Page 1

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 QMS Advisors FlexIndex Istanbul XU100 The Borsa Istanbul National 100 Index is a capitalization-weighted index composed of National Market

October 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

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

TURKIYE GARANTI BANKASI

TRY

16558

57742

4197

23

0

0

13

8754

9029

5441

5967

-

-

-

-

-

0.44

0.44

0.47

4.43

-

4.45

4.16

7.12

97.42

-

-

-

BB+

05.04.2013

Baa2

03.07.2012

AKBANK T.A.S.

TRY

14739

46052

4000

23

0

0

10

7218

7730

4553

4869

-

-

-

-

-

0.46

0.40

0.42

3.96

-

4.57

4.37

10.75

2.81

-

-

-

NR

15.07.2008

Baa2

03.07.2012

TURKIYE HALK BANKASI

TRY

9162

18562

1250

8

0

0

7

5655

5905

3074

3358

-

-

-

-

-

1.11

1.02

1.04

3.28

-

3.54

3.48

11.93

4.86

-

-

-

-

-

Baa2

20.07.2012

HACI OMER SABANCI HOLDING

TRY

9863

3835

2040

12

0

7

6

19.89

5740

4827

13023

14546

2277

2782

-

-

-

0.55

0.49

0.55

4.38

-

4.88

4.35

-23.91

1.10

4.66

4.40

28.54

-

-

-

-

BIM BIRLESIK MAGAZALAR AS

TRY

6255

702

304

0

0

0

0

6.08

4906

5326

5820

6922

243

265

52

52

-

0.59

0.67

0.78

17.31

-

15.30

13.12

10.39

10.79

7.79

12.41

2.46

-

-

-

-

TURKIYE IS BANKASI-C

TRY

11928

38958

4500

20

0

1

10

11091

11159

5112

5410

-

-

-

-

-

0.39

0.35

0.36

3.36

-

3.78

3.67

10.27

3.78

-

-

-

BB+

05.04.2013

Baa2

03.07.2012

TURKCELL ILETISIM HIZMET AS

TRY

12966

9887

2200

2

0

0

3

10.94

5204

5499

5636

6001

1605

1700

-

-

-

0.49

0.50

0.53

6.01

-

5.81

5.47

6.01

2.80

5.59

-0.46

15.31

BB+

19.11.2008

-

-

TURK HAVA YOLLARI AO

TRY

5263

26562

1380

4

0

0

1

9.31

7384

8153

9168

10696

1029

1256

-

-

-

0.43

0.41

0.50

4.44

-

4.62

3.75

12.97

12.44

39.92

8.88

7.63

-

-

-

-

TUPRAS-TURKIYE PETROL RAFINE

TRY

5296

687

250

2

0

0

2

6.94

23294

21236

21156

22279

694

572

194

194

-

2.58

2.10

2.04

4.06

-

4.99

5.14

6.68

5.12

-17.36

0.08

1.33

-

-

(P)Ba1

18.10.2012

KOC HOLDING AS

TRY

11705

5750

2536

6

0

4

4

19.32

42015

38038

39700

41218

3053

2268

-

-

-

0.45

0.47

0.51

5.09

-

4.84

4.48

10.70

2.37

-1.63

3.40

2.95

BBB-

11.04.2013

(P)Baa3

11.04.2013

ANADOLU EFES BIRACILIK VE

TRY

6862

427

592

1

0

0

1

8.88

3178

3850

4544

5129

607

677

306

306

-

2.49

1.08

0.62

2.30

-

5.29

9.24

17.22

12.17

15.04

5.55

8.71

BBB-

14.06.2012

(P)Baa3

10.10.2012

YAPI VE KREDI BANKASI

TRY

9688

31506

4347

14

0

0

10

6489

8142

3867

4175

-

-

-

-

-

0.34

0.29

0.28

3.22

-

3.78

3.90

8.79

13.71

-

-

-

BB+

05.04.2013

Baa2

04.07.2012

COCA-COLA ICECEK AS

TRY

6488

188

254

1

0

0

0

7.33

2047

2334

2584

3044

332

386

171

171

-

1.14

0.87

1.06

11.07

-

14.45

11.93

10.52

9.57

20.08

7.47

8.19

-

-

(P)Baa3

16.09.2013

TURK TELEKOMUNIKASYON AS

TRY

12169

2392

3500

3

0

0

0

15.84

6293

6471

6620

6892

2446

2392

-

-

-

0.29

0.31

0.36

5.96

-

5.55

4.85

3.18

2.82

2.12

2.40

18.30

-

-

-

-

TURKIYE VAKIFLAR BANKASI T-D

TRY

5708

31048

2500

11

0

0

7

5611

5948

3187

3518

-

-

-

-

-

0.33

0.30

0.32

3.39

-

3.72

3.52

12.99

5.49

-

-

-

BB+

05.04.2013

Baa2

04.07.2012

EREGLI DEMIR VE CELIK FABRIK

TRY

4438

23921

3500

2

0

0

1

5.53

4740

4870

4917

5321

511

766

125

125

-

0.10

0.12

0.12

6.51

-

5.44

5.18

3.61

3.96

-25.03

-1.00

7.79

B+

28.06.2013

-

-

ENKA INSAAT VE SANAYI AS

TRY

9509

3988

3200

0

0

0

2

8.16

5100

5845

5798

6202

659

847

212

212

-

0.18

0.20

0.22

8.25

-

7.36

6.71

11.08

4.57

-0.89

2.62

7.17

-

-

-

-

TAV HAVALIMANLARI HOLDING AS

TRY

2564

1453

363

2

0

0

0

4.06

1271

1342

1554

1743

239

256

178

178

-

0.41

0.53

0.65

8.56

-

6.65

5.38

12.84

6.85

18.58

2.25

9.44

-

-

-

-

ARCELIK AS

TRY

3932

690

676

2

0

0

1

5.30

5228

5184

5634

6293

511

518

281

281

-

0.38

0.45

0.53

7.60

-

6.35

5.44

12.44

4.53

8.73

4.59

4.95

BB+

14.03.2013

-

-

FORD OTOMOTIV SANAYI AS

TRY

4832

334

351

1

0

0

0

5.45

4838

5094

5347

6135

372

388

-

-

-

1.10

0.97

1.09

6.20

-

7.00

6.23

-3.21

5.19

-6.84

-0.68

3.77

-

-

-

-

EMLAK KONUT GAYRIMENKUL YATI

TRY

3380

5822

2500

0

0

0

1

2.75

498

859

849

929

196

327

95

95

-

0.19

0.16

0.16

3.52

-

4.19

4.06

19.90

-

61.67

-

24.14

-

-

-

-

TOFAS TURK OTOMOBIL FABRIKA

TRY

3046

1801

500

1

0

0

1

3.21

3321

3365

3554

4004

413

407

-

-

-

0.44

0.47

0.52

6.93

-

6.39

5.84

-4.26

2.28

2.83

13.28

5.99

-

-

-

KOZA ALTIN ISLETMELERI AS

TRY

2424

707

153

0

0

0

0

2.02

517

445

460

544

400

335

331

331

-

1.74

1.71

1.88

4.52

-

4.61

4.18

14.59

-

15.16

23.58

37.35

-

-

-

-

TURK SISE VE CAM FABRIKALARI

TRY

2163

3174

1571

1

0

0

1

3.37

2646

2688

2901

3357

465

411

-

-

-

0.08

0.13

0.16

8.81

-

5.44

4.36

3.62

3.84

-12.17

2.88

7.58

BB+

24.04.2013

(P)Ba1

24.04.2013

ULKER BISKUVI SANAYI AS

TRY

2337

663

342

1

0

0

1

2.58

1159

1251

1314

1446

108

130

-

-

-

0.23

0.27

0.35

14.64

-

12.36

9.67

14.92

6.45

90.15

8.38

5.15

-

-

-

-

PETKIM PETROKIMYA HOLDING AS

TRY

1347

5641

1000

0

0

0

0

1.36

2154

1943

2165

2389

6

60

-

-

-

0.03

0.04

0.07

20.30

-

18.71

8.98

5.82

4.85

-43.90

-21.17

1.54

-

-

-

-

TURKIYE SINAI KALKINMA BANK

TRY

1152

2940

1300

4

0

0

0

350

351

265

300

-

-

-

-

-

0.12

0.12

0.14

3.58

-

3.53

3.17

4.80

8.05

-

-

-

-

-

-

-

ASYA KATILIM BANKASI AS

TRY

851

7291

900

1

0

0

2

1144

1213

752

891

-

-

-

-

-

0.10

0.13

0.16

4.73

-

3.70

2.90

11.61

6.45

-

-

-

-

-

-

-

TURK TRAKTOR VE ZIRAAT MAKIN

TRY

1559

270

53

0

0

0

0

1.60

978

939

1077

1184

155

148

-

-

-

2.22

2.62

2.82

6.52

-

5.53

5.14

4.77

13.44

-1.49

12.31

7.79

-

-

-

-

KARDEMIR KARABUK DEMIR-CL D

TRY

799

36027

1055

0

0

0

0

1.08

835

818

787

932

153

121

43

43

-

0.03

0.05

0.09

8.07

-

5.95

3.18

3.15

6.79

0.82

4.17

7.35

-

-

-

-

KOZA ANADOLU METAL MADENCILI

TRY

792

7596

388

0

0

0

1

0.70

586

523

526

604

366

290

305

305

-

0.65

0.22

0.24

1.54

-

4.58

4.27

16.29

20.68

12.74

25.43

27.49

-

-

-

-

DOGAN SIRKETLER GRUBU HLDGS

TRY

1068

6534

2450

1

0

0

1

1.60

1563

1639

1687

1831

165

214

-

-

-

0.01

0.02

0.03

28.80

-

13.62

7.78

4.99

-6.33

14.36

-4.77

6.46

-

-

-

-

AYGAZ AS

TRY

1343

115

300

0

0

0

0

1.37

2767

2823

2918

3073

121

126

-

-

-

0.43

0.42

0.46

5.19

-

5.23

4.86

1.18

5.57

2.36

-0.58

2.20

-

-

-

-

ASELSAN ELEKTRONIK SANAYI

TRY

2174

1026

500

0

0

0

0

2.31

809

901

979

1137

125

-

183

183

-

0.11

0.30

0.37

20.17

-

7.21

5.84

4.32

13.61

-6.44

4.55

-

-

-

-

-

TEKFEN HOLDING AS

TRY

837

2228

370

0

0

0

1

0.66

2019

1988

2005

2098

140

50

8

8

-

0.21

0.23

0.30

5.40

-

4.89

3.78

13.34

5.87

-12.85

3.70

1.25

-

-

-

-

AKSA AKRILIK KIMYA SANAYII

TRY

782

453

185

0

0

0

0

0.86

805

786

796

837

97

108

-

-

-

0.31

0.35

0.30

6.75

-

5.93

6.90

-1.48

6.64

0.70

16.46

6.80

-

-

-

-

MIGROS TICARET A.S

TRY

1495

789

178

1

0

0

1

2.21

3211

3361

3592

4014

199

200

-

-

-

-0.48

0.18

0.42

-

-

23.00

9.93

6.28

3.82

3.21

2.16

2.95

-

-

-

-

YAZICILAR HOLDING AS-A

TRY

1557

1779

160

0

0

0

1

2.26

681

739

805

904

227

149

-

-

-

2.58

0.68

1.03

1.87

-

7.10

4.68

12.90

5.43

32.29

10.27

10.01

-

-

-

-

DOGUS OTOMOTIV SERVIS VE TIC

TRY

952

1991

220

0

0

0

1.36

2542

2802

2895

3045

161

161

-

-

-

0.52

0.54

0.55

4.10

-

3.98

3.89

3.34

11.43

9.48

12.50

2.84

-

-

-

-

IPEK DOGAL ENERJI KAYNAKLARI

TRY

677

4717

260

0

0

1

1

0.84

586

531

577

666

352

291

341

341

-

0.10

0.21

0.24

13.35

-

6.20

5.48

14.94

21.51

10.14

25.60

27.13

-

-

-

-

TRAKYA CAM SANAYII AS

TRY

844

4513

710

0

0

0

0

0.87

619

603

683

872

100

89

-

-

-

0.04

0.07

0.11

15.14

-

8.31

5.55

-0.25

3.07

-21.38

-2.88

7.44

-

-

-

-

CIMSA CIMENTO SANAYI VE TIC

TRY

863

207

135

0

0

0

0

0.98

425

461

469

512

104

116

-

-

-

1.04

0.48

0.56

3.03

-

6.63

5.69

3.48

3.32

1.70

-0.19

12.50

-

-

-

-

BIZIM TOPTAN SATIS MAGAZALAR

TRY

517

40

40

0

0

0

0

0.50

978

1057

1144

1315

34

37

41

41

-

0.37

0.46

0.54

17.42

-

14.05

11.81

6.88

-

4.97

11.70

1.73

-

-

-

-

EIS ECZACIBASI ILAC VE SINAI

TRY

690

2192

548

0

0

0

0

0.39

538

558

8

12

-

-

-

0.06

10.50

-

5.78

4.89

-32.59

-8.60

1.10

-

-

-

-

IS GAYRIMENKUL YATIRIM ORTAK

TRY

415

2248

630

0

0

0

0

0.45

65

62

115

77

44

47

21

21

-

0.05

0.07

0.05

7.09

-

4.61

5.93

3.38

4.05

-2.45

3.93

37.79

-

-

-

-

OTOKAR OTOMOTIV VE SAVUNMA

TRY

734

141

24

0

0

0

0

0.87

497

633

613

590

60

77

39

39

-

1.95

1.96

2.25

7.78

-

7.72

6.72

6.34

17.58

13.03

10.10

6.01

-

-

-

-

AKSA ENERJI URETIM AS

TRY

896

785

613

1

0

0

0

1.42

912

875

921

1065

160

137

24

24

-

0.02

0.05

0.10

29.63

-

13.28

6.96

20.20

-

5.22

-

8.00

-

-

-

-

IHLAS HOLDING

TRY

301

17351

790

0

0

0

0

0.48

323

389

1

0

-

-

-

-0.11

-

-

-0.37

7.52

-

-20.41

-0.06

-

-

-

-

AKFEN HOLDING AS

TRY

608

356

291

1

0

0

0

1.29

557

275

524

605

137

114

-

-

-

0.05

0.25

0.35

20.67

-

4.11

2.93

-8.37

-

1.13

21.48

14.35

-

-

-

-

ALARKO HOLDING

TRY

633

304

223

0

0

0

0

0.43

802

674

1060

1041

33

39

-

-

-

0.22

0.27

0.33

6.51

-

5.15

4.22

11.08

13.25

-26.14

2.93

2.85

-

-

-

-

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

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

ANADOLU HAYAT EMEKLILIK

TRY

789

103

350

0

0

0

0

3.02

291

293

244

304

-

-

-

-

-

-

0.11

0.14

-

-

10.24

8.14

-2.55

-1.23

-

-

-

-

-

-

-

GUBRE FABRIKALARI TAS

TRY

608

1667

84

0

0

0

0

0.86

1103

1090

1161

1289

264

-

-

-

-

1.34

0.87

1.07

2.70

-

4.12

3.36

-1.08

10.17

-5.80

31.36

-

-

-

-

-

ANADOLU ANONIM TURK SIGORTA

TRY

319

1676

500

0

0

0

0

961

1214

1142

1287

-

-

-

-

-

-0.02

0.03

0.04

-

-

10.14

7.70

15.17

9.03

-

-

-

-

-

-

-

PARK ELEKTRIK URETIM MADENCI

TRY

417

913

149

0

0

0

0

0.31

131

121

140

182

79

65

21

21

-

0.26

0.35

0.45

5.44

-

3.99

3.09

26.52

19.22

28.93

14.97

26.74

-

-

-

-

DOGAN YAYIN HOLDING AS

TRY

664

2087

2000

1

0

0

0

1.56

1251

1286

1363

1455

164

-

-

-

-

0.00

0.02

0.02

76.34

-

6.91

6.64

-1.67

-0.48

5.04

2.09

-

-

-

-

-

AKENERJI ELEKTRIK URETIM AS

TRY

473

710

729

1

0

0

0

1.20

397

334

346

596

71

90

-

-

-

-0.08

0.01

0.02

-

-

58.98

15.45

21.40

6.16

17.58

-

13.30

-

-

-

-

TORUNLAR GAYRIMENKUL YATIRIM

TRY

839

379

500

1

0

0

0

1.33

112

122

336

231

61

62

163

163

-

0.26

0.36

0.37

3.16

-

2.33

2.25

19.40

-

30.21

-

25.27

-

-

-

-

NET HOLDING AS

TRY

435

744

366

0

0

0

0

0.60

53

68

146

-6

5

32

32

-

0.09

0.09

6.25

-

6.26

-3.35

9.36

-13.50

-

3.84

-

-

-

-

HALK GAYRIMENKUL YATRM ORTAK

TRY

417

4618

485

0

0

0

0

0.46

3

0.06

-

-

4.76

-35.52

-

-

-

-

-

-

-

-

SINPAS GAYRIMENKUL YATIRIM O

TRY

315

3579

600

0

0

0

0

0.52

299

0.11

5.05

-

2.46

-3.89

178.21

-33.45

-

5.17

-

-

-

-

BESIKTAS FUTBOL YATIRIMLAR

TRY

320

79637

110

0

0

0

0

0.37

73

TURK EKONOMI BANKASI

TRY

2577

144

2204

5

0

0

4

GOLTAS GOLLER BOLGESI CIMENT

TRY

179

339

7

0

0

0

0

BAGFAS BANDIRMA GUBRE FABRIK

TRY

179

261

9

0

0

0

0

GSD HOLDING

TRY

152

4444

250

0

0

0

0

ANADOLU CAM SANAYII AS

TRY

491

221

415

0

0

0

0

SEKERBANK

TRY

931

299

1000

1

0

0

1

KONYA CIMENTO SANAYII AS

TRY

606

20

5

0

0

0

0

KARTONSAN KARTON SANAYI

TRY

341

92

3

0

0

0

0

NETAS TELEKOMUNIKASYON AS

TRY

240

598

65

0

0

0

BRISA BRIDGESTONE SABANCI

TRY

801

754

305

0

0

GALATASARAY SPORTIF SINAI

TRY

184

337

9

0

BORUSAN MANNESMANN BORU SANA

TRY

462

53

28

0

GOODYEAR LASTIKLERI TURK AS

TRY

329

158

12

KARSAN OTOMOTIV

TRY

232

8322

TURCAS PETROL A.S.

TRY

318

GLOBAL YATIRIM HOLDING AS

TRY

FENERBAHCE FUTBOL ANONIM SIR

266

67

26

15

-

45

45

-

-

315

344

23

28

56

56

-

0.05

-18

-

-

-

-

-

-

-

-1.95

8.07

-

-

-

-

-

-

-

-

-

-

-

-

0.13

4.38

-

17.13

11.27

-

-

-

-

-

-

-

30

28

34

34

-

1.02

2.28

2.55

12.04

-

5.41

4.84

11.73

5.82

17.17

-3.18

9.35

-

-

-

-

18

9

17

17

-

-2.03

1.20

1.50

-

-

8.18

6.58

5.90

0.47

-29.63

-3.32

2.80

-

-

-

-

33

-

-

-

-

0.04

6.92

-

-

-

-

-

-

-

-

-

-

2495

2595

0.21

144

149

150

0.21

180

161

186

184

239 0.96

0.09

3.00

731

743

792

880

144

125

-

-

-

0.10

0.11

0.14

6.08

-

5.17

4.11

7.21

2.85

-3.84

1.61

8.34

-

-

-

-

1136

1101

627

714

-

-

-

-

-

0.12

0.12

0.13

3.81

-

4.00

3.45

13.67

3.75

-

-

-

-

-

(P)Ba1

03.04.2013

0.57

117

126

115

24

23

27

27

-

3.35

4.27

4.63

18.37

-

14.42

13.31

-0.30

4.23

-0.26

-3.07

9.18

-

-

-

-

0.32

105

102

19

15

-

-

-

4.24

14.02

-

0.40

5.11

-10.04

7.27

7.45

-

-

-

-

0

0.21

272

276

13

11

-

-

-

0.07

25.48

-

31.37

13.25

-0.36

-

1.89

-

-

-

-

0

0

1.08

705

713

102

125

-

-

-

-1.68

-

-

2.80

6.97

14.81

6.05

8.71

-

-

-

-

0

0

0

0.28

160

152

-3

5

-

-

-

-2.97

-

-

21.57

30.40

-

-

1.75

-

-

-

-

0

0

0

0.59

706

596

41

-

-

-

-

0.19

41.58

-

3.53

0.32

-11.26

3.17

-

-

-

-

-

0

0

0

0

0.32

562

545

47

48

-

-

-

2.31

5.91

-

-4.05

4.68

-1.94

6.94

4.37

-

-

-

-

282

0

0

0

0

0.42

289

414

454

410

0

7

22

22

-

-0.10

-0.03

0.02

-

-

12.63

-13.37

26.54

-

-

0.80

-

-

-

-

885

225

0

0

0

0

0.43

12

18

15

16

-5

-6

-

-

-

0.12

0.12

0.18

5.66

-

3.79

55.53

8.04

-10.54

-

-15.44

-

-

-

-

143

229

225

0

0

0

0

0.52

151

93

147

166

13

-

39

39

-

0.28

-0.01

0.02

1.13

-

15.85

-4.34

35.38

-

-1.21

-

-

-

-

-

TRY

376

566

25

0

0

0

0

0.45

122

116

20

25

-

-

-

-0.28

-

-

-0.01

19.79

-

-1.49

10.44

-

-

-

-

TAT KONSERVE

TRY

173

225

136

0

0

0

0

0.30

385

389

436

495

23

25

-

-

-

0.09

0.07

0.10

6.65

-

8.90

6.15

1.26

5.24

13.00

1.42

3.15

-

-

-

-

TEKNOSA IC VE DIS TICARET AS

TRY

640

173

110

0

0

0

0.56

1154

1332

1451

1736

39

-

62

62

-

0.24

0.26

0.31

11.92

-

11.15

9.45

19.58

-

-

-

-

-

-

-

-

ECZACIBASI YATIRIM HOLDING

TRY

212

331

70

0

0

0

0

0.14

849

686

-4

-2

-

-

-

0.10

15.49

-

-13.71

-0.45

15.60

-

-0.14

-

-

-

-

VESTEL ELEKTRONIK SANAYI

TRY

316

928

335

0

0

0

0

0.81

3722

3217

56

108

190

190

-

-0.26

-

-

3.82

4.52

-40.54

6.02

1.66

B-

22.12.2008

WR

22.03.2001

GOZDE GIRISIM SERMAYESI YATI

TRY

284

266

134

0

0

0

0

0.71

TEKSTIL BANKASI AS

TRY

310

3608

420

0

0

0

0

OMV PETROL OFISI AS-A SH

TRY

1299

99

578

2

0

0

0

ITTIFAK HOLDING A.S

TRY

67

1056

60

0

0

0

ZORLU ENERJI ELEKTRIK URETIM

TRY

322

4409

500

1

0

SASA POLYESTER SANAYI

TRY

96

2646

216

0

IZMIR DEMIR CELIK SANAYI AS

TRY

420

2491

375

ALKIM ALKALI KIMYA A.S

TRY

146

134

METRO TICARI VE MALI YATIRIM

TRY

79

4864

ALARKO GAYRIMENKUL YATIRIM

TRY

102

HURRIYET GAZETECILIK VE MATB

TRY

194

ANADOLU ISUZU OTOMOTIV SAN-C

TRY

240

IHLAS EV ALETLERI IMALAT

TRY

MUTLU AKU

767

4334

849

4687

79

0.17

-0.17

0.17

0.01

7.72

5.60

7.50

31.37

16

30

-

-

-

0.20

5.31

-

6.83

-

-

-

-

-

-

-

-

188

178

-

-

-

-

-

0.02

16.04

-

10.55

-0.74

-

-

-

-

-

-

-

2.99

10006

10985

305

297

-

-

-

-0.02

-

-

1.66

4.33

7.18

-0.46

1.34

NR

07.02.2011

-

-

0

0.20

465

471

-1

0

-

-

-

-0.15

-

-

1.26

-

-

-

-0.02

-

-

-

-

0

0

1.70

260

245

326

437

38

35

69

69

-

0.41

0.78

-

8.94

3.71

155.63

4.87

7.05

-

-

-

-

0

0

0

0.21

495

502

536

556

6

5

24

24

-

-0.06

-

-

5.22

16.58

-43.19

29.22

0.47

-

-

-

-

0

0

0

0

0.72

792

753

834

942

-3

-2

5

5

-

-0.08

-

-

6.07

6.61

-

-

-0.16

-

-

-

-

25

0

0

0

0

0.18

104

108

117

123

16

18

25

25

-

0.35

8.29

-

2.86

5.38

-2.92

-0.34

8.27

-

-

-

-

300

0

0

0

0

0.12

422

397

22

25

-

-

-

0.00

-

-

-3.74

109.01

-2.94

36.12

3.13

-

-

-

-

86

11

0

0

0

0

0.03

8

13

14

7

4

-

10

10

-

2.00

1.89

0.76

2.36

-

2.50

6.21

-11.04

66.61

-

4.50

-

-

-

-

-

3472

552

0

0

0

0

0.39

423

419

443

469

51

53

-

-

-

-0.01

0.00

0.02

-

-

58.61

7.03

-0.89

-1.81

5.94

-5.69

6.25

-

-

-

-

222

25

0

0

0

0

0.29

266

286

7

9

-

-

-

0.22

21.55

-

6.61

4.82

-25.05

-9.06

1.57

-

-

-

-

50

2968

191

0

0

0

0

0.05

50

53

0

-

-

-

-

-0.03

-

-

1.01

4.40

47.93

-

-

-

-

-

-

TRY

163

781

57

0

0

0

0

0.20

217

209

229

246

26

26

27

27

-

0.28

5.07

-

1.99

1.48

2.28

8.92

6.25

-

-

-

-

CELEBI HAVA SERVISI

TRY

158

109

24

0

0

0

0

0.30

266

260

271

303

41

42

-

-

-

-0.03

-

-

6.73

4.26

2.26

0.88

7.98

-

-

-

-

AFYON CIMENTO

TRY

70

52

3

0

0

0

0

0.07

20

24

-2

-1

-

-

-

-0.79

-

-

-4.82

2.77

-14.89

-

-1.98

-

-

-

-

ANEL ELEKTRIK PROJE TAAHHUT

TRY

67

916

110

0

0

0

0

0.16

152

167

177

196

7

-

15

15

-

-0.01

0.06

0.09

-

-

5.08

3.21

-6.94

-

-30.35

-

-

-

-

-

-

BANVIT BANDIRMA VITAMINLI YE

TRY

142

409

100

0

0

0

0

0.39

625

723

807

924

40

47

-

-

-

-0.07

0.04

0.14

-

-

16.47

4.92

6.42

4.53

46.64

-0.78

3.23

-

-

-

-

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

-0.06

-0.04

0.39

0.03

0.03

0.75

11.10

15.99

8.19

4.31


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

%D to Spot

S&P 500 INDEX

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

TURKIYE GARANTI BANKASI

1.62

1.40

1.27

1.13

3.04

2.78

2.50

6.22

5.14

4.65

4.15

AKBANK T.A.S.

1.44

1.28

1.15

1.03

3.24

3.03

2.67

TURKIYE HALK BANKASI

1.69

1.35

1.15

1.00

2.98

2.73

2.23

HACI OMER SABANCI HOLDING

1.24

1.11

0.99

0.89

0.79

0.76

0.68

0.62

BIM BIRLESIK MAGAZALAR AS

16.76

12.81

10.76

9.18

1.27

1.07

0.90

0.78

TURKIYE IS BANKASI-C

1.14

0.98

0.88

0.79

2.56

2.33

2.20

1.95

TURKCELL ILETISIM HIZMET AS

2.05

1.93

2.03

1.93

2.54

2.30

2.16

2.06

TURK HAVA YOLLARI AO

2.06

1.61

1.35

1.15

0.71

0.57

0.49

TUPRAS-TURKIYE PETROL RAFINE

2.32

2.16

2.03

1.76

0.23

0.25

KOC HOLDING AS

1.42

1.23

1.09

0.98

0.28

0.29

ANADOLU EFES BIRACILIK VE

2.49

1.54

1.46

1.38

2.17

YAPI VE KREDI BANKASI

1.36

1.09

0.96

0.87

COCA-COLA ICECEK AS

6.93

5.73

4.95

4.16

3.41

TURK TELEKOMUNIKASYON AS

3.62

4.09

3.64

3.53

2.97

TURKIYE VAKIFLAR BANKASI T-D

1.01

0.89

0.79

EREGLI DEMIR VE CELIK FABRIK

1.27

1.09

ENKA INSAAT VE SANAYI AS

2.04

TAV HAVALIMANLARI HOLDING AS

3.86

2.42

6.47 5.71

6.46

6.24

5.87

0.71

7.03

5.01

4.71

4.73

0.68

25.14

20.25

18.78

16.50

4.12

3.93

3.49

3.16

2.00

9.71

8.33

7.96

6.56

0.44

0.33

5.32

4.21

3.90

3.39

0.24

0.23

0.22

5.68

7.94

8.68

5.56

0.28

0.28

0.32

9.91

12.59

6.96

5.89

1.51

1.34

1.18

11.92

6.02

8.99

7.53

2.80

2.51

2.32

2.02

5.11

4.21

3.75

3.15

3.18

2.51

2.13

1.82

1.71

25.27

19.88

16.50

13.39

1.94

1.84

1.77

1.69

1.65

6.00

6.52

5.61

5.50

0.71

1.96

1.79

1.62

1.42

1.55

2.68

6.23

5.69

4.85

1.02

0.96

0.96

0.90

0.83

0.80

0.72

7.90

7.31

7.57

5.57

10.26

7.35

6.55

6.24

1.78

1.61

1.46

1.99

1.64

1.53

1.55

1.57

15.00

13.22

12.05

11.93

11.99

9.64

8.84

3.68

3.10

2.61

2.21

2.10

1.65

1.47

1.37

1.24

12.31

8.16

6.70

6.13

11.37

8.37

ARCELIK AS

2.08

1.95

1.79

1.64

0.75

0.70

0.62

0.56

0.54

17.86

10.13

8.82

7.35

9.90

FORD OTOMOTIV SANAYI AS

4.81

4.46

4.10

3.76

0.99

0.90

0.79

0.70

0.66

15.58

11.39

10.21

9.17

EMLAK KONUT GAYRIMENKUL YATI

1.59

1.47

1.33

1.17

6.71

3.98

3.64

2.75

4.19

14.22

8.67

6.50

6.71

TOFAS TURK OTOMOBIL FABRIKA

3.03

3.05

2.89

2.72

2.46

0.89

0.86

0.76

0.68

0.57

8.76

7.67

7.13

6.65

7.64

KOZA ALTIN ISLETMELERI AS

3.44

2.85

2.34

1.97

1.82

4.73

5.27

4.46

4.38

4.05

6.99

8.54

7.96

7.41

7.55

TURK SISE VE CAM FABRIKALARI

0.91

0.87

0.79

0.73

0.81

0.75

0.64

0.60

0.56

5.12

4.96

4.26

3.45

6.45

6.29

5.06

ULKER BISKUVI SANAYI AS

5.00

4.33

3.92

3.72

2.05

1.78

1.62

1.49

1.42

10.59

23.39

18.65

15.51

23.48

17.52

14.85

PETKIM PETROKIMYA HOLDING AS

1.55

1.56

1.48

1.40

0.60

0.62

0.56

0.51

0.47

25.19

27.20

13.47

9.07

65.50

14.22

9.52

6.66

1.21

1.05

0.91

4.34

3.84

3.60

TURKIYE SINAI KALKINMA BANK ASYA KATILIM BANKASI AS

0.67

0.60

0.55

TURK TRAKTOR VE ZIRAAT MAKIN

4.95

4.25

3.76

3.45

KARDEMIR KARABUK DEMIR-CL D

1.08

0.88

0.79

0.70

KOZA ANADOLU METAL MADENCILI

1.04

1.10

1.01

0.93

DOGAN SIRKETLER GRUBU HLDGS

0.62

0.66

0.63

0.63

AYGAZ AS

1.09

1.16

1.10

1.04

ASELSAN ELEKTRONIK SANAYI

2.37

3.31

2.75

TEKFEN HOLDING AS

0.81

0.81

MIGROS TICARET A.S

2.28

YAZICILAR HOLDING AS-A DOGUS OTOMOTIV SERVIS VE TIC

7.34

1.97

1.31

3.47

13.33

6.65

4.46

5.36

37.07

9.75

8.98

8.40

7.09

2.04

2.26

2.95

3.48

8.85

11.2%

10.94

9.23

8.83

7.34

1.84

2.31

3.06

3.80

8.19

10.1%

7.40

7.16

7.02

6.10

2.57

3.03

2.93

3.34

18.45

24.7%

1.16

1.41

1.67

2.04

11.06

13.3%

1.82

2.44

2.75

3.28

43.73

5.1%

2.38

2.81

2.98

3.73

5.83

9.1%

9.65

7.13

6.81

7.01

0.39

1.40

1.88

2.91

8.45

7.65

6.86

6.22

6.20

11.10

9.86

8.78

7.83

24.81

21.00

17.56

15.18

13.32

37.11

30.88

26.50

23.10

7.44

7.63

7.41

6.46

20.15

11.12

7.02

6.33

5.82

5.45

5.41

12.95

11.74

11.05

11.03

8.41

6.65

5.68

4.95

3.42

10.45

9.33

7.56

7.03

9.00

11.12

9.56

5.96

5.43

8.84

10.07

10.37

7.62

6.39

9.23

7.39

7.85

9.40

6.35

6.83

6.33

5.92

7.38

10.90

9.77

9.04

7.62

7.70

1.98

2.49

2.95

3.36

13.83

10.95

9.34

8.00

20.67

10.69

18.66

15.97

1.88

1.83

2.18

2.62

9.91

7.64

7.88

6.53

0.00

1.91

2.38

2.40

21.83

17.05

14.16

11.72

10.08

33.70

29.18

24.09

19.50

16.78

0.94

0.86

1.23

1.42

1.38

6.26

6.27

5.99

5.75

5.67

9.19

11.21

9.79

9.35

8.78

9.29

8.36

9.07

9.56

10.19

7.50

6.9%

8.09

7.51

7.11

5.87

0.20

0.89

1.24

1.69

4.88

5.9%

6.12

17.53

10.99

10.45

9.38

3.13

2.38

3.16

3.95

2.78

8.7%

8.83

9.03

17.60

14.85

13.54

13.13

1.55

1.65

1.90

1.98

6.24

4.0%

7.21

6.69

5.85

19.49

13.43

10.87

9.41

2.22

3.26

4.26

5.19

14.38

0.9%

9.00

7.91

6.98

6.75

13.73

12.83

10.99

9.62

3.80

4.53

4.94

5.60

12.76

8.6%

14.23

13.11

10.46

8.54

7.77

15.02

14.13

12.58

10.74

5.35

5.36

6.27

7.74

9.46

26.68

-4.0%

14.89

7.68

6.82

5.84

9.22

16.06

8.45

8.20

6.61

2.53

4.14

4.73

5.60

3.52

28.8%

7.89

7.56

6.96

6.37

5.80

13.70

12.91

11.78

10.77

9.92

5.16

7.14

7.00

7.29

9.11

13.40

9.0%

5.03

6.11

5.51

5.34

5.05

7.76

9.32

8.45

8.33

9.61

2.38

2.88

3.11

3.15

4.10

37.35

16.4%

4.59

4.47

12.52

10.99

8.80

7.34

0.76

1.47

1.76

2.37

3.02

8.6%

12.86

12.05

26.04

24.95

19.52

17.34

2.17

2.83

3.04

3.93

13.36

-3.2%

5.27

1360.00

37.78

18.13

12.36

0.99

1.65

3.09

3.75

2.93

7.8%

7.13

6.39

5.77

2.68

3.24

3.91

2.42

35.4%

2.30

20.5%

9.00

1.13

0.96

0.89

7.46

5.86

5.23

1.61

1.45

1.32

1.23

1.22

18.10

17.33

13.59

28.10

10.32

9.28

8.35

7.71

7.66

12.07

11.16

10.37

9.24

0.62

0.95

1.02

0.86

0.66

0.57

4.19

4.52

3.65

2.69

7.46

9.12

7.09

5.33

5.04

5.26

12.02

6.42

5.85

3.90

0.70

1.39

1.50

1.31

1.23

0.99

2.61

2.78

2.47

2.01

1.54

6.98

0.68

0.63

0.58

0.56

5.50

5.18

2.26

2.26

0.49

0.46

0.44

0.43

0.43

16.14

10.12

9.80

9.13

2.27

2.60

2.22

1.91

1.66

1.51

11.11

13.10

0.75

0.69

0.42

0.42

0.40

0.39

5.28

10.34

6.46

4.94

0.99

0.98

0.93

0.84

2.28

2.12

1.91

0.46

0.42

0.37

0.33

0.31

11.74

10.37

7.27

6.43

5.00

1.16

0.69

0.64

0.59

1.46

1.93

1.72

1.53

1.89

1.62

1.53

1.43

1.20

0.38

0.33

0.31

0.30

0.27

9.73

11.02

8.65

8.59

7.28

IPEK DOGAL ENERJI KAYNAKLARI

0.93

0.87

0.81

0.76

0.73

1.17

1.17

1.02

0.81

0.82

2.23

2.40

2.15

1.75

1.91

TRAKYA CAM SANAYII AS

0.93

0.83

0.79

0.73

0.71

1.37

1.24

0.97

0.88

0.75

8.33

6.43

5.25

4.14

CIMSA CIMENTO SANAYI VE TIC

1.97

1.63

1.60

1.54

1.57

2.06

1.84

1.69

1.55

1.55

9.53

9.25

8.01

7.73

BIZIM TOPTAN SATIS MAGAZALAR

9.15

7.10

6.09

5.17

0.53

0.45

0.39

0.34

0.30

24.39

21.88

18.13

15.19

EIS ECZACIBASI ILAC VE SINAI

0.51

IS GAYRIMENKUL YATIRIM ORTAK

0.75

0.65

0.63

0.59

6.39

3.61

5.40

4.43

2.63

13.30

5.96

9.30

6.82

4.97

4.40

5.06

1.55

1.20

1.24

1.18

1.02

1.73

1.55

1.39

1.24

0.95

0.97

0.84

0.69

0.72

4.72

4.74

5.86

4.24

AKFEN HOLDING AS

0.81

0.44

0.39

0.29

1.14

1.16

1.01

2.12

1.24

5.70

2.37

2.32

ALARKO HOLDING

1.17

1.05

0.91

0.81

0.80

0.60

0.61

0.68

7.43

6.09

5.78

1.11

AKSA AKRILIK KIMYA SANAYII

OTOKAR OTOMOTIV VE SAVUNMA AKSA ENERJI URETIM AS

1.47

2.18

9.93

7.17

1.83

2.30

1.98

2.00

10.03

7.89

6.88

6.43

10.28

10.41

9.72

8.83

14.02

12.61

10.61

9.03

3.88

6.29

3.88

3.59

7.32

9.24

8.62

8.13

11.89

27.50

15.71

12.22

10.36

9.06

10.56

9.80

8.82

8.04

12.54

14.56

11.79

5.55

9.87

7.64

8.25

7.68

7.66

5.87

10.83

10.11

8.94

8.02

13.49

21.72

18.86

17.06

8.37

8.59

8.07

7.63

6.98

2.28

2.47

2.09

1.76

7.47

6.92

4.83

12.94

8.7%

8.74

13.5%

12.34

46.01

7.8%

4.51

9.70

4.1%

26.06

11.4%

5.03

11.7%

55.31

7.4%

1.15

1.68

6.26

6.57

7.26

8.81

62.76

6.4%

3.89

2.83

3.63

4.69

1.27

12.0%

9.22

5.83

7.52

4.89

18.8%

1.21

37.5%

10.23

13.2%

0.00

0.00

5.32

8.23

6.04

6.53

9.24

2.33

1.82

2.28

3.22

9.19

4.6%

7.05

5.30

4.95

3.48

4.53

6.34

38.7%

3.86

3.51

3.63

4.57

8.27

-3.2%

0.00

0.00

0.00

1.07

23.58

39.1%

1.27

1.22

0.64

4.83

23.63

20.3%

5.58

9.86

8.33

8.92

11.07

26.6%

6.65

8.92

11.98

13.93

8.80

25.76

46.44

20.06

15.72

11.56

14.34

9.45

7.91

7.75

8.03

7.85

7.19

6.78

1.92

13.15

12.52

11.07

10.12

10.96

3.78

3.25

20.34

16.78

11.21

8.60

7.06

0.67

0.88

1.58

1.75

7.75

9.16

11.23

9.51

7.44

4.80

-8.8%

6.25

2.96

23.2%

8.68

13.05

1.2%

31.59

21.0%

9.36

8.53

7.84

7.19

7.11

15.71

13.40

11.49

11.11

9.31

5.35

5.99

7.29

7.16

14.58

12.30

10.33

8.69

7.67

35.75

28.37

23.84

19.18

16.11

1.33

1.46

1.90

2.41

3.00

18.1%

10.12

7.80

9.03

7.85

4.37

12.91

9.30

11.98

10.64

3.61

3.68

3.68

3.68

1.82

37.1%

15.07

11.51

12.54

13.14

21.20

15.58

13.57

21.44

3.40

4.32

6.91

7.61

57.78

-6.4%

8.27

9.38

7.65

5.79

9.61

26.82

14.05

7.41

1.15

4.12

39.6%

2.43

8.25

9.22

7.62

13.10

1.83

8.31

5.92

3.94

0.00

1.30

1.02

2.13

6.20

46.9%

5.55

6.35

6.17

4.63

4.86

11.94

10.40

8.52

7.75

0.82

0.87

1.14

1.35

7.13

24.6%

1.27

1.36

2.45

19.83

5.46

1.57

5.36

9.22

0.00

IHLAS HOLDING

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


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

%D to Spot

S&P 500 INDEX

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

ANADOLU HAYAT EMEKLILIK

3.14

2.88

2.59

2.29

2.12

3.41

3.24

2.59

2.79

19.28

20.68

16.43

11.97

8.50

2.46

2.77

3.47

3.96

6.26

GUBRE FABRIKALARI TAS

1.85

1.41

1.20

1.03

0.54

0.52

0.47

0.45

7.90

4.68

3.53

3.10

3.99

3.86

3.60

3.14

7.70

8.32

6.79

5.82

4.69

0.73

2.13

3.37

ANADOLU ANONIM TURK SIGORTA

0.87

0.77

0.73

0.66

0.38

0.28

0.25

0.23

0.18

20.48

15.54

10.49

10.85

4.65

2.33

PARK ELEKTRIK URETIM MADENCI

1.84

1.53

1.35

1.18

3.38

2.99

2.30

2.53

2.27

4.04

4.46

4.88

4.07

4.11

3.17

3.42

8.06

6.23

6.51

2.74

3.98

3.98

DOGAN YAYIN HOLDING AS

0.92

0.65

0.59

0.53

0.49

0.46

0.44

0.48

67.00

2.85

3.83

8.48

13.96

13.40

11.17

AKENERJI ELEKTRIK URETIM AS

0.99

0.94

0.88

0.75

1.22

1.37

0.79

0.51

0.50

5.95

7.84

4.16

3.64

9.78

119.09

31.19

9.16

0.00

0.00

0.23

TORUNLAR GAYRIMENKUL YATIRIM

0.59

0.53

0.46

0.42

7.89

2.50

3.63

1.92

9.24

6.13

4.25

7.88

6.92

4.70

4.54

4.80

3.69

5.40

5.01

0.68

0.78

NET HOLDING AS

9.22

8.25

7.46

6.98

16.14

13.01

10.55

7.22

22.99

8.13

9.04

6.99

2.99

HALK GAYRIMENKUL YATRM ORTAK SINPAS GAYRIMENKUL YATIRIM O

5.95

0.51

0.52

0.97

0.93

0.50

0.50

1.08

3.67

6.36

7.67

19.04

6.24

16.19

16.22

1.00

0.91

1.40

0.66

7.52

9.22

11.52

9.21 11.84 0.00 14.56

6.84

12.63

10.23

20.46

13.54

3.88

9.30

8.57

17.69

7.13

6.39

5.84

6.31

9.62

25.00

6.06

4.98

5.89

10.92

9.78

3.58

4.34

5.09

7.74

2.71

4.90

7.6%

17.46

18.8%

1.36

5.2%

7.39

30.5%

0.87

30.0%

1.58

20.4%

4.35

28.3%

3.08

28.3%

1.82

45.6%

1.57

48.1%

2.20

-6.8%

BESIKTAS FUTBOL YATIRIMLAR TURK EKONOMI BANKASI GOLTAS GOLLER BOLGESI CIMENT BAGFAS BANDIRMA GUBRE FABRIK

1.20 1.59

1.47

1.36

1.21

0.93

0.96

0.97

0.65

0.69

4.52

10.87

7.57

6.76

7.59

12.51

9.57

5.44

4.26

7.36

16.52

13.28

7.41

10.49

2.01

1.82

2.46

42.25

5.3%

0.93

0.82

0.74

0.69

0.66

0.62

0.56

0.52

0.55

2.89

3.32

2.91

2.78

6.12

6.32

5.43

5.07

5.19

10.67

10.44

8.30

6.91

1.42

1.80

3.05

3.43

3.08

28.8%

0.93

0.82

0.74

1.48

1.30

1.23

8.07

6.96

7.83

1.91

1.4%

29.12

26.87

15.14

4.40

-17.0%

GSD HOLDING ANADOLU CAM SANAYII AS SEKERBANK KONYA CIMENTO SANAYII AS

4.95

5.25

1.04

21.04

21.04

19.29

11.87

9.60

8.97

KARTONSAN KARTON SANAYI NETAS TELEKOMUNIKASYON AS BRISA BRIDGESTONE SABANCI

3.05

2.80

2.59

1.09

0.94

0.75

0.51

0.57

0.87

0.81

0.75

36.41

21.31

19.27

0.88

0.97

0.86

0.82

7.60

21.20

15.59

87.14

9.83

11.31

12.77

4.72

4.62

4.72

5.94

7.66

7.81

1.26

1.65

2.46

2.63

32.00

12.80

GALATASARAY SPORTIF SINAI BORUSAN MANNESMANN BORU SANA GOODYEAR LASTIKLERI TURK AS KARSAN OTOMOTIV TURCAS PETROL A.S.

0.99

GLOBAL YATIRIM HOLDING AS

51.32 20.12

12.39

9.66

18.82

20.91

199.36

209.71

22.28

13.34

10.79

9.05

25.50

2.19

4.69

1.09

6.9%

4.14

45.2%

1.41

10.2%

FENERBAHCE FUTBOL ANONIM SIR TAT KONSERVE

1.54

1.41

1.26

1.12

0.41

0.40

0.35

0.31

TEKNOSA IC VE DIS TICARET AS

6.73

5.08

4.21

3.52

0.58

0.44

0.37

0.31

0.28

0.08

0.07

0.07

0.06

0.05

0.66

19.26

11.17

14.28

16.06

13.35

11.50

8.67

7.19

12.50

8.51

7.56

10.27

8.90

7.53

6.43

5.38

4.26

3.18

5.12

13.57

63.33

10.90

16.88

22.41

4.76

29.88

17.97

12.42

10.40

28.18

22.51

19.07

16.41

0.27

0.00

0.00

0.78

2.70

5.2%

0.43

1.07

1.86

13.74

17.0%

2.39

25.6%

1.34

3.3%

ECZACIBASI YATIRIM HOLDING VESTEL ELEKTRONIK SANAYI

0.00

GOZDE GIRISIM SERMAYESI YATI TEKSTIL BANKASI AS OMV PETROL OFISI AS-A SH ITTIFAK HOLDING A.S ZORLU ENERJI ELEKTRIK URETIM

0.97

0.99

0.74

66.22

24.48

13.09

SASA POLYESTER SANAYI

4.53

1.37

0.93

0.68

0.20

0.18

0.17

9.10

9.00

6.58

IZMIR DEMIR CELIK SANAYI AS

0.56

0.50

0.45

41.51

145.27

17.72

ALKIM ALKALI KIMYA A.S

1.37

1.25

1.19

10.87

7.20

7.34

14.68

0.44

0.41

1.11

13.40

2.80

1.44

1.32

1.06

37.67

21.67

0.00

0.00

0.00

32.29

0.91

1.1%

2.15

-4.9%

METRO TICARI VE MALI YATIRIM ALARKO GAYRIMENKUL YATIRIM HURRIYET GAZETECILIK VE MATB

0.56

0.60

0.58

0.57

0.54

0.54

ANADOLU ISUZU OTOMOTIV SAN-C

0.45

0.39

236.67

4.93

2.96

3.09

1.23

6.94

3.17

8.33

6.94

6.50

6.36

6.98

6.04

5.05

12.53

1.50

1.14

24.30

25.9%

2.54

118.33

14.20

13.15

0.00

0.00

1.55

1.41

0.95

33.6%

8.52

16.54

8.71

6.70

10.27

3.10

3.16

8.97

20.47

55.6%

18.92

10.25

6.47

1.76

43.3%

8.22

33.26

9.93

8.34

3.15

0.00

0.00

0.70

3.73

30.6%

25.59

IHLAS EV ALETLERI IMALAT MUTLU AKU CELEBI HAVA SERVISI

5.24

3.07

2.07

1.50

1.46

1.85

1.54

1.25

0.71

0.66

0.62

0.60

0.58

0.52

0.47

0.48

0.38

0.34

0.29

0.22

0.18

0.15

0.13

0.59 4.96

5.30

3.65

3.53

7.32

6.80

6.35

6.61

6.29

5.54

4.69

11.97

10.81

8.94

8.71

8.16

6.36

5.39

4.44

AFYON CIMENTO ANEL ELEKTRIK PROJE TAAHHUT BANVIT BANDIRMA VITAMINLI YE

0.10

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

3.53


FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

PE

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

TURKIYE GARANTI BANKASI

TRY

1.8

1

0

0

0

1

-

1

-

1

4

179697

-

14731

4311

38864

158122

17675

21657

-

-

11.7

1

2

1

2

1

-

-

1.5337

0

3

1

1

0

1

-

1

1

5

AKBANK T.A.S.

