Investor Presentation

Transcription

1 Investor Presentation

2 Contents Isbank at a Glance Financial Highlights 1 Retail Banking 1 Major Equity Participations 7 2 2

3 Isbank at a Glance Financial Highlights 1 Retail Banking 1 Major Equity Participations 7

4 Shareholder structure Isbank Pension Fund 3.% Ataturk s Shares 28.1% Free Float 28.5% Around 250,000 domestic and foreign shareholders Shareholding of employees via pension fund creates self-motivation Stocks are quoted at ISE and also traded at LSE in the form of GDR More than half of the free float held by foreign investors

5 International presence... focusing on Turkish populated EU countries. 1 branch in London 2 Isbank GmbH branches in Netherlands 12 Isbank GmbH branches in Germany 1 Financial Subsidiary in Dublin 1 Isbank GmbH branch in Paris 6 branches in Northern Cyprus 1 Isbank GmbH branch in Zurich 1 off-shore branch in Bahrain 5 5

6 Main business lines of Isbank Group Core Business Financial Participations Non-life insurance Private Pension Asset Management Venture Capital Investment Banking REIT Leasing & Factoring Brokerage & Custody Banking Services Corporate Banking Retail Banking Capital Market Operations Other Banking Services Non-Financial Participations Glass Energy Telecommunications Others 6 6

7 Strengths of Isbank Thanks to its Isbank will strong franchise and nationwide reputation, established banking culture and expertise, widespread customer base, vast distribution network, wide range of product portfolio, largest and stable deposit base, financial supermarket status via complementary financial participations, be the main beneficiary of the stabilized environment, further benefit from consolidation process, be positively affected from the economic recovery having a substantial exposure to real economy. 7 7

8 Main strategies going forward Strong balance sheet growth supported by high level of CAR and fund generation capacity Increasing customer focused and marketing oriented approach Focus on retail based lending with high asset quality and better return SUSTAINABLE LEADERSHIP IN RETAIL AND CORPORATE BANKING Diversified revenue base and increasing share of non-interest income Effective cost management and efficiency improvement 8 8

9 Largest private sector bank in terms of asset size, TRL loans, total deposits and shareholders equity. Total Assets ( USD mn.) TRL Loans ( USD mn.) 28,828 26,133 19,662 6,157 5,823 3,726 Isbank Akbank Garanti Isbank Akbank Garanti Total Deposits ( USD mn.) Shareholders Equity ( USD mn.) 18,20 1,909 13,183 5,719,661 2,372 Isbank Akbank Garanti Isbank Akbank Garanti 9 9

10 Largest private sector bank......in terms of deposit segments and mutual funds. Demand Deposits ( USD mn.) FX Deposits (*) ( USD mn.),706 3,799 9,397 9,15 7,199 2,625 Isbank Akbank Garanti Isbank Akbank Garanti (*) Excluding Interbank Deposits TRL Deposits ( USD mn.) Mutual Funds ( USD mn.) 8,63 3,67 5,052 5,821 2,77 2,09 Isbank Akbank Garanti Isbank Akbank Garanti 10 10

11 Largest private sector bank......in terms of int. income on loans, net comm. income, gross income and gross profit. Gross Income ( USD mn.) Gross Profit ( USD mn.),750,182 3,138 1,623 1, Isbank Akbank Garanti Isbank Akbank Garanti Interest Income on Loans ( USD mn.) Net Comm. Income ( USD mn.) 1, ,0 15 1, Isbank Akbank Garanti Isbank Akbank Garanti 11 11

12 Increasing dominance in the market both in corporate and retail products and services. Loans Deposits Retail Products** Capital Markets Total Loans TL Loans Credit Cards Demand TRL FX * Total Deposits Volume of Debit Cards Number of POS Number of Credit Cards Volume of Credit Cards Odd-lot Equity Trading Mutual Funds Custody Services Share(%) Share(%) Rank 2 nd among private banks 1 st among private banks 3 rd among private banks 1 st among private banks 1 st among private banks 1 st among private banks 1 st among private banks 1 st in the sector 2 nd in the sector 3 rd in the sector 3 rd in the sector 1 st in the sector 1 st in the sector 1 st in the sector * Excluding Interbank Deposits. **According to Interbank Card Center data as at end

