26 September 2014 Ecem Özdemir Turkish Market Calendar Macroeconomic Indicators [email protected] +90 (212) 334 98 89 Data of the Week- Foreign Trade, August 2012 2013 2014YF GDP Growth 2.2% 4.0% 3.2% CPI 6.3% 7.4% 8.9% C/A Def. / GDP 6.0% 7.9% 6.1% Budget Def. / GDP 2.0% 1.2% 2.3% USD/TRY (eop) 1.7776 2.1304 2.2135 1-Week Repo Auc. 5.50% 4.50% 9.00% 12 YF Est. 10 7.6 8 6 4 2 Weekend Monday 27-28 September 29 September    4-5 October Consumer Confidence Index, September Treasury’s Auctions: 5 Years Fixed Coupon G-Bond (10Jul-2019); 10 Years CPI Linker (18-Sep2024) Tuesday 30 September   BRSA Monthly Data, August 6 October Foreign Trade, August (YF Export: USD11.6bn, Import: USD19.2bn) Treasury’s Auctions: 2 Years Fixed Coupon G-Bond (13-Jul-2016); 10 Years Fixed Coupon G-Bond (24Jul-2024)     7 October OFFICIAL HOLIDAY 11-12 October OFFICIAL HOLIDAY 13 October Weekly Securities Statistics, Wk. 40 20 October Private Sector’s loans received from abroad 21 October   Short Term External Debt Treasury’s Auctions: 2 Years Zero Coupon G-Bond (18Nov-2016) TEA Exports, September ICC’s Cost of Living Index, September Manufacturing PMI, September    Treasury’s market redemption: TRY12.2bn Real Effective Exchange Rate, September CBT’s Monthly Price Developments, September Unemployment, July Jul-14 Apr-14 Jan-14 Jul-13 Oct-13 Apr-13 Jan-13 Jul-12 Oct-12 Apr-12 Weekly Securities Statistics, Wk. 39   Parliament to vote for motions enabling government to deploy troops in Iraq and Syria OFFICIAL HOLIDAY Treasury’s Cash Balance, September 10 October   Weekly Securities Statistics, Wk. 41 Budget Balance, September 17 October   Treasury’s market redemption: TRY0.6bn 22 October 23 October   IP, August Retail Sales Volume Index, August 16 October Balance of Payments, August Inflation, September Summary Notes of the MPC Meeting 9 October  15 October   Jan-12 Jul-11 Oct-11 Apr-11 Jan-11 Jul-10 3 October    Friday 2 October Treasury’s market redemption: TRY1bn  18-19 October Thursday 1 October  14 October  Wednesday 8 October  OFFICIAL HOLIDAY Oct-10 Apr-10 Jan-10 0 Weekly Securities Statistics, Wk. 42 MPC Meeting, October Constitutional deadline for 2015 Budget to be submitted to the Parliament CBT’s Expectation Survey 24 October Turkish Market Calendar, 29 September- 24 October 2014 26 September 2014 Yatırım Finansman Securities Nispetiye Caddesi Akmerkez Tel: +90 (212) 317 69 00 E-3 Blok Kat:4 Fax: +90 (212) 317 69 32 Bloomberg: YATF Etiler / İstanbul 34337 TURKEY Emre Birkan www.yf.com.tr Executive Vice President [email protected] +90 (212) 334 98 40-41 Cenk Erdal Head of Sales [email protected] +90 (212) 334 98 45-46 Müjde Erdoğan Birdal Director of Sales [email protected] +90 (212) 334 98 42-43 Gülçin Sepken Aygün Director of Trading [email protected] +90 (212) 334 98 51-52 Nida Aydın Associate [email protected] +90 (212) 334 98 55-56 Mehmet Ali Sukuşu Settlement [email protected] +90 (212) 317 68 42 Zümrüt Can Ambarcı Head of Equity Research, Banks [email protected] +90 (212) 334 98 35 Kenan Turan Conglomerates, Retail, Agriculture [email protected] +90 (212) 334 98 58 Gülçe Deniz Steel & Mining, REIT, Cement [email protected] +90 (212) 334 98 36 Alper Üstünışık Glass, Automotive, Consumer Durables [email protected] +90 (212) 334 98 64 Ahmet Emre Kılınç Banks [email protected] +90 (212) 334 98 38 Özge Özcan Associate [email protected] +90 (212) 334 98 39 Levent Durusoy Chief Economist [email protected] +90 (212) 334 98 33 Ecem Özdemir Associate [email protected] +90 (212) 334 98 89 Institutional Sales Equity Research Macroeconomic Research © 2014 YF Securities. All rights reserved. - Yatirim Finansman (YF) research refrains from rating parent companies (TSKB and Isbank) to avoid any potential conflicts of interest between YF Securities and rated companies, in connection with, but not limited to, loan agreements or business deals. - YF Securities, its clients and employees may hold a position in the rated securities and may perform investment banking or other services for the covered companies. Strict limitations on trading apply for analysts; it is prohibited for analysts to trade equities on a daily basis, and any trading of equities by analysts, may only be conducted through the brokerage services provided by YF Securities. - Companies under the coverage of YF Securities are rated on the basis of their expected performance relative to the BİST index. The following ratings are used to accurately reflect analysts’ research and opinions regarding their coverage: OutPerform: Rated for stocks which YF Securities expects to outperform the BİST-100 index over a 12-month horizon. MarketPerform: Rated for stocks which YF Securities expects to perform in line with the expected BİST-100 return over a 12-month horizon. UnderPerform: Rated for stocks which YF Securities expects to underperform the BİST-100 index over a 12-month horizon. The information on this document is provided by Yatirim Finansman (YF) Securities Inc. and it is not to be construed as an offer or solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Therefore, making decisions with respect to the information in this report may cause inappropriate results. All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and/or publication of information, opinions and comments provided on this document is strictly prohibited. The information presented in this report has been obtained from sources believed to be reliable. (YF) Securities Inc. cannot be held responsible for any errors or omissions or for results obtained from the use of such information