

4'000.0

60.00 50.00

3'000.0

40.00

2'000.0

30.00 20.00

1'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turk Ekonomi Bankasi AS Holdings By:

All

Holder Name TEB MALI YATIRIMLAR ABERDEEN DANSKE INVEST A/S DANSKE INVEST MANAGE AKBANK ASSET MANAGEM ARTISAN GLOBAL FUNDS PRUDENTIAL FINANCIAL OYSTER ASSET MANAGEM ING INVESTMENT MANAG BZ WBK TOWARZYSTWO F BNP PARIBAS INV PART BLACKROCK ARTISAN PARTNERS HOL BARCLAYS MULTI-MANAG

Firm Name Ak Investment Credit Suisse Global Menkul Degerler IS Investment & Securities EVA Dimensions Eczacibasi Securities Tera Stock Brokers

Analyst HAKAN AYGUN ATES BULDUR SEVGI ONUR BULENT SENGONUL TEAM COVERAGE SERCAN SOYLU AYSE COLAK

Source Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform outperform market perform Under Review overweight underperform Under Review

Amt Held 926'796'305 32'522'602 4'040'194 3'616'668 1'062'384 431'435 139'200 120'881 41'347 3 1 -

% Out 42.04 1.48 0.18 0.16 0.05 0.02 0.01 0.01 0 0 0 0 0 0

Weighting

Change

3 5 3 #N/A N/A 5 1 #N/A N/A

M M M M U M M

Latest Chg (3'967'601) (452'947) (19'853) 41'347 (1'752'063) (1'180'459)

Target Price 2 2 2 #N/A N/A #N/A N/A 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.12.2009 Other 28.02.2013 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2011 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 29.01.2013 25.01.2013 21.01.2013 11.12.2012 25.05.2012 23.02.2011 19.10.2010

28.03.2013

Turk Hava Yollari 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.

Price/Volume 9

140.0 M

120.0 M

100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance THYAO TI EQUITY YTD Change THYAO TI EQUITY YTD % CHANGE

12/2012 12/yy 7.76 2.50 5'118'366.00 7.36 -5.15% 194.40% 92.78% 1'200.0 8'832.00 8'666.99 0.0 0.0 1'907.36 15'591.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

60.0 M

40.0 M

20.0 M

1 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 6'123.2 0.38x 1'027.1 2.25x 1'134.2 0.88x

31.12.2009 31.12.2010 7'035.9 8'422.8 0.95x 1.03x 1'178.9 919.4 5.65x 9.44x 559.1 286.4 8.92x 18.85x Profitability

LTM-4Q 31.12.2011 11'815.4 0.74x 1'150.4 7.56x 18.5 137.39x

31.12.2012 14'909.0 0.96x 2'077.6 6.87x 1'133.4 6.63x 2'077.58 1'047.82 7.03% 9.10% 6.44% 22.89% 0.85% 20.2% 13.9% 7.0% 7.6% 0.92 0.59 46.15% 160.35% 19.39 46.55

Price/ Cash Flow

LTM

12/yy 11'815.4 3.02x 1'150.4 7.56x 18.5 19.71x

12/yy 14'909.0 2.87x 2'077.6 6.87x 1'133.4 6.63x

FY+1

1.08 178.79% 17.57% 1.082 26 4.115 13'432'630 20'465'550 21'481'760 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'877.3 20'199.1 0.91x 0.83x 2'664.2 3'146.4 5.84x 4.96x 1'208.3 1'363.7 7.85x 7.41x S&P Issuer Ratings

8.89 5.64 3.25 4.17 160.4% 61.6% 0.85 1.25 18.88 7.86 29.43 -2.69

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turk Hava Yollari Holdings By:

All

Holder Name REPUBLIC OF TURKEY VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK EAST CAPITAL ASSET M BNP PARIBAS INV PART ING INVESTMENT MANAG PRINCIPAL FINANCIAL GRANTHAM MAYO VAN OT STATE STREET ALLIANZ ASSET MANAGE NOBLE FUNDS TFI SA UBS GCIC LTD/CANADA DWS INVESTMENT S A GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV EATON VANCE MANAGEME HANDELSBANKEN FONDER ACADIAN ASSET MANAGE

Firm Name HSBC FinansInvest Burgan Securities Seker Securities BNP Paribas Equity Research Yatirim Finansman Securities Morgan Stanley Oyak Securities Global Menkul Degerler Garanti Yatirim Menkul Kiymetler Erste Bank Ak Investment Eczacibasi Securities Ekspres Invest EVA Dimensions Deutsche Bank BGC Partners IS Investment & Securities Goldman Sachs Renaissance Capital Tera Stock Brokers ATA Invest

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CENK ORCAN GAYE ABIDIN BURAK ISYAR BURAK DEMIRBILEK ALPER PAKSOY DUYGU KALFAOGLU NIDA IQBAL ALPER OZDEMIR HASAN BAYHAN BAHAR DENIZ EGEMEN GORKEM GOKER OMER OMERBAS BEHLUL KATAS SELIM KUNTER CRAIG STERLING VEDAT MIZRAHI KEREM TEZCAN BASAK ENGIN DINCKOC ANTON FARLENKOV ALEXANDER KAZBEGI KENAN TURAN ISMAIL OZER

Source Research MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight neutral buy market perform buy outperform Equalwt/No Rating market perform buy market perform accumulate market outperform outperform buy underweight buy buy outperform neutral/neutral hold buy market outperform

Amt Held 589'487'212 13'704'927 13'375'949 13'060'814 7'369'371 6'399'450 5'633'643 5'631'575 4'313'674 4'249'643 3'068'166 2'910'000 2'677'708 2'320'419 2'150'000 2'130'397 2'072'706 1'973'507 1'972'423 1'837'450

% Out 49.12 1.14 1.11 1.09 0.61 0.53 0.47 0.47 0.36 0.35 0.26 0.24 0.22 0.19 0.18 0.18 0.17 0.16 0.16 0.15

Weighting

Change 5 3 5 3 5 5 3 3 5 3 4 4 5 5 1 5 5 5 3 3 5 4

M D M M M M M M M D D N M U M M M M M M M M

Latest Chg (327'933) (233'428) 1'309'000 2'117'712 5'529'702 138'131 (40'691) (690'932) (72'637) (6'580'486) 100'000 2'130'397 60'301 200'000 -

Target Price 9 8 9 8 8 8 7 7 9 8 9 9 9 8 #N/A N/A 8 9 8 6 4 5 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2009 Government 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor 28.02.2013 Investment Advisor 31.05.2012 Investment Advisor 26.03.2013 Investment Advisor 28.02.2013 Investment Advisor 29.06.2012 Mutual Fund Manager 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 21.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 22.01.2013 22.01.2013 17.01.2013 16.01.2013 11.01.2013 27.12.2012 10.12.2012 30.10.2012 20.09.2012 27.07.2012

28.03.2013

Turk Telekomunikasyon AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTKOM TI EQUITY YTD Change TTKOM TI EQUITY YTD % CHANGE

12/2012 12/yy 8.12 6.24 2'046'953.00 8.08 -0.49% 29.49% 98.91% 3'500.0 28'280.00 6'037.79 0.0 0.0 960.79 33'357.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

45.0 M

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 10'568.5 10'852.5 1.81x 2.37x 3'945.6 4'370.1 4.86x 5.89x 1'831.7 2'450.9 8.71x 9.28x Profitability

LTM-4Q 31.12.2011 11'940.6 2.42x 4'735.6 6.11x 2'068.7 11.88x

31.12.2012 12'706.1 2.31x 4'938.4 5.93x 2'637.1 9.18x 4'938.36 3'241.71 25.51% 26.49% 15.80% 43.14% 0.76% 52.0% 38.9% 25.5% 20.8% 1.02 0.72 35.09% 93.53% 6.17 52.00

Price/ Cash Flow

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

12/yy 11'940.6 10.59x 4'735.6 6.11x 2'068.7 11.88x

12/yy 12'706.1 9.67x 4'938.4 5.93x 2'637.1 9.18x

FY+1

0.65 13.90% 16.76% 0.655 29 3.690 2'894'516 3'313'928 5'084'736 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'261.9 13'821.8 2.51x 2.38x 5'301.6 5'488.4 6.29x 6.08x 2'640.1 2'684.5 607.0 607.0 10.73x 10.67x 11.88x 12.06x S&P Issuer Ratings

15.83 8.31 1.03 1.22 93.5% 48.3% 0.76 1.57 59.33 7.04 83.95 -17.58

Sales/Revenue/Turnover

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 10'194.9 1.43x 4'085.2 3.57x 1'752.2 6.95x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turk Telekomunikasyon AS Holdings By:

