Annual Turkish M&A Review 2012

Corporate Finance January 2013

Basis of Presentation Transactions data presented in this report are based on information that is readily available in the public domain and include transactions with closing procedures still ongoing at the year end. This study does not include capital market transactions, IPOs, real estate sales, intra-group share transfers and transactions of financial institutions within the framework of debt restructuring. We do not accept any responsibility as to the accuracy or completeness of the data or as to whether all transactions listed herein will necessarily close.

Foreword

The Turkish M&A market again witnessed a remarkable year in 2012. Despite GDP growth slowing from the high levels of 2010 and 2011, deal volume has grown to c. US$28 billion through 259 deals, an all-time high in terms of number of deals and a volume similar to the pre-crisis peak achieved in 2005. Privatizations accomplished towards the end of the year and a couple of big ticket transactions in the private sector made decisive contributions to the annual deal volume. On the other hand, middle market transactions as in 2011 were the engine of the activity and maintained the momentum. In terms of investors perspective, the solid fiscal standing and expanding economic activity in recent years - also crowned by a sovereign credit rating upgrade - led Turkey to decouple from struggling Eurozone countries. Turkish targets, thanks to their growth potential, attracted significant interest from both strategic and financial investors from all around the world. Despite lowered growth forecasts and delayed recovery in global markets, we were able to rely on Turkeys dynamic middle market, promising privatization pipeline and keen private equity interest for sustained M&A activity. On behalf of our corporate finance team in Deloitte Turkey, we are delighted to share our annual Turkish M&A review, featuring our analyses and views regarding the M&A market here.

Mehmet Sami M&A Advisory Leader

Baak Vardar M&A Advisory Services, Partner

A continuing healthy M&A environment

The Turkish M&A market experienced another vibrant year. Total M&A activity continued to build momentum, reaching a new record number of 259 transactions with a total deal value of US$28(1) billion, one of the highest volumes ever achieved here. The middle market was again very dynamic, supplemented by some big ticket private sector deals and privatizations.
While global markets still struggled for recovery, Turkeys remarkably strong economic performance in 2011 led to a lively M&A environment in 2012. Although GDP growth rate in 2012 was modest compared to the past couple of years, the healthy growth pattern, supported by a dynamic business environment, continued to attract significant interest from investors all over the world, leading to an all - time record number of deals. Out of 259 transactions in 2012, 103 had a disclosed deal value adding up to c. US$22.1 billion. Considering the estimated value of deals with undisclosed values, total M&A volume was around US$28 billion in 2012. While this represents a c. 87% year-on-year increase (2011 - US$15 billion), it was due to the material contribution by privatizations and a couple of sizeable private sector deals. Excluding those, the profile of M&A activity was quite similar to 2011 and the vast majority of the deals occurred in the middle-market. With an average post crisis annual deal volume of c. US$15 billion in private sector transactions, Turkey can be said to be enjoying a consistent level of M&A activity. Privatizations, after a long period of silence, came back on the scene in the last quarter of 2012 and made up a considerable part of the annual volume through 19 transactions with a deal value of c. US$12.1 billion, corresponding to c. 43% of the total deal volume. Privatization of the Bridges and Highways, which comprised c. 20% of the total deal value by itself, with US$5.7 billion deal value, was certainly the deal of the year, and the second largest privatization in Turkey yet. The remainder of the privatization volume came mainly from the sale of energy generation assets and renewed tenders of electricity distribution companies, which had been originally tendered in 2010 but not closed at that time. The ten largest transactions comprised c. 75% of the total deal volume (including estimates for undisclosed values) in 2012. Excluding those top 10 deals, the remainder totaled a deal volume of US$7 billion, corresponding to an average deal size of c. US$28 million. 214 transactions each with deal value less than US$50 million, which accounted for 83% of the total deal number, represented only 9% of the total deal value.
(1)

Including estimates for deals with undisclosed values.

Foreign investors shared the total deal volume and deal number almost evenly with local investors, although the latter played a dominant role in the privatizations. Foreign investors generated a deal volume of c. US$13 billion (including estimates for undisclosed values), through 119 transactions. Excluding privatizations, the footprint in private sector deals was again by foreign investors, contributing c. 82% of the deal volume in the private sector, while local investors had only c. 18% share. With an all-time high 57 transactions and a total deal value of c. US$1.6 billion (including estimates for undisclosed values) financial investors have proved themselves a fundamental part of the Turkish M&A environment. E-commerce, retail, manufacturing and services were the favorites of private equity firms. As the Turkish M&A environment matures, several secondary sales occurred in 2012. In addition to several private equity exits (Pronet, Doors, Hava, Ode Yaltm and Numarine), there were notable secondary transactions in financial services (Denizbank, Eurobank Tekfen) and the energy & infrastructure sectors. Despite the patchiness of the global economic recovery and pessimistic growth prospects, Turkey sustains its positive attributes well above average. Furthermore, the recent upgrade in the sovereign credit rating to investment grade is expected to improve investor confidence. Continuing investor interest towards the Turkish market and fast growing Turkish companies helps us to be confidently positive as to the outlook for the coming year.

