volume. The breakdown of trading volume, in terms of departments and investor categories, includes the brokerage firms figures only. 98% of bonds and bills trading volume of brokerage firms was generated by domestic investors. The share of domestic institutional investors, which represent mutual funds, investment trusts and pension funds, has been increasing in the last years to reach 8 in Domestic corporations, mainly reflecting the proprietary trading of brokerage firms, created 16% of bonds trading volume. The share of foreign investors bonds and bills trading has increased slightly to 2% in Foreign investors prefer using banks rather than brokerage firms for trading in the bonds and bills market. In 2014, domestic sales department generated 72% of the trading volume in the fixed income market. The share of proprietarytrading increased by 1 percentage point to 12% in the same period. Discretionary portfolio management clients and mutual funds that are managed by brokerage firms generated 1 of the trading volume Source: Borsa İstanbul Investor Breakdown of Bonds & Bills Trading Vol. Dom. Individual Dom. Corporation Dom. Institutional For. Individual For. Corporation For. Institutional Department Breakdown of Bonds&Bills Trading Vol. Domestic Sales Branches Bank Branches Rep. O ces Internet Call Center Mutual Funds Portfolio Mngt. Prop.Trading International Sales TCMA

9 FUTURES MARKET Since the merger of the Turkish Derivatives Exchange (TurkDex) and Borsa Istanbul on August 5, 2013, all futures and options contracts in Turkey are traded at the Borsa Istanbul Futures and Options Market (VIOP). Options have been traded in Turkey since December On VIOP, brokerage firms and