M&a Annual Report

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Annual Turkish M&AReview 2010

Corporate FinanceJanuary 2011


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3/241

Ater a lieless period or M&A in 2009, the M&Abuzz o 2010 reminded all o the good old times.The deal volume o c. US$29 billion materializedthrough 203 deals, was an all-time high in termso number o deals and the second highest dealvolume ater the year 2005, in Turkish M&Ahistory.

As oreseen in our predictions eatured in lastyears review, privatizations and energy sectordeals were critical in the deal value o 2010.Privatizations, which comprised hal o the totaldeal value, as well as a ew sizable energy andnancial services deals in the private sector carriedthe M&A volume up to such a remarkable level. Iit werent or these transactions, the deal volumeunder discussion would be around US$7 billion.Nevertheless, the vivacity o the markets signals astrong year in terms o M&A in 2011.

We are delighted to share, in the ollowing pages,our analyses and insights regarding the TurkishM&A market in 2010, as well as our expectationsregarding 2011.

I would also like to thank the Corporate FinanceTeam o Deloitte Turkey or their support inputting our annual Turkish M&A Review together.

Baak Vardar

PartnerCorporate Finance

Foreword


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5/241

Privatizations, comprised hal o the total dealvalue. The privatizations in the energy sector anda couple o sizable transactions in energy andnancial services in the private sector were decisivein the deal volume. 2011 is expected to be avibrant year in terms o M&A, once again eaturingsignicant privatizations.

Out o 203 transactions in 2010, 119 had adisclosed deal value, adding up to US$25.4 billion.Considering the estimated value o deals withundisclosed values, total M&A volume was aroundUS$29 billion in 2010. (2009 ull year c. US$5.8billion). 2010 was a year o privatizations andsecondary sales.

Privatizations made up a considerable part o thedeal volume, with 35 transactions having a dealvalue o US$14.6 billion, which represents halo the total deal value. These transactions were

mainly the sale o electricity distribution companiesand portolios o small generation assets. 2010was the last stop o a long-lasting journey or theprivatization o the Turkish electricity distributioncompanies. Electricty distribution rights or 11regions were sold o or a total o US$12.3 billion.Additionally, Bakent natural gas distributioncompany was privatized or US$1.2 billion.

Spanish BBVAs acquisition o Garanti Bank sharesrom GE (25%) or a consideration o US$5.8billion was certainly the deal o the year, whichcomprised 20% o the total deal value by itsel.

Excluding privatizations and the Garanti Bankdeal, the total volume o the remainder was onlyUS$8.5 billion, while the average deal size o the

remainder was US$50 million, indicating thatmid-cap segment hosted the most activity. Thenumber o big-ticket transactions did not exceedthe number o ngers on one hand.

Even with a deal value o c. US$10.5 billion (2009 US$2.2 billion), oreign investors only accountedor 36% o the total deal value. Foreign investorscontribution to the annual deal volume remainedlow in 2010 mainly due to Turkish investorsdominant role in privatizations.

We expect the energized M&A market to keepbuilding up its momentum in 2011.

1. Including estimates or dealswith undisclosed values

Energy privatizationsmake their mark

Following the quiet period in 2009, M&A activity in 2010 has soaredto rea h the highest number of deals ever and the second highest dealvalue after the year 2005, in Turkish M&A history. Total M&Avolume was around US$29 billion(1) through 203 deals, fve times and

two times the deal value and number of last year, respectively.


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Snapshot

Year 2007 2008 2009 2010

Deal Number* 160 169 102 203

Deal Volume* US$19.3 billion US$16.2 billion US$5.8 billion US$29 billion

Privatizations /Share in Total

US$2.3 billion /

12%

US$5.2 billion /

32%

US$1.8 billion /

32%

US$14.6 billion /

50%

Foreign Investors* 70% o deal value 85% o deal value 38% o deal value 36% o deal value

Financial Investors* 13% o deal value 30% o deal value 12% o deal value 3% o deal value

Average Deal Size c. US$120 million c. US$100 million c. US$55 million c. US$140 million***

Largest Deal Value

/ Share in Total

US$2.7 bn (Oyak

Bank) / 14%

US$3.1 bn (Migros

Trk) / 19%

US$606 mn (Sugar

Factories)** / 10%

US$5.8 bn (Garanti

Bank) / 20%

(*) Including estimates or deals with undisclosed values and adjusted or canceled transactions.(**) The legal process regarding the sugar actories is on-going. No adjustments have been made.(***) Excluding privatizations and the Garanti Bank deal, the average deal size o the remainder was US$50 million.


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Privatizations

Privatizations were the distinctive mark on the dealvolume o 2010, with 35 transactions having atotal value o US$14.6 billion. Historically, this yearbore the deepest impact by privatizations on dealvalue. Privatizations have comprised 50% o thetotal deal value in 2010.

Turkish groups once again stepped up duringprivatizations and submitted the winning bids inall o the 35 transactions. Foreign investors wereabsent during privatizations and Turkish investors,in contrast to prior years, carried on without takingon oreign partners.

Other than the privatization o the IskenderunPort and the Grand Hyatt Hotel Istanbul,all privatizations were in the energy sector.The electricity distribution sector was totallyrestructured and privatized in 2010. Electricitydistribution regions were sold o in big-tickettransactions ranging rom US$100 million to US$3billion.