All

Holder Name OGER TELEKOMUNIKASYO TC HAZINE MUSTESARLI CAPITAL GROUP COMPAN BANK OF NEW YORK MEL VANGUARD GROUP INC BLACKROCK ALLIANZ ASSET MANAGE STATE STREET GRANTHAM MAYO VAN OT BNP PARIBAS INV PART SCHRODER INVESTMENT BARING ASSET MANAGEM SEB PICTET & CIE CHARLES SCHWAB INVES MACQUARIE GROUP EATON VANCE MANAGEME BANQUE DE LUXEMBOURG ROBECO INVESTOR SERV ING INTERNATIONAL AD

Firm Name Burgan Securities Seker Securities Sardis Securities HSBC Goldman Sachs FinansInvest New Street Research Morgan Stanley IS Investment & Securities Ak Investment Oyak Securities Global Menkul Degerler Barclays VTB Capital Deutsche Bank Erste Bank Eczacibasi Securities Ekspres Invest EVA Dimensions Garanti Yatirim Menkul Kiymetler Renaissance Capital BNP Paribas Equity Research BGC Partners Yatirim Finansman Securities Tera Stock Brokers JPMorgan Credit Suisse ATA Invest

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MURAT IGNEBEKCILI OKAN UZUN HAYDAR ACUN HERVE DROUET ALEXANDER BALAKHNIN CAN OZTOPRAK CHRIS HOARE CESAR TIRON NUR ATASOY BORA TEZGULER ALPER OZDEMIR HASAN BAYHAN SAN DHILLON IVAN KIM VEDAT MIZRAHI VERA SUTEDJA AKIF DASIRAN MELDA AGIRDAS ANDREW S ZAMFOTIS HALIL IBRAHIM KAHVE ALEXANDER KAZBEGI OZGUR GULER ERDEM HAFIZOGLU DUYGU KALFAOGLU KENAN TURAN JEAN-CHARLES LEMARDELEY ATINC OZKAN MERT BOSTANOGLU

Source Co File Co File ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold market perform buy neutral Buy/Neutral neutral buy Underwt/In-Line outperform market outperform outperform market perform equalweight hold hold accumulate market perform hold hold not rated hold buy buy outperform neutral overweight neutral market perform

Amt Held 1'925'000'000 1'050'000'000 75'164'080 16'597'464 14'324'748 12'948'361 5'453'168 5'355'393 5'115'480 5'061'620 3'771'266 3'497'293 3'480'775 3'281'587 3'270'038 1'813'078 1'731'500 1'500'000 1'497'491 1'399'636

% Out 55 30 2.15 0.47 0.41 0.37 0.16 0.15 0.15 0.14 0.11 0.1 0.1 0.09 0.09 0.05 0.05 0.04 0.04 0.04

Weighting

Change

3 3 5 3 5 3 5 1 5 4 5 3 3 3 3 4 3 3 3 #N/A N/A 3 5 5 5 3 5 3 3

M M M U M M U M M M M D M M M M M M M M M U U M M M M M

Latest Chg (4'233'317) (114'876) (97'488) 369'029 11'523 (1'709'648) (2'272'983) 658'947 (27'800) 417'083 198'811 (123'685)

Target Price 8 9 #N/A N/A 7 8 8 9 6 9 9 9 9 8 8 8 9 8 8 #N/A N/A #N/A N/A 7 7 8 9 8 9 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Corporation 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Mutual Fund Manager 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 9 month Not Provided Not Provided

Date 25.03.2013 18.03.2013 15.03.2013 12.03.2013 11.03.2013 05.03.2013 27.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 01.02.2013 31.01.2013 22.01.2013 22.01.2013 17.01.2013 17.12.2012 07.12.2012 30.11.2012 16.11.2012 15.11.2012 19.10.2012 03.10.2012 12.04.2012 13.01.2012

28.03.2013

Turk Traktor ve Ziraat Makineleri AS Turk Traktor ve Ziraat Makineleri AS (Turk Traktor) manufactures and sells agricultural tractors, individual tractor components and spare parts.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTRAK TI EQUITY YTD Change TTRAK TI EQUITY YTD % CHANGE

12/2012 12/yy 66.00 26.40 114'962.00 59.5 -9.09% 125.38% 79.80% 53.4 3'175.46 355.77 0.0 0.0 378.97 3'152.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 m-12

31.12.2009 31.12.2010 667.7 1'193.4 1.09x 0.98x 61.1 248.6 11.86x 4.73x 31.0 179.7 15.60x 6.98x Profitability

LTM-4Q 31.12.2011 1'800.7 1.00x 322.9 5.56x 277.4 6.50x

31.12.2012 1'974.0 1.56x 313.1 9.85x 268.2 11.59x 313.15 294.28 14.91% 16.12% 20.96% 42.59% 1.54% 21.4% 15.9% 14.9% 13.6% 2.52 1.62 26.96% 53.60% 5.57 5.17

Price/ Cash Flow

12/yy 1'800.7 4.04x 322.9 5.56x 277.4 6.50x

m-12

j-12

a-12

LTM 12/yy 1'974.0 4.54x 313.1 9.85x 268.2 11.59x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.76 95.36% 8.86% 0.761 18 3.167 129'987 164'862 160'730 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'040.9 2'234.2 592.0 715.0 1.57x 1.43x 338.7 367.0 9.31x 8.59x 271.9 296.0 11.81x 10.67x S&P Issuer Ratings

20.59 -0.07 1.14 53.6% 34.9% 1.54 14.79 65.76 70.81 66.02 70.55

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 787.5 0.80x 87.0 7.23x 66.8 3.29x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turk Traktor ve Ziraat Makineleri AS Holdings By:

All

Holder Name KOC HOLDING AS CNH GLOBAL NV WASATCH ADVISORS INC BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE SCHRODER INVESTMENT EAST CAPITAL ASSET M AMERIPRISE FINANCIAL AVIVA PLC VAN ECK ASSOCIATES C INVESCO LTD GOLDMAN SACHS ASSET MANNING & NAPIER ADV BLACKROCK GOLDMAN SACHS GROUP EMERGING GLOBAL SHAR US GLOBAL INVESTORS DIMENSIONAL FUND ADV FORWARD MANAGEMENT L PRUDENTIAL FINANCIAL

Firm Name Seker Securities EVA Dimensions FinansInvest BGC Partners Global Menkul Degerler Oyak Securities IS Investment & Securities Yatirim Finansman Securities BNP Paribas Equity Research Eczacibasi Securities Ak Investment Ekspres Invest Garanti Yatirim Menkul Kiymetler Goldman Sachs Tera Stock Brokers ATA Invest Sardis Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst KADIR TEZELLER CRAIG STERLING ALPER USTUNISIK BERNA KURBAY ILKNUR UNSAL SERHAT KAYA ESRA SUNER OZGUR UCUR KENAN COSGUNER AKIF DASIRAN ERKAN SAVRAN KURTHAN ATMACA ONUR MARSAN ASLI TUNCER KENAN TURAN ERMAN TUTUNCUOGLU HAYDAR ACUN

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform overweight neutral hold market perform underperform market perform market perform buy market perform market outperform hold market perform Buy/Neutral neutral market perform strong buy

Amt Held 20'132'794 20'013'375 821'235 706'173 350'000 341'428 334'375 320'069 317'086 245'444 224'061 183'749 179'226 169'292 154'424 146'279 143'126 104'834 101'900 91'279

% Out 37.72 37.5 1.54 1.32 0.66 0.64 0.63 0.6 0.59 0.46 0.42 0.34 0.34 0.32 0.29 0.27 0.27 0.2 0.19 0.17

Weighting

Change 3 5 3 3 3 1 3 3 5 3 4 3 3 5 3 3 5

M D M D M D D M U M M U M M M M N

Latest Chg 150'000 (2'243) (8'155) (62'760) (590) 72'466 (61'534) 15'935 154'424 -

Target Price 55 #N/A N/A 57 62 59 58 61 55 58 53 57 52 56 66 43 37 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2007 31.12.2007 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 28.02.2013 26.03.2013 21.03.2013 30.11.2012 31.12.2012 25.03.2013 31.12.2012 25.03.2013 28.09.2012 31.07.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Holding Company Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 21.03.2013 14.03.2013 14.03.2013 11.03.2013 05.03.2013 04.03.2013 20.02.2013 19.02.2013 18.02.2013 29.01.2013 22.01.2013 17.12.2012 10.12.2012 18.09.2012 22.06.2012 10.02.2010

28.03.2013

Turkcell Iletisim Hizmetleri AS 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.