13 Isbank at a Glance Financial Highlights 1 Retail Banking 1 Major Equity Participations 7

14 Impressive growth performance in all key measures. Total Assets (USD mn.) Loans (USD mn.) +26% 11,78 +50% 1, % 22,295 28,828 +5%, % +51% 6,157 9,320 2, Deposits (USD mn.) Shareholders Equity (USD mn.) +28% 8,16 +3% 10,50 +30% 1,00 18,20 +22% 2,175 2, %,023 +2% 5,

15 Asset composition increasing share of loans. (USD mn.) Change YoY (%) 12% 11% 10% Cash & Banks 2,526 2, % 38% 36% Securities 8,96 10, Loans 6,157 9, % 28% 32% Participations 2,26 3, % 10% 13% Other 2,870 2, % 13% 9% Total Assets 22,295 28, % YoY asset growth Share of interest earning assets in total assets is 77%. Cash & Banks * Loans Other * Including Reserve Requirements Securities Participations 15 15

16 Towards a healthier assets structure... Total Assets vs IEA (USD mn) TL / FX Mix of IEA 28,828 1,832 71% 10,50 22,295 76% 17,001 22,278 77% 62.8% 5.0% 51.1% 37.2% 6.0% 8.9% Total Assets IEA IEA / Total Assets TRL FX Loans / Deposits 39.1% 3.9% 51.2% Improving asset mix Shift to TRL based IEA s with higher return Rising loans to deposits ratio 16 16

17 Solid lending franchise a crucial competitive edge. Total Loans (USD mn.) TL Loans (USD mn.) FX Loans (USD mn.) +51% 9,320 6, % 6, % 2,821 +5%,088 3,29 2,909 +9% 3, Loans Market Share Corporate vs. Non-corporate 12% 13% 12% 12% 67% 9% 35% 33% 51% 65% Corporate Retail + SME 17 17

18 More retail oriented and diversified loan portfolio % comprised of retail and SME loans. Loans Breakdown Retail and SME Loans (USD mn.) +92% 5,996 2% 31% 19% 11% 38% 27% SME * Retail Investment Corporate 3,131 3% 18% 17% 62% 20% 20% 58% Overdraft Credit Cards Consumer SME * 8% % 27% Auto loans make up 30% of consumer loans Around 50% of total investment loans are in the form of treasury guaranteed project finance loans Increasing share of SME and retail loans * Including commercial vehicle, commercial property loans, corporate credit card and overdraft accounts 18 18

19 Improving loan quality marked by continuing decrease in NPL ratio and 100% NPL provisioning. NPL vs. Coverage Ratio NPLs & Loan Loss Reserves (USD mn.) 100% 100% 1, % 75 15% 12% 8% NPL Ratio Coverage Ratio NPLs Reserves 15% 171% 100% NPL provisioning since % Cash Provisions Adj. Coverage (1) Full Coverage (2) Prominent improvement in NPL ratio due to restructuring, collections and loan growth High provisioning generates hidden reserves as recoveries realized (1) Adjusted value of collaterals + loan loss provisions (2) Book value of collaterals + loan loss provisions 19 19

20 Continuous recovery in loan portfolio NPL Ratio by Loan Categories NPL Ratios Isbank versus Sector 11.8% 8.3%.1% 8.3% 5.7% 1.3% 0.% 1.2% 1.1% 0.% 0.7% 1.1% Consumer Credit Cards Total Loans Consumer Credit Cards Total Loans Isbank Banking Sector Performing Loan Groups NPL Breakdown.3% 2.%.7% 2.3% 5.8% 63.2% 91.0% 95.3% 5.2% 36.8% I. Group Loans II. Group Loans II. Gr. Restr. Loans Restructured Other NPLs 20 20

21 Securities portfolio the largest asset component. Breakdown of Securities Portfolio ( ) Total Portfolio (USD mn.) Securities Held To Maturity Trading Securities,733 80% 8,96 +22% 10,366 2.% 2.6% % Securities Available for Sale TL floating rate FX floating 5.8% TL discount bills Average Maturity (Years) TL Securities 22.5% 15.6% 1.0 FX- Indexed Securities FX Securities FX Indexed 2.% 53.7% FX fixed rate