Sale o state-owned assets such as Galataport,National Lottery, Electricity Generation Assets,IDO (Istanbul Fast Ferries), IGDA, Bridges andHighways will keep privatizations again on theagenda in 2011. I all sale processes are successul,the privatization volume would reach US$12-15billion in 2011.

31,0

19,0 19,3

16,2

29,0

15,414,6

49,6%

31,9% 32,0%

50,3%

30,0%

40,0%

50,0%

60,0%

15,0

20,0

25,0

30,0

35,0

(US$

billion)

5,8

0,52,3

5,2

1,82,6%

12,0%

0,0%

10,0%

20,0%

0,0

5,0

10,0

2005 2006 2007 2008 2009 2010

Total Deal Value Privatizations Ratio to Total Deal Value

1. The gures above do not include SDIF sales, which were most prominent in 2005.2. The legal process regarding the sugar actories privatization o 2009 is on-going. No adjust-ments have been made.

35.0

31.0

49.6%

19.0 19.331.9%

16.2

5.2

2.30.5

2.6%

5.8

14.6

32.0%

60.0%

50.0%

40.0%

30.0%

20.0%

21.0%

0.0%

29.0

1.8

15.4

12.0%

30.0

25.0

20.0

15.0

5.0

0.0

10.0

50.3%


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# Acquirer Origin Target Sector StakeDeal Value

(US$ million)

1 kaya naat San. & MMEKA Makine thalat Turkey Boazii Elektrik Datm Energy 100.0% 2,990.0

2 Yldzlar SSS Turkey Toroslar Elektrik Datm Energy 100.0% 2,075.0

3 kaya naat San. & MMEKA Makine thalat Turkey Gediz Elektrik Datm Energy 100.0% 1,920.0

4 MMEKA Makine thalat Turkey stanbul Anadolu Yakas Elektrik

Datm (AYEDA)

Energy 100.0% 1,813.0

5 MMEKA Makine thalat Turkey Bakent Doalgaz Energy 80.0% 1,211.0

6 Park Holding Turkey Akdeniz Elektrik Datm Energy 100.0% 1,165.0

7 Limak Holding Turkey Uluda Elektrik Datm Energy 100.0% 940.0

8 Aksa Elektrik Turkey Trakya Elektrik Datm Energy 100.0% 622.0

9 Limak Holding Turkey skenderun Liman Inrastructure N/A 372.0

10 Kolin naat Turkey amlbel Elektrik Datm Energy 100.0% 258.5

11 Aksa Elektrik Turkey Frat Elektrik Datm Energy 100.0% 230.3

12 Karavil Dayankl Tketim Mallar & Ceylan naat Turkey Dicle Elektrik Datm Energy 100.0% 228.0

13 Dou Holding Turkey Grand Hyatt Istanbul Tourism 100.0% 136.8

14 Aksa Elektrik Turkey Vangl Elektrik Datm Energy 100.0% 100.1

15 Frat Enerji retim Turkey EA Portolio 7 Energy 100.0% 86.416 Kayseri ve Civar Elektrik Turkey EA Portolio 10 Energy 100.0% 69.7

17 Aksu Enerji Turkey EA Portolio 4 Energy 100.0% 56.1

18 Nema Kimya-Espe Consortium Turkey EA Portolio 18 Energy 100.0% 50.1

19 Yiitler Enerji Turkey Aydn-Pamukren Jeotermal

Sahas

Energy N/A 48.8

20 Nas Enerji Turkey EA Portolio 16 Energy 100.0% 40.8

21 Boydak Enerji Turkey EA Portolio 14 Energy 100.0% 29.1

22 elikler naat Turkey Aydn-Sultanhisar Jeotermal

Sahas

Energy N/A 25.6

23 Erdem Consortium (Kipa Mensucat) Turkey Aydn-Nazilli Jeotermal Sahas Energy N/A 20.5


25 Kisan naat Turkey EA Portolio 19 Energy 100.0% 14.7

26 Kayseri ve Civar Elektrik Turkey EA Portolio 13 Energy 100.0% 13.8

27 Seba Consortium Turkey EA Portolio 6 Energy 100.0% 13.5

28 vme Elektromekanik Turkey EA Portolio 9 Energy 100.0% 7.6

29 Ka-Fnih Enerji Turkey EA Portolio 11 Energy 100.0% 7.0

30 Kent Solar Elektrik Turkey EA Portolio 1 Energy 100.0% 6.6

31 Demista Dou Elektrik Turkey EA Portolio 15 Energy 100.0% 6.6

32 Er-Bu naat Turkey EA Portolio 17 Energy 100.0% 6.4

33 Sarar Giyim Turkey EA Portolio 2 Energy 100.0% 5.8


35 Fides Reklam Enerji Turkey EA Portolio 5 Energy 100.0% 2.8Total 14,596.5

List of Privatizations 2010


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Investor origin

While oreign investors interest towards Turkeyhas gradually increased over the past decade,Turkish investors have truly warmed up to M&A aswell. Foreign investors generated a deal volume oc. US$10.5 billion (including estimates) through 73deals. Foreign investors contribution to the totaldeal volume, which declined in 2009, was lowagain in 2010 with a level o 36%. The causes othis drop are twoold: Firstly, the global nancialcrisis hit EU member countries, who are historicallythe most active buyers in Turkey, relatively harder.Secondly, Turkish investors interest towards sizableprivatizations was intense. Excluding privatizations,oreign investors share in the remaining dealvolume was still above 70%, which signals arecovery in their interest in Turkey.