TRY

1.6

1

0

1

0

1

-

1

-

1

5

163365

-

13922

3877

35200

141003

14574

22476

-

-

11.7

1

2

1

2

1

-

-

1.6193

0

3

0

1

1

1

-

1

1

5

TURKIYE HALK BANKASI

TRY

1.9

1

0

1

0

0

-

1

-

1

4

108999

-

8618

3388

21875

97554

11418

11500

-

-

8.3

1

2

1

2

1

-

-

2.1096

0

3

0

1

1

1

-

1

1

5

HACI OMER SABANCI HOLDING

TRY

1.2

1

1

0

1

1

1

1

0

0

6

171312

-41685

14189

4041

19996

141233

11589

30513

0.05

0.00

10.8

1

2

1

1

1

8

1

1.0204

0

4

1

1

0

1

-

1

1

5

BIM BIRLESIK MAGAZALAR AS

TRY

16.3

1

1

0

1

0

0

1

0

0

4

2130

-32

661

398

13245

1320

9906

813

10.02

1.00

40.0

1

1

1

16

0

30

0

1.6619

0

2

0

0

0

1

-

1

1

3

TURKIYE IS BANKASI-C

TRY

1.3

1

0

1

0

0

-

1

-

1

4

200885

-

13205

4661

27810

176216

22394

24859

-

-

8.2

1

1

1

1

1

-

-

2.3922

0

3

0

1

1

1

-

1

1

5

TURKCELL ILETISIM HIZMET AS

TRY

2.0

1

1

1

1

1

1

1

1

1

9

16361

5583

10675

1835

25410

5918

10507

12735

5.02

1.00

12.2

1

2

1

2

1

12

0

-

-

3

-

1

1

1

1

1

1

6

TURK HAVA YOLLARI AO

TRY

1.4

1

1

1

1

1

0

1

1

0

7

18730

-365

4205

1048

7512

13376

14909

5405

1.50

1.00

6.6

1

1

1

1

1

4

1

2.3067

0

4

1

1

1

1

0

1

1

6

TUPRAS-TURKIYE PETROL RAFINE

TRY

2.7

1

1

1

1

0

1

1

0

1

7

16833

1169

4596

1131

12897

12225

47033

4890

3.24

1.00

8.8

1

0

1

3

1

5

1

-

-

4

0

1

1

1

-

1

1

5

KOC HOLDING AS

TRY

1.4

1

1

1

1

0

1

1

1

1

8

44495

5790

13741

5015

23482

24427

84833

24261

2.80

1.00

10.1

1

0

1

1

1

7

1

2.0194

0

4

0

1

0

1

1

1

1

5

ANADOLU EFES BIRACILIK VE

TRY

2.3

1

1

1

1

1

1

0

1

0

7

7619

1682

2975

774

15217

4858

6417

6787

3.34

1.00

25.1

1

2

1

2

1

18

0

1.751

0

3

0

0

1

1

1

1

1

5

YAPI VE KREDI BANKASI

TRY

1.4

1

0

0

0

0

-

1

-

0

2

130136

-

9960

2705

22605

115458

13102

16040

-

-

10.8

1

2

1

1

1

-

-

1.3271

0

3

1

1

0

1

-

1

1

5

COCA-COLA ICECEK AS

TRY

5.0

1

1

1

1

1

0

1

1

1

8

3545

866

1421

475

9412

2352

4132

1914

4.74

1.00

24.8

1

2

1

5

1

18

0

0.8514

0

3

0

0

1

1

1

1

1

5

TURK TELEKOMUNIKASYON AS

TRY

3.8

1

1

1

1

0

1

1

0

0

6

13109

78

2955

3242

24220

10753

12706

6455

3.06

1.00

9.2

1

2

1

4

1

7

1

9.964

1

5

1

1

1

1

1

1

1

7

TURKIYE VAKIFLAR BANKASI T-D

TRY

1.0

1

0

0

0

0

-

1

-

1

3

107939

-

7432

1835

11525

96210

11328

11829

-

-

8.1

1

1

1

1

1

-

-

0.8677

0

3

1

1

0

1

-

1

1

5

EREGLI DEMIR VE CELIK FABRIK

TRY

1.1

1

1

0

1

1

0

0

0

1

5

12989

2974

4008

689

7571

5726

9570

7416

2.57

1.00

17.8

1

1

1

1

1

5

1

4.723

0

4

1

1

0

1

0

1

1

5

ENKA INSAAT VE SANAYI AS

TRY

1.6

1

1

1

1

1

0

1

0

1

7

14517

3085

6269

1140

14840

5130

10298

9554

3.82

1.00

13.8

1

1

1

2

1

12

0

1.5094

0

3

0

1

1

1

1

1

1

6

TAV HAVALIMANLARI HOLDING AS

TRY

2.8

1

1

1

1

0

0

1

1

1

7

2934

692

414

411

3313

4026

2566

1262

2.68

1.00

11.6

1

1

1

3

1

3

1

4.3136

0

4

1

1

1

1

1

1

1

7

ARCELIK AS

TRY

2.1

1

1

0

1

0

0

1

0

1

5

9263

2787

3165

770

7906

6301

10557

3927

2.86

1.00

15.1

1

1

1

2

1

11

0

-

-

3

0

1

0

1

1

1

1

5

FORD OTOMOTIV SANAYI AS

TRY

3.8

1

1

0

0

0

0

1

0

0

3

4592

786

1645

611

7509

2651

9768

1996

4.60

1.00

11.1

1

1

1

4

1

13

0

-

-

3

1

1

0

1

-

1

1

5

EMLAK KONUT GAYRIMENKUL YATI

TRY

1.9

1

1

1

0

1

1

1

1

1

8

8393

629

1281

396

7800

4187

1005

4208

1.59

1.00

14.9

1

8

1

2

1

111

0

-

-

3

-

1

1

1

-

1

1

5

TOFAS TURK OTOMOBIL FABRIKA

TRY

2.5

1

1

0

1

1

1

1

1

0

7

5377

1115

1562

488

5225

3999

6705

2062

2.96

1.00

11.7

1

1

1

3

1

8

1

-

-

4

0

1

0

1

1

1

1

5

KOZA ALTIN ISLETMELERI AS

TRY

4.7

1

1

0

1

1

1

1

1

0

7

1553

940

1248

716

6558

169

1043

1400

18.53

1.00

10.2

1

6

1

5

1

10

0

-

-

3

0

1

1

1

1

1

1

6

TURK SISE VE CAM FABRIKALARI

TRY

1.0

1

1

0

1

1

0

0

0

0

4

8650

1541

3135

420

4425

3116

5342

5606

1.96

1.00

15.0

1

1

1

1

1

6

1

1.6044

0

4

1

1

0

1

0

1

1

5

ULKER BISKUVI SANAYI AS

TRY

3.5

1

1

0

0

0

1

0

1

1

5

3156

1115

615

171

3304

2077

2341

1080

3.31

1.00

19.8

1

1

1

3

1

26

0

-

-

3

0

1

0

1

1

1

1

5

PETKIM PETROKIMYA HOLDING AS

TRY

1.7

1

1

0

1

1

0

1

0

1

6

2785

423

664

-59

2770

1135

4349

1664

3.64

1.00

158.9

1

1

1

2

1

11

0

-

-

3

-

0

0

1

0

1

1

3

TURKIYE SINAI KALKINMA BANK

TRY

1.4

1

1

1

0

0

-

1

-

0

4

10855

-

565

381

2519

8938

707

1919

-

-

7.9

1

4

1

1

1

13

0

2.3819

0

3

-

1

1

1

-

1

1

5

ASYA KATILIM BANKASI AS

TRY

0.9

1

1

0

1

0

-

1

-

1

5

21553

-

1413

237

1989

19133

2311

2441

-

-

11.0

1

1

1

1

1

5

1

0.9552

0

4

-

1

0

1

-

1

1

4

TURK TRAKTOR VE ZIRAAT MAKIN

TRY

4.7

1

1

0

1

0

1

1

0

0

5

1285

667

610

294

3109

656

1974

664

5.86

1.00

11.6

1

2

1

5

1

11

0

0

0

3

0

1

0

1

1

1

1

5

KARDEMIR KARABUK DEMIR-CL D

TRY

1.0

1

1

0

1

0

1

1

0

0

5

2161

350

253

227

1107

1027

1687

1144

2.01

1.00

5.7

1

1

1

1

1

4

1

-

-

4

-

1

0

1

1

1

1

5

KOZA ANADOLU METAL MADENCILI

TRY

1.8

1

1

1

0

0

1

0

0

0

4

2201

1181

833

631

2197

273

1183

2002

4.96

1.00

4.0

1

2

1

2

1

4

1

-

-

4

-

1

1

1

1

1

1

6

DOGAN SIRKETLER GRUBU HLDGS

TRY

0.7

1

0

1

0

1

0

1

1

1

6

7071

1778

729

124

2254

4578

3157

4090

1.59

1.00

14.5

1

1

1

1

1

-

-

0

0

3

-

1

-

1

0

1

1

4

AYGAZ AS

TRY

1.2

1

1

0

0

0

0

1

1

0

4

2921

250

2080

166

2832

576

5586

2381

4.94

1.00

9.3

1

1

1

1

1

17

0

10.593

1

4

1

1

0

1

-

1

1

5

ASELSAN ELEKTRONIK SANAYI

TRY

3.3

1

1

1

1

1

0

0

0

0

5

3027

1167

766

184

4220

2058

1633

1266

2.79

1.00

14.4

1

3

1

3

1

14

0

1.8602

0

3

1

1

1

1

-

1

1

6

TEKFEN HOLDING AS

TRY

1.3

1

1

1

0

0

1

1

0

1

6

4130

1154

1407

189

2679

2022

4076

2111

2.29

1.00

9.0

1

1

1

1

1

13

0

4.9358

0

3

-

1

1

1

1

1

1

6

AKSA AKRILIK KIMYA SANAYII

TRY

1.0

1

1

1

1

1

0

1

1

0

7

1546

263

776

142

951

586

1625

971

3.24

1.00

5.7

1

1

1

1

1

4

1

-

-

4

-

1

1

1

1

1

1

6

MIGROS TICARET A.S

TRY

3.0

1

1

1

1

1

0

1

1

1

8

3124

33

405

270

3828

4362

6482

1262

2.85

1.00

43.5

1

1

1

3

1

10

1

0

0

4

-

0

-

1

1

1

1

4

YAZICILAR HOLDING AS-A

TRY

0.9

1

1

1

0

0

0

1

0

0

4

11760

-1246

2645

393

2544

8352

1375

3476

0.83

0.00

2.8

1

2

1

1

1

56

0

-

-

3

-

1

1

1

-

1

1

5

DOGUS OTOMOTIV SERVIS VE TIC

TRY

1.6

1

1

1

0

1

0

1

1

0

6

2215

100

964

301

1888

1036

5132

1187

3.73

1.00

7.4

1

0

1

2

1

8

1

11.655

1

5

1

1

1

1

1

1

1

7

IPEK DOGAL ENERJI KAYNAKLARI

TRY

2.3

1

1

0

1

0

1

0

0

0

4

2253

1207

428

603

1559

276

1183

2051

5.28

1.00

18.8

1

1

1

2

1

3

1

0

0

4

-

1

0

1

1

1

1

5

TRAKYA CAM SANAYII AS

TRY

0.9

1

1

0

1

1

0

1

0

0

5

2449

686

1213

76

1693

453

1249

2010

3.36

1.00

23.4

1

1

1

1

1

9

1

0.9778

0

4

0

0

0

1

0

1

1

3

CIMSA CIMENTO SANAYI VE TIC

TRY

1.2

1

1

0

0

0

0

1

0

0

3

1400

-40

854

165

1235

536

857

1033

4.91

1.00

10.7

1

1

1

1

1

12

0

7.9431

1

4

-

1

0

1

1

1

1

5

BIZIM TOPTAN SATIS MAGAZALAR

TRY

9.2

1

1

0

1

0

0

1

1

0

5

390

11

81

59

1112

269

1974

121

-

-

42.6

1

1

1

9

1

22

0

-

-

3

0

0

0

1

1

1

1

4

EIS ECZACIBASI ILAC VE SINAI

TRY

0.4

1

0

0

0

0

0

1

0

0

2

3290

723

2312

-5

1096

455

1087

2906

2.83

1.00

33.5

1

1

1

0

1

-

-

5

0

3

-

0

0

1

0

1

1

3

IS GAYRIMENKUL YATIRIM ORTAK

TRY

0.8

1

1

0

0

0

0

1

0

0

3

1392

133

469

64

900

322

132

1070

1.89

1.00

13.8

1

7

1

1

1

14

0

3.3333

0

3

1

1

0

1

1

1

0

5

OTOKAR OTOMOTIV VE SAVUNMA

TRY

4.2

1

1

1

0

0

1

1

1

0

6

937

147

218

92

1018

796

1004

242

2.49

1.00

13.3

1

1

1

4

1

15

0

-

-

3

-

1

1

1

1

1

1

6

AKSA ENERJI URETIM AS

TRY

2.5

1

0

1

0

1

1

0

0

1

5

2924

214

255

218

2796

1820

1841

1116

-

-

12.1

1

2

1

3

1

-

-

0

0

3

-

1

-

1

-

1

1

4

IHLAS HOLDING

TRY

1.2

0

1

1

1

0

0

1

1

0

5

2445

917

0

-17

988

1423

652

1070

0.83

0.00

-

-

2

1

1

1

7

1

-

-

3

-

-

1

1

-

1

0

3

AKFEN HOLDING AS

TRY

1.0

1

0

1

0

1

1

1

1

0

6

3642

238

718

189

1353

3100

1125

1715

-

-

2.0

1

1

1

1

1

-

-

-

-

3

-

1

-

1

1

1

1

5

ALARKO HOLDING

TRY

1.1

1

1

0

1

1

0

1

0

1

6

1941

570

779

24

1144

1052

1619

1108

2.00

1.00

15.0

1

1

1

1

1

7

1

-

-

4

-

1

0

1

0

1

1

4

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


FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

PE

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

ANADOLU HAYAT EMEKLILIK

TRY

2.4

1

-

1

-

1

-

1

-

0

4

7223

-

229

112

1263

6697

587

529

-

-

-

-

2

1

2

1

-

-

3.1671

0

2

-

-

-

1

-

1

1

3

GUBRE FABRIKALARI TAS

TRY

2.2

1

1

1

1

1

0

1

0

0

6

2034

98

458

482

1186

1322

2227

833

2.84

1.00

4.9

1

1

1

2

1

3

1

0

0

4

-

1

1

1

1

1

1

6

ANADOLU ANONIM TURK SIGORTA

TRY

0.9

0

-

0

-

0

-

1

-

1

2

2298

-

110

-64

575

1742

1941

610

-

-

-

-

0

1

1

1

-

-

0

0

2

-

-

0

1

-

1

0

2

PARK ELEKTRIK URETIM MADENCI

TRY

2.0

1

1

0

1

1

1

1

0

1

7

428

264

301

102

914

53

265

450

9.26

1.00

8.5

1

3

1

2

1

4

1

-

-

4

-

1

0

1

1

1

0

4

DOGAN YAYIN HOLDING AS

TRY

1.7

1

0

1

0

1

0

1

0

0

4

2736

102

-1231

152

1560

2517

2526

1420

0.89

0.00

7.9

1

1

1

2

1

-

-

0

0

3

-

1

-

1

1

1

1

5

AKENERJI ELEKTRIK URETIM AS

TRY

1.3

1

0

1

0

0

1

0

0

1

4

2699

41

516

90

1195

1879

802

944

0.74

0.00

12.9

1

1

1

1

1

-

-

-

-

3

-

1

-

1

-

1

0

3

TORUNLAR GAYRIMENKUL YATIRIM

TRY

0.6

1

1

1

0

1

0

1

1

1

7

4753

501

2321

122

1610

1906

227

2847

1.32

1.00

4.8

1

7

1

1

1

7

1

-

-

4

-

1

1

1

1

1

1

6

NET HOLDING AS

TRY

3.6

1

1

1

0

0

0

1

1

0

5

614

-22

-191

-25

662

280

107

334

1.30

1.00

9.1

1

6

1

4

1

10

1

-

-

4

-

1

1

1

1

1

0

5

HALK GAYRIMENKUL YATRM ORTAK

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

7

-

-

-

260.0

1

122

0

-

-

-

-

-

-

1

-

0

-

1

-

1

0

2

SINPAS GAYRIMENKUL YATIRIM O

TRY

0.8

1

0

0

0

0

1

1

0

0

3

2093

476

412

39

846

1019

604

1075

1.30

1.00

11.2

1

1

1

1

1

-

-

3.5461

0

3

-

1

0

1

-

1

0

3

BESIKTAS FUTBOL YATIRIMLAR

TRY

-

0

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

147

-

-11.91

0.00

-

-

3

1

-

-

-

-

-

-

1

-

-

1

1

-

1

0

3

TURK EKONOMI BANKASI

TRY

0.9

1

0

1

0

0

-

1

-

0

3

45416

-

2007

639

4497

40862

5037

5000

-

-

9.4

1

1

1

1

1

-

-

-

-

3

-

1

1

1

-

1

1

5

GOLTAS GOLLER BOLGESI CIMENT

TRY

1.7

1

1

1

1

1

0

1

1

1

8

468

74

260

36

452

167

290

306

3.53

1.00

25.0

1

2

1

2

1

9

1

-

-

4

-

0

1

1

0

1

0

3

BAGFAS BANDIRMA GUBRE FABRIK

TRY

2.1

1

0

0

0

0

1

0

0

0

2

328

108

221

26

486

96

364

231

2.39

1.00

20.3

1

1

1

2

1

-

-

1.6601

0

3

-

0

0

1

-

1

0

2

GSD HOLDING

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

-

-

0.37

0.00

6.0

1

-

-

-

-

-

-

-

-

1

-

1

1

1

-

1

0

4

ANADOLU CAM SANAYII AS

TRY

1.1

1

1

0

1

1

0

1

0

0

5

2402

-109

625

111

1115

1295

1475

1110

1.40

1.00

15.6

1

1

1

1

1

5

1

-

-

4

-

1

0

1

0

1

0

3

SEKERBANK

TRY

1.0

1

0

1

0

0

-

1

-

1

4

15185

-

683

327

1800

13338

2294

1874

-

-

7.2

1

1

1

1

1

-

-

0

0

3

-

1

1

1

-

1

1

5

KONYA CIMENTO SANAYII AS

TRY

4.4

1

1

1

0

0

1

1

0

0

5

408

190

350

33

1564

55

236

355

15.43

1.00

42.2

1

7

1

4

1

59

0

5.1153

0

3

-

0

1

1

0

1

1

4

KARTONSAN KARTON SANAYI

TRY

3.0

1

1

0

1

0

0

1

0

0

4

251

140

218

27

668

30

213

221

14.04

1.00

24.7

1

3

1

3

1

22

0

-

-

3

-

0

0

1

1

1

0

3

NETAS TELEKOMUNIKASYON AS

TRY

2.4

1

0

0

0

1

1

1

0

1

5

551

257

237

19

710

299

550

302

3.83

1.00

41.6

1

1

1

2

1

-

-

-

-

3

-

0

0

1

0

1

0

2

BRISA BRIDGESTONE SABANCI

TRY

3.3

1

1

1

1

1

0

1

1

0

7

1217

8

185

139

1623

754

1424

490

3.28

1.00

17.5

1

1

1

3

1

12

0

4.4361

0

3

-

1

1

1

1

1

1

6

GALATASARAY SPORTIF SINAI

TRY

-

0

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

323

-

-0.34

0.00

-

-

1

1

-

-

-

-

-

-

1

-

-

0

1

-

1

0

2

BORUSAN MANNESMANN BORU SANA

TRY

1.3

1

1

0

1

0

1

1

0

0

5

1455

-60

590

51

780

838

1426

619

2.17

1.00

19.3

1

1

1

1

1

19

0

-

-

3

-

1

0

1

0

1

0

3

GOODYEAR LASTIKLERI TURK AS

TRY

2.1

1

1

0

1

0

1

1

1

0

6

-

224

358

68

784

212

1135

369

-

-

15.8

1

1

1

2

1

5

1

-

-

4

-

1

0

1

1

1

0

4

KARSAN OTOMOTIV

TRY

1.2

0

0

0

0

0

1

1

0

0

2

701

73

-6

-25

315

476

583

253

0.98

0.00

-

-

1

1

1

1

-

-

0

0

2

-

-

0

1

-

1

0

2

TURCAS PETROL A.S.

TRY

1.1

1

0

0

0

0

0

1

0

1

3

1022

162

468

-12

731

330

23

693

1.90

1.00

10.4

1

31

0

1

1

-

-

-

-

2

-

1

0

1

1

1

0

4

GLOBAL YATIRIM HOLDING AS

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

305

-

1.53

1.00

2.6

1

1

1

-

-

-

-

-

-

2

-

1

-

1

-

1

0

3

FENERBAHCE FUTBOL ANONIM SIR

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

247

-

2.90

1.00

556.3

1

4

1

-

-

-

-

-

-

2

-

0

0

1

-

1

0

2

TAT KONSERVE

TRY

1.6

1

1

0

1

1

0

1

1

0

6

596

177

53

29

316

365

778

232

2.85

1.00

16.2

1

0

1

2

1

11

0

-

-

3

-

1

1

1

0

1

0

4

TEKNOSA IC VE DIS TICARET AS

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

2330

-

-

-

16.4

1

0

1

-

-

-

-

-

-

2

-

1

0

1

-

1

1

4

ECZACIBASI YATIRIM HOLDING

TRY

0.4

1

0

0

0

0

0

1

1

0

3

1287

182

1142

-9

442

40

1715

1247

8.87

1.00

28.9

1

0

1

0

1

-

-

2.3734

0

3

-

0

0

1

1

1

0

3

VESTEL ELEKTRONIK SANAYI

TRY

0.5

0

0

0

1

0

0

1

0

0

2

4512

52

851

-75

634

3574

7515

1342

1.65

1.00

-

-

0

1

1

1

-

-

0

0

2

-

-

0

1

-

1

0

2

GOZDE GIRISIM SERMAYESI YATI

TRY

1.4

1

0

1

0

0

0

1

1

0

4

903

-163

108

31

612

855

159

423

-

-

7.5

1

4

1

1

1

-

-

-

-

3

-

1

-

1

1

1

0

4

TEKSTIL BANKASI AS

TRY

0.7

1

1

0

1

0

-

1

-

1

5

3683

-

155

33

374

3110

380

575

-

-

14.3

1

1

1

1

1

11

0

0

0

3

-

1

0

1

-

1

0

3

OMV PETROL OFISI AS-A SH

TRY

1.3

1

1

1

1

1

0

1

1

1

8

4093

1054

1401

303

2668

4988

20202

1993

5.88

1.00

172.9

1

0

1

1

1

4

1

-

-

4

-

0

-

1

0

1

1

3

ITTIFAK HOLDING A.S

TRY

0.5

0

1

0

1

1

0

1

0

0

4

855

-14

256

-21

152

493

938

365

1.59

1.00

-

-

0

1

0

1

161

0

-

-

2

-

-

-

1

-

1

0

2

ZORLU ENERJI ELEKTRIK URETIM

TRY

1.0

1

1

1

0

1

0

0

0

0

4

4010

-897

76

-52

575

4406

525

578

-0.01

0.00

0.9

1

1

1

1

1

3

1

-

-

4

-

1

-

1

1

1

0

4

SASA POLYESTER SANAYI

TRY

1.1

0

0

0

0

1

0

1

0

0

2

680

12

27

-10

257

440

1000

244

1.83

1.00

-

-

0

1

1

1

-

-

-

-

2

-

-

-

1

-

1

0

2

IZMIR DEMIR CELIK SANAYI AS

TRY

2.5

1

0

0

0

0

0

1

0

0

2

1363

20

212

-33

1474

757

1599

606

1.31

1.00

3556.6

1

1

1

3

1

-

-

-

-

3

-

0

0

1

0

1

0

2

ALKIM ALKALI KIMYA A.S

TRY

1.9

1

1

0

1

1

0

1

0

0

5

264

72

134

18

302

87

210

179

4.09

1.00

20.4

1

1

1

2

1

11

0

1.8936

0

3

-

0

0

1

0

1

0

2

METRO TICARI VE MALI YATIRIM

TRY

0.4

0

1

0

1

1

0

1

1

0

5

290

-39

-8

15

138

134

852

369

2.69

1.00

-

-

0

1

0

1

3

1

0

0

3

-

-

0

1

-

1

0

2

ALARKO GAYRIMENKUL YATIRIM

TRY

-

1

-

-

-

-

-

-

-

-

1

-

-

-

-

-

-

15

-

54.45

1.00

17.0

1

16

0

-

-

-

-

-

-

1

-

1

0

1

-

1

0

3

HURRIYET GAZETECILIK VE MATB

TRY

0.7

1

0

1

0

1

1

1

1

0

6

905

21

130

26

508

805

853

748

1.90

1.00

3.4

1

1

1

1

1

-

-

0

0

3

-

1

-

1

1

1

0

4

ANADOLU ISUZU OTOMOTIV SAN-C

TRY

3.1

1

0

0

0

0

1

1

0

0

3

406

154

141

3

519

260

537

166

4.10

1.00

408.8

1

1

1

3

1

-

-

-

-

3

-

0

0

1

-

1

0

2

IHLAS EV ALETLERI IMALAT

TRY

0.7

1

0

1

0

0

1

1

1

0

5

261

131

3

-2

142

86

102

218

1.69

1.00

7.0

1

1

1

1

1

-

-

0

0

3

-

1

-

1

1

1

0

4

MUTLU AKU

TRY

1.0

1

1

0

1

0

1

1

0

0

5

470

94

296

40

336

117

439

353

4.17

1.00

8.2

1

1

1

1

1

7

1

2.3818

0

4

-

1

0

1

1

1

0

4

CELEBI HAVA SERVISI

TRY

8.8

1

1

1

1

1

0

1

0

1

7

345

-35

32

47

491

412

537

64

2.20

1.00

23.3

1

1

1

9

1

12

0

-

-

3

-

0

1

1

1

1

0

4

AFYON CIMENTO

TRY

5.6

0

0

0

1

0

0

1

0

1

3

47

13

35

-8

215

9

41

38

11.63

1.00

-

-

5

1

6

1

-

-

0

0

2

-

-

0

1

-

1

0

2

ANEL ELEKTRIK PROJE TAAHHUT

TRY

1.1

1

0

-

0

0

1

1

1

-

4

589

156

106

12

234

344

307

247

-

-

62.1

1

1

1

1

1

-

-

-

-

3

-

0

0

1

0

1

0

2

BANVIT BANDIRMA VITAMINLI YE

TRY

2.5

1

1

1

1

1

0

1

1

0

7

816

24

54

23

386

669

1261

154

2.10

1.00

44.2

1

0

1

3

1

15

0

0

0

3

-

0

-

1

0

1

0

2

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


30.09.2013

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

120.0 M 100.0 M

6

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (22.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 11.35 6.58 57'741'966.00 7.96 -29.87% 20.97% 29.35% 4'200.0 33'432.00 45'583.99 0.0 140.5 26'337.81 -

80.0 M 60.0 M

4

40.0 M 2

20.0 M

0 o-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

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 17'675.4 3'334.1 11.66x 41.98% 41.98% 2.03% 18.19% 5.78% 0.10% 32.5% 25.36% 211.86% -

Price/ Cash Flow

06/yy 16'705 0.00x 0.0 0.00x 3'170.9 9.40x

d-12

j-13

f-13 m-13

LTM 06/yy 18'231 0.00x 0.0 0.00x 3'740.0 9.45x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.19 7.57% -12.88% 1.190 31 3.516 75'764'700 67'811'510 61'522'650 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'986 12'047 3'751.8 4'141.7 8.98x 8.40x 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

05.04.2013 BB+ STABLE 211.9% 67.8% 0.10 4.23 -

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

.0 M n-12

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

140.0 M

8

Valuation Analysis

31.12.2008 12'829.6 1'879.4 5.81x

160.0 M

10

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA DOGUS HOLDING AS ABERDEEN VANGUARD GROUP INC BLACKROCK JP MORGAN T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN SCHRODER INVESTMENT NORGES BANK UMB BANK N A MORGAN STANLEY THAMES RIVER CAPITAL JP MORGAN CHASE BANK EAST CAPITAL ASSET M FIL LIMITED GOLDMAN SACHS GROUP BNP PARIBAS DANSKE INVEST A/S

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

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

Analyst SERCAN SOYLU TAMER SENGUN NESLIHAN KARAGOZ BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN DUYGUN KUTUCU DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA ALAN WEBBORN KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR RONNY REHN DOUG WALTERS SEVGI ONUR PAUL FORMANKO ZUMRUT CAN HASAN DEMIR KONSTANTINOS MANOLOPOULOS MURAT BOREKCI

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

Recommendation market perform neutral outperform market perform sell neutral hold neutral/neutral hold market outperform hold hold market perform buy market perform hold equalweight buy buy Equalwt/In-Line neutral market perform buy buy neutral market perform neutral accumulate hold

Amt Held 1'050'420'000 1'017'476'545 122'382'189 105'780'113 88'665'649 79'358'168 41'130'919 39'354'106 30'723'505 22'446'646 21'914'217 20'221'825 14'755'799 12'405'000 12'316'491 8'785'103 8'558'906 7'996'524 7'802'110 7'529'000

% Out 25.01 24.23 2.91 2.52 2.11 1.89 0.98 0.94 0.73 0.53 0.52 0.48 0.35 0.3 0.29 0.21 0.2 0.19 0.19 0.18

Weighting

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

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

Latest Chg 11'043'000 935'929 (262'658) (47'412) 1'461'163 96'516 (2'018'765) 3'225'962 (1'193'380) (612'200) (4'037'048) 1'726'787 (822'210) (245'000)

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

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

File Dt 27.09.2013 27.09.2013 31.08.2013 30.06.2013 26.09.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 30.09.2012 31.05.2013 31.03.2013 30.04.2013 30.06.2013 31.07.2013 31.05.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month

Inst Type Bank Holding Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 22.07.2013 28.06.2013 24.06.2013 30.04.2013 26.04.2013 23.04.2013 11.02.2013


30.09.2013

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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 10.50 6.40 46'052'280.00 7.44 -29.14% 16.25% 30.24% 4'000.0 29'760.00 46'469.95 0.0 0.1 19'853.52 -

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

60.0 M

10

50.0 M

8

40.0 M

6

30.0 M

4

20.0 M

2

10.0 M

0 o-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

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 14'574.3 3'004.9 11.71x 46.80% 46.80% 2.32% 18.31% 5.57% 0.10% 36.3% 28.43% 206.76% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 12'935.8 0.00x 0.0 0.00x 2'242.4 11.81x

06/yy 15'608.4 0.00x 0.0 0.00x 3'724.8 8.44x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.23 6.37% -14.18% 1.227 29 2.931 24'097'740 24'988'140 24'004'560 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'192.3 9'830.4 3'228.6 3'415.7 9.23x 8.83x 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

NR 206.8% 67.4% 0.10 5.33 -

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

.0 M n-12

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 12'338.3 1'782.2 8.05x

12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Akbank TAS Holdings By:

All

Holder Name HACI OMER SABANCI HO CITIGROUP INCORPORAT ABERDEEN VANGUARD GROUP INC BLACKROCK LAZARD ASSET MANAGEM FRANKLIN RESOURCES INVESCO LTD NORGES BANK DANSKE INVEST A/S DANSKE INVEST MANAGE ERSTE SPARINVEST KAG EAST CAPITAL ASSET M AVIVA OFE GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV CAISSE DE DEPOT ET P ING INVESTMENT MANAG PICTET FUNDS JP MORGAN

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

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

Analyst SERCAN SOYLU TAMER SENGUN CIHAN SARAOGLU NESLIHAN KARAGOZ MUGE DAGISTAN DUYGUN KUTUCU DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK BULENT SENGONUL YAVUZ UZAY CRISTINA MARZEA DOUG WALTERS ALAN WEBBORN SEVGI ONUR KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR HADRIEN DE BELLE RECEP DEMIR PAUL FORMANKO HASAN DEMIR KONSTANTINOS MANOLOPOULOS MURAT BOREKCI

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

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

Amt Held 1'958'048'000 396'000'000 157'696'431 49'429'953 45'383'774 43'106'258 30'857'450 15'686'191 13'690'578 11'963'632 6'741'761 6'191'738 6'059'197 5'845'518 5'524'680 5'468'657 4'830'720 4'744'511 4'410'178 4'053'544

% Out 48.95 9.9 3.94 1.24 1.13 1.08 0.77 0.39 0.34 0.3 0.17 0.15 0.15 0.15 0.14 0.14 0.12 0.12 0.11 0.1

Weighting

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

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

Latest Chg 5'187'000 988'622 (95'268) (268'566) 381'210 (988'100) 14'000 100'000 657'064 904'112 502'714 187'823 (251'787) 462'090

Target Price 8 9 9 7 9 8 8 8 9 7 7 8 8 8 7 9 #N/A N/A 7 9 8 9 9 10 9 8 11 9 8

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

File Dt Inst Type 31.12.2012 Holding Company 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 31.08.2013 Unclassified 28.06.2013 Investment Advisor 27.09.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month

Date 27.09.2013 25.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 21.08.2013 29.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 24.06.2013 29.04.2013 25.04.2013 11.02.2013


30.09.2013

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

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

20 15

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 21.80 12.40 18'561'589.00 14.8 -32.11% 19.35% 26.06% 1'250.0 18'500.00 16'167.00 0.0 4.8 15'105.52 -

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

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 7'437.4 1'016.3 5.66x

5

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

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 11'418.3 2'642.3 8.28x 49.24% 49.41% 2.55% 25.15% 9.27% 0.11% 38.4% 14.82% 140.64% -

Price/ Cash Flow

LTM

06/yy 10'346.4 0.00x 0.0 0.00x 2'306.3 7.67x

06/yy 11'922.0 0.00x 0.0 0.00x 2'790.1 7.32x

FY+1

1.27 7.89% -13.69% 1.275 31 4.677 24'666'700 25'690'560 23'002'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'205.8 6'779.3 2'592.9 2'672.0 7.16x 7.02x 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

140.6% 58.4% 0.11 4.53 -

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

01.07.2013

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 |


30.09.2013

Turkiye Halk Bankasi AS Holdings By:

All

Holder Name TC BASBAKANLIK VANGUARD GROUP INC WILLIAM BLAIR & COMP NORGES BANK BLACKROCK JP MORGAN SCHRODER INVESTMENT SWEDBANK ROBUR FONDE JANUS CAPITAL MANAGE BARING INTERNATIONAL ROBECO AVIVA OFE EAST CAPITAL ASSET M PIONEER FMR LLC BNP PARIBAS GOLDMAN SACHS GROUP RAIFFEISEN KAPITALAN NORDEA INV MANAGEMEN T ROWE PRICE ASSOCIA

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

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

Analyst NESLIHAN KARAGOZ DUYGUN KUTUCU SERCAN SOYLU TAMER SENGUN BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA ALAN WEBBORN KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR HADRIEN DE BELLE RECEP DEMIR SEVGI ONUR PAUL FORMANKO DOUG WALTERS ZUMRUT CAN KONSTANTINOS MANOLOPOULOS HASAN DEMIR MURAT BOREKCI

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

Recommendation outperform buy outperform overweight market perform buy outperform Buy/Neutral buy market outperform buy hold outperform buy market outperform buy overweight buy buy Overwt/In-Line neutral outperform outperform buy overweight hold Under Review buy buy buy

Amt Held 638'825'500 21'089'394 20'481'756 18'316'980 17'973'781 13'724'275 13'087'624 10'065'242 9'966'014 8'678'013 8'418'416 6'036'432 5'101'386 3'809'379 3'488'673 3'423'995 3'177'593 3'031'250 3'012'883 2'954'600

% Out 51.11 1.69 1.64 1.47 1.44 1.1 1.05 0.81 0.8 0.69 0.67 0.48 0.41 0.3 0.28 0.27 0.25 0.24 0.24 0.24

Weighting

Change

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

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

Latest Chg 413'686 (5'941'762) (1'873'159) 417'849 4'776'600 (332'555) (1'603'334) 699'522 (612'146) 199'200 292'927 (377'477) (62'545) (27'725) 342'322 (853'586) (136'553)

Target Price 19 18 18 21 17 20 20 21 20 18 18 15 18 18 16 16 19 17 19 25 18 20 19 21 22 #N/A N/A #N/A N/A 20 24 23

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

File Dt Inst Type 11.02.2013 Unclassified 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.12.2012 Government 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Unclassified 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month Not Provided 12 month

Date 30.09.2013 30.09.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 18.07.2013 27.06.2013 24.06.2013 06.06.2013 04.06.2013 25.04.2013 25.04.2013 11.02.2013


30.09.2013

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 14

40.0 M

12

35.0 M

10

30.0 M 25.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 13.15 7.66 3'834'867.00 9.76 -25.78% 27.42% 41.17% 2'040.4 19'914.34 24'009.15 0.0 14'262.0 12'129.68 40'169.40

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

15.0 M

4

10.0 M

2

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 19'796.7 0.34x 2'429.8 2.75x 1'188.6 5.46x

20.0 M

6

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

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 11'589.0 3.98x 4'598.4 10.03x 1'855.8 10.82x 4'598.36 4'040.80 34.87% 40.34% 1.30% 14.28% 8.87% 0.06% 16.4% 57.6% 52.7% 16.0% 0.67 0.10 13.98% 147.74% 6.68 4.88

Price/ Cash Flow

LTM

06/yy 9'382.7 16.27x 3'618.0 11.74x 1'489.2 10.31x

06/yy 9'746.1 17.99x 5'616.2 7.29x 2'225.8 9.20x

FY+1

1.09 25.00% 0.51% 1.091 25 3.640 4'531'694 5'662'038 6'033'486 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'294.4 29'370.8 5'325.0 6'188.0 1.94x 1.93x 5'253.0 5'857.5 7.65x 6.86x 2'050.2 2'294.3 9.86x 8.78x 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

24.80 1.12 4.65 147.7% 44.0% 0.06 2.08 54.68 74.83 70.95 38.65

Sales/Revenue/Turnover

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0 10.00

5'000.0

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

01.07.2013

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 |


30.09.2013

Haci Omer Sabanci Holding AS Holdings By:

All

Holder Name SABANCI FAMILY SAKIP SABANCI HOLDIN OPPENHEIMERFUNDS INC DODGE & COX SKAGEN AS CARMIGNAC GESTION SABANCI UNIVERSITY EXSA VANGUARD GROUP INC INVESCO LTD BLACKROCK SCHRODER INVESTMENT EAST CAPITAL ASSET M MORGAN STANLEY NORDEA INVESTMENT FU RAIFFEISEN KAPITALAN NORGES BANK JP MORGAN ABERDEEN ROBECO

Firm Name Burgan Securities Seker Securities Eczacibasi Securities Sardis Securities Ekspres Invest Global Menkul Degerler EVA Dimensions Morgan Stanley BGC Partners Oyak Securities IS Investment & Securities Deutsche Bank FinansInvest Credit Suisse Garanti Yatirim Menkul Kiymetler Goldman Sachs JPMorgan Yapi Kredi Yatirim ve Menkul Degerler HSBC Erste Group Unlu Securities UBS Renaissance Capital Yatirim Finansman Securities ATA Invest BGC Partners

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

Analyst DUYGUN KUTUCU SELAHATTIN AYDIN SERCAN SOYLU HAYDAR ACUN ALPER AKALIN HASAN BAYHAN TIMOTHY STANISH NIDA IQBAL EZGI YILMAZ HASAN SENER MUSTAFA KUCUKMERAL EROL DANIS EZGI GULBAS ATINC OZKAN ONUR MARSAN MATIJA GERGOLET NARESH BILANDANI AKIF MOROGLU CENK ORCAN CAN YURTCAN OYTUN ALTASLI SERHAN GOK ILGIN ERDOGAN ZUMRUT CAN ONDER ZORBA SERAP MUTLU

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

Recommendation hold market perform market perform hold hold buy underweight Equalwt/No Rating buy market perform market perform hold neutral outperform outperform neutral/neutral overweight hold overweight buy outperform neutral hold market perform market outperform hold

Amt Held 890'636'316 287'084'833 77'467'360 65'711'315 54'718'737 49'766'180 30'810'099 26'321'211 23'927'320 21'924'179 20'594'305 10'871'484 7'945'838 5'915'798 4'529'856 4'455'019 4'140'598 4'037'700 3'524'000 3'493'626

% Out 43.65 14.07 3.8 3.22 2.68 2.44 1.51 1.29 1.17 1.07 1.01 0.53 0.39 0.29 0.22 0.22 0.2 0.2 0.17 0.17

Weighting

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

M M M M M M U M M M M M M M M M M U M N N M N M M R

Latest Chg 577'773 (17'256) 40'341'700 462'217 (44'458) (409'134) 2'082'493 3'377'361 (2'186'130) (190'838) 33'300 612'600 (10'718)

Target Price 12 10 11 10 12 12 #N/A N/A 11 11 11 10 11 11 12 12 11 12 11 16 13 11 11 11 10 8 8

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

File Dt 30.06.2012 30.06.2012 31.07.2013 30.06.2013 30.08.2013 28.06.2013 30.06.2012 30.06.2012 30.06.2013 27.09.2013 26.09.2013 30.08.2013 31.03.2013 30.06.2013 28.06.2013 28.06.2013 31.12.2012 31.07.2013 30.06.2013 30.04.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type n/a Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 23.09.2013 17.09.2013 13.09.2013 12.09.2013 09.09.2013 05.09.2013 05.09.2013 02.09.2013 27.08.2013 26.08.2013 18.07.2013 11.07.2013 25.06.2013 12.06.2013 15.05.2013 16.04.2013 15.03.2013 15.01.2013 11.12.2012 16.11.2012 25.05.2012 29.03.2010


30.09.2013

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 (17.04.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 48.63 35.75 701'811.00 41.6 -14.45% 16.36% 50.87% 303.6 12'629.76 10.45 0.0 0.0 388.22 12'277.49

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 .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 4'242.4 0.57x 189.2 12.75x 114.2 21.44x

50 45 40 35 30 25 20 15 10 5 0 o-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

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 9'906.4 1.30x 491.2 26.19x 331.3 39.98x 491.20 397.65 4.01% 4.23% 17.39% 53.55% 5.17% 15.7% 5.0% 4.0% 3.3% 0.98 0.54 0.49% 1.29% 36.62 15.68

Price/ Cash Flow

LTM

06/yy 9'156.2 3.95x 458.0 24.32x 316.9 35.69x

06/yy 10'754.6 4.58x 535.1 23.06x 361.4 35.11x

FY+1

0.73 12.71% -3.12% 0.730 29 3.276 541'475 769'005 706'110 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'752.0 13'975.9 2'664.0 3'012.0 1.04x 0.86x 584.6 699.1 105.0 119.0 21.00x 17.56x 395.7 477.2 87.9 99.3 30.88x 26.50x 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

-0.66 0.03 1.3% 1.3% 5.17 13.01 9.97 23.28 50.67 -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

01.07.2013

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 |


30.09.2013

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 OPPENHEIMERFUNDS INC BLACKROCK CIZMECI FIRDEVS TOPBAS FATMA FITNAT HARRIS TRUST & SAVIN DANSKE INVEST A/S NORGES BANK BAILLIE GIFFORD AND VONTOBEL ASSET MANAG JP MORGAN PRUDENTIAL FINANCIAL DANSKE INVEST MANAGE CAISSE DE DEPOT ET P ERSTE SPARINVEST KAG

Firm Name Ak Investment Eczacibasi Securities Ekspres Invest Burgan Securities Goldman Sachs Morgan Stanley ATA Invest Seker Securities IBG Research (ESN) HSBC Oyak Securities IS Investment & Securities EVA Dimensions Deutsche Bank Credit Suisse VTB Capital Garanti Yatirim Menkul Kiymetler JPMorgan BGC Partners Erste Group Global Menkul Degerler Barclays UBS Renaissance Capital Wood & Company BNP Paribas Equity Research Natixis Yatirim Finansman Securities Yapi Kredi Yatirim ve Menkul Degerler

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

Analyst BERTUG TUZUN AKIF DASIRAN MELDA AGIRDAS BURAK ISYAR ANTON FARLENKOV NICHOLAS ASHWORTH CEMAL DEMIRTAS KIVANC UYSAL NATALIA SVYROU-SVYRIADI BULENT YURDAGUL SERHAT KAYA BASAK ENGIN DINCKOC CRAIG STERLING EROL DANIS ONUR MUMINOGLU MARIA KOLBINA IREM OKUTGEN BORJA OLCESE BERNA KURBAY GORKEM GOKER TEAM COVERAGE HANZADE KILICKIRAN SERHAN GOK METE OZBEK PATRICK SHIELDS SABRIYE GOZDE CULLAS ANTOINE PARISON DUYGU KALFAOGLU OZGUR GOKER

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

Recommendation market perform market perform hold buy Sell/Neutral Overwt/In-Line market perform outperform hold overweight outperform underperform hold buy neutral sell market perform overweight hold accumulate market perform overweight sell hold sell buy reduce Under Review market perform

Amt Held 47'896'992 29'142'000 19'868'975 13'662'000 9'641'829 7'124'890 6'836'042 6'367'598 3'499'980 3'036'000 1'989'984 1'416'854 1'321'636 1'175'697 1'102'326 1'018'842 866'232 835'380 570'346 558'449

% Out 15.78 9.6 6.54 4.5 3.18 2.35 2.25 2.1 1.15 1 0.66 0.47 0.44 0.39 0.36 0.34 0.29 0.28 0.19 0.18

Weighting

Change

3 3 3 5 1 5 3 5 3 5 5 1 3 5 3 1 3 5 3 4 3 5 1 3 1 5 2 #N/A N/A 3

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

Latest Chg 4'399'278 182'361 (259'376) 571'732 (384'610) 370'172 166'097 (111'260) 24'980 (10'000)

Target Price 44 43 47 52 37 48 42 49 44 46 46 38 #N/A N/A 51 44 30 46 48 44 45 40 43 43 43 38 46 35 #N/A N/A 40

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

File Dt 11.02.2013 11.02.2013 31.08.2013 11.02.2013 30.06.2013 30.06.2013 31.07.2013 26.09.2013 11.02.2013 11.02.2013 28.06.2013 31.05.2013 31.12.2012 28.06.2013 30.04.2013 31.07.2013 31.07.2013 28.06.2013 31.12.2012 30.04.2013

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

Inst Type n/a n/a Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor n/a n/a Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 18.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 05.09.2013 04.09.2013 28.08.2013 25.08.2013 31.07.2013 29.07.2013 18.07.2013 17.07.2013 10.07.2013 05.07.2013 01.07.2013 26.06.2013 19.06.2013 18.06.2013 05.03.2013 18.02.2013 14.11.2012 13.11.2012 03.08.2012


30.09.2013

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 9

160.0 M

8

140.0 M

7

120.0 M

6

100.0 M

5

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/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 06/yy 7.80 4.59 38'958'000.00 5.34 -31.54% 16.34% 25.23% 4'499.9 24'083.75 41'209.01 0.0 2'891.8 20'744.70 -

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

60.0 M

3 2

40.0 M

1

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 16'510.1 1'588.9 7.11x

80.0 M

4

Valuation Analysis

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

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 22'394.0 3'412.0 8.15x 32.02% 32.10% 1.73% 17.35% 5.43% 0.11% 23.4% 20.49% 187.60% -

Price/ Cash Flow

LTM

06/yy 21'013.6 0.00x 0.0 0.00x 2'775.5 7.78x

06/yy 22'530.5 0.00x 0.0 0.00x 3'542.6 7.24x

FY+1

1.15 -3.28% -11.74% 1.152 29 3.207 37'650'150 51'861'000 52'353'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'322.3 10'923.8 3'139.5 3'292.4 7.63x 7.41x 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

05.04.2013 BB+ STABLE 28.07.2003 B 187.6% 62.4% 0.11 6.24 -

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

01.07.2013

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 |


30.09.2013

Turkiye Is Bankasi Holdings By:

All

Holder Name LAZARD ASSET MANAGEM VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV SCHRODER INVESTMENT JP MORGAN NORGES BANK AVIVA OFE ROBECO BARING INTERNATIONAL RAIFFEISEN KAPITALAN EAST CAPITAL ASSET M BNP PARIBAS GOLDMAN SACHS GROUP JUPITER ASSET MANAGE SEB ACADIAN ASSET MANAGE NORDEA INVESTMENT FU ERSTE SPARINVEST KAG PRINCIPAL FINANCIAL

Firm Name Eczacibasi Securities HSBC Ekspres Invest FinansInvest Burgan Securities Goldman Sachs Seker Securities BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS Ak Investment Renaissance Capital Barclays Societe Generale Morgan Stanley Global Menkul Degerler Deutsche Bank Credit Suisse Keefe, Bruyette & Woods EVA Dimensions Garanti Yatirim Menkul Kiymetler JPMorgan Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler Yatirim Finansman Securities

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

Analyst SERCAN SOYLU TAMER SENGUN CIHAN SARAOGLU MUGE DAGISTAN DUYGUN KUTUCU DMITRY TREMBOVOLSKY NESLIHAN KARAGOZ SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA ALAN WEBBORN MAGDALENA STOKLOSA SEVGI ONUR KAZIM ANDAC ATES BULDUR RONNY REHN DOUG WALTERS RECEP DEMIR PAUL FORMANKO HASAN DEMIR MURAT BOREKCI ZUMRUT CAN

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

Recommendation market perform overweight hold outperform buy neutral/neutral outperform buy market perform buy sell market perform neutral market perform hold underweight sell Underwt/In-Line market perform hold underperform underperform buy market perform neutral neutral buy not rated

Amt Held 88'744'091 45'713'168 40'927'869 34'905'903 27'551'616 19'571'688 17'811'830 14'313'245 10'516'021 10'460'510 9'139'700 8'345'873 8'279'805 8'047'792 6'202'744 5'061'349 4'884'026 4'674'618 4'512'148 4'462'577

% Out 1.97 1.02 0.91 0.78 0.61 0.43 0.4 0.32 0.23 0.23 0.2 0.19 0.18 0.18 0.14 0.11 0.11 0.1 0.1 0.1

Weighting

Change

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

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

Latest Chg 371'120 857'225 (1'333'191) 364'026 8'457'186 976'420 176'164 (1'569'176) (377'250) (4'020'900) 2'187'732 3'380'285 1'117'744 (4'438) 654'190 70'000 -

Target Price 6 7 6 7 6 6 6 7 5 6 5 6 6 6 5 5 5 6 6 6 6 6 #N/A N/A 6 7 8 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 31.08.2013 Unclassified 30.06.2013 Unclassified 26.09.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 30.04.2013 Unclassified 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Unclassified 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Unclassified 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 12 month 12 month 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 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided

Date 27.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 04.08.2013 25.07.2013 18.07.2013 24.06.2013 08.05.2013 11.02.2013 28.08.2012


30.09.2013

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

12

35.0 M

10

30.0 M 25.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (11.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 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 06/yy 12.65 10.15 9'887'273.00 11.9 -5.93% 17.24% 64.00% 2'200.0 26'180.00 3'042.27 0.0 (140.3) 7'038.45 22'088.47

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

15.0 M

4

10.0 M

2

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 8'844.6 1.76x 3'255.2 4.79x 2'312.8 8.32x

20.0 M

6

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

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 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% 11.70% 16.70% 0.60% 38.3% 30.9% 17.8% 19.8% 2.33 1.92 16.31% 23.63% 6.24 109.80

Price/ Cash Flow

LTM

06/yy 9'919.4 6.76x 3'047.7 5.61x 1'922.1 10.48x

06/yy 11'103.7 7.69x 3'431.7 5.99x 2'156.7 11.42x

FY+1

0.73 8.68% 3.03% 0.730 31 4.452 5'637'145 6'773'596 6'263'591 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'378.8 12'116.1 1.95x 1.93x 3'491.6 3'792.8 6.33x 5.82x 2'214.8 2'423.5 566.0 682.0 11.74x 11.05x 10.35x 10.08x 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

19.11.2008 BB+ STABLE 16.18 9.43 -1.15 0.91 23.6% 19.3% 0.60 2.12 58.51 3.32 37.81 -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

01.07.2013

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 |


30.09.2013

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 NORGES BANK THORNBURG INVESTMENT JP MORGAN SCHRODER INVESTMENT SUN LIFE FINANCIAL I BARING INTERNATIONAL DWS INVESTMENTS SWEDBANK ROBUR FONDE FRANKLIN RESOURCES ROBECO SEB EAST CAPITAL ASSET M GRANTHAM MAYO VAN OT BNP PARIBAS

Firm Name

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

Analyst

Seker Securities OKAN UZUN Sardis Securities HAYDAR ACUN Eczacibasi Securities AKIF DASIRAN IS Investment & Securities NUR KARABACAK Ekspres Invest MELDA AGIRDAS Burgan Securities MURAT IGNEBEKCILI UBS ALEXANDER WRIGHT BNP Paribas Equity Research BERNA KOKTENER ATA Invest ENDER KAYNAR Renaissance Capital ALEXANDER KAZBEGI Oyak Securities MELIS POCAR Ak Investment BORA TEZGULER New Street Research CHRIS HOARE Deutsche Bank KORAY PAMIR JPMorgan TORSTEN ACHTMANN Barclays SAN DHILLON BGC Partners ERDEM HAFIZOGLU IBG Research (ESN) DIMITRIS BIRBOS Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE Tera Stock Brokers TUGCE KARAGUL Unlu Securities OYTUN ALTASLI Yatirim Finansman Securities DUYGU KALFAOGLU Global Menkul Degerler HASAN BAYHAN Espirito Santo Investment Bank Research ANDREW HOGLEY Credit Suisse ATINC OZKAN VTB Capital IVAN KIM EVA Dimensions ANDREW S ZAMFOTIS Erste Group VERA SUTEDJA Yapi Kredi Yatirim ve Menkul Degerler MEHMET A AGYUZ

Source 20F 20F Research ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

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

Amt Held 1'122'000'000 287'632'180 56'320'000 34'252'799 32'553'152 30'159'675 21'794'246 17'450'300 13'976'107 12'675'682 9'135'225 6'793'261 6'420'000 6'130'274 4'833'923 3'953'477 3'209'565 3'039'164 2'974'443 2'933'000

% Out 51 13.07 2.56 1.56 1.48 1.37 0.99 0.79 0.64 0.58 0.42 0.31 0.29 0.28 0.22 0.18 0.15 0.14 0.14 0.13

Weighting

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

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

Latest Chg 126'162 1'906'485 3'527'600 388'190 (4'626'631) 15'670 2'073'699 98'000 431'797 34'252 268'208 (851'590) (47'025)

Target Price 13 11 13 13 13 13 11 14 13 12 14 12 16 15 14 12 13 13 13 13 14 14 14 12 8 12 #N/A N/A 15 13

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

File Dt 15.03.2013 15.03.2013 12.12.2012 31.08.2013 26.09.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 30.08.2013 31.07.2013 31.03.2013 28.06.2013 31.03.2013 28.06.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.07.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

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

Date 27.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 18.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 05.09.2013 04.09.2013 03.09.2013 02.09.2013 30.08.2013 27.08.2013 23.08.2013 23.08.2013 18.07.2013 12.07.2013 09.07.2013 21.06.2013 25.04.2013 22.04.2013 18.04.2013 10.04.2013 05.03.2013 25.01.2013 12.12.2012


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 8.80 3.24 26'562'452.00 7.7 -12.50% 137.40% 77.32% 1'380.0 10'626.00 8'666.99 0.0 0.0 1'907.36 18'804.70

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

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 n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 6'123.2 0.38x 1'027.1 2.25x 1'134.2 0.88x

10 9 8 7 6 5 4 3 2 1 0 o-12

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

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 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% 5.40% 21.12% 8.94% 0.81% 20.2% 15.4% 8.3% 7.6% 0.92 0.59 46.15% 160.35% 14.41 54.61

Price/ Cash Flow

LTM

06/yy 13'592.3 2.66x 1'627.3 5.79x 743.0 4.47x

06/yy 16'460.9 3.57x 2'535.4 7.31x 1'090.8 8.74x

FY+1

1.63 1.08 139.40% 43.79% 1.080 25 4.400 24'866'000 34'704'840 25'352'970 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'511.8 21'596.0 1.03x 0.91x 2'829.3 3'311.6 6.65x 5.68x 1'107.7 1'386.4 842.0 304.0 9.33x 7.56x 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

8.89 5.64 3.23 3.96 160.4% 61.6% 0.81 1.23 25.33 6.68 32.05 -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

01.07.2013

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 |


30.09.2013

Turk Hava Yollari Holdings By:

All

Holder Name REPUBLIC OF TURKEY NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC BLACKROCK BNP PARIBAS EAST CAPITAL ASSET M PUTNAM INVESTMENT MA RAIFFEISEN KAPITALAN GOLDMAN SACHS GROUP STATE STREET CORP JP MORGAN FRANK RUSSELL TRUST NOBLE FUNDS TFI SA PRINCIPAL FINANCIAL ALLIANCE BERNSTEIN DRIEHAUS CAPITAL MAN UBS AG SCHRODER INVESTMENT ALLIANZ ASSET MANAGE

Firm Name Seker Securities Erste Group HSBC Ekspres Invest Yatirim Finansman Securities Burgan Securities BNP Paribas Equity Research EVA Dimensions Renaissance Capital Morgan Stanley Oyak Securities IS Investment & Securities Ak Investment FinansInvest BGC Partners UBS Deutsche Bank Garanti Yatirim Menkul Kiymetler Eczacibasi Securities Global Menkul Degerler Goldman Sachs Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler ATA Invest

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

Analyst BURAK DEMIRBILEK GORKEM GOKER CENK ORCAN SELIM KUNTER DUYGU KALFAOGLU BURAK ISYAR ALPER PAKSOY TIMOTHY STANISH ALEXANDER KAZBEGI NIDA IQBAL MELIS POCAR EMRE SEZAN OMER OMERBAS GAYE ABIDIN KEREM TEZCAN ANUJ MEHROTRA EROL DANIS BAHAR DENIZ EGEMEN BEHLUL KATAS HASAN BAYHAN ANTON FARLENKOV FULIN R ONDER OZGUR GOKER ISMAIL OZER

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

Recommendation outperform accumulate overweight hold outperform buy buy overweight buy Overwt/No Rating market perform outperform market perform neutral buy buy buy market perform outperform buy neutral/neutral buy buy market outperform

Amt Held 677'856'000 35'425'087 17'916'958 16'922'567 15'717'199 7'898'730 7'481'175 5'424'276 5'078'286 4'568'533 4'543'525 3'760'334 3'532'478 3'346'498 3'266'032 3'255'809 3'151'473 3'040'348 3'001'580 2'749'504

% Out 49.12 2.57 1.3 1.23 1.14 0.57 0.54 0.39 0.37 0.33 0.33 0.27 0.26 0.24 0.24 0.24 0.23 0.22 0.22 0.2

Weighting

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

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

Latest Chg 206'298 (2'450'502) (491'158) 462'499 (346'150) 2'822'400 717'157 377'484 (1'635'010) (499) 3'210'981 197'774 (553'470) 2'979'762 (1'061'662)

Target Price 9 9 10 9 9 9 11 #N/A N/A 7 8 7 9 8 9 9 10 10 8 9 9 8 8 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 31.12.2012 Government 31.12.2012 Government 30.04.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 31.07.2013 Unclassified 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 29.06.2012 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.06.2013 Unclassified 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 27.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 18.09.2013 12.09.2013 10.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 27.08.2013 27.08.2013 06.08.2013 25.07.2013 18.07.2013 02.07.2013 27.06.2013 26.06.2013 19.06.2013 20.05.2013 27.07.2012


30.09.2013

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

50

3.0 M 2.5 M

40

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 56.25 36.50 686'879.00 42.7 -24.09% 16.99% 33.42% 250.4 10'692.90 4'642.78 0.0 42.9 3'279.89 14'002.95

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

1.5 M

20

1.0 M

10

.5 M

0 o-12

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

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 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% 7.49% 32.75% 2.47% 4.1% 2.7% 2.1% 3.1% 1.14 0.68 27.13% 95.79% 15.07 11.46

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 45'692.6 0.94x 1'815.5 6.14x 1'101.4 8.80x

06/yy 42'877.1 1.32x 1'154.3 13.09x 1'302.9 9.05x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.93 12.17% -10.70% 0.929 33 2.818 758'687 881'654 815'820 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 42'716.6 44'982.7 8'026.0 7'662.0 0.34x 0.34x 1.75x 1.87x 1'258.9 1'465.4 392.0 307.0 11.12x 9.56x 11.38x 11.65x 1'077.7 1'122.0 318.0 226.0 10.07x 10.37x 11.16x 11.52x 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

9.05 -6.00 2.83 5.18 95.8% 48.7% 2.47 7.18 24.22 31.85 51.29 7.58

Sales/Revenue/Turnover

20'000.00

50'000.0

18'000.00

45'000.0

16'000.00

40'000.0

14'000.00

35'000.0

12'000.00

30'000.0

10'000.00 8'000.00

25'000.0 20'000.0

6'000.00

15'000.0

4'000.00

10'000.0

2'000.00

5'000.0

0.00 01.01.2010

.0 M n-12

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 30'404.0 0.14x 1'394.5 3.15x 432.2 9.39x

2.0 M

30

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Tupras Turkiye Petrol Rafinerileri AS Holdings By:

All

Holder Name ENERJI YATIRIMLARI A FMR LLC VANGUARD GROUP INC BLACKROCK NORGES BANK FRANKLIN RESOURCES JP MORGAN BARING INTERNATIONAL ROBECO INVESCO LTD PICTET FUNDS BANK OF NEW YORK MEL MORGAN STANLEY CHARLES SCHWAB INVES EAST CAPITAL ASSET M NORTHERN TRUST CORPO ALASKA PERMANENT FUN NORDEA INVESTMENT FU DEKABANK DEUTSCHE GI LORD ABBETT & CO LLC

Firm Name Burgan Securities Sardis Securities Eczacibasi Securities Renaissance Capital Ekspres Invest ATA Invest Goldman Sachs Oyak Securities IS Investment & Securities Ak Investment Deutsche Bank BGC Partners Wood & Company EVA Dimensions Morgan Stanley Credit Suisse BNP Paribas Equity Research UBS Garanti Yatirim Menkul Kiymetler Unlu Securities Global Menkul Degerler Barclays JPMorgan Tera Stock Brokers Concorde Securities Rt HSBC IBG Research (ESN) VTB Capital Yapi Kredi Yatirim ve Menkul Degerler KBC Securities Erste Group Yatirim Finansman Securities KBC Securities

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

Analyst UMUT OZTURK HAYDAR ACUN BEHLUL KATAS ILGIN ERDOGAN SELIM KUNTER ERDEM KAYLI HENRY MORRIS HASAN SENER ASLI OZATA KUMBARACI ERKAN SAVRAN KORAY PAMIR EZGI YILMAZ ROBERT RETHY DOUG WALTERS IGOR KUZMIN ONUR MUMINOGLU ALPER PAKSOY DANIEL EKSTEIN ONUR MARSAN VEDAT MIZRAHI TEAM COVERAGE HANZADE KILICKIRAN NEERAJ Z KUMAR OGUZHAN AKBULUT ATTILA VAGO BULENT YURDAGUL VASSILIS ROUMANTZIS EKATERINA RODINA ELVIN AKBULUT PETER CSASZAR TAMAS PLETSER ZUMRUT CAN OLENA KYRYLENKO

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

Recommendation hold sell market perform hold hold market perform neutral/cautious market perform outperform market perform hold hold hold underweight Equalwt/No Rating outperform hold sell market perform underperform buy underweight neutral buy equalweight neutral hold sell hold sell hold not rated hold

Amt Held 127'713'794 3'852'725 3'781'013 3'636'694 3'577'530 3'390'192 3'342'971 2'156'766 2'064'049 1'925'835 1'673'618 1'190'083 1'047'003 997'479 981'812 894'466 801'271 626'947 617'600 580'002

% Out 51 1.54 1.51 1.45 1.43 1.35 1.33 0.86 0.82 0.77 0.67 0.48 0.42 0.4 0.39 0.36 0.32 0.25 0.25 0.23

Weighting

Change

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

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

Latest Chg (114'542) 31'634 (9'235) (102'230) 174'040 (67'341) (5'027) (550'865) 31'473 56'982 192'647 4'579 30'463 139'427 (26'400) 17'061

Target Price 45 24 51 42 48 42 48 47 49 45 52 50 44 #N/A N/A 47 50 51 40 48 41 56 43 48 50 49 57 45 43 57 45 53 #N/A N/A 41

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

File Dt 31.12.2012 31.07.2013 30.06.2013 26.09.2013 31.12.2012 28.06.2013 31.07.2013 31.03.2013 30.04.2013 27.09.2013 31.05.2013 27.09.2013 30.06.2013 27.09.2013 31.03.2013 30.06.2013 30.06.2013 28.06.2013 28.03.2013 28.06.2013

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Corporation Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Bank Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 11.09.2013 10.09.2013 05.09.2013 04.09.2013 04.09.2013 02.09.2013 28.08.2013 23.08.2013 14.08.2013 09.08.2013 06.08.2013 05.08.2013 19.07.2013 18.07.2013 18.07.2013 01.07.2013 26.06.2013 12.06.2013 08.06.2013 04.06.2013 15.05.2013 13.05.2013 10.04.2013 06.03.2013 30.01.2013 28.01.2013 29.08.2012 25.05.2011


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 11.85 7.10 5'750'435.00 9.32 -21.35% 31.27% 53.89% 2'535.9 23'634.57 12'389.65 0.0 7'975.3 7'133.03 39'013.71

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

14.0 M

12

12.0 M

10

10.0 M

8

8.0 M

6

6.0 M

4

4.0 M

2

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 55'631.1 0.36x 4'555.2 4.43x 2'023.6 2.72x

14

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

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 84'833.3 0.43x 6'164.3 5.96x 2'314.9 10.14x 6'164.27 5'015.05 5.91% 5.33% 2.94% 14.99% 0.97% 13.8% 6.0% 4.7% 2.7% 1.37 0.89 25.45% 76.08% 8.65 9.85

Price/ Cash Flow

LTM

06/yy 72'714.3 2.06x 5'440.6 7.38x 1'994.8 8.77x

06/yy 76'802.7 2.21x 4'579.0 8.49x 2'328.4 10.20x

FY+1

1.12 32.08% 2.42% 1.120 27 3.074 5'320'035 4'872'225 4'569'257 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 80'158.8 83'222.5 26'044.0 19'724.0 0.49x 0.46x 5'712.0 6'164.9 6.83x 6.33x 2'377.3 2'528.9 9.77x 9.04x 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

11.04.2013 BBBSTABLE 11.04.2013 A-3 11.17 4.23 1.74 3.53 76.1% 33.8% 0.97 5.94 42.19 37.05 50.04 24.18

Sales/Revenue/Turnover

14.00

90'000.0

12.00

80'000.0 70'000.0

10.00

60'000.0

8.00

50'000.0

6.00

40'000.0 30'000.0

4.00

20'000.0

2.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 MEHMET OMER JP MORGAN VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV NORGES BANK CAPITAL GROUP COMPAN JP MORGAN CHASE BANK EAST CAPITAL ASSET M BARING INTERNATIONAL

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

Analyst BURAK ISYAR KADIR TEZELLER SERCAN SOYLU HAYDAR ACUN ZUMRUT CAN MUSTAFA KUCUKMERAL ALPER AKALIN HASAN BAYHAN EZGI YILMAZ HASAN SENER ERKAN SAVRAN EROL DANIS EZGI GULBAS ALPER PAKSOY NARESH BILANDANI ILGIN ERDOGAN ONUR MARSAN MATIJA GERGOLET SERHAN GOK HANZADE KILICKIRAN TIMOTHY STANISH CENK ORCAN OYTUN ALTASLI ONUR MUMINOGLU MEHMET EMIN ZUMRUT ONDER ZORBA

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

Recommendation hold market perform market perform sell market perform underperform hold sell hold market perform market perform hold underperform hold neutral buy market perform neutral/neutral neutral equalweight buy neutral market perform outperform buy 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 43'567'280 39'462'977 25'834'103 22'876'691 15'941'852 14'148'218 7'060'056 6'772'150 5'941'465 5'179'245 5'103'739

% Out 42.59 7.15 6.42 5.25 5.23 3.24 2.2 1.99 1.93 1.72 1.56 1.02 0.9 0.63 0.56 0.28 0.27 0.23 0.2 0.2

Weighting

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

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

Latest Chg 135'883 (301'263) (38'284) 1'183'712 498'160 500'204

Target Price 10 8 10 6 10 9 10 10 10 9 9 10 9 9 9 12 11 11 10 9 #N/A N/A 13 10 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 31.08.2013 29.08.2012 31.07.2013 30.06.2013 26.09.2013 30.04.2013 31.12.2012 30.06.2013 31.05.2013 31.03.2013 30.06.2013

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 3 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 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 Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 16.09.2013 09.09.2013 05.09.2013 04.09.2013 02.09.2013 23.08.2013 23.08.2013 21.08.2013 19.07.2013 18.07.2013 11.07.2013 04.07.2013 26.06.2013 06.06.2013 15.05.2013 15.03.2013 26.11.2012 04.11.2012 08.06.2012


30.09.2013

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 35

6.0 M

30

5.0 M

25

4.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (11.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

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

2.0 M

10

1.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 3'668.9 1.67x 831.8 7.38x 309.7 14.97x

3.0 M

15

12/2012 06/yy 32.40 22.00 427'326.00 23.4 -27.78% 6.36% 12.98% 592.1 13'855.26 2'923.08 0.0 82.0 1'871.32 17'923.43

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

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 6'416.8 2.55x 1'225.0 13.35x 606.9 25.07x 1'225.05 774.47 12.07% 12.53% 21.59% 39.28% 29.03% 0.56% 48.9% 17.6% 10.4% 9.5% 1.79 1.27 25.10% 43.60% 5.36 4.83

Price/ Cash Flow

06/yy 4'719.4 11.17x 927.2 16.19x 440.8 28.97x

LTM 06/yy 7'774.5 9.66x 1'366.5 15.11x 2'981.8 5.56x

FY+1

0.67 -10.85% -7.39% 0.672 25 2.520 314'629 288'705 272'968 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'175.2 10'355.0 2'889.0 1'952.0 1.68x 1.47x 6.09x 8.69x 1'636.7 1'918.8 617.0 311.0 10.95x 9.34x 9.49x 9.14x 1'259.8 768.0 243.0 116.0 10.69x 18.66x 20.71x 20.71x 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

14.06.2012 BBBSTABLE 16.11 9.18 2.00 2.88 43.6% 30.1% 0.56 1.84 68.04 75.51 64.91 74.30

Sales/Revenue/Turnover

30.00

7'000.0

25.00

6'000.0 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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 COMMONWEALTH BANK OF VANGUARD GROUP INC BLACKROCK NORGES BANK MORGAN STANLEY T ROWE PRICE ASSOCIA MONTGOMERY ASSET MAN INVESCO LTD GOLDMAN SACHS GROUP SCHRODER INVESTMENT BNP PARIBAS ERSTE SPARINVEST KAG BANQUE DE LUXEMBOURG DIMENSIONAL FUND ADV

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

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

Analyst GOKAY BOBEK MELDA AGIRDAS BURAK ISYAR NICHOLAS ASHWORTH MATIJA GERGOLET EDWARD MUNDY BULENT YURDAGUL MELIS POCAR BASAK ENGIN DINCKOC OMER OMERBAS EZGI YILMAZ SAMAR CHAND EROL DANIS ONUR MUMINOGLU TEAM COVERAGE KENAN COSGUNER ANUJ MEHROTRA IREM OKUTGEN TEAM COVERAGE CRAIG STERLING METE OZBEK KOMAL DHILLON IVAN KUSHCH EMRAH OZKOC ZUMRUT CAN

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

Recommendation underperform hold hold Overwt/In-Line Sell/Neutral neutral neutral underperform underperform market perform sell equalweight hold neutral neutral hold sell market perform market perform sell hold neutral hold market perform not rated

Amt Held 142'105'263 139'786'634 79'934'214 35'526'317 25'950'222 14'175'241 11'533'269 5'815'902 4'949'831 3'800'369 3'666'894 2'873'507 2'430'453 1'862'294 1'062'355 889'196 770'399 730'186 615'000 577'500

% Out 24 23.61 13.5 6 4.38 2.39 1.95 0.98 0.84 0.64 0.62 0.49 0.41 0.31 0.18 0.15 0.13 0.12 0.1 0.1

Weighting

Change

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

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

Latest Chg (140'818) 4'595'952 1'040'806 (28'823) (1'077'555) 399'212 20'000 239'000 (366'603) 198'270 (498'766) (25'000) 61'032

Target Price 25 26 24 31 24 24 27 25 24 24 25 24 30 25 35 26 25 28 27 #N/A N/A 31 27 28 25 #N/A N/A

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

File Dt 23.10.2012 29.10.2012 23.10.2012 23.10.2012 30.06.2013 31.07.2013 31.05.2013 30.06.2013 26.09.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 27.09.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013 31.07.2013 30.04.2013

Date Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided

Inst Type n/a Holding Company Unclassified Holding Company Investment Advisor Investment Advisor Bank Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 23.09.2013 18.09.2013 12.09.2013 12.09.2013 12.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 28.08.2013 27.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 22.07.2013 18.07.2013 01.07.2013 06.06.2013 09.04.2013 30.01.2013 03.12.2012 01.06.2012 30.03.2012


30.09.2013

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 7

90.0 M

6

80.0 M 70.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 6.28 3.80 31'505'894.00 4.5 -28.34% 18.42% 31.45% 4'347.1 19'561.73 27'412.93 0.0 64.8 19'603.68 -

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

50.0 M

3

40.0 M 30.0 M

2

20.0 M

1

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 10'031.9 1'261.4 6.55x

60.0 M

4

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

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 13'101.8 2'087.7 10.83x 34.10% 34.32% 2.31% 20.82% 7.00% 0.12% 26.3% 20.85% 171.60% -

Price/ Cash Flow

LTM

06/yy 12'054.3 0.00x 0.0 0.00x 2'019.6 7.99x

06/yy 16'439.9 0.00x 0.0 0.00x 3'090.2 6.33x

FY+1

1.29 6.49% -12.35% 1.290 31 3.710 23'849'380 30'357'330 36'799'340 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'807.6 8'429.0 2'639.9 2'508.2 7.64x 7.88x 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

05.04.2013 BB+ STABLE 27.05.2004 B 171.6% 63.1% 0.12 4.01 -

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

01.07.2013

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 |


30.09.2013

Yapi ve Kredi Bankasi AS Holdings By:

All

Holder Name KOC FINANCIAL SERVIC DODGE & COX NORGES BANK BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV JP MORGAN EAST CAPITAL ASSET M BNP PARIBAS T ROWE PRICE ASSOCIA BZ WBK TOWARZYSTWO F PIONEER SCHRODER INVESTMENT DWS INVESTMENTS CAISSE DE DEPOT ET P FRANK RUSSELL TRUST SWEDBANK ROBUR FONDE PICTET FUNDS GOLDMAN SACHS GROUP RAIFFEISEN KAPITALAN

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

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

Analyst SERCAN SOYLU TAMER SENGUN MAGDALENA STOKLOSA BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN NERGIS KASABALI DMITRY TREMBOVOLSKY DERYA GUZEL CAGDAS DOGAN AKIN TUZUN NESLIHAN KARAGOZ METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA SADRETTIN BAGCI ALAN WEBBORN KAZIM ANDAC ATES BULDUR RONNY REHN SEVGI ONUR RECEP DEMIR DOUG WALTERS PAUL FORMANKO HASAN DEMIR KONSTANTINOS MANOLOPOULOS ZUMRUT CAN GIOVANNI RAZZOLI

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

Recommendation market perform underweight Overwt/In-Line market perform hold neutral hold neutral/neutral market perform hold hold market perform outperform neutral market perform buy underweight buy hold hold outperform outperform buy outperform overweight overweight neutral buy outperform hold

Amt Held 3'555'712'396 136'779'068 45'144'019 26'443'661 25'384'233 17'139'330 11'858'869 8'407'600 4'690'000 4'291'583 3'617'143 3'352'232 3'263'752 2'550'000 2'333'265 2'138'565 2'000'000 1'923'595 1'854'470 1'723'200

% Out 81.8 3.15 1.04 0.61 0.58 0.39 0.27 0.19 0.11 0.1 0.08 0.08 0.08 0.06 0.05 0.05 0.05 0.04 0.04 0.04

Weighting

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

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

Latest Chg 3'000'000 4'720 467'551 185'889 (543'250) (121'100) (165'000) 41'016 225'115 68'545 (262'000) (501'691) 959'864 125'040 (795'000)

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

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

File Dt 08.01.2013 30.06.2013 31.12.2012 26.09.2013 30.06.2013 30.04.2013 31.07.2013 31.03.2013 31.07.2013 30.06.2013 31.12.2012 30.04.2013 31.12.2012 28.06.2013 31.12.2012 30.06.2013 31.03.2013 31.05.2013 30.06.2013 28.06.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month 12 month 12 month

Inst Type Unclassified Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 11.09.2013 10.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 19.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 18.07.2013 18.07.2013 16.07.2013 24.06.2013 31.05.2013 29.04.2013 14.02.2013 03.08.2012


30.09.2013

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

Price/Volume 70

.9 M

60

.8 M .7 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 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 06/yy 60.00 30.90 187'758.00 51.5 -14.17% 66.67% 70.79% 254.4 13'100.10 1'676.93 0.0 24.7 607.66 14'805.85

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

.5 M

30

.4 M

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

.2 M

10 0 o-12

.1 M .0 M n-12

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

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 4'132.4 2.54x 671.3 15.65x 380.1 24.76x 671.29 475.35 11.50% 11.68% 12.00% 29.04% 16.26% 0.96% 38.4% 16.5% 11.6% 9.2% 2.25 1.31 39.31% 88.75% 7.66 6.54

Price/ Cash Flow

06/yy 3'605.5 8.27x 557.8 14.91x 250.2 28.47x

d-12

j-13

f-13 m-13

LTM 06/yy 4'712.3 10.79x 779.4 20.30x 586.3 24.08x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.69 54.13% 39.97% 0.692 27 3.370 131'672 206'467 209'092 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'218.0 6'145.4 1'787.5 1'030.5 2.73x 2.32x 8.30x 14.20x 868.2 1'045.7 346.0 86.7 17.05x 14.16x 15.64x 14.45x 477.7 542.6 204.0 11.3 29.18x 24.09x 25.41x 22.62x 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

12.50 5.67 1.89 2.70 88.8% 46.7% 0.96 2.34 47.68 55.82 45.05 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

.3 M

20

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 2'258.1 1.06x 360.3 6.66x 81.4 19.85x

.6 M

40

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 COMGEST S A CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK WILLIAM BLAIR & COMP WASATCH ADVISORS INC NORGES BANK SCHRODER INVESTMENT T ROWE PRICE ASSOCIA BNP PARIBAS JP MORGAN GOLDMAN SACHS GROUP NORDEA INV MANAGEMEN COMINVEST ASSET MANA COMGEST GROWTH PLC

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

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

Analyst GOKAY BOBEK MELDA AGIRDAS KENAN COSGUNER BURAK ISYAR BURAK DEMIRBILEK NICHOLAS ASHWORTH MATIJA GERGOLET EDWARD MUNDY BULENT YURDAGUL MELIS POCAR BASAK ENGIN DINCKOC OMER OMERBAS EZGI YILMAZ KOMAL DHILLON GABRIELA MALCZYNSKA EROL DANIS ONUR MUMINOGLU ERIK HEGEDUS IREM OKUTGEN TEAM COVERAGE CRAIG STERLING ANUJ MEHROTRA METE OZBEK OZGUR GOKER IVAN KUSHCH ZUMRUT CAN EMRAH OZKOC

Source Co File Co File Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy buy hold market perform Equalwt/In-Line neutral/neutral buy neutral market perform market perform market perform hold overweight overweight hold neutral hold market perform market perform underweight buy hold underperform hold market perform market outperform

Amt Held 102'053'566 51'103'094 25'793'200 10'225'706 8'052'965 4'992'703 4'408'637 1'936'675 1'386'623 1'285'039 1'220'054 1'186'589 1'030'908 533'747 515'345 437'670 320'182 306'658 305'636 194'000

% Out 40.12 20.09 10.14 4.02 3.17 1.96 1.73 0.76 0.55 0.51 0.48 0.47 0.41 0.21 0.2 0.17 0.13 0.12 0.12 0.08

Weighting

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

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

Latest Chg (519'118) (2'949'413) 56'511 (18'833) 1'285'039 205'943 489'548 331'185 188'396 9'000 (144'373) 32'578 -

Target Price 61 63 57 50 55 51 66 55 56 54 54 55 51 56 63 46 51 57 59 53 #N/A N/A 67 48 42 38 27 29

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.07.2013 31.12.2012 31.07.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013 30.04.2013 31.05.2013 30.06.2013 28.06.2013 31.05.2013 31.12.2012

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

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

Date 27.09.2013 23.09.2013 20.09.2013 18.09.2013 17.09.2013 12.09.2013 12.09.2013 12.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 28.08.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 25.07.2013 18.07.2013 01.07.2013 06.06.2013 17.05.2013 09.04.2013 29.01.2013 03.12.2012 28.08.2012 20.07.2012


30.09.2013

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 (03.05.2013) 52-Week Low (06.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 9.02 6.04 2'391'515.00 7.02 -22.17% 16.23% 27.52% 3'500.0 24'570.00 6'037.79 0.0 0.0 960.79 31'987.06

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

45.0 M

8

40.0 M

7

35.0 M

6

30.0 M

5

25.0 M

4

20.0 M

3

15.0 M

2

10.0 M

1

5.0 M

0 o-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

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 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% 12.00% 41.07% 0.77% 52.0% 37.0% 23.7% 20.8% 1.02 0.72 35.09% 93.53% 5.12 56.30

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

LTM

06/yy 12'227.5 10.20x 4'782.6 6.63x 2'355.3 10.97x

06/yy 13'066.1 9.70x 4'828.7 6.97x 2'042.6 12.85x

FY+1

0.84 6.73% 10.44% 0.842 30 3.367 2'064'010 2'693'387 2'829'156 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 13'366.1 13'916.4 2.27x 2.16x 5'104.0 5'336.5 6.27x 5.99x 2'170.0 2'504.9 541.0 541.0 11.21x 9.79x 11.32x 11.14x 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

15.83 8.31 1.54 1.74 93.5% 48.3% 0.77 1.62 71.29 6.48 67.96 -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

.0 M n-12

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 10'194.9 1.43x 4'085.2 3.57x 1'752.2 6.95x

9

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 JP MORGAN ALLIANZ ASSET MANAGE NORGES BANK CHARLES SCHWAB INVES GRANTHAM MAYO VAN OT ALASKA PERMANENT FUN LORD ABBETT & CO LLC PICTET FUNDS STATE STREET CORP BNP PARIBAS MACQUARIE GROUP SCHRODER INVESTMENT SEB CAPITAL INTERNATIONA

Firm Name Sardis Securities Ak Investment Eczacibasi Securities Ekspres Invest Burgan Securities ATA Invest Barclays Seker Securities Renaissance Capital Oyak Securities Global Menkul Degerler IS Investment & Securities New Street Research Deutsche Bank HSBC Garanti Yatirim Menkul Kiymetler JPMorgan BNP Paribas Equity Research EVA Dimensions Goldman Sachs VTB Capital Morgan Stanley Yatirim Finansman Securities Tera Stock Brokers Erste Group BGC Partners Unlu Securities Yapi Kredi Yatirim ve Menkul Degerler Credit Suisse UBS

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

Analyst HAYDAR ACUN BORA TEZGULER AKIF DASIRAN MELDA AGIRDAS MURAT IGNEBEKCILI ENDER KAYNAR SAN DHILLON OKAN UZUN ALEXANDER KAZBEGI MELIS POCAR HASAN BAYHAN NUR KARABACAK CHRIS HOARE KORAY PAMIR HERVE DROUET HALIL IBRAHIM KAHVE TORSTEN ACHTMANN BERNA KOKTENER ANDREW S ZAMFOTIS ALEXANDER BALAKHNIN IVAN KIM CESAR TIRON DUYGU KALFAOGLU TUGCE KARAGUL VERA SUTEDJA ERDEM HAFIZOGLU OYTUN ALTASLI MEHMET A AGYUZ ATINC OZKAN ALEXANDER WRIGHT

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

Recommendation buy market perform market perform hold hold market perform overweight market perform hold market perform market perform outperform buy hold neutral not rated overweight hold hold Buy/Neutral hold Underwt/In-Line outperform neutral accumulate hold market perform underperform neutral neutral

Amt Held 1'925'000'000 1'050'000'000 75'060'266 18'088'459 15'237'365 12'244'776 7'199'919 6'244'616 6'232'130 6'219'611 5'884'004 4'565'374 3'685'741 3'387'390 3'355'231 3'338'000 2'224'295 2'182'092 1'953'769 1'895'000

% Out 55 30 2.14 0.52 0.44 0.35 0.21 0.18 0.18 0.18 0.17 0.13 0.11 0.1 0.1 0.1 0.06 0.06 0.06 0.05

Weighting

Change

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

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

Latest Chg (36'741) 218'092 (31'363) 1'973'559 413'101 689'991 408'076 (1'570'496) (154'225) (114'200) (1'432'000) 110'285 (1'629'817) (1'527'006) -

Target Price #N/A N/A 8 7 7 7 7 8 8 6 7 8 8 9 8 7 #N/A N/A 9 7 #N/A N/A 8 8 6 9 7 8 8 9 7 8 8

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

File Dt 31.12.2011 31.12.2011 31.07.2013 27.09.2013 30.06.2013 26.09.2013 31.07.2013 30.06.2013 31.12.2012 27.09.2013 31.05.2013 30.06.2013 28.06.2013 31.05.2013 27.09.2013 30.04.2013 31.07.2013 30.06.2013 31.03.2013 31.05.2013

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 3 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Corporation Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 26.09.2013 25.09.2013 23.09.2013 18.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 06.08.2013 23.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 12.07.2013 27.06.2013 16.04.2013 15.04.2013 05.04.2013 02.04.2013 21.06.2012


30.09.2013

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 8

80.0 M

5 4

12/2012 06/yy 7.20 3.64 31'047'833.00 4.61 -35.97% 26.65% 28.37% 2'500.0 11'525.00 22'466.75 0.0 397.6 14'994.63 -

60.0 M

3

40.0 M

2 20.0 M

1 0 o-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

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 11'328.2 1'423.5 8.10x 27.87% 28.28% 1.51% 15.48% 4.68% 0.11% 21.6% 20.79% 196.54% -

Price/ Cash Flow

06/yy 10'167.8 0.00x 0.0 0.00x 1'325.1 7.09x

d-12

j-13

f-13 m-13

LTM 06/yy 12'008.8 0.00x 0.0 0.00x 1'682.0 7.15x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.30 19.61% 0.67% 1.301 29 3.207 33'299'620 36'853'850 44'564'730 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'435.2 7'104.1 1'523.5 1'632.9 7.51x 7.11x 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

05.04.2013 BB+ STABLE 19.07.2005 B 196.5% 65.5% 0.11 5.91 -

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

.0 M n-12

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

100.0 M

6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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

31.12.2008 8'067.2 791.3 3.70x

120.0 M

7

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Turkiye Vakiflar Bankasi Tao Holdings By:

All

Holder Name GENERAL DIRECTORATE VAKIFBANK PENSION FU VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV EAST CAPITAL ASSET M SCHRODER INVESTMENT BARING INTERNATIONAL RAIFFEISEN KAPITALAN NORGES BANK ROBECO ACADIAN ASSET MANAGE FRANKLIN RESOURCES BNP PARIBAS GOLDMAN SACHS GROUP STATE STREET CORP BARING FUND MANAGERS JP MORGAN DWS INVESTMENTS GRANTHAM MAYO VAN OT

Firm Name Eczacibasi Securities HSBC Seker Securities IS Investment & Securities Ekspres Invest Burgan Securities FinansInvest Goldman Sachs BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS Ak Investment Renaissance Capital Global Menkul Degerler Societe Generale Morgan Stanley Deutsche Bank Credit Suisse Garanti Yatirim Menkul Kiymetler JPMorgan EVA Dimensions Tera Stock Brokers Yatirim Finansman Securities Yapi Kredi Yatirim ve Menkul Degerler

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

Analyst SERCAN SOYLU TAMER SENGUN NESLIHAN KARAGOZ BULENT SENGONUL CIHAN SARAOGLU DUYGUN KUTUCU MUGE DAGISTAN DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY SEVGI ONUR ALAN WEBBORN MAGDALENA STOKLOSA KAZIM ANDAC ATES BULDUR RECEP DEMIR PAUL FORMANKO DOUG WALTERS HASAN DEMIR ZUMRUT CAN MURAT BOREKCI

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

Recommendation market perform neutral market perform underperform buy hold neutral neutral/neutral buy market outperform hold sell market perform neutral market outperform hold market perform hold Underwt/In-Line hold underperform market perform overweight buy neutral outperform buy

Amt Held 1'075'000'000 402'500'000 30'299'806 23'346'216 16'721'654 11'176'351 10'207'607 10'056'316 8'830'819 7'322'407 6'024'596 4'810'452 4'788'815 4'107'000 4'022'989 3'456'223 3'181'728 3'020'515 2'550'000 2'441'157

% Out 43 16.1 1.21 0.93 0.67 0.45 0.41 0.4 0.35 0.29 0.24 0.19 0.19 0.16 0.16 0.14 0.13 0.12 0.1 0.1

Weighting

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

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

Latest Chg 1'706'720 (85'956) 406'829 (6'154'800) 3'999'200 9'152'283 (245'400) (813'684) (2'773'000) 594'400 (1'939'941) 58'885 222'170 (2'562'000) -

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

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

File Dt 01.04.2013 01.04.2013 30.06.2013 26.09.2013 30.04.2013 31.03.2013 30.06.2013 30.06.2013 28.06.2013 31.12.2012 30.04.2013 31.07.2013 31.03.2013 31.07.2013 30.06.2013 27.09.2013 30.06.2013 31.05.2013 28.06.2013 31.05.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month

Inst Type n/a n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 12.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 18.07.2013 24.06.2013 07.06.2013 06.05.2013 14.02.2013 11.02.2013


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 2.59 1.84 23'921'204.00 2.56 -1.16% 39.41% 85.40% 3'500.0 8'960.00 4'418.75 0.0 211.1 1'830.26 11'157.25

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

120.0 M

3

100.0 M

2

80.0 M

2

60.0 M

1

40.0 M

1

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 6'808.7 1.24x 859.3 9.85x 211.5 22.38x

3

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

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 9'570.4 1.08x 1'032.4 10.05x 424.2 17.85x 1'032.35 688.64 7.20% 6.74% 5.76% 10.43% 8.19% 0.74% 10.2% 15.7% 11.9% 4.4% 2.03 1.00 33.62% 61.33% 9.16 2.88

Price/ Cash Flow

LTM

06/yy 9'488.3 4.49x 1'533.5 6.27x 656.7 9.46x

06/yy 9'832.9 4.08x 1'547.5 5.92x 762.8 10.21x

FY+1

0.73 33.25% 20.20% 0.730 23 3.913 30'819'040 29'678'060 23'939'120 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'928.5 10'742.9 2'169.0 2'636.0 1.16x 1.06x 1'517.5 1'702.9 252.0 314.0 7.35x 6.55x 786.2 925.1 93.1 125.0 10.99x 10.45x 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

28.06.2013 B+ STABLE 4.11 2.42 1.28 2.54 61.3% 37.3% 0.74 1.41 39.83 126.96 17.18 157.24

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

01.07.2013

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 |


30.09.2013

Eregli Demir ve Celik Fabrikalari TAS Holdings By:

All

Holder Name ATAER HOLDING ERDEMIR BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV NORGES BANK EATON VANCE MANAGEME STATE STREET CORP ACADIAN ASSET MANAGE CAISSE DE DEPOT ET P SEB NORTHERN TRUST CORPO ERSTE SPARINVEST KAG DEUTSCHE BANK AG BNP PARIBAS EATON VANCE ADVISORS KBC GROUP NV ACADIAN ASSET MANAGE PICTET FUNDS AKBANK ASSET MANAGEM

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

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

Analyst BURAK DEMIRBILEK UMUT OZTURK HAYDAR ACUN BEHLUL KATAS KURTHAN ATMACA BULENT YURDAGUL CEMAL DEMIRTAS OSMAN OZVURAL BASAK ENGIN DINCKOC BORA TEZGULER KORAY PAMIR ERDEM HAFIZOGLU YULIA CHEKUNAEVA SERCAN UZUN AKIF MOROGLU BAHAR DENIZ EGEMEN BORIS KRASNOJENOV TUGCE KARAGUL TIMOTHY STANISH ALPER PAKSOY HUSEYIN MERDAN GEYIK

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

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

Amt Held 1'725'149'880 107'799'992 39'366'557 33'034'048 28'688'649 13'755'688 6'085'435 4'117'442 2'974'251 2'817'919 2'655'206 2'451'643 1'791'002 1'789'643 1'642'395 1'623'111 1'326'644 1'325'576 1'301'927 1'189'321

% Out 49.29 3.08 1.12 0.94 0.82 0.39 0.17 0.12 0.08 0.08 0.08 0.07 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.03

Weighting

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

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

Latest Chg 178'590 (205'326) 1'213'594 1'338'047 (2'534'943) 919'847 (9'534'509) 264'364 (50'922) (6'343'041) (26'712) 187'800 -

Target Price 3 3 5 3 3 3 3 2 3 2 3 3 2 3 3 3 2 2 #N/A N/A 3 3

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

File Dt 16.04.2013 16.04.2013 26.09.2013 30.06.2013 30.04.2013 31.12.2012 31.07.2013 27.09.2013 31.07.2013 31.12.2012 28.03.2013 30.06.2013 28.03.2013 31.07.2013 30.04.2013 31.07.2013 31.07.2013 28.06.2013 31.05.2013 31.03.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 23.09.2013 19.09.2013 11.09.2013 05.09.2013 04.09.2013 04.09.2013 02.09.2013 29.08.2013 27.08.2013 22.08.2013 20.08.2013 20.08.2013 21.06.2013 21.06.2013 06.06.2013 15.05.2013 21.02.2013


30.09.2013

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

12/2012 06/yy 6.02 3.82 3'987'595.00 6 -0.33% 57.16% 96.19% 3'200.0 19'200.00 671.24 0.0 463.6 3'096.61 16'476.99

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

4

15.0 M

3

10.0 M

2 5.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 9'022.9 0.75x 1'100.0 6.14x 770.8 8.17x

20.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

25.0 M

6

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

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 10'297.5 1.25x 1'330.1 9.68x 1'127.9 13.84x 1'330.14 1'139.85 11.07% 13.53% 8.27% 13.00% 0.82% 13.9% 14.5% 12.8% 11.0% 2.19 1.80 4.57% 7.38% 10.11 14.69

Price/ Cash Flow

LTM

06/yy 9'105.9 4.82x 1'358.8 8.76x 964.3 15.38x

06/yy 11'801.1 4.26x 1'709.5 7.49x 1'196.3 13.46x

FY+1

0.85 55.53% 31.26% 0.846 25 4.240 1'913'279 2'788'055 2'833'839 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'707.2 12'522.4 2'995.0 2'943.0 1.38x 1.22x 5.46x 5.53x 1'708.6 1'862.9 428.0 505.0 9.64x 8.84x 8.69x 8.42x 1'257.2 1'402.9 313.0 373.0 14.85x 13.54x 13.99x 13.95x 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

67.12 54.38 -1.67 0.30 7.4% 6.6% 0.82 3.52 36.09 24.85 33.37 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

01.07.2013

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 |


30.09.2013

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 GULCELIK NURDAN GULCELIK SELIM TARA SARIK GULCELIK AYSE VERDA VANGUARD GROUP INC SKAGEN AS COMMONWEALTH BANK OF ABERDEEN BLACKROCK ROYAL BANK OF CANADA FMR LLC DWS INVESTMENTS EAST CAPITAL ASSET M

Firm Name Sardis Securities Eczacibasi Securities IS Investment & Securities Ekspres Invest Burgan Securities ATA Invest Morgan Stanley Oyak Securities Garanti Yatirim Menkul Kiymetler EVA Dimensions UBS Deutsche Bank FinansInvest BNP Paribas Equity Research Yapi Kredi Yatirim ve Menkul Degerler Credit Suisse Renaissance Capital Global Menkul Degerler Goldman Sachs Unlu Securities HSBC Yatirim Finansman Securities BGC Partners

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

Analyst HAYDAR ACUN BEHLUL KATAS NUR KARABACAK ALPER AKALIN MURAT IGNEBEKCILI ERDEM KAYLI MUNEEBA KAYANI HASAN SENER ONUR MARSAN TIMOTHY STANISH ANUJ MEHROTRA ATHMANE BENZERROUG GAYE ABIDIN SABRIYE GOZDE CULLAS ELVIN AKBULUT ATINC OZKAN ILGIN ERDOGAN SERCAN UZUN ARTYOM GOLODNOV OYTUN ALTASLI CENK ORCAN OZGUR UCUR EZGI YILMAZ

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

Recommendation strong buy outperform market perform hold hold market outperform Overwt/No Rating market perform outperform buy buy hold neutral buy buy outperform buy market perform Buy/Neutral outperform overweight market perform hold

Amt Held 1'570'519'642 255'539'399 205'651'197 190'319'445 151'111'392 139'786'211 137'620'158 49'682'867 49'682'688 25'441'188 21'014'512 20'869'038 19'223'614 17'510'176 9'020'842 8'118'328 6'857'142 6'180'915 4'944'285 4'455'181

% Out 49.08 7.99 6.43 5.95 4.72 4.37 4.3 1.55 1.55 0.8 0.66 0.65 0.6 0.55 0.28 0.25 0.21 0.19 0.15 0.14

Weighting

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

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

Latest Chg 2'198'843 755'429 99'999 (719'405) 112'211 (4'286) (340'001)

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

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

File Dt 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 30.06.2013 30.08.2013 31.05.2013 30.06.2013 26.09.2013 31.05.2013 31.07.2013 28.06.2013 31.03.2013

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

Inst Type Holding Company n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 23.09.2013 23.09.2013 18.09.2013 11.09.2013 08.09.2013 05.09.2013 02.09.2013 29.08.2013 27.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 19.07.2013 15.07.2013 11.07.2013 12.06.2013 15.05.2013 19.03.2013 15.11.2012


30.09.2013

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 16

35.0 M

14

30.0 M

12

25.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 15.60 8.28 1'452'664.00 14.25 -8.65% 72.10% 66.53% 363.3 5'176.76 3'168.82 0.0 76.3 148.56 8'199.76

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

15.0 M

6 4

10.0 M

2

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 1'466.3 2.04x 435.7 6.88x 7.7 105.06x

20.0 M

8

Valuation Analysis

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

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 2'565.9 2.50x 483.2 13.26x 285.9 11.59x 483.21 411.22 16.03% 14.68% 5.91% 24.70% 10.58% 0.53% 31.4% 19.1% 16.5% 11.1% 1.56 0.43 59.92% 267.17% 8.80 57.66

Price/ Cash Flow

06/yy 2'021.3 11.91x 371.3 16.84x 247.7 14.25x

LTM 06/yy 2'708.9 9.87x 516.5 13.80x 299.4 13.71x

FY+1

0.73 65.43% 61.44% 0.727 26 3.885 952'644 1'117'592 1'076'830 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'136.8 3'518.9 906.5 788.5 2.44x 2.14x 8.19x 9.29x 980.2 1'137.3 359.0 222.0 8.37x 7.21x 7.97x 7.77x 389.1 486.7 165.0 87.1 13.43x 10.87x 10.77x 10.63x 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

2.45 1.98 5.69 6.12 267.2% 71.5% 0.53 6.68 41.46 6.33 25.26 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

01.07.2013

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 |


30.09.2013

TAV Havalimanlari Holding AS Holdings By:

All

Holder Name AEROPORTS DE PARIS AKFEN HOLDING AS TEPE INSAAT SANAYI SERA YAPI ENDUSTRISI NORGES BANK JP MORGAN WASATCH ADVISORS INC BLACKROCK BNP PARIBAS GOLDMAN SACHS GROUP SWEDBANK ROBUR FONDE F&C ASSET MANAGEMENT ALLIANZ ASSET MANAGE DEUTSCHE BANK AG EAST CAPITAL ASSET M LAZARD ASSET MANAGEM VANGUARD GROUP INC AMERICAN CENTURY COM T ROWE PRICE ASSOCIA SHINHAN BNP PARIBAS

Firm Name Erste Group Eczacibasi Securities Ekspres Invest Burgan Securities Global Menkul Degerler Goldman Sachs Ak Investment Seker Securities BGC Partners Yatirim Finansman Securities Deutsche Bank Renaissance Capital Morgan Stanley Oyak Securities IS Investment & Securities FinansInvest BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler EVA Dimensions Tera Stock Brokers HSBC UBS Yapi Kredi Yatirim ve Menkul Degerler Unlu Securities ATA Invest

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

Analyst GORKEM GOKER BEHLUL KATAS SELIM KUNTER BURAK ISYAR HASAN BAYHAN MATIJA GERGOLET OMER OMERBAS BURAK DEMIRBILEK KEREM TEZCAN DUYGU KALFAOGLU EROL DANIS ALEXANDER KAZBEGI NIDA IQBAL MELIS POCAR EMRE SEZAN GAYE ABIDIN ALPER PAKSOY BAHAR DENIZ EGEMEN TIMOTHY STANISH FULIN R ONDER CENK ORCAN ANUJ MEHROTRA OZGUR GOKER SELIN ONER ISMAIL OZER

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

Recommendation accumulate market perform hold hold market perform Buy/Neutral market perform outperform buy outperform hold buy Equalwt/No Rating outperform market perform neutral buy market perform overweight neutral overweight neutral underperform outperform market outperform

Amt Held 138'046'852 29'498'433 29'280'464 7'374'608 6'671'906 6'553'824 5'358'559 4'833'887 2'996'690 2'157'286 1'600'000 1'454'856 1'446'026 1'443'950 1'362'600 1'346'382 1'314'341 1'294'043 1'076'065 906'337

% Out 38 8.12 8.06 2.03 1.84 1.8 1.48 1.33 0.82 0.59 0.44 0.4 0.4 0.4 0.38 0.37 0.36 0.36 0.3 0.25

Weighting

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

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

Latest Chg 6'612 839'001 798'307 (19'764) (10'643) 176'478 325'000 (36'614) 1'446'026 (173'200) 10'594 49'272 (28'750) (248'352) (96'808)

Target Price 15 13 16 15 15 18 14 15 14 15 14 14 12 14 13 13 17 13 #N/A N/A 13 13 13 11 14 12

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.05.2013 30.06.2013 26.09.2013 30.04.2013 30.06.2013 31.03.2013 28.02.2013 30.06.2013 28.06.2013 31.03.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013

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

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

Date 26.09.2013 26.09.2013 23.09.2013 18.09.2013 17.09.2013 12.09.2013 12.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 27.08.2013 27.08.2013 18.07.2013 06.06.2013 17.05.2013 15.05.2013 19.04.2013 01.04.2013 15.03.2013 13.01.2012


30.09.2013

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 4.0 M

12

3.5 M 3.0 M 2.5 M

8

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 14.55 8.78 689'971.00 11.75 -19.24% 33.83% 52.34% 675.7 7'939.81 4'003.51 0.0 85.6 1'740.79 10'699.94

2.0 M

6

1.5 M

4

1.0 M

2

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

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

4.5 M

14 10

Valuation Analysis

31.12.2008 6'775.5 0.58x 605.7 6.50x 39.8 20.70x

16

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

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 10'556.9 0.97x 1'030.8 9.95x 524.8 15.07x 1'030.80 770.01 7.29% 5.96% 4.94% 14.30% 9.08% 1.00% 28.9% 10.0% 7.3% 5.0% 1.71 1.27 39.14% 104.21% 2.73 4.25

Price/ Cash Flow

LTM

06/yy 9'893.6 2.94x 961.1 9.18x 531.7 11.62x

06/yy 10'467.7 3.97x 1'045.5 10.88x 517.5 16.65x

FY+1

1.04 28.03% 4.62% 1.037 29 3.310 1'021'049 1'790'526 1'415'115 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'374.8 12'706.0 0.90x 0.81x 1'189.1 1'352.6 9.00x 7.91x 627.4 719.6 12.83x 10.99x 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

14.03.2013 BB+ STABLE 5.49 2.96 2.55 4.12 104.2% 50.5% 1.00 6.75 133.46 85.96 75.41 129.57

Sales/Revenue/Turnover

90.00

12'000.0

80.00

10'000.0

70.00

8'000.0

60.00 50.00

6'000.0

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

01.07.2013

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 |


30.09.2013

Arcelik AS Holdings By:

All

Holder Name KOC HOLDING AS KOC FAMILY TEKNOSAN AS BURLA TICARET VE YAT NORGES BANK HARDING LOEVNER LP VANGUARD GROUP INC BLACKROCK JP MORGAN AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV GOLDMAN SACHS GROUP BANK OF NEW YORK MEL BNP PARIBAS PIONEER FRANK RUSSELL TRUST EASTSPRING INVESTMEN CHARLES SCHWAB INVES MANULIFE FUNDS DIREC COLUMBIA MANAGEMENT

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

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

Analyst AKIF DASIRAN HAYDAR ACUN KURTHAN ATMACA EROL DANIS BURAK ISYAR ASLI TUNCER CEMAL DEMIRTAS BERNA KURBAY OKAN UZUN CENK ORCAN SERHAT KAYA BASAK ENGIN DINCKOC BERTUG TUZUN ANUJ MEHROTRA METE OZBEK HANZADE KILICKIRAN SABRIYE GOZDE CULLAS TEAM COVERAGE IREM OKUTGEN CAN OZGUZEL TEAM COVERAGE MEHMET A AGYUZ CRAIG STERLING ONUR MUMINOGLU OZGUR UCUR DAVID R RIEDEL MEHMET EMIN ZUMRUT

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

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

Amt Held 273'669'925 112'846'611 81'087'385 37'840'780 18'558'504 8'276'672 7'264'031 5'597'138 4'784'834 3'773'046 2'516'976 1'931'360 1'540'893 1'540'000 1'463'315 1'012'001 945'931 935'656 703'810 700'906

% Out 40.5 16.7 12 5.6 2.75 1.22 1.07 0.83 0.71 0.56 0.37 0.29 0.23 0.23 0.22 0.15 0.14 0.14 0.1 0.1

Weighting

Change 5 1 1 5 3 5 2 5 5 5 1 3 3 3 3 3 3 1 3 5 3 5 1 3 1 5 3

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

Latest Chg 302'600 285'486 (21'696) 266'203 (34'342) 149'200 168'721 350'978 (197'629) 17'492 -

Target Price 15 #N/A N/A 12 14 12 14 11 13 12 13 10 11 12 12 13 12 13 13 14 15 14 14 #N/A N/A 14 10 16 12

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

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 30.04.2013 30.06.2013 26.09.2013 31.07.2013 31.07.2013 30.04.2013 30.06.2013 27.09.2013 30.04.2013 30.04.2013 30.06.2013 28.06.2013 27.09.2013 31.07.2013 31.07.2013

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

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

Date 27.09.2013 27.09.2013 23.09.2013 19.09.2013 18.09.2013 12.09.2013 11.09.2013 09.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 20.08.2013 06.08.2013 05.08.2013 24.07.2013 18.07.2013 17.07.2013 01.07.2013 18.06.2013 17.06.2013 03.05.2013 30.04.2013 19.04.2013 04.11.2012


30.09.2013

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 35

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

30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 32.00 17.00 334'309.00 27.8 -13.13% 63.53% 73.33% 350.9 9'755.30 1'259.55 0.0 0.0 301.52 10'995.42

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

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 7'006.9 0.24x 761.0 2.17x 436.2 3.51x

10

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

LTM-4Q 31.12.2011 10'445.0 0.52x 872.4 6.23x 662.1 8.11x

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 9'767.9 0.87x 751.9 11.26x 675.0 11.12x 751.89 610.81 6.25% 6.57% 16.42% 39.25% 2.17% 11.0% 7.6% 5.8% 6.9% 1.48 0.93 27.10% 63.11% 8.48 12.00

Price/ Cash Flow

LTM

06/yy 10'415.1 2.11x 836.5 7.28x 661.7 8.70x

06/yy 10'285.2 3.52x 783.0 13.50x 779.4 11.98x

FY+1

0.96 60.03% 34.35% 0.959 29 2.517 291'923 395'711 365'246 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'796.3 12'386.8 2'281.0 3'250.0 1.04x 0.91x 838.6 1'050.9 13.11x 10.46x 712.0 788.2 14.13x 12.58x 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

59.64 -0.44 1.58 1.94 63.1% 38.7% 2.17 6.63 43.05 30.42 47.55 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

01.07.2013

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 |


30.09.2013

Ford Otomotiv Sanayi AS Holdings By:

All

Holder Name FORD MOTOR CO KOC GRUBU SIRKETLERI BLACKROCK VANGUARD GROUP INC BANK OF NEW YORK MEL PICTET FUNDS JP MORGAN ROBECO SUN LIFE FINANCIAL I AVIVA PLC GOLDMAN SACHS GROUP GLOBAL X MANAGEMENT DRIEHAUS CAPITAL MAN COLUMBIA MANAGEMENT SEB CHARLES SCHWAB INVES HANDELSBANKEN FONDER INVESCO LTD NATCAN INVESTMENT MA DIMENSIONAL FUND ADV