Price/Volume 14

40.0 M

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCELL TI EQUITY YTD Change TCELL TI EQUITY YTD % CHANGE

12/2012 12/yy 12.65 8.04 5'882'193.00 12.1 -4.35% 50.50% 86.98% 2'200.0 26'620.00 3'042.27 0.0 (140.3) 7'038.45 22'483.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 8'844.6 1.76x 3'255.2 4.79x 2'312.8 8.32x

20.0 M

31.12.2009 31.12.2010 8'936.4 9'003.6 2.34x 2.32x 2'978.9 2'851.6 7.02x 7.33x 1'716.7 1'771.6 13.58x 13.10x Profitability

LTM-4Q 31.12.2011 9'370.1 1.77x 2'912.9 5.70x 1'183.3 16.51x

31.12.2012 10'507.0 2.02x 3'241.5 6.56x 2'083.0 12.20x 3'241.51 1'834.98 17.46% 24.61% 11.64% 17.52% 0.59% 38.3% 30.9% 17.5% 19.8% 2.33 1.92 16.31% 23.63% 11.37 95.03

Price/ Cash Flow

LTM

12/yy 9'370.1 7.19x 2'912.9 5.70x 1'183.3 16.51x

12/yy 10'507.0 7.26x 3'241.5 6.56x 2'083.0 12.20x

FY+1

0.65 28.72% 4.76% 0.648 29 4.276 6'367'458 8'723'194 10'553'910 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'234.0 12'068.8 2.08x 1.94x 3'490.2 3'844.9 6.44x 5.85x 2'225.4 2'460.9 565.0 565.0 12.00x 11.08x 11.42x 11.59x S&P Issuer Ratings

19.11.2008 BB+ STABLE 16.18 9.43 -1.23 0.94 23.6% 19.3% 0.59 1.99 32.18 3.85 56.36 -20.33

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkcell Iletisim Hizmetleri AS Holdings By:

All

Holder Name TURKCELL HOLDING AS SONERA HOLDING BV MV HOLDING AS LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I SWEDBANK ROBUR FONDE GRANTHAM MAYO VAN OT FRANKLIN RESOURCES SCHRODER INVESTMENT EAST CAPITAL ASSET M BNP PARIBAS INV PART SEB AGF INVESTMENTS INC ROBECO INVESTOR SERV LAZARD GLOBAL ACTIVE BARING ASSET MANAGEM EATON VANCE MANAGEME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Burgan Securities MURAT IGNEBEKCILI Seker Securities OKAN UZUN FinansInvest CAN OZTOPRAK Sardis Securities HAYDAR ACUN Yatirim Finansman Securities DUYGU KALFAOGLU Marfin Analysis (ESN) DIMITRIS BIRBOS Renaissance Capital ALEXANDER KAZBEGI EVA Dimensions ANDREW S ZAMFOTIS New Street Research CHRIS HOARE IS Investment & Securities NUR ATASOY Barclays SAN DHILLON Oyak Securities ALPER OZDEMIR BNP Paribas Equity Research BERNA KOKTENER Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE VTB Capital IVAN KIM JPMorgan JEAN-CHARLES LEMARDELEY Ak Investment BORA TEZGULER Erste Bank VERA SUTEDJA Eczacibasi Securities AKIF DASIRAN Ekspres Invest MELDA AGIRDAS Global Menkul Degerler HASAN BAYHAN Deutsche Bank VEDAT MIZRAHI BGC Partners ERDEM HAFIZOGLU Tera Stock Brokers KENAN TURAN Credit Suisse ATINC OZKAN Espirito Santo Investment Bank Research ANDREW HOGLEY ATA Invest MERT BOSTANOGLU

Source Research Research Research ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform outperform buy outperform hold buy overweight buy outperform overweight outperform buy outperform buy overweight market perform accumulate outperform hold buy buy buy neutral underperform sell market perform

Amt Held 1'122'000'000 287'632'180 56'320'000 55'629'555 30'198'493 26'519'815 23'612'500 6'715'880 5'798'477 5'702'386 5'601'227 5'560'094 4'078'700 3'818'133 2'941'357 2'773'640 2'742'096 2'693'915 2'595'679 2'334'094

% Out 51 13.07 2.56 2.53 1.37 1.21 1.07 0.31 0.26 0.26 0.25 0.25 0.19 0.17 0.13 0.13 0.12 0.12 0.12 0.11

Weighting

Change 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 3 4 5 3 5 5 5 3 1 1 3

M M M M U M M U M M M M M U U M M U M D M M U M M D M

Latest Chg (130'086) 22'100 1'110'364 (82'161'834) 1'133'440 2'875'877 (11'000) 4'182'840 1'262'946 204'025 1'821'730 (567'476) 148'389 2'595'679 -

Target Price 13 14 14 11 14 12 13 #N/A N/A 16 14 13 14 14 14 12 15 14 15 16 14 15 15 12 11 8 7 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.02.2013 04.02.2013 12.12.2012 28.02.2013 25.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.05.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.09.2012 31.01.2013 28.02.2013 31.08.2012 31.01.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company Holding Company Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 22.03.2013 15.03.2013 15.03.2013 13.03.2013 12.03.2013 08.03.2013 05.03.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 19.02.2013 30.01.2013 29.01.2013 25.01.2013 22.01.2013 22.01.2013 21.01.2013 16.01.2013 03.12.2012 01.10.2012 25.07.2012 24.07.2012 13.01.2012

28.03.2013

Turkiye Garanti Bankasi AS 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.

Price/Volume 12

70.0 M 60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (28.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GARAN TI EQUITY YTD Change GARAN TI EQUITY YTD % CHANGE

12/2012 12/yy 10.10 5.74 31'205'967.00 9.44 -6.53% 64.46% 83.49% 4'200.0 39'648.00 45'583.99 0.0 140.5 26'337.81 -

40.0 M

30.0 M 20.0 M

10.0 M

0 m-12

31.12.2009 31.12.2010 14'640.5 13'694.0 3'085.7 3'381.1 8.64x 9.71x Profitability

LTM-4Q 31.12.2011 15'453.2 3'326.3 7.45x

31.12.2012 17'675.4 3'334.1 11.66x 41.98% 41.98% 1.94% 16.97% 5.37% 0.10% 32.5% 25.36% 211.86% -

Price/ Cash Flow

j-12

LTM

12/yy 15'453.2 0.00x 0.0 0.00x 3'326.3 7.45x

a-12

12/yy 17'675.4 0.00x 0.0 0.00x 3'334.1 11.66x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.17 37.81% 1.94% 1.175 30 3.300 50'654'190 39'930'240 39'214'860 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'518.4 10'491.6 2'416.0 2'352.0 3'507.5 3'756.8 11.13x 10.40x 11.24x S&P Issuer Ratings

22.02.2010 BB STABLE 211.9% 67.8% 0.10 4.27 -

Sales/Revenue/Turnover

160.00

20'000.0

140.00

18'000.0 16'000.0

120.00

14'000.0

100.00

12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

Valuation Analysis

31.12.2008 12'829.6 1'879.4 5.81x

90.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA DOGUS HOLDING AS ABERDEEN VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC JP MORGAN UMB BANK N A MORGAN STANLEY THAMES RIVER CAPITAL BARING ASSET MANAGEM BNP PARIBAS INV PART SCHRODER INVESTMENT EAST CAPITAL ASSET M DANSKE INVEST A/S JUPITER ASSET MANAGE CI INVESTMENTS INC

Firm Name Seker Securities Barclays BGC Partners HSBC FinansInvest Renaissance Capital Burgan Securities Societe Generale Goldman Sachs EVA Dimensions Keefe, Bruyette & Woods VTB Capital Deutsche Bank Morgan Stanley Oyak Securities Marfin Analysis (ESN) Credit Suisse Erste Bank ATA Invest Ak Investment Ekspres Invest Eczacibasi Securities Global Menkul Degerler IS Investment & Securities Tera Stock Brokers JPMorgan

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NESLIHAN KARAGOZ CRISTINA MARZEA CAGDAS DOGAN TAMER SENGUN MUGE DAGISTAN YAVUZ UZAY NERGIS KASABALI ALAN WEBBORN DMITRY TREMBOVOLSKY AUSTIN BURKETT EKATERINA ISAEVA AKIN TUZUN KAZIM ANDAC MAGDALENA STOKLOSA ALPAY DINCKOC KONSTANTINOS MANOLOPOULOS ATES BULDUR SEVDA SARP DERYA GUZEL HAKAN AYGUN CIHAN SARAOGLU SERCAN SOYLU SEVGI ONUR BULENT SENGONUL HASAN DEMIR PAUL FORMANKO

Source Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform equalweight hold neutral outperform hold hold buy neutral/neutral hold market perform sell hold Equalwt/In-Line outperform accumulate neutral hold market perform market perform hold market perform market perform market perform neutral neutral