22 A diversified equity participation portfolio operating in financial and non-financial sectors. Sectoral Breakdown by Book Value ( ) Financial vs. Non-financial 23.3% 2.0% USD 3.6 billion non-financial financial 13.8% 9.7% 11.5% 12.9% Listed vs. Non-listed.7% 1.7 Telecom Glass Energy Fin. Ins. Insurance Banks Others 1.9 USD 3.6 billion Strategic Non-core Areas Core business Non-core business listed not listed As at December 200 Isbank has 55 participations in various sectors. Non-strategic equity holdings will be divested under favorable economic conditions

23 Asset disposals since have reinforced free equity and IEA. Revenue from Fixed Asset Sales (USD million) Revenue from Participation Sales (USD million) Total Number of Participations /I Shares in 2 equity participations have been divested. A total of USD 673 millon gained from the sales

24 Strong fund generation capability driven by flight to quality, strong franchise and solid reputation. (USD mn.) Change YoY (%) Customer Funds * (USD mn.) Deposits REPOs Funds Borrowed Other 1,00 1,368 1, , ,892 1, Repos Commercial Savings 1,987 9% 21% 70% +22% 18,318 3% 26% 71% Equity,023 5,719 2 Total Liabilities 22,295 28, YoY increase in TL liabilities is 36% vs. 22% in FX liabilities. Rising share of borrowed funds Customer funds compose 6 % of total liabilities Sustained growth of saving deposits reflects diversified and widespread funding base * Excluding bank deposits. 2 2

25 Liabilities composition reflects sound funding structure and adequate capitalisation. % % 5% 6% 9% 1% 10% 6% 2% 71% 63% 63% Other Funds Borrowed Repo Funds 18% 18% 20% Deposits Equity Stable deposits base remains as the main source of funding Increasing borrowings enhance balance sheet growth Sufficient capital base underpins growth of RWA 25 25

26 Largest deposits franchise is a clear indicator of customer trust. Total Deposits (USD mn.) Market Shares +30% 18,20 Total Deposits 12% 12% 12% +28% 8,16 28% 72% +3% 10,50 35% 65% 1,00 % 56% 7% 53% 8% FX Deposits 1.0% 13.0% 13.0% 1.7% TL Deposits 10.0% 11.0% 10.5% % FX Deposits TL Deposits Well diversified retail customer base Unmatched domestic franchise Largest market share in TL and total deposits Enjoying the advantage of safe haven status Minimum level of price sensitivity Lowest cost of FX deposits among peers 26 26

27 Demand deposits are the main contributor to lower cost of funding. Demand Deposits (USD mn.) Demand Deposits / Total Deposits 15% 16% +39% 15%,706 2% 2% 26% +3% 3,376 5% 2,517 37% % 63% 56% 55% FX TL Market Share Largest and most stable demand deposits market share among private sector banks 22 % of funding is in the form of almost cost free demand deposits 27 27

28 Client assets under management has exceeded a remarkable total of USD 3 billion. Client Assets (USD mn.) No. of Investment Accounts (000) 105 % 3,18 3,110 3,597,001 8% 26,28 11% 6 % 11 % 26% ,652 6 % 8 % 22% 1% 63% 25% 5% 53% 2% 53% Equities Mutual Funds Fixed Income Products Repo Deposits Assets under management more than doubled since The growing amount of fixed income securities will create a potential for deposit growth with the fall of interest rates and equalization of tax rates

29 Sufficient capitalisation and high CAR support balance sheet growth going forward. Regulatory Capital (USD mn.) Capital Adequacy Tier I Capital Tier II Capital Deductions +6% 3,3 +%,92 CAR Tier I Ratio 25.3% 25.% 28.% 28.8% 29.0% 27.0% 2,351 3,87,92 2, , Risk Weighted Assets % 83.0% 8.% 1.1% 17.0% 15.6% Tier I capital makes up the bulk of capital base. High CAR allows further expansion of RWA Market Risk Credit Risk 29 29

30 Visible improvement in free equity thanks to asset disposals and superior profitability. Free Equity (USD mn.) Free Equity 200 (USD mn.) Shareholders Equity Free Equity Financial Participations ,602 Non-Financial Participations Fixed Assets,023 1,631 1,631 5,719 2,683 2,683 1,583 1,583 1,3 1,