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

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

Analyst BURAK ISYAR AKIF DASIRAN HAYDAR ACUN MUNEEBA KAYANI KIVANC UYSAL KURTHAN ATMACA ONUR MUMINOGLU ERMAN TUTUNCUOGLU HANZADE KILICKIRAN CENK ORCAN SERHAT KAYA ESRA SUNER ERKAN SAVRAN BERNA KURBAY METE OZBEK SABRIYE GOZDE CULLAS EROL DANIS ONUR MARSAN ASLI TUNCER EZGI GULBAS TEAM COVERAGE TUGCE KARAGUL OZGUR UCUR ANUJ MEHROTRA MEHMET A AGYUZ CRAIG STERLING MEHMET EMIN ZUMRUT

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

Recommendation hold underperform hold Equalwt/In-Line market perform sell neutral market perform overweight neutral underperform underperform market perform hold hold hold buy market perform Sell/Neutral underperform sell neutral market perform sell hold sell hold

Amt Held 143'997'036 143'997'036 2'415'874 2'064'806 1'993'767 1'646'152 1'604'853 1'404'764 1'348'374 724'141 714'255 656'734 563'467 393'881 391'595 268'678 256'880 251'220 246'280 234'625

% Out 41.04 41.04 0.69 0.59 0.57 0.47 0.46 0.4 0.38 0.21 0.2 0.19 0.16 0.11 0.11 0.08 0.07 0.07 0.07 0.07

Weighting

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

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

Latest Chg (6'443) 107'059 (431'254) 58'136 (117'777) 946'757 (325'269) (24'393) 165'564 228'060 (22'000) 3'450 160'880 -

Target Price 27 31 #N/A N/A 26 26 29 27 23 26 29 23 20 28 30 28 26 31 27 23 31 23 28 25 23 25 #N/A N/A 20

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 26.09.2013 Investment Advisor 30.06.2013 Unclassified 27.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.08.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.03.2013 Unclassified 27.09.2013 Investment Advisor 30.08.2013 Investment Advisor 27.09.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 30.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 11.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 19.08.2013 05.08.2013 05.08.2013 04.08.2013 18.07.2013 11.07.2013 01.07.2013 01.07.2013 21.06.2013 17.06.2013 22.05.2013 29.04.2013 02.04.2013 09.11.2012


30.09.2013

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

4

100.0 M

3 80.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 06/yy 3.49 2.38 5'822'189.00 2.73 -21.78% 14.71% 29.73% 2'500.0 6'825.00 926.20 0.0 0.0 1'306.45 5'559.51

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

40.0 M

1 20.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 1'044.6

60.0 M

2

31.12.2009

31.12.2010 1'497.9 2.93x 652.7 6.73x 554.3 8.93x

-

636.9

-

526.9

-

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

06/yy 689.4 30.97x 140.8 37.79x 228.5 24.28x

LTM 06/yy 1'735.0 11.39x 608.6 0.00x 960.1 7.09x

Profitability 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

396.50 395.89 39.41% 8.96% 18.15% 0.16% 45.1% 48.7% 48.7% 52.1% 1.18 0.51 11.03% 22.01% 3.91 -

Price/ Cash Flow

FY+1

0.89 11.61% -10.21% 0.892 23 4.087 5'040'340 7'045'637 7'896'796 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'714.3 1'875.8 488.5 620.5 3.69x 3.34x 15.17x 11.41x 723.4 815.2 192.0 257.0 7.68x 6.82x 6.89x 6.36x 800.3 862.1 215.0 253.0 8.45x 8.20x 8.50x 7.84x 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

4.99 4.97 -1.92 1.34 22.0% 18.0% 0.16 256.67 93.32 827.39

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

01.07.2013

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 |


30.09.2013

Emlak Konut Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name TOKI SCHRODER INVESTMENT VANGUARD GROUP INC BLACKROCK PRUDENTIAL FINANCIAL LAZARD ASSET MANAGEM GOLDMAN SACHS GROUP RAIFFEISEN KAPITALAN EASTSPRING INVESTMEN BNP PARIBAS UNITED SERVICES AUTO BZ WBK TOWARZYSTWO F NORDEA INV MANAGEMEN LAZARD GLOBAL ACTIVE DWS INVESTMENTS PIONEER ARTISAN PARTNERS HOL STATE STREET CORP FIDEURAM GESTIONS SA AMUNDI LUXEMBOURG SA

Firm Name Eczacibasi Securities Sardis Securities Seker Securities Ekspres Invest Burgan Securities Oyak Securities IS Investment & Securities Ak Investment UBS FinansInvest Deutsche Bank BGC Partners JPMorgan Garanti Yatirim Menkul Kiymetler Goldman Sachs HSBC EVA Dimensions Yatirim Finansman Securities Renaissance Capital Yapi Kredi Yatirim ve Menkul Degerler Tera Stock Brokers Erste Group ATA Invest

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

Analyst GOKAY BOBEK HAYDAR ACUN OKAN UZUN KURTHAN ATMACA MURAT IGNEBEKCILI MUSTAFA ONER EMRE SEZAN BERTUG TUZUN ANUJ MEHROTRA GAYE ABIDIN ATHMANE BENZERROUG KEREM TEZCAN MUNEEZA HASAN KERIM GOKOZ MATIJA GERGOLET LEVENT BAYAR DOUG WALTERS HUSEYIN MERDAN GEYIK DAVID FERGUSON ELVIN AKBULUT HASAN DEMIR MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

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

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

Amt Held 1'874'830'757 34'011'568 19'755'992 18'519'213 12'959'180 10'781'324 9'634'924 9'135'380 6'439'891 5'320'000 4'959'069 4'762'924 4'358'639 3'966'923 3'758'000 3'476'075 3'236'872 2'822'877 2'527'000 2'513'870

% Out 74.99 1.36 0.79 0.74 0.52 0.43 0.39 0.37 0.26 0.21 0.2 0.19 0.17 0.16 0.15 0.14 0.13 0.11 0.1 0.1

Weighting

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

M M M M M M M M M M M M M M M M M M M M D M M

Latest Chg 25'072'515 550'616 (27'028) 368'909 (862'433) (422'464) 2'825'360 2'430'520 (4'036'000) 4'959'069 (1'248'519) (2'103'102) (127'664) (4'575'281) (21'000) (1'605'346) (74'850) (285'361)

Target Price 3 #N/A N/A 3 4 3 3 4 3 3 4 4 4 4 3 4 4 #N/A N/A 4 3 3 3 3 3

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

File Dt 25.04.2013 28.03.2013 30.06.2013 26.09.2013 31.07.2013 31.08.2013 30.06.2013 28.06.2013 28.06.2013 30.04.2013 31.05.2013 31.12.2012 31.07.2013 30.08.2013 28.06.2013 30.04.2013 31.03.2013 27.09.2013 30.08.2013 30.04.2013

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 15 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 24.09.2013 23.09.2013 18.09.2013 05.09.2013 05.09.2013 04.09.2013 30.08.2013 21.08.2013 20.08.2013 07.08.2013 05.08.2013 18.07.2013 11.07.2013 20.06.2013 06.06.2013 04.06.2013 17.05.2013 17.04.2013 10.04.2013 04.11.2012 20.07.2012


30.09.2013

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 16

18.0 M

14

16.0 M

12

14.0 M 12.0 M

10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 14.90 8.40 1'800'599.00 12.3 -17.45% 46.43% 63.85% 500.0 6'150.00 2'285.74 0.0 0.0 1'637.53 6'477.81

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

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

6.0 M

4

4.0 M

2

2.0 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 7'336.7 0.56x 789.4 5.18x 474.2 6.24x

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 6'705.3 0.88x 834.4 7.04x 448.3 11.65x 834.43 487.76 7.27% 7.54% 7.31% 24.32% 11.82% 1.13% 11.8% 12.1% 7.2% 6.7% 1.45 0.98 37.71% 110.85% 12.16 13.51

Price/ Cash Flow

06/yy 6'850.2 2.63x 803.6 5.76x 486.7 7.95x

d-12

j-13

f-13 m-13

LTM 06/yy 6'794.8 3.62x 822.3 7.73x 439.2 13.72x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.10 46.87% 27.62% 1.102 28 3.536 1'094'331 1'612'214 1'467'227 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'175.8 8'084.3 1'461.0 2'585.0 0.92x 0.83x 856.3 930.7 7.56x 6.96x 478.8 535.1 12.91x 11.78x 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

11.71 8.82 0.40 2.63 110.8% 52.6% 1.13 5.56 30.02 27.02 92.29 -14.96

Sales/Revenue/Turnover

800.00

8'000.0

700.00

7'000.0

600.00

6'000.0

500.00

5'000.0

400.00

4'000.0

300.00

3'000.0

200.00

2'000.0

100.00

1'000.0

0.00 01.01.2010

8.0 M

6

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 4'798.0 0.37x 481.2 3.74x 175.8 3.27x

10.0 M

8

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Tofas Turk Otomobil Fabrikasi AS Holdings By:

All

Holder Name FIAT AUTO SPA KOC HOLDING AS NORGES BANK WILLIAM BLAIR & COMP JP MORGAN VANGUARD GROUP INC BLACKROCK PICTET FUNDS BARING INTERNATIONAL AMERIPRISE FINANCIAL PIONEER EAST CAPITAL ASSET M BZ WBK TOWARZYSTWO F BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE STATE STREET CORP BNP PARIBAS LAZARD ASSET MANAGEM DWS INVESTMENTS US GLOBAL INVESTORS

Firm Name Burgan Securities Eczacibasi Securities Morgan Stanley Seker Securities Ekspres Invest EVA Dimensions Credit Suisse Goldman Sachs ATA Invest BGC Partners Barclays HSBC Oyak Securities Ak Investment IS Investment & Securities Deutsche Bank BNP Paribas Equity Research Renaissance Capital FinansInvest Garanti Yatirim Menkul Kiymetler Global Menkul Degerler Tera Stock Brokers UBS Yatirim Finansman Securities Erste Group Yapi Kredi Yatirim ve Menkul Degerler

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

Analyst BURAK ISYAR AKIF DASIRAN MUNEEBA KAYANI KADIR TEZELLER KURTHAN ATMACA CRAIG STERLING ONUR MUMINOGLU ASLI TUNCER ERMAN TUTUNCUOGLU BERNA KURBAY HANZADE KILICKIRAN CENK ORCAN SERHAT KAYA ERKAN SAVRAN ESRA SUNER EROL DANIS SABRIYE GOZDE CULLAS METE OZBEK EZGI GULBAS ONUR MARSAN TEAM COVERAGE TUGCE KARAGUL ANUJ MEHROTRA OZGUR UCUR MEHMET EMIN ZUMRUT MEHMET A AGYUZ

Source Co File Co File MF-AGG 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold underperform Overwt/In-Line outperform hold hold outperform Buy/Neutral market outperform buy overweight overweight market perform market perform outperform hold hold hold underperform market perform buy neutral sell market perform buy hold

Amt Held 189'279'857 187'938'121 8'484'508 7'399'903 4'338'026 3'655'824 3'340'407 3'128'765 2'603'381 2'558'340 1'988'338 1'897'215 1'850'452 1'820'809 1'400'000 1'294'279 1'255'000 1'119'996 1'100'000 910'200

% Out 37.86 37.59 1.7 1.48 0.87 0.73 0.67 0.63 0.52 0.51 0.4 0.38 0.37 0.36 0.28 0.26 0.25 0.22 0.22 0.18

Weighting

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

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

Latest Chg 2'602'126 8'040 133'578 (7'505) (1'073'736) 441'378 (526'527) (179'420) (669'951) (511'918) 400'000 103'780 235'000 479'881 104'200 (18'900)

Target Price 13 12 13 14 14 #N/A N/A 14 16 12 13 13 14 11 12 15 15 12 14 16 13 15 13 12 12 12 11

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

File Dt 31.12.2011 31.12.2011 31.12.2012 30.06.2013 31.07.2013 30.06.2013 26.09.2013 31.05.2013 31.03.2013 31.07.2013 31.07.2013 31.03.2013 31.12.2012 27.09.2013 30.06.2012 27.09.2013 30.04.2013 31.08.2013 28.06.2013 28.06.2013

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

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

Date 30.09.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 16.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 14.08.2013 06.08.2013 06.08.2013 05.08.2013 19.07.2013 18.07.2013 01.07.2013 21.06.2013 22.05.2013 03.12.2012 15.11.2012 09.11.2012


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 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 06/yy 49.00 21.70 706'911.00 32.1 -34.49% 47.93% 35.16% 152.5 4'895.25 6.91 0.0 0.0 927.53 4'081.96

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 n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 196.1 129.5 80.3 -

50 45 40 35 30 25 20 15 10 5 0 o-12

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

LTM-4Q 31.12.2011 805.8 4.06x 618.2 5.30x 460.5 8.29x

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 1'043.1 5.40x 807.4 6.98x 642.1 10.21x 807.38 715.81 68.62% 75.04% 37.28% 41.63% 41.54% 0.62% 77.3% 75.4% 60.2% 61.6% 11.81 10.67 0.44% 0.49% 68.41 3.56

Price/ Cash Flow

06/yy 1'089.2 14.08x 854.4 5.41x 647.5 8.23x

LTM 06/yy 898.0 21.07x 677.2 4.07x 536.4 6.65x

FY+1

0.76 -14.63% -23.37% 0.756 18 4.722 725'076 946'395 1'045'226 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 928.1 1'097.8 4.14x 3.18x 667.8 740.3 6.11x 5.51x 523.5 589.8 9.32x 8.45x 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

323.99 226.81 -1.20 0.00 0.5% 0.5% 0.62 1.83 5.34 102.41 29.67 52.84

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

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

01.07.2013

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 |


30.09.2013

Koza Altin Isletmeleri AS Holdings By:

All

Holder Name ATP INSAAT VE TICARE KOZA IPEK HOLDING AS BLACKROCK VANGUARD GROUP INC OPPENHEIMERFUNDS INC BARING INTERNATIONAL CREDIT SUISSE AG EAST CAPITAL ASSET M BNP PARIBAS AVIVA INVESTORS POLA JP MORGAN SWEDBANK ROBUR FONDE BANK OF NEW YORK MEL TIAA CREF INVESTMENT ERSTE SPARINVEST KAG HANDELSBANKEN FONDER NOBLE FUNDS TFI SA EASTSPRING INVESTMEN EATON VANCE MANAGEME FRANKLIN RESOURCES

Firm Name Burgan Securities Eczacibasi Securities Ekspres Invest Garanti Yatirim Menkul Kiymetler IS Investment & Securities Seker Securities JPMorgan Ak Investment Deutsche Bank BNP Paribas Equity Research Yapi Kredi Yatirim ve Menkul Degerler VTB Capital Goldman Sachs Global Menkul Degerler EVA Dimensions HSBC Yatirim Finansman Securities BGC Partners ATA Invest

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

Analyst ECE MANDACI BEHLUL KATAS ALPER AKALIN HALIL IBRAHIM KAHVE ILYAS SAFA URGANCI BURAK DEMIRBILEK ALLAN COOKE ERKAN SAVRAN KORAY PAMIR KENAN COSGUNER MEHMET A AGYUZ NIKOLAY SOSNOVSKIY YULIA CHEKUNAEVA TEAM COVERAGE TIMOTHY STANISH BULENT YURDAGUL HUSEYIN MERDAN GEYIK ERDEM HAFIZOGLU ISMAIL OZER

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

Recommendation buy outperform buy outperform outperform market perform overweight market outperform hold buy buy buy Buy/Cautious buy overweight overweight outperform hold market outperform

Amt Held 68'636'000 38'114'000 5'065'233 1'290'732 1'110'000 585'526 555'691 555'305 544'000 514'100 313'970 291'807 283'251 259'691 246'138 201'584 193'697 174'849 173'900 159'771

% Out 45.01 24.99 3.32 0.85 0.73 0.38 0.36 0.36 0.36 0.34 0.21 0.19 0.19 0.17 0.16 0.13 0.13 0.11 0.11 0.1

Weighting

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

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

Latest Chg 1'698'208 50'724 150'000 (412'735) 231'100 110'000 15'076 (60'000) (9'820) 13'056 9'293 159'771

Target Price 41 39 37 35 34 35 43 40 31 31 39 39 38 35 #N/A N/A 50 49 40 39

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

File Dt 31.12.2012 31.12.2012 26.09.2013 30.06.2013 31.07.2013 30.06.2013 31.05.2013 31.03.2013 30.04.2013 30.06.2012 31.07.2013 31.03.2013 27.09.2013 31.07.2013 28.03.2013 30.08.2013 29.06.2012 28.06.2013 31.07.2013 28.09.2012

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

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

Date 27.09.2013 26.09.2013 23.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 04.09.2013 02.09.2013 06.08.2013 05.08.2013 01.08.2013 24.07.2013 01.07.2013 06.06.2013 15.05.2013 07.05.2013 01.08.2012 20.04.2012


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 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 06/yy 3.44 2.31 3'174'384.00 2.78 -19.12% 20.31% 46.10% 1'571.0 4'367.38 2'127.76 0.0 970.2 1'160.03 6'806.44

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

70.0 M

3

60.0 M

3

50.0 M

2

40.0 M

2

30.0 M

1

20.0 M

1

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 3'743.7 0.87x 886.1 3.66x 158.7 6.91x

4

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

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 5'342.1 1.19x 939.4 6.77x 294.1 15.05x 939.38 420.41 7.87% 6.79% 2.80% 5.57% 4.58% 0.58% 26.7% 15.3% 5.3% 5.5% 1.81 1.12 24.40% 45.90% 4.91 3.78

Price/ Cash Flow

06/yy 5'249.8 4.50x 1'126.9 5.38x 512.4 8.05x

LTM 06/yy 5'428.0 4.65x 830.5 8.04x 262.2 16.49x

FY+1

0.97 18.67% 0.17% 0.966 19 3.105 2'746'131 4'441'394 5'564'617 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'858.2 6'777.4 1'472.0 1'956.0 1.06x 0.95x 1'082.9 1'344.2 6.29x 5.06x 375.6 470.4 10.99x 8.80x 8.18x 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

24.04.2013 BB+ STABLE 24.04.2013 B 7.41 -0.42 1.73 3.76 45.9% 27.5% 0.58 1.30 74.32 96.62 39.07 122.21

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

01.07.2013

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 |


30.09.2013

Turkiye Sise ve Cam Fabrikalari AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A PASABAHCE CAM SANAYI EFES HOLDING AS CAYIROVA CAM SANAYI VANGUARD GROUP INC NORGES BANK DIMENSIONAL FUND ADV BLACKROCK VE YAR. SANDII VAKFI MACQUARIE GROUP MORGAN STANLEY SOMERSET CAPITAL MAN ACADIAN ASSET MANAGE DWS INVESTMENTS EAST CAPITAL ASSET M FIDEURAM GESTIONS SA BANK OF NEW YORK MEL SEI INVESTMENT MANAG BROWN ADVISORY INC EATON VANCE MANAGEME

Firm Name Burgan Securities Eczacibasi Securities Goldman Sachs Seker Securities IS Investment & Securities Ak Investment Deutsche Bank Yapi Kredi Yatirim ve Menkul Degerler Garanti Yatirim Menkul Kiymetler FinansInvest Global Menkul Degerler Oyak Securities EVA Dimensions HSBC Yatirim Finansman Securities BGC Partners Erste Group ATA Invest

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

Analyst ECE MANDACI AKIF DASIRAN ASLI TUNCER BURAK DEMIRBILEK ILYAS SAFA URGANCI OMER OMERBAS KORAY PAMIR AKIF MOROGLU HALIL IBRAHIM KAHVE GAYE ABIDIN TEAM COVERAGE MUSTAFA ONER TIMOTHY STANISH LEVENT BAYAR ALPER USTUNISIK CAN OZCELIK EVRIM DAIRECIOGLU ISMAIL OZER

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

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

Amt Held 1'028'563'744 61'757'505 58'393'386 26'097'446 13'521'187 12'942'607 11'522'988 11'256'973 8'259'885 7'641'378 5'511'948 5'197'225 5'012'228 3'613'299 3'439'554 3'269'773 2'080'373 1'613'580 1'544'433 1'343'089

% Out 65.47 3.93 3.72 1.66 0.86 0.82 0.73 0.72 0.53 0.49 0.35 0.33 0.32 0.23 0.22 0.21 0.13 0.1 0.1 0.09

Weighting

Change

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

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

Latest Chg 491'965 633'340 (43'278) 1 3'547'587 1'529'421 1 (523'666) 1'773'139 (1'010'372) 13'502 1 -

Target Price 4 3 4 3 3 3 3 3 3 3 3 2 #N/A N/A 4 3 3 3 #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 01.03.2013 01.03.2013 30.09.2009 30.06.2013 31.12.2012 30.04.2013 26.09.2013 01.03.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 28.06.2013 31.03.2013 30.08.2013 27.09.2013 30.04.2013 28.06.2013 31.07.2013

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

Inst Type Bank Corporation Other n/a Unclassified Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 26.09.2013 12.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 07.08.2013 18.07.2013 04.07.2013 04.07.2013 01.07.2013 06.06.2013 15.05.2013 15.04.2013 12.04.2013 21.02.2013 20.07.2012


30.09.2013

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 18

2.5 M

16 2.0 M

14 12

1.5 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 15.90 7.36 662'526.00 13.8 -13.21% 87.50% 75.41% 342.0 4'719.60 1'500.95 0.0 122.3 1'270.69 5'207.25

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

4

.5 M

2 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 1'412.2 0.85x 94.8 12.60x 15.7 30.14x

1.0 M

6

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

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 2'340.6 1.56x 218.3 16.75x 167.0 19.79x 218.27 170.52 7.29% 10.40% 5.97% 18.26% 13.49% 0.94% 21.5% 10.4% 8.4% 7.1% 1.98 1.63 47.55% 156.77% 4.42 11.56

Price/ Cash Flow

06/yy 2'202.5 4.10x 158.4 18.29x 151.3 13.12x

LTM 06/yy 2'525.9 6.78x 262.6 20.09x 159.6 29.99x

FY+1

0.60 87.24% 47.70% 0.596 15 3.200 440'792 424'126 346'563 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'653.9 2'919.3 620.0 698.0 1.91x 1.72x 297.3 350.6 17.52x 14.85x 186.6 234.8 24.95x 19.52x 31.36x 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

3.49 2.84 1.34 5.00 156.8% 58.2% 0.94 4.76 82.55 31.58 63.37 39.44

Sales/Revenue/Turnover

60.00

2'500.0

50.00

2'000.0

40.00

1'500.0

30.00

1'000.0 20.00

500.0

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

01.07.2013

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 |


30.09.2013

Ulker Biskuvi Sanayi AS Holdings By:

All

Holder Name YILDIZ HOLDING AS DYNAMIC GROWTH FUND WASATCH ADVISORS INC NORGES BANK DIMENSIONAL FUND ADV BAILLIE GIFFORD AND MORGAN STANLEY BANK OF NEW YORK MEL FMR LLC SWEDBANK ROBUR FONDE JP MORGAN PIONEER AVIVA PLC VANGUARD GROUP INC EATON VANCE MANAGEME STATE STREET CORP GUARDIAN LIFE GROUP FRANKLIN RESOURCES SEB GOLDMAN SACHS GROUP

Firm Name Ekspres Invest Burgan Securities JPMorgan Goldman Sachs BNP Paribas Equity Research ATA Invest HSBC Oyak Securities IS Investment & Securities Ak Investment EVA Dimensions Unlu Securities BGC Partners FinansInvest Global Menkul Degerler

Portfolio Name n/a 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 n/a n/a n/a n/a n/a

Analyst MELDA AGIRDAS ECE MANDACI MUNEEZA HASAN MATIJA GERGOLET METE YUKSEL CEMAL DEMIRTAS BULENT YURDAGUL MELIS POCAR ILYAS SAFA URGANCI BERTUG TUZUN CRAIG STERLING CAN OZTOPRAK ERDEM HAFIZOGLU GAYE ABIDIN TEAM COVERAGE

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

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

Amt Held 151'778'531 73'308'031 3'092'514 2'501'239 2'221'641 1'842'605 1'598'086 1'507'619 1'339'988 1'020'528 1'000'504 782'635 654'568 582'051 431'488 371'821 371'498 301'963 256'995 249'251

% Out 44.38 21.44 0.9 0.73 0.65 0.54 0.47 0.44 0.39 0.3 0.29 0.23 0.19 0.17 0.13 0.11 0.11 0.09 0.08 0.07

Weighting

Change

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

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

Latest Chg 628'095 (1'503) 167'018 (687'167) 99'992 (90'800) (59'705) (84'570) (64'428) (52'061) (76'495) (135'163) 46'804 52'151

Target Price 16 13 15 13 14 11 12 12 12 12 #N/A N/A 17 12 #N/A N/A 5

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

File Dt 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.04.2013 28.06.2013 30.06.2013 27.09.2013 31.07.2013 31.03.2013 31.05.2013 31.07.2013 28.06.2013 30.06.2013 31.07.2013 27.09.2013 30.06.2013 28.09.2012 31.03.2013 31.01.2013

Date Not Provided 12 month 15 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

Inst Type Corporation n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor

Date 23.09.2013 19.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 27.08.2013 12.08.2013 02.07.2013 17.08.2012 11.04.2012


30.09.2013

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

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

3 3 2

Valuation Analysis

2

Latest Fiscal Year: LTM as of: 52-Week High (11.02.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 3.40 1.97 5'640'739.00 2.72 -20.00% 38.07% 54.55% 1'000.0 2'720.00 289.14 0.0 0.0 291.96 2'739.87

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

1 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 2'320.4 0.41x (20.5) (151.3) -

1

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

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 4'348.9 0.64x 13.0 212.50x 17.4 158.93x 13.02 -58.65 -1.35% 0.49% 2.44% 4.06% 1.45% 1.8% 3.1% 1.2% 0.4% 1.41 0.82 10.33% 17.37% 6.34 8.69

Price/ Cash Flow

06/yy 4'302.1 2.14x (75.6) 0.00x (50.3) 0.00x

LTM 06/yy 3'924.1 2.75x 122.2 23.33x 66.4 42.65x

FY+1

0.76 35.32% -1.81% 0.756 17 2.588 5'603'783 5'778'444 4'540'218 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'371.1 4'824.0 1'013.0 1'576.0 0.64x 0.59x 192.7 287.8 14.22x 9.52x 82.1 161.2 37.78x 18.13x 27.20x 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

0.71 -4.69 0.16 1.50 17.4% 14.8% 1.45 2.92 57.56 42.00 65.73 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

01.07.2013

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 |


30.09.2013

Petkim Petrokimya Holding AS Holdings By:

All

Holder Name SOCAR & TURCAS PETRO SOCAR IZMIR PETROKIM DIMENSIONAL FUND ADV EAST CAPITAL ASSET M VANGUARD GROUP INC STATE STREET CORP EATON VANCE MANAGEME C-QUADRAT KAPITALANL AKBANK ASSET MANAGEM FRANK RUSSELL TRUST JOHN HANCOCK ADVISER EATON VANCE ADVISORS NOMURA WELLS FARGO & COMPAN NOMURA INTERNATIONAL FINANS PORTFOY YONET BESSEMER GROUP INCOR ERSTE SPARINVEST KAG PRUDENTIAL FINANCIAL UNIVERSAL INVESTMENT

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

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

Analyst UMUT OZTURK SELIM KUNTER ERDEM KAYLI HASAN SENER HASAN BAYHAN BASAK ENGIN DINCKOC KORAY PAMIR EZGI YILMAZ TIMOTHY STANISH OGUZHAN AKBULUT MATIJA GERGOLET NEERAJ Z KUMAR ONUR MARSAN BULENT YURDAGUL TAMAS PLETSER ZUMRUT CAN

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

Recommendation hold hold market perform market perform market perform market perform hold buy underweight neutral Sell/Neutral underweight market perform underweight accumulate not rated

Amt Held 510'000'000 103'215'681 11'205'202 2'854'000 2'092'622 1'816'032 1'635'193 1'225'000 1'000'000 673'112 600'726 330'598 200'000 163'658 138'346 132'580 113'035 100'000 94'373 88'000

% Out 51 10.32 1.12 0.29 0.21 0.18 0.16 0.12 0.1 0.07 0.06 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

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

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

Latest Chg 1'049'858 2'854'000 1'687'177 (56'070) 31 27'245 (100'000) -

Target Price 3 3 3 2 3 3 3 4 #N/A N/A 3 2 3 3 3 3 #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 31.12.2012 30.04.2013 31.03.2013 30.06.2013 27.09.2013 31.07.2013 28.03.2013 31.03.2013 30.06.2013 31.08.2013 31.07.2013 11.07.2012 31.07.2013 31.03.2013 28.06.2013 30.04.2013 28.03.2013 31.07.2013 30.04.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 3 month Not Provided Not Provided 12 month Not Provided

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

Date 27.09.2013 23.09.2013 11.09.2013 05.09.2013 04.09.2013 04.09.2013 02.09.2013 28.08.2013 28.08.2013 21.08.2013 19.08.2013 29.07.2013 18.07.2013 15.05.2013 22.04.2013 30.03.2012


30.09.2013

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 3

18.0 M 16.0 M

2

14.0 M 12.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.06.2013 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 06/yy 2.34 1.53 2'939'788.00 1.79 -23.35% 16.99% 36.01% 1'300.0 2'326.96 8'621.36 0.0 84.3 572.94 -

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

8.0 M 6.0 M 4.0 M

1

2.0 M 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 443.1 121.3 3.79x

10.0 M

1

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 5.61x

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 707.5 317.0 7.95x 73.40% 77.30% 3.10% 19.47% 3.27% 0.07% 61.0% 79.41% 469.90% -

Price/ Cash Flow

06/yy 740.7 0.00x 0.0 0.00x 308.2 5.81x

LTM 06/yy 518.2 0.00x 0.0 0.00x 321.8 7.71x

FY+1

0.97 8.09% -5.60% 0.969 14 4.929 5'270'417 3'792'497 3'474'279 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 536.0 606.3 326.0 369.0 7.13x 6.39x 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

469.9% 81.8% 0.07 18.32 -

Sales/Revenue/Turnover

30.00

800.0 700.0

25.00

600.0 20.00

500.0 400.0

15.00

300.0

10.00

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

01.07.2013

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 |


30.09.2013

Turkiye Sinai Kalkinma Bankasi AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A TURKIYE VAKIFLAR BAN CAMIS YATIRIM HOLDIN NORGES BANK WILLIAM BLAIR & COMP SKAGEN AS WASATCH ADVISORS INC MILLI REASURANS TAS SWEDBANK ROBUR FONDE DIMENSIONAL FUND ADV BNP PARIBAS ANADOLU ANONIM TURK ANADOLU HAYAT EMEKLI JUPITER ASSET MANAGE EAST CAPITAL ASSET M HANDELSBANKEN FONDER ISTANBUL TICARET ODA BLACKROCK PRUDENTIAL FINANCIAL CARNEGIE ASSET MANAG

Firm Name Eczacibasi Securities Seker Securities Ekspres Invest FinansInvest Burgan Securities BNP Paribas Equity Research Oyak Securities IS Investment & Securities Ak Investment Deutsche Bank Credit Suisse Garanti Yatirim Menkul Kiymetler EVA Dimensions Yapi Kredi Yatirim ve Menkul Degerler

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

Analyst SERCAN SOYLU NESLIHAN KARAGOZ CIHAN SARAOGLU MUGE DAGISTAN DUYGUN KUTUCU SADRETTIN BAGCI METIN ESENDAL BULENT SENGONUL HAKAN AYGUN HILAL VAROL ATES BULDUR RECEP DEMIR DOUG WALTERS MURAT BOREKCI

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

Recommendation outperform outperform buy outperform buy buy outperform outperform market outperform buy outperform outperform overweight buy

Amt Held 526'751'896 108'938'324 75'398'840 43'827'815 32'710'281 30'934'210 25'633'648 24'699'620 18'204'345 15'629'401 11'709'889 11'569'822 11'569'822 10'405'457 9'457'604 8'751'020 6'759'896 6'617'925 6'304'835 4'636'395

% Out 40.52 8.38 5.8 3.37 2.52 2.38 1.97 1.9 1.4 1.2 0.9 0.89 0.89 0.8 0.73 0.67 0.52 0.51 0.48 0.36

Weighting

Change 5 5 5 5 5 5 5 5 4 5 5 5 5 5

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

Latest Chg (11'202'701) (3'314'203) 1'698'936 147'725 655'895 (1'670'212) 688'329 (669'918) 900'000 (79'999) -

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

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

File Dt 17.05.2013 17.05.2013 17.05.2013 31.12.2012 30.06.2013 30.08.2013 30.06.2013 17.05.2013 31.03.2013 30.04.2013 30.04.2013 17.05.2013 17.05.2013 31.05.2013 31.03.2013 30.08.2013 17.05.2013 26.09.2013 31.07.2013 31.05.2013

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

Inst Type Bank Bank Other Government Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 12.09.2013 05.09.2013 04.09.2013 04.09.2013 31.07.2013 31.07.2013 18.07.2013 06.06.2013 11.02.2013


30.09.2013

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 (06.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 2.58 1.65 7'290'646.00 1.91 -25.97% 15.76% 29.03% 900.0 1'719.00 1'834.89 0.0 108.2 3'942.78 -

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

120.0 M

3

100.0 M

2

80.0 M

2

60.0 M

1

40.0 M

1

20.0 M

0 o-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

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 2'310.7 180.1 11.04x 15.55% 15.60% 0.80% 7.74% 3.77% 0.11% 11.8% 8.51% 78.66% -

Price/ Cash Flow

06/yy 2'084.7 0.00x 0.0 0.00x 215.3 7.57x

d-12

j-13

f-13 m-13

LTM 06/yy 2'450.0 0.00x 0.0 0.00x 180.2 8.94x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

1.00 -3.54% -13.57% 0.996 18 4.278 9'768'540 9'357'471 9'400'191 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'519.0 1'800.0 236.6 297.9 7.46x 5.86x 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

78.7% 42.9% 0.11 5.20 -

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

.0 M n-12

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 1'562.8 238.8 4.37x

3

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Asya Katilim Bankasi AS Holdings By:

All

Holder Name ORTAGODU TEXTILE AS FORUM INSAAT DEKO TU PEHLIVAN CAN OSMAN BIRIM BIRLEIK NAATCL SKAGEN AS BJ TEKSTIL TIC VE SA DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT BANK OF NEW YORK MEL FMR LLC VANGUARD GROUP INC NORGES BANK PICTET FUNDS BLACKROCK GOLDMAN SACHS GROUP VALIC CO I EATON VANCE MANAGEME INVESCO LTD OPERA TFI SA DWS INVESTMENTS

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

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

Analyst SERCAN SOYLU TAMER SENGUN BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN DUYGUN KUTUCU METIN ESENDAL HAKAN AYGUN YAVUZ UZAY HILAL VAROL SADRETTIN BAGCI SEVGI ONUR ATES BULDUR DOUG WALTERS TEAM COVERAGE MURAT BOREKCI PAUL FORMANKO

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

Recommendation outperform overweight outperform buy outperform buy outperform market outperform hold buy hold sell neutral buy not rated hold overweight

Amt Held 44'022'478 34'667'791 29'976'000 21'630'000 21'173'298 20'350'000 16'840'457 8'359'377 5'684'650 5'557'000 5'340'257 5'004'116 4'090'721 3'573'449 3'403'276 1'896'400 1'824'025 1'768'251 1'512'000 1'500'000

% Out 4.89 3.85 3.33 2.4 2.35 2.26 1.87 0.93 0.63 0.62 0.59 0.56 0.45 0.4 0.38 0.21 0.2 0.2 0.17 0.17

Weighting

Change

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

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

Latest Chg 618'281 1'197'000 436'951 (18'056) (1'143'333) 11'755 (367'000) (350'000)

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

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 30.09.2012 30.08.2013 30.09.2012 30.04.2013 31.05.2013 31.07.2013 31.07.2013 30.06.2013 31.12.2012 31.05.2013 26.09.2013 30.06.2013 31.05.2013 31.07.2013 27.09.2013 28.06.2013 28.06.2013

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 3 month

Inst Type n/a n/a n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 18.09.2013 05.09.2013 04.09.2013 30.08.2013 23.08.2013 19.08.2013 27.06.2013 26.06.2013 06.06.2013 19.02.2013 11.02.2013 16.10.2012


30.09.2013

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 (29.04.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 69.50 37.60 270'136.00 59 -15.11% 56.91% 78.84% 53.4 3'148.77 355.77 0.0 0.0 378.97 3'233.03

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

.8 M

70

.7 M

60

.6 M

50

.5 M

40

.4 M

30

.3 M

20

.2 M

10

.1 M

0 o-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

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 1'974.0 1.56x 313.1 9.85x 268.2 11.59x 313.15 294.28 14.91% 16.12% 17.15% 41.14% 25.72% 1.36% 21.4% 15.7% 14.6% 13.6% 2.52 1.62 26.96% 53.60% 4.00 5.05

Price/ Cash Flow

06/yy 2'087.8 3.56x 308.3 5.84x 275.4 5.91x

d-12

j-13

f-13 m-13

LTM 06/yy 1'895.4 6.48x 297.9 12.46x 239.1 15.18x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.65 63.32% 7.95% 0.649 18 3.444 77'007 97'825 105'152 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'173.8 2'391.5 412.0 556.0 1.48x 1.36x 348.4 387.3 9.28x 8.35x 283.5 308.2 11.16x 10.37x 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

20.59 0.28 1.24 53.6% 34.9% 1.36 12.25 91.26 72.28 76.20 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

.0 M n-12

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 787.5 0.80x 87.0 7.23x 66.8 3.29x

80

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Turk Traktor ve Ziraat Makineleri AS Holdings By:

All

Holder Name KOC HOLDING AS CNH GLOBAL NV WASATCH ADVISORS INC NORGES BANK PICTET FUNDS BANK OF NEW YORK MEL BLACKROCK SCHRODER INVESTMENT ROBECO SWEDBANK ROBUR FONDE SEB AVIVA PLC INVESCO LTD VAN ECK ASSOCIATES C MANNING & NAPIER ADV AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV DRIEHAUS CAPITAL MAN CHARLEMAGNE CAPITAL EMERGING GLOBAL SHAR

Firm Name Eczacibasi Securities Burgan Securities Seker Securities Yatirim Finansman Securities IS Investment & Securities Ekspres Invest EVA Dimensions BNP Paribas Equity Research ATA Invest Oyak Securities Ak Investment BGC Partners FinansInvest Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler Garanti Yatirim Menkul Kiymetler Goldman Sachs Global Menkul Degerler

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

Analyst AKIF DASIRAN UMUT OZTURK KIVANC UYSAL ZUMRUT CAN ESRA SUNER KURTHAN ATMACA TIMOTHY STANISH KENAN COSGUNER ERMAN TUTUNCUOGLU SERHAT KAYA ERKAN SAVRAN BERNA KURBAY OZGUR UCUR OGUZHAN AKBULUT MEHMET A AGYUZ ONUR MARSAN ASLI TUNCER TEAM COVERAGE

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

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

Amt Held 20'013'375 20'013'375 799'574 585'220 525'070 508'419 413'715 407'792 381'652 306'485 278'165 275'584 233'096 202'612 179'226 152'173 112'198 99'133 96'723 91'147

% Out 37.5 37.5 1.5 1.1 0.98 0.95 0.78 0.76 0.72 0.57 0.52 0.52 0.44 0.38 0.34 0.29 0.21 0.19 0.18 0.17

Weighting

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

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

Latest Chg 52'800 (50'262) 57'607 83'635 106'485 214'730 (123'998) 3'220 3'311 (61'534) (108'971) 5'054 29'137 -

Target Price 59 62 55 56 68 64 #N/A N/A 72 54 58 62 69 70 51 66 59 77 59

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

File Dt Inst Type 31.12.2012 Holding Company 31.12.2012 Corporation 30.06.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 27.09.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Unclassified 28.06.2013 Investment Advisor 27.09.2013 Investment Advisor 27.09.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 27.09.2013 Investment Advisor

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

Date 27.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 11.09.2013 05.09.2013 04.09.2013 02.08.2013 31.07.2013 30.07.2013 29.07.2013 18.07.2013 11.07.2013 01.07.2013


30.09.2013

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 2

160.0 M

2

140.0 M

1

120.0 M

1

100.0 M

1

Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 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 06/yy 1.88 0.95 36'027'055.00 1.13 -39.97% 19.00% 23.63% 722.1 1'614.09 545.69 0.0 0.1 119.92 2'171.19

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

60.0 M

1 0

40.0 M

0

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 1'081.4 0.39x 376.6 1.11x 256.7 1.07x

80.0 M

1

Valuation Analysis

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

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 1'686.7 0.91x 309.2 4.96x 194.2 5.70x 309.17 226.62 13.44% 14.15% 3.20% 5.99% 5.27% 0.79% 15.9% 14.8% 9.5% 11.5% 1.75 0.63 25.13% 47.72% 9.65 3.76

Price/ Cash Flow

06/yy 1'735.1 2.42x 343.4 3.56x 226.5 3.88x

LTM 06/yy 1'652.3 4.23x 245.3 8.46x 67.2 17.30x

FY+1

0.93 15.95% 7.67% 0.933 13 3.692 23'867'500 27'295'290 26'551'550 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'588.2 1'881.5 1.39x 1.21x 238.0 306.3 9.12x 7.09x 84.1 147.7 12.02x 6.42x 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

30.86 -7.05 2.27 2.47 47.7% 32.3% 0.79 1.32 37.84 96.96 34.38 108.86

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

01.07.2013

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 |


30.09.2013

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Holdings By:

All

Holder Name DIMENSIONAL FUND ADV SWEDBANK ROBUR FONDE EAST CAPITAL ASSET M STATE STREET CORP BANK OF NEW YORK MEL DWS INVESTMENTS BLACKROCK JYSKE INVEST EATON VANCE MANAGEME ROBECO INVESTEC ASSET MANAG VANGUARD GROUP INC SOMPO JP NIHON KOA A INVESCO LTD DEUTSCHE BANK AG HIRTLE CALLAGHAN & C PIONEER INVESTMENTS ILIRIKA INVESTMENTS CAUSEWAY CAPITAL MAN NATIONWIDE FUND ADVI

Firm Name Ekspres Invest HSBC Burgan Securities Seker Securities Oyak Securities IS Investment & Securities Ak Investment EVA Dimensions BNP Paribas Equity Research Yapi Kredi Yatirim ve Menkul Degerler Garanti Yatirim Menkul Kiymetler Tera Stock Brokers Wood & Company BGC Partners Yatirim Finansman Securities ATA Invest Global Menkul Degerler

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

Analyst KURTHAN ATMACA BULENT YURDAGUL UMUT OZTURK BURAK DEMIRBILEK OSMAN OZVURAL BASAK ENGIN DINCKOC BORA TEZGULER TIMOTHY STANISH ALPER PAKSOY AKIF MOROGLU BAHAR DENIZ EGEMEN TUGCE KARAGUL HALUK AKDOGAN CAN OZCELIK ZUMRUT CAN ERMAN TUTUNCUOGLU SERCAN UZUN

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

Recommendation hold overweight hold market perform Under Review market perform market outperform sell hold buy market perform buy buy buy not rated Under Review Under Review

Amt Held 22'876'141 18'723'990 15'728'044 8'487'548 6'108'405 6'002'811 5'752'942 4'634'605 4'296'303 3'865'323 3'851'612 3'306'495 3'283'537 3'263'086 2'750'000 2'709'732 2'401'124 2'255'208 1'482'395 1'253'986

% Out 3.17 2.59 2.18 1.18 0.85 0.83 0.8 0.64 0.6 0.54 0.53 0.46 0.45 0.45 0.38 0.38 0.33 0.31 0.21 0.17

Weighting

Change

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

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

Latest Chg (92'681) 15'728'044 (2'273'734) (216'683) 6'001'551 (22'274) (59'663) (1) (1'614'152) 78'703 270'408 1'431'070 45'080 2'750'000 338'944 -

Target Price 1 2 1 1 1 1 1 #N/A N/A 1 1 1 2 2 1 #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 30.04.2013 31.03.2013 31.03.2013 27.09.2013 31.07.2013 28.06.2013 26.09.2013 31.07.2013 31.07.2013 30.04.2013 31.05.2013 30.06.2013 04.03.2013 27.09.2013 31.07.2013 28.03.2013 28.03.2013 30.04.2013 30.06.2013 31.08.2013

Date Not Provided Not Provided 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 Not Provided Not Provided

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

Date 23.09.2013 19.09.2013 18.09.2013 06.09.2013 05.09.2013 04.09.2013 04.09.2013 04.09.2013 26.08.2013 26.08.2013 26.08.2013 21.06.2013 22.05.2013 30.04.2013 23.08.2012 03.08.2012 20.10.2011


30.09.2013

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

6

70.0 M

5

60.0 M 50.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.12.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 5.96 2.66 7'595'623.00 4.12 -30.87% 54.89% 40.00% 388.1 1'598.89 63.64 0.0 779.8 1'158.62 1'418.67

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

30.0 M

2

20.0 M

1

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 231.6 1.03x 78.3 3.06x 13.2 12.96x

40.0 M

3

31.12.2009 31.12.2010 388.1 541.5 2.61x 1.32x 220.7 317.0 4.59x 2.26x 62.1 420.6 15.07x 2.13x Profitability

LTM-4Q 31.12.2011 890.5 0.38x 587.8 0.57x 174.0 2.94x

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 1'183.4 1.59x 739.0 2.55x 550.4 3.99x 738.98 631.44 53.36% 60.12% 23.41% 42.20% 0.48% 67.0% 55.5% 43.2% 46.5% 8.10 7.17 2.80% 5.21% 22.86 4.10

Price/ Cash Flow

06/yy 1'185.9 2.45x 821.3 1.42x 250.0 5.32x

LTM 06/yy 1'056.6 5.59x 586.5 1.59x 513.2 2.16x

FY+1

0.94 -5.29% -27.21% 0.936 13 4.308 13'661'270 13'014'320 13'055'700 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'062.7 1'220.0 1.28x 0.92x 615.5 715.2 2.30x 1.98x 173.4 190.6 9.24x 8.62x 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

795.46 490.71 -1.70 0.10 5.2% 3.1% 0.48 1.36 15.96 89.04 39.09 43.22

Sales/Revenue/Turnover

6.00

1'400.0

5.00

1'200.0 1'000.0

4.00

800.0 3.00

600.0

2.00

400.0

1.00

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

01.07.2013

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 |


30.09.2013

Koza Anadolu Metal Madencilik Isletmeleri AS Holdings By:

All

Holder Name IPEK MATBAACILID NORGES BANK DIMENSIONAL FUND ADV DWS INVESTMENTS SWEDBANK ROBUR FONDE INVESCO LTD NOBLE FUNDS TFI SA SCHRODER INVESTMENT EAST CAPITAL ASSET M BNP PARIBAS DEUTSCHE BANK AG BLACKROCK BZ WBK TOWARZYSTWO F VANGUARD GROUP INC ROBECO NORDEA INVESTMENT FU SOMPO JP NIHON KOA A NORDEA INV MANAGEMEN ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE

Firm Name Burgan Securities Ekspres Invest EVA Dimensions BNP Paribas Equity Research Seker Securities IS Investment & Securities Ak Investment Deutsche Bank Garanti Yatirim Menkul Kiymetler Eczacibasi Securities Global Menkul Degerler Yapi Kredi Yatirim ve Menkul Degerler BGC Partners ATA Invest

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

Analyst ECE MANDACI ALPER AKALIN TIMOTHY STANISH KENAN COSGUNER BURAK DEMIRBILEK ILYAS SAFA URGANCI ERKAN SAVRAN KORAY PAMIR HALIL IBRAHIM KAHVE BEHLUL KATAS TEAM COVERAGE MEHMET A AGYUZ ERDEM HAFIZOGLU ISMAIL OZER

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

Recommendation buy hold hold buy outperform outperform market outperform hold market perform outperform buy buy buy market outperform

Amt Held 202'771'793 10'331'162 5'931'125 4'500'000 4'133'772 3'534'473 3'157'013 2'971'922 2'962'722 2'697'000 1'800'000 1'520'594 1'332'263 1'045'231 893'267 805'799 772'067 602'182 551'248 546'542

% Out 52.25 2.66 1.53 1.16 1.07 0.91 0.81 0.77 0.76 0.69 0.46 0.39 0.34 0.27 0.23 0.21 0.2 0.16 0.14 0.14

Weighting

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

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

Latest Chg 627'702 (725'000) 1'100'000 1'596'366 (310'881) 442'000 (6'337) 299'046 (47'447) (437'933) 12'040 (105'475)

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

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

File Dt 31.12.2012 31.12.2012 30.04.2013 28.06.2013 31.03.2013 31.03.2013 29.06.2012 30.06.2013 31.03.2013 30.04.2013 31.07.2013 26.09.2013 31.12.2012 30.06.2013 30.04.2013 28.06.2013 04.03.2013 31.07.2013 28.06.2013 31.07.2013

Date 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

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 23.09.2013 17.09.2013 12.09.2013 10.09.2013 05.09.2013 04.09.2013 02.09.2013 18.07.2013 02.07.2013 01.07.2013 07.05.2013 02.01.2013 27.04.2012


30.09.2013

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

160.0 M

1

140.0 M

1

120.0 M 100.0 M

1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 1.25 0.69 6'534'036.00 0.88 -29.60% 27.54% 32.14% 2'450.0 2'156.00 3'016.23 0.0 909.4 2'415.94 3'232.74

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

60.0 M

0

40.0 M

0

20.0 M

0 o-12

31.12.2009 31.12.2010 10'316.5 2'850.5 0.37x 0.68x 456.3 165.4 8.43x 11.78x (114.1) 656.2 Profitability

LTM-4Q 31.12.2011 2'867.3 0.35x 258.8 3.90x (757.1) -

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 3'156.5 1.19x 333.8 11.27x 155.7 14.48x 333.83 124.23 3.94% 10.26% 0.46% 1.19% 0.41% 29.9% 13.1% 4.4% 4.9% 1.74 1.31 34.79% 94.82% 3.92 9.31

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 2'901.4 2.65x 335.2 8.88x 5.9 0.00x

06/yy 3'309.4 4.23x 431.9 8.00x 37.1 64.11x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

0.88 22.22% -4.35% 0.878 11 4.182 6'043'471 11'104'700 8'932'787 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'406.6 3'697.4 409.9 469.6 7.89x 6.88x 86.3 151.4 27.50x 15.71x 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

2.81 -1.01 0.47 5.16 94.8% 42.4% 0.41 2.66 93.22 39.21 66.63 51.53

Sales/Revenue/Turnover

350.00

14'000.0

300.00

12'000.0

250.00

10'000.0

200.00

8'000.0

150.00

6'000.0

100.00

4'000.0

50.00

2'000.0

0.00 01.01.2010

.0 M n-12

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 12'504.5 0.17x 681.9 3.03x 70.6 21.88x

80.0 M

1

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Dogan Sirketler Grubu Holding AS Holdings By:

All

Holder Name ADILBEY HOLDING AS DOGAN AYDIN DIGAN AILESI BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC RAIFFEISEN KAPITALAN EAST CAPITAL ASSET M GOLDMAN SACHS GROUP EATON VANCE MANAGEME DEKABANK DEUTSCHE GI DWS INVESTMENTS SWEDBANK ROBUR FONDE STATE STREET CORP OFI ASSET MGMT EATON VANCE ADVISORS JOHN HANCOCK ADVISER ERSTE SPARINVEST KAG LEGAL & GENERAL SOMPO JP NIHON KOA A

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

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

Analyst HAYDAR ACUN SINAN GOKSEN KENAN COSGUNER BURAK DEMIRBILEK EMIR BOLEN BORA TEZGULER HASAN SENER ONUR MARSAN MATIJA GERGOLET BARIS INCE TIMOTHY STANISH BULENT YURDAGUL TEAM COVERAGE ONDER ZORBA NUR ATASOY

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

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

Amt Held 1'290'679'019 246'992'721 107'671'371 62'825'363 28'990'451 21'212'783 21'056'370 15'980'100 8'907'096 4'893'426 4'800'000 3'750'000 3'500'000 2'027'348 1'871'000 1'275'525 1'265'834 580'000 569'008 560'000

% Out 52.68 10.08 4.39 2.56 1.18 0.87 0.86 0.65 0.36 0.2 0.2 0.15 0.14 0.08 0.08 0.05 0.05 0.02 0.02 0.02

Weighting

Change

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

M U M M M N M M M M M M M M M

Latest Chg 10'933'201 661'982 783'740 1'331'003 8'199'500 8'907'096 (3'952'000) (1'000'000) (49'105) (470'000) (1'900'000)

Target Price #N/A N/A 1 1 #N/A N/A 1 1 1 1 1 1 #N/A N/A 1 #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 17.04.2013 17.04.2013 17.04.2013 26.09.2013 30.04.2013 30.06.2013 28.06.2013 31.03.2013 30.06.2013 31.07.2013 28.03.2013 28.06.2013 30.06.2012 27.09.2013 31.05.2013 31.07.2013 31.08.2013 28.03.2013 31.07.2013 04.03.2013

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

Inst Type Private Equity n/a n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 23.09.2013 20.09.2013 16.09.2013 16.09.2013 13.09.2013 05.09.2013 18.07.2013 11.07.2013 05.07.2013 06.06.2013 15.05.2013 11.04.2013 09.03.2012 09.09.2009


30.09.2013

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

10

2.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (07.06.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 11.85 7.44 115'110.00 9.04 -23.71% 21.51% 36.28% 300.0 2'712.00 5.81 0.0 0.5 125.37 2'761.48

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

1.0 M

4

.5 M

2 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 3'579.3 0.20x 337.8 2.13x 25.8 36.30x

1.5 M

6

Valuation Analysis

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

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

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 5'586.1 0.49x 244.8 11.08x 303.5 9.33x 244.80 165.87 2.97% 6.14% 9.02% 12.04% 1.99% 9.3% 4.4% 3.0% 5.4% 1.56 0.96 0.20% 0.24% 15.74 27.68

Price/ Cash Flow

06/yy 5'614.8 1.71x 223.9 9.55x 212.9 10.68x

LTM 06/yy 5'700.8 1.87x 253.6 10.67x 258.8 10.27x

FY+1

0.76 30.21% 5.66% 0.764 16 4.500 130'078 185'844 321'661 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'891.9 6'204.6 1'602.0 1'707.0 0.45x 0.42x 265.4 284.1 10.41x 9.72x 244.1 284.9 10.56x 9.80x 7.93x 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

0.19 0.61 0.2% 0.2% 1.99 9.78 23.19 13.19 23.48 15.66

Sales/Revenue/Turnover

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Aygaz AS Holdings By:

All

Holder Name KOC HOLDING AS LIQUID PETROLEUM GAS TEMEL TICARET VE YAT KOC FAMILY FRANKLIN RESOURCES FMR LLC SWEDBANK ROBUR FONDE GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV EAST CAPITAL ASSET M GOLDMAN SACHS GROUP EMERGING GLOBAL SHAR BRANDES INVESTMENT P NORGES BANK ROBECO NORDEA INVESTMENT FU CHARLES SCHWAB INVES FRANK RUSSELL TRUST VANGUARD GROUP INC NORDEA INV MANAGEMEN

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

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

Analyst KADIR TEZELLER SELIM KUNTER UMUT OZTURK HASAN SENER ASLI OZATA KUMBARACI KORAY PAMIR DOUG WALTERS ILGIN ERDOGAN EZGI YILMAZ MATIJA GERGOLET TAMAS PLETSER ONUR MARSAN BULENT YURDAGUL ALPER PAKSOY EKATERINA RODINA MERT BOSTANOGLU

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

Recommendation outperform buy hold outperform outperform buy overweight buy hold Buy/Neutral hold market perform overweight buy buy market perform

Amt Held 122'040'000 73'560'000 15'870'000 15'720'000 4'172'816 3'882'613 3'179'330 2'245'051 1'746'318 1'465'799 1'277'152 1'082'456 912'530 747'289 650'456 590'754 518'983 515'441 494'081 343'000

% Out 40.68 24.52 5.29 5.24 1.39 1.29 1.06 0.75 0.58 0.49 0.43 0.36 0.3 0.25 0.22 0.2 0.17 0.17 0.16 0.11

Weighting

Change 5 5 3 5 5 5 5 5 3 5 3 3 5 5 5 3

M M M M M M U M M M M M M M N M

Latest Chg 37'106 7'499 800'000 (46'103) 115'019 389'428 606'340 181'908 435'069 (14'605)

Target Price 9 11 9 10 11 12 #N/A N/A 10 10 10 10 10 13 10 13 10

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.06.2013 31.07.2013 31.03.2013 31.05.2013 30.04.2013 31.03.2013 30.06.2013 27.09.2013 31.08.2013 31.12.2012 30.04.2013 28.06.2013 27.09.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 23.09.2013 23.09.2013 23.09.2013 05.09.2013 04.09.2013 02.09.2013 29.08.2013 28.08.2013 28.08.2013 19.08.2013 26.07.2013 18.07.2013 15.05.2013 15.05.2013 10.04.2013 18.05.2012


30.09.2013

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.