Amt Held 1'050'420'000 857'316'600 136'092'788 103'789'664 102'981'402 36'086'478 35'815'932 32'742'270 29'470'111 24'558'035 15'823'282 12'725'978 12'405'000 11'992'458 10'902'663 10'449'342 10'154'303 7'836'500 7'547'000 7'501'084

% Out 25.01 20.41 3.24 2.47 2.45 0.86 0.85 0.78 0.7 0.58 0.38 0.3 0.3 0.29 0.26 0.25 0.24 0.19 0.18 0.18

Weighting

Change 5 3 3 3 5 3 3 5 3 3 3 1 3 3 5 4 3 3 3 3 3 3 3 3 3 3

M M M M M M M M M U M D M M U M M M M M M M M M M D

Latest Chg 11'373'198 (68'324) 2'689'556 2'115'081 (4'058'558) (10'691'697) (2'403'515) 1'906'347 (733'859) (237'882) 335'000 (4'693'960) 2'561'929 (335'300) (87'000) 77'248

Target Price 11 11 10 10 12 9 10 10 9 #N/A N/A 9 9 9 7 10 11 10 10 11 10 10 11 10 11 9 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 28.02.2013 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2012 30.09.2012 31.08.2012 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.11.2012 31.12.2012

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month

Inst Type Bank Holding Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 19.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 06.03.2013 26.02.2013 25.02.2013 06.02.2013 05.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 22.01.2013 10.01.2013 18.12.2012 19.10.2012 16.10.2012

28.03.2013

Turkiye Halk Bankasi AS Turkiye Halk Bankasi A.S. provides various types of banking services. The bank specializes in lending to small-to medium-sized firms and tradesmen.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HALKB TI EQUITY YTD Change HALKB TI EQUITY YTD % CHANGE

12/2012 12/yy 20.20 10.75 10'578'538.00 19.1 -5.45% 77.67% 89.42% 1'250.0 23'875.00 16'167.00 0.0 4.8 15'105.52 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 7'437.4 1'016.3 5.66x

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 7'784.9 7'711.8 1'664.7 1'842.7 8.94x 8.89x Profitability

LTM-4Q 31.12.2011 9'202.5 2'027.4 6.10x

31.12.2012 11'418.3 2'642.3 8.28x 49.24% 49.41% 2.63% 26.36% 9.58% 0.11% 38.4% 14.82% 140.64% -

Price/ Cash Flow

LTM

12/yy 9'134.2 0.00x 0.0 0.00x 2'039.5 6.07x

12/yy 11'418.3 0.00x 0.0 0.00x 2'642.3 8.28x

FY+1

1.29 57.38% 9.14% 1.294 33 4.485 8'355'751 12'036'770 11'498'900 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'502.5 7'149.5 1'683.0 1'790.0 2'645.8 2'830.0 8.96x 8.40x 8.88x S&P Issuer Ratings

140.6% 58.4% 0.11 4.76 -

Sales/Revenue/Turnover

180.00

12'000.0

160.00

10'000.0

140.00

8'000.0

120.00 100.00

6'000.0

80.00

4'000.0

60.00 40.00

2'000.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkiye Halk Bankasi AS Holdings By:

All

Holder Name TC BASBAKANLIK WILLIAM BLAIR & COMP BLACKROCK VANGUARD GROUP INC GRANTHAM MAYO VAN OT JANUS CAPITAL MANAGE SWEDBANK ROBUR FONDE BARING ASSET MANAGEM ROBECO INVESTOR SERV EAST CAPITAL ASSET M BNP PARIBAS INV PART T ROWE PRICE ASSOCIA FMR LLC SCHRODER INVESTMENT NORDEA INV MANAGEMEN SEB JUPITER ASSET MANAGE ROBECO FUND MANAGEME AMERIPRISE FINANCIAL DEKA INTERNATIONAL S

Firm Name Barclays Burgan Securities BGC Partners FinansInvest Seker Securities HSBC Renaissance Capital EVA Dimensions Societe Generale Goldman Sachs Oyak Securities BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler Yatirim Finansman Securities Marfin Analysis (ESN) Morgan Stanley Credit Suisse Keefe, Bruyette & Woods VTB Capital Deutsche Bank ATA Invest Ak Investment Ekspres Invest Eczacibasi Securities Global Menkul Degerler IS Investment & Securities Erste Bank Tera Stock Brokers JPMorgan

Portfolio Name n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRISTINA MARZEA NERGIS KASABALI CAGDAS DOGAN MUGE DAGISTAN NESLIHAN KARAGOZ TAMER SENGUN YAVUZ UZAY AUSTIN BURKETT ALAN WEBBORN DMITRY TREMBOVOLSKY ALPAY DINCKOC SADRETTIN BAGCI RECEP DEMIR ZUMRUT CAN KONSTANTINOS MANOLOPOULOS MAGDALENA STOKLOSA ATES BULDUR EKATERINA ISAEVA AKIN TUZUN KAZIM ANDAC DERYA GUZEL HAKAN AYGUN CIHAN SARAOGLU SERCAN SOYLU SEVGI ONUR BULENT SENGONUL SEVDA SARP HASAN DEMIR PAUL FORMANKO

Source Research 13F ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy buy outperform outperform overweight buy hold buy Buy/Neutral outperform hold market perform outperform buy Overwt/In-Line neutral outperform hold buy outperform market outperform hold outperform buy outperform buy neutral overweight

Amt Held 638'825'500 22'326'180 20'302'581 16'732'136 13'141'645 10'565'720 10'397'797 6'997'402 6'765'072 5'540'386 4'210'437 3'848'901 3'488'816 3'219'422 3'139'702 2'951'282 2'853'786 2'352'437 2'061'033 2'016'900

% Out 51.11 1.79 1.62 1.34 1.05 0.85 0.83 0.56 0.54 0.44 0.34 0.31 0.28 0.26 0.25 0.24 0.23 0.19 0.16 0.16

Weighting

Change 5 5 5 5 5 5 5 3 5 5 5 3 3 5 5 5 3 5 3 5 5 4 3 5 5 5 5 3 5

U M M M M M M D M M M M D M M M M M M M M M M U M M M M M

Latest Chg 7'054'394 1'451'934 7'991'749 10'565'720 2'804'573 (1'200'000) 171'050 1'879'200 418'174 894'322 1'614'965 147'572 793'259 990'662 564'978 1'933 908'400

Target Price 25 22 23 24 22 25 20 #N/A N/A 24 22 23 19 20 21 20 26 20 20 19 20 23 22 23 23 23 25 21 18 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.02.2013 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Unclassified 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 9 month

Date 25.03.2013 25.03.2013 19.03.2013 14.03.2013 13.03.2013 12.03.2013 08.03.2013 08.03.2013 06.03.2013 26.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 05.02.2013 01.02.2013 29.01.2013 29.01.2013 29.01.2013 22.01.2013 21.01.2013 18.12.2012 10.12.2012 19.10.2012 16.10.2012

28.03.2013

Turkiye Is Bankasi 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.

Price/Volume 8 7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISCTR TI EQUITY YTD Change ISCTR TI EQUITY YTD % CHANGE

12/2012 12/yy 7.52 3.71 51'493'596.00 6.72 -10.90% 81.13% 79.00% 4'499.9 30'310.60 41'209.01 0.0 2'891.8 20'744.70 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 1 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 16'510.1 1'588.9 7.11x

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 17'009.1 16'725.2 2'497.6 2'939.2 7.77x 8.42x Profitability

LTM-4Q 31.12.2011 18'549.1 2'271.5 6.56x

31.12.2012 22'394.0 3'412.0 8.15x 32.02% 32.10% 1.77% 17.14% 5.71% 0.12% 23.4% 20.49% 187.60% -

Price/ Cash Flow

LTM

12/yy 18'549.1 0.00x 0.0 0.00x 2'271.5 6.56x

12/yy 22'394.0 0.00x 0.0 0.00x 3'412.0 8.15x

FY+1

1.12 56.23% 8.74% 1.119 30 3.467 33'681'240 39'921'440 36'193'440 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'003.1 10'693.8 2'568.0 2'826.0 3'294.7 3'471.5 9.16x 8.64x 9.88x S&P Issuer Ratings

22.02.2010 BB STABLE 28.07.2003 B 187.6% 62.4% 0.12 6.34 -

Sales/Revenue/Turnover

60.00

25'000.0

50.00

20'000.0

40.00

15'000.0

30.00

10'000.0 20.00

5'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkiye Is Bankasi Holdings By:

All

Holder Name ISBANK MENSUPLARI SO REP PEOPLES PARTY-AT LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV EAST CAPITAL ASSET M SCHRODER INVESTMENT FMR LLC BNP PARIBAS INV PART ROBECO INVESTOR SERV DEKA INTERNATIONAL S JUPITER ASSET MANAGE JP MORGAN SEB BARING ASSET MANAGEM ACADIAN ASSET MANAGE LAZARD GLOBAL ACTIVE NORDEA INVESTMENT FU BANK OF NEW YORK MEL

Firm Name FinansInvest Seker Securities Burgan Securities Barclays BGC Partners HSBC Societe Generale Goldman Sachs Oyak Securities Eczacibasi Securities Deutsche Bank Global Menkul Degerler BNP Paribas Equity Research Keefe, Bruyette & Woods Erste Bank VTB Capital ATA Invest Ak Investment Ekspres Invest Credit Suisse Renaissance Capital Morgan Stanley EVA Dimensions Garanti Yatirim Menkul Kiymetler Tera Stock Brokers JPMorgan Yatirim Finansman Securities IS Investment & Securities Marfin Analysis (ESN)

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MUGE DAGISTAN NESLIHAN KARAGOZ NERGIS KASABALI CRISTINA MARZEA CAGDAS DOGAN TAMER SENGUN ALAN WEBBORN DMITRY TREMBOVOLSKY ALPAY DINCKOC SERCAN SOYLU KAZIM ANDAC SEVGI ONUR SADRETTIN BAGCI EKATERINA ISAEVA SEVDA SARP AKIN TUZUN DERYA GUZEL HAKAN AYGUN CIHAN SARAOGLU ATES BULDUR YAVUZ UZAY MAGDALENA STOKLOSA AUSTIN BURKETT RECEP DEMIR HASAN DEMIR PAUL FORMANKO ZUMRUT CAN BULENT SENGONUL NIKOS VENTOURIS

Source Research Research ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral outperform buy overweight buy neutral hold neutral/neutral market perform outperform buy market perform buy underperform accumulate sell market perform market outperform hold underperform hold Underwt/In-Line overweight market perform neutral neutral not rated not rated buy

Amt Held 1'832'622'759 1'264'142'464 88'859'076 51'451'549 44'840'821 31'053'188 13'173'773 11'791'016 9'381'422 8'487'901 8'191'601 6'060'000 6'020'000 5'184'769 5'065'787 5'046'682 4'884'026 4'279'521 4'099'982 3'972'869

% Out 40.73 28.09 1.97 1.14 1 0.69 0.29 0.26 0.21 0.19 0.18 0.13 0.13 0.12 0.11 0.11 0.11 0.1 0.09 0.09

Weighting

Change

3 5 5 5 5 3 3 3 3 5 5 3 5 1 4 1 3 4 3 1 3 1 5 3 3 3 #N/A N/A #N/A N/A 5

M M M M M D M M D M M D M M M M M M M M M M M D M U M M M

Latest Chg (1'019'050) (10'142'786) 1'975'432 2'891'186 9'326'999 2'338 724'443 (260'000) (3'948'300) 1'680'000 141'901 (4'897) 235'728 1'776'622 (85'810)

Target Price 8 9 8 9 8 7 7 6 8 8 8 8 9 6 7 6 8 8 8 7 6 5 #N/A N/A 7 6 7 #N/A N/A #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.11.2012 Other 21.11.2012 Government 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Unclassified 31.08.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided 12 month

Date 27.03.2013 27.03.2013 27.03.2013 25.03.2013 19.03.2013 12.03.2013 06.03.2013 26.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 12.02.2013 06.02.2013 05.02.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 21.01.2013 17.01.2013 17.01.2013 16.11.2012 19.10.2012 16.10.2012 28.08.2012 25.09.2009 08.04.2009

28.03.2013

Turkiye Sinai Kalkinma Bankasi AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSKB TI EQUITY YTD Change TSKB TI EQUITY YTD % CHANGE

12/2012 12/yy 2.53 1.52 1'218'969.00 2.48 -1.98% 63.16% 96.04% 1'100.0 2'728.00 8'621.36 0.0 84.3 572.94 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 443.1 121.3 3.79x

31.12.2009 31.12.2010 627.8 547.9 251.3 222.7 4.35x 8.21x Profitability

LTM-4Q 31.12.2011 645.0 260.8 4.91x

31.12.2012 707.5 317.0 7.95x 73.40% 77.30% 3.19% 20.77% 3.36% 0.08% 61.0% 79.41% 469.90% -

Price/ Cash Flow

12/yy 645.0 0.00x 0.0 0.00x 260.8 5.06x

LTM 12/yy 537.6 0.00x 0.0 0.00x 317.0 8.97x

FY+1

1.09 49.74% 10.68% 1.094 15 4.400 1'610'877 1'442'513 1'854'313 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 519.4 558.8 324.7 343.7 8.55x 8.00x S&P Issuer Ratings

469.9% 81.8% 0.08 16.14 -

Sales/Revenue/Turnover

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00

0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkiye Sinai Kalkinma Bankasi AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A TURKIYE VAKIFLAR BAN WILLIAM BLAIR & COMP SKAGEN AS WASATCH ADVISORS INC SWEDBANK ROBUR FONDE BNP PARIBAS INV PART DIMENSIONAL FUND ADV JUPITER ASSET MANAGE EAST CAPITAL ASSET M HANDELSBANKEN FONDER BLACKROCK PRUDENTIAL FINANCIAL BZ WBK TOWARZYSTWO F SHINHAN BNP PARIBAS CARNEGIE ASSET MANAG AVIVA PLC ARTISAN PARTNERS HOL ING INTERNATIONAL AD SOMPO JP NIHON KOA A

Firm Name Burgan Securities EVA Dimensions Seker Securities Eczacibasi Securities Oyak Securities BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler Ak Investment Credit Suisse Deutsche Bank Ekspres Invest IS Investment & Securities Erste Bank ATA Invest

Portfolio Name n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DUYGUN KUTUCU AUSTIN BURKETT NESLIHAN KARAGOZ SERCAN SOYLU ALPAY DINCKOC SADRETTIN BAGCI RECEP DEMIR HAKAN AYGUN ATES BULDUR HILAL VAROL CIHAN SARAOGLU BULENT SENGONUL SEVDA SARP FATIH TUGRUL TOPAC

Source Co File Co File 13F MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight outperform outperform outperform buy market perform market outperform outperform hold hold outperform accumulate market outperform

Amt Held 550'729'366 92'155'170 37'339'491 33'925'510 16'199'146 15'403'914 14'566'698 10'813'652 10'002'221 9'177'575 5'593'173 5'090'388 4'901'526 4'436'026 4'384'041 4'033'157 3'816'972 3'540'386 3'076'694 2'813'726

% Out 50.07 8.38 3.39 3.08 1.47 1.4 1.32 0.98 0.91 0.83 0.51 0.46 0.45 0.4 0.4 0.37 0.35 0.32 0.28 0.26

Weighting

Change 5 5 5 5 5 5 3 4 5 3 3 5 4 4

M U M M M M M M M M M M D M

Latest Chg 3'723'903 1'693'850 3'779'167 398'000 455'158 2'582'000 15'028 1'106'415 (192'268) (2'724'375) (43'576) 1'467'499

Target Price 3 #N/A N/A 3 3 3 3 3 3 3 3 3 3 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2010 Bank 31.12.2010 Bank 31.12.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.09.2012 Mutual Fund Manager

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 27.03.2013 21.03.2013 01.03.2013 18.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 01.02.2013 22.01.2013 18.12.2012 10.12.2012 20.07.2012

28.03.2013

Turkiye Sise ve Cam Fabrikalari AS 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.