At a glance

Year Deal Number Deal Volume Privatizations / Share in Total Foreign Investors Financial Investors Average Deal Size(***) Share of Largest 10 Deals in Total Volume Largest Deal Value / Share in Total

2008
169 US$16.2 billion US$5.2 billion / 32% 85% of deal value 30% of deal value c. US$100 mn 69% US$3.1 bn (Migros) / 19%

2009
101 US$5.2 billion US$1.2 billion / 23% 43% of deal value 13% of deal value c. US$51 mn 44% US$485 mn (Osmangazi Electricity Disco) / 9%

2010(*)
190 US$17.3 billion US$2.9billion / 17% 60% of deal value 5% of deal value c. US$91 mn 61% US$5.8 bn (Garanti Bank)/34%

2011
237 US$15.0 billion US$1.0 billion / 7% 74% of deal value 8% of deal value c. US$63 mn 56% US$2.1 bn (Genel Enerji) / 14%

2012
259 US$28.0 billion US$12.1 billion / 43% 46% (**) of deal value 6% of deal value c. US$108 mn 75% US$5.7 bn (Bridges and Highways) / 20%

Note: Data presented above include estimates for deals with undisclosed values and are adjusted for cancelled transactions. (*) Total deal volume in 2010 was adjusted for the cancelled privatization tenders amounting to c. US$11.7 billion. (**) Excluding privatizations, foreign investors share in the remainder of the deal value was c. 82%. (***) Excluding top ten deals, the average deal size of the remainder was c. US$32, c. US$32, c. US$37, c. US$29 and c. US$28 million in respective years.

Deal Volume and Deal Number Deal Volume and Deal Number
35 30 25 (US$ billion) 20 15 10 5 5,2 0 2007 2008 2009 Deal Value 2010 Deal Number 2011 2012 0 160 169 150 101 19,3 17,3 28,0 100 16,2 15,0 259 237 190 250 300

200

50

Privatizations

Privatizations, mostly occurred in the last month of the year and were the defining factor for the annual deal volume. Through successful tenders for strategic assets like the bridges and highways and energy generation & distribution companies, privatization deal volume reached c. US$12.1 billion (c. 43% of the total annual deal volume) through 19 transactions. In addition to the Privatization Authority, the Savings Deposit Insurance Fund (SDIF) tendered 4 companies which in total had a deal value of c. US$317 million. The privatization of bridges and bighways, a long awaited privatization, alone comprised c. 20% of the total deal volume. This transaction amounting to US$5.7 billion and won by the consortium of Ko Holding - Gzde Giriim - UEM Group Berhad was the second largest deal in our privatization history after Trk Telekom.

Once again, we have witnessed renewed tender processes for the energy privatizations of 2010. Tenders for 3 electricity distribution regions were held successfully, though the valuations of these assets were considerably lower than in the previous tenders in 2010. Turkish groups have been in control as they submitted the winning bids in all tenders except for a minority stake privatized in Petkim, that was delivered by SOCAR of Azerbaijan, the current owner of the company.

Privatizations
Privatizations 35 30 25 (US$ billion) 32% 20 15 10 5 2,3 0 2007 2008 Total Deal Value 12% 5,2 5,2 2,9 1,2 2009 Privatizations 2010 19,3 16,2 17,3 23% 17% 15,0 12,1 43% 50% 45% 40% 35% 30% 25% 20% 15% 10% 7% 1,0 2011 2012 5% 0%

28,0

Ratio to Total Deal Value (%)

(1) Figures above do not include SDIF sales

Privatizations
Acquirer Ko Holding; UEM Group Berhad; Gzde Giriim elikler naat Cengiz - Kolin - Limak Consortium Elsan-Tma-Karaay Consortium Cengiz - Kolin - Limak Consortium SOCAR Nurol Enerji Tayfurlar Enerji Mehmet Gne naat Batim Enerji Kl Enerji Yonca Enerji Tahiroullar Petrol rnleri Tahiroullar Petrol rnleri Mays Gayrimenkul Metaltek Metalurji Kimya Met Enerji zbey Hijyenik rnler Eyypolu Mhendislik Origin Turkey Turkey Turkey Turkey Turkey Azerbaijan Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Target Highways and Bridges Seyitmer Termik Santrali Boazii Elektrik Datm Gediz Elektrik Datm Akdeniz Elektrik Datm Petkim EA HEPP Portfolio 4 EA HEPP Portfolio 10 Kemerky Port EA HEPP Portfolio 7 EA HEPP Portfolio 3 Kayseri ve Civar Elektrik EA HEPP Portfolio 2 EA HEPP Portfolio 1 Dousan Boru EA HEPP Portfolio 9 EA HEPP Portfolio 8 EA HEPP Portfolio 5 Harakl; Pazarky; Bozyk HEPP Sector Infrastructure Energy Energy Energy Energy Petrochemicals Energy Energy Infrastructure Energy Energy Energy Energy Energy Manufacturing Energy Energy Energy Energy Stake 100,0% 100,0% 100,0% 100,0% 100,0% 10,3% 100,0% 100,0% 100,0% 100,0% 100,0% 20,0% 100,0% 100,0% 56,1% 100,0% 100,0% 100,0% 100,0% Deal Value (US$ million) 5.720 2.248 1.960 1.231 546 169 58 47 31 31 27 16 12 11 5 3 3 2 1

SDIF Sales
Acquirer Kobin Madencilik Eser Holding Azerabaijan Investment Trust Forex AZ Origin Turkey Turkey Azerbaijan Azerbaijan Target Kma Manyezit EGS Park Med Menkul Deerler Ada Menkul Deerler Sector Mining Real Estate Financial Services Financial Services Stake 100,0% 100,0% 100,0% 100,0% Deal Value (US$ million) 286 28 2 1

Investor origin

Deal Number Deal Number

Netherlands 9 Russia 5 Sweden France 5 10

Foreign Investors Turkish Investors 140 119

UK 14

Foreign and local investors shared the M&A market almost evenly in 2012 in terms of both number and volume of deals. Foreign investors generated a deal volume of c. US$13 billion (including estimates for undisclosed values) through 119 deals while Turkish investors engaged in 140 deals amounting to c. US$15 billion (including estimates for undisclosed values). Other than in the 2008-2009 recession, the M&A market in Turkey has been attracting a consistently high level of deal activity by foreign investors since late 2004. While Turkish investors have usually dominated the privatization deal volume, we see the strong contribution of foreign investors to all other annual deal volume. In 2012, excluding privatizations, the share of foreign investors in the total deal value was c. 82%.

