®

® CLS and the CLS Logo are registered trademarks of CLS UK Intermediate Holdings Ltd © 2005 CLS UK Intermediate Holdings Ltd.

www.cls-group.com

Rob ClosePresident and CEO

CLS Bank International

CLS update for the Turkish banking industry

16 November 2006

CLS today

CLS - The New Market Standard

Eliminates FX settlement risk

Settles fifteen currencies

Uses a payment versus payment (PvP) basis

Multi-laterally nets all obligations per value date.

CLS settles: FX spot FX forwards FX option exercises FX swaps

Only global settlement system

Bankers’ Bank for FX Settlement

Real-time links to Central Banks

Corporate structure and governance model

Legal governance and regulation

Level playing field for Shareholders

CLS Bank is Unique

Settlement Accounts with 15 Central Banks

Australia - Australia & New Zealand Banking Group • Commonwealth Bank of Australia • National Australia Bank • Westpac Banking Corporation • Belgium - Fortis Bank • KBC Bank • Canada - Bank of Montreal • The Bank of Nova Scotia • CIBC • Royal Bank of Canada • The Toronto-Dominion Bank • China – Bank of China • Denmark - Danske Bank • Nordea • France - BNP Paribas • Caisse Nationale De Credit Agricole • Credit Lyonnais • Société Générale • Germany - Bayerische Landesbank • Commerzbank • Deutsche Bank • DZ Bank • Dresdner Bank • Hypo Vereinsbank • WestLB • Italy – Banca Intesa • UniCredito • Japan - The Bank of Tokyo-Mitsubishi UFJ, Ltd • Mizuho Corporate Bank • Norinchukin Bank • Sumitomo Mitsui Banking Corporation • The Sumitomo Trust & Banking Co., Ltd. • Korea – Kookmin Bank • Korea Exchange Bank • Luxembourg – Dexia Banque Internationale a Luxembourg • Netherlands - ABN AMRO Bank • ING Bank • Rabobank Nederland • Norway – DnB NOR • Singapore - Development Bank Of Singapore • Oversea-Chinese Banking Corporation • United Overseas Bank • South Africa – Absa • Standard Bank • Spain - BBVA • Banco Popular Espanol • Banco Santander Central Hispano • Sweden - Skandinaviska Enskilda Banken • Svenska Handelsbanken • Switzerland - Credit Suisse • UBS • Zurcher Kantonalbank • United Kingdom - Barclays Bank • HSBC Holdings • Royal Bank of Scotland • Standard Chartered Bank • United States - American International Group • Bank of America • The Bank of New York • Bank One • Bear Stearns Securities • Citibank • The Goldman Sachs Group • JPMorgan Chase • Lehman Brothers • Mellon Bank • Merrill Lynch • Morgan Stanley & Co. • Northern Trust Corporation • State Street Bank and Trust Co.

CLS Shareholders

CLS – growing volume and value

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

Jun-06

Jul-06

Aug-06

Sep-06

100

125

150

175

200

225

250

275

300

Sid

es

se

ttle

d (

00

0's

)

$2.9 trillion daily($5.47 trillion peak day)

270,000 instructions daily(502,384 peak day)

Volume

Value

Sep-05

Oct-05

Nov-05

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

Jun-06Jul-0

6

Aug-06

Sep-06

1000

1500

2000

2500

3000

Va

lue

($

Bn

)

Growing CLS participation

Growth in third parties

0100

200300

400500

600700

800

Nov-02

Jan-

03

Mar

-03

May

-03

Jul-0

3

Sep-0

3

Nov-03

Jan-

04

Mar

-04

May

-04

Jul-0

4

Sep-0

4

Nov-04

Jan-

05

Mar

-05

May

-05

Jul-0

5

Sep-0

5

Nov-05

Jan-

06

Mar

-06

May

-06

Jul-0

6

Banks: 261 Corporates: 21 NBFI: 33 Fund accounts: 435

September 2006Total:750

71 Shareholders, 57 Members, 26 Service Providers

CLS market share

40%FX

75-83% Interbank

95% Member to Member

CLS penetration – London and New York

Comparison with aggregated FXC and JSC market statistics for London and New York

CLS estimated market share for spot, swaps and overall market

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

Mar

ket

shar

e

Spot Swaps Total

Oct-04

Oct-05

06:30 07:00

Fundingcompletion

Funding &settlement

Submitting Instructions

How CLS works - overview

09:00 12:00

CLS benefits

CLS perceived value

Operational Efficiencies &

Scale Economics

Risk reduction

Market growth support

Reduced funding

CLS perceived value by sector

Operational Efficiencies &

Scale Economics

Risk reduction

Market growth support

Reduced funding

Banks

Corporates

Pension Funds

Investment Funds

Hedge / leveraged funds

Prime Brokerage / Algo Business

BanksBanks

Banks

Corporates

Corporates

Pension Funds

Investment Funds

Prime Brokerage / Algo Business

Prime Brokerage / Algo Business

Hedge / leveraged funds

Hedge / leveraged funds

Growing FX volume from the fund industry

Average FX Trading Volume by Type

$96

$22

$41

$73

$81

$24

$27

$67

$65

$18

$26

$44

$0 $20 $40 $60 $80 $100 $120

Banks

Corporates

Fund Managers/Pensionfunds

Hedge funds

US$ (Billions)

2003

2004

2005

Source: 2006 Greenwich Associates. Based on a matched sample of 733 respondents. Figures are average annual volume per respondent.

Average foreign exchange trading volumes among fund managers and pension funds increased almost 48% from 2004 to 2005.

CLS facing the future

Today’s market – challenges and opportunities

FX is an asset class – increasing buy side participation

Programme trading growing but volatile

Hedge Funds and Prime Brokerage driving market growth

Strong growth in FX derivatives, e.g. NDFs & FX option premiums

Growth in emerging markets

Focus on cost reduction

CLS strategy overview

New Products – ∆ Value delivered

Increase participation

Grow volume

Reduce unit cost

Future growth areas for CLS

Fund management

Other buy side

Non-Deliverable Forwards

FX Option premiums

Other currencies

Conclusion

CLS is

The FX Standard

Delivering Benefits

Extending the Benefits

Focused on growth to reduce unit prices

®

® CLS and the CLS Logo are registered trademarks of CLS UK Intermediate Holdings Ltd © 2005 CLS UK Intermediate Holdings Ltd.

www.cls-group.com

Rob ClosePresident and CEO

CLS Bank International

CLS update for the Turkish banking industry

16 November 2006