Price/Volume 14

12.0 M

12

10.0 M

10

8.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

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

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

2.0 M

2 0 o-12

.0 M n-12

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

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 1'632.9 2.56x 252.1 16.55x 293.2 14.39x 252.12 183.83 11.26% 15.54% 6.60% 16.93% 0.58% 24.0% 18.0% 2.50 1.15 9.78% 25.69% 3.43 -

Price/ Cash Flow

06/yy 1'753.1 7.01x 357.3 15.32x 269.9 13.63x

d-12

j-13

f-13 m-13

LTM 06/yy 1'819.0 7.31x 261.8 0.00x 207.5 39.33x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

0.77 37.23% 5.69% 0.768 10 3.700 1'545'154 1'544'412 1'307'775 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'977.4 2'295.9 2.22x 1.89x 370.1 439.9 12.61x 10.61x 274.7 374.1 14.56x 11.79x 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

78.27 45.00 25.7% 20.4% 0.58 4.32 106.27 191.62

Sales/Revenue/Turnover

20.00

1'800.0

18.00

1'600.0

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

4.0 M

4

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 705.9 0.35x 137.5 1.82x 12.2 28.56x

6.0 M

6

12/2012 06/yy 11.90 6.42 1'025'809.00 8.78 -26.22% 36.76% 40.51% 500.0 4'389.93 325.12 0.0 0.5 371.90 4'668.72

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Aselsan Elektronik Sanayi Ve Ticaret AS Holdings By:

All

Holder Name TURK SILAHLI KUV GUC NORGES BANK LAZARD ASSET MANAGEM VANGUARD GROUP INC UNITED SERVICES AUTO LAZARD GLOBAL ACTIVE SCHRODER INVESTMENT BANK OF NEW YORK MEL DIMENSIONAL FUND ADV SEI INVESTMENT MANAG ALLIANZ GLOBAL INVES COMINVEST ASSET MANA SMITH BARNEY FUND MA TIAA CREF INVESTMENT CASA 4 FUNDS LUX EUR WOORI ASSET MANAGEME FRANK RUSSELL TRUST INVESCO ASSET MANAGE HANDELSBANKEN FONDER SEAFARER CAPITAL PAR

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

Portfolio Name n/a Multiple Portfolios n/a 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

Analyst MURAT IGNEBEKCILI ATINC OZKAN BURAK DEMIRBILEK EMRE SEZAN MUSTAFA ONER BORA TEZGULER TIMOTHY STANISH GAYE ABIDIN DUYGU KALFAOGLU ERDEM HAFIZOGLU

Source Co File MF-AGG ULT-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

Recommendation hold outperform market perform market perform market perform market outperform overweight neutral outperform hold

Amt Held 422'893'315 5'706'830 3'561'717 2'311'637 1'385'104 1'169'268 828'303 701'241 660'486 462'946 421'257 405'000 390'000 344'790 214'727 206'282 204'930 194'708 150'000 150'000

% Out 84.58 1.14 0.71 0.46 0.28 0.23 0.17 0.14 0.13 0.09 0.08 0.08 0.08 0.07 0.04 0.04 0.04 0.04 0.03 0.03

Weighting

Change 3 5 3 3 3 4 5 3 5 3

M U M M M M D M M D

Latest Chg (246'951) 50'326 1'385'104 (29'065) (1'107'177) (192'813) 13'877 15'261 390'000 13'492 (83'718) 4 (105'000) (97'000)

Target Price 8 11 8 9 10 8 #N/A N/A 9 11 6

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

File Dt 31.12.2012 31.12.2012 31.08.2013 30.06.2013 31.05.2013 30.08.2013 31.12.2012 27.09.2013 30.04.2013 30.04.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013 31.08.2012 31.03.2013 30.06.2013 30.11.2012 30.08.2013 30.06.2013

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

Inst Type Unclassified Government Unclassified Unclassified 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 Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 19.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 23.08.2013 27.06.2013 25.07.2012


30.09.2013

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

14.0 M

8

12.0 M

7

10.0 M

6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 8.16 3.88 2'227'878.00 4.57 -44.00% 17.78% 17.06% 370.0 1'690.90 434.81 0.0 29.8 1'084.32 1'341.95

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

8.0 M

4

6.0 M

3

4.0 M

2

2.0 M

1 0 o-12

31.12.2009 31.12.2010 2'348.1 2'261.7 0.76x 0.94x 197.4 298.5 9.03x 7.12x 69.3 178.6 26.15x 13.38x Profitability

LTM-4Q 31.12.2011 3'211.2 0.51x 381.8 4.27x 242.4 8.15x

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 4'075.9 0.51x 282.7 7.28x 299.3 8.95x 282.72 189.49 4.65% 9.01% 3.78% 8.04% 0.97% 10.1% 2.5% 0.4% 7.3% 1.63 0.94 10.52% 20.89% 5.65 7.86

Price/ Cash Flow

06/yy 3'788.5 1.99x 377.9 5.62x 248.3 9.89x

d-12

j-13

f-13 m-13

LTM 06/yy 4'013.4 2.14x 101.5 20.63x 156.0 15.74x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.91 -26.38% -33.70% 0.914 25 4.120 3'440'809 4'394'049 2'665'852 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'048.3 4'235.5 932.0 1'142.0 0.33x 0.35x 1.29x 1.10x 213.4 346.0 15.8 60.2 6.29x 3.88x 5.71x 4.39x 255.6 246.5 18.7 32.1 9.87x 7.64x 10.93x 9.18x 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

11.13 6.92 -3.72 5.68 20.9% 17.1% 0.97 5.25 64.58 46.45 95.31 11.90

Sales/Revenue/Turnover

100.00

4'500.0

90.00

4'000.0

80.00

3'500.0

70.00

3'000.0

60.00

2'500.0

50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00 0.00 01.01.2010

.0 M n-12

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 2'517.9 0.40x 246.8 4.05x 91.0 9.52x

5

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Tekfen Holding AS Holdings By:

All

Holder Name BERKER FEYYAZ GOKYIGIT ALI NIHAT NECATI AKCAGLILAR NORGES BANK SKAGEN AS SWEDBANK ROBUR FONDE DWS INVESTMENTS DEUTSCHE BANK AG DIMENSIONAL FUND ADV BANK OF NEW YORK MEL NORDEA INVESTMENT FU BZ WBK TOWARZYSTWO F CHARLES SCHWAB INVES BARING INTERNATIONAL EMERGING GLOBAL SHAR SEB BLACKROCK BNP PARIBAS FRANK RUSSELL TRUST ARTISAN PARTNERS HOL

Firm Name Sardis Securities Eczacibasi Securities Ekspres Invest Burgan Securities Morgan Stanley Oyak Securities Ak Investment Tera Stock Brokers UBS Garanti Yatirim Menkul Kiymetler EVA Dimensions Deutsche Bank Goldman Sachs IS Investment & Securities Global Menkul Degerler BNP Paribas Equity Research BGC Partners Credit Suisse FinansInvest HSBC Yatirim Finansman Securities Erste Group 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst HAYDAR ACUN BEHLUL KATAS SELIM KUNTER MURAT IGNEBEKCILI MUNEEBA KAYANI HASAN SENER HAKAN DEPREM AYSE COLAK ANUJ MEHROTRA KERIM GOKOZ TIMOTHY STANISH ATHMANE BENZERROUG ARTYOM GOLODNOV NUR ATASOY SERCAN UZUN SABRIYE GOZDE CULLAS KEREM TEZCAN ATINC OZKAN GAYE ABIDIN CENK ORCAN OZGUR UCUR SEZAI SAKLAROGLU ILGIN ERDOGAN ONDER ZORBA

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

Recommendation hold outperform buy hold Equalwt/No Rating market perform market perform buy buy outperform sell buy neutral/neutral outperform market perform hold buy neutral outperform overweight outperform buy buy market outperform

Amt Held 71'410'000 71'410'000 71'410'000 18'035'859 8'933'907 4'541'106 4'433'301 4'322'100 3'826'849 2'369'026 1'876'928 1'534'717 1'479'609 1'199'846 1'000'968 1'000'000 980'938 963'000 912'926 852'057

% Out 19.3 19.3 19.3 4.87 2.41 1.23 1.2 1.17 1.03 0.64 0.51 0.41 0.4 0.32 0.27 0.27 0.27 0.26 0.25 0.23

Weighting

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

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

Latest Chg 1'168'731 248'301 110'176 230'325 54'640 (505'110) (5'451) 81'000 (873'956)

Target Price #N/A N/A 7 6 6 5 7 5 7 5 6 #N/A N/A 6 5 6 6 5 9 7 9 9 9 9 10 8

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.03.2013 28.06.2013 31.07.2013 30.04.2013 27.09.2013 28.06.2013 31.12.2012 27.09.2013 31.03.2013 27.09.2013 28.03.2013 26.09.2013 30.04.2013 30.06.2013 31.03.2013

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

Inst Type n/a n/a n/a Government 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 Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 23.09.2013 18.09.2013 08.09.2013 05.09.2013 04.09.2013 02.09.2013 30.08.2013 29.08.2013 28.08.2013 26.08.2013 26.08.2013 26.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 19.07.2013 15.05.2013 12.04.2013 27.03.2013 08.03.2013 13.01.2012


30.09.2013

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 (18.09.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 9.12 4.47 452'856.00 8.54 -6.36% 91.05% 85.38% 185.0 1'579.90 299.52 0.0 10.3 141.47 1'743.44

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

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

5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

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

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 1'625.5 0.69x 195.5 5.72x 166.0 5.73x 195.53 142.34 8.76% 14.43% 7.18% 12.43% 0.98% 14.2% 13.7% 10.0% 10.2% 1.61 1.07 19.24% 31.18% 4.55 7.32

Price/ Cash Flow

06/yy 1'691.5 2.70x 189.1 5.37x 140.3 5.59x

d-12

j-13

f-13 m-13

LTM 06/yy 1'587.6 2.95x 218.1 6.50x 115.9 10.82x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.71 99.54% 82.46% 0.710 6 3.000 651'503 921'742 792'648 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'606.4 1'690.0 408.0 380.0 1.06x 1.00x 227.0 227.8 7.68x 7.66x 123.4 116.6 11.98x 13.93x 12.20x 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

31.78 9.33 0.71 1.55 31.2% 23.6% 0.98 2.61 80.21 49.88 81.77 61.27

Sales/Revenue/Turnover

8.00

1'800.0

7.00

1'600.0

6.00

1'400.0 1'200.0

5.00

1'000.0

4.00

800.0

3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

6.0 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 908.5 0.41x 68.7 5.36x 72.9 2.43x

10 9 8 7 6 5 4 3 2 1 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Aksa Akrilik Kimya Sanayii Holdings By:

All

Holder Name AKKOK SANAYI YATIRIM SECURITY PTE LTD SOMERSET CAPITAL MAN DIMENSIONAL FUND ADV BANK OF NEW YORK MEL BROWN ADVISORY INC BLACKROCK INVESCO LTD EMERGING GLOBAL SHAR GRANTHAM MAYO VAN OT ACADIAN ASSET MANAGE EATON VANCE MANAGEME VANGUARD GROUP INC STOREBRAND FUND MANA ING INVESTMENT MANAG JOHN HANCOCK ADVISER FMR LLC ERSTE SPARINVEST KAG FIRST TRUST HSBC TRINKAUS INVEST

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

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

Analyst SELIM KUNTER MATIJA GERGOLET BORA TEZGULER BURAK DEMIRBILEK HASAN BAYHAN CRAIG STERLING

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

Recommendation hold Buy/Neutral market perform market perform market perform sell

Amt Held 73'223'000 34'632'000 4'387'081 3'099'314 1'643'373 1'318'177 1'245'455 1'109'723 721'002 570'942 424'858 413'263 411'502 360'000 322'607 134'810 93'733 92'000 91'293 65'000

% Out 39.58 18.72 2.37 1.68 0.89 0.71 0.67 0.6 0.39 0.31 0.23 0.22 0.22 0.19 0.17 0.07 0.05 0.05 0.05 0.04

Weighting

Change 3 5 3 3 3 1

M M D U M D

Latest Chg 2'568'607 13'387 1'318'177 (3'033) 15'330 360'000 32'013 65'000

Target Price 9 10 8 7 8 #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 28.08.2009 30.06.2013 30.04.2013 27.09.2013 28.06.2013 26.09.2013 27.09.2013 27.09.2013 31.05.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 28.06.2013 31.08.2013 31.07.2013 28.03.2013 27.09.2013 31.08.2013

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

Inst Type Corporation Corporation 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 Investment Advisor Investment Advisor

Date 23.09.2013 12.09.2013 12.09.2013 06.09.2013 04.09.2013 28.08.2013


30.09.2013

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

Price/Volume

12/2012 06/yy 26.60 15.65 789'160.00 16.95 -36.28% 8.31% 13.24% 178.0 3'017.61 2'486.37 0.0 0.5 1'040.87 4'457.73

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

30.0 M

25

25.0 M

20

20.0 M

15

15.0 M

10

10.0 M

5

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 5'073.7 0.28x 382.7 3.73x 261.5 9.33x

30

31.12.2009 31.12.2010 5'711.3 6'365.1 0.84x 1.06x 394.1 355.4 12.19x 18.96x 108.0 42.6 32.47x 122.92x Profitability

LTM-4Q 31.12.2011 5'753.1 0.67x 376.4 10.17x (163.2) -

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 6'482.4 0.81x 400.8 13.16x 88.1 43.46x 400.82 269.67 4.16% 1.99% -3.05% -13.96% 1.20% 26.3% 6.0% 3.9% 1.4% 1.02 0.58 44.21% 197.09% 125.81 6.22

Price/ Cash Flow

06/yy 5'816.1 2.95x 406.9 11.39x 304.2 42.57x

LTM 06/yy 6'786.4 3.01x 404.0 12.27x (172.3) 0.00x

FY+1

0.99 -9.36% -21.16% 0.985 26 4.154 851'575 1'039'823 954'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'252.4 8'104.6 2'057.0 1'902.0 0.60x 0.52x 441.1 498.8 10.11x 8.94x 40.4 143.4 46.44x 20.06x 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

1.73 1.10 3.56 6.22 197.1% 66.3% 1.20 5.90 2.90 58.67 115.15 -50.25

Sales/Revenue/Turnover

50.00

7'000.0

45.00

6'000.0

40.00 35.00

5'000.0

30.00

4'000.0

25.00

3'000.0

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

01.07.2013

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 |


30.09.2013

Migros Ticaret AS Holdings By:

All

Holder Name MH PERAKENDECILIK TI BNP PARIBAS NORGES BANK JP MORGAN AMERIPRISE FINANCIAL PIONEER INVESTMENTS THREADNEEDLE VANGUARD GROUP INC DIMENSIONAL FUND ADV AKBANK ASSET MANAGEM NOBLE FUNDS TFI SA LEUTHOLD WEEDEN CAPI GUSTAVIADAVEGARDH FO JULIUS BAER MULTICOO DELTA LLOYD FUND MAN NOMURA UNION INVESTMENT LUX VONTOBEL ASSET MANAG LIMESTONE INVESTMENT EUROBANK EFG MUTUAL

Firm Name Eczacibasi Securities Burgan Securities Ekspres Invest ATA Invest Seker Securities HSBC Oyak Securities BGC Partners IS Investment & Securities Deutsche Bank Goldman Sachs Credit Suisse VTB Capital Garanti Yatirim Menkul Kiymetler Erste Group EVA Dimensions Global Menkul Degerler Barclays Tera Stock Brokers JPMorgan Yapi Kredi Yatirim ve Menkul Degerler Renaissance Capital BNP Paribas Equity Research Ak Investment Yatirim Finansman Securities Wood & Company

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

Analyst AKIF DASIRAN BURAK ISYAR MELDA AGIRDAS CEMAL DEMIRTAS KIVANC UYSAL BULENT YURDAGUL SERHAT KAYA BERNA KURBAY BASAK ENGIN DINCKOC EROL DANIS ANTON FARLENKOV ONUR MUMINOGLU MARIA KOLBINA IREM OKUTGEN GORKEM GOKER CRAIG STERLING TEAM COVERAGE HANZADE KILICKIRAN FULIN R ONDER BORJA OLCESE OZGUR GOKER METE OZBEK SABRIYE GOZDE CULLAS BORA TEZGULER DUYGU KALFAOGLU PATRICK SHIELDS

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

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

Amt Held 143'331'952 632'000 383'315 380'620 373'879 318'600 198'331 187'385 144'517 140'000 100'000 84'081 80'000 75'050 63'750 60'000 50'000 45'000 42'384 33'500

% Out 80.51 0.35 0.22 0.21 0.21 0.18 0.11 0.11 0.08 0.08 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.02

Weighting

Change

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

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

Latest Chg (38'000) 91'920 (4'598) 164'581 19'978 60'000 (3'801) (20'000) 42'384 -

Target Price 17 18 25 23 26 22 22 24 21 30 25 27 22 26 28 #N/A N/A 23 20 27 23 29 26 22 25 #N/A N/A 17

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

File Dt 31.12.2012 30.04.2013 31.12.2012 31.05.2013 28.02.2013 28.03.2013 31.05.2013 30.06.2013 30.04.2013 31.03.2013 29.06.2012 28.06.2013 31.03.2013 30.04.2013 30.06.2013 11.07.2012 28.03.2013 28.09.2012 30.04.2013 31.05.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 3 month 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 23.09.2013 11.09.2013 06.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 22.08.2013 22.08.2013 31.07.2013 29.07.2013 18.07.2013 05.07.2013 02.07.2013 01.07.2013 26.06.2013 19.06.2013 11.06.2013 16.05.2013 05.04.2013 18.02.2013 29.01.2013 29.08.2012 18.07.2012


30.09.2013

Yazicilar Holding AS Yazicilar Holding AS is the holding company for the Yazici family's interest in Anadolu Holding, a diversified group with interests in beverage, automotive, financial services and writing instrument companies.

Price/Volume 35

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

30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YAZIC TI EQUITY YTD Change YAZIC TI EQUITY YTD % CHANGE

12/2012 06/yy 30.50 13.40 1'779'238.00 19.65 -35.57% 46.64% 37.72% 160.0 3'144.00 799.85 0.0 662.1 1'347.40 4'572.79

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

5 0 o-12

31.12.2009 31.12.2010 1'098.8 1'047.9 1.54x 2.24x 224.4 210.4 7.52x 11.17x 230.3 221.7 6.67x 9.71x Profitability

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 1'090.6 1.30x 276.9 5.11x 140.3 11.36x

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 1'374.7 1.93x 457.4 5.81x 907.6 2.80x 457.45 392.98 28.59% 77.03% 7.13% 28.62% 0.12% 17.9% 20.2% 14.6% 66.0% 0.83 0.20 6.76% 28.42% 4.43 8.06

Price/ Cash Flow

06/yy 1'237.9 5.83x 340.1 6.51x 859.8 2.32x

LTM 06/yy 1'493.0 9.89x 301.8 17.24x 880.7 4.54x

FY+1

0.65 41.65% 24.72% 0.650 5 4.600 831'645 443'021 411'047 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'626.0 1'825.5 425.0 437.0 2.24x 2.04x 210.5 242.5 21.72x 18.86x 219.0 332.5 14.34x 9.45x 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

7.74 5.13 2.28 3.03 28.4% 18.7% 0.12 1.98 82.49 45.27 45.81 52.77

Sales/Revenue/Turnover

45.00

1'600.0

40.00

1'400.0

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

n-12

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 1'142.9 0.54x 275.7 2.25x 159.8 4.91x

10

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Yazicilar Holding AS Holdings By:

All

Holder Name YAZICI KAMIL SKAGEN AS FIRST EAGLE INVESTME WASATCH ADVISORS INC COMMONWEALTH BANK OF SWEDBANK ROBUR FONDE NORGES BANK EAST CAPITAL ASSET M BLACKROCK INVESCO LTD VANGUARD GROUP INC HANDELSBANKEN FONDER NORDEA INVESTMENT FU ACADIAN ASSET MANAGE DANSKE INVEST A/S EATON VANCE MANAGEME ACADIAN ASSET MANAGE SOMPO JP NIHON KOA A IFM - INDEPENDENT FU DANSKE INVEST MANAGE

Firm Name Burgan Securities Goldman Sachs IS Investment & Securities EVA Dimensions FinansInvest ATA Invest

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

Analyst MURAT IGNEBEKCILI MATIJA GERGOLET MUSTAFA KUCUKMERAL TIMOTHY STANISH TEAM COVERAGE ONDER ZORBA

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

Recommendation hold Buy/Neutral outperform buy outperform market outperform

Amt Held 58'543'644 13'419'294 3'412'512 1'542'444 1'124'846 777'222 740'075 474'938 436'762 376'826 265'099 168'098 146'067 107'504 90'974 88'894 71'438 64'000 61'500 53'805

% Out 36.59 8.39 2.13 0.96 0.7 0.49 0.46 0.3 0.27 0.24 0.17 0.11 0.09 0.07 0.06 0.06 0.04 0.04 0.04 0.03

Weighting

Change 3 5 5 5 5 4

M U M M M U

Latest Chg (238'280) (116'000) 1'431'151 (107'105) (636'081) (164'505) (1'457) 33'214 (101'714) (93'226) (53'000) 61'500 (55'695)

Target Price 18 27 26 #N/A N/A 16 15

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

File Dt Inst Type 20.03.2013 n/a 30.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.05.2013 Bank 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 26.09.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 04.03.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 30.09.2013 12.09.2013 05.09.2013 06.06.2013 19.03.2013 13.01.2012


30.09.2013

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 8.0 M

12

7.0 M 6.0 M 5.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 13.70 5.70 1'991'077.00 8.74 -36.20% 53.33% 39.50% 220.0 1'922.80 591.76 2.6 37.23 2'748.72

4.0 M

6

3.0 M

4

2.0 M

2

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

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

9.0 M

14 10

Valuation Analysis

31.12.2008 2'144.1 0.20x 37.2 11.58x (109.7) -

16

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

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 5'132.3 0.48x 325.0 7.52x 255.9 7.38x 325.01 300.82 5.86% 5.99% 9.44% 22.97% 2.30% 13.9% 5.7% 5.1% 5.0% 1.11 0.52 26.62% 49.97% 12.48 6.34

Price/ Cash Flow

06/yy 4'758.4 1.29x 294.0 6.16x 219.7 5.57x

LTM 06/yy 5'656.8 1.84x 324.3 9.18x 232.3 9.26x

FY+1

1.21 56.82% 10.76% 1.214 20 4.400 2'052'526 2'833'524 1'679'696 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'845.3 6'148.1 1'350.0 1'665.0 0.44x 0.41x 319.8 340.4 8.59x 8.07x 233.8 248.4 8.03x 7.85x 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

6.41 4.48 2.54 2.64 50.0% 33.3% 2.30 13.28 29.24 57.54 43.21 42.66

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

01.07.2013

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 |


30.09.2013

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 BZ WBK TOWARZYSTWO F BANK OF NEW YORK MEL WILLIAM BLAIR & COMP NORGES BANK JP MORGAN EAST CAPITAL ASSET M VANGUARD GROUP INC CHARLES SCHWAB INVES ARTEMIS INVESTMENT M HOLBERG FONDSFORVALT BLACKROCK ILIRIKA INVESTMENTS UNIVERSAL INVESTMENT VAN ECK ASSOCIATES C STATE STREET CORP

Firm Name Burgan Securities Eczacibasi Securities Seker Securities Ekspres Invest ATA Invest BGC Partners HSBC Oyak Securities IS Investment & Securities Tera Stock Brokers BNP Paribas Equity Research Deutsche Bank Renaissance Capital Goldman Sachs Global Menkul Degerler EVA Dimensions Yatirim Finansman Securities Riedel Research Group Inc Erste Group

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

Analyst BURAK ISYAR AKIF DASIRAN KIVANC UYSAL KURTHAN ATMACA ERMAN TUTUNCUOGLU BERNA KURBAY CENK ORCAN SERHAT KAYA ESRA SUNER TUGCE KARAGUL SABRIYE GOZDE CULLAS EROL DANIS METE OZBEK ASLI TUNCER TEAM COVERAGE TIMOTHY STANISH OZGUR UCUR DAVID R RIEDEL MEHMET EMIN ZUMRUT

Source Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

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

Amt Held 77'462'000 66'638'000 7'868'615 2'430'768 2'275'664 2'202'683 2'132'349 1'496'744 1'130'551 1'084'880 653'321 453'403 448'449 400'000 385'000 373'037 303'513 300'000 260'000 234'358

% Out 35.21 30.29 3.58 1.1 1.03 1 0.97 0.68 0.51 0.49 0.3 0.21 0.2 0.18 0.17 0.17 0.14 0.14 0.12 0.11

Weighting

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

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

Latest Chg (17'636) 572'287 1'496'744 109'550 (128'000) 13'824 400'000 145'000 (2'004) 50'000 61'297

Target Price 10 11 14 10 10 12 9 10 10 11 11 13 13 10 11 #N/A N/A 10 9 8

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

File Dt 31.12.2012 31.12.2012 31.05.2013 31.03.2013 30.04.2013 31.12.2012 27.09.2013 30.06.2013 31.12.2012 31.05.2013 31.03.2013 30.06.2013 27.09.2013 31.12.2012 30.08.2013 26.09.2013 30.04.2013 30.07.2013 30.09.2012 27.09.2013

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

Inst Type Holding Company Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 23.09.2013 23.09.2013 11.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 29.08.2013 21.08.2013 20.08.2013 05.08.2013 11.07.2013 01.07.2013 06.06.2013 30.04.2013 07.12.2012 23.11.2012


30.09.2013

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

90.0 M

6

80.0 M 70.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.12.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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

12/2012 03/yy 6.30 2.87 4'717'033.00 5.26 -16.51% 83.28% 69.10% 259.8 1'366.47 63.64 0.0 1'363.2 1'187.44 1'696.56

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

50.0 M

3

40.0 M 30.0 M

2

20.0 M

1

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 232.2 1.16x 77.9 3.45x 7.4 10.77x

60.0 M

4

31.12.2009 31.12.2010 389.3 543.3 1.66x 1.08x 221.0 316.9 2.92x 1.85x 33.3 233.0 12.40x 2.06x Profitability

LTM-4Q 31.12.2011 909.1 0.54x 590.2 0.84x 94.5 3.03x

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 1'183.4 1.52x 711.0 2.53x 83.0 18.79x 711.02 603.12 50.97% 58.09% 2.31% 7.50% 21.88% 0.49% 67.0% 54.8% 43.6% 7.0% 8.14 7.22 2.73% 9.25% 39.24 4.12

Price/ Cash Flow

03/yy 1'077.6 2.49x 727.2 0.99x 132.0 4.59x

LTM 03/yy 1'072.8 5.52x 587.7 2.91x 50.7 27.25x

FY+1

0.89 28.29% -12.33% 0.891 6 2.833 21'369'390 17'016'830 14'514'390 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'165.3 1'345.7 1.61x 1.22x 687.7 812.0 2.47x 2.09x 109.6 124.0 12.52x 11.07x 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

757.21 456.22 -1.89 0.10 9.3% 3.0% 0.49 1.52 9.30 88.62 35.69 44.78

Sales/Revenue/Turnover

6.00

1'400.0

5.00

1'200.0 1'000.0

4.00

800.0 3.00

600.0

2.00

400.0

1.00

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

01.07.2013

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 |


30.09.2013

Ipek Dogal Enerji Kaynaklari Ve Uretim AS Holdings By:

All

Holder Name KOZA IPEK HOLDING AS DIMENSIONAL FUND ADV SCHRODER INVESTMENT VANGUARD GROUP INC BLACKROCK NORDEA INVESTMENT FU ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE DWS INVESTMENTS PRUDENTIAL FINANCIAL FRANK RUSSELL TRUST JOHN HANCOCK ADVISER ERSTE SPARINVEST KAG BESSEMER GROUP INCOR DIAM UNIVERSAL INVESTMENT NOMURA INTERNATIONAL FINANS PORTFOY YONET FLEXSHARES TRUST ALLIANZ GLOBAL INVES

Firm Name Burgan Securities Ekspres Invest IS Investment & Securities Global Menkul Degerler Ak Investment EVA Dimensions Deutsche Bank Garanti Yatirim Menkul Kiymetler Eczacibasi Securities ATA Invest

Portfolio Name n/a n/a Multiple Portfolios n/a n/a 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 ECE MANDACI ALPER AKALIN ILYAS SAFA URGANCI TEAM COVERAGE ERKAN SAVRAN TIMOTHY STANISH KORAY PAMIR HALIL IBRAHIM KAHVE BEHLUL KATAS ISMAIL OZER

Source Research ULT-AGG MF-AGG ULT-AGG ULT-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 hold Under Review Under Review Under Review market outperform underweight hold market perform market perform Under Review

Amt Held 161'382'383 2'759'015 1'959'390 806'229 709'829 329'166 302'419 258'412 250'000 225'625 201'922 115'194 90'000 72'512 70'446 52'000 16'960 12'258 5'416 -

% Out 62.12 1.06 0.75 0.31 0.27 0.13 0.12 0.1 0.1 0.09 0.08 0.04 0.03 0.03 0.03 0.02 0.01 0 0 0

Weighting

Change

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

M M M M M D M M N M

Latest Chg (60'240) 818'557 121'034 (3'786) (250'000) 70'446 5'448 (20'565)

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

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

File Dt 18.09.2013 30.04.2013 30.06.2013 30.06.2013 26.09.2013 28.06.2013 31.07.2013 28.06.2013 28.06.2013 31.07.2013 30.06.2013 31.08.2013 28.03.2013 30.04.2013 13.04.2012 30.04.2013 31.03.2013 28.06.2013 31.08.2013 31.03.2013

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

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

Date 24.09.2013 23.09.2013 17.09.2013 04.09.2013 04.09.2013 04.09.2013 02.09.2013 18.07.2013 02.07.2013 03.08.2012


30.09.2013

Trakya Cam Sanayii 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

25.0 M

3

20.0 M

3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.07.2013 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

12/2012 06/yy 3.19 1.95 4'513'294.00 2.4 -24.88% 22.82% 40.78% 710.0 1'704.00 251.33 0.0 103.7 298.41 1'755.48

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

15.0 M

2

10.0 M

1 5.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 976.3 0.80x 296.8 2.64x 121.2 4.07x

2

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

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 1'249.2 1.40x 202.2 8.65x 72.4 23.38x 202.19 76.35 6.11% 7.28% 2.58% 3.52% 4.03% 0.47% 26.4% 15.0% 4.9% 5.8% 4.45 2.98 10.20% 13.18% 4.51 3.69

Price/ Cash Flow

06/yy 1'212.4 5.24x 282.7 5.88x 166.6 9.07x

LTM 06/yy 1'217.5 4.37x 112.0 0.00x 58.3 32.86x

FY+1

0.00 0.98 21.95% 1.46% 0.975 19 3.789 3'234'253 2'758'197 2'639'753 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'378.1 1'761.1 381.0 450.0 1.72x 1.51x 253.5 363.7 6.92x 4.83x 99.6 146.6 16.78x 11.21x 12.00x 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

10.53 -8.48 -0.30 2.21 13.2% 11.1% 0.47 1.29 80.88 98.90 40.91 145.85

Sales/Revenue/Turnover

30.00

1'400.0

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0

10.00

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

01.07.2013

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 |


30.09.2013

Trakya Cam Sanayii AS Holdings By:

All

Holder Name TURK SISE VE CAM FAB AGF INVESTMENTS INC FRANKLIN RESOURCES DIMENSIONAL FUND ADV BNP PARIBAS TOUCHSTONE ADVISORS NORGES BANK SISECAM GROUP RAIFFEISEN KAPITALAN EAST CAPITAL ASSET M SOMERSET CAPITAL MAN SOMPO JP NIHON KOA A BANK OF NEW YORK MEL DWS INVESTMENTS BLACKROCK AMERICAN CENTURY COM VANGUARD GROUP INC MORGAN STANLEY SWEDBANK ROBUR FONDE EATON VANCE MANAGEME

Firm Name Eczacibasi Securities Burgan Securities Seker Securities Goldman Sachs IS Investment & Securities Ak Investment Deutsche Bank Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler Garanti Yatirim Menkul Kiymetler Global Menkul Degerler Oyak Securities EVA Dimensions Wood & Company BGC Partners Yatirim Finansman Securities Erste Group ATA Invest

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

Analyst AKIF DASIRAN ECE MANDACI OKAN UZUN ASLI TUNCER ILYAS SAFA URGANCI OMER OMERBAS KORAY PAMIR OGUZHAN AKBULUT AKIF MOROGLU HALIL IBRAHIM KAHVE TEAM COVERAGE MUSTAFA ONER TIMOTHY STANISH HALUK AKDOGAN CAN OZCELIK ALPER USTUNISIK EVRIM DAIRECIOGLU ISMAIL OZER

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

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

Amt Held 492'598'140 10'590'554 9'050'925 7'497'052 7'231'218 4'819'324 3'726'325 2'847'769 2'632'673 2'538'657 2'083'851 2'053'195 1'946'002 1'893'525 1'840'476 1'471'525 1'324'001 1'166'105 941'644 940'674

% Out 69.38 1.49 1.27 1.06 1.02 0.68 0.52 0.4 0.37 0.36 0.29 0.29 0.27 0.27 0.26 0.21 0.19 0.16 0.13 0.13

Weighting

Change

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

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

Latest Chg (2'718'896) 1 128'374 971'328 184'441 1'108'641 2'538'657 1 (677'575) 1 (9'077) (1'649'046) 128'933 1'166'105 (235'412) -

Target Price 2 4 3 3 3 3 4 3 3 3 3 2 #N/A N/A 3 3 4 3 3

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

File Dt 31.12.2012 28.03.2013 31.03.2013 30.04.2013 30.04.2013 28.06.2013 31.12.2012 31.12.2012 28.06.2013 31.03.2013 30.06.2013 04.03.2013 27.09.2013 28.06.2013 26.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2012 31.07.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 18.09.2013 17.09.2013 12.09.2013 05.09.2013 04.09.2013 02.09.2013 21.08.2013 07.08.2013 18.07.2013 03.07.2013 01.07.2013 06.06.2013 22.05.2013 30.04.2013 15.04.2013 06.02.2013 20.07.2012


30.09.2013

Cimsa Cimento Sanayi VE Tica Cimsa Cimento Sanayi ve Ticaret A.S. produces and sells cement, clinker, and ready-mix concrete. The Group also operates packaging and paper bag production facilities for its cement products.

Price/Volume 16

3.5 M

14

3.0 M

12

2.5 M

10

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIMSA TI EQUITY YTD Change CIMSA TI EQUITY YTD % CHANGE

12/2012 06/yy 15.70 7.84 207'011.00 12.9 -17.83% 64.54% 56.74% 135.1 1'742.59 366.94 0.0 44.8 17.60 1'981.50

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

31.12.2009 31.12.2010 614.9 708.5 1.76x 2.06x 176.1 180.9 6.14x 8.07x 108.1 103.7 9.43x 13.03x Profitability

4

1.0 M

2

.5 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 800.9 1.56x 203.4 6.13x 123.4 8.26x

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 857.2 1.90x 210.4 7.74x 115.4 10.70x 210.35 164.80 19.23% 16.16% 19.32% 30.58% 0.63% 24.7% 25.2% 18.4% 13.5% 0.89 0.57 23.38% 37.11% 3.84 6.79

Price/ Cash Flow

06/yy 814.0 6.83x 210.6 7.58x 113.9 9.91x

d-12

j-13

f-13 m-13

LTM 06/yy 929.9 7.55x 234.7 8.59x 284.4 6.25x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.80 74.19% 50.94% 0.798 19 3.789 108'921 205'166 204'591 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 947.7 1'033.4 269.0 246.0 2.00x 1.84x 232.2 252.8 8.53x 7.84x 131.6 151.2 13.40x 11.49x 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

7.09 3.96 0.83 0.92 37.1% 26.2% 0.63 1.38 95.10 53.75 41.98 84.39

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 01.01.2010

1.5 M

6

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 610.5 1.01x 175.8 3.50x 76.2 5.43x

2.0 M

8

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Cimsa Cimento Sanayi VE Tica Holdings By:

All

Holder Name HACI OMER SABANCI HO ADANA CIMENTO ABERDEEN AKCANSA CIMENTO AS DANSKE INVEST MANAGE BANK OF NEW YORK MEL DANSKE INVEST A/S DIMENSIONAL FUND ADV PICTET FUNDS BLACKROCK NORGES BANK ABERDEEN ASSET MGMT FORWARD MANAGEMENT L SWEDBANK ROBUR FONDE VANGUARD GROUP INC UNITED SERVICES AUTO JP MORGAN GUSTAVIADAVEGARDH FO HACI OMER SABANCI VA EATON VANCE MANAGEME

Firm Name Eczacibasi Securities HSBC Ekspres Invest BNP Paribas Equity Research Burgan Securities Goldman Sachs Seker Securities Oyak Securities IS Investment & Securities Ak Investment EVA Dimensions BGC Partners FinansInvest Garanti Yatirim Menkul Kiymetler Yapi Kredi Yatirim ve Menkul Degerler Wood & Company VTB Capital Unlu Securities Yatirim Finansman Securities Erste Group Global Menkul Degerler ATA Invest Tera Stock Brokers Eurobank EFG

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

Analyst GOKAY BOBEK LEVENT BAYAR OGUZHAN EVRANOS BERNA KOKTENER ECE MANDACI ASLI TUNCER SELAHATTIN AYDIN OSMAN OZVURAL EMRE SEZAN BERTUG TUZUN TIMOTHY STANISH CAN OZCELIK EZGI GULBAS KERIM GOKOZ AKIF MOROGLU HALUK AKDOGAN VLADIMIR BESPALOV OYTUN ALTASLI HUSEYIN MERDAN GEYIK EVRIM DAIRECIOGLU ILKNUR UNSAL ONDER ZORBA FEYRUZE ASLI KONDU TEAM COVERAGE

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

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

Amt Held 66'765'209 19'074'226 18'979'364 12'130'560 1'931'561 1'684'701 1'241'000 1'159'642 938'006 871'514 668'303 594'425 372'700 350'000 273'585 271'645 208'610 200'000 146'000 130'600

% Out 49.42 14.12 14.05 8.98 1.43 1.25 0.92 0.86 0.69 0.65 0.49 0.44 0.28 0.26 0.2 0.2 0.15 0.15 0.11 0.1

Weighting

Change

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

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

Latest Chg 3'118'345 143'000 5'457 (695'835) 17'303 248'425 (128'200) 50'000 32'604 25'880 50'000 -

Target Price 15 14 16 12 13 14 13 12 11 13 #N/A N/A 10 13 14 14 16 11 11 12 10 10 12 11 11

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

File Dt 31.12.2009 31.12.2009 30.06.2013 31.12.2009 28.06.2013 27.09.2013 31.05.2013 30.04.2013 31.05.2013 26.09.2013 31.12.2012 30.04.2013 30.06.2013 30.06.2012 30.06.2013 31.05.2013 31.05.2013 31.03.2013 31.12.2009 31.07.2013

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

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

Date 27.09.2013 26.09.2013 23.09.2013 19.09.2013 18.09.2013 12.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 03.09.2013 22.08.2013 18.07.2013 27.05.2013 22.05.2013 22.05.2013 18.01.2013 15.11.2012 04.11.2012 06.09.2012 20.07.2012 30.03.2012 06.08.2010


30.09.2013

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

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (24.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 33.60 22.45 39'580.00 26.1 -22.32% 16.26% 32.74% 40.0 1'044.00 0.00 0.0 0.0 19.25 1'019.56

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

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 1'264.3 33.5 3.8 -

10

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

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 1'973.9 0.55x 68.9 15.85x 26.1 42.61x 68.93 58.53 2.97% 1.65% 7.59% 26.84% 5.46% 8.7% 3.5% 3.0% 1.3% 1.04 0.25 0.00% 0.00% 27.96 10.59

Price/ Cash Flow

06/yy 1'816.4 1.96x 65.3 15.24x 29.1 34.68x

LTM 06/yy 2'133.3 2.06x 74.7 16.49x 29.7 42.33x

FY+1

0.79 15.32% -5.21% 0.788 24 3.875 121'702 107'777 89'907 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'310.4 2'655.5 0.44x 0.38x 82.9 98.7 12.30x 10.33x 37.8 43.6 28.37x 23.84x 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

6.79 3.91 -0.33 0.00 0.0% 0.0% 5.46 32.21 13.05 34.45 49.09 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

01.07.2013

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 |


30.09.2013

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 WASATCH ADVISORS INC BNP PARIBAS DWS INVESTMENTS PIONEER DEUTSCHE BANK AG WILLIAM BLAIR & COMP ALLIANCE BERNSTEIN SANFORD C BERNSTEIN GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV BLACKROCK PIONEER INVESTMENTS AMERIPRISE FINANCIAL VANGUARD GROUP INC HSBC INVESTMENT FUND

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

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

Analyst BERNA KURBAY AKIF DASIRAN BASAK ENGIN DINCKOC MELDA AGIRDAS BURAK ISYAR CEMAL DEMIRTAS KIVANC UYSAL OZGUR UCUR BULENT YURDAGUL SERHAT KAYA BERTUG TUZUN CRAIG STERLING FULIN R ONDER SABRIYE GOZDE CULLAS BORJA OLCESE EROL DANIS IREM OKUTGEN GORKEM GOKER TEAM COVERAGE METE OZBEK OZGUR GOKER ERIK HEGEDUS DUYGU KALFAOGLU

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

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

Amt Held 19'977'410 2'265'500 2'004'000 2'000'000 1'735'394 1'452'322 494'905 468'500 304'207 275'000 232'707 203'916 178'564 170'413 151'744 131'996 124'200 120'687 96'521 88'664

% Out 49.94 5.66 5.01 5 4.34 3.63 1.24 1.17 0.76 0.69 0.58 0.51 0.45 0.43 0.38 0.33 0.31 0.3 0.24 0.22

Weighting

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

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

Latest Chg (357'974) 34'569 120'042 (98'095) (60'663) 2'310 50'018 (33'772) 68'930 15'555 (670) 13'763 -

Target Price 33 31 30 37 31 30 31 35 32 28 29 #N/A N/A 34 28 26 37 32 32 31 35 34 29 30

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

File Dt 06.01.2012 30.06.2013 10.01.2012 06.01.2012 31.07.2013 30.06.2013 30.04.2013 28.06.2013 31.05.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 30.04.2013 26.09.2013 28.03.2013 31.07.2013 30.06.2013 30.04.2013

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month

Inst Type Holding Company Investment Advisor Government Bank Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 25.09.2013 23.09.2013 23.09.2013 18.09.2013 11.09.2013 10.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 14.08.2013 12.08.2013 05.08.2013 02.08.2013 01.08.2013 18.07.2013 05.07.2013 01.07.2013 30.05.2013 03.05.2013 27.02.2013 27.02.2012


30.09.2013

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.

Price/Volume

20.0 M 15.0 M

2

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 2.77 1.82 2'192'380.00 2.54 -8.30% 39.56% 73.68% 548.2 1'392.45 31.83 0.0 45.9 705.54 792.32

10.0 M

1

5.0 M

1 0 o-12

31.12.2009 31.12.2010 874.7 913.2 0.85x 0.85x 47.2 62.2 15.77x 12.45x 290.2 60.4 4.72x 22.70x Profitability

LTM-4Q 31.12.2011 973.6 0.28x 44.3 6.14x 88.5 11.15x

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 1'087.3 0.43x 15.2 30.89x 32.7 33.54x 15.17 -5.35 -0.49% 4.11% 2.03% 2.45% 0.35% 23.8% 2.2% 0.4% 3.0% 3.10 2.56 0.95% 1.11% 4.10 5.24

Price/ Cash Flow

06/yy 922.8 1.92x 29.2 15.33x 21.2 48.84x

d-12

j-13

f-13 m-13

LTM 06/yy 1'125.9 1.58x 25.0 0.00x 65.7 17.45x

a-13

m-13

j-13

j-13

a-13

s-13

0.72 42.11% 32.16% 0.723 3 4.333 1'555'507 2'623'186 2'771'943

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

1.34 -1.90 1.1% 1.1% 0.35 15.41 89.07 69.66 104.64 29.46

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 01.01.2010

.0 M n-12

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

25.0 M

3 2

Valuation Analysis

31.12.2008 805.3 0.25x 22.7 8.78x 71.9 6.78x

3

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT BLACKROCK VANGUARD GROUP INC FRANK RUSSELL TRUST EATON VANCE MANAGEME PEAR TREE ADVISORS I JOHN HANCOCK ADVISER SOMPO JP NIHON KOA A ERSTE SPARINVEST KAG DWS INVESTMENTS SEI INVESTMENT MANAG EATON VANCE ADVISORS BESSEMER GROUP INCOR WELLS FARGO & COMPAN

Firm Name Burgan Securities EVA Dimensions Yapi Kredi Yatirim ve Menkul Degerler ATA Invest IS Investment & Securities Ekspres Invest

Portfolio Name n/a 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 n/a

Analyst MURAT IGNEBEKCILI TIMOTHY STANISH OZGUR GOKER OZGUR KALYONCU NUR ATASOY SELIM KUNTER

Source Research Research 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 ULT-AGG

Recommendation hold buy buy market perform not rated Under Review

Amt Held 277'476'368 108'204'847 19'410'554 10'175'924 6'487'913 2'356'893 2'294'370 1'058'109 861'678 831'114 688'000 291'995 273'434 272'000 200'000 171'031 158'566 150'700 144'670 124'033

% Out 50.62 19.74 3.54 1.86 1.18 0.43 0.42 0.19 0.16 0.15 0.13 0.05 0.05 0.05 0.04 0.03 0.03 0.03 0.03 0.02

Weighting

Change

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

M M M M M M

Latest Chg (41'247) (6'261) 160'199 (1'228'000) 171'031 23

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

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

File Dt 01.09.2009 01.09.2009 30.08.2013 31.03.2013 30.04.2013 27.09.2013 31.05.2013 26.09.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 04.03.2013 28.03.2013 28.06.2013 30.04.2013 31.07.2013 30.04.2013 31.07.2013

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

Inst Type Holding Company Holding Company 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 Investment Advisor

Date 18.09.2013 06.06.2013 12.04.2013 04.09.2011 29.07.2010 19.02.2010


30.09.2013

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 (13.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 1.67 1.12 2'248'124.00 1.33 -20.20% 18.75% 42.07% 630.0 837.90 135.57 0.0 0.0 93.71 909.26

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

18.0 M

2

16.0 M

1

14.0 M

1

12.0 M

1

10.0 M

1

8.0 M

1

6.0 M

0

4.0 M

0

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 80.9 2.83x 60.8 3.77x 53.1 5.93x

2

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

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 131.9 7.14x 89.2 10.56x 65.4 13.76x 89.22 64.12 48.60% 49.67% 4.42% 5.56% 0.09% 56.2% 76.3% 52.9% 49.6% 2.24 1.04 9.74% 12.67% 6.03 -

Price/ Cash Flow

06/yy 133.4 18.53x 102.9 5.98x 81.5 8.75x

LTM 06/yy 125.1 29.46x 95.5 9.99x 58.6 15.06x

FY+1

0.83 7.79% -3.71% 0.832 15 4.533 1'730'544 1'927'127 1'821'075 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 232.2 155.3 3.72x 6.07x 116.6 100.7 7.80x 9.03x 87.0 72.7 9.30x 11.98x 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

24.60 -13.62 0.75 1.52 12.7% 11.2% 0.09 99.87 60.48 -

Sales/Revenue/Turnover

30.00

250.0

25.00

200.0

20.00

150.0

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

01.07.2013

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 |


30.09.2013

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 CARNEGIE ASSET MANAG ING INVESTMENT MANAG CARNEGIE FUND MANAGE CAPITA FINANCIAL MAN IS PORTFOY YONETIMI VANGUARD GROUP INC BLACKROCK AKBANK ASSET MANAGEM RAIFFEISEN KAPITALAN ERSTE SPARINVEST KAG UNION INVESTMENT LUX EATON VANCE MANAGEME

Firm Name Sardis Securities Eczacibasi Securities Ekspres Invest Yatirim Finansman Securities Burgan Securities IS Investment & Securities Ak Investment EVA Dimensions FinansInvest BGC Partners Garanti Yatirim Menkul Kiymetler HSBC Yapi Kredi Yatirim ve Menkul Degerler Erste Group 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 n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HAYDAR ACUN GOKAY BOBEK KURTHAN ATMACA HUSEYIN MERDAN GEYIK MURAT IGNEBEKCILI EMRE SEZAN BERTUG TUZUN DOUG WALTERS GAYE ABIDIN BARIS INCE KERIM GOKOZ LEVENT BAYAR ELVIN AKBULUT MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

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

Recommendation buy outperform buy outperform buy outperform market outperform hold outperform buy market perform neutral buy buy market outperform

Amt Held 266'073'546 54'016'224 44'781'757 30'067'563 8'609'472 8'351'386 7'674'250 6'897'898 3'689'949 3'231'486 2'746'599 2'327'481 2'300'324 2'288'084 2'084'607 1'895'329 1'698'942 1'548'540 1'207'500 983'308

% Out 42.23 8.57 7.11 4.77 1.37 1.33 1.22 1.09 0.59 0.51 0.44 0.37 0.37 0.36 0.33 0.3 0.27 0.25 0.19 0.16

Weighting

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

M M M M M M M D M M M M M M M

Latest Chg 550'000 (96'487) (150'000) 68'911 (10'553) (362'172) (27'600) -

Target Price #N/A N/A 2 2 2 2 2 2 #N/A N/A 2 2 2 2 2 1 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 28.06.2013 31.12.2006 31.05.2013 31.07.2013 30.08.2013 28.02.2013 31.12.2006 30.06.2013 26.09.2013 31.03.2013 28.06.2013 28.03.2013 28.03.2013 31.07.2013

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

Inst Type Bank n/a Insurance Company Insurance Company Investment Advisor Other Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 23.09.2013 20.09.2013 18.09.2013 05.09.2013 04.09.2013 20.08.2013 31.07.2013 31.07.2013 18.07.2013 15.05.2013 17.04.2013 04.11.2012 20.07.2012


30.09.2013

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 120

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.05.2013) 52-Week Low (02.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 99.00 38.50 141'168.00 61.75 -37.63% 60.39% 39.67% 24.0 1'482.00 286.19 0.0 0.0 47.91 1'747.56

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

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 479.1 0.73x 60.5 5.78x 34.9 5.89x

40

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

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 1'004.5 1.25x 121.9 10.30x 76.4 13.32x 121.92 91.67 9.13% 8.15% 7.80% 43.50% 1.06% 22.1% 12.1% 9.4% 7.6% 1.28 0.51 27.59% 118.39% 4.50 3.69

Price/ Cash Flow

06/yy 936.0 3.90x 109.1 8.65x 64.0 11.25x

LTM 06/yy 1'278.3 4.77x 155.1 12.11x 94.3 17.11x

FY+1

1.03 61.30% 52.93% 1.032 6 2.667 294'612 372'029 328'423 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'238.0 1'190.4 1.39x 1.42x 151.8 139.4 11.51x 12.54x 89.0 81.4 15.58x 13.57x 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

4.65 3.69 1.71 2.57 118.4% 54.2% 1.06 10.63 81.06 98.99 28.65 144.22

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

01.07.2013

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 |


30.09.2013

Otokar Otomotiv Ve Savunma Sanayi A.S. Holdings By:

All

Holder Name KOC HOLDING AS UNVER HOLDING AS JP MORGAN DIMENSIONAL FUND ADV BANK OF NEW YORK MEL BLACKROCK DRIEHAUS CAPITAL MAN DWS INVESTMENTS JOHN HANCOCK ADVISER INVESTORS TFI SA VAM ADVISORY SA ERSTE SPARINVEST KAG JYSKE INVEST BESSEMER GROUP INCOR FIRST TRUST FLEXSHARES TRUST VANGUARD GROUP INC SCHRODER INVESTMENT CORNERSTONE ADVISORS

Firm Name Ekspres Invest Oyak Securities Seker Securities EVA Dimensions IS Investment & Securities BGC Partners Global Menkul Degerler Yatirim Finansman Securities Eurobank EFG

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 Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst KURTHAN ATMACA SERHAT KAYA KADIR TEZELLER TIMOTHY STANISH ESRA SUNER BERNA KURBAY TEAM COVERAGE OZGUR UCUR TEAM COVERAGE

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

Recommendation sell outperform Under Review overweight underperform hold sell market perform hold

Amt Held 10'722'750 5'954'944 97'310 84'365 82'361 51'376 23'142 15'500 10'453 8'599 7'207 7'000 6'351 5'026 3'946 679 -

% Out 44.68 24.81 0.41 0.35 0.34 0.21 0.1 0.06 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0 0 0 0

Weighting

Change

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

M M M U M D M M M

Latest Chg 5'800 9'097 (304) (135'129) 8'599 (2'644) 679 (35'694) (557) (2'348)

Target Price 61 70 #N/A N/A #N/A N/A 48 58 53 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 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 27.09.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Unclassified 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 27.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor

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

Date 23.09.2013 05.09.2013 02.09.2013 28.08.2013 12.07.2013 03.07.2013 01.07.2013 17.08.2011 02.08.2010


30.09.2013

Aksa Enerji Uretim AS Aksa Enerji Uretim A.S. designs and operates power plants. The Company also provides project development and design, research and development, project finance, packaging, installation, commissioning and operation, and service and parts.