Germany 15 USA 22

Other 39

Deal Value (Disclosed; US$ million)

Deal Value (Disclosed; US$ million)

UK 1.975 Turkish Investors 13.253 Foreign Investors 8.884 Russia 3.793 USA 1.156 France 975 Kuwait 359 Other 343 Azerbaijan 172

Austria 110

Similar to previous years, investors from the Euro-zone and the US were the most active foreign investors while the contribution to deal volume from Gulf and Far East investors was limited as yet. Involved in the second largest transaction, Russian investors were the leading group among European buyers followed by UK and France in terms of deal value. Investors from the US continued their interest in the Turkish market and took part in 22 deals. Investors from Russia, UK, US, Germany and France were the major contributors to the total deal volume generated by foreign investors (including estimates for undisclosed values).

In terms of sectoral focus, among local and foreign investors, the former stood out in energy, agriculture & breeding, restaurants & hospitality and internet & mobile services whereas the latter dominated services, financial services, entertainment and media sectors. Both were equally interested in manufacturing, e commerce, retail and food & beverage sectors.

Private Equity Activity

The promising Turkish market has become a hotspot for private equity investors in recent years. Private equity activity continued to steam along in the Turkish M&A market as private equity transactions reached an all time-high level of 57 transactions with a total deal value of c. US$1.6 billion (including estimates for undisclosed values). Successful exits in recent years have
Private Equity Activity 35 30 25 (US$ billion) 20 15 10 5 0 4,9 2,3 2007 2008 5,2 0,7 2009 5% 0,9 2010 1,2 2011 12% 19,3 16,2 13% 8% 6% 1,6 2012 0% 17,3 15,0 30%

further encouraged both private equity investors and Turkish shareholders to enter for such partnerships. Several private equity firms, both local and global, have by now adopted a pattern of regular acquisitions in the Turkish market. In terms of deal number, e-commerce was far and away the leader with 12 transactions, followed by manufacturing (7), retail (6) and services (5), long-time favorite sectors. Financial investors interest in e-commerce and internet & mobile services is worth noting as these sectors are fairly popular trends in Turkey. Additionally, restaurants & hospitality and food & beverage were on the agenda of private equity acquirers. In addition to the list on the next page, private investors like D.ream of Dou Group showed interest to local targets in certain sectors in order to diversify their portfolio and grow in different businesses. Also, we have continued to observe several exit transactions by private equity firms as their Turkish portfolios have reached a certain scale and maturity.

Private Equity Activity

35% 30% 25% 20% 15% 10% 5%

28,0

Total Deal Value

Financial Investor Deals

Ratio to Total Deal Value (%)

Private Equity Exits

Seller Abraaj Capital Great Circle Capital Giriim - HSBC Giriim (indirect shareholding through Ortopro) Giriim Lehman Brothers Turkven Target Numarine Balnak Lojistik Hava Orsem Ortopedik Aletler Ode Yaltm Doors Restaurant Group Pronet Acquirer Private Investor (mer Malaz) Borusan Lojistik TAV Sigma Ortopedik Aletler Ode zolasyon D.ream (Dou Holding) Cinven

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Private Equity Deals

# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Acquirer Actera Actera ADM Aksoy Internet Ventures Bancroft Private Equity Blackstone Carlyle Cinven Copax Holdings; MPLA Investments; Numsol; Varus Ventures T Yatrm & Projectz EBRD EBRD Egeli Co Egeli Co Egeli Co Equities First Holdings Esas Holding Etohum Yatrm General Atlantic Goldman Sachs Government of Singapore Inv. Corp. Gzde Giriim Gzde Giriim Gzde Giriim Gzde Giriim Gulf Capital Ilab Ventures Inframinervois Holding Investcorp Giriim Giriim Kapital Yatrm Holding KPCB; Tiger Global Management Mediterra Capital Partners Mediterra Capital Partners NBK NBK Pera Captal Qatar First Investment Bank Ru Net Holdings Tiger Global Management Tiger Global Management & Private Investor (Emre Kurtepelli) Turkven Turkven Turkven (through Dota) Universe Capital Partners Universe Capital Partners Universe Capital Partners Universe Capital Partners Venture Capital Bank Verusa Holding 212 Capital Partners 212 Capital Partners 212 Capital Partners 212 Capital Partners 212 Capital Partners 212 Capital Partners Origin Turkey Turkey Hong Kong Turkey UK USA USA UK Netherlands Turkey UK UK Turkey Turkey Turkey USA Turkey Turkey USA USA Singapore Turkey Turkey Turkey Turkey UAE Turkey France Bahrain Turkey Turkey Turkey USA Turkey Turkey Kuwait Kuwait Turkey Qatar Russia USA USA Turkey Turkey Turkey USA USA USA USA Bahrain Turkey Turkey Turkey Turkey Turkey Turkey Turkey Target Tam Faktoring Joker Cevher Jant Gimora Graniser Granit Redevco Turkey Operations Penti Pronet Sintan Kimya deasoft Tiryaki Agro Vektr Yatrm Ak B Tipi Yatrm Ortakl Doa Tarm Tolina Tarm Usa Turkent Gda Biacayip.com Yemek Sepeti Aksa Enerji Feriky Gayrimenkul Makina Takm Endstrisi Kobin Madencilik Alartes Enerji Kaynak Finansal Kiralama Orion Holding Unnado.com skenderun Port Orka Group Num Num Yiyecek Toksz Spor Malzemeleri Ortadou Enerji DMS Group letiim (trendyol.com) Mikro Odeme Mobiliz Dem la Bavet FU Gayrimenkul EHM Maazaclk Lidyana.com Sporcum.com Malzemem.com Koton Dota Kelebek Mobilya Transtrk Holding Cosmos Yatrm Ortakl da Frigo Pak Gknur Gda Maddeleri Aldem elik Arcade Monk Cloud Arena Hazinem.com Balerin.com Butigo.com Hemenkiralik.com Sector Financial Services Retail Manufacturing E Commerce Construction Materials Real Estate Retail Services Chemicals Internet & Mobile Services Agriculture & Breeding Financial Services Financial Services Agriculture & Breeding Agriculture & Breeding Services Restaurants & Hospitality E Commerce E Commerce Energy Real Estate Manufacturing Mining Energy Financial Services Services E Commerce Infrastructure Retail Restaurants & Hospitality Retail Energy E Commerce Financial Services Services Pharmaceuticals Wholesale & Distribution Services Retail E Commerce E Commerce E Commerce Retail Manufacturing Manufacturing Manufacturing Financial Services Manufacturing Food & Beverage Food & Beverage Manufacturing Internet & Mobile Services Internet & Mobile Services E Commerce E Commerce E Commerce E Commerce Stake N/D N/D 46,2% N/D N/D 100,0% N/D ND 48,9% N/D N/D 9,5% 92,0% 90,1% 43,6% 33,3% 100,0% N/D N/D 13,3% 50,0% 30,6% 51,0% 51,0% 45,0% N/D N/D 20,0% 30,0% 61,7% 58,5% 19,2% 4,5% N/D N/D N/D 50,0% N/D 40,0% N/D 68,3% N/D 50,0% N/D 67,0% N/D N/D N/D 29,0% 65,0% N/D N/D N/D N/D N/D N/D N/D Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D 3 N/D 25 N/D 21 2 1 N/D N/D N/D 44 240 N/D 9 0 0 1 20 N/D N/D N/D 15 13 26 N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D 20 27 6 N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

