During that period, the number of finalized transactions increased to 644 from 409 with a rising number of corporate actions (83 capital increases and dividend payments) and the boom in the corporate bond issuances (465). 14 M&A projects were finalized by brokerage firms. Corporate Finance Activities of Brokerage Firms Privatization M&A IPO&SPO-Equities Other Consultancy Corporate Actions Bond Issuance With favourable market conditions and the support of the IPO campaign, the primary market revived in The recovery continued in terms of numbers, but the values fell sharply in 2011 and In 2013, 19 IPOs took place with a size of US$ 758 million. Initial Public Offerings IPO Volume (Mn. $) No. of IPOs In 2014, 13 IPOs took place, with a total size of US$ 320 million. 7 ofInvestors Portfolio Size (bn. $) Number of Investors (mn.) Source: CRA Pension funds market showed a remarkable development since 2013, thanks to changes in regulations, envisaging a 25% direct state contribution to private pension funds, as part of a policy aiming to boost domestic savings. The number of pension fund investors increased by 32% in Pension Fund Investors Portfolio Size (bn. $) Number of Investors (mn.) In 2014, while the number of investors rose by 23%, total portfolio size, including the government contribution, increased by 32% (45% in TL terms) to reach US$ 16 billion Source: PMC TCMA 19

TURKISH FINANCIAL MARKETS IN PRACTISE SECOND MEETING OF TURKISH-RUSSIAN WORKING GROUP ON BANKING AND FINANCIAL COOPERATION September 2011 EMEL GÜNEŞ HEAD OF TREASURY, DENIZBANK TURKISH FINANCIAL SECTOR:

Taiwan Life Insurance Market