Fervent Turkish investors materialized theirnew-ound ondness o M&A in 2010. Againstoreign investors 73 transactions in 2010,

Turkish investors made 130 acquisitions worth c.US$18.4 billion, including estimates or deals withundisclosed values, US$14.6 billion o which camerom privatizations.

45 deals by European investors amounted to atotal value o US$9.2 billion (including estimates),thereby comprising 88% o oreign investorsdeal value. Investors rom USA, who previouslystruggled with problems at home, seemed tobe in better spirits and re-ocused on investingoverseas as they concluded the year with 13 deals.On the other hand, the Gul region completed9 transactions, hal o which were nancialinvestments into the healthcare, ood & beverageand breeding sectors. BBVAs acquisiton o GarantiBank was the largest deal by a oreign investor,as well as the largest o 2010. Additionally, therewere oreign investors who increased their stakesin Turkish subsidiaries (6 deals), as well as a ewwho sold their stakes and let Turkey (only 3 deals).


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Turkish Investors130

France

UK6

Netherlands5

Austria4

Portugal3

Other31

Foreign Investors73

USA12

Germany6

6

Turkish Investors16.072

Spain5.838

Austria1.440

Czech Republic406

Netherlands314

Japan

Foreign Investors9.365

USA243

Germany161

Other676

Deal Number

Deal Value (US$ million, Disclosed)

1. Does not include one joint investment by a U.S. and a Turkish company.2. Does not include one joint investment by a British and a Qatari company.

5,838

1,440

9,36516,072


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Private equity activity

Ater remaining silent in 2009, nancial investorssignaled they were back on track in 2010, bysigning 24 deals with a total deal value o c.US$850 million including estimates or deals withundisclosed values.

Companies operating in the healthcare,entertainment and ood & beverage sectors weresought-ater M&A targets. We observed somenancial investors joining orces either to bid orcompanies or strengthen their portolios. Therewas also a small number o nancial investorswho exited their prior investments; we will witnessmore exits in 2011.

35,0%35,0

31,0

29,030,1% 30,0%30,0

25,0%25,0

n)

, ,

16,2

11,6% 15,0%

,

15,0

,

S$

bill

io

12,0% 12,2%

10,0%10,0

(

,

0,3

2,2 2,3

4,9

0,7 0,90,8% 2,9%

5,0%5,0

0,0%0,0

2005 2006 2007 2008 2009 2010

Total Deal Value Financial Investor Deals Ratio to Total Deal Value

35.0

31.0

19.0

2.3

4.9 5.8

0.72.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

29.030.1%

12.2%

0.9

19.3

16.2

12.0

11.6%

2.20.8%0.3

30.0

25.0

20.0

15.0

5.0

0.0

10.0


13/249


(US$ million)

1 Union Investment Germany Forum Mersin Shopping Center 35.0% 93.0

2 One Equity Partners & Rhea Investments Turkey; USA Nortel Networks Neta Telecommunications 53.1% 83.7

3 Esas Holding Turkey AFM Uluslararas Film Prodksiyon Entertainment 88.0% 82.4

4 Investcorp Bahrain Tiryaki Agro Food & Beverage N/D 50.0

5 European Bank or Reconstruction andDevelopment (EBRD)

UK Fiba Sigorta Financial Services 10.0% 33.6

6 IFC USA ekerbank Financial Services 1.0% 8.3

7 Rhea Investments Turkey Envitec Waste Treatment 33.0% 7.0

8 Templeton Asset Management USA Reysa GYO Real Estate 5.9% 6.0

9 Rhea Investments Turkey Seta Tbbi Cihazlar Manuacturing 83.8% 3.2

10 Rhea Investments Turkey Netsae Bilgi IT 70.0% 0.7

11 Rhea Investments Turkey Dentistanbul Healthcare 100.0% 0.2

12 Bancrot Private Equity UK Kayalar Kimya Chemicals N/D N/D

13 NBK Capital (Swan Holding) Kuwait Dnya Gz Hastanesi Healthcare 30.0% N/D

14 Kerten Ireland House Apart Tourism 50.0% N/D

15 Rhea Investments Turkey Marmara Ferryboats Logistics &Transportation

99.0% N/D

16 Ashmore UK Nezih Kitap Krtasiye Retail N/D N/D

17 Riverside USA Tropikal Bahe ve Evcil Hayvan

rnleri

Food & Beverage N/D N/D

18 Tiger Global Management USA DSM Grup letiim Pazarlama

(Trendyol.com)

IT N/D N/D

19 Argus Capital Partners & Qatar First

Investment Bank

UK; Qatar Memorial Health Group Healthcare 40.0% N/D

20 Actera Group Luxembourg Mars Entertainment Group Entertainment 60.0% N/D

21 Turkven Turkey Domino's Pizza in Turkey Food & Beverage 100.0% N/D

22 WNC Kids Holding (Eurasia Capital Partners& FMO & Balkan Accession Fund)

Netherlands Wenice Kids Retail 50.0% N/D

23 Esas Holding Turkey Mars Entertainment Group Entertainment N/D N/D

List of Private Equity Deals


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Deal rankings

The largest 5 deals made up c. 51% o thetotal deal volume in 2010, and the top 10deals accounted or 69% o the total volume.Privatizations stole the spotlight in the top dealslist. As the largest private sector deal, BBVAsacquisiton o Garanti Bank made up 20% o totaldeal value in 2010.