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Deal size ranges

The largest 10 deals (including estimates for undisclosed values), which also corresponded to deals over US$500 million, made up c. 75% of the total deal volume. The privatization of Bridges & Highways, largest transaction in 2012, and the following 9 largest transactions accounted for c. 20% and c. 55% of the annual deal volume, respectively. The vast majority of the transactions occurred in the middle market. 214 transactions each with a deal value less than US$50 million, corresponding to 83% of the total number of deals, represented only 9% of the total deal value.

Average deal size in 2012 was c. US$108 million (c. US$63 million in 2011). Excluding the largest ten transactions, the average deal size of c. US$28 million (c. US$29 million in 2011), shows the ongoing dominance of the middle market deals in Turkish M&A market.

Deal Value Ranges *

Range Over US$500 million Between 250 500 million Between 100 250 million Between 50 100 million Less than US$50 million Total Share in Total Deal Number (%) 4% (10 deals) 1% (3 deals) 7% (19 deals) 5% (13 deals) 83% (214 deals) 100% (259 deals) Share in Deal Volume (%) 75% 3% 10% 3% 9% 100%

(*) Including estimates for deals with undisclosed values

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Top 10 Deals (based on disclosed values) Acquirer Ko Holding; UEM Goup Berhad; Gzde Giriim Sberbank elikler naat Cengiz - Kolin - Limak Consortium SAB Miller Elsan-Tma-Karaay Consortium Aeroports de Paris Group Amgen Cengiz - Kolin - Limak Consortium Burgan Bank Origin Turkey Russia Turkey Turkey UK Turkey France USA Turkey Kuwait Target Highways and Bridges Denizbank Seyitmer Termik Santrali Boazii Elektrik Datm Anadolu Efes Gediz Elektrik Datm TAV Havalimanlar Holding Mustafa Nevzat la Akdeniz Elektrik Datm Eurobank Tekfen Sector Infrastructure Financial Services Energy Energy Food & Beverage Energy Infrastructure Pharmaceuticals Energy Financial Services Stake 100,0% 99,9% 100,0% 100,0% 24,0% 100,0% 38,0% 95,6% 100,0% 99,3% Deal Value (US$ million) 5.720 3.793 2.248 1.960 1.900 1.231 874 669 546 359

Note: If its terms were disclosed, E. Ons acquisition of 50% of Enerjisa from Verbund would be expected to enter the top ten list.

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Sectoral overview

Deal Value (Disclosed; US$ million)

Deal Value (Disclosed; US$ million)

Energy Infrastructure Financial Services Food & Beverage Pharmaceuticals Manufacturing Mining Retail Petrochemicals Services Construction Healthcare E Commerce Other 0 Deal Number 669 436 286 171 169 142 136 100 66 258 1.000 2.000 3.000 4.000 5.000 6.000 1.907 4.302

6.820 6.674

In terms of number of deals, manufacturing and energy took the lead with 38 and 36 deals, respectively. Also, financial services, services, e-commerce, food & beverage, logistics & transportation and retail were among the most M&A active sectors, while agriculture & breeding and restaurants & hospitality were newcomers to the tables in 2012. Energy along with infrastructure and financial services received the highest sectoral share altogether, with c. 74% share in the total M&A volume (including estimates for undisclosed values). Among the high ranking sectors in terms of deal volume, the majorities of the deal volumes in the infrastructure, financial services, food & 8.000 beverage and pharmaceuticals sectors were derived from a single transaction in each case. Manufacturing, retail and services also hosted a remarkable deal volume (including estimates for undisclosed values). The energy sector alone comprised 32% of the annual deal volume (including estimates for undisclosed values) through privatizations and big ticket private sector transactions (E. On Enerjisa; Goldman Sachs Aksa Enerji and Inter RAO AEI). The activity in healthcare, one of the busiest sectors in previous years, remained at a modest level. We expect secondary sales in this sector in coming periods. Financial investors were active in a wide range of industries with a special focus on e-commerce, retail, services, manufacturing and internet & mobile services. In terms 60 of deal value, retail, energy and services generated c. 50% of the total private equity activity.

