21 Aralýk- FE

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Asset Size - Sector

Asset Management in Turkey

As of 30/09/2013

1

Asset Size - Sector

Since 2008;

 With a size of $12.3 billion, pension funds currently have 40% market share

 Money market funds market share has declined gradually as funds excluding-MMF came into prominence

 Discretionary portfolio management business has doubled

20,00

$ Billion

15,00

10,00

5,00

0,00

2008 2009 2010

Money Market Funds

Excluding MM Funds

Pension Funds

Discretionary Portfolio Management

2011 2012 Sept 13

Discretionary

Portfolio

Management

11%

Pension

Funds

40%

Money Market

Funds

37%

Excluding MM

Funds

12%

As of 30/09/2013

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Sector Analysis –

A Growing Sector in Turkey

 In the forthcoming period, interest on asset management sector will increase parallel to decreasing interest rates and stabilisation.

 Turkey has the lowest savings ratio among countries with

GDP more than $100 billion. Incentives aimed at increasing the savings ratio support asset management sector.

(PPS/GDP in Turkey 2%,OECD avg 12%)

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Sector Analysis –

Total AUM is expected to reach $45 billion by 2015

(billion TRY)

GDP(Current prices)

Asset Management Sector Size

Mutual Fund Sector Size

Pension Funds Sector Size

Discretionary Portfolio Man. Size

Asset Management Sector/GDP

Mutual Funds / GDP

PPS/GDP

2011

1.294

49,5

29,9

14,3

5,3

3,8%

2,3%

1,1%

2012

1.435

56,3

29,5

20,3

6,5

3,9%

2,1%

1,4%

2013T

1.571

65,3

31,5

26,4

7,4

4,2%

2,0%

1,7%

2014

1.740

75,4

31,3

35,6

8,5

4,3%

1,8%

2,0%

2015

1.933

89,6

31,1

48

10,5

4,6%

1,6%

2,5%

Country

Mutual Fund Sector/GDP (%)

Mutual

Funds

Excl. MMF

Mutual Funds

Brazil

South Africa

South Korea

Turkey

39.7

31.6

28.5

2.3

38.2

22.0

21.0

0.6

4

Market

Leader of

Pension

Funds

2000

Founded as AKBANK subsidiary

Market

Leader of

Discretionary

Portfolio

Management

Total AUM

5 Billion USD

Asset Size

%16 Market Share

Mutual Funds

1,3 Billion USD

Asset Size

%8,5 Market Share

Pension Funds

2,7 Billion USD

Asset Size

%22 Market Share

Discretionary

Portfolio

Management

1 Billion USD

Asset Size

%25 Market Share

As of 30/09/2013

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Services

Mutual and Pension Fund Management

 Management of investment funds founded by Akbank

 Management of pension funds founded by AvivaSA and Groupama

 Experienced and qualified portfolio manager staff

 Investment strategies on variable asset classes

Superior risk management and compliance/internal control mechanisms

Discretionary Portfolio Management

Client specific asset allocation, portfolio diversification and investment strategies

 A focused approach on risk/return expectation and management

Periodical reporting and portfolio monitoring

Investment Consulting

Providing broad perspective to “Individual Segment” clients on investment strategies

 Investment ideas and regular market reports

Identification of client risk profile

6

Investment Instruments

 Among mutual funds, MM, fixed income securities and capital protected funds are at the forefront

 Among pension funds. public borrowing and balanced funds have an significant size

Mutual Funds

Bill & Bond

B- Flexible

Equity

Money Market

Commodity

Foreign Securities

Capital Protected

Others

4%

6%

9%

1%

10%

62%

5%

3%

55%

Pension Funds

1%

26%

9%

6%

0%

3%

Balanced (Flexible &

Composite)

FX Sovereign Debt

Equity

Money Market

Bill & Bond

International

Securities Funds

As of 30/09/2013

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Investment Fund Universe of Ak Asset Management

 Fixed Income Securities

 Flexible Funds

 Equity

 Commodity

 Foreign Securities

24

19

14

9

Capital

Serbest

Prem.

Bill&Bond

-1

4

Money

Market

-1

Short Term

Bill Bond

4

Sukuk

Corporate

Flexiable

Bond

BIST-30

Gold

Equity

FT LatinAmerica

FT Europe

FTAsia

FT BRIC BIST

Dividend 25

Commodity

Prem. Equity

Foreign securities

FT America

Eurobond

Long Term

Bill&Bond

1-1 Flexiable

9 14 19

Potantial Risk

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8

Achievements And Awards

The First;

 Gold Fund (2006)

 Capital Protected Mutual Fund (2007)

 Risk Management Software (2007)

 Turkish AM company to sign UN Principles for Responsible Investment (2010)

Market neutral long/short hedge fund (2010)

 Commodity Fund of Funds Basket (2011)

TRY Money Market Fund in Japan

Awards

Best Investment Management Company in Turkey – World Finance 2011

 Best ESG Asset Manager in Turkey – World Finance 2011

Best Asset Manager in Turkey – EMEA Finance 2011

Best Investment Management Company in Turkey – World Finance 2012

 Structured Products Best in Turkey – Structured Products Europe Awards 2013

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AK ASSET MANAGEMENT- Institutional Investment Services

Investment Process

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Fixed Income Investment Process

Fixed Income investment style is a combination of Top –Down & Spread Trading. Fixed Income Investment

Team aims to achieve the highest possible return measured against the benchmark. The risks related to movements in bond prices, resulting from interest-rate fluctuations and currency developments and to some extent changes in the quality of the corporate held portfolio.

