TURKEY SOVEREIGN EUROBONDS RUN (USD) PRICE

16/10/2015 Friday ISSUER REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC O...
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16/10/2015 Friday

ISSUER REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY

ISSUER HAZINE MUSTESARLIGI VARL HAZINE MUSTESARLIGI VARL HAZINE MUSTESARLIGI VARL

ISSUER REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY REPUBLIC OF TURKEY

COUPON 7.000 7.500 6.750 7.000 7.500 7.000 5.625 5.125 6.250 3.250 5.750 7.375 4.250 11.875 8.000 6.875 7.250 6.750 6.000 4.875 6.625

COUPON 2.803 4.557 4.489

COUPON 5.000 5.500 5.875 5.125 4.350 4.125

#REF! 26/09/2016 14/07/2017 03/04/2018 11/03/2019 07/11/2019 05/06/2020 30/03/2021 25/03/2022 26/09/2022 23/03/2023 22/03/2024 05/02/2025 14/04/2026 15/01/2030 14/02/2034 17/03/2036 05/03/2038 30/05/2040 14/01/2041 16/04/2043 17/02/2045

10/10/2018 26/03/2018 10/10/2018 25/11/2024

30/04/2019 01/03/2016 16/02/2017 02/04/2019 18/05/2020 12/11/2021 11/04/2023

CURRENCY USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

TURKEY SOVEREIGN EUROBONDS RUN (USD) PRICE S&P MOODYS FITCH BID ASK NR Baa3 BBB104.600 104.805 NR Baa3 BBB108.355 108.730 NR Baa3 BBB108.475 108.890 NR Baa3 BBB111.240 111.700 NR Baa3 BBB114.315 114.825 NR Baa3 BBB112.920 113.335 NR Baa3 BBB107.221 107.825 NR Baa3 BBB104.142 104.787 NR Baa3 BBB110.522 111.172 Baa3 BBB92.875 93.330 Baa3 BBB107.630 108.234 NR Baa3 BBB119.750 120.170 Baa3 BBB95.852 96.449 NR Baa3 BBB166.375 167.375 NR Baa3 BBB127.710 128.460 NR Baa3 BBB114.710 115.295 NR Baa3 BBB119.835 120.600 NR Baa3 BBB113.427 114.304 NR Baa3 BBB103.910 104.739 Baa3 BBB89.960 90.545 Baa3 BBB113.861 114.707

YTM (%) BID ASK 1.98 1.77 2.53 2.32 3.13 2.96 3.46 3.32 3.66 3.53 3.92 3.82 4.13 4.01 4.38 4.27 4.47 4.36 4.38 4.31 4.64 4.56 4.72 4.67 4.76 4.68 5.21 5.14 5.57 5.51 5.65 5.61 5.67 5.62 5.73 5.66 5.70 5.64 5.59 5.55 5.65 5.60

Z-spread (bps) BID ASK 153 131 189 168 231 215 244 231 253 240 268 259 275 263 285 273 288 278 271 263 289 281 292 286 281 273 318 310 337 331 340 335 340 334 342 336 338 332 323 318 331 325

MS-spread (bps) BID ASK 149 128 190 169 223 206 232 218 241 228 257 248 260 248 269 258 271 260 256 249 271 262 269 264 265 257 288 281 312 306 315 311 315 310 317 311 314 308 302 297 306 300

Price Change BID ASK -0.06 -0.05 -0.03 -0.03 0.02 0.01 0.01 0.01 0.06 0.08 0.17 0.13 0.14 0.14 0.19 0.17 0.22 0.22 0.25 0.25 0.29 0.20 0.61 0.61 0.37 0.30 0.43 0.68 0.75 0.75 0.53 0.54 0.76 0.86 0.46 0.44 0.46 0.43 0.50 0.50 0.43 0.35

YTM

CURRENCY USD USD USD

TURKEY SOVEREIGN SUKUKS RUN (USD) PRICE S&P MOODYS FITCH BID ASK NR Baa3 BBB99.370 100.191 Baa3 BBB104.153 104.995 Baa3 BBB96.783 97.635

BID 3.07 3.08 4.93

ASK 2.72 2.79 4.81

Z-Spread BID ASK 226 191 215 186 310 298

MS-Spread BID ASK 217 182 205 176 295 283

Price Change BID ASK 0.04 0.02 0.08 0.06 0.15 0.17

CURRENCY EUR EUR EUR EUR EUR EUR

TURKEY SOVEREIGN EUROBONDS RUN (EUR) PRICE S&P MOODYS FITCH BID ASK NR Baa3 BBB101.500 101.675 NR Baa3 BBB105.570 105.980 NR Baa3 BBB112.065 112.565 NR Baa3 BBB110.165 110.665 Baa3 BBB106.217 107.048 Baa3 BBB104.416 105.325