Price/Volume 6

25.0 M

5

20.0 M

4

Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKSEN TI EQUITY YTD Change AKSEN TI EQUITY YTD % CHANGE

12/2012 06/yy 5.17 2.48 784'909.00 2.95 -42.94% 18.95% 19.70% 613.2 1'808.85 1'484.10 0.0 0.4 40.92 2'866.10

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

10.0 M

2

5.0 M

1 0 o-12

31.12.2009 31.12.2010 877.6 911.3 4.52x 246.7 189.6 21.72x 83.1 59.6 48.00x Profitability

LTM-4Q 31.12.2011 1'307.4 2.38x 292.0 10.67x (124.5) -

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 1'840.6 2.30x 322.8 13.14x 230.1 12.15x 322.77 217.64 11.82% 12.28% 3.69% 10.32% 0.62% 12.8% 16.2% 10.2% 12.5% 1.23 0.31 50.55% 133.03% 7.27 8.47

Price/ Cash Flow

06/yy 1'774.3 7.61x 376.1 9.24x 104.4 19.69x

d-12

j-13

f-13 m-13

LTM 06/yy 1'765.7 6.69x 232.4 0.00x 38.6 68.55x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.95 -22.57% -35.31% 0.949 17 4.353 1'392'145 1'844'437 2'091'518 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'859.0 2'149.8 370.6 1.63x 1.54x 305.5 374.5 47.9 9.38x 7.65x 36.5 109.2 (51.3) 26.82x 14.05x 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

3.46 2.06 3.83 4.20 133.0% 57.1% 0.62 1.09 50.20 43.09 35.99 49.75

Sales/Revenue/Turnover

160.00

2'000.0

140.00

1'800.0 1'600.0

120.00

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

200.0

0.00 01.01.2010

.0 M n-12

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 422.1 67.6 4.9 -

15.0 M

3

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Aksa Enerji Uretim AS Holdings By:

All

Holder Name KAZANCI HOLDING GOLDMAN SACHS GROUP SUN LIFE FINANCIAL I PIONEER NEW YORK LIFE INVEST ING INVESTMENT MANAG NORGES BANK CHARLEMAGNE CAPITAL QUERCUS TFI ERSTE SPARINVEST KAG WORLD INVEST OPPORTU KAZANCI ALI METIN KAZANCI SABAN CEMIL KAZANCI MEHMET BAYKAL NECATI

Firm Name Ekspres Invest Seker Securities IS Investment & Securities VTB Capital Ak Investment Deutsche Bank EVA Dimensions BGC Partners Yapi Kredi Yatirim ve Menkul Degerler Oyak Securities Unlu Securities Garanti Yatirim Menkul Kiymetler BNP Paribas Equity Research Global Menkul Degerler Yatirim Finansman Securities HSBC

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

Analyst SELIM KUNTER BURAK DEMIRBILEK ASLI OZATA KUMBARACI MIKHAIL RASSTRIGIN HAKAN DEPREM KORAY PAMIR DOUG WALTERS EZGI YILMAZ ELVIN AKBULUT UYGAR GEZER OYTUN ALTASLI KERIM GOKOZ KENAN COSGUNER SERCAN UZUN ZUMRUT CAN LEVENT BAYAR

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

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

Amt Held 499'978'107 101'786'075 17'235'390 3'292'867 2'598'874 1'521'219 1'316'083 124'833 72'000 50'000 10'000 4'814 4'812 4'812 4'812

% Out 81.54 16.6 2.81 0.54 0.42 0.25 0.21 0.02 0.01 0.01 0 0 0 0 0

Weighting

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

M M M M M M U M M M N M M M M M

Latest Chg 989'336 178'229 1'521'219 124'833 (43'000) -

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

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

File Dt 31.12.2012 12.03.2013 31.07.2013 30.04.2013 31.07.2013 30.06.2013 31.12.2012 31.05.2013 30.06.2012 28.03.2013 31.08.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011

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

Inst Type Holding Company Investment Advisor Investment Advisor Unclassified Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a

Date 23.09.2013 17.09.2013 09.09.2013 09.09.2013 04.09.2013 02.09.2013 02.09.2013 28.08.2013 23.08.2013 05.08.2013 19.07.2013 18.07.2013 04.07.2013 27.06.2013 27.05.2013 15.05.2013


30.09.2013

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

1

12/2012 06/yy 1.44 0.71 17'350'623.00 0.77 -46.53% 8.45% 9.59% 790.4 608.61 308.69 0.0 271.8 450.23 975.92

60.0 M

1

40.0 M

0 20.0 M

0 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 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 (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

1

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) -

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 651.9 1.72x 2.6 438.50x (54.3) 2.55 -17.09 -2.62% -5.29% -6.93% -23.98% 0.30% 16.5% -0.1% -2.6% -8.3% 2.05 1.32 12.38% 38.66% 1.10 1.24

Price/ Cash Flow

06/yy 622.2 6.06x (31.5) 0.00x (65.1) 0.00x

LTM 06/yy 785.8 5.25x (0.9) 0.00x (179.6) 0.00x

0.58 -42.96% -38.40% 0.575 1 1.000 16'979'730 18'617'430 21'579'990

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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 -0.08 -657.65 38.7% 22.4% 0.30 2.09 330.46 294.58 119.92 546.63

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

01.07.2013

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 |


30.09.2013

Ihlas Holding AS Holdings By:

All

Holder Name OREN ENVER IHLAS PAZARLAMA AS IHLAS EV ALETLERI IM DIMENSIONAL FUND ADV GOLBASI ALI TUBAY OREN AHMET MUCAHID VANGUARD GROUP INC EATON VANCE MANAGEME BLACKROCK EATON VANCE ADVISORS STATE STREET CORP JOHN HANCOCK ADVISER UNIVERSAL INVESTMENT SENER ALAETTIN BESSEMER GROUP INCOR BUYUKCELIK RIDVAN NEW YORK LIFE INVEST CELEP ZEKI TURALI ABDULLAH FINANS PORTFOY YONET

Firm Name EVA Dimensions

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

Analyst TIMOTHY STANISH

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

Recommendation sell

Amt Held 80'315'554 75'342'599 55'328'002 24'678'235 22'402'520 13'086'005 3'774'721 3'754'000 3'496'821 1'319'000 1'189'466 1'118'670 343'000 211'680 170'851 147'184 87'504 71'971 70'371 61'155

% Out 10.16 9.53 7 3.12 2.83 1.66 0.48 0.47 0.44 0.17 0.15 0.14 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change 1

M

Latest Chg 950'864 111'137 (20'033) (36'040) 27'180

Target Price #N/A N/A

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

File Dt 30.09.2012 30.09.2012 27.02.2013 30.04.2013 30.09.2012 30.09.2012 30.06.2013 31.07.2013 26.09.2013 31.07.2013 27.09.2013 31.08.2013 30.04.2013 30.09.2012 30.04.2013 30.09.2012 31.07.2013 30.09.2012 30.09.2012 28.06.2013

Date Not Provided

Inst Type n/a n/a n/a Investment Advisor n/a n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Insurance Company n/a n/a Investment Advisor

Date 06.06.2013


30.09.2013

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 7

30.0 M

6

25.0 M

5

20.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.04.2013 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

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

10.0 M

2

5.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 849.5 132.4 (120.3) -

15.0 M

3

12/2012 06/yy 5.93 3.48 356'261.00 4.22 -28.78% 21.26% 30.27% 291.0 1'228.02 2'531.22 0.0 396.4 584.46 2'602.04

31.12.2009 31.12.2010 1'029.3 994.2 3.82x 98.2 138.9 27.34x 149.9 71.8 33.31x Profitability

LTM-4Q 31.12.2011 1'353.6 3.24x 270.0 16.23x (64.7) -

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 1'124.7 3.29x 276.1 13.39x 662.9 2.04x 276.13 189.44 16.84% 63.46% 14.59% 60.08% 23.54% 0.18% 30.2% 29.0% 20.8% 58.9% 1.26 0.83 52.57% 192.02% 9.87 9.03

Price/ Cash Flow

06/yy 1'078.8 15.87x 265.6 13.47x 637.0 2.13x

LTM 06/yy 554.5 18.52x 143.5 0.00x 29.5 45.79x

FY+1

0.90 -1.18% -7.77% 0.896 14 4.786 606'082 578'423 515'641 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'058.7 1'221.6 24.4 112.0 2.06x 2.03x 282.2 341.4 9.22x 7.62x 84.7 167.7 8.31x 5.92x 7.54x 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

1.17 0.07 4.26 5.66 192.0% 59.6% 0.18 0.98 36.98 40.43 34.74 44.16

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 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

01.07.2013

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 |


30.09.2013

Akfen Holding AS Holdings By:

All

Holder Name NORGES BANK SWEDBANK ROBUR FONDE DIMENSIONAL FUND ADV GUARDIAN LIFE GROUP BLACKROCK SOMPO JP NIHON KOA A VANGUARD GROUP INC UNITED SERVICES AUTO ACADIAN ASSET MANAGE PETERCAM SA STATE STREET CORP FRANK RUSSELL TRUST ACADIAN ASSET MANAGE EUROBANK EFG MUTUAL RS INVESTMENT MANAGE FIRST TRUST ERSTE SPARINVEST KAG BZ WBK TOWARZYSTWO F ING INVESTMENT MANAG QUERCUS TFI

Firm Name Ekspres Invest Burgan Securities Goldman Sachs BGC Partners Oyak Securities IS Investment & Securities Ak Investment EVA Dimensions FinansInvest Renaissance Capital Garanti Yatirim Menkul Kiymetler Unlu Securities Yapi Kredi Yatirim ve Menkul Degerler Erste Group Yatirim Finansman Securities

Portfolio Name Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a 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 ALPER AKALIN MURAT IGNEBEKCILI MATIJA GERGOLET KEREM TEZCAN HASAN SENER MUSTAFA KUCUKMERAL HAKAN DEPREM TIMOTHY STANISH GAYE ABIDIN ALEXANDER KAZBEGI ONUR MARSAN SELIN ONER OZGUR GOKER SEZAI SAKLAROGLU ZUMRUT CAN

Source MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-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 buy buy Buy/Neutral buy outperform outperform market outperform hold outperform buy outperform outperform buy buy not rated

Amt Held 8'567'050 3'856'020 996'761 835'240 633'656 554'000 496'722 451'474 273'784 170'000 154'790 138'748 127'261 110'000 109'233 100'913 80'000 72'478 69'078 58'000

% Out 2.94 1.33 0.34 0.29 0.22 0.19 0.17 0.16 0.09 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.02 0.02 0.02

Weighting

Change

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

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

Latest Chg 200'000 149'879 835'240 (3'155) (953'736) (4'780) 109'233 21'636 -

Target Price 6 7 6 5 6 6 6 #N/A N/A 7 7 6 8 8 7 #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 31.03.2013 30.04.2013 30.06.2013 26.09.2013 04.03.2013 30.06.2013 31.05.2013 31.07.2013 30.04.2013 27.09.2013 30.06.2013 28.06.2013 31.05.2013 30.06.2013 27.09.2013 28.03.2013 31.12.2012 28.06.2013 30.06.2012

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

Inst Type Government Investment Advisor Investment Advisor Insurance Company 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 Investment Advisor Investment Advisor Investment Advisor

Date 23.09.2013 18.09.2013 12.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 27.08.2013 05.08.2013 18.07.2013 22.04.2013 19.11.2012 18.10.2012 13.09.2011


30.09.2013

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

6

2.5 M

5

2.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

2

.5 M

1 0 o-12

31.12.2009 31.12.2010 894.5 1'195.7 0.87x 0.65x 69.1 14.8 11.31x 52.66x 49.9 39.6 17.84x 20.93x Profitability

LTM-4Q 31.12.2011 1'322.7 0.33x 141.3 3.11x 113.7 6.00x

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 1'618.6 0.53x 66.7 12.84x 76.2 15.02x 66.74 23.74 1.47% 6.12% 4.48% 9.56% 0.63% 15.2% 5.8% 1.3% 4.7% 2.04 1.71 11.20% 24.15% 6.35 12.01

Price/ Cash Flow

06/yy 1'190.6 2.03x 103.1 7.04x 100.7 9.07x

d-12

j-13

f-13 m-13

LTM 06/yy 1'361.4 2.43x 78.4 11.27x 97.2 13.29x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.83 50.71% 12.74% 0.832 11 4.727 156'763 258'440 318'529 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'140.5 2'102.9 240.0 241.0 0.56x 0.55x 141.2 187.9 6.17x 4.63x 129.4 163.8 10.40x 8.52x 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

25.20 -36.23 -6.68 2.65 24.1% 17.9% 0.63 2.89 57.44 30.38 60.82 31.21

Sales/Revenue/Turnover

80.00

1'800.0

70.00

1'600.0

60.00

1'400.0 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

.0 M n-12

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 831.9 0.01x (41.0) 54.8 6.54x

1.5 M

3

12/2012 06/yy 6.18 3.74 304'404.00 5.72 -7.44% 52.94% 74.59% 223.5 1'278.23 242.00 0.0 106.2 635.34 870.67

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Alarko Holding AS Holdings By:

All

Holder Name ALATON FAMILY GARIH FAMILY NORGES BANK DIMENSIONAL FUND ADV BZ WBK TOWARZYSTWO F FRANKLIN RESOURCES BLACKROCK AKBANK ASSET MANAGEM UNIVERSAL INVESTMENT VANGUARD GROUP INC IFM - INDEPENDENT FU PIONEER ACADIAN ASSET MANAGE KBC GROUP NV JP MORGAN EATON VANCE MANAGEME ACADIAN ASSET MANAGE JYSKE INVEST SCHRODER INVESTMENT JOHN HANCOCK ADVISER

Firm Name Ak Investment Ekspres Invest Burgan Securities Goldman Sachs Oyak Securities IS Investment & Securities EVA Dimensions FinansInvest Tera Stock Brokers Global Menkul Degerler Unlu Securities Seker Securities Erste Group ATA Invest

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios 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 HAKAN DEPREM ALPER AKALIN MURAT IGNEBEKCILI MATIJA GERGOLET HASAN SENER MUSTAFA KUCUKMERAL TIMOTHY STANISH GAYE ABIDIN FULIN R ONDER SERCAN UZUN CELAL PEKESEN SELAHATTIN AYDIN SEZAI SAKLAROGLU ONDER ZORBA

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

Recommendation market outperform buy buy Buy/Neutral outperform outperform overweight outperform buy market perform not rated not rated buy market outperform

Amt Held 81'266'212 80'148'877 3'415'346 2'341'294 811'325 644'448 415'571 415'000 355'000 349'166 334'284 332'240 318'177 307'873 218'430 207'704 194'357 175'553 132'089 97'048

% Out 36.37 35.87 1.53 1.05 0.36 0.29 0.19 0.19 0.16 0.16 0.15 0.15 0.14 0.14 0.1 0.09 0.09 0.08 0.06 0.04

Weighting

Change

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

M M M M M M U M M M M M N M

Latest Chg (1'117'335) (17'088) 811'322 (2'459) (110'000) 85'000 334'284 332'240 (150) 10'350 (2'111) -

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

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

File Dt 30.09.2010 30.09.2010 31.12.2012 30.04.2013 31.12.2012 28.09.2012 26.09.2013 31.03.2013 30.07.2013 30.06.2013 31.05.2013 30.04.2013 28.06.2013 31.07.2013 31.05.2013 31.07.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013

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

Inst Type n/a n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 23.09.2013 18.09.2013 12.09.2013 05.09.2013 05.09.2013 04.09.2013 27.08.2013 27.08.2013 27.06.2013 15.03.2013 23.01.2013 16.01.2013 01.06.2012


30.09.2013

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (21.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.06.2013 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

Price/Volume

12/2012 06/yy 5.76 3.50 102'830.00 4.55 -21.01% 30.11% 47.41% 350.0 1'592.50 0.00 0.0 0.0 142.34 6'098.72

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

6.0 M

5

5.0 M

4

4.0 M

3

3.0 M

2

2.0 M

1

1.0 M

0 o-12

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% 1.23% 17.73% 1.85% 0.09% 13.8% 0.00% 0.00% -

06/yy 607.3 22.04x 0.0 0.00x 69.3 0.00x

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

LTM 06/yy 409.5 21.21x 0.0 0.00x 83.9 0.00x

FY+1

0.99 19.52% 28.89% 0.991 10 4.100 320'739 456'742 570'511 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 492.0 614.0 354.0 337.0 79.2 97.7 15.0 10.0 20.68x 16.43x 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 Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

.0 M n-12

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 695.9 2.37x 52.9 -

6

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 |

0.0% 0.0% 0.09 -


30.09.2013

Anadolu Hayat Emeklilik AS Holdings By:

All

Holder Name TURKIYE IS BANKASI A ANADOLU SIGORTA NORGES BANK SOMERSET CAPITAL MAN AMERIPRISE FINANCIAL EAST CAPITAL ASSET M JP MORGAN FORWARD MANAGEMENT L BROWN ADVISORY INC SWEDBANK ROBUR FONDE MORGAN STANLEY DIMENSIONAL FUND ADV WILLIAM BLAIR & COMP BANK OF NEW YORK MEL DWS INVESTMENTS VALIC CO I ALLIANCE BERNSTEIN BLACKROCK AMUNDI LUXEMBOURG SA DRIEHAUS CAPITAL MAN

Firm Name Eczacibasi Securities Ekspres Invest Deutsche Bank IS Investment & Securities Ak Investment FinansInvest EVA Dimensions Yapi Kredi Yatirim ve Menkul Degerler Tera Stock Brokers Oyak Securities HSBC Yatirim Finansman Securities

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

Analyst GOKAY BOBEK CIHAN SARAOGLU HILAL VAROL KUTLUG DOGANAY HAKAN DEPREM Emir Moran DOUG WALTERS OVUNC GURSOY HASAN DEMIR ALPAY DINCKOC TAMER SENGUN ZUMRUT CAN

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

Recommendation outperform Under Review buy outperform market outperform neutral sell buy neutral Under Review overweight dropped coverage

Amt Held 217'000'061 70'000'020 12'472'283 3'745'293 2'430'027 2'184'287 1'592'734 1'380'803 1'185'658 1'166'667 867'808 728'838 664'660 590'621 466'666 449'923 446'797 441'373 431'674 392'170

% Out 62 20 3.56 1.07 0.69 0.62 0.46 0.39 0.34 0.33 0.25 0.21 0.19 0.17 0.13 0.13 0.13 0.13 0.12 0.11

Weighting

Change

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

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

Latest Chg 1'236'929 (1) 161'956 73'971 (1'771'568) 1 142'801 331'916 1 (1) (2'611) (209'890)

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

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

File Dt Inst Type 17.12.2008 Bank 31.03.2010 Insurance Company 31.12.2012 Government 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Hedge Fund Manager

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

Date 27.09.2013 23.09.2013 05.09.2013 04.09.2013 04.09.2013 16.08.2013 14.08.2013 31.07.2013 31.05.2013 20.05.2013 15.05.2013 15.08.2011


30.09.2013

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 (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 18.60 11.60 1'667'000.00 14.7 -20.97% 26.72% 36.43% 83.5 1'227.45 634.12 0.0 291.9 459.76 1'731.09

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

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 n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 1'411.6 0.90x 449.2 2.82x 103.3 4.94x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 1'044.8 1'385.5 1.26x 1.40x 105.8 402.0 12.48x 4.82x (48.2) 119.9 11.94x Profitability

LTM-4Q 31.12.2011 2'276.4 0.76x 604.2 2.86x 130.0 7.29x

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 2'226.8 0.74x 533.4 3.10x 240.2 4.94x 533.37 481.57 21.63% 21.22% 9.31% 35.41% 0.91% 29.1% 25.8% 10.8% 1.08 0.70 29.43% 117.16% 5.27 4.01

Price/ Cash Flow

06/yy 2'457.7 2.63x 469.4 3.29x 164.8 6.44x

LTM 06/yy 2'199.8 3.13x 332.2 0.00x 225.2 5.08x

FY+1

0.79 15.75% 3.52% 0.794 10 4.100 895'825 740'817 765'699 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'344.8 2'602.3 682.0 828.0 0.70x 0.61x 448.7 481.3 3.86x 3.60x 156.8 184.7 8.32x 6.79x 7.03x 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

6.91 6.53 117.2% 43.2% 0.91 3.37 69.20 90.97 137.53 5.80

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Gubre Fabrikalari TAS Holdings By:

All

Holder Name TARIM KREDI KOOPERAT VANGUARD GROUP INC NORGES BANK SCHRODER INVESTMENT DIMENSIONAL FUND ADV ILIRIKA INVESTMENTS ACADIAN ASSET MANAGE EATON VANCE MANAGEME BLACKROCK RAIFFEISEN SALZBURG GLOBAL X MANAGEMENT ACADIAN ASSET MANAGE EATON VANCE ADVISORS JOHN HANCOCK ADVISER PEAR TREE ADVISORS I JYSKE INVEST JULIUS BAER MULTICOO FIRST TRUST PRUDENTIAL FINANCIAL FMR LLC

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

Portfolio Name n/a 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 n/a n/a n/a

Analyst BEHLUL KATAS UMUT OZTURK MATIJA GERGOLET ERDEM KAYLI ANIL CAN YILDIRIM ILYAS SAFA URGANCI HASAN BAYHAN TIMOTHY STANISH CENK ORCAN EVRIM DAIRECIOGLU KENAN COSGUNER CAN OZCELIK KURTHAN ATMACA SEZAI SAKLAROGLU

Source Research 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 ULT-AGG ULT-AGG ULT-AGG

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

Amt Held 63'418'250 488'506 442'298 341'755 292'590 211'804 165'743 156'600 133'271 93'675 92'122 85'078 61'500 27'498 25'439 23'531 22'028 20'458 20'400 20'121

% Out 75.95 0.59 0.53 0.41 0.35 0.25 0.2 0.19 0.16 0.11 0.11 0.1 0.07 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change

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

M M M M M M D M M D M M M D

Latest Chg 400'487 650 90'508 (761) 25'439 (137) -

Target Price 17 15 19 15 21 18 18 #N/A N/A 18 19 20 17 19 14

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

File Dt 06.05.2011 30.06.2013 31.12.2012 28.03.2013 30.04.2013 30.04.2013 31.07.2013 31.07.2013 26.09.2013 28.06.2013 26.09.2013 28.06.2013 31.07.2013 31.08.2013 30.06.2013 31.07.2013 30.04.2013 27.09.2013 31.07.2013 31.07.2013

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

Inst Type Unclassified Unclassified Government 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 26.09.2013 19.09.2013 12.09.2013 11.09.2013 05.09.2013 05.09.2013 04.09.2013 06.06.2013 15.05.2013 25.04.2013 16.04.2013 31.08.2012 15.02.2012 29.12.2011


30.09.2013

Anadolu Anonim Tuerk Sigorta Sirketi Anadolu Anonim Turk 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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 06/yy 1.40 0.83 1'675'822.00 1.29 -7.86% 55.42% 80.70% 500.0 645.00 0.00 0.0 0.0 968.52 -

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

40.0 M

1

35.0 M

1

30.0 M

1

25.0 M

1

20.0 M

1

15.0 M

0

10.0 M

0

5.0 M

0 o-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% -2.96% -11.04% 1.05% -2.9% 0.00% 0.00% -

06/yy 1'706.7 0.00x 0.0 0.00x (44.9) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

LTM 06/yy 1'987.5 0.00x 0.0 0.00x (20.1) 0.00x

FY+1

0.71 41.76% 12.17% 0.713 5 2.600 422'026 500'866 431'600 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'305.5 2'599.0 605.0 723.0 38.2 46.0 10.0 6.0 20.48x 15.54x S&P Issuer Ratings 0.0% 0.0% 1.05 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

d-12

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

1.20

0.80

.0 M n-12

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 1'127.4 117.7 -

2

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 |


30.09.2013

Anadolu Anonim Tuerk Sigorta Sirketi Holdings By:

All

Holder Name TURKIYE IS BANKASI A NATIONAL REINSURANCE DIMENSIONAL FUND ADV BLACKROCK BZ WBK TOWARZYSTWO F AKBANK ASSET MANAGEM ING INVESTMENT MANAG JOHN HANCOCK ADVISER EATON VANCE MANAGEME DWS INVESTMENTS STATE STREET CORP FIRST TRUST NOMURA KBC GROUP NV ERSTE SPARINVEST KAG NEW YORK LIFE INVEST DIAM BESSEMER GROUP INCOR EUROBANK EFG MUTUAL EUROBANK EFG MUTUAL

Firm Name EVA Dimensions Ekspres Invest Deutsche Bank IS Investment & Securities Yapi Kredi Yatirim ve Menkul Degerler HSBC Burgan Securities UniCredit Research

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

Analyst DOUG WALTERS CIHAN SARAOGLU HILAL VAROL KUTLUG DOGANAY OVUNC GURSOY TAMER SENGUN DUYGUN KUTUCU RADENA GEORGIEVA

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

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

Amt Held 209'010'450 128'124'054 7'497'001 1'415'038 1'206'089 700'001 473'489 422'736 368'571 360'000 313'547 270'040 246'378 237'821 220'000 72'371 28'847 28'087 1 -

% Out 41.8 25.62 1.5 0.28 0.24 0.14 0.09 0.08 0.07 0.07 0.06 0.05 0.05 0.05 0.04 0.01 0.01 0.01 0 0

Weighting

Change

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

U M M M M M M M

Latest Chg 41'563 (8'373) (95'083) (200'000) 539 28'847 -

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

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

File Dt 31.03.2010 17.08.2009 30.04.2013 26.09.2013 31.12.2012 31.03.2013 28.06.2013 31.08.2013 31.07.2013 28.06.2013 27.09.2013 27.09.2013 11.07.2012 31.07.2013 28.03.2013 31.07.2013 13.04.2012 30.04.2013 31.05.2013 31.05.2013

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

Inst Type Bank Other 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 Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 23.09.2013 06.09.2013 04.09.2013 01.08.2013 15.05.2013 02.04.2012 22.02.2010


30.09.2013

Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S. mines copper.

Price/Volume 8

7.0 M

7

6.0 M

6

5.0 M

5

Latest Fiscal Year: LTM as of: 52-Week High (08.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 7.42 4.07 912'675.00 5.66 -23.72% 39.07% 40.90% 148.9 842.59 0.67 0.0 0.0 204.33 624.30

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

3.0 M

3 2

2.0 M

1

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 110.7 1.69x 62.1 3.01x 74.8 2.16x

4.0 M

4

Valuation Analysis

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

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 264.9 2.68x 159.1 4.46x 107.3 8.52x 159.13 101.81 38.44% 50.24% 15.12% 17.11% 0.48% 50.7% 54.0% 28.2% 40.5% 9.20 6.85 0.13% 0.15% 12.02 4.10

Price/ Cash Flow

06/yy 239.6 9.56x 111.9 0.00x 124.1 6.00x

LTM 06/yy 243.8 10.44x 131.7 0.00x 76.8 8.57x

FY+1

0.97 -15.52% -7.82% 0.966 10 4.900 991'246 1'094'905 1'849'392 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 282.3 367.0 74.7 87.7 2.43x 1.57x 151.9 196.9 42.7 54.9 4.11x 3.17x 102.8 134.1 23.0 25.8 8.06x 6.23x 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

131.76 75.32 0.1% 0.1% 0.48 3.65 30.36 88.96 66.04 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

01.07.2013

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 |


30.09.2013

Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS Holdings By:

All

Holder Name PARK HOLDING AS PARK ENERJI EKIPMANL TURGAY CINER EAST CAPITAL ASSET M NOBLE FUNDS TFI SA BNP PARIBAS SCHRODER INVESTMENT JYSKE INVEST DIMENSIONAL FUND ADV BLACKROCK AVIVA INVESTORS POLA FIRST TRUST CASA 4 FUNDS LUX EUR VONTOBEL ASSET MANAG GLOBAL X MANAGEMENT NORDEA INVESTMENT FU QUERCUS TFI JOHN HANCOCK ADVISER NOMURA NORDEA INV MANAGEMEN

Firm Name Seker Securities Burgan Securities Eczacibasi Securities Ekspres Invest IS Investment & Securities Yapi Kredi Yatirim ve Menkul Degerler BGC Partners Global Menkul Degerler EVA Dimensions Erste Group ATA Invest

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

Analyst BURAK DEMIRBILEK ECE MANDACI BEHLUL KATAS SELIM KUNTER ILYAS SAFA URGANCI MEHMET A AGYUZ ERDEM HAFIZOGLU TEAM COVERAGE TIMOTHY STANISH EVRIM DAIRECIOGLU ISMAIL OZER

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

Recommendation outperform buy outperform buy outperform buy buy buy buy accumulate market outperform

Amt Held 59'020'050 32'148'572 10'065'983 2'342'863 1'769'672 1'586'000 1'116'144 1'011'761 900'349 453'315 390'000 345'859 266'199 265'525 176'398 122'557 104'000 92'882 90'000 77'431

% Out 39.65 21.6 6.76 1.57 1.19 1.07 0.75 0.68 0.6 0.3 0.26 0.23 0.18 0.18 0.12 0.08 0.07 0.06 0.06 0.05

Weighting

Change 5 5 5 5 5 5 5 5 5 4 4

M M M M M M U M M M M

Latest Chg (321'427) 711'000 147'772 (1'857) 266'199 (49'475) 20'000 (36'293) -

Target Price 6 8 7 8 7 8 8 8 #N/A N/A 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 31.03.2013 29.06.2012 30.04.2013 30.06.2013 31.07.2013 30.04.2013 26.09.2013 30.06.2012 27.09.2013 31.08.2012 28.09.2012 26.09.2013 28.06.2013 30.06.2012 31.08.2013 11.07.2012 31.07.2013

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

Inst Type Holding Company n/a n/a 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 Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 23.09.2013 05.09.2013 13.08.2013 08.07.2013 01.07.2013 06.06.2013 04.11.2012 01.06.2012


30.09.2013

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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 0.99 0.59 2'086'765.00 0.67 -32.32% 13.56% 20.00% 2'000.0 1'340.00 1'826.53 0.0 488.2 488.23 3'149.61

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

120.0 M

1

100.0 M

1

80.0 M

1

60.0 M

0

40.0 M

0

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 2'879.9 0.79x 174.2 13.08x (323.9) -

1

31.12.2009 31.12.2010 2'435.2 2'620.2 1.21x 1.46x 59.9 229.2 49.27x 16.70x (343.0) (236.6) Profitability

LTM-4Q 31.12.2011 2'613.8 0.83x 301.4 7.21x (1'195.7) -

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 2'525.6 1.34x 332.0 10.20x 197.2 7.91x 332.04 151.54 6.00% 12.76% 0.20% 0.93% 0.64% 30.5% 7.8% 1.06 0.69 46.39% 195.93% 3.35 -

Price/ Cash Flow

06/yy 2'495.7 4.22x 307.1 8.86x (23.4) 0.00x

LTM 06/yy 2'597.0 3.70x 339.0 0.00x 8.3 156.43x

FY+1

0.91 9.84% -14.10% 0.909 10 3.400 4'384'192 6'775'661 7'159'041 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'752.6 2'938.4 613.0 785.0 0.91x 0.85x 382.0 422.3 8.25x 7.46x 84.2 107.9 13.96x 13.40x 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

3.08 0.48 195.9% 56.3% 0.64 4.99 108.80 55.26

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Dogan Yayin Holding AS Holdings By:

All

Holder Name DOGAN SIRKETLER GRUB DOGAN AILESI DIMENSIONAL FUND ADV DEKABANK DEUTSCHE GI BLACKROCK VANGUARD GROUP INC DWS INVESTMENTS STATE STREET CORP EATON VANCE MANAGEME ERSTE SPARINVEST KAG JOHN HANCOCK ADVISER EUROBANK EFG MUTUAL EATON VANCE ADVISORS NOMURA INTERNATIONAL FLEXSHARES TRUST BESSEMER GROUP INCOR ALLIANZ ASSET MANAGE BZ WBK TOWARZYSTWO F AMONIS SA SOMPO JP NIHON KOA A

Firm Name Ekspres Invest Global Menkul Degerler Oyak Securities Garanti Yatirim Menkul Kiymetler BNP Paribas Equity Research EVA Dimensions Goldman Sachs BGC Partners HSBC ATA Invest FinansInvest Yatirim Finansman Securities

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

Analyst SINAN GOKSEN EMIR BOLEN UYGAR GEZER HALIL IBRAHIM KAHVE KENAN COSGUNER CRAIG STERLING ASLI TUNCER BARIS INCE BULENT YURDAGUL ONDER ZORBA TEAM COVERAGE ZUMRUT CAN

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

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

Amt Held 1'511'828'812 46'182'947 5'799'429 5'600'000 3'589'394 2'928'734 2'750'000 2'325'384 1'086'804 560'000 507'580 500'000 422'311 298'982 39'184 5'064 2'656 1 1 -

% Out 75.59 2.31 0.29 0.28 0.18 0.15 0.14 0.12 0.05 0.03 0.03 0.03 0.02 0.01 0 0 0 0 0 0

Weighting

Change

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

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

Latest Chg (29'654) (18'195) (1'250'000) (46'630) (760'000)

Target Price 1 1 1 1 1 #N/A N/A 1 1 1 #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 13.12.2011 13.12.2011 30.04.2013 28.03.2013 26.09.2013 30.06.2013 28.06.2013 27.09.2013 31.03.2013 28.03.2013 31.08.2013 31.05.2013 31.07.2013 31.03.2013 31.08.2013 30.04.2013 31.07.2013 31.12.2012 31.12.2012 04.03.2013

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

Inst Type Holding Company n/a Investment Advisor Bank Investment Advisor Unclassified 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 23.09.2013 16.09.2013 05.09.2013 18.07.2013 16.07.2013 15.07.2013 11.07.2013 05.07.2013 15.05.2013 20.07.2012 04.06.2012 17.10.2011


30.09.2013

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 (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 1.94 1.09 709'876.00 1.31 -32.47% 20.18% 28.24% 729.2 955.20 1'458.92 0.0 3.0 173.55 2'430.84

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 n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 607.1 0.98x 95.7 6.20x 89.0 4.48x

2 2 2 1 1 1 1 1 0 0 0 o-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) -

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 802.0 3.10x 143.8 17.27x 79.0 12.85x 143.81 89.64 11.18% 6.22% -0.53% -1.74% 0.24% 17.3% 26.9% 18.1% 9.9% 1.08 0.53 51.67% 154.97% 6.13 42.91

Price/ Cash Flow

06/yy 736.6 11.83x 119.5 18.56x (92.4) 0.00x

LTM 06/yy 673.7 14.59x 181.0 13.75x (14.7) 0.00x

FY+1

0.97 -12.16% -20.12% 0.972 15 3.933 3'426'077 3'572'214 2'579'783 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 698.5 1'202.9 198.0 284.0 3.80x 2.51x 186.8 230.3 13.01x 10.55x 6.5 31.0 119.09x 31.19x 14.56x 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

2.48 -1.75 8.15 8.96 155.0% 60.7% 0.24 0.37 59.59 8.51 89.32 -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

01.07.2013

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 |


30.09.2013

Akenerji Elektrik Uretim AS Holdings By:

All

Holder Name AKKOK SANAYI YATIRIM CEZ PIONEER DIMENSIONAL FUND ADV PIONEER INVESTMENTS IFM - INDEPENDENT FU BLACKROCK VANGUARD GROUP INC EATON VANCE MANAGEME INVESCO LTD JOHN HANCOCK ADVISER NORDEA INVESTMENT FU BANKIA BANCA PRIVADA INVESTORS TFI SA BESSEMER GROUP INCOR WORLD INVEST OPPORTU POWERSHARES GLOBAL F FLEXSHARES TRUST NEW YORK LIFE INVEST STATUS

Firm Name Seker Securities Ekspres Invest Goldman Sachs BNP Paribas Equity Research VTB Capital Oyak Securities IS Investment & Securities Deutsche Bank BGC Partners Yapi Kredi Yatirim ve Menkul Degerler EVA Dimensions Unlu Securities Garanti Yatirim Menkul Kiymetler Global Menkul Degerler HSBC Eczacibasi Securities Yatirim Finansman Securities Burgan Securities

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

Analyst BURAK DEMIRBILEK SELIM KUNTER MATIJA GERGOLET KENAN COSGUNER MIKHAIL RASSTRIGIN UYGAR GEZER ASLI OZATA KUMBARACI KORAY PAMIR EZGI YILMAZ ELVIN AKBULUT DOUG WALTERS OYTUN ALTASLI KERIM GOKOZ SERCAN UZUN LEVENT BAYAR TEAM COVERAGE ZUMRUT CAN MURAT IGNEBEKCILI

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

Recommendation outperform buy Buy/Neutral hold hold market perform outperform hold hold buy hold market perform market perform buy overweight underperform not rated hold

Amt Held 364'582'001 364'582'001 4'568'975 2'495'654 1'576'000 1'455'169 1'380'223 1'203'503 1'122'567 436'809 207'371 180'071 159'743 75'000 74'462 60'000 50'935 46'194 33'348 26'457

% Out 50 50 0.63 0.34 0.22 0.2 0.19 0.17 0.15 0.06 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0 0

Weighting

Change

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

M M U M M M M M M M U N M M M M M M

Latest Chg 569'385 (8'167) 33'385 75'000 3'777 -

Target Price 2 2 2 1 1 1 2 2 1 2 #N/A N/A 2 2 2 3 2 #N/A N/A 2

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

File Dt 19.12.2012 19.12.2012 30.04.2013 30.04.2013 28.03.2013 31.05.2013 26.09.2013 30.06.2013 31.07.2013 27.09.2013 31.08.2013 28.06.2013 30.06.2013 31.12.2012 30.04.2013 31.08.2013 27.09.2013 31.08.2013 31.07.2013 31.08.2013

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

Inst Type Corporation Corporation Unclassified 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 Insurance Company Investment Advisor

Date 23.09.2013 23.09.2013 12.09.2013 12.09.2013 09.09.2013 05.09.2013 04.09.2013 02.09.2013 28.08.2013 19.08.2013 22.07.2013 19.07.2013 18.07.2013 27.06.2013 15.05.2013 12.09.2012 03.08.2012 25.05.2012


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 4.46 2.59 379'350.00 3.39 -23.99% 30.89% 41.71% 500.0 1'695.00 1'220.80 0.0 0.0 579.57 2'682.58

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

-

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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

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

31.12.2009 31.12.2010 120.2 232.9 7.54x 67.2 51.2 34.32x 535.6 214.2 6.59x Profitability

LTM-4Q 31.12.2011 162.9 8.19x 75.9 17.57x 177.3 5.02x

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 226.7 9.93x 122.2 18.42x 336.9 4.78x 122.24 121.65 53.66% 152.56% 5.88% 9.77% 0.05% 61.7% 51.0% 50.7% 148.6% 1.68 0.97 25.68% 42.88% 2.19 0.28

Price/ Cash Flow

06/yy 156.6 21.25x 22.6 0.00x 280.9 4.42x

LTM 06/yy 246.8 39.25x 125.9 21.70x 265.3 6.58x

FY+1

0.79 22.28% 7.85% 0.788 14 4.429 278'487 723'672 776'321 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 677.7 467.2 3.46x 4.83x 330.1 296.9 8.13x 9.04x 339.6 356.3 4.70x 4.54x 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

2.51 2.48 7.84 10.87 42.9% 30.0% 0.05 161.45 166.47 1287.78 44.85 1363.95

Sales/Revenue/Turnover

9.00

250.0

8.00

200.0

7.00 6.00

150.0

5.00 4.00

100.0

3.00

50.0

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

01.07.2013

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 |


30.09.2013

Torunlar Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name JP MORGAN BANK OF NEW YORK MEL BZ WBK TOWARZYSTWO F SWEDBANK ROBUR FONDE COLUMBIA MANAGEMENT ING INVESTMENT MANAG BLACKROCK VANGUARD GROUP INC CARNEGIE FUND MANAGE HANDELSBANKEN FONDER SKAGEN AS AVIVA INVESTORS POLA STATE STREET CORP OYSTER ASSET MANAGEM BAWAG PSK INVEST GMB CREDIT SUISSE AG SOMPO JP NIHON KOA A FIRST TRUST BAYERNINVEST LUXEMBO DEKABANK DEUTSCHE GI

Firm Name Eczacibasi Securities Sardis Securities Ekspres Invest Oyak Securities IS Investment & Securities Yatirim Finansman Securities Yapi Kredi Yatirim ve Menkul Degerler BGC Partners Garanti Yatirim Menkul Kiymetler HSBC Tera Stock Brokers EVA Dimensions Erste Group ATA Invest

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

Analyst GOKAY BOBEK HAYDAR ACUN KURTHAN ATMACA MUSTAFA ONER EMRE SEZAN HUSEYIN MERDAN GEYIK ELVIN AKBULUT BARIS INCE KERIM GOKOZ LEVENT BAYAR HASAN DEMIR DOUG WALTERS MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

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

Recommendation outperform buy buy market perform outperform outperform buy hold market perform overweight buy buy buy market perform

Amt Held 2'463'620 2'074'102 1'677'809 1'450'893 1'001'972 963'118 929'162 923'267 488'500 440'000 400'000 390'625 319'891 257'511 240'000 203'032 200'000 120'018 120'000 50'000

% Out 0.49 0.41 0.34 0.29 0.2 0.19 0.19 0.18 0.1 0.09 0.08 0.08 0.06 0.05 0.05 0.04 0.04 0.02 0.02 0.01

Weighting

Change 5 5 5 3 5 5 5 3 3 5 5 5 5 3

M M M M M U U M M M N M M M

Latest Chg 195'350 (97'909) 111'607 (476'958) (6'663) (5'498) 661'452 (11'500) (160'000) (9'875) (16'662) 200'000 120'000 -

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

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

File Dt 31.05.2013 27.09.2013 31.12.2012 30.06.2012 31.07.2013 31.07.2013 26.09.2013 30.06.2013 30.08.2013 30.08.2013 30.08.2013 30.06.2012 27.09.2013 28.02.2013 30.04.2013 31.05.2013 04.03.2013 27.09.2013 28.03.2013 28.03.2013

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

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank

Date 27.09.2013 27.09.2013 23.09.2013 05.09.2013 05.09.2013 02.09.2013 27.08.2013 31.07.2013 18.07.2013 19.06.2013 11.06.2013 06.06.2013 04.11.2012 03.08.2012


30.09.2013

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

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

3 2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 2.55 1.76 744'082.00 2.4 -5.88% 36.36% 74.68% 365.8 877.80 209.85 0.0 148.3 70.53 1'218.58

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

1 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 70.4 3.70x (55.8) (11.1) -

1

31.12.2009 31.12.2010 69.8 98.7 4.26x 4.27x (28.7) 2.4 178.87x (4.0) 35.2 8.31x Profitability

LTM-4Q 31.12.2011 114.6 6.76x (9.1) 7.7 75.03x

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 106.8 8.89x (11.6) 75.7 9.12x -11.57 -25.14 -23.54% 61.61% 11.08% 33.14% 0.21% 18.0% 7.8% -2.5% 70.8% 0.88 0.49 34.13% 112.77% 6.76 7.77

Price/ Cash Flow

06/yy 118.7 26.71x (17.7) 0.00x 87.2 6.43x

LTM 06/yy 137.1 31.42x 10.6 118.00x 72.6 13.15x

FY+1

0.58 43.63% 44.43% 0.578 2 5.000 219'362 175'325 299'597 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 294.0 64.0 19.04x 71.2 12.63x 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

-0.69 -2.03 17.97 29.70 112.8% 38.6% 0.21 0.54 54.00 46.95 161.43 19.42

Sales/Revenue/Turnover

250.00

140.0 120.0

200.00

100.0 150.00

80.0 60.0

100.00

40.0 50.00

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

01.07.2013

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 |


30.09.2013

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 HANDELSBANKEN FONDER STATE STREET CORP EATON VANCE MANAGEME JOHN HANCOCK ADVISER ROYCE AND ASSOCIATES BESSEMER GROUP INCOR VANGUARD GROUP INC

Firm Name Tera Stock Brokers EVA Dimensions FinansInvest Ekspres Invest

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

Analyst AYSE COLAK CRAIG STERLING BARAN YILDIRIM SELIM KUNTER

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

Recommendation buy buy not rated Under Review

Amt Held 40'812'632 40'634'806 4'923'166 3'992'507 2'318'217 2'193'948 745'046 580'000 468'911 282'129 252'929 142'000 37'052 -

% Out 11.16 11.11 1.35 1.09 0.63 0.6 0.2 0.16 0.13 0.08 0.07 0.04 0.01 0

Weighting

Change

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

N U M M

Latest Chg (4'139) (13'770) (14'168) (848'575)

Target Price 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 31.12.2008 31.12.2008 31.12.2008 31.12.2008 31.03.2013 30.04.2013 26.09.2013 30.08.2013 27.09.2013 31.07.2013 31.08.2013 30.06.2013 30.04.2013 30.06.2013

Date Not Provided Not Provided Not Provided Not Provided

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

Date 19.09.2013 18.09.2013 24.04.2013 19.02.2010


30.09.2013

Halk Gayrimenkul Yatrm Ortakligi AS Halk Gayrimenkul Yatrm Ortakligi AS is a real estate investment trust. The Company is currently investing in a residential housing Project in Osmaniye-

Price/Volume 1

80.0 M

1

70.0 M 60.0 M

1

50.0 M

1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HLGYO TI EQUITY YTD Change HLGYO TI EQUITY YTD % CHANGE

03/2013 06/yy 1.36 1.08 4'617'642.00 1.25 -7.90% 15.74% 32.47% 673.6 842.05 21.64 0.0 0.0 33.11 920.64

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

1.20 1.00

31.03.2010 -

30.0 M

0

20.0 M

0

10.0 M

0 f-13

.0 M m-13

a-13

m-13

j-13

j-13

a-13

s-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 31.03.2009 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

1

Profitability

31.03.2011 34.0 30.0 30.4 -

LTM-4Q 31.03.2012 24.9 12.1 -

31.03.2013 7.1 3.3 260.00x 29.95 29.94 88.05% 95.7% 46.4% 8.65 8.56 4.07% 4.25% -

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 10.1 0.00x 0.0 0.00x 6.0 0.00x

FY+1

1 5.000 3'490'278 2'594'851 1'950'241 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 135.0 52.0 6.20x 21.12x 90.0 45.0 10.23x 20.46x 90.0 32.0 9.62x 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

4.2% 4.1% -

Sales/Revenue/Turnover

40.0 35.0 30.0

0.80 0.60

25.0 20.0 15.0

0.40 0.20

10.0 5.0 0.0

0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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


30.09.2013

Halk Gayrimenkul Yatrm Ortakligi AS Holdings By:

All

Holder Name BLACKROCK TIAA CREF INVESTMENT

Firm Name IS Investment & Securities

Portfolio Name n/a Multiple Portfolios

Analyst EMRE SEZAN

Source ULT-AGG MF-AGG

Recommendation outperform

Amt Held 1'261'416 7'035

% Out 0.19 0

Weighting

Change 5

Latest Chg (7'464) -

Target Price

N

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

File Dt 26.09.2013 31.07.2013

Date 2

Not Provided

Inst Type Investment Advisor Investment Advisor

Date 06.09.2013


30.09.2013

Sinpas Gayrimenkul Yatirim Ortakligi AS Sinpas Gayrimenkul Yatirim Ortakligi AS develops real estate.