Average deal size in 2010 was c. US$140 million(c. US$55 million in 2009). Excluding privatizationsand the Garanti Bank deal, the average deal sizeo the remainder ell to US$50 million (c. US$35million in 2009), indicating that mid-cap segmentdeals continue to dominate the Turkish M&Ascene. On the other hand, valuations have shownsigns o recovery and signal a return to pre-crisislevels in 2011.

Acquirer Target Stake AcquiredDeal Value

(US$ million)

Banco Bilbao Vizcaya Argentaria Trkiye Garanti Bankas 24.9% 5,837.8

kaya naat San. & MMEKA

Makine thalat

Boazii Elektrik Datm 100.0% 2,990.0

Yldzlar SSS Toroslar Elektrik Datm 100.0% 2,075.0kaya naat San. & MMEKA

Makine thalat

Gediz Elektrik Datm 100.0% 1,920.0

MMEKA Makine thalat stanbul Anadolu Yakas Elektrik

Datm (AYEDA)

100.0% 1,813.0

Top 5 Deals


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Sectoral overview

M&A activity in the Turkish energy sectoroutperormed itsel by accomodating 58 deals,33 o which were privatizations. The total valueo energy transactions exceeded US$16.9 billionincluding estimates or deals with undisclosedvalues, 83% o which came rom privatizations.O the 33 energy sector privatizations, therewere 18 generation assets o EA, 11 electricitydistribution companies, 3 geothermal reservesand 1 natural gas distribution company subjectto sale. Additionally, on the private sector side,there were new entrants to the attractive sector,as well as oreign strategic players which increasedtheir stakes in Turkish investments. On thecontrary, nancial investors showed no interestin the energy sector due to regulatory issues, exitdiculties and perceived risk in sustainability omargins.

Foreign investors interest towards Turkish FSI

never ceased. Financial services sector hostedone o the largest banking deals in TurkishM&A history, as Spanish BBVA acquired a 25%shareholding in Garanti Bank or a considerationo c. US$5.8 billion. There were 14 other deals inthe sector. 95% o the disclosed deal volume wasgenerated by the Garanti Bank and Fiba Sigortadeals.

Food & beverage, manuacturing, tourism,and services were other hot sectors in 2010.Financial investors were especially keen on targets

operating in the healthcare, entertainment, ood& beverage, nancial services, retail and IT sectors.Hal o healthcare sector deals were completed bynancial investors.

Deal Number

Deal Value (Disclosed)

8

810

11

13

15

23

58

Retail

Chemicals

ITServices

Tourism

Manufacturing

Financial Services

Food & Beverage

Energy

29

4

5

5

7

0 10 20 30 40 50 60

Other

Media

Real Estate

Entertainment

Healthcare

143

158

165

193

322

405

421

6.384

16.596

Retail

Services

Entertainment

Food & Beverage

Shopping Center

Tourism

Infrastructure

Financial Services

Energy

299

102

117

132

0 5.000 10.000 15.000 20.000

Other

Manufacturing

Wholesale & DistributionReal Estate

(US$ million)

5,000

6,384

16,596

10,000 15,000 20,000


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Prospects

As oreseen in last years review, 2010 was indeeda year o gradual recovery in the nancial markets.Domestic and oreign investors, as well as Turkishsellers were able to act more condently as theirperception regarding the uture was altered orthe better.

As 2011 begins, we observe that all investorshave begun to view Turkey as a country they mustinvest in, rather than a country they considerinvestment-worthy. Today, or the rst time, theupcoming general election is not perceived as apotential risk by investors. While investors oster aheart-elt belie in the growth potential o Turkey;they also closely monitor macro indicators suchas the current account decit, budget decit, percapita borrowing and the value o the TurkishLira. Expectations regarding the economy and thecredit rating upgrade are also positive infuences,supporting investors perception. As a result o all,

we expect a high volume o M&A in 2011.

Nonetheless, given a successul privatizationprogram in 2011, a signicant portion o the dealvolume in 2011 would come rom privatizationsagain. State-owned assets such as IDO (IstanbulFast Ferries), IGDA, Electricity Generation Assets,Sugar Factories, Bridges and Highways, Galataportand National Lottery are all subject to sale.

Foreign investors appetite towards Turkey isexpected to increase in 2011, leading them tore-claim a higher stake in the deal volume.

Energy, healthcare, pharmaceuticals, retail, media,education and automotive parts will be sectorshosting signicant activity.

Private equity rms will invest much more in 2011.Furthermore, we will see more exits.

The investment enthusiasm towards Turkey willhike up valuations, driving multiples back topre-crisis levels.