BID 0.83 1.23 2.20 2.73 3.20 3.44

ASK 0.37 0.94 2.06 2.62 3.06 3.31

Z-Spread BID ASK 76 36 123 92 206 192 247 235 277 262 284 270

MS-Spread BID ASK 83 37 121 91 205 191 246 235 275 260 279 266

Price Change BID ASK 0.00 -0.05 0.02 0.03 0.13 0.00 0.07 0.07 0.05 0.03 0.06 0.10

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YTM

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16/10/2015 Friday

ISSUER TURKIYE IS BANKASI A.S TURKIYE GARANTI BANKASI FINANSBANK AS EXPORT CREDIT BANK OF TU YAPI VE KREDI BANKASI TURKIYE VAKIFLAR BANKASI TURKIYE HALK BANKASI TURKIYE GARANTI BANKASI AKBANK TAS FINANSBANK AS TURKIYE IS BANKASI A.S BANKPOZITIF KREDI VE KAL AKBANK TAS TURKIYE VAKIFLAR BANKASI AK FINANSAL KIRALAMA AS TURKIYE IS BANKASI A.S TURKIYE VAKIFLAR BANKASI YAPI VE KREDI BANKASI AS TURKIYE IS BANKASI A.S EXPORT CREDIT BANK OF TU FINANSBANK AS TURKIYE HALK BANKASI AS TC ZIRAAT BANKASI AS ALTERNATIFBANK AS TURKIYE GARANTI BANKASI YAPI VE KREDI BANKASI AS TURKIYE SINAI KALKINMA B YAPI VE KREDI BANKASI AKBANK TAS TURKIYE HALK BANKASI TURKIYE SINAI KALKINMA B TURKIYE IS BANKASI A.S TURKIYE HALK BANKASI AS TURKIYE GARANTI BANKASI TURKIYE IS BANKASI A.S TURKIYE GARANTI BANKASI AKBANK TAS TURKIYE IS BANKASI A.S TURKIYE VAKIFLAR BANKASI YAPI VE KREDI BANKASI TURKIYE IS BANKASI A.S TURKIYE VAKIFLAR BANKASI AKBANK TAS

COUPON 5.100 2.817 5.500 5.375 6.750 5.750 4.875 4.000 3.875 5.150 3.875 5.000 6.500 3.750 4.125 3.750 5.000 5.250 5.500 5.875 6.250 4.750 4.250 3.125 4.750 5.125 5.375 4.000 4.000 3.875 5.125 5.000 4.750 6.250 5.000 5.250 5.000 6.000 6.000 5.500 7.850 6.875 5.125

#REF! 01/02/2016 20/04/2016 11/05/2016 04/11/2016 08/02/2017 24/04/2017 19/07/2017 13/09/2017 24/10/2017 01/11/2017 07/11/2017 07/02/2018 09/03/2018 15/04/2018 17/04/2018 10/10/2018 31/10/2018 03/12/2018 21/04/2019 24/04/2019 30/04/2019 04/06/2019 03/07/2019 22/07/2019 17/10/2019 22/10/2019 30/10/2019 22/01/2020 24/01/2020 05/02/2020 22/04/2020 30/04/2020 11/02/2021 20/04/2021 25/06/2021 13/09/2022 24/10/2022 24/10/2022 01/11/2022 06/12/2022 10/12/2023 03/02/2025 31/03/2025