Price/Volume

60.0 M

50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SISE TI EQUITY YTD Change SISE TI EQUITY YTD % CHANGE

12/2012 12/yy 3.60 2.29 11'897'032.00 3.02 -16.11% 31.80% 57.21% 1'500.0 4'530.00 2'132.35 0.0 970.2 1'164.32 6'468.22

30.0 M

2 1

20.0 M

10.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

4 3

Valuation Analysis

31.12.2008 3'743.7 0.87x 886.1 3.66x 158.7 6.91x

31.12.2009 31.12.2010 3'643.6 4'206.2 1.05x 1.03x 656.0 982.5 5.83x 4.39x 111.8 411.8 18.40x 7.56x Profitability

LTM-4Q 31.12.2011 4'978.7 1.06x 1'245.4 4.22x 631.5 5.87x

31.12.2012 5'342.1 1.19x 939.4 6.77x 294.1 15.05x 939.38 420.41 7.87% 6.79% 3.46% 6.65% 5.70% 0.63% 26.7% 17.6% 7.9% 5.5% 1.82 1.12 24.45% 46.00% 5.44 3.75

Price/ Cash Flow

12/yy 4'978.7 4.58x 1'245.4 4.22x 631.5 6.03x

LTM 12/yy 5'342.1 4.50x 939.4 6.77x 294.1 16.12x

FY+1

0.92 1.20% 2.37% 0.919 16 3.063 16'958'180 20'995'190 13'535'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'990.9 6'817.7 1'474.0 1'644.0 1.07x 0.94x 1'226.0 1'441.5 5.28x 4.49x 456.2 533.0 9.68x 8.23x S&P Issuer Ratings

7.41 -0.42 1.03 2.27 46.0% 27.6% 0.63 1.35 67.32 97.68 41.76 123.24

Sales/Revenue/Turnover

10.00

6'000.0

9.00

5'000.0

8.00 7.00

4'000.0

6.00

3'000.0

5.00 4.00

2'000.0

3.00 2.00

1'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkiye Sise ve Cam Fabrikalari AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A EFES HOLDING AS CAYIROVA CAM SANAYI TRAKYA CAM SANAYI AS BLACKROCK CAMIS MADENCILIK AS VANGUARD GROUP INC MACQUARIE GROUP DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT ACADIAN ASSET MANAGE SOMERSET CAPITAL MAN SANFORD C BERNSTEIN FRANK RUSSELL TRUST ALLIANCE BERNSTEIN BANK OF NEW YORK MEL AVIVA PLC DIMENSIONAL FUND ADV VALIC CO I SEI INVESTMENT MANAG

Firm Name Burgan Securities Seker Securities Yatirim Finansman Securities EVA Dimensions Oyak Securities Garanti Yatirim Menkul Kiymetler Erste Bank IS Investment & Securities Ak Investment Eczacibasi Securities Global Menkul Degerler Deutsche Bank Goldman Sachs BGC Partners HSBC ATA Invest

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ECE MANDACI BURAK DEMIRBILEK ZUMRUT CAN CRAIG STERLING OSMAN OZVURAL HALIL IBRAHIM KAHVE EVRIM DAIRECIOGLU NUR ATASOY OMER OMERBAS AKIF DASIRAN ILKNUR UNSAL VEDAT MIZRAHI ASLI TUNCER CAN OZCELIK LEVENT BAYAR ISMAIL OZER

Source Research Research Research Research ULT-AGG Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Under Review outperform Under Review underweight underperform market perform hold outperform market perform market perform buy hold Buy/Neutral hold neutral market outperform

Amt Held 923'848'325 55'357'714 24'918'003 22'590'568 11'575'672 10'197'969 9'901'882 8'949'859 8'827'215 7'560'224 4'231'319 3'446'994 3'358'020 3'319'559 2'685'105 2'520'195 1'640'659 1'415'419 1'386'283 1'376'761

% Out 61.59 3.69 1.66 1.51 0.77 0.68 0.66 0.6 0.59 0.5 0.28 0.23 0.22 0.22 0.18 0.17 0.11 0.09 0.09 0.09

Weighting

Change

#N/A N/A 5 #N/A N/A 1 1 3 3 5 3 3 5 3 5 3 3 4

M M M D M M U M M D M D U M M M

Latest Chg (52'113) 206'784 (55) 813'250 (275'350) (39) (274'640) 26'927 (169'532)

Target Price #N/A N/A 4 #N/A N/A #N/A N/A 3 3 3 4 4 4 4 3 4 3 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2009 Bank 30.09.2009 Other 30.09.2009 n/a 30.09.2009 Other 25.03.2013 Investment Advisor 30.09.2009 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 25.03.2013 22.03.2013 18.03.2013 15.03.2013 07.03.2013 05.03.2013 21.02.2013 07.02.2013 29.01.2013 22.01.2013 21.01.2013 16.01.2013 10.12.2012 18.10.2012 24.09.2012 20.07.2012

28.03.2013

Turkiye Vakiflar Bankasi Tao 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.

Price/Volume 7

80.0 M

70.0 M

60.0 M 50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VAKBN TI EQUITY YTD Change VAKBN TI EQUITY YTD % CHANGE

12/2012 12/yy 6.02 2.90 11'907'243.00 5.78 -3.99% 99.31% 92.31% 2'500.0 14'450.00 16'783.80 0.0 397.6 14'994.63 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2009 31.12.2010 8'193.9 8'049.3 1'294.7 1'164.3 8.23x 8.40x Profitability

LTM-4Q 31.12.2011 8'974.7 1'304.3 4.70x

31.12.2012 11'328.2 1'423.5 8.10x 27.87% 28.28% 1.41% 13.77% 5.03% 0.11% 21.6% 15.53% 146.82% -

Price/ Cash Flow

12/yy 8'974.7 0.00x 0.0 0.00x 1'304.3 4.70x

m-12

j-12

a-12

LTM 12/yy 11'328.2 0.00x 0.0 0.00x 1'423.5 8.10x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.28 69.85% 25.38% 1.280 30 3.400 12'783'600 18'446'860 24'973'010 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'969.4 6'495.8 1'544.0 1'465.0 1'623.7 1'769.8 8.80x 8.14x 8.76x S&P Issuer Ratings

22.02.2010 BB STABLE 19.07.2005 B 146.8% 58.7% 0.11 6.10 -

Sales/Revenue/Turnover

600.00

12'000.0

500.00

10'000.0

400.00

8'000.0

300.00

6'000.0

200.00

4'000.0

100.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 8'067.2 791.3 3.70x

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Turkiye Vakiflar Bankasi Tao Holdings By:

All

Holder Name REPUBLIC OF TURKEY VAKIFBANK VAKIFLAR MULHAK BLACKROCK VANGUARD GROUP INC EAST CAPITAL ASSET M DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT BNP PARIBAS INV PART ROBECO INVESTOR SERV ACADIAN ASSET MANAGE FRANKLIN RESOURCES ROBECO FUND MANAGEME DWS INVESTMENT S A BARING ASSET MANAGEM GOLDMAN SACHS GROUP BARING FUND MANAGERS JP MORGAN INVESTMENT SWEDBANK ROBUR FONDE NORDEA INVESTMENT FU

Firm Name Burgan Securities FinansInvest BGC Partners Seker Securities HSBC Societe Generale Goldman Sachs Eczacibasi Securities Oyak Securities BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler Deutsche Bank Yatirim Finansman Securities Erste Bank VTB Capital ATA Invest Ak Investment Ekspres Invest Credit Suisse IS Investment & Securities Renaissance Capital Global Menkul Degerler Morgan Stanley EVA Dimensions Tera Stock Brokers JPMorgan Sardis Securities Marfin Analysis (ESN)

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NERGIS KASABALI MUGE DAGISTAN CAGDAS DOGAN NESLIHAN KARAGOZ TAMER SENGUN ALAN WEBBORN DMITRY TREMBOVOLSKY SERCAN SOYLU ALPAY DINCKOC SADRETTIN BAGCI RECEP DEMIR KAZIM ANDAC ZUMRUT CAN SEVDA SARP AKIN TUZUN DERYA GUZEL HAKAN AYGUN CIHAN SARAOGLU ATES BULDUR BULENT SENGONUL YAVUZ UZAY SEVGI ONUR MAGDALENA STOKLOSA AUSTIN BURKETT HASAN DEMIR PAUL FORMANKO HAYDAR ACUN NIKOS VENTOURIS

Source Research Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy market perform neutral sell neutral/neutral market perform underperform buy outperform hold outperform hold hold outperform market perform buy neutral market perform hold market perform Equalwt/In-Line underweight neutral overweight buy buy

Amt Held 1'462'500'000 402'552'666 386'224'785 24'962'571 21'403'797 19'927'151 14'672'300 8'862'910 6'717'621 5'128'342 4'810'452 4'788'815 3'719'746 3'325'000 3'116'523 3'022'189 3'000'000 2'330'100 2'300'846 2'259'000

% Out 58.5 16.1 15.45 1 0.86 0.8 0.59 0.35 0.27 0.21 0.19 0.19 0.15 0.13 0.12 0.12 0.12 0.09 0.09 0.09

Weighting

Change 5 5 5 3 3 1 3 3 1 5 5 3 5 3 3 5 3 5 3 3 3 3 3 1 3 5 5 5

M M M M M M M M M M U M M M D M M U D D M M N M M M M M

Latest Chg (139'453) 5'283 8'533'000 (40'000) (47'676) 9'775 75'000 3'022'189 3'000'000 800'846 -

Target Price 6 7 7 7 6 5 5 7 5 7 7 6 6 5 6 7 6 7 6 6 5 6 6 #N/A N/A 4 6 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.10.2012 Government 31.12.2011 Bank 31.12.2011 n/a 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month

Date 25.03.2013 21.03.2013 19.03.2013 18.03.2013 12.03.2013 06.03.2013 26.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 06.02.2013 05.02.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 25.01.2013 21.01.2013 21.01.2013 17.01.2013 17.01.2013 19.10.2012 16.10.2012 07.09.2011 08.04.2009

28.03.2013

Ulker Biskuvi Sanayi AS 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.