31 Income statement highlights (USD mn.) 2003 (1) 200 Change % Net Banking Income Composition Adj. Net Interest Income (2) Net Commissions Net Trading Income Released Provisions Other Operating Income Net Banking Income Personnel Expenses Adm. Expenses Other Op. Expenses Operating Profit Net Profit , , (1) Restated (2) Adjusted for FX Gains/Loss (3) Provision Charges inc. Prov. For taxes, exc. Prov. for loss from exchange rate differentials of FX-indexed loans 1, , ,681 Provision Charges (3) 751 1,105 Net Monetary Gain/Loss % 29% -8% 90% -23% 27% % 20% 20% 0% 7% 10% 32% 0% 19% 57% 19% 26% 11% 15% 13% Adj. NII Net Commissions Net Trading Inc. Other Income Allocation of Net Banking Income 25% 21% 2% 23% 30% 3% % % 17% 18% Personnel Expenses Other Oper. Exp. Net Provision Charges Monetary Loss Net Profit 31 31

32 TL/ FX mix has been changing in favour of TL. TRL * FX TL/ FX Mix (USD mn.) 28,828 28,828 22,295 22,295 6,157 53% 9,320 66% 1,00 % 18,20 7% 57% 59% 52% 55% 7% 3% 56% 53% 3% 1% 8% 5% Loans Deposits Assets Liabilities *Including FX indexed items 32 32

33 Increasing volume of interest earning assets contributes to net interest margin improvement. IEA vs. IBL. (USD mn.) IEA Development 10,50 2,517 9,020 3,376 17,001 13,990 22,278,706 16, Int. Ear. Assets Demand Deposits Int. Bear. Liabilities 131% 116% 122% 71% 76% 77% IEA / IBL IEA / Total Assets Spread * Adj. NIM * 10.9% 11.2% 9.7% 8.% 8.8% 8.5% 5.5% 5.3%.5% TL FX Blended * Adj. for Net Trading Income 10.% 7.0% 5.0% 15.2%.2% 13.8% TL FX Blended 8.8% 9.3% 5.0% * Adj. for FX Gains / Losses and Net Trading Income 33 33

34 Breakdown of interest income Interest Income (USD mn.) Interest Income on Loans (USD mn.) 3,123 3,363 1,695 1, * 200 * Restated 2003 * 200 * Restated Breakdown of Interest Income Breakdown of Int. Income on Loans 6% 5% % 50% 50% 5% Banks Loans Securities 5% 6% 17% 18% 33% 5% 0% 36% Overdraft Accounts Credit Cards Consumer Loans Corporate Loans

35 Robust non-interest income performance supported by superior retail and corporate franchise. Non-Interest Income (USD mn.) Commissions Received (USD mn.) 1,319 1,220 Gross 512 Net * 200 * Restated 2003 * 200 * Restated Breakdown of Non-Interest Income Breakdown of Commissions Received 31% % 3% 2% 7% % 9% 19% 13% 6% Net Comm. Income Net Trading Income Dividends Received Releas ed Provisions Other Income 8% 8% 11% 9% 25% 2% 7% 9% 3% 3% 25% 27% 5% 5% 1% 17% Cash Loans Non-Cash Loans Credit Card Money Transfer Foreign Trade Mutual Funds Maintenance Fee Other 35 35

36 Effective cost management and increased profitability resulted in best cost/income improvement among peers. Cost vs.assets Cost Structure 6.0% 5.%.%.1% Cost/ Assets Cost/Av. IEA 52% 9% 22% 2% 8% 5% 18% 22% Personnel Expenses Running Costs SDIF Fees Other Cost / Income Cost vs. Income (USD mn.) 5.7% 0.2% 2,21 2,809 1,011 1, Cost Income * Restated 36 36

37 Higher profitability reflected in improved ratios. ROAE ROAE (Before Provision Charges) Bank-only 18.0% Total 21.6% Bank-only 58.8% Total 62.9% 8.8% 9.6% 25.6% 25.0% ROAA ROAA (Before Provision Charges) Bank-only Total Bank-only Total 1.5% 1.6% 1.7% 1.8% 5.0% 5.0%.7%.7%

38 Stock performance and dividend distribution ISE 100 (USD mn.) Isbank (USD mn.) 62, % 85,916 +6% 91,252 5, % 9,080 +8% 9, /3 Market Cap /3 Market Cap Earnings per Share (*) Payout Ratio (*) 38.73% 32.3% 32.67% 29.66% * Net profit / Paid-up capital * Dividend / Net Profit 38 38