CURRENCY USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

TURKEY FINANCIAL EUROBONDS RUN (USD) PRICE S&P MOODYS FITCH BID ASK Baa3 BBB100.661 101.240 Baa3 BBB 99.903 100.854 Ba2 BBB101.420 102.050 BB+ Baa3 102.649 103.299 Baa3 BBB 104.337 105.050 Baa3 BBB103.361 104.106 Baa3 BBB101.924 102.635 Baa3 BBB 100.701 101.428 Baa3 BBB100.538 101.270 Ba2 BBB102.201 102.947 Baa3 BBB100.270 101.024 BBB98.000 99.500 Baa3 BBB105.386 106.145 Baa3 BBB97.645 98.390 BBB98.577 99.618 Baa3 BBB98.174 98.927 Baa3 BBB100.335 101.092 Baa3 BBB 101.364 102.111 Baa3 BBB102.243 102.973 BB+ Baa3 103.452 104.202 Ba2 BBB104.468 105.285 Baa3 BBB99.150 99.901 Baa3 BBB98.509 99.318 A+ 99.334 100.290 Baa3 BBB 99.677 100.440 Baa3 BBB 100.079 100.781 Baa3 BBB100.387 101.179 Baa3 BBB 95.738 96.553 Baa3 BBB96.546 97.335 Baa3 BBB94.673 95.440 Baa3 BBB98.867 99.680 Baa3 BBB98.779 99.530 Baa3 BBB95.855 96.653 Baa3 BBB 104.567 105.381 Baa3 BBB97.419 98.155 Baa3 BBB 98.837 99.629 Baa3 BBB96.938 97.756 Ba3 BB+ 96.007 97.014 Ba2 BB+ 93.240 94.123 Ba2 BBB93.747 94.778 Ba3 BB+ 105.843 107.028 Ba3 BB+ 95.098 96.171 Baa3 BBB93.275 94.147

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YTM (%) BID ASK 2.67 0.62 3.01 1.12 2.90 1.77 2.77 2.15 3.31 2.76 3.45 2.95 3.72 3.31 3.61 3.22 3.59 3.22 4.01 3.63 3.74 3.35 5.94 5.23 4.10 3.78 4.77 4.44 4.74 4.29 4.41 4.14 4.88 4.61 4.77 4.52 4.80 4.57 4.79 4.57 4.86 4.61 5.01 4.78 4.69 4.45 3.31 3.04 4.84 4.63 5.10 4.91 5.27 5.05 5.13 4.91 4.91 4.70 5.28 5.07 5.41 5.21 5.31 5.12 5.66 5.48 5.28 5.11 5.53 5.38 5.45 5.31 5.53 5.39 6.72 6.54 7.24 7.07 6.61 6.42 6.90 6.71 7.58 7.41 6.07 5.94

Z-spread (bps) BID ASK 235 29 269 80 253 140 229 167 277 222 286 236 308 266 292 253 288 250 329 291 301 263 516 445 330 298 394 361 391 346 347 320 393 366 381 355 376 353 376 353 382 357 395 371 361 337 222 194 371 349 397 377 413 391 394 372 372 351 409 387 419 398 408 389 430 412 390 373 412 396 387 372 393 378 513 494 565 548 500 481 521 502 708 676 423 410

MS-spread (bps) BID ASK 243 37 276 88 265 153 228 165 267 213 281 232 295 253 284 244 282 244 323 286 296 258 504 433 320 287 386 354 383 339 338 311 385 358 374 349 366 343 366 343 372 347 387 364 355 331 207 179 359 338 385 366 402 380 378 356 356 335 393 372 407 386 396 377 414 396 375 359 401 385 369 355 377 363 496 478 548 532 485 466 501 482 555 538 404 392

Price Change BID ASK 0.01 0.03 0.02 0.00 0.06 0.08 0.04 0.05 0.02 0.03 0.06 0.00 0.03 0.05 0.09 0.06 0.04 0.01 0.05 0.05 0.02 0.03 0.00 0.00 0.06 0.06 0.09 0.08 0.02 -0.01 0.08 0.08 0.05 0.05 0.02 0.04 0.14 0.13 0.13 0.13 0.19 0.17 0.10 0.10 0.10 0.12 0.00 0.04 0.08 0.07 0.07 0.08 0.06 0.07 0.09 0.12 0.17 0.18 0.12 0.13 0.09 0.08 0.11 0.11 0.18 0.19 0.15 0.16 0.12 0.09 0.18 0.19 0.26 0.26 0.04 0.08 0.21 0.19 0.14 0.11 0.04 0.09 0.04 0.12 0.33 0.43

Maxis Investments Limited.

16/10/2015 Friday

ISSUER YUKSEL INSAAT TUPRAS-TURKIYE PETROL RA COCA-COLA ICECEK URETIM TURK TELEKOMUNIKASYON AS KOC HOLDINGS AS YASAR HOLDINGS TURK SISE VE CAM FABRIKA MERSIN ULUS LIMAN GLOBAL LIMAN ISLETMELERI ANADOLU EFES ARCELIK AS TURK TELEKOMUNIKASYON AS TURKCELL ILETISIM HIZMET

ISSUER KT SUKUK VARLK KIRALMA A TF VARLIK KIRALAMA AS TF VARLIK KIRALAMA AS KT KIRA SERT VARLIK ALBARAKA TURK KATILIM BA ASYA SUKUK CO LTD ALBARAKA TURK KATILIM