Investment Style

The investment style is a combination of Top – Down & Spread Trading.

Top-down approach: Analysis of economic conditions and duration determination

Spread trading: Improvement of the bond portfolio yield without increasing the risk level, taking advantage of discrepancies occurring in the bond market

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Fixed Income Committee (Scorecard Meetings)

Main subsections of the scorecard meetings are:

 Global Markets

 Global Macroeconomy

 Global Interest Rate Outlook

 Domestic Macroeconomy

 Banking and Central Bank of Turkey (CBRT) Policy

 Political Outlook

 Quantitative Score (Algorithm)

 Fund Managers’ Views

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Fixed Income Committee – Global Markets

13

Fixed Income Committee (Scorecard Meetings)

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Fixed Income Committee (Scorecard Meetings)

 Committee analyzes the global central bank policies and rate decisions

15

Fixed Income Committee (Scorecard Meetings)

 Committee observes asset swap spreads, breakeven inflations and yield curve structure.

16

Capital Protected Funds

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IInvestment Process

Capital Protected Funds

For getting the highest return in accordance with the option structure and underlying asset

 Research on variable assets, including equities, ETFs, FX, Commodity

 Choose the best option structure minimizing the option cost and maximizing the potential cash settlement

 Auction within international investment banks for option trade on Fund’s Trade Date

Investment Universe Research Option Structure Research

Equity Universe

 G-7 Equity Indices

 Emerging Countries

Equity Indices

FX Universe

 BRIC FX

 G-7 FX

 TL FX

Prop Indices

 Long Only Asset Basket

 Vol Controlled Indices

 Fund Linked Indices

Execution

Commodities

 Brent , Gold

 Industrial Metals

Fixed Income

Portfolio

 Government Bonds

 Corporate Bonds

18

IInvestment Process

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Exotic Option Structure Examples:

Trade Date:

Final Valuation Date:

Underlying:

Bloomberg Ticker:

20/09/2013

14/11/2014

Akbank Güvenli Strateji Index ( PROP INDEX)

IND1AKDI Index

Akbank Safe Strategy Index fund is an fund linked derivative product. The fund aims to protect

%100 of initial capital invested on the fund.

Also, it provides the participation to Akbank Safe Strategy Index appreciation. The index invests on Akbank Mutual Funds, which are located on Luxembourg and trading in EUR. The index has its dynamic momentum strategy, which determines if the index will invest on Equity or Fixed Income Funds. If Akbank Equity closing price is higher than last 30 days price average; the index invests on %50 Fixed Income+%50 Equity Fund. If vice versa the index invests on Fixed Income Funds and on Turkish rates, namely 3m TRY Libor. In addition to momentum strategy; the index has volatility control mechanism which aims to guarantee that the realized volatility of the index will be equal to %10. Depending on realized volatility; the index either increases or decreases the leverage until realized volatility is equal to target volatilty.

This fund linked derivative strategy is first used by Ak Asset Management in Turkey.

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Exotic Option Structure Examples:

Trade Date:

Final Valuation Date:

12/09/2012

10/09/2013

Underlying: iSHARES ASIA TRUST- iSHARES FTSE A50 CHINA INDEX

Bloomberg Ticker: 2823 HK Equity

Barrier Level: %125

If a Barrier Event has occurred: Notional Amount * Rebate

Where Rebate = %11

The fund invests on iShares ETF, which is the most liquid financial asset to be exposed to China Equity Index. Because we bought knock-out call rather than simple vanilla call in our portfolio, we managed to provide higher than %100 participation to appreciation of the China index. The fund matured on September the 9th 2013 with 7,1%. However because China index knocked out during the tenor of option we managed to get high rebate multiplied with participation ratio. At the end, our fund’s return was 11,64% , which is much higher than China Index return.

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Exotic Option Structure Examples:

Trade Date:

Final Valuation Date:

Underlying:

30/04/2012

15/05/2013

USDTRY ve EURTRY

Fon, vade sonunda USD/TL ve EURO/TL kurlarının belirlenen bariyer seviyelerinin altında kalması durumunda %4 sabit getirinin üzerine belirlenen ek kupon getirisinden iştirak oranı ölçüsünde yararlanma imkanı sunmaktadır. Fon vade sonunda %9,86 getiri elde etmiştir.

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Exotic Option Structure Examples:

Trade Date:

Final Valuation Date:

Underlying:

18/10/2012

15/10/2013

İtalya ve İspanya Endeksleri

Bloomberg Ticker: IBEX & MIB

Getiri üzerinde Knock-out: %25

Fon Avrupa Hisse Senedi Endekslerine yatırım yapmaktadır. Bu sene en iyi getiri elde eden endeksler arasında yer alan İspanya ve İtalya endekslerine yatırım yapmaktadır.

2012’de Çevre Avrupa Ülkeleri olarak adlandırılan borsalara çoğu yatırımcı yatırım yapmamıştı ancak biz yatırımcılara doğru riskli ürünleri seçerek anapara koruması da sağlayıp yüksek getiri imkanı sunduk.

Fon vade sonunda %17.7

getiri elde etmiştir.

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Thank You

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