Price/Volume 2

30.0 M

2

25.0 M

1 1

20.0 M

1

12/2012 06/yy 1.61 0.84 3'579'073.00 1.06 -34.16% 26.19% 28.57% 600.0 636.00 409.97 0.0 0.0 51.07 1'048.31

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

1

10.0 M

0

5.0 M

0 0 o-12

31.12.2009 31.12.2010 171.0 353.3 5.07x 2.87x (28.2) 55.8 18.21x (18.1) 61.0 17.05x Profitability

LTM-4Q 31.12.2011 655.4 1.27x 141.9 5.86x 140.0 4.24x

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 603.9 2.00x 46.1 26.15x 75.8 11.16x 46.07 39.10 6.48% 3.11% 5.93% 0.27% 19.8% 10.4% 9.3% 12.5% 1.79 0.48 19.58% 38.14% 2.56 0.78

Price/ Cash Flow

06/yy 598.7 6.65x 74.6 14.01x 62.3 19.33x

d-12

j-13

f-13 m-13

LTM 06/yy 536.9 8.72x 56.0 19.69x 62.3 11.07x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

1.07 -14.35% -22.25% 1.075 18 4.389 2'482'068 5'221'834 4'047'234 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 636.5 695.5 1.41x 0.92x 112.7 122.3 9.30x 8.57x 107.4 132.3 6.06x 4.98x 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

7.36 8.80 38.1% 27.6% 0.27 22.90 142.31 467.01 77.34 438.76

Sales/Revenue/Turnover

70.00

700.0

60.00

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 M n-12

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 72.4 2.14x (4.4) 19.6 12.15x

15.0 M

1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Sinpas Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name SINPAS YAPI ENDUSTRI CELIK AVNI AUTONOMY MASTER FUND CELIK OMER FARUK CELIK AHMET SWEDBANK ROBUR FONDE BLACKROCK BZ WBK TOWARZYSTWO F NEUBERGER BERMAN LLC BANK OF NEW YORK MEL ROBECO ALPINE WOODS CAPITAL PRINCIPAL FINANCIAL TRANSAMERICA INVESTM SEB US GLOBAL INVESTORS DWS INVESTMENTS GUSTAVIADAVEGARDH FO ING INVESTMENT MANAG EAST CAPITAL ASSET M

Firm Name Sardis Securities Seker Securities Burgan Securities Ekspres Invest EVA Dimensions IS Investment & Securities Ak Investment Yatirim Finansman Securities Deutsche Bank FinansInvest Global Menkul Degerler Yapi Kredi Yatirim ve Menkul Degerler BGC Partners Garanti Yatirim Menkul Kiymetler Tera Stock Brokers HSBC Erste Group ATA Invest

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

Analyst HAYDAR ACUN OKAN UZUN MURAT IGNEBEKCILI KURTHAN ATMACA DOUG WALTERS EMRE SEZAN BERTUG TUZUN HUSEYIN MERDAN GEYIK ATHMANE BENZERROUG GAYE ABIDIN SERCAN UZUN ELVIN AKBULUT KEREM TEZCAN KERIM GOKOZ HASAN DEMIR LEVENT BAYAR MEHMET EMIN ZUMRUT ERMAN TUTUNCUOGLU

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

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

Amt Held 185'073'199 101'218'614 75'529'272 9'855'969 9'855'969 8'762'341 7'356'667 6'153'844 6'093'045 6'016'209 4'032'574 3'551'294 2'709'679 2'036'353 2'005'132 2'000'000 2'000'000 1'600'000 1'495'035 1'359'382

% Out 30.85 16.87 12.59 1.64 1.64 1.46 1.23 1.03 1.02 1 0.67 0.59 0.45 0.34 0.33 0.33 0.33 0.27 0.25 0.23

Weighting

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

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

Latest Chg 500'000 3'567'914 (1'651'815) 118'690 (20'000) 2'709'679 (33'280) 2'000'000 600'000 (2'018'000)

Target Price 2 1 2 2 #N/A N/A 2 1 2 2 2 2 1 2 1 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 31.03.2013 26.09.2013 31.12.2012 31.07.2013 27.09.2013 30.04.2013 31.07.2013 30.06.2013 30.06.2013 31.03.2013 28.06.2013 28.06.2013 31.03.2013 28.06.2013 31.03.2013

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 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 Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 25.09.2013 23.09.2013 16.09.2013 05.09.2013 04.09.2013 02.09.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 31.07.2013 18.07.2013 31.05.2013 15.05.2013 04.11.2012 20.07.2012


30.09.2013

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 3

140.0 M

3

120.0 M 100.0 M

2

Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (9/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

05/2013 02/yy 2.69 1.33 79'637'224.00 2.69 0.00% 102.26% 91.30% 240.0 645.60 132.32 0.0 (0.1) 1.58 756.76

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

60.0 M

1

40.0 M

1

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 31.05.2009 85.2 4.32x 9.0 40.67x (29.4) -

80.0 M

2

Valuation Analysis

31.05.2010 31.05.2011 131.5 145.7 1.58x 3.34x 1.3 (38.1) 155.11x (48.4) (120.1) Profitability

LTM-4Q 31.05.2012 153.5 1.95x (36.1) (150.8) -

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

31.05.2013 147.4 (68.3) -36.11 -59.57 -38.82% -98.82% -30.5% -46.3% 0.09 0.04 104.23% -

Price/ Cash Flow

11/yy 150.1 12.88x (39.1) 0.00x (146.2) 0.00x

LTM 02/yy 147.0 9.27x (2.6) 0.00x (46.7) 0.00x

0.90 75.89% 37.82% 0.902 1 1.000 38'112'020 20'453'420 12'149'230

FY+1

FY+2

FQ+1

FQ+2

05/14 Y

05/15 Y

05/13 Q4

08/13 Q1

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

-

-82.05 -85.20

Sales/Revenue/Turnover

12.00

180.0 160.0

10.00

140.0 120.0

8.00

100.0 6.00

80.0 60.0

4.00

40.0 2.00 0.00 04.06.2010

20.0 0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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


30.09.2013

Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS Holdings By:

All

Holder Name BESIKTAS JIMNASTIK K DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER

Firm Name EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios

Analyst CRAIG STERLING

Source Research ULT-AGG MF-AGG

Recommendation sell

Amt Held 27'999'575 75'244 13'072

% Out 11.67 0.03 0.01

Latest Chg -

Weighting

Change

Target Price

1

N

#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 31.01.2013 31.08.2013

Date Not Provided

Inst Type n/a Investment Advisor Investment Advisor

Date 02.09.2013


30.09.2013

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

2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 2.69 1.66 144'442.00 2.36 -12.27% 42.17% 61.17% 2'204.4 5'202.36 10'089.07 0.0 7.7 7'158.24 -

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

1 1 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 2'638.6 187.0 4.82x

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

3

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

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 5'037.4 476.4 9.44x 22.29% 22.29% 1.24% 11.80% 3.64% 0.11% 16.6% 22.00% 202.10% -

Price/ Cash Flow

06/yy 4'530.9 0.00x 0.0 0.00x 345.0 16.04x

LTM 06/yy 5'240.1 0.00x 0.0 0.00x 588.5 8.24x

0.88 36.42% 15.69% 0.882 4 4.000 262'350 399'893 573'489

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

582.5 632.0 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

-

202.1% 66.9% 0.11 20.87 -

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

01.07.2013

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 |


30.09.2013

Turk Ekonomi Bankasi AS Holdings By:

All

Holder Name TEB MALI YATIRIMLAR BNPP YATIRIMLAR HOLD FORTIS BNP PARIBAS ABERDEEN DANSKE INVEST MANAGE DANSKE INVEST A/S ABERDEEN ASSET MGMT FIRST TRUST SOMPO JP NIHON KOA A FMR LLC ACADIAN ASSET MANAGE PRUDENTIAL FINANCIAL OYSTER ASSET MANAGEM AXA ROSENBERG INTL ERSTE SPARINVEST KAG AXA INVESTMENT MANAG ING INVESTMENT MANAG COMPASS EMP INVESCO LTD FIRST TRUST GLOBAL P

Firm Name Ak Investment EVA Dimensions Global Menkul Degerler Credit Suisse IS Investment & Securities Eczacibasi Securities

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

Analyst HAKAN AYGUN DOUG WALTERS SEVGI ONUR ATES BULDUR BULENT SENGONUL SERCAN SOYLU

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

Recommendation market perform buy market perform outperform Under Review underperform

Amt Held 1'212'414'500 514'615'805 376'583'807 32'245'602 4'616'206 4'040'194 1'442'000 368'804 310'000 225'803 190'766 139'200 120'881 108'000 100'000 49'679 41'347 24'090 16'049 9'507

% Out 55 23.35 17.08 1.46 0.21 0.18 0.07 0.02 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0

Weighting

Change

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

M U M M M M

Latest Chg 709'538 1'442'000 310'000 (19'853) 108'000 49'679 14'632 -

Target Price 2 #N/A N/A 3 3 #N/A N/A 1

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

File Dt 31.12.2012 31.12.2012 31.12.2012 30.06.2013 28.06.2013 31.05.2013 30.04.2013 27.09.2013 04.03.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2012 31.12.2012 28.03.2013 31.01.2013 30.06.2013 31.07.2013 27.09.2013 27.09.2013

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

Inst Type Other n/a Bank 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 04.09.2013 26.07.2013 28.06.2013 26.06.2013 11.12.2012 23.02.2011


30.09.2013

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 80

2.5 M

70

2.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (10.04.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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

12/2012 03/yy 78.00 41.70 339'471.00 50.25 -35.58% 20.50% 23.55% 7.2 361.80 96.12 0.0 38.4 67.78 432.38

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

31.12.2009 31.12.2010 187.5 185.3 1.42x 3.09x 28.2 33.1 9.48x 17.32x 4.8 4.6 60.71x 108.01x Profitability

20

.5 M

10 0 o-12

.0 M n-12

LTM-4Q 31.12.2011 234.6 1.87x 44.6 9.86x 4.3 82.57x

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 290.2 1.79x 60.1 8.63x 18.1 24.98x 60.05 35.51 12.24% 12.18% 3.14% 5.56% 7.61% 0.64% 29.5% 18.9% 10.9% 6.2% 1.79 1.21 20.32% 35.92% 7.48 5.70

Price/ Cash Flow

03/yy 247.9 7.87x 57.8 8.55x 8.3 49.81x

d-12

j-13

f-13 m-13

LTM 03/yy 301.3 6.65x 56.9 9.63x 14.9 32.06x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.75 -9.21% -18.61% 0.753 1 1.000 417'458 406'450 359'787 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 302.0 67.7 74.0 6.39x 5.84x 33.1 37.0 10.92x 9.78x 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

7.29 5.01 0.44 1.80 35.9% 23.9% 0.64 1.07 48.80 63.99 45.68 46.09

Sales/Revenue/Turnover

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

1.0 M

30

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 170.2 0.87x 43.4 3.43x 12.1 14.86x

1.5 M

40

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. Holdings By:

All

Holder Name GOL YATIRIM HOLDING DIMENSIONAL FUND ADV BLACKROCK JOHN HANCOCK ADVISER BESSEMER GROUP INCOR VANGUARD GROUP INC ERSTE SPARINVEST KAG

Firm Name EVA Dimensions Tera Stock Brokers Global Menkul Degerler

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

Analyst TIMOTHY STANISH FEYRUZE ASLI KONDU TEAM COVERAGE

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

Recommendation underweight sell sell

Amt Held 1'984'000 54'822 26'871 6'137 276 -

% Out 27.56 0.76 0.37 0.09 0 0 0

Weighting

Change 1 1 1

N N M

Latest Chg 13'920 (159) (19'068) (3'000)

Target Price #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 30.04.2013 26.09.2013 31.08.2013 30.04.2013 30.06.2013 28.03.2013

Date Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 02.09.2013 20.02.2012 13.10.2010


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (29.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 61.50 32.30 261'322.00 40.1 -34.80% 24.15% 24.32% 9.0 360.90 29.31 0.0 0.0 22.99 426.05

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

.7 M

60

.6 M

50

.5 M

40

.4 M

30

.3 M

20

.2 M

10

.1 M

0 o-12

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

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

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 363.9 1.35x 36.3 13.57x 23.9 20.33x 36.27 25.80 7.09% 7.14% 1.50% 2.74% 0.81% 15.7% 5.7% 1.7% 6.6% 2.72 0.88 8.94% 12.67% 12.14 3.27

Price/ Cash Flow

06/yy 367.8 4.41x 70.5 5.81x 53.0 9.79x

d-12

j-13

f-13 m-13

LTM 06/yy 325.7 6.26x 18.4 24.05x 6.0 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.71 -31.26% -24.46% 0.707 7 2.714 98'056 71'850 62'346 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 375.1 372.5 1.14x 1.34x 34.0 44.5 12.51x 9.57x 23.4 29.8 16.52x 13.28x 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

3.54 7.93 12.7% 11.2% 0.81 3.72 30.06 111.60 111.79 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

.0 M n-12

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 390.3 0.40x 111.0 1.40x 82.8 2.21x

70

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Bagfas Bandirma Gubre Fabrik Holdings By:

All

Holder Name RECEP GENCER BLACKROCK DIMENSIONAL FUND ADV GLOBAL X MANAGEMENT EATON VANCE MANAGEME SCHRODER INVESTMENT JOHN HANCOCK ADVISER PRUDENTIAL FINANCIAL ERSTE SPARINVEST KAG LEGG MASON ASSET MAN STATE STREET CORP BESSEMER GROUP INCOR DWS INVESTMENTS VANGUARD GROUP INC SOMPO JP NIHON KOA A

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

Portfolio Name 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 n/a Multiple Portfolios

Analyst UMUT OZTURK ILYAS SAFA URGANCI HASAN BAYHAN TIMOTHY STANISH OGUZHAN AKBULUT CENK ORCAN EVRIM DAIRECIOGLU CAN OZCELIK OZGUR UCUR KURTHAN ATMACA SEZAI SAKLAROGLU

Source Co File ULT-AGG ULT-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

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

Amt Held 1'213'163 37'592 36'157 35'749 34'300 32'101 11'413 4'600 4'000 800 718 679 100 -

% Out 13.48 0.42 0.4 0.4 0.38 0.36 0.13 0.05 0.04 0.01 0.01 0.01 0 0 0

Weighting

Change

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

M M M N D M D M M M M

Latest Chg (202) 15'840 10'400 6'012 (5'000) (21'747) (3'500)

Target Price 42 47 45 #N/A N/A 34 60 59 90 #N/A N/A 63 60

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

File Dt 30.09.2012 26.09.2013 30.04.2013 26.09.2013 31.07.2013 28.03.2013 31.08.2013 31.07.2013 28.03.2013 20.04.2012 27.09.2013 30.04.2013 28.06.2013 30.06.2013 04.03.2013

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

Inst Type 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 Unclassified Investment Advisor

Date 18.09.2013 05.09.2013 04.09.2013 02.09.2013 14.08.2013 15.05.2013 25.04.2013 31.08.2012 11.04.2012 15.02.2012 29.12.2011


30.09.2013

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 (27.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 1.59 0.62 4'444'208.00 1.23 -22.64% 98.39% 65.98% 250.0 307.50 0.00 0.0 156.4 776.86 -

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

38.6 45.42x 20.0 4.63x

90.0 M

2

80.0 M

1

70.0 M

1

60.0 M

1

50.0 M

1

40.0 M

1

30.0 M

0

20.0 M

0

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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

2

31.12.2009 31.12.2010 496.0 350.0 41.9 42.3 27.4 21.7 8.67x 12.34x Profitability

LTM-4Q 31.12.2011 481.8 66.8 26.3 5.24x

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 32.0 6.02x 66.78 38.49 7.99% 8.42% 0.55% 3.79% 32.4% 5.4% 0.98 0.25 0.00% 0.00% -

Price/ Cash Flow

06/yy 489.9 9.76x 64.6 39.27x 24.5 7.54x

LTM 06/yy 473.6 10.98x 48.8 0.00x 21.9 13.64x

0.95 83.58% 59.74% 0.949 1 5.000 11'669'630 11'349'730 13'557'090

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

0.0% 0.0% -

Sales/Revenue/Turnover

8.00

1'200.0

7.00

1'000.0

6.00

800.0

5.00 4.00

600.0

3.00

400.0

2.00

200.0 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

01.07.2013

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 |


30.09.2013

GSD Holding Holdings By:

All

Holder Name YILMAZ TURGUT DELTA YATIRIM AS GSD YATIRIM BANKASI DIMENSIONAL FUND ADV GSD DIS TICARET AS STATE STREET CORP GSD EGITIM VAKFI ING INVESTMENT MANAG JOHN HANCOCK ADVISER NEW YORK LIFE INVEST BESSEMER GROUP INCOR 60 NAMA YAZILI ORTAK ERSTE SPARINVEST KAG

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 Multiple Portfolios n/a Multiple Portfolios

Analyst DOUG WALTERS

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

Recommendation buy

Amt Held 26'843'801 11'250'000 8'418'659 7'987'589 2'805'562 776'541 430'000 337'168 245'645 102'720 74'533 158 -

% Out 10.74 4.5 3.37 3.2 1.12 0.31 0.17 0.13 0.1 0.04 0.03 0 0

Weighting

Change 5

N

Latest Chg 201'649 (23'975) (160'000)

Target Price #N/A N/A

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

File Dt 22.12.2008 22.12.2008 22.12.2008 30.04.2013 22.12.2008 27.09.2013 22.12.2008 30.06.2013 31.08.2013 31.07.2013 30.04.2013 22.12.2008 28.03.2013

Date Not Provided

Inst Type n/a Corporation Bank Investment Advisor Other Investment Advisor Other Investment Advisor Investment Advisor Insurance Company Investment Advisor Other Investment Advisor

Date 26.07.2013


30.09.2013

Anadolu Cam Sanayii AS Anadolu Cam Sanayii AS manufactures glassware. The Company sells industrial flat glass and industrial glass containers domestically and abroad.

Price/Volume 4

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

3 3 2

Valuation Analysis

2

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANACM TI EQUITY YTD Change ANACM TI EQUITY YTD % CHANGE

12/2012 06/yy 3.04 2.07 220'548.00 2.39 -21.42% 15.46% 31.91% 415.0 991.85 972.64 0.0 87.4 147.62 1'934.22

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

1 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 1'054.5 1.05x 277.1 3.98x 10.9 36.55x

1

31.12.2009 31.12.2010 906.7 1'117.3 1.38x 1.49x 185.5 263.4 6.74x 6.30x 15.6 102.1 41.84x 11.19x Profitability

LTM-4Q 31.12.2011 1'287.7 1.40x 314.8 5.73x 134.3 6.81x

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 1'475.2 1.37x 290.4 6.98x 71.6 15.57x 290.38 110.96 7.52% 4.59% 3.07% 7.44% 0.56% 23.2% 16.8% 4.1% 4.9% 0.86 0.43 40.43% 95.08% 5.33 4.76

Price/ Cash Flow

06/yy 1'397.3 5.48x 291.5 6.60x 86.6 11.02x

LTM 06/yy 1'500.6 5.33x 252.8 8.22x 83.1 13.51x

FY+1

0.81 7.05% -9.77% 0.807 16 4.313 253'948 330'971 355'975 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'598.6 1'776.2 479.0 426.0 1.15x 0.98x 305.9 356.0 6.32x 5.43x 91.5 115.4 10.44x 8.30x 18.38x 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

3.41 -0.24 3.44 4.63 95.1% 46.7% 0.56 1.17 68.45 76.71 48.10 87.91

Sales/Revenue/Turnover

25.00

1'600.0 1'400.0

20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

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

01.07.2013

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 |


30.09.2013

Anadolu Cam Sanayii AS Holdings By:

All

Holder Name TURK SISE VE CAM FAB FRANKLIN RESOURCES NORGES BANK SWEDBANK ROBUR FONDE DIMENSIONAL FUND ADV CAMIS MINING INC BLACKROCK IFM - INDEPENDENT FU VANGUARD GROUP INC FMR LLC NESTOR INVESTMENT MA DWS INVESTMENTS BAWAG PSK INVEST GMB JOHN HANCOCK ADVISER INVESTORS TFI SA BANK OF NEW YORK MEL BAYERNINVEST LUXEMBO ALLIANZ HELLENIC MUT PRUDENTIAL FINANCIAL FLEXSHARES TRUST

Firm Name Burgan Securities Goldman Sachs Seker Securities IS Investment & Securities Ak Investment Deutsche Bank BGC Partners Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler Garanti Yatirim Menkul Kiymetler Oyak Securities Global Menkul Degerler EVA Dimensions Erste Group Yatirim Finansman Securities ATA Invest

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

Analyst ECE MANDACI ASLI TUNCER OKAN UZUN ILYAS SAFA URGANCI OMER OMERBAS KORAY PAMIR CAN OZCELIK OGUZHAN AKBULUT AKIF MOROGLU HALIL IBRAHIM KAHVE MUSTAFA ONER TEAM COVERAGE TIMOTHY STANISH EVRIM DAIRECIOGLU ALPER USTUNISIK ISMAIL OZER

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

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

Amt Held 285'481'917 7'662'927 6'857'365 4'945'491 3'451'411 2'889'075 903'976 698'292 674'041 327'108 312'668 234'501 208'445 183'066 149'820 140'354 125'067 56'551 51'400 27'491

% Out 68.79 1.85 1.65 1.19 0.83 0.7 0.22 0.17 0.16 0.08 0.08 0.06 0.05 0.04 0.04 0.03 0.03 0.01 0.01 0.01

Weighting

Change

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

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

Latest Chg (416'891) 86'010 (5'348) 698'292 40'953 149'820 125'067 56'551 (1) 19'021

Target Price 3 4 2 3 3 4 2 3 3 3 3 3 #N/A N/A 4 3 3

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

File Dt 31.12.2009 28.09.2012 31.12.2012 31.03.2013 30.04.2013 31.12.2009 26.09.2013 31.05.2013 30.06.2013 31.07.2013 30.04.2013 28.06.2013 30.04.2013 31.08.2013 31.12.2012 27.09.2013 28.03.2013 31.05.2013 31.07.2013 31.08.2013

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

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Other 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 Investment Advisor

Date 18.09.2013 12.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 15.08.2013 14.08.2013 07.08.2013 18.07.2013 01.07.2013 01.07.2013 06.06.2013 27.05.2013 15.04.2013 20.07.2012


30.09.2013

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

14.0 M 12.0 M

2

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 06/yy 2.23 1.23 298'903.00 1.88 -15.70% 52.85% 65.00% 1'000.0 1'880.00 1'345.10 0.0 39.3 1'727.35 -

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

8.0 M

1

6.0 M 4.0 M

1

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 1'561.6 145.7 2.99x

2

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

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 2'294.0 250.0 7.20x 23.99% 23.99% 1.69% 14.66% 6.15% 0.15% 18.4% 8.84% 73.30% -

Price/ Cash Flow

06/yy 2'111.8 0.00x 0.0 0.00x 204.9 5.26x

LTM 06/yy 1'668.6 0.00x 0.0 0.00x 244.5 7.66x

FY+1

0.75 49.21% 4.44% 0.749 6 3.333 263'935 461'367 556'349 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'266.3 1'442.0 216.2 251.5 8.07x 6.96x 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

73.3% 41.8% 0.15 3.73 -

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

01.07.2013

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 |


30.09.2013

Sekerbank TAS Holdings By:

All

Holder Name SEKERBANK PERSONNEL SAMRUK-KAZYNA JSC BTA SECURITIES JSC DIMENSIONAL FUND ADV EAST CAPITAL ASSET M BLACKROCK VANGUARD GROUP INC ARTEMIS INVESTMENT M STATE STREET CORP EATON VANCE MANAGEME SUGAR BEET COOPERATI ING INVESTMENT MANAG JOHN HANCOCK ADVISER JULIUS BAER MULTICOO ERSTE SPARINVEST KAG EATON VANCE ADVISORS FIRST TRUST ACADIAN ASSET MANAGE OYSTER ASSET MANAGEM PRUDENTIAL FINANCIAL

Firm Name Oyak Securities Ak Investment BNP Paribas Equity Research EVA Dimensions Tera Stock Brokers Eczacibasi Securities Seker Securities

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

Analyst METIN ESENDAL HAKAN AYGUN SADRETTIN BAGCI DOUG WALTERS HASAN DEMIR SERCAN SOYLU BURAK DEMIRBILEK

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

Recommendation market perform market perform hold buy neutral market perform not rated

Amt Held 339'787'080 221'148'406 117'638'674 11'929'194 5'873'008 2'507'525 1'991'766 1'600'000 1'574'474 1'406'498 835'677 626'501 578'736 528'679 439'900 295'499 261'665 232'475 187'870 172'917

% Out 33.98 22.11 11.76 1.19 0.59 0.25 0.2 0.16 0.16 0.14 0.08 0.06 0.06 0.05 0.04 0.03 0.03 0.02 0.02 0.02

Weighting

Change

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

M M M M M M M

Latest Chg 154'511 3'940'908 (12'801) 1'600'000 (48'610) (3'287) -

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

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

File Dt 19.07.2013 19.07.2013 19.07.2013 30.04.2013 31.03.2013 26.09.2013 30.06.2013 31.12.2012 27.09.2013 31.07.2013 19.07.2013 28.06.2013 31.08.2013 30.04.2013 28.03.2013 31.07.2013 27.09.2013 31.07.2013 28.02.2013 31.07.2013

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

Inst Type n/a Government n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.09.2013 04.09.2013 19.08.2013 06.06.2013 31.05.2013 22.01.2013 05.09.2012


30.09.2013

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 400

.6 M

350

.5 M

300 .4 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 381.00 201.00 20'241.00 251 -34.12% 24.88% 30.56% 4.9 1'223.23 0.00 0.0 0.1 131.55 1'157.29

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

.2 M

100 .1 M

50 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 188.0 0.79x 39.1 3.81x 35.2 5.08x

.3 M

150

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

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 235.8 6.08x 48.6 29.51x 37.0 42.23x 48.55 32.86 13.94% 19.83% 8.92% 10.61% 0.69% 23.1% 18.5% 12.2% 15.7% 5.68 4.62 0.00% 0.00% 4.02 5.04

Price/ Cash Flow

06/yy 237.2 21.53x 53.2 27.39x 41.9 37.19x

LTM 06/yy 254.1 21.77x 47.1 25.62x 33.0 38.56x

FY+1

0.74 -12.99% -17.87% 0.738 2 2.000 17'613 19'215 17'806 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 233.0 55.0 60.0 21.04x 19.29x 42.0 45.5 29.12x 26.87x 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

-1.40 0.00 0.0% 0.0% 0.69 1.46 90.70 72.45 55.04 109.31

Sales/Revenue/Turnover

180.00

250.0

160.00

200.0

140.00 120.00

150.0

100.00 80.00

100.0

60.00

50.0

40.00 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

01.07.2013

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 |


30.09.2013

Konya Cimento Sanayii AS Holdings By:

All

Holder Name PARFICIM SA EMERGING GLOBAL SHAR BANK OF NEW YORK MEL DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC ERSTE SPARINVEST KAG BESSEMER GROUP INCOR JOHN HANCOCK ADVISER STATE STREET CORP FLEXSHARES TRUST

Firm Name EVA Dimensions Tera Stock Brokers Global Menkul Degerler

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

Analyst TIMOTHY STANISH FEYRUZE ASLI KONDU TEAM COVERAGE

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

Recommendation hold sell sell

Amt Held 3'990'201 25'960 18'480 8'205 6'422 6'214 1'000 842 738 84 54

% Out 81.88 0.53 0.38 0.17 0.13 0.13 0.02 0.02 0.02 0 0

Weighting

Change 3 1 1

N M M

Latest Chg (38) (1'357) -

Target Price #N/A N/A 115 140

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

File Dt 30.06.2012 27.09.2013 27.09.2013 30.04.2013 26.09.2013 30.06.2013 28.03.2013 30.04.2013 31.08.2013 27.09.2013 31.08.2013

Date Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.07.2013 02.10.2012 13.10.2010


30.09.2013

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 (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 328.00 192.50 92'412.00 242.5 -26.07% 25.97% 34.69% 2.8 687.98 0.33 0.0 0.0 84.82 638.98

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

50

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 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

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 213.0 2.74x 38.9 15.02x 27.1 24.69x 38.86 27.32 12.83% 15.91% 9.77% 11.14% 0.83% 20.2% 15.0% 9.7% 12.7% 6.54 4.41 0.13% 0.15% 6.34 3.54

Price/ Cash Flow

06/yy 218.5 9.46x 45.1 14.09x 31.8 22.28x

LTM 06/yy 206.2 12.13x 31.0 19.00x 24.3 26.26x

0.00 0.69 4.20% 3.53% 0.687 1 1.000 53'365 36'821 28'753

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

14.43 11.75 -1.58 0.00 0.1% 0.1% 0.83 2.73 57.60 103.11 41.51 116.00

Sales/Revenue/Turnover

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 JOHN HANCOCK ADVISER BESSEMER GROUP INCOR VANGUARD GROUP INC

Firm Name EVA Dimensions

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

Analyst TIMOTHY STANISH

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

Recommendation sell

Amt Held 969'679 564'903 498'716 83'300 15'084 9'260 5'408 1'523 428 -

% Out 34.18 19.91 17.58 2.94 0.53 0.33 0.19 0.05 0.02 0

Weighting

Change 1

M

Latest Chg (32) (5'744)

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 30.06.2013 30.04.2013 26.09.2013 31.08.2013 30.04.2013 30.06.2013

Date Not Provided

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

Date 06.06.2013


30.09.2013

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 12

8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 12.40 5.66 597'643.00 7.48 -39.68% 32.16% 28.49% 64.9 485.19 26.99 0.0 0.0 103.96 423.36

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

4 2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

a-13

s-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 182.8 18.7 12.3 6.33x

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

10

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

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 550.2 1.15x 25.4 24.91x 17.1 41.56x 25.42 18.52 3.37% 4.15% 1.98% 3.55% 1.17% 10.9% 3.8% 2.5% 3.1% 1.94 1.51 4.49% 8.95% 2.86 11.19

Price/ Cash Flow

06/yy 427.0 8.54x 15.4 76.98x 6.0 215.45x

LTM 06/yy 558.1 3.47x 21.3 0.00x 9.4 62.30x

0.66 -27.63% -23.66% 0.665 1 1.000 1'810'439 1'350'640 1'129'518

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

9.16 5.67 8.9% 8.2% 1.17 26.36 127.72 32.62 68.46 100.60

Sales/Revenue/Turnover

80.00

600.0

70.00

500.0

60.00

400.0

50.00 40.00

300.0

30.00

200.0

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

01.07.2013

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 |


30.09.2013

Netas Telekomunikasyon AS Holdings By:

All

Holder Name NORTEL NETWORKS CORP TSK GUCLENDIRME VAKF BANK OF NEW YORK MEL FORWARD MANAGEMENT L BLACKROCK DIMENSIONAL FUND ADV SEAFARER CAPITAL PAR SEI INVESTMENT MANAG JO HAMBRO CAPITAL MA JOHN HANCOCK ADVISER BESSEMER GROUP INCOR ERSTE SPARINVEST KAG STATE STREET CORP FLEXSHARES TRUST VANGUARD GROUP INC

Firm Name EVA Dimensions ATA Invest

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

Analyst ANDREW S ZAMFOTIS MERT BOSTANOGLU

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

Recommendation sell not rated

Amt Held 34'459'400 9'729'720 1'177'860 667'700 289'445 285'200 180'000 160'409 117'394 48'217 26'330 20'000 1'949 907 -

% Out 53.12 15 1.82 1.03 0.45 0.44 0.28 0.25 0.18 0.07 0.04 0.03 0 0 0

Weighting

Change

1 #N/A N/A

D M

Latest Chg 37'191 180'000 18'035 117'394 (101'940)

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 27.09.2013 30.06.2013 26.09.2013 30.04.2013 30.06.2013 30.04.2013 30.06.2013 31.08.2013 30.04.2013 28.03.2013 27.09.2013 31.08.2013 30.06.2013

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 Investment Advisor Unclassified

Date 20.05.2013 02.12.2011


30.09.2013

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.

Price/Volume 7

40.0 M

6

35.0 M

5

30.0 M 25.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 6.12 4.15 753'782.00 5.3 -13.40% 27.71% 60.41% 305.1 1'617.15 557.64 0.0 0.0 11.57 2'184.04

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

15.0 M

2

10.0 M

1

5.0 M

0 o-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

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 1'424.0 1.52x 205.3 10.57x 92.9 17.48x 205.29 138.60 9.73% 8.05% 9.82% 26.21% 1.19% 22.8% 17.6% 11.4% 6.5% 1.01 0.64 44.82% 113.73% 3.84 3.87

Price/ Cash Flow

06/yy 1'403.4 5.41x 163.2 19.23x 73.5 35.54x

d-12

j-13

f-13 m-13

LTM 06/yy 1'440.4 6.04x 253.3 9.20x 118.8 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.64 15.83% 4.08% 0.637 3 1.667 1'577'994 1'499'399 1'072'201 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'548.5 1'715.0 419.0 441.0 0.66x 0.55x 227.5 243.5 9.60x 8.97x 103.0 106.8 15.59x 15.14x 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

3.99 0.31 2.24 2.27 113.7% 53.2% 1.19 3.19 95.15 94.37 40.16 138.29

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

.0 M n-12

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 772.2 0.59x 100.3 4.57x 31.8 7.96x

20.0 M

3

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Brisa Bridgestone Sabanci Sanayi ve Ticaret AS Holdings By:

All

Holder Name HACI OMER SABANCI HO BANK OF NEW YORK MEL JP MORGAN NIPPON LIFE INSURANC FRANK RUSSELL TRUST DIMENSIONAL FUND ADV BESSEMER GROUP INCOR JOHN HANCOCK ADVISER

Firm Name IS Investment & Securities EVA Dimensions Goldman Sachs

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

Analyst ILYAS SAFA URGANCI CRAIG STERLING ASLI TUNCER

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

Recommendation underperform hold Sell/Neutral

Amt Held 133'111'379 1'567'599 1'104'670 583'904 384'939 147'436 21'074 19'393

% Out 43.63 0.51 0.36 0.19 0.13 0.05 0.01 0.01

Weighting

Change 1 3 1

M U M

Latest Chg 212'830 -

Target Price 4 #N/A N/A 5

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

File Dt 31.12.2007 27.09.2013 31.05.2013 22.04.2013 30.06.2013 30.04.2013 30.04.2013 31.08.2013

Date Not Provided Not Provided 12 month

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

Date 05.09.2013 27.08.2013 11.07.2013


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (06.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 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

05/2013 02/yy 45.80 23.40 336'790.00 26.6 -41.92% 13.68% 13.84% 13.9 370.82 171.92 0.0 (0.0) 7.10 559.53

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 .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 31.05.2009 60.3 4.57x 52.3 5.28x 88.3 2.97x

50 45 40 35 30 25 20 15 10 5 0 o-12

31.05.2010 31.05.2011 70.6 131.0 6.52x 9.37x 55.6 (30.3) 8.28x 76.4 (159.6) 5.19x Profitability

LTM-4Q 31.05.2012 224.8 2.68x (5.5) (35.9) -

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

31.05.2013 322.7 (99.9) -5.52 -34.51 -15.35% -16.02% -18.09% 0.74% -4.7% 3.5% -9.1% -31.0% 0.23 0.16 29.54% 8.15 23.35

Price/ Cash Flow

02/yy 166.2 19.75x 7.3 80.77x (21.8) 0.00x

LTM 02/yy 306.1 9.72x 10.8 71.39x (74.3) 0.00x

0.70 -37.26% -34.32% 0.697 1 1.000 262'477 213'107 153'033

FY+1

FY+2

FQ+1

FQ+2

05/14 Y

05/15 Y

05/13 Q4

08/13 Q1

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

-

-0.38 -0.80 17.40 18.15 0.74 24.73 44.78 15.63 99.55 -27.24

Sales/Revenue/Turnover

30.00

350.0

25.00

300.0 250.0

20.00

200.0 15.00

150.0

10.00

100.0

5.00

50.0

0.00 04.06.2010

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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


30.09.2013

Galatasaray Sportif Sinai ve Ticari Yatirimlar AS Holdings By:

All

Holder Name GALATASARAY SPOR KLU BLACKROCK DIMENSIONAL FUND ADV ERSTE SPARINVEST KAG DIAM VANGUARD GROUP INC

Firm Name EVA Dimensions

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

Analyst CRAIG STERLING

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

Recommendation underweight

Amt Held 2'324'670 54'191 10'389 5'168 587 -

% Out 16.68 0.39 0.07 0.04 0 0

Weighting

Change 1

D

Latest Chg (229) 5'361 587 (17'654)

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 26.09.2013 30.04.2013 28.03.2013 13.04.2012 30.06.2013

Date Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified

Date 24.09.2013


30.09.2013

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 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (27.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 39.80 23.40 53'270.00 32.9 -17.34% 40.60% 60.98% 28.4 932.72 268.44 0.0 0.5 89.36 1'200.15

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

15 10 5 0 o-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

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

Market Data

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

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 1'426.1 0.67x 83.8 11.45x 39.5 19.30x 83.75 51.47 3.61% 3.53% 0.73% 1.79% 0.79% 9.8% 2.8% 0.90 0.45 18.43% 43.40% 8.79 -

Price/ Cash Flow

06/yy 1'453.4 2.39x 108.6 9.26x 48.0 16.68x

LTM 06/yy 1'202.5 1.94x 41.7 0.00x 11.1 73.24x

0.94 23.76% 23.31% 0.943 1 1.000 166'121 106'462 111'505

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

4.26 1.68 43.4% 30.3% 0.79 1.52 41.51 -7.08

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

n-12

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 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

35

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 JOHN HANCOCK ADVISER BESSEMER GROUP INCOR VANGUARD GROUP INC

Firm Name EVA Dimensions Global Menkul Degerler

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

Analyst TIMOTHY STANISH TEAM COVERAGE

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

Recommendation sell market perform

Amt Held 20'831'453 1'890'000 263'139 90'534 56'318 15'924 2'472 -

% Out 73.48 6.67 0.93 0.32 0.2 0.06 0.01 0

Weighting

Change 1 3

M M

Latest Chg 1'044 (309) (37'645)

Target Price #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 30.04.2013 27.09.2013 26.09.2013 31.08.2013 30.04.2013 30.06.2013

Date Not Provided Not Provided

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

Date 06.06.2013 22.06.2010


30.09.2013

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

1.2 M

.8 M

40

12/2012 06/yy 72.50 41.70 158'377.00 55.75 -23.10% 33.69% 39.12% 11.9 664.41 29.10 0.0 0.0 17.17 639.36

.6 M

30 20

.4 M

10

.2 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 31.12.2009 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

LTM-4Q 31.12.2011 1'235.7 0.50x 98.4 6.24x 61.6 8.05x

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 1'134.7 0.70x 94.5 8.42x 49.6 15.80x 94.50 68.44 6.03% 5.44% 9.10% 15.15% 1.80% 14.2% 8.8% 6.5% 4.4% 2.23 1.19 5.01% 7.88% 5.18 7.14

Price/ Cash Flow

06/yy 1'223.4 2.31x 83.4 8.61x 41.4 15.98x

LTM 06/yy 1'100.0 2.61x 97.0 5.66x 55.7 10.32x

0.87 -1.31% -14.07% 0.874 1 5.000 122'470 161'788 128'194

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

8.56 5.68 -0.26 0.01 7.9% 7.3% 1.80 7.07 70.43 51.13 46.46 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

50

Latest Fiscal Year: LTM as of: 52-Week High (17.12.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

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

1.4 M

70 60

Valuation Analysis

31.12.2008 765.2 0.12x 27.1 3.42x 7.7 9.58x

80

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Goodyear Lastikleri TAS Holdings By:

All

Holder Name GOODYEAR TIRE & RUBB DIMENSIONAL FUND ADV BLACKROCK JOHN HANCOCK ADVISER BESSEMER GROUP INCOR ERSTE SPARINVEST KAG NOMURA INTERNATIONAL VANGUARD GROUP INC

Firm Name EVA Dimensions

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

Analyst CRAIG STERLING

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

Recommendation buy

Amt Held 6'048'064 67'713 21'970 8'642 2'500 2'000 930 -

% Out 50.75 0.57 0.18 0.07 0.02 0.02 0.01 0

Weighting

Change 5

U

Latest Chg (2'842'557) 13'546 (130) (18'312)

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 30.04.2013 26.09.2013 31.08.2013 30.04.2013 28.03.2013 31.03.2013 30.06.2013

Date Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 07.06.2013


30.09.2013

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 (29.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2013 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 06/yy 1.80 0.87 8'322'175.00 1.02 -43.24% 17.24% 18.34% 460.0 469.20 243.53 0.0 (7.0) 14.40 846.85

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

31.12.2009 31.12.2010 292.3 553.9 1.06x 0.82x (10.5) (9.1) (51.1) (35.2) Profitability

100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M n-12

LTM-4Q 31.12.2011 798.3 0.52x 40.2 10.42x (27.8) -

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 582.7 0.92x (0.9) (59.1) -0.88 -25.39 -4.36% -11.28% -6.90% -27.35% 1.06% 4.4% 1.6% -1.6% -10.1% 1.26 0.35 33.42% 93.73% 7.17 6.07

Price/ Cash Flow

06/yy 682.9 2.72x 24.2 22.85x (32.6) 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 835.9 3.00x 13.6 55.92x (54.4) 0.00x

a-13 m-13

j-13

j-13

a-13

s-13

FY+1

0.00 0.93 -0.29% -8.53% 0.932 2 3.000 11'051'320 9'432'902 12'243'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 917.5 827.5 0.71x 0.74x 45.0 40.5 18.82x 20.91x (12.5) 13.0 25.50x 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

28.52 30.71 93.7% 49.1% 1.06 2.82 50.90 60.12 97.15 29.78

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

120.0 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 206.5 1.43x (7.5) (43.4) -

2 2 2 1 1 1 1 1 0 0 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

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 Garanti Yatirim Menkul Kiymetler Global Menkul Degerler Yatirim Finansman Securities IS Investment & Securities

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

Analyst ONUR MARSAN TEAM COVERAGE ZUMRUT CAN ESRA SUNER

Source Research Research Research ULT-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 20 -

% Out 11.38 2.72 0.49 0.15 0 0

Weighting

Change

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

M M M M

Latest Chg (467'000)

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 30.12.2008 30.12.2008 30.12.2008 31.01.2013 28.03.2013 04.03.2013

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Other n/a Investment Advisor Investment Advisor Investment Advisor

Date 18.07.2013 16.07.2013 04.03.2011 03.01.2011


30.09.2013

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

4

10.0 M

4 3

8.0 M

3

12/2012 06/yy 4.07 2.53 884'814.00 2.85 -29.98% 12.65% 24.03% 225.0 641.25 309.16 0.0 0.0 120.23 859.82

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

2

4.0 M

1

2.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 57.3 4.12x (13.1) 45.2 7.74x

6.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

31.12.2009 31.12.2010 45.0 52.3 13.17x 15.73x (7.5) (8.9) 27.6 56.4 23.70x 15.40x Profitability

LTM-4Q 31.12.2011 11.0 54.03x (9.1) 97.9 5.10x

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 23.3 39.49x (11.0) 70.6 10.35x -10.99 -12.19 -52.34% 316.23% 5.50% 8.10% 6.92% 0.04% 3.4% -31.2% -34.1% 303.1% 5.58 3.53 30.24% 44.62% 7.84 -

Price/ Cash Flow

06/yy 13.3 206.26x (10.7) 0.00x 127.7 4.33x

LTM 06/yy 36.2 101.23x (11.3) 0.00x 56.2 12.78x

FY+1

0.92 0.56% -11.51% 0.919 8 4.875 1'565'762 1'284'875 1'007'198 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30.1 33.3 27.81x 25.02x 4.3 4.1 199.36x 209.71x 55.1 75.7 11.31x 7.66x 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

-0.82 -0.88 -31.28 44.6% 30.9% 0.04 3.65 46.57 -

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 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

01.07.2013

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 |


30.09.2013

Turcas Petrol AS Holdings By:

All

Holder Name AKSOY PETROL DAGITIM AKSOY HOLDING AS EAST CAPITAL ASSET M PIONEER DIMENSIONAL FUND ADV EATON VANCE MANAGEME NORDEA INVESTMENT FU RAIFFEISEN KAPITALAN BLACKROCK BZ WBK TOWARZYSTWO F VANGUARD GROUP INC NOMURA EUROBANK EFG MUTUAL FIRST TRUST EUROBANK EFG MUTUAL JOHN HANCOCK ADVISER PRUDENTIAL FINANCIAL WORLD INVEST OPPORTU KBC GROUP NV ALLIANZ HELLENIC MUT

Firm Name EVA Dimensions Ekspres Invest BGC Partners IS Investment & Securities Goldman Sachs Erste Group HSBC VTB Capital ATA Invest

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

Analyst DOUG WALTERS SELIM KUNTER EZGI YILMAZ ASLI OZATA KUMBARACI MATIJA GERGOLET TAMAS PLETSER BULENT YURDAGUL EKATERINA RODINA MERT BOSTANOGLU

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

Recommendation buy buy buy outperform Buy/Neutral accumulate overweight buy market perform

Amt Held 64'172'086 51'807'860 2'825'500 2'532'446 2'356'019 495'188 493'793 450'000 412'866 408'614 381'313 235'000 154'500 151'640 125'000 94'177 44'000 30'000 25'000 22'401

% Out 28.52 23.03 1.26 1.13 1.05 0.22 0.22 0.2 0.18 0.18 0.17 0.1 0.07 0.07 0.06 0.04 0.02 0.01 0.01 0.01

Weighting

Change 5 5 5 5 5 4 5 5 3

U M M M M M M N M

Latest Chg 2'825'500 42'068 (2'443) 71'360 22'401

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

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

File Dt 30.09.2009 30.09.2009 31.03.2013 30.04.2013 30.04.2013 31.07.2013 28.06.2013 28.06.2013 26.09.2013 31.12.2012 30.06.2013 11.07.2012 31.05.2013 27.09.2013 31.05.2013 31.08.2013 31.07.2013 31.08.2013 31.07.2013 31.05.2013

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

Inst Type Other Holding Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 23.09.2013 09.09.2013 04.09.2013 11.07.2013 24.05.2013 15.05.2013 10.04.2013 13.01.2012


30.09.2013

Global Yatirim Holding AS Global Yatirim Holding A.S. is a holding company with a diversified portfolio of companies active in Turkish infrastructure, energy, and financial services sectors.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLYHO TI EQUITY YTD Change GLYHO TI EQUITY YTD % CHANGE

12/2012 06/yy 1.99 1.18 228'909.00 1.28 -35.68% 8.47% 12.35% 225.0 288.00 445.58 0.0 239.7 76.73 1'047.05

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 n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 188.6 2.08x (37.2) (66.8) -

2 2 2 1 1 1 1 1 0 0 0 o-12

31.12.2009 31.12.2010 68.2 201.6 5.49x 3.27x 2.2 1.5 172.00x 429.17x 80.0 209.5 1.92x 1.13x Profitability

LTM-4Q 31.12.2011 334.5 2.55x 26.3 32.38x (82.0) -

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 305.2 108.1 2.56x 26.30 -20.87 -6.24% -27.83% 8.36% 28.49% 0.12% 14.6% 35.4% 0.71 0.22 29.14% 102.36% 8.68 -

Price/ Cash Flow

06/yy 242.1 13.78x 46.6 17.38x (63.0) 0.00x

LTM 06/yy 187.0 15.51x 63.3 0.00x 126.0 2.50x

FY+1

0.75 3.29% 8.33% 0.747 3 3.667 1'210'338 599'872 600'143 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 296.0 334.5 78.5 97.0 13.34x 10.79x (6.0) 9.7 32.00x 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

0.89 -0.11 102.4% 39.8% 0.12 1.13 42.05 -23.74

Sales/Revenue/Turnover

60.00

14'000.0

50.00

12'000.0 10'000.0

40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

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

01.07.2013

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 |


30.09.2013

Global Yatirim Holding AS Holdings By:

All

Holder Name KUTMAN MEHMET DIMENSIONAL FUND ADV GOKER EROL JOHN HANCOCK ADVISER BESSEMER GROUP INCOR NEW YORK LIFE INVEST PIONEER

Firm Name Ekspres Invest Oyak Securities IS Investment & Securities EVA Dimensions Unlu Securities

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

Analyst ALPER AKALIN HASAN SENER MUSTAFA KUCUKMERAL DOUG WALTERS SELIN ONER

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

Recommendation hold market perform not rated buy not rated

Amt Held 57'495'090 7'615'870 488'707 344'289 67'762 55'866 -

% Out 25.55 3.38 0.22 0.15 0.03 0.02 0

Weighting

Change

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

U M M N M

Latest Chg 127'379 (377'547)

Target Price 1 1 #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 30.09.2012 30.04.2013 30.09.2012 31.08.2013 30.04.2013 31.07.2013 31.05.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor n/a Investment Advisor Investment Advisor Insurance Company Unclassified

Date 23.09.2013 05.09.2013 05.09.2013 26.07.2013 15.03.2013


30.09.2013

Fenerbahce Futbol AS Fenerbahce Futbol Anonim Sirke owns license rights to the Fenerbahce sports team brand. The Company receives broadcast, stadium, advertising, sponsorship, licensing and merchandising rights revenues.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.11.2012) 52-Week Low (06.09.2013) Daily Volume Current Price (9/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 FENER TI EQUITY YTD Change FENER TI EQUITY YTD % CHANGE

05/2013 02/yy 46.30 22.25 566'248.00 30.4 -34.34% 36.63% 29.31% 25.0 760.00 162.82 0.0 0.0 14.46 915.12

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

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 31.05.2009 56.3 22.41x 49.9 25.30x 63.8 19.78x

50 45 40 35 30 25 20 15 10 5 0 o-12

31.05.2010 31.05.2011 62.5 103.6 18.43x 17.09x 55.8 93.5 20.66x 18.93x 62.3 96.9 18.46x 18.26x Profitability

LTM-4Q 31.05.2012 246.6 4.96x 39.5 30.96x 6.0 180.40x

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

31.05.2013 246.5 1.6 556.25x 39.51 5.07 2.06% 2.03% 5.98% 0.77% 4.4% 21.1% 3.5% 0.7% 0.48 0.09 45.14% 139.72% 92.14 -

Price/ Cash Flow

02/yy 221.6 23.33x 60.9 20.36x 41.2 27.89x

LTM 02/yy 233.9 16.59x 39.2 0.00x (14.0) 0.00x

0.71 -30.05% -24.57% 0.713 1 1.000 441'777 186'683 167'211

FY+1

FY+2

FQ+1

FQ+2

05/14 Y

05/15 Y

05/13 Q4

08/13 Q1

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

-

3.09 3.24 139.7% 58.3% 0.77 52.44 3.97 -

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 04.06.2010

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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


30.09.2013

Fenerbahce Futbol AS Holdings By:

All

Holder Name FENERBAHCE SPOR KULU DIMENSIONAL FUND ADV BLACKROCK JOHN HANCOCK ADVISER VANGUARD GROUP INC FLEXSHARES TRUST

Firm Name EVA Dimensions

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

Analyst CRAIG STERLING

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

Recommendation underweight

Amt Held 21'750'000 37'470 31'772 6'193 -

% Out 87 0.15 0.13 0.02 0 0

Weighting

Change 1

U

Latest Chg (188) (13'524) (411)

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 30.04.2013 26.09.2013 31.08.2013 30.06.2013 31.08.2013

Date Not Provided

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

Date 20.09.2013


30.09.2013

TAT Konserve Sanayii AS Tat Konserve Sanayii A.S. produces canned and frozen foods, jam, fruit juice, soup, pasta, meat and dairy products under Tat, Fidan, Maret, Pastavilla and Sek brand names.

Price/Volume 4

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

3 3 2

Valuation Analysis

2

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATKS TI EQUITY YTD Change TATKS TI EQUITY YTD % CHANGE

12/2012 06/yy 3.02 2.09 225'331.00 2.57 -14.90% 22.97% 52.69% 136.0 349.52 276.29 0.0 32.9 1.03 604.35

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

1 0 o-12

31.12.2009 31.12.2010 693.7 786.9 1.01x 1.12x 70.2 57.9 10.01x 15.20x 33.1 17.6 12.56x 33.21x Profitability

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 758.4 0.71x 36.1 14.92x 9.0 27.99x

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 777.7 0.80x 45.6 13.67x 2.7 16.16x 45.63 28.82 3.71% 1.79% 1.56% 4.51% 1.33% 20.3% 6.4% 4.3% 0.3% 1.66 0.81 46.27% 138.79% 3.51 5.27

Price/ Cash Flow

06/yy 812.8 3.04x 41.2 14.31x 12.8 22.57x

LTM 06/yy 785.9 3.20x 50.0 12.68x 9.2 14.57x

FY+1

0.81 1.98% 10.78% 0.809 7 3.286 494'367 323'566 257'608 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 879.7 999.5 282.0 177.0 0.45x 0.39x 52.5 69.7 11.50x 8.67x 19.7 28.3 17.97x 12.42x 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

1.54 0.94 4.45 4.47 138.8% 54.4% 1.33 5.58 104.02 69.32 32.76 145.91

Sales/Revenue/Turnover

100.00

900.0

90.00

800.0

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 01.01.2010

n-12

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 629.1 0.75x 50.7 9.37x (4.3) -

1

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

TAT Konserve Sanayii AS Holdings By:

All

Holder Name KOC HOLDING AS KAGOME CO LTD TEMEL TICARET VE YAT SARASIN SUMITOMO CORP WASATCH ADVISORS INC MORGAN STANLEY NORGES BANK DIMENSIONAL FUND ADV NORDEA INVESTMENT FU BLACKROCK DWS INVESTMENTS JOHN HANCOCK ADVISER VANGUARD GROUP INC GUSTAVIADAVEGARDH FO

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

Portfolio Name 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 n/a Multiple Portfolios

Analyst CRAIG STERLING MELDA AGIRDAS BULENT YURDAGUL MELIS POCAR ILYAS SAFA URGANCI IREM OKUTGEN ISMAIL OZER KENAN COSGUNER OZGUN YANAZ TEAM COVERAGE ERDEM HAFIZOGLU ZUMRUT CAN ERMAN TUTUNCUOGLU

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

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

Amt Held 59'364'947 5'071'168 4'427'889 2'942'580 2'077'983 1'910'000 1'699'222 1'437'182 1'194'437 713'300 425'985 103'000 48'085 -

% Out 43.65 3.73 3.26 2.16 1.53 1.4 1.25 1.06 0.88 0.52 0.31 0.08 0.04 0 0

Weighting

Change

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

U M M M M M M M M N M M M

Latest Chg 1'910'000 932'009 467'399 (2'259) (323'068) (400'000)

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

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

File Dt 31.12.2009 31.03.2013 31.12.2009 28.06.2013 31.12.2009 30.06.2013 30.06.2013 31.12.2012 30.04.2013 28.06.2013 26.09.2013 28.06.2013 31.08.2013 30.06.2013 31.03.2013

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

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

Date 27.09.2013 23.09.2013 05.09.2013 05.09.2013 05.09.2013 18.07.2013 06.05.2013 16.04.2013 31.12.2012 21.03.2012 05.03.2012 27.02.2012 13.01.2012


30.09.2013

Teknosa Ic Ve Dis Ticaret AS Teknosa Ic Ve Dis Ticaret AS operates a chain of retail electronics stores. The Company's stores offer a wide range of consumer goods, including mobile phones, televisions, notebook computers as well as various technology goods. Teknosa serves customers throughout Turkey.