ISSUER TURKIYE VAKIFLAR BANKASI TURKIYE GARANTI BANKASI ARCELIK AS

ISSUER AKBANK TAS TURKIYE GARANTI BANKASI

COUPON 9.500 4.125 4.750 3.750 3.500 8.875 4.250 5.875 8.125 3.375 5.000 4.875 5.750

COUPON 5.875 3.950 5.375 5.162 6.250 7.500 7.750

COUPON 3.500 3.375 3.875

COUPON 7.500 7.375

#REF! 10/11/2015 02/05/2018 01/10/2018 19/06/2019 24/04/2020 06/05/2020 09/05/2020 12/08/2020 14/11/2021 01/11/2022 03/04/2023 19/06/2024 15/10/2025

07/11/2017 31/10/2016 02/05/2018 24/04/2019 26/06/2019 30/06/2019 28/03/2023 07/05/2023

10/10/2018 17/06/2019 08/07/2019 16/09/2021

24/04/2019 05/02/2018 07/03/2018

CURRENCY USD USD USD USD USD USD USD USD USD USD USD USD USD

TURKEY CORPORATE EUROBONDS RUN (USD) PRICE S&P MOODYS FITCH BID ASK WR WD #N/A N/A #N/A N/A Ba1 BBB99.417 100.325 Baa3 BBB 103.387 104.269 BBBBBB98.641 99.470 BBBBaa3 96.664 97.549 B2 B 101.860 103.419 BB+ Ba1 96.187 97.195 Baa3 BBB103.159 104.190 B1 BB85.119 87.049 BBBBaa3 85.941 86.871 BB+ BB+ 91.689 92.650 BBBBBB94.529 95.408 BBBBaa3 BBB99.050 99.900

CURRENCY USD USD USD USD USD USD USD

CURRENCY EUR EUR EUR

CURRENCY TRY TRY

S&P

BB B

S&P

BB+

S&P

YTM (%) BID ASK #N/A N/A #N/A N/A 4.37 3.99 3.53 3.22 4.15 3.91 4.32 4.10 8.37 7.96 5.20 4.95 5.12 4.89 11.61 11.11 5.84 5.66 6.42 6.25 5.68 5.55 5.88 5.76

Z-spread (bps) BID ASK 353 315 260 229 308 283 309 286 720 675 397 371 386 357 1017 968 421 403 477 459 390 376 400 388

MS-spread (bps) BID ASK 347 309 250 219 301 277 298 276 703 662 386 360 368 344 999 950 408 391 460 442 375 361 381 369

TURKEY FINANCIAL SUKUKS RUN (USD) PRICE MOODYS FITCH BID ASK BBB 103.127 104.178 BBB 100.034 100.913 BBB 102.379 103.414 BBB 103.182 104.112 99.975 100.902 C 75.500 78.500 96.054 96.943

YTM (%) BID ASK 2.77 1.75 3.94 3.57 4.63 4.32 4.22 3.95 6.25 5.97 12.93 12.18 8.47 8.30

Z-spread (bps) BID ASK 229 128 310 273 359 328 315 288 519 490 1999 1809 685 668

MS-spread (bps) BID ASK 227 126 303 267 349 318 308 281 511 483 1111 1036 664 648

Price Change BID ASK -0.04 -0.02 0.08 0.04 0.04 0.00 0.00 -0.01 0.05 -0.10

TURKEY EUROBONDS RUN (EUR) PRICE MOODYS FITCH BID ASK Baa3 BBB98.326 99.130 Baa3 BBB 99.155 99.985 BB+ 95.885 96.885

YTM (%) BID ASK 4.00 3.75 3.62 3.38 4.69 4.49

Z-spread (bps) BID ASK 384 359 345 320 427 406

MS-spread (bps) BID ASK 384 360 346 322 423 403

Price Change BID ASK 0.16 0.12 0.04 0.06 0.00 0.02

TURKEY EUROBONDS RUN (TRY) PRICE MOODYS FITCH BID ASK Baa3 BBB88.707 90.253 Baa3 BBB 87.949 89.252

YTM (%) BID ASK 13.37 12.51 13.45 12.74

Z-spread (bps) BID ASK 215 110 226 136

MS-spread (bps) BID ASK -

Price Change BID ASK -0.21 -0.04 -0.06 -0.23

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Price Change BID ASK 0.09 0.03 0.09 0.08 0.02 0.08 0.11 -0.05 0.14 0.09 0.23 0.05

-0.02

0.06 0.00 0.05 0.07 0.01 0.07 0.14 -0.04 0.06 0.26 0.10 0.00

0.00

Maxis Investments Limited.