Price/Volume 16

9.0 M

8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (25.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ULKER TI EQUITY YTD Change ULKER TI EQUITY YTD % CHANGE

12/2012 12/yy 14.00 5.24 183'215.00 13.65 -2.14% 160.50% 97.72% 342.0 4'668.30 1'500.95 0.0 122.3 1'270.69 5'020.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'412.2 0.85x 94.8 12.60x 15.7 30.14x

5.0 M

31.12.2009 31.12.2010 1'506.5 1'523.5 1.00x 1.24x 143.5 66.8 10.55x 28.22x 102.9 184.8 9.24x 7.99x Profitability

LTM-4Q 31.12.2011 1'798.8 1.21x 77.4 28.09x 657.0 2.21x

31.12.2012 2'340.6 1.56x 218.3 16.75x 167.0 19.79x 218.27 170.52 7.29% 10.40% 5.73% 17.04% 10.43% 0.80% 21.5% 9.3% 7.3% 7.1% 1.98 1.63 47.55% 156.77% 3.97 10.58

Price/ Cash Flow

12/yy 1'798.8 4.41x 77.4 28.09x 657.0 2.21x

LTM 12/yy 2'340.6 4.92x 218.3 16.75x 167.0 18.13x

FY+1

0.66 181.92% 41.30% 0.664 13 3.077 343'417 447'311 411'460 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'545.5 2'747.1 680.0 552.0 1.99x 1.82x 268.7 316.7 18.68x 15.85x 193.1 228.3 24.64x 20.34x S&P Issuer Ratings

3.49 2.84 1.05 6.88 156.8% 58.2% 0.80 4.39 92.24 34.59 87.39 39.44

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Ulker Biskuvi Sanayi AS Holdings By:

All

Holder Name YILDIZ HOLDING AS DYNAMIC GROWTH FUND BANK OF NEW YORK MEL DIMENSIONAL FUND ADV SCHRODER INVESTMENT MORGAN STANLEY SWEDBANK ROBUR FONDE GOLDMAN SACHS ASSET GOLDMAN SACHS GROUP BLACKROCK AVIVA PLC VANGUARD GROUP INC FMR LLC STATE STREET EATON VANCE MANAGEME FRANKLIN RESOURCES SEB CHARLES SCHWAB INVES EATON VANCE ADVISORS JUPITER GLOBAL ACTIV

Firm Name Burgan Securities EVA Dimensions BNP Paribas Equity Research Ak Investment HSBC Ekspres Invest BGC Partners Oyak Securities IS Investment & Securities Goldman Sachs JPMorgan FinansInvest ATA Invest Global Menkul Degerler

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ECE MANDACI AUSTIN BURKETT KENAN COSGUNER BERTUG TUZUN BULENT YURDAGUL MELDA AGIRDAS ERDEM HAFIZOGLU ANIL CAN YILDIRIM ESRA SUNER MATIJA GERGOLET MUNEEZA HASAN GAYE ABIDIN ONDER ZORBA TEAM COVERAGE

Source Research Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell underweight hold market underperform overweight Under Review hold market perform market perform Buy/Neutral neutral Under Review market perform Under Review

Amt Held 113'049'151 71'369'033 3'926'219 2'148'926 1'516'165 1'260'146 1'020'528 884'724 833'404 783'481 730'279 714'414 709'216 467'124 431'488 301'963 210'191 204'042 174'000 171'000

% Out 33.06 20.87 1.15 0.63 0.44 0.37 0.3 0.26 0.24 0.23 0.21 0.21 0.21 0.14 0.13 0.09 0.06 0.06 0.05 0.05

Weighting

Change

1 1 3 2 5 #N/A N/A 3 3 3 5 3 #N/A N/A 3 #N/A N/A

M D M D M M M M M U M M M M

Latest Chg 1'253'794 818'401 475'978 734'828 1'979 4'115 49'508 983 (135'163) 210'191 1'804 (61'000)

Target Price 10 #N/A N/A 11 11 12 #N/A N/A 8 10 10 13 8 #N/A N/A #N/A N/A 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2009 30.09.2009 26.03.2013 31.07.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 25.03.2013 28.02.2013 31.12.2012 31.01.2013 26.03.2013 31.01.2013 28.09.2012 31.12.2012 25.03.2013 31.01.2013 30.11.2012

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided Not Provided

Inst Type Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 21.03.2013 08.03.2013 07.03.2013 19.02.2013 22.01.2013 02.01.2013 20.12.2012 17.12.2012 10.12.2012 12.11.2012 17.08.2012 20.07.2012 11.04.2012

28.03.2013

Vestel Elektronik Sanayi ve Ticaret AS 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.

Price/Volume 3

12.0 M 10.0 M

8.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (06.04.2012) 52-Week Low (02.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VESTL TI EQUITY YTD Change VESTL TI EQUITY YTD % CHANGE

12/2011 09/yy 2.32 1.73 1'274'145.00 1.98 -15.09% 14.45% 45.76% 335.5 664.20 795.25 0.0 141.9 487.92 1'571.64

6.0 M 4.0 M

2.0 M

0 m-12

31.12.2008 31.12.2009 4'693.9 4'644.9 0.14x 0.31x 389.0 514.5 1.68x 2.77x (408.1) 74.1 11.77x Profitability

LTM-4Q 31.12.2010 5'290.0 0.28x 335.7 4.34x 38.4 21.30x

31.12.2011 6'976.6 0.15x 619.5 1.71x (35.4) 619.48 438.27 6.28% -0.18% -1.57% -7.86% 1.52% 18.0% 2.5% 0.2% -0.5% 1.06 0.67 15.42% 80.32% 4.46 4.31

Price/ Cash Flow

09/yy 6'281.5 0.93x 640.2 2.27x 33.2 21.74x

m-12

j-12

a-12

LTM 09/yy 7'708.1 0.63x 189.9 8.01x (79.4) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.85 -12.39% 4.76% 0.854 5 2.600 2'306'463 1'424'703 2'059'265 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 8'056.5 9'053.5 2'494.0 0.15x 0.13x 303.8 522.0 39.0 5.17x 3.01x 22.3 64.9 (17.0) 14.14x 4.60x S&P Issuer Ratings

22.12.2008 BSTABLE 6.48 4.87 4.35 5.51 80.3% 41.3% 1.52 9.73 82.07 84.84 138.87 15.54

Sales/Revenue/Turnover

45.00

8'000.0

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 02.01.2009 02.07.2009

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

Valuation Analysis

31.12.2007 4'627.0 0.16x 63.3 11.86x 18.0 25.61x

16.0 M

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Vestel Elektronik Sanayi ve Ticaret AS Holdings By:

All

Holder Name COLLAR HOLDING NETHE COLLAR HOLDING PUBLI DIMENSIONAL FUND ADV BLACKROCK FRANK RUSSELL TRUST VANGUARD GROUP INC ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV MACQUARIE GROUP ING INVESTMENT MANAG EATON VANCE MANAGEME STATE STREET PRUDENTIAL FINANCIAL ING INVESTMENT MANAG ERSTE SPARINVEST KAG DIMENSIONAL FUND ADV BESSEMER GROUP INCOR FMR LLC MACKAY SHIELDS LLC UBI PRAMERICA SGR SP

Firm Name Global Menkul Degerler EVA Dimensions BGC Partners Oyak Securities Goldman Sachs FinansInvest

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ILKNUR UNSAL CRAIG STERLING BARIS INCE TEAM COVERAGE ANTON FARLENKOV TEAM COVERAGE

Source Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform underweight hold market perform neutral/neutral neutral

Amt Held 216'067'402 34'901'128 3'051'852 1'784'387 770'946 563'233 437'260 350'814 274'384 238'657 209'707 179'684 142'900 58'011 40'000 31'446 26'406 25'322 24'553 -

% Out 64.41 10.4 0.91 0.53 0.23 0.17 0.13 0.1 0.08 0.07 0.06 0.05 0.04 0.02 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change 3 1 3 3 3 3

M M M M M M

Latest Chg 125'546'898 40'710 -

Target Price 2 #N/A N/A 2 3 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 22.08.2011 Corporation 22.08.2011 Other 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Mutual Fund Manager

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month

Date 21.01.2013 17.01.2013 02.01.2013 20.12.2012 04.06.2012 10.11.2011

28.03.2013

Yapi ve Kredi Bankasi AS 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YKBNK TI EQUITY YTD Change YKBNK TI EQUITY YTD % CHANGE