7.000

Deal Number
Manufacturing Energy Financial Services Services E Commerce Food & Beverage Retail Logistics & Transportation Entertainment Healthcare Agriculture & Breeding Wholesale & Distribution Restaurants & Hospitality Other 0 10 20 30 40 50 8 7 7 7 7 52 11 13 16 13 20 24 36 38

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Prospects

As foreseen in last years review, the Turkish M&A market continued to be a center of attention and once again proved itself as a well-established, solid market for investors. With an average annual deal volume of US$15 billion in recent years, the Turkish M&A market has exhibited a consistent pattern, which is expected to continue in the medium term. Furthermore, the relatively lower deal volume in Turkey as compared to some other emerging markets indicates significant future potential and the recent upgrade in sovereign credit rating will further improve investor perception. In 2013, foreign investors will continue to invest in Turkey via search of relative growth, relocation needs and ambitions for regional hub creation. Also, we expect an increased Turkish corporate activity in domestic M&A and outbound investments. Private equity activity will grow at an increasing pace as their appetite for fast growing Turkish companies continues to accelerate. Also, we will observe further secondary transactions as potential exits and add-on transactions are in the pipeline. The governments privatization program for 2013 is again busy (Ports, Natural Gas Distribution Companies, Electricity Generation & Distribution Assets, Lotteries, etc.) and signals a noteworthy deal volume if it can be delivered successfully. In 2013, retail, services, entertainment, manufacturing, food & beverage, financial services and infrastructure are major candidates for the most M&A active sectors. Considering the ever-growing investor appetite and the rise of fast growing small to medium-sized companies in the marketplace, we expect another promising year in terms of M&A activity in 2013.

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2012 Deal list

# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Acquirer Ko Holding; UEM Group Berhad; Gzde Giriim Sberbank elikler naat Cengiz - Kolin - Limak Consortium SAB Miller Elsan-Tma-Karaay Consortium Aeroports de Paris Group Amgen Cengiz-Kolin-Limak Consortium Burgan Bank Kobin Madencilik Goldman Sachs Doan Enerji Yatrmlar SOCAR Borova Yap Dunapack Cigna TAV Boyner Nitto Denko Integrated Healthcare Holdings STFA Nurol Enerji International Paper Aquila Aeroports de Paris Group Tayfurlar Enerji Makro Market Essilor International General Atlantic Beiersdorf imsa Eczacba Mehmet Gne naat Origin Turkey Russia Turkey Turkey UK Turkey France USA Turkey Kuwait Turkey USA Turkey Azerbaijan Turkey Austria USA Turkey Turkey Japan Malaysia Turkey Turkey USA Germany France Turkey Turkey France USA Germany Turkey Turkey Turkey Target Highways and Bridges Denizbank Seyitmer Termik Santrali Boazii Elektrik Datm Anadolu Efes Gediz Elektrik Datm TAV Havalimanlar Holding Mustafa Nevzat la Akdeniz Elektrik Datm Eurobank Tekfen Kma Manyezit Aksa Enerji Akdeniz Elektrik & Galata Wind Petkim Yeil naat Denta Ambalaj Finans Emeklilik Hava YKM Bento Bantlk Acbadem Salk Hizmetleri Enerji Yatrm Holding EA HEPP Portfolio 4 Olmuksa Karasular Enerji TAV Yatrm Holding EA HEPP Portfolio 10 Uyum Gda bir Optik Yemek Sepeti EBC Eczacba Afyon imento Ataman Kozmetik Kemerky Port Sector Infrastructure Financial Services Energy Energy Food & Beverage Energy Infrastructure Pharmaceuticals Energy Financial Services Mining Energy Energy Petrochemicals Construction Manufacturing Financial Services Services Retail Manufacturing Healthcare Energy Energy Manufacturing Energy Infrastructure Energy Retail Manufacturing E Commerce Personal Care & Cosmetics Manufacturing Personal Care & Cosmetics Infrastructure Stake 100,0% 99,9% 100,0% 100,0% 24,0% 100,0% 38,0% 95,6% 100,0% 99,3% 100,0% 13,3% 100,0% 10,3% 100,0% 79,3% 51,0% 35,0% 63,0% 100,0% 6,5% 50,0% 100,0% 43,7% 40,0% 49,0% 100,0% 47,3% 70,0% N/D 49,9% 51,0% 100,0% 100,0% Deal Value (US$ million) 5.720 3.793 2.248 1.960 1.900 1.231 874 669 546 359 286 240 172 169 136 110 104 103 101 100 88 75 58 56 53 49 47 46 45 44 33 33 32 31 17

# 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71

Acquirer Batim Enerji Eser Holding Universe Capital Partners Kl Enerji Kapital Yatrm Holding Private Investor - Erol Bilecik EBRD Tarsus Group Perform Group Tpra Egeli Co Gulf Capital Turkven (through Dota) Ozak Gayrimenkul Yonca Enerji Giriim Gries & Heissel Bankiers AG Bank Giriim Ayen Enerji Tahiroullar Petrol Tahiroullar Petrol Fimar Holding topya Turizm Ode zolasyon Itelligence Fervonia Holding Gimsan Gediz plik Asseco Private Investor Masum evik Gzde Giriim Acbadem Salk Hizmetleri Gemalto Tiway Oil Banvit Universe Capital Partners VBG Holding Mays Gayrimenkul

Origin Turkey Turkey USA Turkey Turkey Turkey UK UK UK Turkey Turkey UAE Turkey Turkey Turkey Turkey Germany Turkey Turkey Turkey Turkey Turkey Turkey Turkey USA Netherlands Turkey Poland Turkey Turkey Turkey France Norway Turkey USA Turkey Turkey

