Market Watch Friday, December 25, 2015 www.sekeryatirim.com.tr Agenda

21 Monday 22 Tuesday 23 Wednesday 24 Thursday 25 Friday • N/A • CBRT: MPC announcement • U.S., November durable • U.S., jobless claims • N/A • U.S., 3Q15 GDP goods orders • U.S., November personal • U.S., November existing income and spendings home sales • U.S., December MU consumer confidence • U.S., November PCE index • U.S., November new home sales

Outlook: Hacim (mn TL) BIST 100 The BIST100 remained almost flat yesterday closing at an index level of 74,050. Total trading volume was thin at TRY2.0bn. We have no major 8.000 76.000 local data announcements scheduled for today. We expect a slightly posi- 73.328 74.045 74.050 tive opening amid rather thin trading. RESISTANCE LEVELS: 74,700 – 6.000 73.102 74.000 75,300 / SUPPORT LEVELS: 73,500 – 72,800. 72.460 4.000 72.000 Money Market: The Lira was positive yesterday, gaining 0.24% against the USD to close at 2.000 70.000 3.527 the day low of 2.9165. Additionally, the currency appreciated by 0.05% 3.674 3.411 against the basket composed of $0.50 and €0.50. The local fixed income 3.436 markets were relatively flat. The two-year benchmark bond was traded 0 1.951 68.000 18 Aralık 21 Aralık 22 Aralık 23 Aralık 24 Aralık within a tight range of 11.01%-11.05%, ending at the day at a low of 11.01%, 7 Bps below its previous close. Indices (TRY) Previous Last Chg. YTD BIST 100 74.045 74.050 0,01% -13,61% Company News: BIST 30 90.567 90.583 0,02% -14,66% (KILER.TI; NC): Subsequent to Carrefoursa’s (CRFSA.TI; NC) as- BIST-Financial 96.652 96.738 0,09% -16,04% suming a 97.27% stake in Kiler’s capital and the related tender call, the BIST-Industrial 75.341 75.304 -0,05% -4,35% BIST’s BOD has decided that Kiler shares are to be delisted on Jan 04, BIST-Services 53.660 53.513 -0,27% -13,96% 2016, the day that Carrefoursa shares are transferred to Kiler share- holders. Thus, the last trading day for Kiler shares is set as Dec 31, 2015. Advances Declines Most Active Stocks (%) Stocks (%) Stocks Vol (TR) According to the media, The Energy Market Regulatory Authority (EMRA) IPEKE 19,32 HDFGS -16,67 GARAN 337.813.700 has reduced the minimum eligibility limit to 3,600 kwh/year from 4,000 kwh/ KOZAA 19,10 SANEL -6,81 TMSN 252.932.538 year for 2016 (markets were expecting a decrease of between 3,000-4,000 AVGYO 14,94 AKFEN -6,50 THYAO 184.001.904 kwh/year). Recall that subscribers can buy directly from generators and KOZAL 13,43 KILER -5,46 AKBNK 98.868.266 wholesalers. Accordingly, consumers whose electricity bills exceed TRY ARMDA 12,84 KAREL -5,26 HALKB 93.908.213 110 (previously TRY 130) will receive discounted electricity. Note that the integrated players within the electricity distribution business (Aksa Energy Money Market Previous Last Pr. Mn YE14 (AKSEN.TI; OP), Sabanci Holding (SAHOL.TI; MP) subsidiary Enerjisa, O/N Repo (%) 9,99 9,98 10,10 10,04 and (ALARK.TI; N/C ) subsidiary Alsim Alarko) stand to Euro Bond (30 year, $) 163,84 163,86 165,92 177,00 benefit the most from the revision. We evaluate the news as ‘positive’ for Bond (Benchmark, %) 11,08 11,01 10,34 8,02 energy companies, but, since the reduction amount is small, it will reduce any effect on the shares. Currency Previous Last Chg. YTD US$ 2,9235 2,9165 -0,24% 25,09% Euro 3,1875 3,1915 0,13% 12,85% Euro/Dolar 1,0961 1,0967 0,05% -9,10% Commodity Previous Last Chg. YTD Oil (Brent spot, $) 37,8 37,7 -0,26% -34,26% Oil (NYMEX future, $) 38,1 38,1 0,05% -28,85% Gold (Ounce, $) 1.076,2 1.076,9 0,07% -9,32% Silver (XAG, $) 14,4 14,4 0,00% -9,36%