16/10/2015 Friday

9.00

TURKISH BANKS & SOVEREIGN YIELD CURVE USD (Duration vs Mid YTM)

8.00 VAKBN25 BB+

VAKBN22 BB+

7.00 ISCTR23 BB+ ISCTR22 BB+ YKBNK22 BBB-

6.00

AKBNK25 BBB-

BNKPOZ18 BBB-

HALKBK21 BBBISCTR21 BBBTSKBTI20 BBBTSKBTI19 BBB-HALKBK20 BBB-

5.00

ISCTR20 BBB-

GARAN21 BBB

AKBNK22 BBBGARAN22 BBB

YKBNK19 BBBYKBNK20 BBB ISCTR19 BBB- HALKBK19 BBBYKBNK18 BBB AKBNK20 BBBVAKBN18 BBB- FINBN19 BBBGARAN19 BBB AKBNK18 BBBVAKBN18 BBBTCZIRA19 BBBEXCRTU19 BB+

YTM (%)

TURKEY25 BBBTURKEY24 BBB-

ISCTR18 BBB-

TURKEY22 BBB-

TURKEY23 BBB-

AKBNK18 BBB-

4.00

TURKEY21 BBB-

FINBN17 BBBTURKEY20 BBBHALKBK17 BBB-

GARAN17 BBB ISCTR17 BBBTURKEY19 BBBAKBNK17 BBB-

VAKBN17 BBB-

3.00

EXCRTU16 BB+

ALNTF19 A+ TURKEY18 BBB-

YKBNK17 BBB

TURKEY17 BBB-

FINBN16 BBB-

2.00

GARAN16 BBB TURKEY16 BBBISCTR16 BBB-

1.00

0.00 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Duration (years)

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Maxis Investments Limited.

16/10/2015 Friday

12.00

TURKISH CORPORATES & SOVEREIGN YIELD CURVE USD (Duration vs Mid YTM) GLYHO21 BB-

11.00

10.00

9.00

YASARH20 B

8.00

7.00 ACKAF23 BB+

YTM (%)

6.00 TCELLT25 BBB-

AEFES22 BBBTURKTI24 BBB-

5.00

SISETI20 BB+

MERSIN20 BBB-

TURKEY25 BBBTURKEY24 BBBKCHOL20 BBB-

TUPRST18 BBB-

4.00

TURKEY22 BBB-

TURKEY23 BBB-

TURKTI19 BBBTURKEY21 BBBTURKEY20 BBBTURKEY19 BBBCCOLAT18 BBB

3.00 TURKEY18 BBB-

TURKEY17 BBB-

2.00 TURKEY16 BBB-

1.00

0.00 0.00

0.00 0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Duration (years)

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Maxis Investments Limited.

16/10/2015 Friday

9.00

TURKISH SUKUKS & SOVEREIGN YIELD CURVE USD (Duration vs Mid YTM) ALBRK23 B

8.00

7.00

ALBRK19 BB

6.00

5.00 TURKEY25 BBBTURKEY24 BBB-

YTM (%)

TUFIKA19 BBB TURKEY22 BBB-

TURKEY23 BBB-

KFINKK19 BBB

4.00

TURKEY21 BBBTUFIKA18 BBB

TURKEY20 BBBTURKEY19 BBB-

TURKSK18 BBB-

3.00

TURKEY18 BBB-

TURKSK18 BBB-

TURKEY17 BBB-

KFINKW16 BBB

2.00 TURKEY16 BBB-

1.00

0.00 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Duration (years)

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Maxis Investments Limited.

16/10/2015 Friday

6.00

TURKISH FINANCIALS & SOVEREIGN YIELD CURVE EUR (Duration vs Mid YTM)

5.00

ACKAF21 BB+

4.00 VAKBN19 BBB-

GARAN19 BBB TURKEY23 BBB-

TURKEY21 BBB-

YTM (%)

3.00 TURKEY20 BBB-

TURKEY19 BBB-

2.00

TURKEY17 BBB-

1.00

TURKEY16 BBB-

0.00 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Duration (years)

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Maxis Investments Limited.