Provided that privatizations are run successully,we expect the deal volume in 2011 to exceed theUS$20 billion level.


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Deal list(January 1 December 31)


(US$ million)

1 Banco Bilbao Vizcaya Argentaria Spain Trkiye Garanti Bankas Financial Services 24.9% 5,837.8

2 kaya naat San. & MMEKA Makine thalat* Turkey Boazii Elektrik Datm Energy 100.0% 2,990.0

3 Yldzlar SSS Turkey Toroslar Elektrik Datm Energy 100.0% 2,075.0

4 kaya naat San. & MMEKA Makine thalat* Turkey Gediz Elektrik Datm Energy 100.0% 1,920.0

5 MMEKA Makine thalat Turkey stanbul Anadolu Yakas

Elektrik Datm (AYEDA)

Energy 100.0% 1,813.0

6 OMV Austria Petrol Osi Energy 54.2% 1,397.1

7 MMEKA Makine thalat Turkey Bakent Doalgaz Energy 80.0% 1,211.0

8 Park Holding Turkey Akdeniz Elektrik Datm Energy 100.0% 1,165.09 Limak Holding Turkey Uluda Elektrik Datm Energy 100.0% 940.0

10 Aksa Elektrik* Turkey Trakya Elektrik Datm Energy 100.0% 622.0

11 Energo-Pro Czech

Republic

Aralk HEPP, Hamzal HEPP &

Readiye Cascade

Energy 100.0% 405.9

12 Limak Holding Turkey skenderun Liman Inrastructure N/A 372.0

13 Sompo Japan Insurance Japan Fiba Sigorta Financial Services 93.4% 286.4

14 Kolin naat Turkey amlbel Elektrik Datm Energy 100.0% 258.5

15 SGM Enerji Turkey Bis Enerji Energy 50.0% 250.0

16 Aksa Elektrik Turkey Frat Elektrik Datm Energy 100.0% 230.3

17 Corio Netherlands Bursa Anatolium Shopping Center 100.0% 229.0

18 Karavil Dayankl Tketim Mallar & Ceylan naat Turkey Dicle Elektrik Datm Energy 100.0% 228.0

19 Turk Tur Turkey Marmaris Imperial, Bodrum

Imperial and Belek Waterworld

Tourism N/A 145.0

20 Dou Holding Turkey Grand Hyatt Istanbul Tourism 100.0% 136.8

21 AES USA Entek Elektrik Energy 49.6% 136.5

22 Kamil Engin Yeil Turkey Ceylan Giyim Retail 92.0% 100.8

23 Aksa Elektrik Turkey Vangl Elektrik Datm Energy 100.0% 100.1

24 Aken Holding Turkey Aken GYO Real Estate 32.5% 97.8

25 TransAtlantic Worldwide Canada Zorlu Petrogas and Amity Oil

International

Energy 100.0% 96.5

26 Dosu Maya Turkey Akmaya Food & Beverage 100.0% 94.0

27 Union Investment Germany Forum Mersin Shopping Center 35.0% 93.0

28 Groupe Cheque Dejeuner France Multinet Kurumsal Hizmetler Services 100.0% 90.0

29 Frat Enerji retim Turkey EA Portolio 7 Energy 100.0% 86.4

30 Credit Europe Bank N.V. Netherlands Millenium Bank Financial Services 95.0% 85.0

31 One Equity Partners & Rhea Investments Turkey; USA Nortel Networks Neta Telecommunications 53.1% 83.7

32 Esas Holding Turkey AFM Uluslararas Film

Prodksiyon

Entertainment 88.0% 82.4

33 Mars Entertainment Group** Turkey AFM Uluslararas Film

Prodksiyon

Entertainment 88.0% 82.4

34 Luxottica Group Italy Luxottica Gzlk Wholesale &

Distribution

35.2% 75.3

35 Fortis Finansal Kiralama Turkey TEB Finansal Kiralama Financial Services 90.0% 72.9


(*) The acquirer might change in either one o the Boazii, Gediz and Trakya electricity distribution privatizations pending the relatedCompetition Authority decision.(**) Esas Holdings acquisition o Mars Entertainment and Mars Entertainments acquisiton o AFM Uluslararas Film Prodksiyon are part o asingle deal pending the related Competition Authority decision.


18/2414


(US$ million)

37 Dabur India Hobi Group Manuacturing 100.0% 69.0

38 Strer Group Germany Strer Kentvizyon Services 40.0% 68.0

39 Ipragaz Turkey Yldrm Petrol (ExEnGaz) Energy 100.0% 67.0

40 Grupo Auto Sueco Portugal Volvo Otomotiv Turk (ASC

Turk Makina)

Automotive &

Parts

100.0% 62.7

41 Alarko Holding Turkey Altek Alarko Elektrik Santrallar Energy 50.0% 58.5

42 Aksu Enerji Turkey EA Portolio 4 Energy 100.0% 56.1

43 Nema Kimya-Espe Consortium Turkey EA Portolio 18 Energy 100.0% 50.144 Nu Star Energy LP USA S-Oil (Terminals) & Aves

(Terminals)