Target EA HEPP Portfolio 7 EGS Park Transtrk Holding EA HEPP Portfolio 3 Ortadou Enerji ndeks Bilgisayar Tiryaki Agro Life Media Fuarclk Mackolik.com Akdeniz Akaryakt Depolama Ak B Tipi Yatrm Ortakl Orion Holding Kelebek Mobilya Artstate Kayseri ve Civar Elektrik Num Num Yiyecek Euro Yatrm Menkul Deerler Toksz Spor Aralkl Doalgaz Enerji EA HEPP Portfolio 2 EA HEPP Portfolio 1 Uyum Gda Aydemir Elektrik Ode Yaltm Elsys Consulting Mel 4 Gayrimenkul Klahan Otelcilik Sigma Danmanlk Gentra Lojistik Makina Takm Endstrisi Jinemed Plastikkart Petrol Ofisi Arama retim zuurlu Tavukuluk Cosmos Yatrm Ortakl Mata Matbaaclk Dousan Boru

Sector Energy Real Estate Manufacturing Energy Energy Wholesale & Distribution Agriculture & Breeding Entertainment E Commerce Energy Financial Services Services Manufacturing Real Estate Energy Restaurants & Hospitality Financial Services Retail Energy Energy Energy Retail Energy Manufacturing Services Real Estate Tourism Services Logistics & Transportation Manufacturing Healthcare Manufacturing Energy Food & Beverage Financial Services Manufacturing Manufacturing

Stake 100,0% 100,0% N/D 100,0% 19,2% 35,6% N/D 70,0% 51,0% 33,3% 92,0% N/D 67,0% 100,0% 20,0% 61,7% 94,0% 58,5% 76,0% 100,0% 100,0% 10,0% 99,0% 17,2% 60,0% 50,0% 65,9% 98,7% 55,9% 30,6% 65,0% 14,3% 100,0% 100,0% N/D 46,9% 56,1%

Deal Value (US$ million) 31 28 27 27 26 26 25 24 22 22 21 20 20 17 16 15 15 13 12 12 11 11 11 11 10 10 9 9 9 9 8 7 7 7 6 5 5

18

# 72 73 74 75 76 77 78 79 80 81 82 83 84 85

Acquirer Private Investor Erol evik Saylgan Tekstil Brisa Bridgestone Tarsus Group AFM Ata naat Selonda Group Fiera Metaltek Metalurji Kimya Private Investor - Ferudun Sabah Ata naat Mega Polietilen Kpk Met Enerji Copax Holdings; MPLA Investments; Numsol; Varus Ventures Private Investors - Serkan Yamur & Sait rek zbey Hijyenik rnler Egeli Co Azerabaijan Investment Trust Forex AZ Mango Gda Atlantis Yatrm Holding Sarkuysan Ziraat Bankas Escort Computer Egeli Co Gzde Giriim Eyypolu Mhendislik VBG Holding Vestel Emek Elektrik Gzde Giriim Gzde Giriim E.ON Inter RAO Oyak Giriim Cinven Yldrm Group

Origin Turkey Turkey Turkey UK Turkey Turkey Greece Italy Turkey Turkey Turkey Turkey Turkey Netherlands

Target Ortopro Tbbi Aletler Meltem Enerji Banda Lastik CYF Fuarclk Mars Entertainment Akasya Elektrik Uretim Fjord Marin Interteks Fuarclk EA HEPP Portfolio 9 Alkm Bilgisayar Gimsan Gediz plik Duranlar St ve Hayvanclk EA HEPP Portfolio 8 Sintan Kimya

Sector Healthcare Energy Manufacturing Entertainment Entertainment Energy Agriculture & Breeding Entertainment Energy Wholesale & Distribution Manufacturing Agriculture & Breeding Energy Chemicals

Stake 20,0% 87,0% 100,0% 70,0% 3,2% 100,0% 44,0% 60,0% 100,0% 55,0% 27,8% 40,0% 100,0% 48,9%

Deal Value (US$ million) 5 4 4 3 3 3 3 3 3 3 3 3 3 3

86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108

Turkey Turkey Turkey Azerbaijan Azerbaijan Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Germany Russia Turkey UK Turkey

Aydn Gda EA HEPP Portfolio 5 Doa Tarm Med Menkul Deerler Ada Menkul Deerler Sepken Tarm Or-Na Tarm rnleri Bemka Emaye Fintek Pavo Tolina Tarm Kaynak Finansal Kiralama Harakl; Pazarky; Bozyk HEPP Info Yatrm Vestel Savunma V.A.E.S.T Silikon Kobin Madencilik Alartes Enerji Enerjisa AEI Enerji Holding Akdeniz Kimya Pronet Gemport

Wholesale & Distribution Energy Agriculture & Breeding Financial Services Financial Services Agriculture & Breeding Agriculture & Breeding Manufacturing Technology Technology Agriculture & Breeding Financial Services Energy Financial Services Technology Manufacturing Mining Energy Energy Energy Chemicals Services Infrastructure

100,0% 100,0% 90,1% 100,0% 100,0% 20,0% 100,0% 46,2% 24,0% 20,0% 43,6% 45,0% 100,0% 0,5% 10,0% 10,0% 51,0% 51,0% 50,0% 100,0% 100,0% ND 54,0%

2 2 2 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 N/D N/D N/D N/D N/D

19

# 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142

Acquirer Eaton Corporation Turkven Esas Holding Borusan Lojistik Carlyle Blackstone D.ream (Dou Holding) Asda Stores Inframinervois Holding Global Yatrm Holding Government of Singapore Inv. Corp. Johson Controls Investcorp Equities First Holdings Air Berlin Bancroft Private Equity Imtech ALJ Reed Exhibitions Turkven Ulusoy Nakliyat Actera Private Investors - Burtin and Sinigibskiy ADM Yves Rocher Actera Silgan Standard Chartered Boydak Group Kayseri Metal Center Atlas Copco Fujifilm Nissin Foods Antalya Alkoll ecekler

Origin USA Turkey Turkey Turkey USA USA Turkey UK France Turkey Singapore USA Bahrain USA Germany UK Netherlands Saudi Arabia Austria Turkey Turkey Turkey Russia Hong Kong France Turkey USA UK Turkey Turkey Sweden Japan Japan Turkey