12/2012 12/yy 5.90 2.91 26'278'959.00 5.52 -6.44% 89.69% 87.96% 4'347.1 23'995.72 27'412.93 0.0 64.8 19'603.68 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 10'031.9 1'261.4 6.55x

31.12.2009 31.12.2010 9'890.8 9'783.5 1'542.9 2'248.0 9.24x 9.40x Profitability

LTM-4Q 31.12.2011 11'127.5 2'284.7 5.12x

31.12.2012 13'101.8 2'087.7 10.83x 34.10% 34.32% 1.68% 14.63% 5.11% 0.11% 26.3% 20.85% 171.60% -

Price/ Cash Flow

LTM

12/yy 11'127.5 0.00x 0.0 0.00x 2'284.7 5.12x

12/yy 13'101.8 0.00x 0.0 0.00x 2'087.7 10.83x

FY+1

1.40 52.49% 6.15% 1.398 33 4.000 20'700'110 24'102'780 23'934'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'777.8 8'589.3 1'984.0 1'840.0 2'376.5 2'699.7 10.13x 8.78x S&P Issuer Ratings

22.02.2010 BB STABLE 27.05.2004 B 171.6% 63.1% 0.11 3.27 -

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Yapi ve Kredi Bankasi AS Holdings By:

All

Holder Name KOC FINANCIAL SERVIC DODGE & COX BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV EAST CAPITAL ASSET M BNP PARIBAS INV PART GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA JP MORGAN DEKA INTERNATIONAL S BZ WBK TOWARZYSTWO F SWEDBANK ROBUR FONDE DWS INVESTMENT SA HANDELSBANKEN FONDER GOLDMAN SACHS ASSET SOMPO JP NIHON KOA A DEUTSCHE BANK AG EATON VANCE MANAGEME IVY MANAGEMENT INCOR

Firm Name Morgan Stanley FinansInvest Seker Securities Burgan Securities EVA Dimensions Barclays BGC Partners HSBC Societe Generale Goldman Sachs Eczacibasi Securities Oyak Securities BNP Paribas Equity Research Yatirim Finansman Securities Marfin Analysis (ESN) Keefe, Bruyette & Woods VTB Capital ATA Invest Ak Investment Ekspres Invest Credit Suisse Renaissance Capital Global Menkul Degerler Deutsche Bank IS Investment & Securities Garanti Yatirim Menkul Kiymetler Erste Bank Tera Stock Brokers JPMorgan Equita SIM SpA

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MAGDALENA STOKLOSA MUGE DAGISTAN NESLIHAN KARAGOZ NERGIS KASABALI AUSTIN BURKETT CRISTINA MARZEA CAGDAS DOGAN TAMER SENGUN ALAN WEBBORN DMITRY TREMBOVOLSKY SERCAN SOYLU ALPAY DINCKOC SADRETTIN BAGCI ZUMRUT CAN KONSTANTINOS MANOLOPOULOS EKATERINA ISAEVA AKIN TUZUN DERYA GUZEL HAKAN AYGUN CIHAN SARAOGLU ATES BULDUR YAVUZ UZAY SEVGI ONUR KAZIM ANDAC BULENT SENGONUL RECEP DEMIR SEVDA SARP HASAN DEMIR PAUL FORMANKO GIOVANNI RAZZOLI

Source Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Overwt/In-Line underperform outperform buy hold equalweight hold neutral buy Sell/Neutral market perform market perform buy outperform buy outperform hold outperform market perform buy outperform hold buy buy outperform outperform accumulate neutral overweight hold

Amt Held 3'555'712'396 133'779'068 28'212'029 23'754'342 15'438'880 8'671'900 5'861'497 5'767'425 4'237'053 4'168'671 4'085'000 3'392'028 2'701'691 2'660'000 2'596'894 2'529'425 1'976'000 1'722'000 1'459'978 1'453'400

% Out 81.8 3.08 0.65 0.55 0.36 0.2 0.13 0.13 0.1 0.1 0.09 0.08 0.06 0.06 0.06 0.06 0.05 0.04 0.03 0.03

Weighting

Change 5 1 5 5 3 3 3 3 5 1 3 3 5 5 5 5 3 5 3 5 5 3 5 5 5 5 4 3 5 3

M M M M D M M M M M M U M M M M U M M U M M M M M M M D M M

Latest Chg (167'975) (184'875) 1'826'200 470'000 (899) 977'500 (1'755'675) 67'000 2'529'425 (38'000) 322'000 (85'200)

Target Price 5 5 8 7 #N/A N/A 6 6 6 6 4 7 6 6 7 6 6 6 7 6 6 6 5 7 6 7 6 6 5 6 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.01.2013 Unclassified 29.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 9 month 12 month

Date 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 25.03.2013 19.03.2013 12.03.2013 06.03.2013 26.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 05.02.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 21.01.2013 21.01.2013 16.01.2013 18.12.2012 17.12.2012 10.12.2012 19.10.2012 16.10.2012 03.08.2012

28.03.2013

Zorlu Enerji Elektrik Uretim AS 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.

Price/Volume 2

60.0 M

50.0 M

1 1

40.0 M

12/2012 12/yy 1.57 1.00 13'247'156.00 1.56 -0.64% 56.00% 89.47% 500.0 780.00 2'097.50 0.0 3.1 182.08 2'691.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10.0 M

0 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 667.0 3.06x 92.4 22.08x (336.3) -

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZOREN TI EQUITY YTD Change ZOREN TI EQUITY YTD % CHANGE

31.12.2009 31.12.2010 547.4 434.0 4.07x 4.96x 133.9 48.9 16.62x 44.05x 97.9 (66.7) 6.50x Profitability

LTM-4Q 31.12.2011 444.9 5.26x 18.6 126.02x (407.4) -

31.12.2012 525.2 589.2 0.98x 18.55 -50.47 -11.34% -102.24% -4.92% 0.18% 2.4% 21.4% -11.7% 112.2% 0.64 0.23 61.52% 10.13 103.37

Price/ Cash Flow

12/yy 444.9 20.51x 18.6 126.02x (407.4) 0.00x

LTM 12/yy 525.2 9.18x 107.5 0.00x 589.2 1.02x

FY+1

0.88 4.07% 35.65% 0.881 9 3.111 12'095'340 6'931'900 9'916'691 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 822.7 928.6 2.87x 2.84x 167.1 197.8 16.11x 13.61x (22.7) 26.5 S&P Issuer Ratings

0.12 -1.10 15.84 16.88 106.7% 0.18 0.23 36.14 3.54 202.82 -145.11

Sales/Revenue/Turnover

12.00

800.0 700.0

10.00

600.0 8.00

500.0 400.0

6.00

300.0

4.00

200.0 2.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.03.2013

Zorlu Enerji Elektrik Uretim AS Holdings By:

All

Holder Name ZORLU HOLDING AS KORTEKS MENSUCAT AS ZORLU DIS TICARET BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC EATON VANCE ADVISORS EATON VANCE MANAGEME DIMENSIONAL FUND ADV BESSEMER GROUP INCOR

Firm Name FinansInvest Seker Securities Oyak Securities BNP Paribas Equity Research Ekspres Invest Global Menkul Degerler EVA Dimensions Garanti Yatirim Menkul Kiymetler IS Investment & Securities HSBC Yatirim Finansman Securities BGC Partners ATA Invest

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KORAY PAMIR BURAK DEMIRBILEK UYGAR GEZER KENAN COSGUNER SELIM KUNTER SERCAN UZUN AUSTIN BURKETT KERIM GOKOZ ASLI OZATA KUMBARACI LEVENT BAYAR ZUMRUT CAN ZEYNEP KARAMAN ERMAN TUTUNCUOGLU

Source Research Research Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral outperform outperform reduce hold sell sell not rated outperform neutral not rated hold Under Review

Amt Held 115'897'744 49'425'110 11'593'105 1'956'308 1'702'656 993'721 624'600 299'054 34'289 -

% Out 23.18 9.89 2.32 0.39 0.34 0.2 0.12 0.06 0.01 0

Weighting

Change

3 5 5 2 3 1 1 #N/A N/A 5 3 #N/A N/A 3 #N/A N/A

M M U M M M M M M M M M M

Latest Chg 136'782 -

Target Price 2 2 2 1 2 2 #N/A N/A #N/A N/A 2 1 #N/A N/A 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.12.2009 11.12.2009 11.12.2009 25.03.2013 31.07.2012 31.12.2012 31.01.2013 31.01.2013 31.12.2012 31.10.2012

Date 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 27.03.2013 20.02.2013 29.01.2013 22.01.2013 21.01.2013 17.01.2013 04.01.2013 03.01.2013 07.12.2012 13.03.2012 06.01.2012 23.12.2011