Energy 75.0% 50.0

45 Investcorp Bahrain Tiryaki Agro Food & Beverage N/D 50.0

46 Global Liman letmeleri Turkey Ortadou Antalya Liman

letmeleri

Inrastructure 60.0% 49.3

47 Yiitler Enerji Turkey Aydn-Pamukren Jeotermal

Sahas

Energy N/A 48.8

48 Redington Ltd. USA Arena Bilgisayar Wholesale &

Distribution

49.4% 42.0

49 Nas Enerji Turkey EA Portolio 16 Energy 100.0% 40.8

50 Grupo Onyria Portugal Carpe Diem Claros Hotel Tourism 57.0% 34.8

51 European Bank or Reconstruction and

Development (EBRD)

UK Fiba Sigorta Financial Services 10.0% 33.6

52 Alta irketler Grubu Turkey Ordu Ya Sanayi Food & Beverage 100.0% 33.1

53 Kerim elik (Borusan Holding) Turkey Borelik elik Iron & Steel 9.3% 33.0

54 CarreourSA Carreour Sabanc Turkey Ipek Giyim Maazalar Retail 100.0% 29.6

55 Boydak Enerji Turkey EA Portolio 14 Energy 100.0% 29.1

56 Dou Holding Turkey Dou GE GYO Real Estate 25.5% 28.0

57 BankMed Lebanon Turkland Bank Financial Services 9.0% 26.0

58 elikler naat Turkey Aydn-Sultanhisar Jeotermal

Sahas

Energy N/A 25.6

59 Mahmut evik (Private Investor) Turkey Taksim Savoy Hotel Tourism 100.0% 25.0

60 GYO Turkey Club Magic Lie Kemer

Imperial Hotel

Tourism N/A 25.0

61 Mondi Austria Mondi Tire Kutsan Packaging 1.9% 23.3

62 Erdem Consortium (Kipa Mensucat) Turkey Aydn-Nazilli Jeotermal Sahas Energy N/A 20.5

63 Vienna Insurance Group Austria Ray Sigorta Financial Services 10.0% 20.1

64 Enka naat & imta Turkey Soli Gemi naat Shipbuilding 100.0% 20.0

65 Aksa Enerji Turkey Rasa Enerji Energy 100.0% 18.1


67 Yldz Entegre Aa Sanayi Turkey Massta Mudurnu Abant

Sunta

Manuacturing 50.0% 15.5

68 Al - Maselah Qatar Munamar Hotel Tourism 100.0% 15.0

69 Kisan naat Turkey EA Portolio 19 Energy 100.0% 14.7



19/2415


(US$ million)

71 Alm naat Turkey Ege Palas Hotel Tourism 100.0% 13.6


73 Aksa Enerji Turkey Idil Iki Enerji Sanayi Energy 100.0% 11.6

74 Asseco South Eastern Europe Poland ITD IT 99.7% 11.3

75 Marsan Holding (Mert iller) Turkey Inka Hotel Tourism 100.0% 10.0

76 Kardemir Karabk Demir elik Turkey Enbat Elektrik retim Energy 100.0% 10.0

77 Eczacba Yatrm Holding Turkey Atl Zincir ne Factory Manuacturing N/A 9.5

78 Koza Altn Turkey Newmont Altn Madencilik Mining 100.0% 8.579 ekerbank Turkey eker Mortgage Finansman Financial Services 51.0% 8.4

80 IFC USA ekerbank Financial Services 1.0% 8.3

81 Beks orap Turkey Dnya Hal Textile 100.0% 8.2

82 Migros Trk Turkey Ades Gda Sanayi Retail 100.0% 8.1

83 Hygeia Greece JFK Kennedy, Istanbul aak

and Gztepe aak Hospitals

Healthcare N/D 8.0

84 vme Elektromekanik Turkey EA Portolio 9 Energy 100.0% 7.6

85 Astra Polymers Saudi Arabia Constab Middle East Polimer Chemicals 100.0% 7.4

86 Ka-Fnih Enerji Turkey EA Portolio 11 Energy 100.0% 7.0

87 Rhea Investments Turkey Envitec Waste Treatment 33.0% 7.0

88 Olmuksa International Paper Turkey DS Smith Copikas Packaging 100.0% 6.889 Statkrat Norway Yeil Enerji Energy 5.0% 6.7

90 Kent Solar Elektrik Turkey EA Portolio 1 Energy 100.0% 6.6

91 Ihlas Holding Turkey Kristal Kola Food & Beverage 38.0% 6.6

92 Demista Dou Elektrik Turkey EA Portolio 15 Energy 100.0% 6.6

93 Er-Bu naat Turkey EA Portolio 17 Energy 100.0% 6.4

94 Templeton Asset Management USA Reysa GYO Real Estate 5.9% 6.0

95 Sarar Giyim Turkey EA Portolio 2 Energy 100.0% 5.8


97 Anadolu Ees Turkey Tat Yeniehir Facilities Food & Beverage N/A 5.3

98 NTV Avrupa Yaynclk Turkey Radyo 5 Media N/A 5.2

99 Tda deme Sistemleri Turkey Desmer Financial Services 87.8% 4.8

100 Aydoan Boya Turkey Meges Boya Chemicals N/A 4.2

101 Brisa Bridgestone Turkey Bandag Lastik Manuacturing 100.0% 3.6

102 Asseco South Eastern Europe Poland Elektronik Sanal Ticaret

Biliim Hizmetleri (EST)