Target Polimer Kauuk Koton Turkent Gda Balnak Lojistik Penti Redevco Turkey Operations Doors Restaurants Gaat skenderun Port Global Liman Feriky Gayrimenkul Karat G Sistemleri Orka Group Usa z Air Graniser Granit AE Arma Elektropan Toyota Pazarlama Tyap Dota Varan Turizm Joker Tez Tour Cevher Jant Flormar Tam Faktoring nta Teneke Credit Agricole Yatrm Bankas HCS Kablolama Meko Metal Ekomak Filmat Bellini Gda Mey ki (Maestro and Hare brands) BP Turkey (Bottling, Wholesale and Autogas Businesses) Naturelgaz Gknur Gda Numarine

Sector Manufacturing Retail Restaurants & Hospitality Logistics & Transportation Retail Real Estate Restaurants & Hospitality Manufacturing Infrastructure Infrastructure Real Estate Manufacturing Retail Services Logistics & Transportation Construction Materials Manufacturing Wholesale & Distribution Entertainment Manufacturing Logistics & Transportation Retail Tourism Manufacturing Personal Care & Cosmetics Financial Services Manufacturing Financial Services Manufacturing Iron & Steel Manufacturing Services Food & Beverage Food & Beverage

Stake 100,0% 50,0% 100,0% 100,0% N/D 100,0% 74,3% 100,0% 20,0% 22,1% 50,0% 49,0% 30,0% 33,3% N/D N/D 80,0% 35,0% 50,0% N/D N/D N/D 20,0% 46,2% 51,0% N/D 100,0% 100,0% 40,0% 100,0% 100,0% 100,0% 50,0% 100,0%

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

143 144 145 146 20

Otego Group Global Yatrm Holding Venture Capital Bank Private Investor - mer Malaz

Russia Turkey Bahrain Turkey

Energy Energy Food & Beverage Manufacturing

100,0% 55,0% 65,0% 50,0%

N/D N/D N/D N/D

# 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186

Acquirer Benetton Spa. Eti Gda Private Investor Mahmut nl Hoyer D.ream (Dou Holding) Assan Reis Rs Enerji Doruk Holding Sanko Holding Universe Capital Partners Netlog Lojistik Systemair Doan Yayn Holding Soitron Dallah Albaraka Holding Fresenius Assa Abloy D.ream (Dou Holding) D.ream (Dou Holding) Ferrero Euromedic International JWT Tesco Kipa Konica Minolta Httenes-Albertus Chemische Werke lker Samsung UFAS Oman Insurance Mediterra Capital Partners Eti Gda Hatay Deva Diyaliz ITW Test lm Cihazlar Verusa Holding Publicis Groupe NBK Turkuaz Turizm CBRE Group Gant BV Qatar First Investment Bank

Origin Italy Turkey Turkey Germany Turkey Turkey Turkey Turkey Turkey USA Turkey Sweden Turkey Slovakia Saudi Arabia Germany Sweden Turkey Turkey Italy Netherlands USA Turkey Japan Germany Turkey Korea Netherlands Oman Turkey Turkey Turkey Turkey Turkey France Kuwait Turkey USA Netherlands Qatar

Target Benetton Giyim Eti Pazarlama Standart nl Aktifsped Gurme Servis Uak Koltuk retim Gedizler Motorlu Aralar Zirve Gda Baak Traktr da Anele Tedarik Zinciri HSK Eko TV Sekom Dank Gda Ren Grup Diyaliz Sekotek Elektronik Kahve Dnyas Nusr-ET Stelliferi Fndk Ultra Grntleme Merkezi Manajans Arda Gda Transteknik Teknoloji Metko Httens Albertus Kimya Mintax ACVA Elektrik UBM stanbul Fuarclk Dubai Sigorta Mikro Odeme Tam Gda Antakya Diyaliz Form Mukavva Aldem elik Starcom Medya Dem la Sireo Gayrimenkul CBRE Turkey Ganter Maazaclk EHM Maazaclk

Sector Retail Services Financial Services Logistics & Transportation Restaurants & Hospitality Manufacturing Manufacturing Food & Beverage Manufacturing Manufacturing Logistics & Transportation Manufacturing Media Technology Food & Beverage Healthcare Manufacturing Restaurants & Hospitality Restaurants & Hospitality Food & Beverage Healthcare Media Retail Wholesale & Distribution Chemicals Consumer Goods Energy Entertainment Financial Services Financial Services Food & Beverage Healthcare Manufacturing Manufacturing Media Pharmaceuticals Real Estate Real Estate Retail Retail

Stake 50,0% 26,0% 53,0% 51,0% 100,0% 50,0% 49,9% 60,0% 100,0% N/D 80,0% 70,0% 100,0% 51,0% 50,0% 100,0% 100,0% 50,0% N/D 100,0% 100,0% N/D 100,0% 100,0% 50,0% 100,0% N/D 40,0% 100,0% N/D 35,0% 100,0% 100,0% N/D 49,0% N/D 100,0% 100,0% 50,0% 40,0%

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D 21

# 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222

Acquirer A1 naat Meeting Point Good Life Crystal Hotels Saat & Saat Private Investor Topba Family Boydak Group Universe Capital Partners BM Madvertise Mapfre Sigorta N+1 International Essilor International VHV NBK Deustche Messe Saxo Bank Gker Madencilik KPCB; Tiger Global Management EEN-TK Holding ; Polat Enerji AKVA Elektrik retim BR Energy Phillip Brokerage Asya Katlm Bankas Gler Holding EBRD Al Makaan Foodstuff CMA Pamukkale Turizm Essilor International Kantar Media Royal Haskoning Bassae Holding Bassae Holding Saray Hal Ru Net Holdings Allgeier