39 Advantages of Isbank to maintain high profitability in the low interest environment Well positioned banking business to benefit from economic recovery and opportunities of newly forming mortgage market with high growth potential Appropriate positioning of balance sheet to take maximum advantage of rate falls Increasing share of higher yielding TL IEA and gradual shift from securities to loans Rising share of interest earning assets and improving free equity Sound non-operational cash generating opportunities from loan loss provision reversals and non core assets sales Strong and stable non-interest income generation capability Further efficiency improvement possibility 39 39

40 Isbank at a Glance Financial Highlights 1 Retail Banking 1 Major Equity Participations 7

41 Among the top three in credit card business Credit Cards 1 different products for different customer segments The first and only bank in Turkey which has made an agreement with the world s fourth largest payment system JCB Reward points by more than 50,78 merchant firms through 79,292 chains, called Maxipuan 11.8 % market share in number of cards and 13.3 % market share in transaction volume Low NPL ratio of 1.1 % due to prudent policies and advanced Credit Scoring System High commission generating capability and significant contribution to fee income (USD mn.) * Change Issuing Volume 3,716 6,52 7% Issuing Volume Market Share 13% 13% - Acquiring Volume 3,510 6,01 72% Acquiring Volume Market Share 13% 1% - Balance 560 1, % Number of Cards (000) 2,7 3,13 28% * According to Interbank Card Center data as at

42 Capital market operations another area Isbank dominates Market Share Rank USD bn. Volume of Mutual Funds 20% 1st 3.7 Fixed Income Sec. Under Custody 15% 1st 8.8 Number of Equity Investor Accounts 37% 1st 00,636 Odd-lot Equity Trading 83% 1st 0.02 Stock Trading Volume * 6% 1st 19.9 * Is Investment 2 2

43 First and largest mutual fund provider types of mutual funds designed for different risk appetites. Mutual Funds Income from Funds (USD million) Portfolio (million USD) Number of investors 1,273 20% market share 2,821 99,32 3,67 555,95 Income (million USD) Share in total fee income % % 36, With 8 A type and 9 B type (*) mutual funds and more than 555 thousand investors, Isbank is the most preferred bank in the sector. Income from mutual funds is steadily increasing. 3 3 ( * ) Including 3 new B type mutual funds which were launched in March, 2005.

44 Increasing retail customer base supported by payroll accounts and bill payment agreements. Payroll Accounts Automated Bill Payments Amount (USD million) Number of accounts (000) 9,31 Amount (USD million) Number of payments (000) 2,255 6,507 1,578 1,13 1,199 3,136 3, Automated bill payments and payroll accounts are an important source for low cost demand deposits. Payroll accounts create significant cross selling opportunities.

45 Alternative distribution channels are being used more efficiently. Use of Non-Branch Channels (%) % 58% 3% 0% ATM POS Branch Non-Branch 36% 2% 57% 60% Internet Telephone Kiosk Call Center The share of non-branch channels in total transactions has reached 60%, increasing more than 20 percentage points in 7 years. The fastest growing channel is internet: the share of internet transactions has increased from 1% in 1997 to 13% in 200. Customers are encouraged to use low-cost non-branch channels. The use of alternative channels creates operational efficiency, allowing the staff to focus on marketing activities. 5 5

46 Isbank at a Glance Financial Highlights 1 Retail Banking 1 Major Equity Participations 7

47 Glass Isbank 66 % General Information Market Shares (%) A leading flat glass, glassware, glass packaging, and chemicals producer. In all product lines, leader in the domestic market with a strong presence in export markets. (USD Million) Sales Exports (FOB) Financial Information (consolidated, IFRS) 200 1, Flat Glass Glassware Glass Packaging Glass Fibre Soda Ash Chromium Chemicals Turkey Europe World Shareholders Equity 1,8 Total Assets 2,786 Net Profit

48 Market shares of Sisecam Glassware (%) Chromium Products (%) Bulgaria 3 Italy 2 Ukraine 30 Taiwan 26 U.K. 20 S.Korea 1 Russian Federation 1 China 10 Italy Germany E.U. Iran Glass Fibre (%) Switzerland Germany Spain Italy Flat Glass (%) Bulgaria Greece Eygpt Soda Ash (%) Syria Bulgaria Italy Glass Packages (%) Georgia 68 Russian Federation