IT 100.0% 3.3

103 Rhea Investments Turkey Seta Tbbi Cihazlar Manuacturing 83.8% 3.2

104 Mechel Steel Group Russia Ramateks Iron & Steel 100.0% 3.0

105 Fides Reklam Enerji Turkey EA Portolio 5 Energy 100.0% 2.8

106 Migros Trk Turkey Egeden Gda Retail 100.0% 2.7

107 Migros Trk Turkey Ama Gda Retail 100.0% 2.2

108 Ihlas Holding Turkey Atmaca Gda retim Food & Beverage 27.0% 1.9109 Atl Zincir ne Turkey Eczacba Yatrm Holding's

stake in Atl Zincir ne

Manuacturing 30.0% 1.4

110 Vestel Elektronik Turkey Cabot zmir Yazlm IT 58.0% 1.1


20/2416


(US$ million)

111 Ali Haydar Gl Turkey Frigo-Pak Gda Food & Beverage 31.4% 0.8

112 Doysan Tarm Turkey Frigo-Pak Gda Food & Beverage 31.4% 0.8

113 Rhea Investments Turkey Netsae Bilgi IT 70.0% 0.7

114 Metis Yatrm Holding Turkey eker Biliim Sanayi IT 98.0% 0.6

115 Dost Radyo TV Turkey Le Chic FM Radyo Media N/A 0.5

116 Euro Menkul Kymetler Turkey Euro Sigorta (ormer Toprak

Sigorta)

Financial Services 3.7% 0.5

117 Aselsan Turkey Mikroelektronik Aratrma IT 85.0% 0.4118 Ihlas Holding Turkey Kristal Gda Food & Beverage 62.0% 0.3

119 Rhea Investments Turkey Dentistanbul Healthcare 100.0% 0.2

120 Istanbul Doors Turkey Hakkasan Istanbul Entertainment 100.0% N/D

121 Nazl Gda Turkey Seykar Gda Food & Beverage 75.0% N/D

122 Aymar Turkey apamarka Food & Beverage 100.0% N/D

123 Aymar Turkey Bozkurt Reelleri Food & Beverage 100.0% N/D

124 Aymar Turkey Vita Ya Food & Beverage 100.0% N/D

125 Bancrot Private Equity UK Kayalar Kimya Chemicals N/D N/D

126 NBK Capital (Swan Holding) Kuwait Dnya Gz Hastanesi Healthcare 30.0% N/D

127 Turen Enerji Turkey Essentium Enerji Energy 50.0% N/D

128 Enerjisa Turkey Two hydropower projects Energy 100.0% N/D129 Kayalar Kimya Turkey Kayalar Meert Boya Chemicals 50.0% N/D

130 Cogentrix USA Eti Elektrik Energy 50.0% N/D

131 Grupo Onyria Portugal Begonvil Turizm Tourism N/D N/D

132 Kerten Ireland House Apart Tourism 50.0% N/D

133 Hede Filo Kiralama Turkey Gedizler Filo Kiralama Services 100.0% N/D

134 Akenerji Turkey kale Enerji Energy 100.0% N/D

135 Mehmet Soyupak and Sami lk (Private

Investors)

Turkey Tokat Sigara Fabrikas Tobacco N/A N/D

136 Teleperormance France Metis Services 75.0% N/D

137 Acbadem Salk Hizmetleri Turkey Konur Salk Hizmetleri Healthcare 50.0% N/D

138 Trkiye Tarm Kredi Kooperatiferi Merkez Birlii Turkey Gven St Fabrikas Food & Beverage N/A N/D

139 Rhea Investments Turkey Marmara Ferryboats Logistics &

Transportation

99.0% N/D

140 Koza Altn Turkey Ovack Gold Reserve Mining N/A N/D

141 A group o Turkey based investors Turkey ABK Enerji Elektrik retim Energy 100.0% N/D

142 zkarde Grup Turkey Framissima Boyalk Beach

Hotel

Tourism 100.0% N/D

143 Bunge Bermuda Doysan Seed Plant Food & Beverage N/A N/D

144 Petroline Turkey SABIC Polimer Endstrisi Chemicals 70.0% N/D

145 X-Trade Brokers Poland Hede Menkul Deerler Financial Services 100.0% N/D

146 Tab Gda Turkey elebi Hizmet Restorant

(Arby's Chain in Turkey)

Food & Beverage 100.0% N/D

147 Ashmore UK Nezih Kitap Krtasiye Retail N/D N/D

148 Milan Petrol Turkey M Oil Energy 70.0% N/D


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(US$ million)