Origin Turkey Germany Turkey Turkey Turkey Turkey USA Turkey Germany Turkey Spain France Germany Kuwait Germany Denmark Turkey USA Turkey Turkey UK Singapore Turkey Turkey UK Kuwait France Turkey France UK Netherlands Netherlands Netherlands Turkey Russia Germany

Target stanbul Giyim Sanayi Efes Prenses Hotel Alatimya Village Hotel LPI Ticari Hizmetler E-bebek.com Sibel RES Frigo Pak deal Standart letmecilik Mobilike Genel Servis Daruma Corporate Finance pek Optik Nart Sigorta ve Reasrans Bavet Hannover-Messe Sodeks Fuarcilik Deer Menkul Deerler Yap Kredi B Tipi Yatrm Ortakl DMS Group letiim (trendyol.com) Al-Yel Elektrik retim Farcan Enerji Hayat Enerji Hak Menkul Kymetler GFC Menkul Deerler Credit Agricole Menkul Deerler Vektr Yatrm Bonfilet CMA CMG Deniz Acentecilii Anadolu Ulam Opak Optik TGI Media ELC Group Mavirlik Boyner Bireysel rnler Bofis Koolu Turizm Lidyana.com Oxygen Consulting

Sector Retail Tourism Tourism Wholesale & Distribution E Commerce Energy Food & Beverage Manufacturing Media Services Financial Services Manufacturing Financial Services Wholesale & Distribution Entertainment Financial Services Financial Services E Commerce Energy Energy Energy Financial Services Financial Services Financial Services Financial Services Food & Beverage Logistics & Transportation Logistics & Transportation Manufacturing Media Services Services Services Tourism E Commerce Services

Stake 100,0% 50,0% 100,0% 100,0% 50,4% 100,0% 29,0% 100,0% N/D 51,0% 20,0% 70,0% 40,0% 50,0% 50,0% 89,6% 36,1% 4,5% 100,0% 70,0% 25,0% 95,9% 100,0% 54,7% 9,5% 15,0% 40,0% N/D 51,0% 50,0% N/D 90,1% 99,9% 100,0% N/D N/D

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

22

# 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259

Acquirer Vip ndirim Hizmetleri (Markafoni) Rhea Portfy Europastry WPP Yldz Tarmsal letmeler Diebold Doan Online Tiger Global Management 212 Capital Partners Meeting Point Good Life CWT Group Dou Holding 212 Capital Partners Kariyer.net T Yatrm & Projectz D.ream (Dou Holding) Private Investor Emre Pekar Mediterra Capital Partners Amplifon 212 Capital Partners Tiger Global Management & Private Investor Emre Kurtepelli UBM CWT Group Dekra 212 Capital Partners Etohum Yatrm Pera Capital Ilab Ventures Netlog Lojistik Uneks Gda Nederman Holding Trendwalder Sigma Ortopedik Aletler ALS Scandinavia 212 Capital Partners 212 Capital Partners Aksoy Internet Ventures

Origin Turkey Turkey Spain UK Turkey USA Turkey USA Turkey Germany Singapore Turkey Turkey Turkey Turkey Turkey Turkey Turkey Italy Turkey USA UK Singapore Germany Turkey Turkey Turkey Turkey Turkey Turkey Sweden Austria Turkey Sweden Turkey Turkey Turkey

Target En-Moda Arma Portfy Unma Media Internet FA Ynetim Danmanlk Altus Biliim Evmanya Sporcum.com Arcade Monk Yaren Turizm Nova Gmrk Hedef Medya Cloud Arena Uniisbul.com deasoft Go Mongo Glass House (Turkey Operations) Mobiliz Maxtone Hazinem.com Malzemem.com EFEM Er Nova Lojistik Palme naat Balerin.com Biacayip.com FU Gayrimenkul Unnado.com KTT Konteyner Sinpa Gda & Avrasya Gda Havak Perpa Koruma ve Gvenlik Orsem Ortopedik Aletler Artek Mhendislik Butigo.com Hemenkiralik.com Gimora

Sector E Commerce Financial Services Food & Beverage Media Services Technology E Commerce E Commerce Internet & Mobile Services Tourism Logistics & Transportation Media Internet & Mobile Services Internet & Mobile Services Internet & Mobile Services Restaurants & Hospitality Services Services Personal Care & Cosmetics E Commerce E Commerce Entertainment Logistics & Transportation Services E Commerce E Commerce Services E Commerce Logistics & Transportation Food & Beverage Manufacturing Services Healthcare Services E Commerce E Commerce E Commerce

Stake 75,0% 50,0% N/D N/D 90,0% 100,0% 100,0% 68,3% N/D 74,9% 60,0% N/D N/D 50,0% N/D 60,0% 100,0% N/D 51,0% N/D N/D 70,0% 80,0% 100,0% N/D N/D N/D N/D N/D 100,0% 100,0% 20,0% 100,0% 100,0% N/D N/D N/D

Deal Value (US$ million) N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D N/D

23

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For more information about M&A Advisory Services contact: Mehmet Sami M&A Advisory Services Leader mgsami@deloitte.com +90 (212) 366 60 49 Baak Vardar M&A Advisory Services, Partner bvardar@deloitte.com + 90 (212) 366 63 71 DRT Kurumsal Finans Danmanlk Hizmetleri A.. Sun Plaza Maslak Mah. Bilim Sok. No:5 34398 ili, stanbul Tel: 90 (212) 366 60 00 Armada Merkezi A Blok Kat:7 No:8 06510, Stz, Ankara Tel: 90 (312) 295 47 00 Punta Plaza 1456 Sok. No:10/1 Kat:12 Daire: 14 15 Alsancak, zmir Tel: 90 (232) 464 70 64 Zeno Center Merkezi Odunluk Mah. Kale Cad. No: 10 b Nilfer, Bursa Tel: 90 (224) 324 25 00

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