Price/Volume 16

3.5 M

14

3.0 M

12

2.5 M

10

Latest Fiscal Year: LTM as of: 52-Week High (23.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TKNSA TI EQUITY YTD Change TKNSA TI EQUITY YTD % CHANGE

12/2012 06/yy 14.25 6.94 173'238.00 11.75 -17.54% 69.31% 65.12% 110.0 1'292.50 0.00 0.0 186.60 1'121.54

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

-

4

1.0 M

2

.5 M

0 o-12

31.12.2009 31.12.2010 1'145.5 1'292.0 37.8 32.6 7.8 4.6 Profitability

31.12.2012 2'329.7 50.4 16.43x 78.94 59.41 3.56% 3.57% 6.64% 27.82% 3.33% 21.9% 2.2% 1.09 0.47 0.00% 0.00% 47.87 -

06/yy 991.0 0.71x 41.2 0.00x 20.4 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 2'689.7 0.76x 42.9 0.00x 53.7 22.74x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

56.25% 55.84% 9 4.000 164'473 172'956 194'693 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'929.7 3'505.1 0.32x 0.25x 126.0 149.0 8.90x 7.53x 58.3 69.2 22.51x 19.07x 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

16.90 10.98 0.0% 0.0% 3.33 27.45 7.62 -22.84

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

.0 M n-12

LTM-4Q 31.12.2011 1'669.6 78.9 50.2 -

1.20

0.80

1.5 M

6

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

2.0 M

8

Valuation Analysis

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 |


30.09.2013

Teknosa Ic Ve Dis Ticaret AS Holdings By:

All

Holder Name SOMPO JP NIHON KOA A NORGES BANK FRANK RUSSELL TRUST HANDELSBANKEN FONDER INVESCO LTD UNIVERSAL INVESTMENT JYSKE INVEST IFM - INDEPENDENT FU ERSTE SPARINVEST KAG HOLBERG FONDSFORVALT ALLIANZ ASSET MANAGE DANSKE INVEST MANAGE DEXIA ASSET MANAGEME DEXIA ASSET MANAGEME

Firm Name Burgan Securities Eczacibasi Securities HSBC Oyak Securities Ak Investment EVA Dimensions Erste Group BGC Partners BNP Paribas Equity Research

Portfolio Name 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

Analyst ECE MANDACI AKIF DASIRAN BULENT YURDAGUL MUSTAFA ONER BORA TEZGULER CRAIG STERLING GORKEM GOKER BARIS INCE SABRIYE GOZDE CULLAS

Source 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

Recommendation buy market perform overweight outperform market perform underweight accumulate buy buy

Amt Held 325'000 175'758 158'945 120'000 117'000 110'000 64'692 59'000 50'000 50'000 25'000 21'000 -

% Out 0.3 0.16 0.14 0.11 0.11 0.1 0.06 0.05 0.05 0.05 0.02 0.02 0 0

Weighting

Change 5 3 5 5 3 1 4 5 5

N M M M M N M M M

Latest Chg 325'000 (70'000) 23'300 110'000 (109'000) (49'000) (4'500) (40'000)

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

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

File Dt 04.03.2013 31.12.2012 30.06.2013 30.08.2013 28.02.2013 30.07.2013 31.07.2013 31.05.2013 28.03.2013 30.08.2013 31.07.2013 28.06.2013 30.08.2013 30.08.2013

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

Inst Type Investment Advisor Government 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 30.09.2013 25.09.2013 05.09.2013 05.09.2013 04.09.2013 20.08.2013 13.08.2013 05.07.2013 09.05.2013


30.09.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 7.68 5.50 330'986.00 6.12 -20.31% 11.27% 28.44% 70.0 428.40 7.48 0.0 34.5 177.45 278.63

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

4.0 M

7

3.5 M

6

3.0 M

5

2.5 M

4

2.0 M

3

1.5 M

2

1.0 M

1

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 1'959.0 0.03x (10.4) 9.4 16.18x

8

31.12.2009 31.12.2010 1'774.4 2'032.6 0.12x 0.11x (24.7) (0.6) 72.9 19.7 4.65x 18.15x Profitability

LTM-4Q 31.12.2011 2'371.3 0.07x (11.8) 19.7 15.62x

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 1'715.1 0.18x (8.1) 15.3 28.91x -8.09 -8.99 -0.52% 1.39% 1.14% 1.21% 1.16% 1.3% -0.3% -0.4% 0.9% 14.37 14.22 0.58% 0.62% 102.72 -

Price/ Cash Flow

06/yy 2'418.5 0.40x (14.6) 0.00x 11.0 43.41x

LTM 06/yy 1'385.5 0.69x (3.9) 0.00x 13.7 30.15x

0.78 7.76% -1.11% 0.776 1 5.000 320'782 329'566 289'396

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

-38.53 -40.64 0.6% 0.6% 1.16 1684.01 3.55 -

Sales/Revenue/Turnover

160.00

3'000.0

140.00

2'500.0

120.00

2'000.0

100.00 80.00

1'500.0

60.00

1'000.0

40.00

500.0 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

01.07.2013

199219931994199519961997199819992000200120022003200420052006200720082009201020112012

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


30.09.2013

Eczacibasi Yatirim Holding Ortakligi AS Holdings By:

All

Holder Name ECZACIBASI HOLDING A SKAGEN AS DIMENSIONAL FUND ADV BLACKROCK PRUDENTIAL FINANCIAL BESSEMER GROUP INCOR JOHN HANCOCK ADVISER SCHRODER INVESTMENT VANGUARD GROUP INC

Firm Name EVA Dimensions

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

Analyst TIMOTHY STANISH

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

Recommendation overweight

Amt Held 39'593'943 3'362'732 1'158'156 193'834 92'251 13'370 7'623 4'817 -

% Out 56.56 4.8 1.65 0.28 0.13 0.02 0.01 0.01 0

Weighting

Change 5

M

Latest Chg 848 19'030 (1'014) (149'717)

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 30.08.2013 30.04.2013 26.09.2013 31.07.2013 30.04.2013 31.08.2013 30.06.2013 30.06.2013

Date Not Provided

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

Date 06.06.2013


30.09.2013

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

2

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 2.80 1.58 927'596.00 1.9 -32.14% 20.25% 26.23% 335.5 637.37 996.80 0.0 76.1 333.01 1'634.83

8.0 M 6.0 M

1

4.0 M 1

2.0 M

0 o-12

31.12.2009 31.12.2010 4'644.9 5'290.0 0.31x 0.28x 514.5 335.7 2.77x 4.34x 74.1 38.4 11.77x 21.30x Profitability

LTM-4Q 31.12.2011 6'976.6 0.15x 619.5 1.71x (35.4) -

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 7'514.5 0.18x 112.4 12.23x (112.8) 112.37 -75.43 -1.00% -2.06% -3.27% -16.34% 1.19% 12.1% 3.4% 0.0% -1.5% 1.02 0.60 20.28% 78.76% 3.76 4.00

Price/ Cash Flow

06/yy 7'997.7 0.59x 432.3 2.68x (68.6) 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 6'495.3 0.97x 218.2 8.17x (179.0) 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.93 3.83% 0.53% 0.927 5 3.000 2'001'685 2'398'646 2'824'225 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'751.0 9'464.3 0.13x 0.12x 383.7 513.7 4.26x 3.18x (20.1) 28.1 63.33x 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

22.12.2008 BSTABLE 0.86 -0.89 4.05 6.04 78.8% 42.6% 1.19 6.33 97.16 91.18 195.90 1.48

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 01.01.2010

.0 M n-12

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

14.0 M

2

Valuation Analysis

31.12.2008 4'693.9 0.14x 389.0 1.68x (408.1) -

16.0 M

3

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Vestel Elektronik Sanayi ve Ticaret AS Holdings By:

All

Holder Name COLLAR HOLDING NETHE COLLAR HOLDING PUBLI DIMENSIONAL FUND ADV BLACKROCK ACADIAN ASSET MANAGE VANGUARD GROUP INC ACADIAN ASSET MANAGE EATON VANCE MANAGEME JOHN HANCOCK ADVISER STATE STREET CORP ERSTE SPARINVEST KAG OYSTER ASSET MANAGEM ING INVESTMENT MANAG BESSEMER GROUP INCOR FMR LLC NEW YORK LIFE INVEST SCHRODER INVESTMENT ING INVESTMENT MANAG SWEDBANK ROBUR FONDE

Firm Name Goldman Sachs BGC Partners Global Menkul Degerler FinansInvest Seker Securities EVA Dimensions Oyak Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a 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 ASLI TUNCER BARIS INCE TEAM COVERAGE TEAM COVERAGE BURAK DEMIRBILEK CRAIG STERLING TEAM COVERAGE

Source Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-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 Buy/Neutral hold market perform not rated Under Review underweight market perform

Amt Held 216'067'402 34'887'455 3'434'112 1'559'907 1'529'130 734'660 638'164 209'707 159'179 154'824 120'000 86'244 58'011 26'406 25'322 24'553 17'579 -

% Out 64.41 10.4 1.02 0.47 0.46 0.22 0.19 0.06 0.05 0.05 0.04 0.03 0.02 0.01 0.01 0.01 0.01 0 0

Weighting

Change

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

U M M M M M M

Latest Chg (3'607) (34'314) 17'579 (238'657) (500'000)

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

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

File Dt 31.12.2012 31.12.2012 30.04.2013 26.09.2013 28.06.2013 30.06.2013 31.07.2013 31.07.2013 31.08.2013 27.09.2013 28.03.2013 28.02.2013 28.06.2013 30.04.2013 31.07.2013 31.07.2013 31.12.2012 30.06.2013 30.06.2012

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

Inst Type Corporation Other 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 Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 12.09.2013 05.07.2013 01.07.2013 25.06.2013 24.06.2013 17.01.2013 20.12.2012


30.09.2013

Gozde Girisim Sermayesi Yatirim Ortakligi AS Gozde Girisim Sermayesi Yatirim Ortakligi AS offers a wide range of financial services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 6.02 3.65 265'584.00 4.27 -29.07% 16.99% 26.16% 134.5 574.20 696.59 0.0 (17.1) 6.96 1'434.35

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

1.20

31.12.2009 -

35.0 M

6

30.0 M

5

25.0 M

4

20.0 M

3

15.0 M

2

10.0 M

1

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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

7

Profitability

31.12.2010 0.6 225.02x (0.2) -

LTM-4Q 31.12.2011 140.1 4.81x (6.1) (20.5) -

31.12.2012 159.4 8.06x 32.0 40.13x 76.8 7.51x 32.01 30.62 19.21% 53.81% 3.76% 12.76% 39.7% 48.2% 0.52 0.20 54.52% 158.36% -

06/yy 214.7 10.18x (8.8) 0.00x (19.2) 0.00x

LTM 06/yy 245.1 21.35x 59.9 25.28x 48.8 12.20x

0.74 7.83% -6.15% 0.742 1 5.000 985'682 989'536 1'199'136

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

1.05 -0.03 14.79 14.93 158.4% 62.2% 266.27

Sales/Revenue/Turnover

180.0 160.0

1.00 0.80

140.0 120.0 100.0

0.60

80.0 60.0

0.40 0.20

40.0 20.0 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 |


30.09.2013

Gozde Girisim Sermayesi Yatirim Ortakligi AS Holdings By:

All

Holder Name JOHN HANCOCK ADVISER DWS INVESTMENTS

Firm Name EVA Dimensions

Portfolio Name Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source MF-AGG MF-AGG

Recommendation buy

Amt Held 42'275 1'000

% Out 0.03 0

Latest Chg -

Weighting

Change

Target Price

5

U

#N/A N/A

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

File Dt 31.08.2013 28.06.2013

Date Not Provided

Inst Type Investment Advisor Investment Advisor

Date 16.09.2013


30.09.2013

Tekstil Bankasi AS Tekstil Bankasi A.S. provides corporate and retail banking, Internet banking, credit cards, investment management, leasing and factoring services through its branches in major cities in the western Turkey.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.05.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEKST TI EQUITY YTD Change TEKST TI EQUITY YTD % CHANGE

12/2012 06/yy 1.86 0.67 3'607'717.00 1.49 -19.89% 122.39% 73.95% 420.0 625.80 260.26 0.0 0.0 483.37 -

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

31.12.2009 31.12.2010 305.1 238.1 16.2 20.0 27.55x 22.63x Profitability

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 n-12

LTM-4Q 31.12.2011 313.6 24.6 10.57x

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 380.4 26.1 14.34x 17.38% 17.38% 0.54% 3.49% 1.77% 0.10% 13.6% 7.06% 45.27% -

Price/ Cash Flow

06/yy 365.9 0.00x 0.0 0.00x 27.8 11.02x

d-12

j-13

f-13 m-13

LTM 06/yy 358.6 0.00x 0.0 0.00x 19.3 32.17x

a-13

m-13

j-13

j-13

a-13

s-13

1.05 109.86% 67.42% 1.050 1 3.000 9'084'068 8'697'513 8'222'545

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

45.3% 31.2% 0.10 4.14 -

Sales/Revenue/Turnover

160.00

500.0

140.00

450.0 400.0

120.00

350.0

100.00

300.0

80.00

250.0 200.0

60.00

150.0

40.00

100.0

20.00

50.0

0.00 01.01.2010

90.0 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 465.7 5.3 38.28x

2 2 2 1 1 1 1 1 0 0 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Tekstil Bankasi AS Holdings By:

All

Holder Name DIMENSIONAL FUND ADV BLACKROCK JOHN HANCOCK ADVISER BESSEMER GROUP INCOR SCHRODER INVESTMENT BNP PARIBAS

Firm Name EVA Dimensions

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

Analyst DOUG WALTERS

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

Recommendation hold

Amt Held 3'501'899 649'974 140'973 62'692 48'283 -

% Out 0.83 0.15 0.03 0.01 0.01 0

Weighting

Change 3

U

Latest Chg 192'983 (3'846) 48'283 -

Target Price #N/A N/A

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

File Dt 30.04.2013 26.09.2013 31.08.2013 30.04.2013 31.12.2012 30.04.2013

Date Not Provided

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

Date 06.09.2013


30.09.2013

OMV Petrol Ofisi AS OMV Petrol Ofisi AS imports, manufactures, stores and markets fuels, gasoline and lubricants in Turkey.

Price/Volume 7

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

6 5 4

Valuation Analysis

3

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTOFS TI EQUITY YTD Change PTOFS TI EQUITY YTD % CHANGE

12/2012 06/yy 6.80 4.24 98'665.00 4.54 -33.24% 7.08% 11.72% 577.5 2'621.85 3'209.49 0.0 11.7 38.23 6'040.87

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

1 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 17'202.2 0.05x 941.1 0.92x 105.5 14.39x

2

31.12.2009 31.12.2010 14'094.9 16'140.7 0.23x 0.41x 782.3 572.0 4.23x 11.63x 287.4 (41.3) 11.56x Profitability

LTM-4Q 31.12.2011 19'548.7 0.29x 537.4 10.58x (204.9) -

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 20'202.2 0.29x 615.3 9.51x 15.4 172.91x 615.32 302.65 1.50% 0.22% -0.35% -1.27% 3.03% 4.4% 2.7% 1.2% 0.1% 1.54 0.85 45.98% 162.03% 10.80 22.17

Price/ Cash Flow

LTM

06/yy 19'708.7 1.19x 582.7 10.05x (23.8) 0.00x

06/yy 22'179.3 1.11x 600.2 10.37x (25.5) 0.00x

0.91 -5.22% -1.73% 0.909 1 3.000 198'636 141'091 191'316

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

07.02.2011 NR 1.98 1.20 5.68 5.85 162.0% 61.7% 3.03 23.17 33.79 16.46 19.43 32.63

Sales/Revenue/Turnover

90.00

25'000.0

80.00

20'000.0

70.00 60.00

15'000.0

50.00 40.00

10'000.0

30.00

5'000.0

20.00 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

01.07.2013

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 |


30.09.2013

OMV Petrol Ofisi AS Holdings By:

All

Holder Name OMV PETROL OFISI HLD OMV AG EATON VANCE MANAGEME IFM - INDEPENDENT FU NLB SKLADI BLACKROCK

Firm Name EVA Dimensions Ekspres Invest Oyak Securities ATA Invest IBG Research (ESN)

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

Analyst DOUG WALTERS SELIM KUNTER HASAN SENER ONDER ZORBA VASSILIS ROUMANTZIS

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

Recommendation hold sell market perform not rated suspended coverage

Amt Held 319'935'000 240'124'500 93'978 3'246 1 1

% Out 55.4 41.58 0.02 0 0 0

Latest Chg -

Weighting

Change

Target Price

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

N M M M M

#N/A N/A 7 7 #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 31.12.2012 31.12.2012 31.03.2013 31.05.2013 30.08.2013 28.06.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013 21.03.2011 03.02.2011 05.03.2010 07.07.2009


30.09.2013

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

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 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

12/2012 06/yy 3.11 2.13 1'055'587.00 2.24 -27.97% 5.16% 13.27% 60.0 134.40 224.37 0.0 48.9 32.81 396.65

16.0 M 14.0 M 12.0 M

2

10.0 M

2

8.0 M 6.0 M

1

4.0 M

1

2.0 M

0 o-12

31.12.2009 31.12.2010 787.3 774.8 0.74x 0.47x 29.9 13.7 19.56x 26.89x 0.6 23.9 793.57x 9.55x Profitability

LTM-4Q 31.12.2011 914.9 0.39x 38.4 9.40x 4.5 31.04x

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 938.3 0.42x (2.4) (10.1) -2.43 -21.40 -2.28% -0.61% -1.73% -4.33% 1.13% 17.0% 0.0% -2.1% -1.1% 0.96 0.26 26.15% 70.87% 14.25 3.63

Price/ Cash Flow

06/yy 975.7 1.64x 22.7 18.21x 5.1 31.23x

d-12

j-13

f-13 m-13

LTM 06/yy 950.5 1.28x (5.1) 0.00x (20.1) 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

0.79 -11.11% -11.81% 0.787 0 1'112'515 1'706'208 1'651'343

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

-0.14 -1.68 -610.44 70.9% 38.0% 1.13 4.00 25.62 100.45 60.03 63.28

Sales/Revenue/Turnover

180.00

1'000.0

160.00

900.0

140.00

800.0 700.0

120.00

600.0

100.00 80.00

500.0 400.0

60.00

300.0

40.00

200.0

20.00

100.0

0.00 01.01.2010

.0 M n-12

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

18.0 M

3 3

Valuation Analysis

31.12.2008 700.9 44.9 6.5 -

4

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Ittifak Holding A.S Holdings By:

All

Holder Name ADESE ALISVERIS MERK DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a n/a

Source EXCH ULT-AGG

Analyst

Recommendation

Amt Held 3'494'028 305'854

% Out 5.82 0.51

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 09.04.2012 30.04.2013

Date

Inst Type n/a Investment Advisor

Date


30.09.2013

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

2

50.0 M

1 1

40.0 M

1

12/2012 06/yy 1.72 1.00 4'408'987.00 1.3 -24.42% 30.00% 41.67% 500.0 650.00 2'667.32 0.0 2.2 187.38 3'427.65

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

1

20.0 M

0

10.0 M

0 0 o-12

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) -

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 525.2 5.82x 76.9 39.78x 589.2 0.94x 76.86 -51.63 -9.83% 115.34% 11.69% 0.12% 1.7% 14.2% -11.6% 112.2% 0.40 0.15 53.51% 462.90% 7.95 56.08

Price/ Cash Flow

06/yy 562.6 16.88x 29.8 82.34x (154.1) 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 494.7 18.64x 71.5 0.00x 467.5 1.48x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.74 23.81% 13.04% 0.743 7 3.143 2'839'288 2'501'075 2'682'068 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 658.5 882.7 2.05x 1.27x 140.0 261.8 24.48x 13.09x (66.1) 48.3 22.41x 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

0.33 -0.52 38.74 42.01 462.9% 82.2% 0.12 0.27 45.89 6.51 148.78 -177.63

Sales/Revenue/Turnover

100.00

800.0

90.00

700.0

80.00

600.0

70.00

500.0

60.00 50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

10.00 0.00 01.01.2010

.0 M n-12

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 667.0 3.06x 92.4 22.08x (336.3) -

30.0 M

1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Zorlu Enerji Elektrik Uretim AS Holdings By:

All

Holder Name ZORLU HOLDING AS KORTEKS MENSUCAT AS DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC EATON VANCE MANAGEME EATON VANCE ADVISORS JOHN HANCOCK ADVISER BESSEMER GROUP INCOR

Firm Name Ekspres Invest Seker Securities BNP Paribas Equity Research Oyak Securities IS Investment & Securities Global Menkul Degerler EVA Dimensions HSBC Garanti Yatirim Menkul Kiymetler Yatirim Finansman Securities ATA Invest

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

Analyst SELIM KUNTER BURAK DEMIRBILEK KENAN COSGUNER UYGAR GEZER ASLI OZATA KUMBARACI SERCAN UZUN DOUG WALTERS LEVENT BAYAR KERIM GOKOZ ZUMRUT CAN ERMAN TUTUNCUOGLU

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

Recommendation hold outperform reduce market perform outperform Under Review sell neutral not rated not rated Under Review

Amt Held 228'500'000 87'500'000 1'871'632 1'617'993 1'257'667 299'054 244'800 139'311 -

% Out 45.7 17.5 0.37 0.32 0.25 0.06 0.05 0.03 0

Weighting

Change

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

M M D M M M M M M M M

Latest Chg 134'687 (6'569) 194'346 -

Target Price 1 1 1 1 2 1 #N/A N/A 2 #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 23.04.2013 23.04.2013 30.04.2013 26.09.2013 30.06.2013 31.03.2013 31.07.2013 31.08.2013 30.04.2013

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

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

Date 23.09.2013 19.09.2013 12.09.2013 05.09.2013 04.09.2013 27.08.2013 06.06.2013 15.05.2013 04.01.2013 13.03.2012 23.12.2011


30.09.2013

Sasa Polyester Sanayi Sasa Polyester Sanyi A.S. 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. Sasa Polyester also operates a PET bottle recycling plant.

Price/Volume 2

35.0 M

1

30.0 M

1

25.0 M

1

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 03/yy 1.37 0.76 2'645'773.00 0.9 -34.31% 18.42% 22.95% 216.3 194.67 281.61 0.0 0.0 3.79 427.49

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

15.0 M

1 0

10.0 M

0

5.0 M

0 o-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

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 1'000.0 0.54x 11.8 45.46x (30.8) 11.77 -9.54 -0.95% -3.10% -3.91% -10.54% 1.46% 4.8% 1.0% -1.1% -3.1% 1.03 0.49 41.19% 115.57% 4.80 4.98

Price/ Cash Flow

03/yy 929.9 2.03x 60.3 7.79x 27.9 11.53x

d-12

j-13

f-13 m-13

LTM 03/yy 1'013.7 1.91x 9.7 50.72x (27.2) 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.80 -27.42% -24.37% 0.802 3 3.000 2'104'837 1'710'699 1'960'360 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'081.3 1'121.7 0.39x 0.35x 47.5 65.0 9.00x 6.58x 7.0 36.7 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

0.63 0.03 24.09 24.44 115.6% 53.6% 1.46 5.75 76.05 73.36 72.54 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

.0 M n-12

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 354.4 0.42x (22.0) (50.7) -

20.0 M

1

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Sasa Polyester Sanayi Holdings By:

All

Holder Name ADVANSA BV DIMENSIONAL FUND ADV BLACKROCK JOHN HANCOCK ADVISER BESSEMER GROUP INCOR NEW YORK LIFE INVEST VANGUARD GROUP INC DWS INVESTMENTS

Firm Name Ak Investment Global Menkul Degerler EVA Dimensions

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

Analyst BORA TEZGULER HASAN BAYHAN TIMOTHY STANISH

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

Recommendation market perform market perform hold

Amt Held 110'313'001 3'708'725 1'705'856 140'873 84'071 47'176 -

% Out 51 1.71 0.79 0.07 0.04 0.02 0 0

Weighting

Change 3 3 3

M M M

Latest Chg 122'285 (3'867) (623'343) (103'000)

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 07.08.2008 30.04.2013 26.09.2013 31.08.2013 30.04.2013 31.07.2013 30.06.2013 28.06.2013

Date 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Unclassified Investment Advisor

Date 04.09.2013 27.06.2013 06.06.2013


30.09.2013

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 5

12.0 M

4

10.0 M

4 3

8.0 M

3

12/2012 06/yy 4.35 1.69 2'490'794.00 2.26 -48.05% 33.73% 20.30% 375.0 847.50 481.04 0.0 18.4 88.44 1'452.70

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

2

4.0 M

1

2.0 M

1 0 o-12

31.12.2009 31.12.2010 727.4 919.9 0.47x 0.57x (4.2) 27.3 19.34x (10.1) 17.4 29.79x Profitability

LTM-4Q 31.12.2011 1'424.2 0.90x 92.6 13.78x 52.6 25.03x

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 1'598.9 1.18x (5.6) 0.4 3556.56x -5.62 -32.66 -2.04% 0.16% -3.86% -9.93% 1.05% -0.4% -0.3% -2.2% 0.0% 1.05 0.47 35.29% 81.89% 14.56 8.55

Price/ Cash Flow

06/yy 1'687.5 3.23x 53.7 31.72x 29.5 53.87x

d-12

j-13

f-13 m-13

LTM 06/yy 1'520.5 4.38x (4.9) 0.00x (55.7) 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.45 -46.45% -42.49% 0.447 2 2.000 1'752'509 752'027 641'302 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'683.0 1'901.0 10.0 82.0 145.27x 17.72x (30.0) 26.0 32.29x 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

-0.61 -37.92 -162.72 81.9% 44.3% 1.05 1.81 25.06 42.70 48.68 19.93

Sales/Revenue/Turnover

400.00

1'800.0

350.00

1'600.0

300.00

1'400.0 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

.0 M n-12

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 1'397.7 153.0 131.6 1.42x

6.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Izmir Demir Celik Sanayi AS Holdings By:

All

Holder Name SAHIN KOC CELIK SANA SAHIN HALIL YABANCI ORTAKLAR DIMENSIONAL FUND ADV BLACKROCK STATE STREET CORP JOHN HANCOCK ADVISER BESSEMER GROUP INCOR FLEXSHARES TRUST INVESCO LTD VANGUARD GROUP INC

Firm Name Ekspres Invest EVA Dimensions Global Menkul Degerler

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

Analyst KURTHAN ATMACA TIMOTHY STANISH TEAM COVERAGE

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

Recommendation hold sell market perform

Amt Held 223'648'160 51'796'355 7'769'528 2'611'064 614'681 228'069 135'199 25'002 4'467 975 -

% Out 59.64 13.81 2.07 0.7 0.16 0.06 0.04 0.01 0 0 0

Weighting

Change 3 1 3

M M M

Latest Chg (3'409) (7'040) (344'237)

Target Price 2 #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 30.04.2013 26.09.2013 27.09.2013 31.08.2013 30.04.2013 31.08.2013 25.02.2013 30.06.2013

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 Unclassified

Date 23.09.2013 06.06.2013 13.10.2010


30.09.2013

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

14

3.0 M

12

2.5 M

10

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 15.40 7.42 133'857.00 11.95 -22.40% 61.05% 54.89% 24.7 295.46 57.21 0.0 20.1 27.04 365.11

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

1.5 M

6 4

1.0 M

2

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 147.9 0.81x 35.0 3.40x 22.4 4.22x

2.0 M

8

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

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 210.2 1.67x 32.0 10.98x 14.8 20.38x 32.05 17.69 8.42% 9.61% 6.77% 11.30% 0.84% 22.8% 16.7% 9.9% 7.0% 2.32 1.28 21.55% 36.09% 3.60 4.61

Price/ Cash Flow

06/yy 212.7 4.40x 28.8 7.71x 14.2 11.09x

LTM 06/yy 218.5 6.15x 36.5 9.19x 17.7 15.05x

FY+1

0.75 56.31% -0.32% 0.755 1 3.000 180'585 177'227 199'524 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 237.0 249.0 50.7 7.20x 25.8 28.4 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

14.40 9.82 1.37 1.54 36.1% 24.3% 0.84 1.61 101.38 79.16 30.90 131.93

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

01.07.2013

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 |


30.09.2013

Alkim Alkali Kimya AS Holdings By:

All

Holder Name KORA ARKIN KORA CIHAT KORA REHA CLARIDEN SICAV DIMENSIONAL FUND ADV

Firm Name BGC Partners

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

Analyst ERDEM HAFIZOGLU

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

Recommendation hold

Amt Held 4'945'000 3'677'844 2'657'938 78'032 35'326

% Out 20 14.88 10.75 0.32 0.14

Weighting

Change 3

Latest Chg 35'326

Target Price

D

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

14

File Dt 30.09.2012 30.09.2012 30.09.2012 31.05.2013 31.01.2013

Date 12 month

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

Date 07.01.2013


30.09.2013

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 1

90.0 M

1

80.0 M

1

70.0 M 60.0 M

1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 0.74 0.44 4'863'529.00 0.53 -28.38% 20.45% 33.33% 300.0 159.00 42.44 0.0 33.0 2.39 236.47

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

40.0 M

0

30.0 M

0

20.0 M

0

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 43.1 1.46x 1.8 35.30x (3.9) -

50.0 M

0

31.12.2009 31.12.2010 433.8 486.1 0.31x 0.44x 15.1 23.4 9.01x 9.04x 4.0 20.6 32.78x 8.68x Profitability

LTM-4Q 31.12.2011 921.5 0.39x 46.8 7.69x (5.0) -

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 851.9 0.25x 44.0 4.79x (7.8) 44.04 14.55 1.71% -0.91% -0.29% -0.48% 1.47% 4.3% 6.3% 1.9% -0.9% 0.69 0.37 8.44% 12.63% 18.17 148.92

Price/ Cash Flow

06/yy 894.3 1.41x 55.3 4.79x (8.5) 0.00x

LTM 06/yy 800.8 1.13x 50.7 4.67x (1.6) 0.00x

0.58 1.92% 15.22% 0.584 0 5'557'852 5'412'367 4'029'570

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

5.38 1.19 0.91 1.00 12.6% 10.3% 1.47 3.74 20.09 2.45 24.81 8.92

Sales/Revenue/Turnover

25.00

1'000.0 900.0 800.0

20.00

700.0 15.00

600.0

10.00

500.0 400.0 300.0 200.0

5.00

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

01.07.2013

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 |


30.09.2013

Metro Ticari ve Mali Yatirimlar Holding AS Holdings By:

All

Holder Name DIMENSIONAL FUND ADV METRO YATIRIM MENKUL

Firm Name

Portfolio Name n/a n/a

Source ULT-AGG Research

Analyst

Recommendation

Amt Held 5'383'156 2'400'000

% Out 1.79 0.8

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 30.04.2013 20.03.2013

Date

Inst Type Investment Advisor Corporation

Date


30.09.2013

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

1.6 M 1.4 M

25

1.2 M 20

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (10.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 26.40 17.00 86'351.00 19.3 -26.89% 13.53% 22.34% 10.7 205.56 0.00 0.0 0.0 127.42 66.61

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

.6 M .4 M

5

.2 M

0 o-12

.0 M n-12

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

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 15.3 14.3 17.01x 7.64 5.59 28.35% 15.53% 15.63% 0.09% 44.4% 93.2% 29.08 22.97 0.00% 0.00% 9.44 -

Price/ Cash Flow

06/yy 15.2 15.59x 6.9 0.00x 19.6 9.49x

d-12

j-13

f-13 m-13

LTM 06/yy 26.0 6.44x 19.8 0.00x 43.1 4.55x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.76 4.00% -14.48% 0.759 3 4.333 156'232 257'084 193'755 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28.0 14.0 21.0 8.0 3.17x 8.33x 41.0 16.0 5.05x 12.53x 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

6406.38 6373.60 0.0% 0.0% 0.09 7116.86 38.68 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

.8 M

10

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 24.3 (0.4) 25.8 1.73x

1.0 M

15

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Alarko Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

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

Firm Name Sardis Securities EVA Dimensions Yapi Kredi Yatirim ve Menkul Degerler Ekspres Invest Burgan Securities FinansInvest

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

Analyst HAYDAR ACUN DOUG WALTERS ELVIN AKBULUT KURTHAN ATMACA MURAT IGNEBEKCILI GAYE ABIDIN

Source Research Research MF-AGG MF-AGG

Recommendation buy buy hold sell hold Under Review

Amt Held 3'704'348 1'655'103 78'603 6'784

% Out 34.78 15.54 0.74 0.06

Weighting

Change

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

M U M M M M

Latest Chg 3'704'313 (42'796) 2'527

Target Price #N/A N/A #N/A N/A 24 17 23 #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 28.02.2013 30.06.2013

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

Inst Type n/a Holding Company Investment Advisor Investment Advisor

Date 27.09.2013 28.08.2013 13.08.2013 15.02.2012 13.01.2012 26.09.2011


30.09.2013

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 1

35.0 M

1

30.0 M 25.0 M

1

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (29.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 1.08 0.63 3'472'229.00 0.71 -34.26% 12.70% 15.56% 552.0 391.92 504.13 0.0 65.2 113.47 796.04

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

15.0 M

0

10.0 M

0

5.0 M

0 o-12

31.12.2009 31.12.2010 784.1 794.2 1.92x 1.88x 129.5 129.8 11.63x 11.48x (35.1) (40.1) Profitability

LTM-4Q 31.12.2011 868.7 0.91x 91.4 8.63x (235.7) -

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 853.1 1.13x 102.4 9.41x 150.7 3.37x 102.36 25.63 3.00% 19.78% -0.78% -1.76% 0.57% 37.9% 12.6% 3.5% 17.7% 1.05 0.75 32.46% 73.87% 3.70 30.06

Price/ Cash Flow

06/yy 869.6 4.56x 82.2 11.54x (59.0) 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 845.8 4.33x 106.7 7.77x (11.7) 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

FY+1

0.92 -11.25% -22.83% 0.924 12 3.417 884'838 2'146'644 1'962'787 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 894.2 947.0 212.0 257.0 0.85x 0.68x 114.7 122.4 6.94x 6.50x 8.3 22.1 118.33x 14.20x 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

3.28 1.74 3.24 3.68 73.9% 40.3% 0.57 2.72 98.69 12.14 38.68 53.83

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 01.01.2010

.0 M n-12

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 998.4 0.97x 163.4 5.91x (38.1) -

20.0 M

1

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Hurriyet Gazetecilik AS Holdings By:

All

Holder Name DIMENSIONAL FUND ADV UNION INVESTMENT LUX BLACKROCK VANGUARD GROUP INC EATON VANCE MANAGEME NOMURA ERSTE SPARINVEST KAG JOHN HANCOCK ADVISER BESSEMER GROUP INCOR BNP PARIBAS AKBANK ASSET MANAGEM

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

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

Analyst SINAN GOKSEN EMIR BOLEN UYGAR GEZER BORA TEZGULER CRAIG STERLING HALIL IBRAHIM KAHVE NUR ATASOY ASLI TUNCER BARIS INCE KENAN COSGUNER BULENT YURDAGUL GAYE ABIDIN TEAM COVERAGE ZUMRUT CAN ONDER ZORBA

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

Recommendation hold market perform market perform market outperform hold market perform outperform neutral/neutral buy hold overweight Under Review not rated not rated market perform

Amt Held 5'622'138 900'000 849'901 795'168 783'538 301'886 250'000 206'839 9'201 106 -

% Out 1.02 0.16 0.15 0.14 0.14 0.05 0.05 0.04 0 0 0

Weighting

Change

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

M M M M D M M M M M M M M M M

Latest Chg 56'848 (5'029) -

Target Price 1 1 1 1 #N/A N/A 1 1 1 1 1 1 #N/A N/A #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 30.04.2013 28.03.2013 26.09.2013 30.06.2013 31.03.2013 11.07.2012 28.03.2013 31.08.2013 30.04.2013 30.04.2013 31.03.2013

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

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

Date 23.09.2013 16.09.2013 05.09.2013 04.09.2013 04.09.2013 18.07.2013 12.07.2013 11.07.2013 05.07.2013 17.06.2013 15.05.2013 23.10.2012 18.10.2012 16.05.2012 13.01.2012


30.09.2013

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

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

30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 06/yy 30.90 12.15 222'326.00 19.05 -38.35% 56.79% 37.33% 25.4 484.25 135.70 0.0 0.0 17.38 588.57

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

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 496.8 0.14x 22.6 3.08x (0.5) -

10

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

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 537.3 1.19x 13.7 46.42x 1.3 408.80x 13.72 3.18 0.59% -0.08% 0.84% 1.89% 1.42% 12.7% 3.2% 1.2% 0.2% 1.82 0.90 31.87% 81.72% 5.31 2.85

Price/ Cash Flow

06/yy 487.3 2.64x 17.0 23.38x 3.0 97.13x

LTM 06/yy 578.3 3.25x 16.4 0.00x 11.1 57.55x

0.73 54.88% -6.62% 0.734 1 1.000 336'981 393'766 368'359

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

1.10 0.64 5.99 7.57 81.7% 45.0% 1.42 9.51 68.75 128.11 55.29 141.60

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

01.07.2013

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 |


30.09.2013

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 BLACKROCK DIMENSIONAL FUND ADV

Firm Name EVA Dimensions Global Menkul Degerler

Portfolio Name n/a n/a n/a n/a n/a n/a n/a

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

Analyst TIMOTHY STANISH ILKNUR UNSAL

Recommendation underweight market perform

Amt Held 9'077'665 4'319'991 4'271'842 3'239'964 262'583 30'927 1

% Out 35.71 16.99 16.81 12.75 1.03 0.12 0

Weighting

Change 1 3

U M

Latest Chg 4'478 2'108 834'678 38'835 (183) (1)

Target Price #N/A N/A 13

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 26.09.2013 30.04.2013

Date Not Provided Not Provided

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

Date 19.08.2013 06.09.2012


30.09.2013

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 1

35.0 M

1

30.0 M

1

25.0 M

1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 0.84 0.45 2'968'402.00 0.53 -36.90% 17.78% 25.64% 191.4 101.43 0.00 0.0 17.1 88.79 92.01

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

15.0 M

0

10.0 M

0

5.0 M

0 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 77.3 0.58x (3.2) (14.0) -

20.0 M

1 0

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) -

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 101.5 0.69x (0.1) 20.3 6.98x -0.14 -1.84 -1.81% 23.24% -4.28% -6.66% 0.36% 11.1% 0.5% 20.0% 2.67 1.94 0.00% 0.00% 1.97 2.24

Price/ Cash Flow

06/yy 100.3 4.02x (1.2) 0.00x (3.6) 0.00x

LTM 06/yy 107.5 2.88x 2.9 0.00x (12.8) 0.00x

0.79 -29.33% -28.38% 0.791 0 6'147'040 2'788'040 2'423'313

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

-0.01 -0.26 0.0% 0.0% 0.36 23.32 185.67 162.92 119.96 224.17

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

01.07.2013

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 |


30.09.2013

Ihlas EV Aletleri Holdings By:

All

Holder Name IHLAS HOLDING DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER

Firm Name

Portfolio Name n/a n/a Multiple Portfolios

Analyst

Source Research ULT-AGG MF-AGG

Recommendation

Amt Held 33'681'000 3'510'385 221'809

% Out 17.6 1.83 0.12

Weighting

Change

Latest Chg (383'614) -

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 30.04.2013 31.08.2013

Date

Inst Type Corporation Investment Advisor Investment Advisor

Date


30.09.2013

Mutlu Aku ve Malzemeleri Sanayi AS Mutlu Aku ve Malzemeleri Sanayi A.S. manufactures motor vehicle, stationary, mining and other industrial type batteries under the brand names Mutlu Aku and Povver.

Price/Volume 7

12.0 M

6

10.0 M

5

8.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUTLU TI EQUITY YTD Change MUTLU TI EQUITY YTD % CHANGE

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

4.0 M

2

2.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 303.2 0.47x 30.8 4.66x 1.0 50.02x

6.0 M

3

12/2012 06/yy 5.96 2.63 780'689.00 5.8 -2.68% 120.24% 96.11% 56.7 328.86 64.76 0.0 0.0 10.38 405.45

31.12.2009 31.12.2010 238.9 311.1 0.84x 0.76x 22.6 45.3 8.84x 5.25x (3.4) 23.8 8.69x Profitability

LTM-4Q 31.12.2011 421.7 0.71x 51.0 5.86x 68.5 3.23x

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 438.6 0.89x 53.4 7.30x 41.1 8.18x 53.40 39.94 9.10% 11.48% 6.70% 9.64% 0.88% 23.9% 12.6% 9.2% 9.4% 2.40 1.11 13.77% 18.36% 8.23 3.59

Price/ Cash Flow

06/yy 430.3 3.52x 48.4 8.74x 73.9 4.37x

LTM 06/yy 422.2 4.26x 53.3 9.70x 32.2 13.69x

FY+1

0.81 110.38% 84.08% 0.806 2 5.000 1'024'317 489'336 515'688 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 462.0 497.0 55.4 59.6 7.32x 6.80x 29.3 33.8 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

13.27 7.10 1.44 1.54 18.4% 15.5% 0.88 3.42 44.35 101.78 7.69 123.31

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Mutlu Aku ve Malzemeleri Sanayi AS Holdings By:

All

Holder Name MUTLU HOLDING AS AKBANK ASSET MANAGEM NOBLE FUNDS TFI SA JOHN HANCOCK ADVISER DIMENSIONAL FUND ADV

Firm Name EVA Dimensions BGC Partners Yatirim Finansman Securities

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

Analyst TIMOTHY STANISH ERDEM HAFIZOGLU ZUMRUT CAN

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

Recommendation buy buy not rated

Amt Held 42'403'578 256'676 70'000 28'331 22'959

% Out 74.79 0.45 0.12 0.05 0.04

Weighting

Change

5 5 #N/A N/A

N M M

Latest Chg (93'324) -

Target Price #N/A N/A 5 #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 31.03.2013 29.06.2012 31.08.2013 30.04.2013

Date Not Provided 12 month Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 13.03.2013 15.08.2011


30.09.2013

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

20

1.4 M 1.2 M

15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 22.90 9.70 108'614.00 13.15 -42.58% 35.57% 25.76% 24.3 319.54 292.98 0.0 8.1 46.42 608.43

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

.8 M .6 M .4 M

5

.2 M 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 302.0 0.58x 82.6 2.12x 35.0 4.51x

1.0 M

10

31.12.2009 31.12.2010 311.1 347.0 1.48x 1.93x 98.3 87.6 4.68x 7.66x 27.8 26.6 14.96x 21.45x Profitability

LTM-4Q 31.12.2011 472.8 1.50x 78.8 9.01x 7.6 60.56x

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 537.0 1.39x 82.4 9.05x 21.1 23.26x 82.38 46.82 8.72% 4.79% -0.28% -4.01% 1.04% 23.6% 16.1% 7.7% 3.9% 0.80 0.51 61.48% 523.42% 7.54 48.17

Price/ Cash Flow

06/yy 519.8 5.25x 76.9 8.49x 16.8 22.89x

LTM 06/yy 525.6 5.60x 84.7 7.76x (1.4) 0.00x

FY+1

0.91 -31.24% -32.26% 0.907 7 4.143 106'598 155'182 165'557 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 547.7 612.6 172.0 130.0 1.07x 0.91x 96.8 109.8 6.29x 5.54x 29.4 44.4 16.54x 8.71x 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

3.24 1.85 3.32 3.95 523.4% 82.1% 1.04 3.72 48.40 7.58 24.18 18.25

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

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

01.07.2013

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 |


30.09.2013

Celebi Hava Servisi AS Holdings By:

All

Holder Name CELEBI HOLDING AS CELEBIOGLU ENGIN CELEBIOGLU CAN CELEBIOGLU TOKGOZ CA NORGES BANK SWEDBANK ROBUR FONDE BANK OF NEW YORK MEL BZ WBK TOWARZYSTWO F BESSEMER GROUP INCOR UNIVERSAL INVESTMENT DIMENSIONAL FUND ADV BLACKROCK INVESTORS TFI SA JOHN HANCOCK ADVISER VANGUARD GROUP INC

Firm Name Erste Group Ekspres Invest Global Menkul Degerler IS Investment & Securities Goldman Sachs Oyak Securities EVA Dimensions FinansInvest BGC Partners Yatirim Finansman Securities ATA Invest

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

Analyst GORKEM GOKER SELIM KUNTER HASAN BAYHAN EMRE SEZAN ASLI TUNCER MELIS POCAR TIMOTHY STANISH TEAM COVERAGE KEREM TEZCAN ZUMRUT CAN ISMAIL OZER

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

Recommendation buy hold buy outperform Buy/Neutral Under Review underweight Under Review buy Under Review Under Review

Amt Held 18'808'199 2'432'430 1'822'500 1'241'730 447'090 180'000 152'232 132'597 90'362 65'000 58'051 36'842 19'181 4'930 -

% Out 77.4 10.01 7.5 5.11 1.84 0.74 0.63 0.55 0.37 0.27 0.24 0.15 0.08 0.02 0

Weighting

Change

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

U M U M M M M M M M M

Latest Chg 5'508'810 30'000 (18'692) 65'000 (218) 19'181 (26'220)

Target Price 21 15 17 23 23 24 #N/A N/A #N/A N/A 32 #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 28.03.2013 30.06.2012 30.06.2012 30.06.2012 31.12.2012 30.06.2012 27.09.2013 31.12.2012 30.04.2013 30.07.2013 31.01.2013 26.09.2013 31.12.2012 31.08.2013 30.06.2013

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

Inst Type Holding Company n/a n/a n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 26.09.2013 23.09.2013 04.09.2013 04.09.2013 02.09.2013 01.07.2013 06.06.2013 23.05.2013 08.02.2013 06.06.2012 06.01.2012


30.09.2013

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 90

.8 M

80

.7 M

70

.6 M

60

.5 M

50

Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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 06/yy 79.50 40.00 51'503.00 47.4 -40.38% 18.50% 20.76% 3.0 142.20 0.08 0.0 0.0 4.04 139.03

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

20

.2 M

10

.1 M

0 o-12

.0 M n-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% -9.53% -11.40% 0.95% -6.3% -4.0% -11.4% -17.5% 2.98 2.17 0.16% 0.20% 3.95 7.52

Price/ Cash Flow

06/yy 41.7 19.89x (2.7) 0.00x (5.6) 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 47.5 16.13x (1.9) 0.00x (4.8) 0.00x

a-13

m-13

j-13

j-13

a-13

s-13

0.74 -33.94% -33.94% 0.737 0 81'015 57'110 48'321

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

-

0.00 0.2% 0.2% 0.95 1.89 92.43 48.55 35.90 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

.3 M

30

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

.4 M

40

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |


30.09.2013

Afyon Cimento Sanayi TAS Holdings By:

All

Holder Name CIMENTS FRANCAIS DIMENSIONAL FUND ADV VANGUARD GROUP INC

Firm Name Global Menkul Degerler

Portfolio Name n/a n/a n/a

Source Research ULT-AGG ULT-AGG

Analyst TEAM COVERAGE

Recommendation sell

Amt Held 1'578'300 5'493 -

% Out 52.61 0.18 0

Weighting

Change 1

Latest Chg 1'645 (6'427)

Target Price

M

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

193

File Dt 03.05.2011 31.01.2013 30.06.2013

Date Not Provided

Inst Type Corporation Investment Advisor Unclassified

Date 03.02.2011


30.09.2013

Anel Elektrik Proje Taahhut ve Ticaret AS Anel Elektrik Proje Taahhut ve Ticaret AS offers electromechanical contracting services. The Company builds electrical and electronic projects, and operates and maintains electrical and mechanical systems, for airports, banks, shopping malls, hotels, and other customers.

Price/Volume 3

8.0 M 7.0 M

2

6.0 M 5.0 M

2

4.0 M

Valuation Analysis

1

Latest Fiscal Year: LTM as of: 52-Week High (27.11.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANELE TI EQUITY YTD Change ANELE TI EQUITY YTD % CHANGE

12/2012 06/yy 2.39 1.02 916'177.00 1.23 -48.54% 20.59% 16.79% 110.0 135.30 121.10 0.0 29.1 16.33 330.89

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

1.20 1.00

-

2.0 M 1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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

3.0 M

1

31.12.2009 31.12.2010 229.7 319.3 43.8 30.7 20.8 12.91x Profitability

LTM-4Q 31.12.2011 357.0 0.78x 34.5 8.07x 25.2 8.33x

31.12.2012 307.0 1.20x 13.4 27.55x 3.8 62.06x 13.36 11.53 3.76% 3.14% -0.53% -1.46% 0.54% 15.2% 1.2% 1.78 0.65 20.49% 55.70% 1.76 -

06/yy 315.1 2.19x 17.7 0.00x 21.3 11.38x

LTM 06/yy 337.4 3.17x 4.9 0.00x (3.3) 0.00x

FY+1

0.82 -42.52% -42.25% 0.819 5 4.200 1'122'041 1'703'000 1'390'843 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 356.4 395.0 0.67x 0.57x 30.6 37.0 10.81x 8.94x 16.9 24.1 10.25x 6.47x 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

1.36 -0.58 55.7% 32.9% 0.54 13.32 206.95 107.18

Sales/Revenue/Turnover

400.0 350.0 300.0

0.80 0.60

250.0 200.0 150.0

0.40 0.20

100.0 50.0 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 |


30.09.2013

Anel Elektrik Proje Taahhut ve Ticaret AS Holdings By:

All

Holder Name NORGES BANK FRANKLIN RESOURCES AKBANK ASSET MANAGEM BNP PARIBAS QUERCUS TFI BZ WBK TOWARZYSTWO F SOMPO JP NIHON KOA A PIONEER ALLIANZ HELLENIC MUT

Firm Name Seker Securities Ak Investment Global Menkul Degerler Garanti Yatirim Menkul Kiymetler IS Investment & Securities FinansInvest BGC Partners Ekspres Invest

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

Analyst BURAK DEMIRBILEK HAKAN DEPREM SERCAN UZUN HALIL IBRAHIM KAHVE NUR KARABACAK GAYE ABIDIN CAN OZCELIK SELIM KUNTER

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

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

Amt Held 4'045'181 1'245'933 900'000 435'000 167'429 1 -

% Out 3.68 1.13 0.82 0.4 0.15 0 0 0 0

Weighting

Change

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

M M M M M M M M

Latest Chg 200'000 (1'061'000) 33'000 1 (627'218) (23'000) (100'000)

Target Price 2 1 2 2 #N/A N/A #N/A N/A 3 2

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

File Dt 31.12.2012 28.09.2012 31.03.2013 30.04.2013 30.06.2012 31.12.2012 04.03.2013 31.12.2012 31.05.2013

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

Inst Type Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 17.09.2013 04.09.2013 19.07.2013 18.07.2013 15.07.2013 21.06.2013 02.01.2013 15.02.2012


30.09.2013

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 (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 4.55 2.50 408'716.00 2.86 -37.14% 14.40% 20.00% 100.0 286.07 507.42 0.0 0.0 22.05 790.97

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 .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

a-13

s-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 649.9 0.53x 28.7 12.08x (42.5) -

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

31.12.2009 31.12.2010 791.6 1'002.4 0.74x 0.75x 98.3 124.2 6.00x 6.07x 44.1 58.9 8.16x 8.70x Profitability

LTM-4Q 31.12.2011 1'116.3 0.61x 41.9 16.36x (59.7) -

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 1'261.1 0.69x 81.3 10.72x 8.7 44.16x 81.31 23.01 1.82% 1.06% -1.80% -9.39% 1.76% 13.8% 6.5% 2.3% 0.7% 1.05 0.33 61.65% 330.04% 7.19 8.87

Price/ Cash Flow

06/yy 1'191.6 2.49x 70.3 11.23x (19.4) 0.00x

LTM 06/yy 1'459.2 2.36x 95.2 8.86x (15.0) 0.00x

FY+1

0.78 -19.21% -25.91% 0.781 6 3.833 276'749 279'870 258'071 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'628.7 1'864.7 470.0 347.0 -0.20x -0.20x 124.4 146.7 6.36x 5.39x 13.0 31.2 33.26x 9.93x 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

2.98 0.87 5.30 5.44 330.0% 76.7% 1.76 6.11 50.75 41.15 41.86 56.08

Sales/Revenue/Turnover

50.00

1'400.0

45.00

1'200.0

40.00 35.00

1'000.0

30.00

800.0

25.00

600.0

20.00

400.0

15.00 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

01.07.2013

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 |


30.09.2013

Banvit Bandirma Vitaminli Yem Sanayii ASA Holdings By:

All

Holder Name GORENER VURAL KOCMAN EMINE OKSAN EBUBEKIR VALID FARUK GORENER CHRISTOFFEL GOERENER MAKBULE NORGES BANK GUSTAVIADAVEGARDH FO NORDEA INVESTMENT FU DIMENSIONAL FUND ADV METZLER ASSET MANAGE JOHN HANCOCK ADVISER ERSTE SPARINVEST KAG

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

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

Analyst CRAIG STERLING MELDA AGIRDAS ILYAS SAFA URGANCI BERTUG TUZUN IREM OKUTGEN ANIL CAN YILDIRIM FEYRUZE ASLI KONDU ERDEM HAFIZOGLU ECE MANDACI

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

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

Amt Held 24'760'641 19'293'198 18'873'991 14'507'208 4'831'253 3'103'757 525'000 442'498 390'562 230'000 28'994 -

% Out 24.75 19.29 18.87 14.5 4.83 3.1 0.52 0.44 0.39 0.23 0.03 0

Weighting

Change 1 5 5 4 5 3 3 5 3

U M M M M M D M M

Latest Chg 175'000 106'642 230'000 (23'000)

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

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 31.03.2013 28.06.2013 30.04.2013 31.01.2013 31.08.2013 28.03.2013

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

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

Date 24.09.2013 23.09.2013 05.09.2013 04.09.2013 18.07.2013 02.07.2013 17.09.2012 09.07.2012 25.05.2012

Fundamental Equity Analysis - Istanbul Borsa National XU-100 Index Members (XU100 Index)  
Fundamental Equity Analysis - Istanbul Borsa National XU-100 Index Members (XU100 Index)  

Fundamental Equity Analysis - XU-100 Index Members (XU100 Index)

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