149 Fritz Egger Austria Roma Plastik Manuacturing 71.5% N/D

150 Turkey Properties Turkey Aland Emlak Real Estate N/D N/D

151 Sora Hazr Yemek Turkey Damak Hazr Yemek Services 50.0% N/D

152 STFA Holding Turkey Energaz Energy 47.0% N/D

153 Ova Tat Turkey Yal Tat Services 100.0% N/D

154 Ali Akman Turkey Petroline Chemicals 99.0% N/D

155 Legrand France Inorm Elektronik Manuacturing 100.0% N/D

156 TEB Mali Yatrmlar Turkey Fortis Bank Financial Services 100.0% N/D157 Grei USA nsa Ambalaj Packaging N/D N/D

158 Riverside USA Tropikal Bahe ve Evcil

Hayvan rnleri

Food & Beverage N/D N/D

159 Alliance Boots UK Hede Alliance Holding Pharmaceuticals 10.0% N/D

160 BNP Paribas France Fortis Emeklilik ve Hayat Financial Services 100.0% N/D

161 TOBB & TOBB-ET Turkey Mesa Hospital (Stz,

Ankara)

Healthcare N/A N/D

162 Kerevita Gda Turkey Mersu Su rnleri Food & Beverage 100.0% N/D

163 Kerevita Gda Turkey Ancoker Su rnleri Food & Beverage 45.0% N/D

164 Tiger Global Management USA DSM Grup letiim Pazarlama

(Trendyol.com)

IT N/D N/D

165 Incitec Pivot Australia Nitromak DNX Kimya Manuacturing 50.0% N/D

166 Argus Capital Partners & Qatar First Investment

Bank

UK; Qatar Memorial Health Group Healthcare 40.0% N/D

167 Boydak Holding Turkey Nisan Elektromekanik Energy 50.0% N/D

168 Actera Group Luxembourg Mars Entertainment Group Entertainment 60.0% N/D

169 Turkven Turkey Domino's Pizza in Turkey Food & Beverage 100.0% N/D

170 Hamza Doan Turkey Doal Elektrik retim Energy 80.0% N/D

171 Baalbaki Group Lebanon Depur Kimya Chemicals N/A N/D

172 Havas Euro RSCG Worldwide France Project House Media 51.0% N/D

173 Knau International Germany Mina Al Building Materials 64.0% N/D

174 Imtech Netherlands Elkon Elektrik Manuacturing 100.0% N/D

175 Boydak Holding Turkey Bizim Menkul Deerler Financial Services 50.0% N/D

176 Boydak Holding Turkey Muradiye Elektrik Energy 70.0% N/D

177 Beesa Medio Ambiente Spain Metoks Madencilik Metalurji Mining N/D N/D

178 RPM Building Solutions USA Park D Ticaret Building Materials N/D N/D

179 GE Energy USA Artesis IT N/D N/D

180 Kronospan Holdings UK SFC Entegre Orman rnleri

and Baks Bat Kimya

Manuacturing N/D N/D

181 DSM Composite Resins Switzerland DYO Boya's Unsaturated

Polyester (UP) resins business

Chemicals N/A N/D

182 WNC Kids Holding (Eurasia Capital Partners &

FMO & Balkan Accession Fund)

Netherlands Wenice Kids Retail 50.0% N/D

183 Fresenius Germany Diamed Diyaliz Hizmetleri Healthcare 90.0% N/D

184 Groupe Hamelin France Derya Bro Malzemeleri Manuacturing 70.0% N/D

185 Nokia Siemens Networks Finland IRIS Telecom Telecommunications 100.0% N/D


22/2418


(US$ million)

186 Tevhit Karakaya Turkey Star Medya Yayncl k and

Kanal 24

Media 51.0% N/D

187 United Business Media UK Rotaorte Services 65.0% N/D

188 Ajans Press Turkey PRNet Halkla Ilikiler Services 100.0% N/D

189 Henry Schein USA Gney Di Deposu Wholesale &

Distribution

50.0% N/D

190 HNA Group (China) & Bravia Capital Partners

(USA)

China myTECHNIC Services N/D N/D

191 Tecpesa Spain Kartek-Mekaser Danmanlk

Enerji

Services 100.0% N/D

192 Esas Holding** Turkey Mars Entertainment Group Entertainment N/D N/D

193 Yldz Holding Turkey Marsan Gda Food & Beverage N/D N/D

194 ECE Projektmanagement Germany ECE Trkiye Proje Ynetim Real Estate 48.0% N/D

195 Accell Group Netherlands Bianchi Bisiklet Manuacturing 100.0% N/D

196 Eckes-Granini Germany Eden Meyve Suyu Food & Beverage 50.0% N/D

197 Ergun Bal Turkey Damla Su Enerji Energy 85.0% N/D

198 NBK Capital Kuwait Kl Deniz rnleri Agriculture &

Breeding

20.0% N/D

199 Nuh Enerji Turkey Kudret Enerji Energy 90.0% N/D

200 Nuh Enerji Turkey Pamuk Elektrik Energy 100.0% N/D

201 Palmali Grubu Turkey Yalkavak Marina Inrastructure 100.0% N/D

202 Aramex UAE Aramex International Hava

Kargo

Logistics &

Transportation

50.0% N/D

203 Nestl Turkey Turkey Doan Gda and Balaban

Gda

Food & Beverage 51.0% N/D

(**) Esas Holdings acquisition o Mars Entertainment and Mars Entertainments acquisiton o AFM Uluslararas Film Prodksiyon are part o a

single deal pending the related Competition Authority decision.


23/2419

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Touche Tohmatsu nor any related entity shall have any liability to any person or entity that relies on the inormation

contained in this publication. Any such reliance is solely at the users risk.


24/24

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