16/10/2015 Friday TURKEY CORPORATE VS EM TOTAL RETURNS YTD (%)

JCBBTU Index: JPMorgan Corporate Broad EMBI Turkey Index ,JCBBCEEM Index: JPMorgan Corporate Broad EMBI CEEMEA Index,JPEGCOMP Index: JPMorgan Emerging Markets Bond Index EMBI Global Composite,JPEGTU Index: JPMorgan Emerging Markets Bond Index EMBI Global Turkey,JCBBCOMP Index: JPMorgan Corporate Broad EMBI Composite Index

JPM CEMBI Broad Composite Inde JPM CEMBI Broad Turkey JPM CEMBI Broad CEEMEA Index JPM CEMBI Broad Africa Index JPM CEMBI Broad Asia Index JPM CEMBI Broad Europe Index JPM CEMBI Broad Latin America JPM CEMBI Broad Mideast Index Broad Financial Index Broad Industrial Index Broad Metals & Mining Index Broad Oil & Gas Index Broad Consumer Index Broad Utilities Index JPMorgan EMBIG Composite JPMorgan EMBIG Turkey JPMorgan GBI-EM Global Composi

CHANGE (%) 1 Day Week to Date Month to Date Year to Date 0.15 0.32 2.05 2.41 0.55 0.31 2.19 1.74 0.27 0.32 1.34 10.91 0.32 0.66 2.98 2.68 0.19 0.60 1.33 3.45 0.38 0.37 1.43 17.39 0.00 -0.07 3.69 -5.00 0.09 0.15 0.75 3.42 0.13 0.24 1.49 4.62 0.24 0.31 3.12 -0.22 0.15 0.25 3.56 -0.22 0.13 0.05 3.79 -0.96 0.07 0.46 1.45 2.15 0.13 0.25 1.20 2.57 0.42 0.35 2.99 2.67 0.70 0.19 3.93 -0.85 0.96 -0.29 5.91 -11.98

5 Years 22.55 30.38 26.96 27.07 29.49 26.63 11.64 30.62 24.58 35.03 13.87 9.88 26.77 27.89 25.70 24.73 -15.25

EMBI Broad Index: CEMBI Broad Index is a market capitalization weighted total return index consisting of US denominated Emerging market corporate bonds.Please note that quasi sovereign bonds are not included in this index. EMBI Global ( EMBIG): This total return index includes only USD denominated sovereign and quasi sovereign emerging markets debt.The other indices are sub-sectoral or sub- regional indices of EMBIG and CEMBI.

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Maxis Investments Limited.

Prepared By Trading & Institutional SalesTeam Contact Information: Trading & Institutional SalesTeam

Sales Team

Tuncer Ali Cam (Associate Director) Tel:+44 207 726 3320 Fax: +44 207 7263 321 E-mail: [email protected]

Can Atalay (Vice President) Tel:+44 207 726 3328 Fax: +44 207 726 3319 E-mail: [email protected]

Muhammed Demir (Vice President) Tel:+44 207 726 3314 Fax: +44 207 7263 315 E-mail: [email protected]

Dilan Anli (Senior Associate) Tel:+44 207 726 3322 Fax: +44 207 726 3319 E-mail: [email protected]

Ulas Ozturk (Senior Associate) Tel:+44 207 726 3326 Fax: +44 207 7263 315 E-mail: [email protected] Aras Guvenc (Associate) Tel:+44 207 726 3340 Fax: +44 207 7263 313 E-mail: [email protected]

DISCLAIMER / WARNING: The information in this report is prepared by “Maxis Investments LTD” and it is not to be construed as an offer of solicitation for the purchase or sale of any financial instrument or the provision of an offer to provide investment services. Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinion and comments contained in this report reflect the personal views of the analyst who supplied them. The investment 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 this report is strictly prohibited. The past performances of the instruments are not necessarily a guide to the future. The investment could be subject to sudden and large fall in value that could lead to large loss on realization equal to amount invested. Change in rate of exchange may have adverse effects on instrument returns. The information presented in this report has been obtained from sources believed to be reliable. Maxis Investments Ltd. cannot be held responsible for any errors or omissions or for results obtained from the use of such information Maxis Investments Limited is authorized and regulated by the FCA. Maxis Investments Limited does not have any material interest, position or holding in the investment. The taxation on investment is subject to country regulations the instrument has been traded at. The information contained in this document has not taken into account your individual circumstances. Where you are unsure about any matters raised by the above information you should seek appropriate independent advice.

Maxis Investments Limited, 7 Princes Street, 1st Floor, EC2R 8AQ, London, UK Registered in England & Wales, No: 5529888 Authorized and regulated by the Financial Services Authority

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Maxis Investments Limited.