Şeker Funds Previous Last* Chg. YTD Şeker Portfoy Equity Fund 0,307275 0,306953 -0,10% -7,82% Şeker Portfoy Debt Instruments 0,022485 0,022488 0,01% 5,47% Şeker Portfoy Money Market 1,020724 1,020932 0,02% 8,64% Şeker Portfoy Mix Fund 0,017914 0,017902 -0,07% -0,53% Şeker Portfoy Gold Fund 0,016421 0,016371 -0,30% 9,70% Şeker Portfoy Short T. Debt 0,012202 0,012204 0,02% 7,25%

* Prices as of 25-Dec-15

Market Watch Friday, December 25, 2015 www.sekeryatirim.com.tr

World Indices America Previous Last Chg. YTD Dow Jones (US) 17.603 17.552 -0,29% -1,52% Nasdaq (US) 5.046 5.048 0,05% 6,60% S&P 500 (US) 2.064 2.061 -0,16% 0,10% Bovespa (Brasil) 44.015 44.015 0,00% -11,98% Merval (Argentina) 12.041 12.041 0,00% 40,35% Mexico Bolsa (Mexico) 43.580 43.528 -0,12% 0,89% Europe Previous Last Chg. YTD Dax (Germany) 10.728 10.728 0,00% 9,40% FTSE 100 (UK) 6.241 6.255 0,22% -4,74% CAC 40 (France) 4.675 4.663 -0,24% 9,14% WSE WIG (Poland) 46.564 46.564 0,00% -9,44% Prague (Czech Republic) 945 945 0,00% -0,13% Budapest (Hungary) 23.547 23.547 0,00% 41,56% RTSI (Rusya) 786 781 -0,56% -1,22% Asia Previous Last Chg. YTD Nikkei (Japan) 18.887 18.790 -0,51% 7,67% Hang Seng (Hong Kong) 22.041 22.138 0,44% -6,21% Shanghai Comp. (China) 3.636 3.612 -0,65% 11,68% KOSPI (South Korea) 1.999 1.991 -0,43% 3,92% ASX 100 Index (Australia) 5.142 5.208 1,28% -3,36% Turkdex (Set. Price) Previous Last Chg. YTD INX30 (DECEMBER 15) 90,725 90,750 0,03% -15,15% USD (DECEMBER 15) 2,9333 2,926 -0,24% 23,78% EURO (DECEMBER 15) 3,1962 3,2005 0,13% 11,56% GOLD (DECEMBER 15) 101,20 101,56 0,36% 11,48% Portfolio Inclusio Inclusio Last Chg. BIST Recommend. Date Price Close (%) Relative 07.04.15 8,14 7,12 -12,5% -1,8% Pegasus 04.09.15 17,65 17,90 1,4% -0,1% 29.01.15 16,15 10,73 -33,6% -18,9% Tupras 05.10.15 75,75 72,85 -3,8% -3,4% 09.11.15 19,05 18,00 -5,5% 4,5% 20.01.14 6,79 7,42 9,3% -3,1% REIT 29.01.15 3,09 2,69 -12,9% 6,2% Portfolio Yield (yoy) -20,8% -9,6% Portfolio Yield (mom) 0,0% 1,2%

This document has been prepared by the Equity Research Department of Şeker Invest. The information and data used in this report have been obtained from public sources that are thought to be reliable and complete. However, Şeker Invest does not accept responsibility for any errors and omissions. This document should not be construed as a solicitation to buy or sell securities herein. This document is to be distributed to qualified emerging market investors only.

Şeker Yatırım Menkul Degerler A.S. - Buyukdere Cad. No:171 Metrocity A Blok Kat 4-5 SISLI /ISTANBUL Tel: (+90) 212 334 33 33 Pbx, Fax: (+90) 212 334 33 34, [email protected]