49 Energy Isbank Group.31 % (*) Dogan Group.31 % (*) General Information Market Shares (%) Established in 191 Privatized in 2000 Largest oil distribution company in Turkey 3,200 dealers nationwide Operating out of the Head Office and 8 regional offices, 2 lubricants blending plants, aviation services at 26 airports, 9 terminals, 2 depots Market leader in the fuels distribution sector in terms of customer satisfaction and profitable growth Gasoline PO 26% Others 32% BP 20% Aviation Sales PO 72% Shell 22% Shell 8%Exxon 1% BP 6% Diesel PO 36% BP 13% Shell 1% Lubricants PO 32% Exxon Mobil 16% Others 37% Shell 18% Others 3% (*) As of March 31,

50 Energy Financial Performance (USD mn.) EBITDA (USD mn.) Chng % Current Assets , Long-Term Assets 2,108 2,287 8,5 Total Assets 2,77 3,29 17,1 Current Liabilities 880 1,138 29,2 335 ST Borrowings Long-Term Liabilities ,9-21,7 257 LT Borrowings ,3 Minority Interest 1 2 Shareholders Equity 1,109 1,96 3, Chng % Net Sales Gross Profit Operating Profit EBITDA Net Profit 5, , ,7 25,9 32,3 30,8-15,1.3% (*).3% (*) * EBITDA / Net Sales 50 50

51 Mobile Telecommunications Isbank Group 20% Turk Telecom 0% Telecom Italia Group 0% Aria and Aycell merged under TT & TIM as of February 19,200 Avea brand has been successfully launched in June 200. The coverage and efficiency have increased significantly due to the combination of 2 GSM networks. A number of innovative products and services have been introduced to the Turkish market since then. Significant level of synergies have been created in the operations after the merger. The merged entity has more than 5 mn. subscribers and 15% market share. Avea has paid-up capital of USD.9 billion. Isbank s stand-alone share is 1,87% in Avea paid up capital

52 Financial Participations ( ) Company Field of Activity Bank s Direct Share (%) Group Share (%) Assets (USD 000) Shareholder s Equity (USD 000) Market Share (%) Türkiye Sınai Kalkınma Bankası A.Ş. Investment Bank ,702,892 28, Arap Türk Bankası A.Ş. Banking ,297 57,007 - İşbank GmbH Anadolu Anonim Türk Sigorta A.Ş. Banking Insurance ,622 (1) 57,27 69,52 (1) 136, (2) - Anadolu Hayat Emeklilik A.Ş. Private Pension ,28,37 135, (2) Milli Reasürans T.A.Ş. Reinsurance , , (2) Destek Reasürans T.A.Ş. Reinsurance ,26 15,78 - İş Yatırım Menkul Değerler A.Ş. Brokerage House ,500 72, (3) Yatırım Finans. Menkul Değerler A.Ş. Brokerage House ,780 16,178 - İş Yatırım Ortaklığı A.Ş. Trust Company ,033 8, İş Portföy Yönetimi A.Ş. Portfolio Mngt ,556 9, İş Finansal Kiralama A.Ş. Leasing ,918 66, () İş Factoring Finansman Hizmetleri A.Ş. Factoring ,03 1,58 - İş Gayrimenkul Yatırım Ortaklığı A.Ş. REIT , , (5) İş Girişim Sermayesi Yat. Ort.A.Ş. Risk Venture ,997 57,896 - Is Dublin Financial Services Plc. (6) Fin. Services ,723 (1) 8,901 (1) - TOTAL 6,006,725 1,80,180 (1) (2) Premium income (3) Transaction volume in equity market () Transaction volume (5) Market Value (6) Not adjusted for inflation 52 52

53 Disclaimer Statement The information in this document has been obtained by Turkiye Is Bankasi A.S. ( Isbank ) from sources believed to be reliable, however, Isbank cannot guarantee the accuracy, completeness, or correctness of such information. This document has been issued for information purposes only. The financial reports and statements announced by Isbank to the public and the relevant corporations are accepted to be the sole material. Isbank does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents due to the misleading information in this document. All estimations contained in this document are the opinions of Isbank and can be subject to change without notice. This document can not be interpreted as an advice to the investors and Isbank can not be held responsible for the results of investment decisions made on account of this document. This document has been issued specially to the person, whom the document is concerned and may not be reproduced, distributed or shared with third parties for any purpose